June 22, 1998 John W. Henry & Company One Glendinning Place Westport, Ct. 06880 Attn: Ms. Beth Kenton Re: Management Agreement Renewal Hutton Investors Futures Fund, L.P. II Dear Ms. Kenton: We are writing with respect to your management agreement...

June 22, 1998



▇▇▇▇ ▇. ▇▇▇▇▇ & Company
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇ ▇▇▇▇▇▇


         Re:      Management Agreement ▇▇▇▇▇▇▇
                  ▇▇▇▇▇▇ Investors Futures Fund, ▇.▇. ▇▇

Dear ▇▇. ▇▇▇▇▇▇:

We are  writing  with  respect  to  your  management  agreement  concerning  the
commodity pool to which reference is made above (the "Management Agreement"). We
would like to extend the term of the Management  Agreement through June 30, 1999
and make the  attached  modification  on Rider 1. All  other  provisions  of the
Management Agreement will remain unchanged.

Please indicate your agreement to and acceptance of this modification by signing
one copy of this letter and returning it to the attention of ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
at the address above or fax to ▇▇▇-▇▇▇-▇▇▇▇.  If you have any questions I can be
reached at ▇▇▇-▇▇▇-▇▇▇▇.

Very truly yours,

▇▇▇▇▇ ▇▇▇▇▇▇ FUTURES MANAGEMENT INC.



By:
         ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
         Chief Financial Officer,
         Director & Treasurer


AGREED AND ACCEPTED

▇▇▇▇ ▇. ▇▇▇▇▇ & COMPANY


By:

Print Name:

DAD/sr