June 5, 2008 Xplor Capital Management LLC Two Stamford Landing — Suite 100 68 Southfield Avenue Stamford, CT 06902 Attention: Mr. Damon Hart Re: Management Agreement Renewals Dear Mr. Hart:

Exhibit 10.39

June 5, 2008

Xplor Capital Management LLC
Two Stamford Landing — Suite 000
00 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000

Attention: Xx. Xxxxx Xxxx

Re: Management Agreement Renewals

Dear Xx. Xxxx:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2009 and all other provisions of the Management Agreements will remain unchanged.

	•		CTA Capital LLC
	•		Citigroup Emerging CTA Portfolio LP

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Xx. Xxxxxxxx Xxxxx at the address above or fax 000-000-0000. If you have any questions I can be reached at 000-000-0000.

Very truly yours,

CITIGROUP MANAGED FUTURES LLC
By:		/s/ Xxxxxxxx Xxxxx
		Xxxxxxxx Xxxxx
		Chief Financial Officer & Director

XPLOR CAPITAL MANAGEMENT LLC
By:		/s/ X. Xxxx
Print Name: X. Xxxx
XX/sr