Smith Barney Futures Management LLC 388 Greenwich Street, 7th Floor New York, New York 10013-2396 May 31, 2000 Beacon Management Corporation 47 Hullfish Street Princeton, N.J. 08542 Attention: Mr. Mark Stratton Re: Management Agreement Renewals Dear...

                       Xxxxx Xxxxxx Futures Management LLC
                         000 Xxxxxxxxx Xxxxxx, 0xx Xxxxx
                          Xxx Xxxx, Xxx Xxxx 00000-0000

May 31, 2000


Beacon Management Corporation
00 Xxxxxxxx Xxxxxx
Xxxxxxxxx, X.X. 08542

Attention:  Mr. Xxxx Xxxxxxxx

         Re:      Management Agreement Renewals

Dear Xx. Xxxxxxxx:

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, 2001and
all other provisions of the Management Agreements will remain unchanged.

                       Xxxxx Xxxxxx Diversified Futures Fund X.X. XX
                       Xxxxxxx Xxxxx Xxxxxx Orion Futures Fund X.X.
                       Xxxxx Xxxxxx Diversified 2000 Futures Fund L.P.
Please  acknowledge  receipt of this  modification  by signing  one copy of this
letter and returning it to the  attention of Xx. Xxxxxx  Xxxxxxxx at the address
above or fax to  000-000-0000.  If you have any  questions  I can be  reached at
000-000-0000.

Very truly yours,

XXXXX XXXXXX FUTURES MANAGEMENT LLC


By:
         Xxxxxx X. Xxxxxxxx
         Chief Financial Officer,
         Director & Treasurer

By:

Print Name:

DAD/sr