Smith Barney Futures Management LLC 388 Greenwich Street, 7th Floor New York, New York 10013-2396 June 11, 2001 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

June 11, 2001


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, 2002 and
all other provisions of the Management Agreements will remain unchanged.

o        Xxxxx Xxxxxx Diversified Futures Fund X.X. XX
o        Xxxxxxx Xxxxx Xxxxxx Orion Futures Fund L.P.
o        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  XxXxxxxxx 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:      /s/   Xxxxxx X. XxXxxxxxx, Xx.
         ----------------------------------
         Xxxxxx X. XxXxxxxxx, Xx.
         Chief Financial Officer & Director

AGREED AND ACCEPTED

BEACON MANAGEMENT CORPORATION

By:      /s/      Mr. Xxxx Xxxxxxxx
         ---------------------------------

Print Name:     Mr. Xxxx Xxxxxxxx
               Chief Financial Officer

DRMcA/sr