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Management Agreement Renewals

Financial Services Agreement

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This Financial Services Agreement involves

Smith Barney Diversified Futures Fund L.P. II | Salomon Smith Barney Diversified 2000 Futures Fund L.P.

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Title: Management Agreement Renewals
Date: 3/16/2005

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Exhibit 10.7

June 11, 2004

Graham Capital Management, L.P.
Rock Ledge Financial Center
40 Highland Avenue
Rowayton, CT 06853

Attention: Mr. Paul Sedlack

Re:    Management Agreement Renewals

Dear Mr. Sedlack:

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, 2005 and all other provisions of the Management Agreements will remain unchanged.

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