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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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