May 31, 1996 SJO INC. 10 W. State Street Suite 201 Geneva, Illinois 60134 Attention: Mr. Zafar Fakroddin & Mr. Irwin Berger Re: Management Agreement Renewal Shearson Hutton Performance Partners Dear Mr. Fakroddin & Mr. Berger: We are writing with respect to your management agreement concerning the commodity pool to which reference is made above (the "Management Agreement"). We would like to extend the term of the Management Agreement through June 30, 1997. All other provisions of the Management Agreement will remain unchanged. Please indicate your agreement to and acceptance of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel Dantuono at the address above. Very truly yours, SMITH BARNEY FUTURES MANAGEMENT INC. By: Chief Financial Officer, Director & Treasurer AGREED AND ACCEPTED SJO INC. By: Print Name: DAD/sr June 24, 1997 SJO INC. 10 W. State Street Suite 201 Geneva, Illinois 60134 Attention: Mr. Zafar Fakroddin & Mr. Irwin Berger Re: Management Agreement Renewal Shearson Hutton Performance Partners Dear Mr. Fakroddin & Mr. Berger: We are writing with respect to your management agreement concerning the commodity pool to which reference is made above (the "Management Agreement"). We would like to extend the term of the Management Agreement through June 30, 1998. All other provisions of the Management Agreement will remain unchanged. Please indicate your agreement to and acceptance of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel Dantuono at the address above. Very truly yours, SMITH BARNEY FUTURES MANAGEMENT INC. By: Chief Financial Officer, Director & Treasurer AGREED AND ACCEPTED SJO INC. By: Print Name: DAD/sr