June 1, 1999



Rabar Market Research
10 Bank St. - Suite 830
White Plain, N.Y. 10606

Attention:  Mr. John Dreyer &
                    Mr. Paul Rabar

         Re:      Management Agreement Renewal
                  SSB Global Diversified Futures Fund

Dear Mr. Dreyer & Mr. Rabar:

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, 2000
and 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 or fax to 212-723-8985.  If you have any questions I can be
reached at 212-723-5416.

Very truly yours,

SMITH BARNEY FUTURES MANAGEMENT INC.


By:
         Daniel A. Dantuono
         Chief Financial Officer,
         Director & Treasurer


AGREED AND ACCEPTED

RABAR MARKET RESEARCH

By:

Print Name:

DAD/sr