Management Agreements

Re: Management Agreements Renewal

Exhibit 10.10

June 30, 2007

AAA Capital Management Inc.
1300 Post Oak Blvd. #350
Houston, Texas 77056

Attention: Mr. Anthony Annunziato

Re: Management Agreements Renewal

Dear Mr. Annunziato:

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, 2008 and all other provisions of the Management Agreements will remain unchanged.

•    Salomon Smith Barney AAA Energy Fund L.P. II

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Ms. Jennifer Magro at the address above or fax to 212-793-1986. If you have any questions I can be reached at 212-559-5046.

Very truly yours,


By:  /s/ Jennifer Magro
Jennifer Magro
Chief Financial Officer & Director
By:  /s/ Anthony Annunziato

Print Name    Anthony Annunziato