Management Agreements

Re: Management Agreements Renewal

Exhibit 10.8

June 15, 2005

AAA Capital Management Inc.
5051 Westheimer – Suite 2100
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, 2006 and all other provisions of the Management Agreements will remain unchanged.

•    SB AAA Master Fund LLC
•    Salomon Smith Barney Orion Futures Fund L.P.
•    Aurora 2001
•    Salomon Smith Barney AAA Energy Fund L.P. II
•    Aurora III

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Daniel McAuliffe at the address above or fax to 212-793-1986. If you have any questions I can be reached at 212-559-5043.

Very truly yours,


By:  /s/ Daniel R. McAuliffe Jr.
Daniel R. McAuliffe, Jr.
Chief Financial Officer & Director
By:  /s/ Anthony Annunziato

Print Name    Anthony Annunziato