Smith Barney Futures Management LLC
                         388 Greenwich Street, 7th Floor
                          New York, New York 10013-2396

June 11, 2001


John W. Henry & Company, Inc.
301 Yamato Road, Suite 2200
Boca Raton, Fl. 33431-4931

Attn: Mr. Ken Webster

         Re:      Management Agreement Renewals

Dear Mr. Webster:

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, 2002 and
all other provisions of the Management Agreements will remain unchanged.

o        Hutton Investors Futures Fund, L.P. II  (HIFF II)
o        Shearson Lehman Select Advisors Futures Fund L.P.
o        Shearson Mid-West Futures Fund
o        Smith Barney Mid-West Futures Fund L.P. II
o        JWH Strategic Allocation Master FD LLC
o        The Saugatuck Fund L.P.

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  212-723-8985.  If you have any  questions  I can be  reached at
212-723-5435.

Very truly yours,

SMITH BARNEY FUTURES MANAGEMENT LLC

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

AGREED AND ACCEPTED
JOHN W. HENRY & COMPANY, INC.