Smith Barney Futures Management LLC 388 Greenwich Street, 7th Floor New York, New York 10013-2396 May 31, 2000 John W. Henry & Company, Inc. One Glendinning Place Westport, Ct. 06880 Attn: Ms. Beth Kenton Re: Management Agreement Renewals Dear Ms....

                       ▇▇▇▇▇ ▇▇▇▇▇▇ Futures Management LLC
                         ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇
                          ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇

May 31, 2000


▇▇▇▇ ▇. ▇▇▇▇▇ & Company, Inc.
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇
Attn: ▇▇. ▇▇▇▇ ▇▇▇▇▇▇

         Re:      Management Agreement Renewals

Dear ▇▇. ▇▇▇▇▇▇:

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, 2001and
all other provisions of the Management Agreements will remain unchanged.

                       ▇▇▇▇▇▇ Investors Futures Fund, ▇.▇. ▇▇  (HIFF II)
                       Shearson ▇▇▇▇▇▇ Select Advisors Futures Fund L.P.
                       Shearson Mid-West Futures Fund
                       ▇▇▇▇▇ ▇▇▇▇▇▇ Mid-West Futures Fund ▇.▇. ▇▇
                       ▇▇▇▇▇ ▇▇▇▇▇▇ Diversified Futures Fund L.P.
                       ▇▇▇▇▇ ▇▇▇▇▇▇ Diversified Futures Fund ▇.▇. ▇▇
                       ▇▇▇▇▇ ▇▇▇▇▇▇ Principal Plus Futures Fund L.P.
                       ▇▇▇▇▇ ▇▇▇▇▇▇ Principal Plus Futures Fund ▇.▇. ▇▇
                       ▇▇▇▇▇ ▇▇▇▇▇▇ Westport Futures Fund L.P.

Please  acknowledge  receipt of this  modification  by signing  one copy of this
letter and returning it to the  attention of ▇▇. ▇▇▇▇▇▇  ▇▇▇▇▇▇▇▇ at the address
above or fax to  ▇▇▇-▇▇▇-▇▇▇▇.  If you have any  questions  I can be  reached at
▇▇▇-▇▇▇-▇▇▇▇.

Very truly yours,

▇▇▇▇▇ ▇▇▇▇▇▇ FUTURES MANAGEMENT LLC

By:
         ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
         Chief Financial Officer,
         Director & Treasurer

▇▇▇▇ ▇. ▇▇▇▇▇ & COMPANY, INC.

By:

Print Name:
DAD/sr