SMITH BARNEY POTOMAC FUTURES FUND LP
Not applicable. Item 9A.    Controls and Procedures  Based on their evaluation of the Partnership's disclosure controls and procedures as of year end the President and Chief Financial Officer of the General Partner have concluded that such controls and procedures are effective. There were no significant changes in the Partnership's internal controls over financial reporting or in other factors that could significantly affect such controls subsequent to the date of their evaluation as of year end. Management's report on internal control over financial reporting and KPMG LLP's related opinion are included in the Partnership's annual financial statements under Item 8.    Financial Statements and Supplementary Data
The Partnership previously filed report(s) as an "accelerated filer" (as defined in Rule 12b-2 of the Exchange Act). The Partnership has been advised by SEC Staff that it is not an accelerated filer and that it is not, therefore, required to file as such. PART III Item 10.    Directors and Executive Officers of the Registrant.  The Partnership has no officers or directors and its affairs are managed by its General Partner, Citigroup Managed Futures LLC. Investment decisions are made by Campbell & Company, Inc. The Partnership has not adopted a code of ethics that applies to officers because it has no officers. Item 11.    Executive Compensation.  The Partnership has no directors or officers. Its affairs are managed by Citigroup Managed Futures LLC, its General Partner. CGM, an affiliate of the General Partner, is the commodity broker for the Partnership and receives brokerage commissions for such services, as described under "Item 1. Business." During the year ended December 31, 2005, CGM earned $12,923,399 in brokerage commissions from the Partnership. Management fees of $3,953,525 were earned by the Advisor for the year ended December 31, 2005. Item 12.    Security Ownership of Certain Beneficial Owners and Management.  (a)    Security ownership of certain beneficial owners. As of February 28, 2006, the partnership knows of no person who beneficially owns more than five percent (5%) the Redeemable Units outstanding. (b)    Security ownership of management. Under the terms of the Limited Partnership Agreement, the Partnership's affairs are managed by the General Partner. The General Partner owns Units of general partnership interest equivalent to 729.3902 Units (0.6%) of Limited Partnership Interest as of December 31, 2005. Principals who own Redeemable Units of the Partnership* *    David S. Vogel        15.6688 Redeemable Units *    Maureen O'Toole        58.2367 Redeemable Units *    No one Principal owns more than 1% of the Redeemable Units of Limited Partnership Interest. (c)    Changes in control. None. 22
Citigroup Global Markets Inc. and Citigroup Managed Futures LLC would be considered promoters for purposes of item 404 (d) of Regulation S-K. The nature and the amounts of compensation each promoter will receive, if any, from the Partnership are set forth under "Item 1. Business" and "Item 11. Executive Compensation."  Item 14.    Principal Accountant Fees and Services.  (1)    Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP for the audit of the Partnership's annual financial statements, review of financial statements included in the Partnership's Forms 10-Q and 10-K and other services normally provided in connection with regulatory filings or engagements are as follows: 2005                $44,000 2004                $50,450 (2)    Audit-Related Fees. None (3)    Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP for tax compliance and tax advice given in the preparation of the Partnership's Schedule K1s, the preparation of the Partnership's Form 1065 and preparation of all State Tax Returns are as follows: 2005                $7,606 2004                $5,136 (4)    All Other Fees. None. (5)    Not Applicable. (6)    Not Applicable. 23     PART IV Item 15.    Exhibits and Financial Statement Schedules.        (a) (1)  Financial Statements:           Statements of Financial Condition at December 31, 2005 and 2004.           Condensed Schedules of Investments at December 31, 2005 and 2004.           Statements of Income and Expenses for the years ended December 31, 2005, 2004 and 2003.           Statements of Changes in Partners' Capital for the years ended December 31, 2005, 2004 and 2003.           Statements of Cash Flows for the years ended December 31, 2005, 2004 and 2003.           Notes to Financial Statements.         (2)  Exhibits:           3.1 – Certificate of Limited Partnership (filed as Exhibit 3.1 to the Partnership Form 10) (previously filed).           3.2 – Amendment to the Certificate of Limited Partnership (filed as Exhibit 3.2 to the Partnership Form 10) (previously filed).           3.3 – Certificate of change Limited Partnership (filed as Exhibit 3.3 to the Partnership Form 10) (previously filed).           3.4 – Amendment to the Certificate of Limited Partnership (filed as Exhibit 3.4 to the Partnership Form 10) (previously filed).           3.5 – Amendment to the Certificate of Limited Partnership (filed as Exhibit 3.5 to the Partnership Form 10) (previously filed).           3.6 – Second Amended and Restated Limited Partnership Agreement (filed as Exhibit 3.6 to the Partnership Form 10) (previously filed).           10.1 – Management Agreement among the Partnership, the General Partner, SFG Global Investments, Inc. and Campbell & Company, Inc. (filed as Exhibit 10.1 to the Partnership Form 10) (previously filed).           10.1 (a) – First Amendment to the Management Agreement among the Partnership, the General Partner, SFG Global Investments, Inc. and Campbell & Company, Inc. (filed as Exhibit 10.1 (a) to the Partnership Form 10) (previously filed).           10.1 (b) – Second Amendment to the Management Agreement among the Partnership, the General Partner, Salomon Smith Barney Inc and Campbell & Company, Inc. (filed as Exhibit 10.1 (b) to the Partnership Form 10) (previously filed).           10.2 – Second Amendment to the Customer Agreement between the Partnership, and Salomon Smith Barney Inc.(the Predecessor to CGM) (filed as Exhibit 10.2 to the Partnership Form 10) (previously filed).           10.3 – Amendment and Reinstated Agency Agreement between the Partnership and Salomon Smith Barney, Inc. (the predecessor to CGM) (filed as Exhibit 10.3 to the Partnership Form 10) (previously filed).           10.4 – Form of Subscription Agreement (filed as Exhibit 10.4 to the Partnership Form 10) (previously filed).           10.5 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 1997 (filed as Exhibit 10.5 to the Partnership Form 10) (previously filed).           10.5.1 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 1998 (filed herein).   24             10.6 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 1999 (filed as Exhibit 10. 6 to the Partnership Form 10) (previously filed).           10.7 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 2000 (filed as Exhibit 10. 7 to the Partnership Form 10) (previously filed).           10.8 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 2001 (filed as Exhibit 10.8 to the Partnership Form 10) (previously filed).           10.9 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 2002 (filed as Exhibit 10.9 to the Partnership Form 10) (previously filed).           10.10 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 2003 (filed as Exhibit 10.10 to the Partnership Form 10) (previously filed).           10.11 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 2004 (filed as Exhibit 10.11 to the Partnership Form 10) (previously filed).           10.12 – Letter extending Management Agreement between the General Partner and Campbell & Company, Inc. for 2005 (filed herein).           16.1 – Letter from PricewaterhouseCoopers LLP (filed as Exhibit 16.1 to the Partnership Form 10) (previously filed).   The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by reference         Exhibit 31.1 – Rule 13a-14(a)/15d-15(a) Certification (Certification of President and Director)           Exhibit 31.2 – Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer and Director)           Exhibit 32.1 – Section 1350 Certification (Certification of President and Director)           Exhibit 32.2 – Section 1350 Certification (Certification of Chief Financial Officer and Director)   25     Supplemental Information To Be Furnished With Reports Filed Pursuant To Section 15(d) Of The Act by Registrants Which Have Not Registered Securities Pursuant To Section 12 Of the Act. Annual Report to Limited Partners No proxy material has been sent to Limited Partners. 26     SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this annual report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on the 29th day of March 2006. Smith Barney Potomac Futures Fund L.P. By:    /s/ Citigroup Managed Futures LLC             (General Partner) By:    /s/ David J. Vogel             David J. Vogel, President & Director Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.               /s/ David J. Vogel  /s/ Shelley Ullman   David J. Vogel  Shelley Ullman   President and Director  Director   /s/ Maureen O'Toole  /s/ Jennifer Magro   Maureen O'Toole  Jennifer Magro   Director  Director   /s/ Daniel R. McAuliffe, Jr.  /s/ Jerry Pascucci   Daniel R. McAuliffe, Jr.  Jerry Pascucci   Chief Financial Officer and  Director   Director         /s/ Ihor Rakowsky      Ihor Rakowsky      Secretary and Director        27         GRAPHIC 2 html_95831sig1.jpg GRAPHIC  begin 644 html_95831sig1.jpg M_]C_X``02D9)1@`!`0$!(`$@``#__@`V($EM86=E(&=E;F5R871E9"!B>2!' 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M/S\ZUKW]?UKY?=3R].M?=)_=92G_`!_EK3]*V]JT_;MY>7IUM;9;;]FVE.]> 1]>U/O]/[=;='1T='1T=?_]D_ ` end    GRAPHIC 5 spacer.gif GRAPHIC  begin 644 spacer.gif K1TE&.#EA`0`!`(```````````"'Y!`$`````+``````!``$```("1`$`.S\_ ` end    EX-10.12 6 file002.htm MANAGEMENT AGREEMENT         Exhibit 10.12 May  31, 2005 Campbell & Company, Inc.Court Tower Building210 West Pennsylvania AvenueSuite 770Towson, MD 21204 Attn: Ms.  Terry Becks Re: Management Agreement Renewals Dear Ms.  Becks: 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.         •  Smith Barney Potomac Futures Fund L.P.           •  Smith Barney Diversified Futures Fund L.P.           •  Smith Barney Diversified Futures Fund L.P. II           •  Smith Barney Global Markets Futures Fund L.P.           •  Smith Barney Global Diversified Futures Fund L.P.           •  Salomon Smith Barney Diversified 2000 Futures Fund L.P.           •  AURORA 2001           •  AURORA III           •  CMF Campbell Master 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 212-793-1986. If you have any questions I can be reached at 212-559-5043. Very truly yours, CITIGROUP MANAGED FUTURES LLC       By:  /s/ Daniel R. McAuliffe, Jr. Daniel R. McAuliffe, Jr.Chief Financial Officer & Director   CAMPBELL & COMPANY, INC.       By:  /s/ Theresa Becks   Print Name: Theresa Becks  DRMcA/sr         EX-31.1 7 file003.htm CERTIFICATION         Exhibit 31.1 CERTIFICATION I, David J. Vogel, certify that:       1.  I have reviewed this Annual Report on Form 10-K of Smith Barney Potomac Futures Fund L.P. (the "registrant");         2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;         3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;         4.  The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:            a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;            b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;            c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and            d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and         5.  The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):            a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and            b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.                     Date:  March 29, 2006  /s/ David J. Vogel         David J. Vogel Citigroup Managed Futures LLC President and Director                EX-31.2 8 file004.htm CERTIFICATION         Exhibit 31.2 CERTIFICATION I, Daniel R. McAuliffe, Jr., certify that:       1.  I have reviewed this Annual Report on Form 10-K of Smith Barney Potomac Futures Fund L.P. (the "registrant");         2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;         3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;         4.  The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:            a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;            b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;            c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and            d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and         5.  The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):            a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and            b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.                     Date:  March 29, 2006  /s/ Daniel R. McAuliffe, Jr.         Daniel R. McAuliffe, Jr. Citigroup Managed Futures LLC Chief Financial Officer and Director                EX-32.1 9 file005.htm CERTIFICATION         Exhibit 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Smith Barney Potomac Futures Fund L.P. (the "Partnership") on Form 10-K for the year ending December 31, 2005 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David J. Vogel, President and Director of Citigroup Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. /s/ David J. Vogel             David J. Vogel Citigroup Managed Futures LLC President and Director March 29, 2006             Date         EX-32.2 10 file006.htm CERTIFICATION         Exhibit 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Smith Barney Potomac Futures Fund L.P. (the "Partnership") on Form 10-K for the year ending December 31, 2005 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Daniel R. McAuliffe, Jr., Chief Financial Officer and Director of Citigroup Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. /s/ Daniel R. McAuliffe, Jr.             Daniel R. McAuliffe, Jr.Citigroup Managed Futures LLC Chief Financial Officer and Director March 29, 2006             Date         -----END PRIVACY-ENHANCED MESSAGE-----