Common use of Institutional Shares Clause in Contracts

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 2008. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 20082005. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President-Broker/Dealer

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberDecember, 2008. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: PresidentPresident The following provisions are hereby incorporated and made part of the Distributor’s Contract dated June 1, 1995, between Federated Equity Funds and Federated Securities Corp. with respect to the Class of Shares set forth above.

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 20082007. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 2008. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberDecember, 2008. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st 17th day of September, 20082007. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares of Federated ▇▇▇▇▇▇▇▇ Small Cap Fund thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 20082015. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares of Federated Managed Volatility Fund thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 20082014. By: /s/ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st 17th day of September, 20082007. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 20082007. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares of Federated Managed Volatility Fund thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 20082014. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares of Federated Managed Volatility Fund thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 20082014. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares of Federated K▇▇▇▇▇▇▇ Small Cap Fund thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 20082015. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 2008. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 20082005. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇J▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇J▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President-Broker/Dealer

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 2008. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 2008. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberDecember, 2008. By: /s/ ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. ▇J. C▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇T▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberDecember, 2008. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st 17th day of September, 20082007. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 20082005. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President-Broker/Dealer

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares of Federated ▇▇▇▇▇▇▇▇ Small Cap Fund thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of September, 20082015. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 2008. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President

Institutional Shares. In consideration of the mutual covenants set forth in the Distributor’s Contract dated June 1, 1995 between Federated Equity Funds and Federated Securities Corp., Federated Equity Funds executes and delivers this Exhibit with respect to the Institutional Shares thereof, first set forth in this Exhibit. Witness the due execution hereof this 1st day of SeptemberMarch, 20082007. By: /s/ ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Name: ▇. J. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Title: President By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: President