LETTER OF AGREEMENT
FIRST AMERICAN INVESTMENT FUNDS, INC. - INTERNATIONAL SELECT FUND
March 28, 2007
Xx. Xxxx X. Xxxx
Altrinsic Global Advisors, LLC
000 Xxxxx Xxxxxxxx Xxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Dear Xx. Xxxx:
Altrinsic Global Advisors, LLC (the "Sub-Advisor") currently serves as
sub-advisor to the International Select Fund (the "Fund"), a series of First
American Investment Funds, Inc. ("FAIF"), pursuant to an Investment Sub-Advisory
Agreement between FAF Advisors, Inc. (the "Advisor") and the Sub-Advisor, dated
November 27, 2006 (the "Agreement").
Section 11 of the Agreement provides that the Agreement is terminable,
without penalty, on 90 days' written notice by the Advisor, by FAIF's Board, or
by the Sub-Advisor. This section of the Agreement also provides that "the date
of termination may be less than or more than 90 days after the written notice of
termination so long as the duration of the notice period is agreed upon by the
Advisor and Sub-Advisor." As the Advisor and Sub-Advisor desire to allow for a
notice period of not more than 60 days, the Advisor and Sub-Advisor hereby agree
as follows:
The Agreement is terminable, without penalty, on 60 days' written notice
(the date of termination may be less than 60 days after the written notice
of termination so long as the duration of the notice period is agreed upon
by the Advisor and Sub-Advisor) by the Advisor, by FAIF's Board, by vote of
a majority of the Fund's outstanding voting securities, or by the
Sub-Advisor, and will immediately terminate upon termination of the
Advisory Agreement.
If the foregoing accurately sets forth our agreement, kindly indicate your
acceptance hereof by signing and returning one of the enclosed copies hereof.
Very truly yours,
FAF ADVISORS, INC.
By: /s/ Xxxxxx X. Xxxxx, III
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Name: Xxxxxx X. Xxxxx, III
Title: Chief Financial Officer
Accepted:
ALTRINSIC GLOBAL ADVISORS, LLC
By: /s/ Xxxx X. Xxxx
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Name: Xxxx X. Xxxx
Title: Managing Member
