Chinook Capital Management, LLC
0000 XX Xxxxxxx Xxx
Xxxxx 000
Xxxxxxxx, XX 00000
December 13, 2004
Letter Agreement
To: Unified Series Trust
000 Xxxxx Xxxxxxxxxxxx Xxxxxx
Xxxxxxxxxxxx, Xxxxxxx 00000
Dear Ladies and Gentlemen:
You have engaged us to act as the sole investment adviser to the Chinook
Emerging Growth Fund (the "Fund") pursuant to the Management Agreement approved
by the Board of Trustees. From the date hereof until November 30, 2006, we
hereby agree to reimburse the fees and expenses of the Fund, but only to the
extent necessary to maintain the Fund's total annual operating expenses,
excluding any 12b-1 fees, brokerage fees and commissions, borrowing costs (such
as interest and dividend expenses on securities sold short), taxes and
extraordinary expenses, at 1.85% of the average daily net assets of the Fund for
that period.
Very truly yours,
CHINOOK CAPITAL MANAGEMENT, LLC
By: /s/ Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx, Managing Member
Acceptance
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The foregoing is hereby accepted.
UNIFIED SERIES TRUST
By: /s/ Xxxxxxx Xxxxxx, Xx.
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Xxxxxxx Xxxxxx, Xx., Secretary
