LETTER OF AGREEMENT
FIRST AMERICAN INVESTMENT FUNDS, INC. - INTERNATIONAL SELECT FUND
March 28, 2007
Xx. Xxxxxx X. Xxxx
Xxxxxxxxxx Global Investors, Inc.
000 Xxxx Xxx Xxxx Xxxxxxxxx, Xxxxx 0000
Xxxx Xxxxxxxxxx, Xxxxxxx 00000
Dear Xx. Xxxx:
Xxxxxxxxxx Global Investors, Inc. (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 Interim Investment
Sub-Advisory Agreement between FAF Advisors, Inc. (the "Advisor") and the
Sub-Advisor, dated February 22, 2007 (the "Agreement").
Section 11(b) 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, under Section 11(b), the Advisor and
Sub-Advisor hereby agree as follows:
The Agreement is terminable, under Section 11(b) of the Agreement, 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
------------------------------------
Name: Xxxxxx X. Xxxxx, III
Title: Chief Financial Officer
Accepted:
XXXXXXXXXX GLOBAL INVESTORS, INC.
By: /s/ Xxxxxx X. Xxxx
---------------------------------
Name: Xxxxxx X. Xxxx
Title: President
