AMENDMENT TO AMENDED AND RESTATED AGENCY AGREEMENT

THIS AMENDMENT (“Amendment”), made as of March 27, 2009 (the “Effective Date”), by and between OLD MUTUAL FUNDS I (“OMF I”), OLD MUTUAL FUNDS II (“OMF II”), OLD MUTUAL FUNDS III (“OMF III”), each a Delaware statutory trust (each a “Trust” and together, the “Trusts”) and DST SYSTEMS, INC., a corporation organized and existing under the laws of the State of Delaware (“DST”), to the Amended and Restated Agency Agreement made as of March 1, 2008, by and between the Trusts and DST (the “Agency Agreement”).

WHEREAS, effective August 22, 2008, OMF III began offering the Old Mutual Xxxxxxx Global Real Estate Fund through sales of Institutional Class shares;

WHEREAS, effective December 9, 2008, the Old Mutual TS&W Mid-Cap Value Fund began offering Class Z shares for sale to the public and the Old Mutual TS&W Small Cap Value Fund began offering Institutional Class shares for sale to the public;

WHEREAS, effective December 22, 2008, the OMF I Variable Annuity Portfolios were liquidated;

WHEREAS, effective January 2, 2009, the OMF III Target Date Funds began offering Class A shares for sale to the public;

WHEREAS, effective after the close of business on March 27, 2009, Class A, Class C, Class Z and Institutional Class shares of the Old Mutual Small Cap Fund were reclassified as Class A, Class C, Class Z and Institutional Class shares of the Old Mutual TS&W Small Cap Value Fund, respectively;

WHEREAS, effective after the close of business on March 27, 2009, Class A, Class C, Class Z and Institutional Class shares of the Old Mutual Mid-Cap Fund were reclassified as Class A, Class C, Class Z and Institutional Class shares of the Old Mutual TS&W Mid-Cap Value Fund, respectively;

WHEREAS, effective after the close of business on March 27, 2009, Class A, Class C, Class Z and Institutional Class shares of the Old Mutual Developing Growth Fund were reclassified as Class A, Class C, Class Z and Institutional Class shares of the Old Mutual Strategic Small Company Fund, respectively; and

WHEREAS, effective after the close of business on March 27, 2009, Class A, Class C, Class Z and Institutional Class shares of the Old Mutual Select Growth Fund were reclassified as Class A, Class C, Class Z and Institutional Class shares of the Old Mutual Large Cap Growth Fund, respectively.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and in the Agency Agreement and for other good and sufficient consideration, receipt of which each party hereby acknowledges, DST and the Trusts each hereto agree as follows:

1.	Defined Terms. Capitalized terms used in this Amendment but not defined herein shall have the meaning ascribed thereto in the Agency Agreement.

2.	Exhibit A, as amended April 25, 2008, to the Agency Agreement shall be replaced with the Amended Exhibit A attached hereto.

3.	Except as expressly amended and provided herein, all of the terms, conditions and provisions of the Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their respective duly authorized officers, to be effective as of the day and year first written above.

OLD MUTUAL FUNDS I		OLD MUTUAL FUNDS II

By:		By:
Name:	Xxxxxx X. Xxxxx	Name:	Xxxxxx X. Xxxxx
Title:	Treasurer	Title:	Treasurer


OLD MUTUAL FUNDS III		DST SYSTEMS, INC.

By:		By:
Name:	Xxxxxx X. Xxxxx	Name:	Xxxxxx X. Xxxxxxx
Title:	Treasurer	Title:	Vice President

AMENDED EXHIBIT A

DATED MARCH 27, 2009

DST SYSTEMS, INC.

OLD MUTUAL FUNDS I, II, and III

TRANSFER AGENCY AGREEMENT

DATED MARCH 1, 2008

FUND DETAILS
Class Z Shares	CUSIP	TICKER	TAX ID #

OMF I
Old Mutual Analytic Defensive Equity Fund	680029782	ANDEX	232963469
Old Mutual Analytic Global Defensive Equity Fund	680029550	ANGZX	300352515
Old Mutual Copper Rock Emerging Growth	680029626	OMZRX	202908053
Old Mutual Asset Allocation Conservative Portfolio	680029667	OMCZX	201250611
Old Mutual Asset Allocation Balanced Portfolio	680029659	OMBZX	201250687
Old Mutual Asset Allocation Moderate Growth Portfolio	680029642	OMMZX	201250736
Old Mutual Asset Allocation Growth Portfolio	680029634	OMGZX	201250766
Old Mutual Xxxx Xxxxxx Emerging Markets Funds	680029584	OMRZX	203742983
Old Mutual International Equity Fund	680029691	OMXZX	203743037
Old Mutual Xxxx Xxxxxx China Fund	680029741	OMNZX	203742536

OMF II
Old Mutual Analytic U.S. Long/Short Fund	00000X000	OBDEX	233101388
Old Mutual Cash Reserves Fund	00000X000	OBCXX	232798368
Old Mutual Barrow Hanley Value Fund	00000X000	OBFOX	233101392
Old Mutual Columbus Circle Technology & Comm. Fund	00000X000	OBTCX	232815873
Old Mutual Xxxxxx Intermediate Fixed Income	00000X000	OBFJX	651195626
Old Mutual Xxxxxx Xxxxx Term Fixed Income Fund	00000X000	OBCPX	233101389
Old Mutual Focused Fund	00000X000	OBFVX	232988594
Old Mutual Growth Fund	00000X000	OBHGX	760163417
Old Mutual Xxxxxxx REIT Fund	00000X000	OBRTX	233101391
Old Mutual Large Cap Growth Fund	00000X000	OLCPX	232860860
Old Mutual Strategic Small Company Fund	00000X000	OSSCX	232862590
Old Mutual TS&W Mid-Cap Value Fund	00000X000	OTMZX	320194738
Old Mutual TS&W Small Cap Value Fund	00000X000	OSMVX	651195628

Class A Shares	CUSIP	TICKER	TAX ID #

OMF I
Old Mutual Analytic Defensive Equity Fund	680029816	ANAEX	232963469
Old Mutual Analytic Global Defensive Equity Fund	680029576	ANGAX	300352515
Old Mutual Copper Rock Emerging Growth	680029840	OMARX	202908053
Old Mutual Asset Allocation Conservative Portfolio	680029105	OMCAX	201250611
Old Mutual Asset Allocation Balanced Portfolio	680029303	OMABX	201250687
Old Mutual Asset Allocation Moderate Growth Portfolio	680029501	OMMAX	201250736
Old Mutual Asset Allocation Growth Portfolio	680029709	OMGAX	201250766
Old Mutual Xxxx Xxxxxx Emerging Markets Funds	680029618	OMRAX	203742983
Old Mutual International Equity Fund	680029725	OMXAX	203743037
Old Mutual Xxxx Xxxxxx China Fund	680029766	OMNAX	203742536

OMF II
Old Mutual Analytic U.S. Long/Short Fund	00000X000	OADEX	233101388
Old Mutual Barrow Hanley Value Fund	00000X000	OAFOX	233101392
Old Mutual Cash Reserves Fund	00000X000	OCAXX	232798368
Old Mutual Columbus Circle Technology & Comm Fund	00000X000	OATCX	232815873
Old Mutual Xxxxxx Intermediate Fixed Income Fund	00000X000	OAFJX	651195626
Old Mutual Xxxxxx Xxxxx Term Fixed Income Fund	00000X000	OIRAX	233101389
Old Mutual Focused Fund	00000X000	OAFCX	232988594
Old Mutual Growth Fund	00000X000	OAHGX	760163417
Old Mutual Xxxxxxx REIT Fund	00000X000	OARTX	233101391
Old Mutual Large Cap Growth Fund	00000X000	OLGBX	232860860
Old Mutual Strategic Small Company Fund	00000X000	OSSAX	232862590
Old Mutual TS&W Mid-Cap Value Fund	00000X000	OTMAX	320194738
Old Mutual TS&W Small Cap Value Fund	00000X000	OACVX	651195628

OMF III
Old Mutual 2011-2020 Aggressive Fund	00000X000	OTAIX	364624878
Old Mutual 2021-2030 Aggressive Fund	00000X000	OTAKX	364624879
Old Mutual 2031-2040 Xxxxxxxxxx Xxxx	00000X000	XXXXX	364624880
Old Mutual 2041-2050 Aggressive Fund	00000X000	OTAOX	364624881
Old Mutual 2011-2020 Conservative Fund	00000X000	OTCPX	00-0000000
Old Mutual 2021-2030 Conservative Fund	00000X000	OTCQX	00-0000000
Old Mutual 2031-2040 Conservative Fund	00000X000	OTCRX	00-0000000
Old Mutual 2041-2050 Conservative Fund	00000X000	OTCSX	00-0000000
Old Mutual 2011-2020 Moderate Fund	00000X000	OTMFX	320230067
Old Mutual 2021-2030 Moderate Fund	00000X000	OTMHX	320230070
Old Mutual 2031-2040 Moderate Fund	00000X000	OTMKX	352322385
Old Mutual 2041-2050 Moderate Fund	00000X000	OTMMX	352322386

Class C Shares	CUSIP	TICKER	TAX ID #

OMF I
Old Mutual Analytic Defensive Equity Fund	680029790	ANCEX	232963469
Old Mutual Analytic Global Defensive Equity Fund	680029568	ANGCX	300352515
Old Mutual Copper Rock Emerging Growth	680029832	OMCRX	202908053
Old Mutual Asset Allocation Conservative Portfolio	680029204	OMCCX	201250611
Old Mutual Asset Allocation Balanced Portfolio	680029402	OMBCX	201250687
Old Mutual Asset Allocation Moderate Growth Portfolio	680029600	OMMCX	201250736
Old Mutual Asset Allocation Growth Portfolio	680029808	OMCGX	201250766
Old Mutual Xxxx Xxxxxx Emerging Markets Funds	680029592	OMRCX	203742983
Old Mutual International Equity Fund	680029717	OMXCX	203743037
Old Mutual Xxxx Xxxxxx China Fund	680029758	OMNCX	203742536

OMF II
Old Mutual Analytic U.S. Long/Short Fund	00000X000	OCDEX	233101388
Old Mutual Barrow Hanley Value Fund	00000X000	OCFOX	233101392
Old Mutual Cash Reserves Fund	00000X000	OCCXX	232798368
Old Mutual Columbus Circle Technology & Comm. Fund	00000X000	OCOMX	232815873
Old Mutual Xxxxxx Intermediate Fixed Income	00000X000	OCIRX	651195626
Old Mutual Xxxxxx Xxxxx Term Fixed Income Fund	00000X000	OIRCX	233101389
Old Mutual Focused Fund	00000X000	OCFCX	232988594
Old Mutual Growth Fund	00000X000	OCHGX	760163417
Old Mutual Xxxxxxx REIT Fund	00000X000	OCRTX	233101391
Old Mutual Large Cap Growth Fund	00000X000	OCLAX	232860860
Old Mutual Strategic Small Company Fund	00000X000	OCSSX	232862590
Old Mutual TS&W Mid-Cap Value Fund	00000X000	OTMCX	320194738
Old Mutual TS&W Small Cap Value Fund	00000X000	OCCVX	651195628

Institutional Class Shares	CUSIP	TICKER	TAX ID #

OMF I
Old Mutual Analytic Defensive Equity	680029774	ANIEX	232963469
Old Mutual Analytic Global Defensive Equity Fund	680029543	ANGIX	300352515
Old Mutual Copper Rock Emerging Growth	680029824	OMIRX	202908053
Old Mutual Asset Allocation Conservative Portfolio	680029857	OMCIX	201250611
Old Mutual Asset Allocation Balanced Portfolio	680029881	OMBLX	201250687
Old Mutual Asset Allocation Moderate Growth Portfolio	680029873	OMMIX	201250736
Old Mutual Asset Allocation Growth Portfolio	680029865	OMGIX	201250766
Old Mutual Xxxx Xxxxxx Emerging Markets Funds	680029675	OMRIX	203742983
Old Mutual International Equity Fund	680029683	OMXIX	203743037
Old Mutual Xxxx Xxxxxx China Fund	680029733	OMINX	203742536
Old Mutual International Bond Fund	680029386	OBIMX	383764452
Old Mutual Provident Mid-Cap Growth Fund	680029394	OIPMX	383764451

OMF II
Old Mutual Advantage Growth Fund	00000X000	OAGIX	320213462
Old Mutual Analytic U.S. Long/Short Fund	00000X000	OISLX	233101388
Xxx Xxxxxx Xxxxxx Xxxxxx Xxxx Xxxx Xxxx	00000X000	OCBIX	320213461
Xxx Xxxxxx Xxxxxx Xxxxxx Xxxxx Xxxx	00000X000	OIBHX	233101392
Old Mutual Cash Reserves Fund	00000X000	OCIXX	232798368
Old Mutual Columbus Circle Technology & Comm. Fund	00000X000	OICTX	232815873
Old Mutual Discover Value Fund	00000X000	ODVIX	300441963
Old Mutual Xxxxxx High Yield Fund	00000X000	ODHYX	320213464
Old Mutual Xxxxxx Intermediate Fixed Income	00000X000	OIDIX	651195626
Old Mutual Xxxxxx Xxxxx Term Fixed Income Fund	00000X000	OIDSX	233101389
Old Mutual Focused Fund	00000X000	OIFCX	232988594
Old Mutual Growth Fund	00000X000	OIGHX	760163417
Old Mutual Xxxxxxx XXXX Xxxx	00000X000	XXXXX	233101391
Old Mutual Large Cap Growth Fund	00000X000	OILLX	232860860
Old Mutual Strategic Small Company Fund	00000X000	OISSX	232862590
Old Mutual TS&W Mid-Cap Value Fund	00000X000	OTMIX	320194738
Old Mutual TS&W Small Cap Value Fund	00000X000	OICVX	651195628

OMF III
Old Mutual 2011-2020 Aggressive Fund	00000X000	OTAAX	364624878
Old Mutual 2021-2030 Aggressive Fund	00000X000	OTACX	364624879
Old Mutual 2031-2040 Aggressive Fund	00000X000	OTAEX	364624880
Old Mutual 2041-2050 Aggressive Fund	00000X000	OTAGX	364624881
Old Mutual 2011-2020 Conservative Fund	00000X000	OTCDX	320230058
Old Mutual 2021-2030 Conservative Fund	00000X000	OTCEX	320230061
Old Mutual 2031-2040 Conservative Fund	00000X000	OTCLX	352322380
Old Mutual 2041-2050 Conservative Fund	00000X000	OTCMX	352322381
Old Mutual 2011-2020 Moderate Fund	00000X000	OTMBX	320230067
Old Mutual 2021-2030 Moderate Fund	00000X000	OTMDX	320230070
Old Mutual 2031-2040 Moderate Fund	00000X000	OTMEX	352322385
Old Mutual 2041-2050 Moderate Fund	00000X000	OTMGX	352322386
Old Mutual Xxxxxxx Global Real Estate Securities Fund	00000X000	OMHGX	611565202

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AMENDMENT TO AMENDED AND RESTATED AGENCY AGREEMENT

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