INVESTMENT LETTER
XXXXXXXX PORTFOLIOS, INC.
Xxxxxxxx Portfolios, Inc. (the "Fund"), an open-end, diversified management
investment company, and the undersigned ("Purchaser"), intending to be legally
bound, hereby agree as follows:
1. In order to provide the Xxxxxxxx Small-Cap Value Portfolio of the Fund (the
"Portfolio") with its initial capital, the Fund hereby sells to Purchaser
and Purchaser purchases 1 share (the "Share") of Capital Stock (par value
$.001) of the Portfolio at a price of $10.00 per share. The Fund hereby
acknowledges receipt from Purchaser of funds in the amount of $10.00 in
full payment for one (1) Share.
2. Purchaser represents and warrants to the Fund that the Share is being
acquired for investment and not with a view to distribution thereof, and
that Purchaser has no present intention to redeem or dispose of that Share.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 30th day
of April, 1999 ("Purchase Date").
XXXXXXXX PORTFOLIOS, INC.
By: /s/ Xxxxxxxx X. Xxxxx
----------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
XXXXXXXX ADVISORS, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: President
