INITIAL CAPITAL AGREEMENT
June __, 2004
Board of Trustees of
TFS Capital Investment Trust
0000 Xxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
The undersigned hereby subscribes for 10,000 Shares of Beneficial Interest,
no par value, of the TFS Market Neutral Fund, a series of the TFS Capital
Investment Trust, an Ohio business trust, at $10.00 per share for an aggregate
purchase price of $100,000. Our payment in full is confirmed.
The undersigned represents and agrees that it is purchasing these Shares
for investment purposes, for its own account and risk and not with a view to any
sale, division or other distribution thereof within the meaning of the
Securities Act of 1933, nor with any present intention of distributing or
selling such shares.
Very truly yours,
[NAME OF SUBSCRIBOR]
By: __________________________
Confirmed and Accepted:
TFS CAPITAL INVESTMENT TRUST
By: _____________________________
