INVESTMENT LETTER
XXXXXXXX NEW TECHNOLOGIES FUND, INC.
Xxxxxxxx New Technologies Fund, Inc. (the "Fund"), a closed-end non-diversified
management investment company, and Xxxxxxxx Advisors, Inc. ("Purchaser"),
intending to be legally bound, hereby agree as follows:
1. In order to provide the Fund with its initial capital, the Fund hereby sells
to Purchaser and Purchaser purchases 4,124 shares of Capital Stock (par value
$.001) of the Fund at a price of $24.25 per share (the "Shares") as of the close
of business on June 16, 1999. The Fund hereby acknowledges receipt from
Purchaser of funds in the amount of $100,007.00 in full payment for the Shares.
2. Purchaser represents and warrants to the Fund that the Shares are being
acquired for investment and not with a view to distribution thereof, and that
Purchaser has no present intention to redeem or dispose of the Shares.
IN WITNESS WHEREOF, the parties have executed this agreement as of the 16th day
of June, 1999.
XXXXXXXX NEW TECHNOLOGIES FUND, INC.
By: /s/ Xxxxxxxx X. Xxxxx
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Name: Xxxxxxxx X. Xxxxx
Title: Vice President
XXXXXXXX ADVISORS, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
Title: President
