NORTHWESTERN MUTUAL SERIES FUND, INC.

NORTHWESTERN MUTUAL SERIES FUND, INC.

000 Xxxx Xxxxxxxxx Xxxxxx

Milwaukee, Wisconsin 53202

March 1, 2017

Xxxxx Street Advisors, LLC

000 Xxxx Xxxxxxxxx Xxxxxx

Milwaukee, WI 53202

Re: Agreement to Waive Xxxxx Street Advisors, LLC Investment Advisory Fees Relating to Certain Portfolios of Northwestern Mutual Series Fund, Inc.

Gentlemen:

This letter constitutes an agreement between Xxxxx Street Advisors, LLC (“MSA”) and Northwestern Mutual Series Fund, Inc. (“Series Fund”) regarding the investment advisory fee for each of the Series Fund portfolios set forth below (each, a “Portfolio”). MSA agrees to waive, from May 1, 2017 through April 30, 2018 (unless renewed by the parties hereto), its investment advisory fee applicable to each Portfolio such that the investment advisory fee is as follows:

Growth Stock Portfolio

		Assets		Fee
		Up to $50 million		0.60%
		$50 million - $100 million		0.50%
		$100 million - $500 million		0.40%
		Excess over $500 million		0.38%

Focused Appreciation Portfolio

		Assets		Fee
		Up to $100 million		0.66%
		$100 million - $500 million		0.61%
		$500 million - $1 billion		0.60%
		Excess over $1 billion		0.57%

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Large Cap Core Stock Portfolio

		Assets		Fee
		Up to $50 million		0.60%
		$50 million - $100 million		0.50%
		$100 million - $500 million		0.40%
		Excess over $500 million		0.35%

Index 500 Stock Portfolio

		Assets		Fee
		Up to $2 billion		0.20%
		Excess over $2 billion		0.18%

Large Company Value Portfolio

		Assets		Fee
		Up to $100 million		0.70%
		$100 million - $250 million		0.65%
		$250 million- $500 million		0.59%
		Excess over $500 million		0.57%

Domestic Equity Portfolio

		Assets		Fee
		Up to $100 million		0.65%
		$100 million - $250 million		0.55%
		$250 million - $500 million		0.50%
		Excess over $500 million		0.47%

Equity Income Portfolio

		Assets		Fee
		Up to $500 million		0.63%
		$500 million - $1.5 billion		0.55%
		Excess over $1.5 billion		0.52%

Mid Cap Growth Stock Portfolio

		Assets		Fee
		Up to $50 million		0.80%
		$50 million- $100 million		0.65%
		$100 million- $1 billion		0.50%
		Excess over $1 billion		0.48%

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Index 400 Stock Portfolio

		Assets		Fee
		Up to $500 million		0.25%
		Excess over $500 million		0.20%

Mid Cap Value Portfolio

		Assets		Fee
		Up to $150 million		0.79%
		$150 million - $500 million		0.70%
		Excess over $500 million		0.67%

Small Cap Value Portfolio

		Assets		Fee
		Up to $500 million		0.85%
		Excess over $500 million		0.80%

Research International Core

		Assets		Fee
		Up to $150 million		0.83%
		$150 million - $300 million		0.77%
		$300 million - $500 million		0.70%
		Excess over $500 million		0.63%

International Equity Portfolio

		Assets		Fee
		Up to $50 million		0.77%
		$50 million - $500 million		0.57%
		$500 million - $1 billion		0.54%
		$1 billion - $1.5 billion		0.47%
		Excess over $1.5 billion		0.42%

Emerging Markets Equity Portfolio

		Assets		Fee
		Up to $250 million		1.01%
		$250 million- $500 million		0.93%
		$500 million- $1 billion		0.91%
		Excess over $1 billion		0.78%

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Government Money Market Portfolio

		Assets		Fee
		Up to $500 million		0.30%
		$500 million - $1 billion		0.29%
		Excess over $1 billion		0.28%

Short-Term Bond Portfolio

		Assets		Fee
		Up to $100 million		0.35%
		$100 million- $250 million		0.33%
		$250 million- $500 million		0.30%
		Excess over $500 million		0.28%

Select Bond Portfolio

		Assets		Fee
		Up to $2 billion		0.30%
		Excess over $2 billion		0.28%

Long-Term U.S. Government Bond Portfolio

		Assets		Fee
		Up to $100 million		0.555%
		$100 million - $250 million		0.515%
		$250 million - $500 million		0.495%
		Excess over $500 million		0.445%

Inflation Protection Portfolio

		Assets		Fee
		Up to $100 million		0.55%
		$100 million - $250 million		0.50%
		Excess over $250 million		0.46%

High Yield Bond Portfolio

		Assets		Fee
		Up to $50 million		0.60%
		$50 million - $100 million		0.50%
		$100 million - $1.0 billion		0.40%
		Excess over $1.0 billion		0.30%

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Multi-Sector Bond Portfolio

		Assets		Fee
		Up to $100 million			0.74	%
		$100 million - $250 million			0.73	%
		$250 million - $500 million			0.70	%
		Excess over $500 million			0.67	%

Balanced Portfolio

All assets 0.05 % 

Asset Allocation Portfolio

All assets 0.05 % 

This letter supersedes all prior agreements between the parties relating to the same matters.

Very truly yours,
NORTHWESTERN MUTUAL SERIES FUND, INC.
By:		/s/ Xxxx X. Xxxxxxx
		Name:  Xxxx X. Xxxxxxx
		Title:    President

Agreed to and accepted:

XXXXX STREET ADVISORS, LLC

By:		/s/ Xxxx X. Xxxxxxx
		Name:   Xxxx X. Xxxxxxx
		Title:     President

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