First Amended Schedule A To the Administration Agreement

First Amended Schedule A

To the

Administration Agreement

This First Amended Schedule A, dated December 13, 2015, modifies the Administration Agreement, dated August 19, 2015, between Ultimus Managers Trust, on behalf of the Funds listed below, and Ultimus Fund Solutions, LLC.

FUND PORTFOLIOS

Alambic Small Cap Value Plus Fund

Alambic Small Cap Growth Plus Fund