AMENDED SCHEDULE A, dated July 29, 2020, to the AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, dated December 31, 2019, between THE ADVISORS’ INNER CIRCLE FUND III and PENN MUTUAL ASSET MANAGEMENT, LLC MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

AMENDED SCHEDULE A,

dated July 29, 2020,

to the

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT,

dated December 31, 2019, between

THE ADVISORS’ INNER CIRCLE FUND III

and

PENN MUTUAL ASSET MANAGEMENT, LLC

MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

This Agreement relates to the following Funds of the Trust:

Name of Fund	Share Class	Maximum Annual Operating Expense Limit	Initial Term End Date
Penn Mutual AM Strategic Income Fund	I	1.00%	May 31, 2019
Penn Mutual AM 1847 Income Fund	I	1.00%	May 31, 2022

ACKNOWLEDGED AND ACCEPTED BY:

THE ADVISORS’ INNER CIRCLE FUND III			PENN MUTUAL ASSET MANAGEMENT, LLC
By:	/s/Xxxxxxx Xxxxxxx		By:	/s/Xxxxx X. Xxxxxxxx
Name:	Xxxxxxx Xxxxxxx		Name:	Xxxxx X. Xxxxxxxx
Title:	President		Title:	President and Chief Operating Officer