AMENDMENT TO EXPENSE LIMITATION AGREEMENT BETWEEN OLD MUTUAL ADVISOR FUNDS AND OLD MUTUAL CAPITAL, INC. DATED MAY 11, 2005 AS AMENDED DECEMBER 16, 2005

AMENDMENT TO EXPENSE LIMITATION AGREEMENT BETWEEN OLD MUTUAL ADVISOR FUNDS AND OLD MUTUAL CAPITAL, INC.

DATED MAY 11, 2005

AS AMENDED DECEMBER 16, 2005

This Agreement is amended by adding Class Z shares of the Portfolio to the Agreement. A new Schedule Z to the Agreement setting forth the expense limitation for Class Z shares is also added to the Agreement as set forth below:

SCHEDULE Z

DATED DECEMBER 16, 2005

TO

EXPENSE LIMITATION AGREEMENT

BETWEEN

OLD MUTUAL ADVISOR FUNDS

AND

OLD MUTUAL CAPITAL, INC.

DATED MAY 11, 2005

(Class Z Shares)

	Expense Limit
This Agreement relates to the following
Portfolios of the Trust:
Old Mutual Copper Rock Emerging Growth Fund	1.30%

Old Mutual Advisor Funds			Old Mutual Capital, Inc.
By:	/s/ Xxxxx X. Xxxxxxx		By:	/s/ Xxxx X. Xxxxx
Name:	Xxxxx X. Xxxxxxx		Name:	Xxxx X. Xxxxx
Title:	Chief Executive Officer		Title:	Chief Financial Officer