0000722885-14-000026 Sample Contracts

PEAR TREE ADVISORS, INC. SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • July 31st, 2014 • Pear Tree Funds • Massachusetts

This Sub-Advisory Agreement (this “Agreement”) is dated November 7, 2013 by and between PEAR TREE ADVISORS, INC., a Delaware corporation (the “Manager”), and PANAGORA ASSET MANAGEMENT, INC., a Delaware corporation (the “Subadviser”).

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PEAR TREE ADVISORS, INC. INTERIM ADVISORY CONTRACT
Pear Tree Advisors • July 31st, 2014 • Pear Tree Funds • Massachusetts

Interim Advisory Contract ("Contract") dated as of October 22, 2013, between PEAR TREE ADVISORS, INC., a Delaware corporation (the "Manager") and PANAGORA ASSET MANAGEMENT, INC., a Delaware corporation (the "Advisor").

ADVISORY CONTRACT
Advisory Contract • July 31st, 2014 • Pear Tree Funds • Massachusetts

Advisory Contract ("Contract") dated as of November 7, 2013, between PEAR TREE ADVISORS, INC., a Delaware corporation (the "Manager") and PANAGORA ASSET MANAGEMENT, INC., a Delaware corporation (the "Advisor").

SELLING GROUP AGREEMENT
Selling Group Agreement • July 31st, 2014 • Pear Tree Funds • Massachusetts

We are hereby inviting you to participate in the selling group and, subject to the terms and conditions set forth below, to make available to your customers the Shares. By your acceptance hereof, you agree to find purchasers for the Shares, to purchase Shares only from us or from your customers, and to act only as agent for your customers or dealer for your own account, with no authority to act as agent for the Funds, for us or for any other dealer in any respect.

PEAR TREE ADVISORS, INC. INTERIM SUB-ADVISORY AGREEMENT
Pear Tree Advisors • July 31st, 2014 • Pear Tree Funds • Massachusetts

This Interim Sub-Advisory Agreement (this “Agreement”) is dated October 22, 2013 by and between PEAR TREE ADVISORS, INC., a Delaware corporation (the “Manager”), and PANAGORA ASSET MANAGEMENT, INC., a Delaware corporation (the “Subadviser”).

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