0000894189-04-000776 Sample Contracts

PROFESSIONALLY MANAGED PORTFOLIOS INVESTMENT ADVISORY AGREEMENT Greenville Small Cap Growth Fund
Investment Advisory Agreement • May 3rd, 2004 • Professionally Managed Portfolios • California

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 3rd day of May, 2004, by and between Professionally Managed Portfolios, a Massachusetts business trust (hereinafter called the “Trust”), on behalf of the following series of the Trust, the Greenville Small Cap Growth Fund (the “Fund”) and Greenville Capital Management, Inc. (hereinafter called the “Advisor”).

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DISTRIBUTION AGREEMENT
Distribution Agreement • May 3rd, 2004 • Professionally Managed Portfolios • Wisconsin

THIS AGREEMENT is made and entered into as of this 4th day of May, 2004, by and among Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), Greenville Capital Management Inc., a Delaware corporation (the “Adviser”) and Quasar Distributors, LLC, a Delaware limited liability company (the “Distributor”).

PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • May 3rd, 2004 • Professionally Managed Portfolios • California

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 3rd day of May, 2004, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the Greenville Small Cap Growth Fund (the “Fund”), a series of the Trust, and the Advisor of the Fund, Greenville Capital Management, Inc. (the “Advisor”).

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