0000894189-04-002030 Sample Contracts

PROFESSIONALLY MANAGED PORTFOLIOS INVESTMENT ADVISORY AGREEMENT TCM Small Cap Growth Fund
Investment Advisory Agreement • September 30th, 2004 • Professionally Managed Portfolios • California

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 30th day of September, 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 TCM Small Cap Growth Fund (the "Fund") and Tyee Capital Management, Inc. ("TCM") (hereinafter called the "Advisor").

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PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • September 30th, 2004 • Professionally Managed Portfolios • California

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of the 30 day of, 2004, by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on behalf of the TCM Small Cap Growth Fund (the "Fund"), a series of the Trust, and the Advisor of the Fund, Tyee Capital Management, Inc. ("TCM") (the "Advisor").

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