0000927405-98-000144 Sample Contracts

SUPPLEMENT TO DISTRIBUTION AGREEMENT
Distribution Agreement • April 30th, 1998 • Panorama Trust

This letter is to confirm that the undersigned, Panorama Trust, a Massachusetts business trust (the "Trust"), and First Data Distributors, Inc., a Massachusetts corporation (the "Distributor") have agreed that the Distribution Agreement between the Trust and the Distributor dated October 3,1995 (the "Agreement"), is herewith amended to provide that the Distributor shall also be the Distributor for the Pictet Eastern European Fund on the terms and conditions contained in the Agreement. Schedule A to the Agreement is revised in the form attached hereto.

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PANORAMA TRUST
Investment Advisory Agreement • April 30th, 1998 • Panorama Trust

This letter is to confirm that the undersigned, Panorama Trust, a Massachusetts business trust (the "Trust"), and Pictet International Management Limited (the "Adviser") have agreed that the Investment Advisory Agreement between the Trust and the Adviser dated October 3,1995 (the "Agreement"), is herewith amended to provide that the Adviser shall additionally act as investment adviser to the Pictet Eastern European Fund (the "Fund") on the terms and conditions contained in the Agreement and this Supplement. The investment advisory fee for such services to the Fund shall be at the annual rate of 1.25% of the average daily net assets of the Fund, computed at the end of each month and payable within five (5) business days thereafter.

SUPPLEMENT TO ADMINISTRATION AGREEMENT
Administration Agreement • April 30th, 1998 • Panorama Trust

Panorama Trust, a Massachusetts business trust (the "Trust"), hereby supplements its Administration Agreement dated October 3, 1995 (the "Administration Agreement") with First Data Investor Services Group, Inc., a Massachusetts business trust (the "Administrator"), to provide the services as described under the Administration Agreement for Pictet Eastern European Fund (the "New Fund"). Schedule A to the Administration Agreement is revised in the form attached hereto.

SUPPLEMENT TO TRANSFER AGENCY AND SERVICES AGREEMENT
Transfer Agency and Services Agreement • April 30th, 1998 • Panorama Trust

Panorama Trust, a Massachusetts business trust (the "Trust"), hereby supplements its Transfer Agency and Services Agreement dated October 3, 1995 (the "Transfer Agency Agreement") with First Data Investor Services Group, Inc., a Massachusetts corporation (the "Transfer Agent"), to provide the services as described under the Transfer Agency Agreement for Pictet Eastern European Fund (the "New Fund"). Exhibit I to the Transfer Agency Agreement is revised in the form attached hereto.

PANORAMA TRUST
Purchase Agreement • April 30th, 1998 • Panorama Trust
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