0000950137-07-004039 Sample Contracts

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 19th, 2007 • Driehaus Mutual Funds

EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of April 2, 2007 by and between Driehaus Capital Management LLC, a Delaware limited liability company (the “Adviser”) and Driehaus Mutual Funds (the “Trust”), on behalf of the Driehaus International Equity Yield Fund series of the Trust (the “Fund”).

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FORM OF LETTER AGREEMENT
Letter Agreement • March 19th, 2007 • Driehaus Mutual Funds

This Agreement is made as of this ___ day of ___ 2007 between DRIEHAUS MUTUAL FUNDS, a Delaware statutory trust (the “Trust”), and DRIEHAUS CAPITAL MANAGEMENT LLC, a Delaware limited liability company (the “Adviser”).

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