0001059553-99-000005 Sample Contracts

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DIVIDEND DISBURSING AND TRANSFER AGENT AGREEMENT
Disbursing and Transfer Agent Agreement • August 2nd, 1999 • SCM Investment Trust • North Carolina
SUBSCRIPTION LETTER
SCM Investment Trust • August 2nd, 1999

This letter will serve to advise you that Shanklin Capital Management, Inc. ("SCM") hereby subscribes for the purchase of the initial organizational shares of the SCM Strategic Growth Fund (the "Fund") in the amount of $10.00 per share, for an aggregate investment of $100,000, and agrees to advance all registration and organization costs of the Fund to the Trust upon the Trust's demand. In connection with its subscription for shares of the Fund, SCM acknowledges that the shares have not been registered under federal or state securities laws an that the transfer of such shares is restricted. SCM further represents that it is acquiring such shares for investment purposes and without any intention to redeem or dispose of such shares. Payment for such shares shall be made in cash prior to the effective date of the Trust's Registration Statement with the SEC with respect to the Fund. As initial subscriber for shares, SCM hereby approves the actions of the Trust in the organization of the Fu

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