0001104659-07-006407 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 1st, 2007 • Fpa New Income Inc • California

AGREEMENT dated October 1, 2006, by and between FPA NEW INCOME, INC., a Maryland corporation (hereinafter referred to as the “Fund”), and FIRST PACIFIC ADVISORS, LLC, a Delaware limited liability company (hereinafter referred to as the “Manager”).

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DISTRIBUTION AGREEMENT
Distribution Agreement • February 1st, 2007 • Fpa New Income Inc • Maryland

Agreement dated as of October 1, 2006, by and between FPA NEW INCOME, INC., a Maryland corporation (hereinafter called the “Fund”), and FPA FUND DISTRIBUTORS, INC., a California corporation (hereinafter called the “Distributor”).

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