0001104659-11-024228 Sample Contracts

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 29th, 2011 • M Fund Inc • Maryland

This Expense Limitation Agreement is made as of the 1st, day of May, 2011 by and between M Fund, Inc., a Maryland corporation (the “Fund”) on behalf of its series Brandes International Equity Fund, M Large Cap Growth Fund, Frontier Capital Appreciation Fund, and Business Opportunity Value Fund (each, a “Portfolio”), and M Financial Investment Advisers, Inc., a Colorado corporation (the “Adviser”), with respect to the following:

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AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT for the BRANDES INTERNATIONAL EQUITY FUND
Investment Sub • April 29th, 2011 • M Fund Inc

This Amendment (the “Amendment”) is made and entered into effective March 1, 2011 among M Financial Investment Advisers, Inc., a Colorado corporation (the “Adviser”) and Brandes Investment Partners, L.P. a Delaware limited partnership (the “Sub-Adviser;” and with the Adviser, the “Parties”).

AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 29th, 2011 • M Fund Inc

This Amendment (the “Amendment”) is made and entered into effective March 1, 2011 among M Financial Investment Advisers, Inc., a Colorado corporation (the “Adviser”) and M Fund, Inc. a Maryland corporation (the “Fund” and with the Adviser, the “Parties”).

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