0001104659-12-028758 Sample Contracts

Contract
Investment Sub-Advisory Agreement • April 26th, 2012 • M Fund Inc • Maryland

THIS AGREEMENT made and entered into this 20th day of June, 2011, by and between M Financial Investment Advisers, Inc., a corporation organized and existing under the laws of the State of Colorado (the “Adviser”), and Northern Cross, LLC, a limited liability company organized and existing under the laws of the State of Massachusetts (the “Sub-Adviser”).

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 26th, 2012 • 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:

AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 26th, 2012 • 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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