0001111830-11-000274 Sample Contracts

MUTUAL FUND SERVICES AGREEMENT
Mutual Fund Services Agreement • April 29th, 2011 • Berwyn Funds • Ohio

THIS AGREEMENT is made as of this 1st day of February, 2005, by and between THE BERWYN FUNDS (the "Trust"), a Delaware business trust, and ULTIMUS FUND SOLUTIONS, LLC ("Ultimus"), a limited liability company organized under the laws of the State of Ohio and having its principal place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

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FIRST AMENDMENT TO THE CONTRACT FOR INVESTMENT ADVISORY SERVICES
Investment Advisory Services • April 29th, 2011 • Berwyn Funds

WHEREAS, The Berwyn Funds, a Delaware business trust (the “Trust”), on behalf of Berwyn Cornerstone Fund (the “Fund”), and The Killen Group, Inc. (the “Adviser”), all having their principal place of business at 1189 Lancaster Avenue, Berwyn, Pennsylvania, have entered into a Contract for Investment Advisory Services as of January 24, 2002 (the “Agreement”);

EXPENSE LIMITATION AGREEMENT THE KILLEN GROUP, INC Berwyn, Pennsylvania 19312
Expense Limitation Agreement • April 29th, 2011 • Berwyn Funds • Pennsylvania
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