0001144204-06-013215 Sample Contracts

Letter Agreement To: Unified Series Trust 431 North Pennsylvania Street Indianapolis, Indiana 46204 Dear Ladies and Gentlemen: You have engaged us to act as the sole investment adviser to the Chinook Emerging Growth Fund (the "Fund") pursuant to the...
Unified Series Trust • March 31st, 2006

You have engaged us to act as the sole investment adviser to the Chinook Emerging Growth Fund (the "Fund") pursuant to the Management Agreement approved by the Board of Trustees. From the date hereof until November 30, 2006, we hereby agree to reimburse the fees and expenses of the Fund, but only to the extent necessary to maintain the Fund's total annual operating expenses, excluding any 12b-1 fees, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes and extraordinary expenses, at 1.85% of the average daily net assets of the Fund for that period.

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RECITALS
Global Security Risk Screen and Certification Agreement • March 31st, 2006 • Unified Series Trust • New York
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