0001193125-11-339496 Sample Contracts

Re: Management Agreement with William Blair Funds dated December 15, 1999 (the “Management Agreement”)
Management Agreement • December 13th, 2011 • William Blair Funds

Pursuant to Section 2 of the Management Agreement, the William Blair Funds hereby provide notification of a new series of the William Blair Funds to be called “William Blair Small-Mid Cap Value Fund” (the “New Portfolio”). Attached hereto are Amended Appendix A and B to the Management Agreement to reflect, among other things, the appropriate management fees and initial term end for the New Portfolio.

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