0001193125-14-171596 Sample Contracts

SALIENT ADVISORS, L.P.
Expense Limitation Agreement • April 30th, 2014 • Salient MF Trust

With reference to the Investment Management Agreement entered into by Salient Advisors, L.P. (the “Advisor”) with Salient MF Trust (the “Trust”), on behalf of its series Salient Trend Fund (the “Fund”) on the 15th day of April 2014, we hereby notify you as follows:

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SALIENT ADVISORS, L.P.
Expense Limitation Agreement • April 30th, 2014 • Salient MF Trust

With reference to the Investment Management Agreement entered into by Salient Advisors, L.P. (the “Advisor”) with Salient MF Trust (the “Trust”), on behalf of its series Salient Global Equity Fund (the “Fund”) on the 15th day of April 2014, we hereby notify you as follows:

SALIENT ADVISORS, L.P.
Expense Limitation Agreement • April 30th, 2014 • Salient MF Trust

With reference to the Investment Management Agreement entered into by Salient Advisors, L.P. (the “Advisor”) with Salient MF Trust (the “Trust”), on behalf of its series Salient Alternative Beta Fund (the “Fund”) on the 15th day of April 2014, we hereby notify you as follows:

SALIENT ADVISORS, L.P.
Expense Limitation Agreement • April 30th, 2014 • Salient MF Trust

With reference to the Investment Management Agreement entered into by Salient Advisors, L.P. (the “Advisor”) with Salient MF Trust (the “Trust”), on behalf of its series Salient Risk Parity Fund (the “Fund”) on the 15th day of April 2014, we hereby notify you as follows:

SALIENT CAPITAL ADVISORS, LLC
Expense Limitation Agreement • April 30th, 2014 • Salient MF Trust

With reference to the Investment Management Agreement entered into by Salient Capital Advisors, LLC (the “Advisor”) with Salient MF Trust (the “Trust”), on behalf of its series Salient MLP & Energy Infrastructure Fund II (the “Fund”) on the 15th day of April 2014, we hereby notify you as follows:

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