0001292278-06-000065 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • October 26th, 2006 • Old Mutual Advisor Funds • Delaware

AGREEMENT made as of this 17th day of October, 2006 by and among Old Mutual Capital, Inc. (the "Adviser"), Thomson Horstmann & Bryant, Inc. (the "Sub-Adviser"), and Old Mutual Advisor Funds, a Delaware statutory trust (the "Trust").

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 26th, 2006 • Old Mutual Advisor Funds • Delaware

AGREEMENT, entered into as of this 29th day of September, 2006 between Old Mutual Capital, Inc. (the "Adviser") and Old Mutual Advisor Funds (the "Trust").

AMENDMENT TO THE MUTUAL FUND CUSTODY AGREEMENT
Mutual Fund Custody Agreement • October 26th, 2006 • Old Mutual Advisor Funds

THIS AMENDMENT dated this 19th day of September, 2006 to the Mutual Fund Custody Agreement dated as of August 2, 2004, as amended (the “Custody Agreement”), by and between Old Mutual Advisor Funds, a Delaware business trust and Wachovia Bank, National Association (“Wachovia”), shall be as follows:

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • October 26th, 2006 • Old Mutual Advisor Funds • Delaware

AGREEMENT made as of this 29th day of September, 2006 by and among Old Mutual Capital, Inc. (the "Adviser"), Ibbotson Associates Advisors, LLC (the "Sub-Adviser"), and Old Mutual Advisor Funds, a Delaware statutory trust (the "Trust").

FORM OF OLD MUTUAL ADVISOR FUNDS AMENDMENT TO THE MUTUAL FUND CUSTODY AGREEMENT
Old Mutual Advisor Funds • October 26th, 2006

THIS AMENDMENT dated as of the ___ day of October, 2006, to the Mutual Fund Custody Agreement dated as of August 2, 2004, as amended (the “Custody Agreement”), is entered by and between Old Mutual Advisor Funds, a Delaware business trust (the "Trust") and U.S. Bank, N.A., a national banking association (the "Custodian").

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • October 26th, 2006 • Old Mutual Advisor Funds

THIS AGREEMENT, dated as of September 29, 2006, is made and entered into by and between OLD MUTUAL ADVISOR FUNDS, a business trust organized under the laws of the State of Delaware (the “Trust”), and OLD MUTUAL CAPITAL, INC., a Delaware corporation (the “Adviser”).

FORM OF AMENDMENT NO. 1, DATED SEPTEMBER __, 2006, TO CUSTODIAN AGREEMENT BETWEEN OLD MUTUAL ADVISOR FUNDS AND UNION BANK OF CALIFORNIA, N.A., DATED MAY 17, 2006
Custodian Agreement • October 26th, 2006 • Old Mutual Advisor Funds

The Custodian Agreement (the "Agreement"), dated May 17, 2006, by and between Old Mutual Advisor Funds and Union Bank of California, N.A., is hereby amended to restate Section 3 and to add a new Schedule I, as follows:

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • October 26th, 2006 • Old Mutual Advisor Funds • Delaware

AGREEMENT made as of this 29th day of September, 2006 by and among Old Mutual Capital, Inc. (the "Adviser"), Analytic Investors, Inc. (the "Sub-Adviser"), and Old Mutual Advisor Funds, a Delaware statutory trust (the "Trust").

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