0001295908-09-000004 Sample Contracts

SECOND ADDENDUM TO MASTER CUSTODIAN AGREEMENT
Master Custodian Agreement • March 2nd, 2009 • Tilson Investment Trust

THIS ADDENDUM (“Addendum”) to that certain Master Custodian Agreement (the “Agreement”) dated December 19, 2007, by and between The Nottingham Management Company (the “Administrator”) and Union Bank of California, N.A (the “Bank”) shall be effective when the assets of the Trust named below are first delivered to the Bank. All defined terms in this Addendum shall have the same meaning as in the Agreement unless specifically stated otherwise. In the event there are any inconsistencies between the Agreement and this Addendum, the provisions of this Addendum control.

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THIRD ADDENDUM TO MASTER CUSTODIAN AGREEMENT
Master Custodian Agreement • March 2nd, 2009 • Tilson Investment Trust

THIS ADDENDUM (“Addendum”) to that certain Master Custodian Agreement (the “Agreement”) dated December 19, 2007, by and between The Nottingham Management Company (the “Administrator”) and Union Bank of California, N.A (the “Bank”) shall be effective when the assets of the Trust named below are first delivered to the Bank. All defined terms in this Addendum shall have the same meaning as in the Agreement unless specifically stated otherwise. In the event there are any inconsistencies between the Agreement and this Addendum, the provisions of this Addendum control.

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