0001295908-10-000006 Sample Contracts

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 1st, 2010 • Tilson Investment Trust • Delaware

This Amended and Restated Expense Limitation Agreement (the “Agreement”) is made and entered into effective as of February 26, 2010, by and between the Tilson Focus Fund and the Tilson Dividend Fund (each a “Fund” and collectively the “Funds”), each a series of shares of the Tilson Investment Trust, a Delaware statutory trust (the “Trust”), and T2 Partners Management LP, a Delaware limited partnership (the “Advisor”) and is amending and restating in its entirety that certain Amended and Restated Expense Limitation Agreement (“Expense Limitation Agreement”) effective March 15, 2005 by and between the Funds and the Advisor.

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