0001398344-12-000696 Sample Contracts

DISTRIBUTION AGREEMENT
Distribution Agreement • February 28th, 2012 • Tilson Investment Trust • Colorado

This Distribution Agreement (the “Agreement”) is made as of August 25, 2011 and effective as of November 1, 2011, between Tilson Investment Trust, a Delaware statutory trust (the “Trust”), and ALPS Distributors, Inc., a Colorado corporation (“ALPS”).

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TRANSFER AGENCY AND SERVICES AGREEMENT
Transfer Agency and Services Agreement • February 28th, 2012 • Tilson Investment Trust • Colorado

THIS AGREEMENT is made as of August 25, 2011 and effective as of close of business September 30, 2011, between Tilson Investment Trust, organized as a statutory trust under the laws of Delaware (the “Trust”), and ALPS Fund Services, Inc., a Colorado corporation (“ALPS”).

ADMINISTRATION, BOOKKEEPING AND PRICING SERVICES AGREEMENT
Pricing Services Agreement • February 28th, 2012 • Tilson Investment Trust • Colorado

This Administration, Bookkeeping and Pricing Services Agreement (the “Agreement”) is made as of August 25, 2011 and effective as of close of business September 30, 2011, between Tilson Investment Trust, organized as a statutory trust under the laws of the State of Delaware (the “Trust”), and ALPS Fund Services, Inc., a Colorado corporation (“ALPS”).

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2012 • Tilson Investment Trust • Delaware

This Amended and Restated Expense Limitation Agreement (the “Agreement”) is made and entered into effective as of October 3, 2011 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 October 3, 2011 by and between the Funds and the Advisor.

Contract
Global Custody Agreement • February 28th, 2012 • Tilson Investment Trust • California

This Custodian Agreement ("Agreement") is made as of October 5 , 2011 by and between Tilson Investment Trust ("Trust") and Union Bank, N.A. ("Custodian").

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