Pitcairn Trust Company
Xxx Xxxxxxxx Xxxxx, Xxxxx 0000, 000 Xxxxxxxx Xxxx Xxxx
Xxxxxxxxxx, XX 00000
August 1, 2000
Pitcairn Funds
Xxx Xxxxxxxx Xxxxx, Xxxxx 0000
000 Xxxxxxxx Xxxx Xxxx
Xxxxxxxxxx, XX 00000
Re: Subscription for the Purchase of Shares of Beneficial
Interest of Pitcairn Funds (The "Trust")
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Ladies and Gentlemen:
This letter is to express our intent to subscribe to purchase shares of
beneficial interest ("Shares") of the Pitcairn Government/Corporate Bond Fund
(the "Fund") of the Trust. We propose to purchase, on August 1, 2000, 10,000
Shares of the Fund at a price of $10.00 per Share for a total investment of
$100,000.00 in that Fund. We will purchase the Shares of the Fund in a private
offering prior to the effectiveness of the Trust's registration statement filed
by the Trust under the Securities Act of 1933 and the Investment Company Act of
1940, each as amended.
In connection with the purchase of the Shares as described above: (i)
we, the purchaser, intend to acquire the Shares for our own account as the
sole beneficial owner thereof and have no present intention of redeeming or
reselling the Shares so acquired; (ii) any redemption of these Shares will be
reduced by a pro rata portion of any then unpaid offering costs of the Trust.
This proration will be calculated by dividing the number of Shares to be
redeemed by the aggregate number of Shares held which represent the initial
capital of the Trust.
Very truly yours,
Pitcairn Trust Company
By: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
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Title: Senior Vice President and Associate General
Counsel
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