August 10, 1999
Dow Xxxxx Islamic Market Index Portfolio
Xxxxxxxxxxx House, 4th Floor
Fort Street, P.O. Box 2330
Xxxxxx Town, Grand Cayman
Cayman Islands, B.W.I.
Dear Sirs:
This letter agreement (the "Agreement") confirms the agreement of the
undersigned, Brown Brothers Xxxxxxxx Trust Company ("BBH"), to pay all of the
operating expenses of Dow Xxxxx Islamic Market Index Portfolio (the
"Portfolio"), as described in the Registration Statement of the Portfolio on
Form N-1A as filed with the Securities and Exchange Commission, as amended,
other than fees paid under the Portfolio's Administration Agreement. All of the
operating expenses paid by BBH pursuant to this Agreement shall be subject to
reimbursement by the Portfolio. To accomplish such reimbursement, the Portfolio
hereby agrees to pay to BBH an expense reimbursement fee from the Portfolio
estimated and accrued daily and paid monthly in an amount such that immediately
after any such payment the aggregate expenses of the Portfolio would not on a
per annum basis exceed 0.57% of the Portfolio's average daily net assets.
This Agreement shall be effective as of July 1, 1999 and may be
terminated by either party upon written notice to the other party.
If the foregoing correctly sets forth our agreement, kindly so confirm
by signing the enclosed counterpart of this letter in the space indicated for
signature on behalf of the Portfolio below.
Very truly yours,
BROWN BROTHERS XXXXXXXX TRUST COMPANY
By
Agreed:
DOW XXXXX ISLAMIC MARKET INDEX PORTFOLIO
By
