LETTER AGREEMENT
▇▇▇▇▇▇▇▇▇ Global Investors (North America) Inc.
▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
This Agreement is made as of this 29th day of December 2006 between
▇▇▇▇▇▇▇▇▇ GLOBAL INVESTORS (NORTH AMERICA) INC. (the "Adviser") and ▇▇▇▇▇▇▇▇▇
INVESTMENT MANAGEMENT LIMITED (the "Subadviser").
WHEREAS, the Adviser and the Subadviser have entered into a
Sub-Advisory Agreement dated August 31, 2001 (the "Sub-Advisory Agreement"), as
amended by letter agreement dated August 1, 2005, January 31, 2006 and November
30, 2006, under which the Adviser has agreed to retain the Subadviser to render
investment advisory services to the ▇▇▇▇▇▇▇▇▇ European Focus Fund, ▇▇▇▇▇▇▇▇▇
Global Equity Income Fund, ▇▇▇▇▇▇▇▇▇ Global Opportunities Fund, ▇▇▇▇▇▇▇▇▇ Global
Technology Fund, ▇▇▇▇▇▇▇▇▇ International Opportunities Fund and ▇▇▇▇▇▇▇▇▇
Japan-Asia Focus Fund (the "Existing HIML Sub-Advised Portfolios") of the
▇▇▇▇▇▇▇▇▇ Global Funds (the "Trust"), and the Subadviser has agreed to render
such services to the Existing HIML Sub-Advised Portfolios, together with any
other Trust portfolios that may be established later;
WHEREAS, the Adviser and the Subadviser desire to amend the
Sub-Advisory Agreement to reduce the Subadvisory fee for the Existing HIML
Sub-Advised Portfolios; and
WHEREAS, the amendment to the fee schedule to the Sub-Advisory
Agreement will not reduce the quality or quantity of services provided by the
Subadviser to the Existing HIML Sub-Advised Portfolios and the Subadviser's
obligations under the Sub-Advisory Agreement will remain the same in all
material respects.
NOW THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the Adviser and the Subadviser agree as follows:
1. Schedule A of the Sub-Advisory Agreement is hereby amended as follows:
▇▇▇▇▇▇▇▇▇ EUROPEAN FOCUS FUND
Adviser will pay to the Subadviser an annual rate, computed daily and
payable monthly, equal to:
.45% on the first $500 million of daily net assets;
.35% on the next $1 billion of daily net assets; and
.30% on daily net assets over $1.5 billion.
▇▇▇▇▇▇▇▇▇ GLOBAL EQUITY INCOME FUND
Adviser will pay to the Subadviser an annual rate, computed daily and
payable monthly, equal to:
.40% on the first $500 million of daily net assets;
.30% on the next $1 billion of daily net assets;
.25% on the next $500 million of daily net assets; and
.20% on daily net assets over $2 billion.
▇▇▇▇▇▇▇▇▇ GLOBAL OPPORTUNITIES FUND
Adviser will pay to the Subadviser an annual rate, computed daily and
payable monthly, equal to:
.45% on the first $1 billion of daily net assets;
.30% on the next $1 billion of daily net assets; and
.25% on daily net assets over $2 billion.
▇▇▇▇▇▇▇▇▇ GLOBAL TECHNOLOGY FUND
Adviser will pay to the Subadviser an annual rate, computed daily and
payable monthly, equal to:
.45% on the first $500 million of daily net assets;
.40% on the next $500 million of daily net assets; and
.35% on daily net assets over $1 billion.
▇▇▇▇▇▇▇▇▇ INTERNATIONAL OPPORTUNITIES FUND
Adviser will pay to the Subadviser an annual rate, computed daily and
payable monthly, equal to:
.50% on the first $1 billion of daily net assets;
.35% on the next $1 billion of daily net assets; and
.25% on daily net assets over $2 billion.
▇▇▇▇▇▇▇▇▇ JAPAN-ASIA FOCUS FUND
Adviser will pay to the Subadviser an annual rate, computed daily and
payable monthly, equal to:
.45% on the first $500 million of daily net assets;
.35% on the next $1 billion of daily net assets; and
.30% on daily net assets over $1.5 billion.
2. All other terms and conditions of the Sub-Advisory Agreement shall
remain in full force and effect.
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3. This Agreement is hereby incorporated by reference into the
Sub-Advisory Agreement and is made a part thereof. In case of a
conflict between this Agreement and the Sub-Advisory Agreement, the
terms of the Sub-Advisory Agreement are controlling.
IN WITNESS WHEREOF, the Adviser and the Subadviser have cause this
Agreement to be executed as of the day and year first above written.
▇▇▇▇▇▇▇▇▇ GLOBAL INVESTORS
(NORTH AMERICA) INC.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Title: Corporate Secretary
ATTEST: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Director, Retail
Finance and Operations
▇▇▇▇▇▇▇▇▇ INVESTMENT
MANAGEMENT LIMITED
By: /s/ ▇▇▇▇▇ de Sausmaruz
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Name: ▇▇▇▇▇ de Sausmaruz
Title:
ATTEST: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Solicitor
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