0001111830-14-000162 Sample Contracts

EXPENSE LIMITATION AGREEMENT TFS CAPITAL LLC Richmond, Virginia 23226
Expense Limitation Agreement • February 28th, 2014 • TFS Capital Investment Trust • Virginia
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FIRST AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2014 • TFS Capital Investment Trust

WHEREAS, TFS Capital Investment Trust, an Ohio business trust (the "Trust"), on behalf of TFS Small Cap Fund (the “Fund”), and TFS Capital LLC (the "Adviser"), have entered into a Investment Advisory Agreement, as of March 1, 2010 (the "Agreement");

FIRST AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2014 • TFS Capital Investment Trust

WHEREAS, TFS Capital Investment Trust, an Ohio business trust (the "Trust"), on behalf of TFS Hedged Futures Fund (the “Fund”), and TFS Capital LLC (the "Adviser"), have entered into a Investment Advisory Agreement, as of December 15, 2011 (the "Agreement");

SECOND AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2014 • TFS Capital Investment Trust

WHEREAS, TFS Capital Investment Trust, an Ohio business trust (the "Trust"), on behalf of TFS Market Neutral Fund (the “Fund”), and TFS Capital LLC (the "Adviser"), have entered into a Investment Advisory Agreement, as of June 23, 2004 (the "Agreement");

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