0001419743-08-000011 Sample Contracts

OLD MUTUAL FUNDS III FORM OF INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 2nd, 2008 • Old Mutual Funds III • Delaware

THIS AGREEMENT is entered into as of the dates indicated on the Schedule A between Old Mutual Capital, Inc. (the "Adviser") and Old Mutual Funds III (the "Trust").

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FORM OF INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • June 2nd, 2008 • Old Mutual Funds III • Delaware

AGREEMENT effective as of the ___ day of July, 2008 by and among Old Mutual Capital, Inc., a Delaware corporation (the “Adviser”), Heitman Real Estate Securities LLC, a Delaware limited liability company (the “Sub-Adviser”), and Old Mutual Funds III, a Delaware statutory trust (the “Trust”).

FORM OF INVESTMENT SUB-SUB-ADVISORY AGREEMENT
Form Of • June 2nd, 2008 • Old Mutual Funds III • Delaware

THIS AGREEMENT, (“Agreement”) made as of ___________________ by and between HEITMAN REAL ESTATE SECURITIES LLC, a Delaware limited liability company, having its principal place of business at 191 North Wacker Drive, Chicago, Illinois 60606, the United States of America (hereinafter referred to as “Heitman”) and HEITMAN INTERNATIONAL REAL ESTATE SECURITIES GmbH, registered with the Commercial Register of the Local Court of Frankfurt Am Main HRB 77896, having its principal place of business at Rossmarkt 14, 60311 Frankfurt am Main, Germany (hereinafter referred to as “Heitman-Europe”).

FORM OF INVESTMENT SUB-SUB-ADVISORY AGREEMENT
Form Of • June 2nd, 2008 • Old Mutual Funds III • Delaware

THIS AGREEMENT, (“Agreement”) made as of ___________________ by and between HEITMAN REAL ESTATE SECURITIES LLC, a Delaware limited liability company, having its principal place of business at 191 North Wacker Drive, Chicago, Illinois 60606, the United States of America (hereinafter referred to as “Heitman”) and CHALLENGER MANAGED INVESTMENTS (INTERNATIONAL) PTY LTD, a New South Wales company, having its principal place of business at Level 15, 255 Pitt Street, Sydney, New South Wales, 2000, Australia (hereinafter referred to as “Challenger-USA”).

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