May 9, 2000
Global Equity Portfolio
Butterfield House, 4th Floor
Fort Street, P.O. Box 2330
George Town, Grand Cayman
Cayman Islands, B.W.I.
Dear Sirs:
This letter agreement (the "Agreement") confirms the agreement of the
undersigned, Brown Brothers Harriman Trust Company ("BBH"), to pay all of the
operating expenses of Global Equity 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 0.90%
of the Portfolio's average daily net assets.
This Agreement shall be effective as of May 9, 2000 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 HARRIMAN TRUST COMPANY
By /s/ GERALD F. JOYCE
Gerald F. Joyce
Agreed:
GLOBAL EQUITY PORTFOLIO
By /s/ PHILIP W. COOLIDGE
Philip W. Coolidge
