December 20, 2000
Board of Trustees of
The North Country Funds
c/o American Data Services, Inc.
150 Motor Parkway
Hauppauge, New York 11788
Gentlemen:
Arrow Financial Corporation ("Arrow") hereby subscribes for eight
thousand (8,000) shares of beneficial interest of the North Country Equity
Growth Fund, and two thousand (2,000) shares of beneficial interest of the North
Country Intermediate Bond Fund, each such Fund being a series of The North
Country Funds, a Delaware business trust, at $10.00 per share, for an aggregate
purchase price of $100,000. Arrow's payment in full is confirmed.
Arrow hereby represents and agrees that Arrow is purchasing these
shares of beneficial interest for investment purposes, for its own account and
risk and not with a view to any sale, division or other distribution thereof
within the meaning of the Securities Act of 1933 as amended, nor with any
present intention of distributing or selling such shares.
Very truly yours,
ARROW FINANCIAL CORPORATION
By: /S/ THOMAS L. HOY
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Thomas L. Hoy
President
CONFIRMED AND ACCEPTED:
THE NORTH COUNTRY FUNDS
On behalf of each of its series:
North Country Equity Growth Fund, and
North Country Intermediate Bond Fund
By: /S/ KEITH D. KEMP
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Name: KEITH D. KEMP
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Title: TREASURER
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