[Bramwell Capital logo]
Bramwell Capital Management, Inc.
745 Fifth Avenue
New York, New York 10151
Tel (212) 308-0505
Fax (212) 308-2551
October 23, 2000
Mary F. McCollum
The Bramwell Funds, Inc.
745 Fifth Avenue, 16th Floor
New York, New York 10151
Dear Mary:
This letter will confirm our binding commitment to you that Bramwell Capital
Management, Inc., the investment adviser to the Bramwell Growth Fund (the
"Fund"), has agreed to subsidize the Fund such that the total expenses of the
Fund (excluding interest, taxes, brokerage and extraordinary expenses) do not
exceed an annual rate of 1.75% of the Fund's average net assets for the fiscal
years 2001 and 2002.
Sincerely,
BRAMWELL CAPITAL MANAGEMENT, INC.
By: /s/ Elizabeth R. Bramwell
-----------------------------
Elizabeth R. Bramwell
President
If this letter accurately represents our agreement, please indicate by signing
below.
THE BRAMWELL FUNDS, INC.
Accepted By: /s/ Mary F. McCollum
------------------------
Mary F. McCollum
Secretary and Treasurer
