[Bramwell Capital logo]
Bramwell Capital Management, Inc.
745 Fifth Avenue
New York, New York 10151
Tel (212) 308-0505
Fax (212) 308-2551
September 25, 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 Focus 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
