<SEC-DOCUMENT>0001144204-12-033992.txt : 20120608
<SEC-HEADER>0001144204-12-033992.hdr.sgml : 20120608
<ACCEPTANCE-DATETIME>20120608161703
ACCESSION NUMBER:		0001144204-12-033992
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120606
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120608
DATE AS OF CHANGE:		20120608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				680176227
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49872
		FILM NUMBER:		12898072

	BUSINESS ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
		BUSINESS PHONE:		415-899-1555

	MAIL ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v315622_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT STYLE="font-size: 10pt">Washington, DC 20549</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">CURRENT
REPORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported):&#9;June 6, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HENNESSY ADVISORS, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">California</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">000-49872</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">68-0176227</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction<BR> of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission<BR> File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7250 Redwood Blvd., Suite 200</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novato, California</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">94945</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number including
area code:&#9;<B>(415) 899-1555</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font-size: 10pt; text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font-size: 10pt; text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1.01.&#9;Entry into a Material Definitive Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 6, 2012, Hennessy
Advisors, Inc. (&ldquo;Hennessy Advisors&rdquo;) reached a definitive agreement (the &ldquo;Purchase Agreement&rdquo;) to acquire
certain assets of FBR Fund Advisers, Inc. (&ldquo;FBR&rdquo;) that relate to the management of the entire family of ten FBR Funds
(the &ldquo;FBR Funds&rdquo;). The FBR Funds currently have assets exceeding $1.9 billion, which would bring total assets managed
by Hennessy Advisors to over $2.7 billion after the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement
includes customary representations, warranties and covenants of Hennessy Advisors and FBR, and provides for an initial payment
upon closing, and a subsequent payment upon the first anniversary of closing. In each case, the payment amount is based on assets
under management for the applicable funds and is currently anticipated to be approximately $28.75 million in total based on assets
of $1.9 billion as of March 31, 2012, with the actual amount of the payments to vary based on the actual assets under management
at the applicable measurement date. The transaction is expected to be completed in the third quarter of 2012.&nbsp; Upon completion
of the transaction, which is subject to regulatory review and is also subject to the approval of the Hennessy Funds Board of Trustees,
the FBR Funds Board of Trustees and the FBR Funds&rsquo; shareholders, and other agreed conditions to closing, Hennessy Advisors
will become the investment manager of the FBR Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement,
a copy of which is filed as Exhibit 2.1 hereto and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are representations
and warranties contained in the Purchase Agreement which were made by the parties to each other as of specific dates. The assertions
embodied in these representations and warranties were made solely for purposes of the Purchase Agreement and may be subject to
important qualifications and limitations agreed to by the parties in connection with negotiating its terms. Moreover, certain representations
and warranties may not be accurate or complete as of any specified date because they are subject to a contractual standard of materiality
that is different from certain standards generally applicable to shareholders or were used for the purpose of allocating risk between
the parties rather than establishing matters as facts. For the foregoing reasons, the representations and warranties in the Purchase
Agreement should not be relied on as statements of factual information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the press release announcing the
transaction is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01.&#9;Financial Statements and Exhibits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><U>Exhibit</U>&nbsp;</TD><TD STYLE="text-align: center"><U>Description</U>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Asset Purchase Agreement, dated as of June 6, 2012, between Hennessy Advisors, Inc. and FBR Fund
Advisers, Inc. *</TD></TR>                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>99.1&nbsp;</TD><TD STYLE="text-align: justify">Press Release&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">_____&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">*&#9;The disclosure
schedules, exhibits and annexes to the Asset Purchase Agreement are not being filed herewith. Hennessy Advisors, Inc. agrees to
furnish supplementally a copy of any such schedules and exhibits to the Securities and Exchange Commission upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>HENNESSY ADVISORS, INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">June 8, 2012&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil J. Hennessy</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil J. Hennessy<BR>
President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HENNESSY ADVISORS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index to Current Report on Form
8-K dated June 6, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; text-decoration: underline; text-align: left">Exhibit</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Description</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Asset Purchase Agreement, dated as of June 6, 2012, between Hennessy Advisors, Inc. and FBR Fund
Advisers, Inc. *</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">99.1</TD><TD>Press Release</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">_____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in">*</TD><TD STYLE="text-align: justify">The disclosure schedules, exhibits and annexes to the Asset Purchase Agreement are not being filed
herewith. Hennessy Advisors, Inc. agrees to furnish supplementally a copy of any such schedules and exhibits to the Securities
and Exchange Commission upon request.</TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>v315622_ex2-1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><U>Exhibit 2.1</U></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSET PURCHASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HENNESSY ADVISORS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FBR FUND ADVISERS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 6, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE I - DEFINED TERMS</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 80%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right; width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE II - PURCHASED ASSETS; PURCHASE PRICE</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 2.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Purchased Assets</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 2.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Purchase Price</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE III - REPRESENTATIONS AND WARRANTIES OF SELLER</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Organization, Standing and Authority</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Authorization and Binding Obligation</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Registered Investment Adviser</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.4.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">No Violations</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.5.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Title to and Condition of Assets</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.6.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Consents; Governmental/Regulatory Authority</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.7.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Financial Condition; Effect of Sale of Assets</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.8.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Legal Actions</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.9.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Compliance with Laws</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.10.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">The FBR Series Funds</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.11.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Sufficiency of Assets; Trade Rights</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.12.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Registration Statement</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 3.13.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Employee Benefit Plans</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF BUYER</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Organization, Standing and Authority</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Authorization and Binding Obligation</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">No Violations</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.4.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Consents; Governmental/Regulatory Authorities</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.5.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">No Disqualifying Conduct</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.6.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Litigation; Proceedings</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.7.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Registered Investment Adviser</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.8.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Compliance with Law</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.9.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Registration Statement</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.10.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 15(f)</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.11.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Funding</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 4.12.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">No Material Adverse Changes</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE V - COVENANTS</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 5.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Pre-Closing Covenants of Seller</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 5.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Negative Covenants</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 5.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Affirmative Covenants of Seller</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 5.4.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Affirmative Covenants of Buyer</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE VI - SPECIAL COVENANTS AND AGREEMENTS</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Fees and Expenses</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Brokers</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">16</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0; width: 10%">Section 6.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0; width: 80%">Confidential Information</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0; width: 5%">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.4.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Cooperation</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.5.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Covenants With Respect to Changes in Condition and Litigation</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.6.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Covenants With Respect to Information in Registration Statement</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.7.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Access to Third Parties</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.8.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Cooperation Regarding Financial Matters</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.9.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 15(f) of the Investment Company Act</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.10.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Press Releases and Public Announcements</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.11.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Retention of Portfolio Managers and Sub-advisors; Other Fund Matters</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.12.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Certain Employee Matters</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 6.13.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Use of Office Space and Furniture</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE VII - CONDITIONS PRECEDENT</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 7.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Conditions to Obligations of Buyer</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 7.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Conditions to Obligations of Seller</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE VIII - CLOSING AND CLOSING DELIVERIES</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 8.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Closing</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 8.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Deliveries by Seller</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 8.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Deliveries by Buyer</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE IX - RIGHTS OF BUYER AND SELLER ON TERMINATION OR BREACH</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 9.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Termination Rights</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 9.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Effect of Termination</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE X - REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 10.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Representations and Warranties</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 10.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Indemnification by Seller</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 10.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Indemnification by Buyer</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 10.4.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Procedure for Indemnification</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 10.5.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Limitations</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0; text-align: justify; padding-left: 0">ARTICLE XI - MISCELLANEOUS</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.1.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Notices</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.2.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Benefit and Binding Effect</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.3.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Governing Law</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.4.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Headings</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.5.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Gender and Rules of Construction</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.6.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Entire Agreement</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Section 11.7.</TD>
    <TD STYLE="padding-right: 0; text-align: justify; padding-left: 0">Counterparts</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-left: 0">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Section 11.8.</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Specific Performance</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: right">31</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to Item 601(b)(2) of Regulation S-K,
the following schedules and exhibits to the Asset Purchase Agreement, dated as of June 6, 2012, by and between Hennessy Advisors,
Inc. and FBR Fund Advisers, Inc. have not been provided herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedules and Annexes</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 0; padding-left: 0; text-align: justify">Schedule 3.10(d)</TD>
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: justify">-</TD>
    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0; text-align: justify">List of Contracts and Agreements</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Schedule 3.11</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">-</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">List of Exceptions to Intellectual Property Rights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Schedule 6.11</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">-</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">List of Material Sub-advisory Terms Regarding Focus Fund</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">Schedule 6.12</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">-</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">List of Employees to be Transferred to Buyer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Annex 7.1(e)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">-</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">List of Buyer&rsquo;s Conditions Precedent to Fund Transactions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">Annex 7.2(f)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">-</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">List of Seller&rsquo;s Conditions Precedent to Fund Transactions</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company will furnish
the omitted schedules to the Securities and Exchange Commission upon request by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ASSET PURCHASE
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>THIS</B> <B>ASSET PURCHASE AGREEMENT</B>
is made and entered into on this 6<SUP>th</SUP> day of June, 2012, by and between <B>HENNESSY ADVISORS, INC.</B>, a California
corporation (&ldquo;Buyer&rdquo;), and FBR Fund Advisers, Inc., a Delaware corporation (&ldquo;Seller&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller is a registered investment adviser under the Investment Advisers Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller serves as investment adviser to the FBR Series Funds, as defined herein, and is the owner of certain property, including
property used or useful in providing investment advisory services to the FBR Series Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer wishes to acquire from Seller, and Seller wishes to sell to Buyer, such property upon the terms and subject to the
conditions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration of the foregoing premises
and the covenants and agreements contained herein, Buyer and Seller, intending to be bound legally, agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
I</U></FONT><U> - DEFINED TERMS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following terms shall have the following
meanings in this Agreement (other terms shall be defined in the text of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Affiliated Person&rdquo; means an
affiliated person as defined in Section 2(a)(3) of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Affiliate&rdquo; means a person
or entity that directly or indirectly controls, is controlled by or is under common control with a specified person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Agreement&rdquo; means this Asset
Purchase Agreement together with all schedules and exhibits attached hereto, and all amendments hereto and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Assigned Contracts&rdquo; means
those contracts identified in good faith by the parties that Buyer desires to assume and that are used exclusively in the FBR Funds
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Closing&rdquo; means the completion
of those actions described in Section 8.2 and Section 8.3 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Closing Date&rdquo; means the date
of the Closing specified in Section 8.1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;COBRA&rdquo; means the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended, and Section 4980B of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Code&rdquo; means the Internal Revenue
Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Commission&rdquo; means the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;ERISA&rdquo; means the Employee
Retirement Income Security Act of 1974, as amended and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;ERISA Affiliate&rdquo; means any
entity that is a member of a controlled group with, under common control with, or otherwise required to be aggregated with Seller
pursuant to Sections 414(b), (c), (m) or (o) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Fund Transactions&rdquo; means the
reorganizations of each of the FBR Large Cap Fund, the FBR Small Cap Fund and the FBR Mid Cap Fund into the Hennessy Cornerstone
Large Growth Fund, the Hennessy Cornerstone Growth Fund and the Hennessy Focus 30 Fund, respectively; and the reorganizations of
each of the FBR Focus Fund, the FBR Gas Utility Index Fund, the FBR Small Cap Financial Fund, the FBR Large Cap Financial Fund,
the FBR Technology Fund, the FBR Balanced Fund and the FBR Core Bond Fund into the Hennessy Select Focus Fund, the Hennessy Select
Gas Utility Index Fund, the Hennessy Select Small Cap Financial Fund, the Hennessy Select Large Cap Financial Fund, the Hennessy
Select Technology Fund, the Hennessy Select Balanced Fund and the Hennessy Select Core Bond Fund, respectively (&ldquo;Shell Merger
Reorganizations&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FBR Domestic Equity Funds&rdquo;
means the FBR Large Cap Fund, the FBR Small Cap Fund and the FBR Mid Cap Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FBR Focus Fund&rdquo; means the
FBR Focus Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FBR Funds&rdquo; means The FBR Funds,
an open-end management investment company organized as a statutory trust under the laws of the state of Delaware and currently
consisting of ten series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FBR Series Funds&rdquo; means the
FBR Specialty Funds, the FBR Hybrid Funds and the FBR Domestic Equity Funds, which are the ten current series of FBR Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FBR Hybrid Funds&rdquo; means the
FBR Balanced Fund and the FBR Core Bond Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FBR Specialty Funds&rdquo; means
the FBR Focus Fund, the FBR Gas Utility Index Fund, the FBR Small Cap Financial Fund, the FBR Large Cap Financial Fund and the
FBR Technology Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Hennessy Funds&rdquo; means those
investment companies registered under the Investment Company Act for which Buyer serves as investment adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Hennessy Merger Funds&rdquo; means
the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Growth Fund and the Hennessy Focus 30 Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Investment Advisers Act&rdquo; means
the Investment Advisers Act of 1940, as amended, and rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Investment Company Act&rdquo; means
the Investment Company Act of 1940, as amended, and rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Liens&rdquo; means any security
interest, mortgage, lien, pledge, charge, title retention, security agreement, lease, option, defect of title or other encumbrance
or right of others, except for taxes not yet due or payable and encumbrances which do not materially impair the present use of
the assets to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Material Adverse Effect&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>with respect to Seller, any change, effect, event or occurrence that is materially adverse to (i) the business, operations
or financial condition of Seller taken as a whole, other than any such effect to the extent resulting from (A) entering into, announcing
or consummating this Agreement or the transactions contemplated hereby, (B) any change in general economic or political conditions,
capital markets, interest rates or securities markets arising after the date hereof, (C) any change in applicable law or U.S. generally
accepted accounting principles or in interpretations thereof arising after the date hereof, (D) any outbreak or substantial worsening
of major hostilities in which the United States is involved or any act of terrorism within or involving the United States or its
property or citizens arising after the date hereof, or (E) any decline in assets under management, in and of itself, but not including
the underlying reasons therefor unless otherwise excepted pursuant to the other subsections of this definition (each of (A) through
and including (E), the &ldquo;MAE Exceptions&rdquo;); or (ii) the ability of Seller to timely complete the transactions contemplated
by this Agreement or timely perform its obligations hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>with respect to Buyer, any change, effect, event or occurrence that is materially adverse to (i) the business, operations
or financial condition of the investment advisory business of Buyer taken as a whole, other than any such effect to the extent
resulting from the MAE Exceptions; or (ii) the ability of Buyer to timely complete the transactions contemplated by this Agreement
or timely perform its obligations hereunder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>with respect to the FBR Series Funds, any change, effect, event or occurrence that is materially adverse to the FBR
Series Funds except to the extent resulting from the MAE Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Notice of Termination&rdquo; means
the notice described in Section 9.1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Plan of Reorganization&rdquo; means
the agreement and plan of reorganization pursuant to which the Fund Transactions (other than the Shell Merger Reorganizations)
will be effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Plan of Reorganization (Shell Funds)&rdquo;
means the agreement and plan of reorganization pursuant to which the Fund Transactions (other than the reorganizations of the FBR
Domestic Equity Funds) will be effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Purchased Assets&rdquo; means the
assets specified in Section 2.1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Securities Act&rdquo; means the
Securities Act of 1933, as amended, and rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Securities Exchange Act&rdquo; means
the Securities Exchange Act of 1934, as amended, and rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Segregated Accounts&rdquo;
means those shareholder accounts (or subaccounts with respect to any omnibus account) of the FBR Domestic Equity Funds to which
Segregated Shares are allocated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Segregated Shares&rdquo;
means and includes (i) the shares of the applicable FBR Domestic Equity Fund which are outstanding at the close of business on
the Closing Date, (ii) any additional shares of the applicable FBR Domestic Equity Fund (or successor Hennessy Merger Fund) purchased
for Segregated Accounts after the Closing Date and before the first anniversary of the Closing Date, and (iii) any Shares of the
applicable FBR Domestic Equity Fund issued after the Closing Date and before the first anniversary of the Closing Date as a distribution
on other Segregated Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Shell Hennessy
Merger Funds&rdquo; means the Hennessy Select Focus Fund, the Hennessy Select Gas Utility Index Fund, the Hennessy Select Small
Cap Financial Fund, the Hennessy Select Large Cap Financial Fund, the Hennessy Select Technology Fund, the Hennessy Select Balanced
Fund and the Hennessy Select Core Bond Fund, which will be formed in connection with the Fund Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
II</U></FONT><U> - PURCHASED ASSETS; PURCHASE PRICE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
2.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Purchased
Assets</U>. On the Closing Date, Seller shall deliver to Buyer originals or true copies of the following , and only the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All files, books, records and data files (in whatever form or forms including hard copy, microfilm, microfiche, CD ROM or
other electronic media, including the software necessary to access the same) owned by Seller relating to investment accounts and
investment history of the FBR Series Funds (except to the extent that Seller is required by applicable law to retain such materials
or copies thereof in which event Seller shall, at Seller&rsquo;s expense, provide to Buyer such materials or copies thereof, whichever
is available and complies with such applicable law) (the &ldquo;Purchased Assets&rdquo;); and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All records required to be maintained and retained under the Investment Company Act or the Investment Advisers Act by Seller
in connection with Seller&rsquo;s provision of investment advisory services to the FBR Series Funds (except to the extent that
Seller is required by applicable law to retain such materials or copies thereof in which event Seller shall provide to Buyer such
materials or copies thereof, whichever is available and complies with such applicable law), whether or not owned by Seller.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
2.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Purchase
Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#9;In consideration for the transactions
contemplated hereby, Buyer shall pay Seller the Initial Purchase Price and the Contingent Purchase Price, in the manner and at
the times set forth herein, and shall assume and timely satisfy and discharge the royalty payment obligations under the Asset Purchase
Agreement (as defined on Schedule 3.11) for the period from and after the Closing (such obligations for such period, the &ldquo;Royalty
Payment Obligations&rdquo;). In addition, subject to receipt of any required counterparty consents, Buyer shall assume and timely
satisfy and discharge all obligations attributable to the performance of the Assigned Contracts (if any) after the Closing; provided
that Buyer shall not assume or otherwise be responsible for any default, breach or violation thereof occurring prior to the Closing,
or for any action or omission of Seller or its Affiliates occurring or failing to occur prior to the Closing, that, with the giving
of notice, the passage of time or both, would result in a default, breach or violation, of any of the Assigned Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#9;On the Closing Date, Buyer shall
pay Seller, by wire transfer of immediately available funds to an account designated by Seller in writing at least two business
days prior to the Closing Date, an amount equal to 60% of the sum of (i) 0.00% times the total net assets (as defined under the
Investment Company Act) under management for the FBR Technology Fund and FBR Core Bond Fund as of the close of business on the
business day immediately preceding the Closing Date, (ii) 1.00% times the total net assets (as defined under the Investment Company
Act) under management for the FBR Gas Utility Index Fund as of the close of business on the business day immediately preceding
the Closing Date, (iii) 1.75% times the total net assets (as defined under the Investment Company Act) under management for each
of the FBR Focus Fund, FBR Small Cap Financial Fund, FBR Large Cap Financial Fund and FBR Balanced Fund, as of the close of business
on the business day immediately preceding the Closing Date, and (iv) 2.00% of the total net assets (as defined under the Investment
Company Act) under management for each of the FBR Domestic Equity Funds as of the close of business on the business day immediately
preceding the Closing Date (the &ldquo;Initial Purchase Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#9;Within five business days of Buyer&rsquo;s
receipt from outside third parties of all information necessary to calculate the payment amount (and in no event later than 20
business days following the first anniversary of the Closing Date), Buyer shall pay Seller, by wire transfer of immediately available
funds to an account designated by Seller in writing at least two business days prior to the Closing Date, an amount equal to 40%
of the sum of (i) 0.00% times the total net assets (as defined under the Investment Company Act) under management for the FBR Technology
Fund and FBR Core Bond Fund as of the close of business on the first anniversary of the Closing Date, (ii) 1.00% times the total
net assets (as defined under the Investment Company Act) under management for the FBR Gas Utility Index Fund as of the close of
business on the first anniversary of the Closing Date, (iii) 1.75% times the total net assets (as defined under the Investment
Company Act) under management for each of the FBR Focus Fund, FBR Small Cap Financial Fund, FBR Large Cap Financial Fund and FBR
Balanced Fund, as of the close of business on the first anniversary of the Closing Date, and (iv) 2.00% of the total net assets
(as defined under the Investment Company Act) of the Segregated Accounts (the &ldquo;Contingent Purchase Price&rdquo;); provided,
that, in the event that the first anniversary of the Closing Date is not a business day, then the payments under this subsection
(c) shall be based on total net assets as of the close of business on the first business day following the first anniversary of
the Closing Date; provided, further, that the foregoing shall be adjusted consistent with Section 6.11(a) if applicable. Buyer
shall promptly provide to Seller documentation setting forth the calculation of the amount of the foregoing payment in reasonable
detail. If within thirty days after the Seller&rsquo;s receipt of such Contingent Purchase Price and the accompanying documentation,
Seller shall not have objected in writing to the amount thereof, then the Contingent Purchase Price shall be deemed final. In the
event that Seller reasonably objects in writing within such thirty day period, Buyer and Seller shall negotiate in good faith to
resolve the dispute. If Buyer and Seller fail to resolve such dispute within sixty days, the amount of such Contingent Purchase
Price shall be determined, within a reasonable time, by an independent, nationally recognized firm of accountants mutually selected
by the parties. The determination of such firm of accounts shall be final and binding upon the parties. Each of Buyer and Seller
shall bear all fees and costs incurred by it in connection with the determination of the amount of any Contingent Purchase Price,
except that the parties shall each pay one-half (50%) of the fees and expenses of any accounting firm engaged pursuant to this
Section 2.2(c), provided, however, that in no event shall Buyer be liable for an amount in excess of $5,000 with regard to such
fees and expenses of any such accounting firm unless Buyer&rsquo;s calculation of the Contingent Purchase Price provided to Seller
is less than 90% of the actual Contingent Purchase Price as finally determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
III</U></FONT><U> - REPRESENTATIONS AND WARRANTIES OF SELLER</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seller represents and warrants to Buyer
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Organization,
Standing and Authority</U>. Seller is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware. Seller has all requisite corporate power and authority to conduct its business as presently conducted as it
relates to providing investment advisory services to the FBR Series Funds, to execute and deliver this Agreement and the documents
contemplated hereby and to perform and comply with all of the terms, covenants and conditions to be performed and complied with
by Seller hereunder and thereunder. Seller is duly qualified or licensed to do business as a foreign corporation, and is in good
standing, in every jurisdiction where failure to be so qualified or licensed would be reasonably likely to have a Material Adverse
Effect on Seller or the FBR Series Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Authorization
and Binding Obligation</U>. The execution, delivery and performance of this Agreement by Seller have been duly authorized by all
necessary corporate action on the part of Seller. This Agreement has been duly executed and delivered by Seller and, assuming
the due authorization, execution and delivery of this Agreement by Buyer constitutes the legal, valid and binding obligation of
Seller, enforceable against Seller in accordance with its terms, except as the enforceability hereof may be limited by bankruptcy,
insolvency, reorganization or similar laws relating to or affecting creditors&rsquo; rights generally, or by general equity principles
(whether applied in a court of law or a court of equity and including limitations on the availability of specific performance
or other equitable remedies).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registered
Investment Adviser</U>. Seller is registered as an investment adviser under the Investment Advisers Act. Seller has not received
any written notice by any state that Seller&rsquo;s registration as an investment adviser is, is to be, or will be restricted
or terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No
Violations</U>. The execution, delivery and performance by Seller of this Agreement and the documents contemplated hereby (i)
will not conflict with any provision of Seller&rsquo;s certificate of incorporation or by-laws; (ii) will not conflict with, result
in a breach of, or constitute a default under, any applicable law, judgment, order, ordinance, injunction, decree, rule, regulation
or ruling of any court or governmental instrumentality, except as will not individually or in the aggregate have a Material Adverse
Effect with respect to Seller, Buyer or the FBR Series Funds or as will be cured or waived prior to the Closing Date; and (iii)
will not conflict with, constitute grounds for termination of, result in a breach of, constitute a default under or accelerate
or permit the acceleration of any performance required by the terms of, any agreement, instrument, license or permit to which
Seller is a party or by which Seller may be bound, except as will not singly or in the aggregate have a Material Adverse Effect
with respect to Seller, Buyer or the FBR Series Funds, or as will be cured or waived prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Title
to and Condition of Assets</U>. As of the date hereof, Seller has good and clear title to the Purchased Assets (or valid rights
to use the same), and on the Closing Date will convey ownership thereof to the Purchased Assets to Buyer, free and clear of all
Liens (subject, in the case of any licensed elements of the Computer Software, to receipt of applicable third party approvals
and such third parties&rsquo; rights under such licenses). During the past twelve months the Computer Systems have not failed
to any material extent and the data which they process has not been materially corrupted. Seller has taken reasonable steps in
accordance with industry standards to preserve the availability, security and integrity of the Computer Systems and the data and
information stored on the Computer Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Consents;
Governmental/Regulatory Authority</U>. Seller is not required to submit any notice, report or other filing with, or obtain any
authorization, consent or approval from, any governmental authority or self-regulatory organization prior to the execution, delivery
and performance by Seller of this Agreement or the consummation of the transactions contemplated herein, other than notices, reports
or other filings, authorizations, consents or approvals relating to matters that, in the aggregate, will not have a Material Adverse
Effect with respect to Seller or the FBR Series Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Financial
Condition; Effect of Sale of Assets</U>. Seller is not insolvent on the date of this Agreement and shall not be insolvent on the
Closing Date. The transactions contemplated by this Agreement (i) will not render Seller insolvent or leave Seller with assets
unreasonably small in relation to the business in which it is engaged and (ii) is not being undertaken by Seller with the intent
to hinder, delay or defraud its creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Legal
Actions</U>. There is no action, suit, proceeding, complaint, litigation, investigation, inquiry or governmental proceeding pending,
or to the best knowledge of Seller threatened, before any court or governmental or regulatory authority, against (i) any of the
Purchased Assets or (ii) Seller, or to the best knowledge of Seller any of its Affiliates or any of the FBR Series Funds, that
reasonably could be expected to have a Material Adverse Effect on Seller, Buyer or the FBR Series Funds. Seller is not subject
to, or bound by, any judgment, order, writ, injunction or decree of any court, or of any governmental body, including the Commission,
or of any arbitrator, that would prevent the conduct of business of Seller or the FBR Series Funds substantially in accordance
with current practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Compliance
with Laws</U>. Seller&rsquo;s business of providing investment advisory services to the FBR Series Funds is being operated in
material compliance with all applicable laws, rules, regulations, ordinances, orders or requirements of all federal, state and
local governmental or regulatory authorities. Seller has complied in all material respects with all written notices and demands
to it from all governmental or regulatory authorities with respect to the ownership, use and operation of all of the Purchased
Assets and the provision of investment advisory services to the FBR Series Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>The FBR Series Funds</U>.
With respect to the FBR Series Funds:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration and Regulation</U>. The FBR Funds is duly registered with the Commission as an investment company under
the Investment Company Act, and all shares of the FBR Series Funds which, since its organization, have been or are being offered
for sale have been duly registered under the Securities Act and have been duly registered, qualified or are exempt from registration
or qualification under the securities laws of each state or other jurisdiction in which such shares have been or are being offered.
The FBR Series Funds are in compliance with all applicable laws, rules and regulations, including, without limitation, the Investment
Company Act, the Securities Act, the Securities Exchange Act and all applicable state securities laws, except where the failure
to be so in compliance would not have a Material Adverse Effect on Seller or the FBR Series Funds. The FBR Series Funds are in
compliance with the investment policies and restrictions set forth in its registration statement currently in effect under the
Securities Act. The value of the net assets of the FBR Series Funds is determined pursuant to the requirements of the Investment
Company Act and purchases and redemptions of shares of the FBR Series Funds, since its organization have been effected at the net
asset value per share calculated in such manner. There are no legal or governmental actions, investigations, inquiries or proceedings
pending or threatened against the FBR Series Funds which could reasonably be expected to have a Material Adverse Effect on Seller
or the FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>. The books of account and related records of the FBR Series Funds fairly reflect the respective
assets, liabilities and transactions of the FBR Series Funds in accordance with generally accepted accounting principles applied
on a consistent basis. The audited financial statements of the FBR Series Funds as of October 31, 2011 (the &ldquo;Financial Statement
Date&rdquo;), which were previously delivered to Buyer (the &ldquo;Fund Financial Statements&rdquo;), present fairly in all material
respects the financial position of the FBR Series Funds and the results of operations and cash flows for the accounting principles
applied on a consistent basis as at the dates indicated. The Fund Financial Statements have been certified by an independent registered
public accounting firm.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Changes</U>. Since the Financial Statement Date, no material adverse change has occurred in the financial
condition, results of operations or business of the FBR Funds or the status of the FBR Funds as a regulated investment company
under the Code, other than changes to the extent resulting from the MAE Exceptions and other than changes occurring in the ordinary
course of business of the FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contracts</U>. Except for contracts and agreements disclosed on Schedule 3.10(d) (which shall be updated by Seller at
Closing), none of the FBR Funds or any of the FBR Series Funds is a party to any material contract, debt arrangement, futures contract,
plan, lease, franchise, license or permit (other than permits issued under any securities law) of any kind or nature whatsoever.
No default by the FBR Series Funds, nor to the best knowledge of Seller by any other party to any such contract or agreement, exists
under any of the contracts and agreements listed on Schedule 3.10(d).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. All federal income tax returns, all other material federal tax returns, and all material state and local tax
returns for any open tax periods required to be filed by the FBR Series Funds on or prior to the Closing Date have been or will
be timely filed, such returns are or will be correct in all material respects, and all taxes shown as payable on such returns have
been or will be timely paid. For any period for which tax returns of the FBR Series Funds are not required to have been filed in
accordance with the previous sentence by the Closing Date, the FBR Series Funds have made, or will make by the Closing Date, an
adequate accrual on its books of any taxes due or to become due, if any, as a result of actions occurring on or before the Closing
Date. The FBR Series Funds have qualified as a regulated investment company under the Code in respect of each taxable year of the
FBR Series Funds since commencement of the FBR Series Funds and the FBR Series Funds was, and shall be, in compliance with the
requirements of Section 851 of Subchapter M of the Code for each of the applicable fiscal periods ending on or prior to the Closing
Date. The FBR Series Funds have timely provided to its shareholders any notices relating to the character of shareholder distributions
or portions thereof required under Sections 852 or 853 of the Code and Section 19 of the Investment Company Act and have properly
withheld or collected all taxes required by law to be withheld or collected from amounts payable to the shareholders of the FBR
Series Funds and have timely remitted such withheld or collected taxes to the appropriate taxing authority, agency or body.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Books and Records</U>. The books and records of the FBR Series Funds reflecting, among other things, the purchase and
sale of shares of the FBR Series Funds by its shareholders, the number of issued and outstanding shares owned by each shareholder
and the state or other jurisdiction in which such shares were offered and sold, are complete and accurate in all material respects.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prospectus</U>. The current prospectus and statement of additional information for the FBR Series Funds as of the date
on which they were issued did not contain, and as supplemented by any supplement thereto dated prior to or on the Closing Date,
do not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ability to Conduct Business</U>. The FBR Series Funds are not subject to, or bound by, any judgment, order, writ, injunction
or decree of any court, or of any governmental body, including the Commission, or of any arbitrator, that would prevent the conduct
of business of the FBR Series Funds substantially in accordance with current practice.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation or Proceeding</U>. No litigation is pending, or to the best of Seller&rsquo;s knowledge, threatened, and no
investigation, inquiry or governmental proceeding is pending or, to the best of Seller&rsquo;s knowledge, threatened against the
FBR Series Funds or against Seller or its Affiliates and affecting the FBR Series Funds before any court, arbitrator or federal,
state, local or foreign governmental or regulatory agency or authority or self-regulatory authority (including, but not limited
to, the Commission, the Commodities Futures Trading Commission and the Internal Revenue Service) that would be reasonably likely
to materially and adversely affect the business operations or financial condition of the FBR Series Funds or materially delay,
materially hinder or prohibit the solicitation of proxies from shareholders of the FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Undisclosed Liabilities</U>. As of the Financial Statement Date, Seller had no material debts, obligations
or liabilities, whether due or to become due, absolute, contingent or otherwise, that are required to be reflected in the Fund
Financial Statements in accordance with generally accepted accounting principles, that are not so reflected.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Pending Transaction</U>. The FBR Series Funds are not a party to or bound by any agreement, undertaking or commitment
(i) to merge or consolidate with, or acquire all or substantially all of the property and assets of, any other corporation, trust
or person or (ii) to sell, lease or exchange all or substantially all of their property and assets to any other corporation, trust
or person.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension or Revocation of Adviser Registration</U>. Neither Seller nor, to the best of Seller&rsquo;s knowledge, any
Affiliated Person of Seller has been convicted of any felony or misdemeanor described in Section 9(a)(1) of the Investment Company
Act, nor, to the best of Seller&rsquo;s knowledge, has any investment adviser, or any &ldquo;person associated&rdquo; (as defined
in the Investment Advisers Act) with any investment adviser, of the FBR Series Funds been subject, or presently is subject, to
any disqualification that would be a basis for denial, suspension or revocation of registration of an investment adviser under
Section 203(e) of the Investment Advisers Act or Rule 206(4)-4(b) thereunder or of a broker-dealer under Section 15 of the Securities
Exchange Act, or for disqualification as an investment adviser, employee, officer or director of an investment company under Section
9 of the Investment Company Act, and, to the best of Seller&rsquo;s knowledge, there is no proceeding or investigation that is
reasonably likely to become the basis for, any such disqualification, denial, suspension or revocation.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fund Statements</U>. Seller has furnished Buyer or provided access to, with respect to the FBR Series Funds, complete
and true copies of the FBR Series Funds&rsquo; (i) Annual and Semi-Annual Reports on Form N-CSR, together with any and all exhibits
annexed thereto, and proxy statements pertaining to the last five years, each in the form delivered to shareholders, as well as
any additional report or other material generally delivered to such shareholders since the delivery of such Annual Report or Semi-Annual
Report, as the case may be, and (ii) Prospectuses, together with Statements of Additional Information, filed with the Commission
in the last five years, each in the form filed with the Commission (all of the foregoing documents referred to in (i) and (ii)
being collectively referred to herein as the &ldquo;Fund Statements&rdquo;). The information contained in the Fund Statements did
not as of the date of filing, effectiveness or first use, as applicable, contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make any material statement made therein, in light
of the circumstances under which they were made, not misleading. Since the end of the period covered by the most recent Annual
or Semi-Annual Report through the date hereof, there has occurred no event or condition (other than as a result of this Agreement
and the transactions contemplated hereby) which would (i) require the FBR Series Funds to file an additional amendment, registration
statement, prospectus, prospectus supplement, report or other document with the Commission, which document has not been so filed
with the Commission and delivered to Buyer or (ii) require the FBR Series Funds to conduct a meeting of its shareholders.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Sufficiency of Assets;
Trade Rights</U>. After giving effect to the transactions contemplated by this Agreement, Buyer will own or have access to all
of the files, books and records owned or controlled by Seller and necessary to conduct the management or operations of the FBR
Series Funds in all material respects in substantially the same manner conducted by Seller on and prior to the Closing Date. To
the best of Seller&rsquo;s knowledge, Seller is not infringing and has not infringed any intellectual property rights of another
in the management or operations of the FBR Series Funds, nor to the best of Seller&rsquo;s knowledge is any other person infringing
the intellectual property rights of Seller. Seller does not pay any royalties or other consideration for the right to use any
Purchased Assets or other intellectual property rights used by the FBR Series Funds except as set forth on Schedule 3.11. There
is no litigation pending or, to the best of Seller&rsquo;s knowledge, threatened to challenge Seller&rsquo;s right, title and
interest with respect to its continued use and right to preclude others from using any Purchased Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
3.12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registration Statement</U>.
Reference is made to the registration statement (the &ldquo;N-14 Registration Statement&rdquo;) to be filed with the Commission
by Buyer on Form N-14 relating to the shares of the Hennessy Merger Funds and the Shell Hennessy Merger Funds issuable thereunder,
and the proxy statement of the FBR Series Funds to be included therein. The information relating to Seller and the FBR Series
Funds that is provided by Seller or its representatives for inclusion in the prospectus contained in the N-14 Registration Statement
of which the Proxy Statement is a part, as amended or supplemented by any amendments or supplements filed with the Commission
by Buyer (together, the &ldquo;N-14 Prospectus&rdquo;), will not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in light of the circumstances in which they are made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none">Section
3.13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Employee Benefit Plans</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Multiple Employer and Multiemployer Plans</U>. None of the Seller nor any ERISA Affiliate is or has ever been a party
to a multiple employer plan, as that term is defined in Section 413(c) of the Code, or a multiple employer welfare arrangement,
as that term is defined in Section 3(40) of ERISA, and neither the Seller nor any ERISA Affiliate has ever contributed nor been
obligated to contribute to any multiemployer plan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Single Employer Plans</U>. None of the Seller nor any ERISA Affiliate is or has ever been a party to a single employer
plan, as that term is defined in Section 4001(a)(15) of ERISA, that is subject to Title IV of ERISA. None of the Company or any
ERISA Affiliate has any liability with respect to any plan subject to Title IV of ERISA.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
IV</U></FONT><U> - REPRESENTATIONS AND WARRANTIES OF BUYER</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Buyer represents and warrants to Seller
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Organization,
Standing and Authority</U>. Buyer is a corporation duly organized, validly existing and in good standing under the laws of the
State of California. Buyer is duly qualified or licensed to do business as a foreign corporation, and is in good standing, in
every jurisdiction where the failure to be so qualified or licensed would be reasonably likely to have a Material Adverse Effect
on Buyer. Buyer has all requisite corporate power and authority to conduct its business as presently conducted as it relates to
providing investment advisory services to the Hennessy Funds and, following the Closing, the FBR Series Funds, and to execute
and deliver this Agreement and the documents contemplated hereby, and to perform and comply with all of the terms, covenants and
conditions to be performed and complied with by Buyer hereunder and thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Authorization
and Binding Obligation</U>. The execution, delivery and performance of this Agreement by Buyer have been duly authorized by all
necessary corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer and, assuming the
due authorization, execution and delivery of this Agreement by Seller, constitutes the legal, valid and binding obligation of
Buyer, enforceable against Buyer in accordance with its terms, except as the enforceability hereof may be affected by bankruptcy,
insolvency, reorganization or similar laws relating to or affecting creditors&rsquo; rights generally, or by general equity principles
(whether applied in a court of law or a court of equity and including limitations on the availability of specific performance
or other equitable remedies).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No
Violations</U>. The execution, delivery and performance by Buyer of this Agreement and the documents contemplated hereby (i) will
not conflict with any provision of Buyer&rsquo;s articles of incorporation or by-laws; (ii) will not conflict with, result in
a breach of, or constitute a default under, any applicable law, judgment, order, ordinance, injunction, decree, rule, regulation
or ruling of any court or governmental instrumentality, except as will not individually or in the aggregate have a Material Adverse
Effect with respect to Buyer or Seller or as will be cured by waiver prior to the Closing Date; and (iii) will not conflict with,
constitute grounds for termination of, result in a breach of, constitute a default under or accelerate or permit the acceleration
of any performance required by the terms of, any agreement, instrument, license or permit to which Buyer is a party or which Buyer
is bound, except as will not singly or in the aggregate have a Material Adverse Effect with respect to Buyer, Seller or the FBR
Series Funds or as will be cured or waived prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Consents;
Governmental/Regulatory Authorities</U>. Buyer is not required to submit any notice, report or other filing with, or obtain any
authorization, consent or approval from, any governmental authority or self-regulatory organization prior to the execution, delivery
and performance by Buyer of this Agreement or the consummation of the transactions contemplated hereby, other than notices, reports
or other filings, authorizations, consents or approvals relating to matters that, in the aggregate, will not have a Material Adverse
Effect with respect to Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No
Disqualifying Conduct</U>. Neither Buyer nor any Affiliated Person of Buyer is ineligible to serve as an employee, officer, director,
member of an advisory board, investment adviser, depositor or principal underwriter of any investment company registered under
the Investment Company Act by reason of any conviction of a felony or misdemeanor, described in Section 9(a)(1) of the Investment
Company Act, or by reason of any order, judgment or decree of any court of competent jurisdiction, described in Section 9(a)(2)
of the Investment Company Act, and is not subject to any order issued by the Commission under Section 9(b) of the Investment Company
Act. Neither Buyer nor any &ldquo;associated person&rdquo; (as defined in the Investment Advisers Act) of Buyer that is registered
as an investment adviser is ineligible pursuant to Section 203 of the Investment Advisers Act to serve as an investment advisor
or an associated person thereof. To the best of Buyer&rsquo;s knowledge, no facts exist with respect to Buyer, or any Affiliated
Person or associated person of Buyer, which would form a basis for any such disqualification or ineligibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Litigation;
Proceedings</U>. No litigation, proceeding or governmental investigation, or inquiry is pending or, to the best of Buyer&rsquo;s
knowledge, threatened, against Buyer that seeks to delay, hinder or prohibit execution of this Agreement or consummation of the
transactions contemplated herein or that, if determined against Buyer would be reasonably likely to have a Material Adverse Effect
on Buyer. Buyer is not subject to, or bound by, any judgment, order, writ, injunction or decree of any court, or of any governmental
body, including the Commission, or of any arbitrator, that would prevent the conduct of business of Buyer or, following the Closing,
the FBR Series Funds in accordance with Buyer&rsquo;s current practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registered
Investment Adviser</U>. Buyer or an Affiliated Person thereof is registered as an investment adviser under the Investment Advisers
Act. Buyer has not received any written notice by any State that Buyer&rsquo;s registration as an investment adviser is, is to
be, or will be restricted or terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Compliance
with Law</U>. Buyer is in compliance with all applicable laws, rules and regulations, including, without limitation, federal and
state securities laws, except where failure to be so in compliance would not be reasonably likely to have a Material Adverse Effect
on Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registration
Statement</U>. The information relating to Buyer, the Hennessy Merger Funds and the Shell Hennessy Merger Funds that is provided
by Buyer or its representatives for inclusion in the N-14 Registration Statement and the N-14 Prospectus will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances in which they are made, not misleading. The N-14 Registration Statement and the N-14 Prospectus, other than the
information contained therein provided by Seller or its Affiliates for inclusion therein, will comply in all material respects
with the provisions of the Securities Act, the Securities Exchange Act and the Investment Company Act and the rules and regulations
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-underline-style: none; color: black">Section
4.10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Section 15(f)</U>.
Buyer does not have any express or implied understanding or arrangement that would reasonably be expected to impose, or any intention
to impose, an &ldquo;unfair burden&rdquo; (within the meaning of Section 15(f) of the Investment Company Act) on any of the FBR
Series Funds for purposes of Section 15(f) of the Investment Company Act as a result of the transactions contemplated by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Funding</U>. Buyer
has available, and will have available as of the Closing Date and as of the first anniversary of the Closing Date, all funds necessary
to satisfy all of its obligations hereunder and in connection with the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
4.12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No Material Adverse
Changes</U>. Since December 31, 2011, no material adverse change has occurred in the financial condition, results of operations
or business of Buyer, the Hennessy Funds or the status of the Hennessy Funds as regulated investment companies under the Code,
other than changes to the extent resulting from the MAE Exceptions and other than changes occurring in the ordinary course of
business of the Hennessy Funds and/or Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
V</U></FONT><U> - COVENANTS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
5.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Pre-Closing
Covenants of Seller</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Business</U>. Except as contemplated by this Agreement or with the prior written consent of Buyer, between
the date hereof and the Closing Date, Seller shall operate Seller&rsquo;s business as it relates to management of the investments
of the FBR Series Funds in the ordinary course of business in accordance with past practices (except where such action would conflict
with Seller&rsquo;s obligations under this Agreement) and agrees not to engage in any extraordinary transactions affecting the
FBR Series Funds. Notwithstanding the foregoing or anything else contained herein to the contrary, Seller shall have the right
to provide the employees of Seller and its affiliates (or other service providers) who provide services to the FBR Series Funds
with notice of termination of service with Seller and its Affiliates contingent upon the occurrence of the Closing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Approvals</U>. Subject in all cases to any fiduciary duties to which it may be subject, Seller shall, prior to the Closing
Date or earlier termination of this Agreement in accordance with its terms, use its reasonable best efforts to obtain the actions
of the Board of Trustees of the FBR Series Funds enumerated in Section 7.1(c) and to cause the FBR Series Funds to solicit its
shareholders with regard to approval of the Plan of Reorganization and the Plan of Reorganization (Shell Funds), as the case may
be, for which shareholder approval is required, as well as other matters relating directly or indirectly to the Fund Transaction,
consistent with all requirements of the Investment Company Act and the Securities Exchange Act applicable to such solicitation.
Seller will retain a third-party solicitation firm selected by Buyer (and not reasonably objected to by Seller) in order to assist
in soliciting the approval of the shareholders of the FBR Series Funds required to complete the transactions contemplated hereby,
and Seller shall bear all of the costs and expenses of such firm.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
5.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Negative
Covenants</U>. Seller shall not, without the prior written consent of Buyer or as contemplated by this Agreement (with notice
to Buyer), do any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disposition of Assets</U>. Sell, assign or otherwise transfer or dispose of any of the Purchased Assets other than ordinary
course disposal of files, books and records conducted in accordance with applicable law;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contracts</U>. Enter into any contract relating to Seller&rsquo;s business of providing investment advisory services
to the FBR Series Funds after the date hereof (other than (i) contracts in the ordinary course of business and (ii) contracts that
will not result in any liability or duty on the part of Buyer) without receiving the written consent of Buyer prior to execution
of such contracts. All requests for such consents shall be in writing and shall include a copy of each such contract.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
5.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Affirmative
Covenants of Seller</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access to Information</U>. Subject to applicable confidentiality agreements, Seller shall allow Buyer and its authorized
representatives on prior notice reasonable access at Buyer&rsquo;s expense during normal business hours to Seller&rsquo;s employees
responsible for the FBR Series Funds, the Purchased Assets and to all other properties, equipment and contracts relating to Seller&rsquo;s
business of providing investment advisory services to the FBR Series Funds for the purpose of review and inspection, and furnish
or cause to be furnished to Buyer or its authorized representatives all information with respect to Seller&rsquo;s business of
providing investment advisory services to the FBR Series Funds as Buyer may reasonably request, it being understood that the rights
of Buyer hereunder shall not be exercised in such a manner as to interfere with the operation of Seller&rsquo;s business; provided
Seller shall not be required to provide any information or access to the extent that such information or access would jeopardize
any applicable attorney-client or other privilege. All requests pursuant to this Section 5.3(a) shall be sent to Brad Wright at
the address for Seller provided in Section 11.1. All non-public information provided pursuant to this Section 5.3(a) shall be considered
&ldquo;confidential information&rdquo; within the meaning of the Confidentiality Agreement and held and used in accordance therewith.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transition</U>. Seller shall cooperate with and assist Buyer in effecting the transfer to Buyer of Seller&rsquo;s business
of providing investment advisory services to the FBR Series Funds as contemplated by this Agreement, including the reorganization
of the FBR Series Funds into the Hennessy Merger Funds and the Shell Hennessy Merger Funds, as applicable, and shall provide Buyer
with such information maintained by Seller as Buyer may reasonably request to facilitate (i) preparation and filing of tax returns
for the FBR Series Funds for their tax years next ending after the date of this Agreement and (ii) the provision of information
to shareholders in compliance with the Code.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FBR Series Funds Prospectus</U>. Prior to the Closing Date, Seller shall use its reasonable best efforts to cause the
FBR Series Funds to supplement its prospectus to disclose the transactions contemplated by this Agreement pursuant to Rule 497
of the Commission under the Securities Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement</U>. Seller will cooperate with Buyer and will use its reasonable best efforts to assist Buyer
in completing and filing the N-14 Registration Statement, and will furnish to Buyer the information relating to itself required
by the Securities Act, the Securities Exchange Act and the Investment Company Act and the rules and regulations thereunder to be
set forth in the N-14 Registration Statement, including the N-14 Prospectus and the Proxy Statement included therein.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employee Matters</U>. Seller will maintain, or cause an ERISA Affiliate to maintain a &ldquo;group health plan&rdquo;
within the meaning of Section 4980B of the Code, to provide COBRA continuation coverage to Seller&rsquo;s employees, and former
employees, their spouses, former spouses, dependents, and former dependents, who become eligible for COBRA continuation coverage
on or prior to the Closing Date (including employees who are retained by Buyer but who do not participate in Buyer&rsquo;s health
care plans, &ldquo;Covered Persons&rdquo;) for the maximum period that any of them is eligible for COBRA continuation coverage.
Seller has timely provided or will timely provide all notices and any continuation of health benefit coverage required to be provided
to any Covered Persons, under COBRA to the extent such notices and continuation of health benefit coverage are required to be provided
by Seller by reason of the events occurring on or before the Closing Date. If Seller does not provide continuation coverage to
any Covered Person after the Closing Date, Seller shall indemnify Buyer for all costs incurred by Buyer in providing continuation
of health benefit coverage to Covered Persons to the extent such costs are in excess of the COBRA premiums paid by such Covered
Persons.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
5.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Affirmative
Covenants of Buyer</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access to Information</U>. Buyer shall provide Seller with such information regarding Buyer and Affiliated Persons of
Buyer as Seller or the Board of Trustees of the FBR Series Funds may reasonably request to assist it in fulfilling its duties to
Seller under the Investment Company Act and under the General Corporation Law of the State of Delaware and as may be reasonably
necessary or desirable in connection with the solicitation of proxies from the shareholders of the FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Approvals</U>. Buyer shall use its reasonable best efforts to obtain the actions of the Board of Directors of the Hennessy
Funds enumerated in Section 7.2(d), and shall use its reasonable best efforts to cooperate in seeking to obtain the actions of
the Board of Trustees of the FBR Funds enumerated in Section 7.1(c) and to assist the FBR Series Funds in soliciting their shareholders
with regard to approval of the Plan of Reorganization and Plan of Reorganization (Shell Funds) for which shareholder approval is
required, as well as other matters relating directly or indirectly to the Fund Transaction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement</U>. Buyer will cooperate with Seller and will use its reasonable best efforts to complete and
file the N-14 Registration Statement (including the N-14 Prospectus and Proxy Statement included therein).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transition</U>. Buyer shall cooperate with and assist Seller in effecting the transfer to Buyer of Seller&rsquo;s business
of providing investment advisory services to the FBR Series Funds as contemplated by this Agreement, including the reorganization
of the FBR Series Funds into the Hennessy Merger Funds and the Shell Hennessy Merger Funds, as applicable, and shall provide Seller
with such information maintained by Buyer as Seller may reasonably request to facilitate preparation and provision of any documents
required to consummate the transactions contemplated by this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Obligations</U>. Following the Closing, Buyer shall timely satisfy the Royalty Payment Obligations and all assumed
obligations with respect to the Assigned Contracts (if any).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
VI</U></FONT><U> - SPECIAL COVENANTS AND AGREEMENTS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Fees
and Expenses</U>. Each of Buyer and Seller shall be responsible for paying its own expenses, including legal fees, incurred by
it or any of its Affiliates in connection with this Agreement and the transactions contemplated herein; provided that Seller shall
bear all of the costs and expenses of the third-party solicitation firm referenced in Section 5.1(b) and all of the other reasonable
and documented costs and expenses incurred in connection with soliciting the fund shareholder approvals referenced therein (other
than any costs and expenses of Buyer&rsquo;s counsel).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Brokers</U>.
Seller and Buyer each represent to the other that, other than the retention of Berkshire Capital Securities LLC by Seller, they
have not used any finder or broker in connection with the transactions contemplated by this Agreement. Buyer and Seller agree
to indemnify and hold harmless the other party with respect to any claim or liability for any finders&rsquo; or brokers&rsquo;
fees or commissions in connection with the transactions contemplated by this Agreement as a result of the indemnifying party&rsquo;s
conduct or alleged conduct upon which any such claim or liability is based.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Confidential
Information</U>. The Mutual Confidentiality and Nondisclosure Agreement, dated as of March 27, 2012 (the &ldquo;Confidentiality
Agreement&rdquo;), between Seller and Buyer shall remain in effect following the execution of this Agreement; <U>provided</U>,
<U>however</U>, that Buyer&rsquo;s obligations under the Confidentiality Agreement with respect to information relating to the
FBR Series Funds shall lapse and be of no further force and effect from and after the Closing, to the extent that in connection
with the management of the Hennessy Funds the disclosure of such information is necessary.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cooperation</U>.
Buyer and Seller shall cooperate fully with each other and their respective counsel and accountants in connection with any actions
required to be taken as part of their respective obligations under this Agreement, and Buyer and Seller shall execute such other
documents as may be necessary and desirable to the implementation and consummation of this Agreement, and otherwise use their
reasonable best efforts to consummate the transactions contemplated hereby and to fulfill their obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Covenants
With Respect to Changes in Condition and Litigation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation; Proceedings</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date of this Agreement through the Closing Date or earlier termination of this Agreement in accordance with its
terms: (A) Seller shall notify Buyer promptly of any actions, proceedings or investigations that from the date of this Agreement
are commenced against Seller and materially relate to the administration, management, operation or distribution of shares of the
FBR Series Funds and (B) Buyer shall notify Seller promptly of any actions, proceedings or investigations that from the date of
this Agreement are commenced against any of the Hennessy Funds or Buyer or any of its Affiliates and materially relate to the administration,
management, operation or distribution of the Hennessy Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date of this Agreement through the Closing Date or earlier termination of this Agreement in accordance with its
terms, Buyer shall notify Seller, and Seller shall notify Buyer, promptly of any actions, proceedings or investigations that are
commenced against Buyer or any of its Affiliates or any actions, proceedings or investigations that are commenced against Seller
or any of its affiliates, respectively, that would be reasonably likely to materially and adversely affect the FBR Series Funds,
the Hennessy Funds or the transactions contemplated herein or that would restrain or enjoin the consummation of, or declare unlawful,
the transactions contemplated herein, or cause such transactions to be rescinded or that would restrain or enjoin execution or
performance of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Condition</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date of this Agreement through the Closing Date or earlier termination of this Agreement, Buyer agrees to advise
Seller promptly and in writing of any change in the financial condition, operations, properties or business of Buyer or any of
its Affiliates which individually or taken as a whole would have a Material Adverse Effect with respect to Buyer or, following
the Closing, the FBR Series of Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date of this Agreement through the Closing Date or earlier termination of this Agreement, Seller agrees to advise
Buyer promptly and in writing of any material adverse change in the financial condition, operations, properties or business of
the FBR Series Funds, other than changes in the value of fund assets resulting from changes occurring in the financial or securities
markets or from the addition or withdrawal of funds from any FBR Series Funds. From the date of this Agreement through the Closing
Date or earlier termination of this Agreement, Seller agrees to advise Buyer promptly in writing of any change in the financial
condition, operations, properties or business of Seller which individually or taken as a whole would have a Material Adverse Effect
with respect to Seller or the FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Covenants
With Respect to Information in Registration Statement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller covenants that the last post effective amendment to the registration statement on Form N-1A filed by Seller with
the Commission preceding the date of this Agreement, any subsequent post-effective amendment thereto hereafter filed by Seller
prior to the Closing Date and any prospectus or supplement thereto used for the sale of shares of the FBR Series Funds and the
proxy materials required for the shareholders&rsquo; meeting or meetings or meetings of Seller called for the purpose, pursuant
to the Investment Company Act, of approving the Plan of Reorganization, Plan of Reorganization (Shell Funds) or other matters relating
directly or indirectly to the Fund Transaction do not or will not contain, at the time any such amendment becomes effective or
such prospectus is delivered in connection with a sale of shares of the FBR Series Funds or at the time such proxy materials are
furnished or at the time of such meeting or meetings, any untrue statement of material fact or omit to state any material fact
required to be stated therein, where necessary in order to make the statements made therein, in the light of the circumstances
under which they are made, not misleading; provided, however, that this covenant shall not apply to any information or data provided
by Buyer that describes Buyer, the Hennessy Funds or any of their respective business operations or plans for use in the prospectus
or proxy materials.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer covenants that any information or data provided by Buyer that describes Buyer, the Hennessy Funds or any of their
respective business operations or plans for use in and prospectus or prospectus supplement for the FBR Series Funds or the proxy
materials required for the shareholders&rsquo; meeting or meetings of the FBR Series Funds called for the purpose, pursuant to
the Investment Company Act, of approving the Plan of Reorganization, Plan of Reorganization (Shell Funds) or other matters relating
directly or indirectly to the Fund Transaction will not contain, at the time any such prospectus or prospectus supplement is delivered,
or at the times such proxy materials are furnished or at the time of such meeting or meetings, any untrue statement of material
fact or omit to state any material fact required to be stated therein, where necessary in order to make the statements made therein,
in the light of the circumstance under which they were made, not misleading.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Access
to Third Parties</U>. Buyer and Seller shall agree on mutually acceptable procedures to contact Seller and, to the extent reasonably
required in connection with the transactions contemplated hereby, third party providers of Seller or the FBR Series Funds including,
but not limited to, auditors, transfer agents, administrators or any other service providers, and authorize such third party providers
to communicate with Buyer and to provide information requested by Buyer consistent with Section 5.3(a) (including the provisions
contained therein relating to legal privilege).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cooperation
Regarding Financial Matters</U>. From the date of this Agreement through the Closing Date or earlier termination of this Agreement,
Seller and its representatives shall, upon the reasonable request of Buyer, provide to Buyer all reasonable information regarding
the FBR Series Funds and the Purchased Assets, and reasonable access to the Purchased Assets and the FBR Series Funds&rsquo; financial
and accounting personnel and books and records (including all accountants&rsquo; work papers and work product) consistent with
Section 5.3(a) (including the provisions contained therein relating to legal privilege).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Section
15(f) of the Investment Company Act</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer will use its &ldquo;best efforts&rdquo; (as defined in Section 6.9(b)) to ensure compliance with the requirements
of Section 15(f) of the Investment Company Act in respect of this Agreement and the transactions contemplated hereunder. In that
regard, Buyer will conduct its business so as to enable, insofar as within the control of Buyer, (i) for a period of three years
after the Closing Date, at least 75% of the members of each board of directors/trustees of each Hennessy Fund (collectively, the
&ldquo;Hennessy Funds Board&rdquo;) not to be (A) &ldquo;interested persons&rdquo; (as that term is defined in the Investment Company
Act) of the investment adviser of the FBR Series Funds or the Hennessy Merger Funds and the Shell Hennessy Merger Funds after the
Closing, or (B) &ldquo;interested persons&rdquo; (as that term is defined in the Investment Company Act) of the investment adviser
of the FBR Series Funds immediately prior to the Closing and (ii) there not to be imposed an &ldquo;unfair burden&rdquo; (as that
term is defined in the Investment Company Act) on any of the FBR Series Funds or the Hennessy Merger Funds and the Shell Hennessy
Merger Funds as a result of the transactions contemplated hereby, or any express or implied terms, conditions or understandings
applicable thereto; provided, however, that if Buyer will have obtained an order from the Commission exempting it from the provisions
of Section 15(f), while still maintaining the &ldquo;safe harbor&rdquo; provided by Section 15(f), then this covenant will be deemed
to be modified to the extent necessary to permit Buyer to act in any manner consistent with such Commission exemptive order.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of Section 6.9(a), &ldquo;best efforts&rdquo; means that Buyer will, and will cause its Affiliates to, subject
to applicable fiduciary duties in relation to any of the Hennessy Funds:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>cause to be distributed to the Hennessy Funds Board on an annual basis, (A) a questionnaire containing questions reasonably
designed to elicit information pertaining to the status of such directors or trustees as &ldquo;interested persons&rdquo; for purposes
of Section 6.9(a) above and (B) a legal memorandum describing to the trustees and directors the requirements of Section 15(f) of
the Investment Company Act and the relevance of their status thereunder and setting forth reasonable procedures and controls designed
to ensure that such directors or trustees do not take actions resulting in any of them becoming &ldquo;interested persons&rdquo;
without reasonable advanced notice to Buyer;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at such time as Buyer learns of a change or potential change in the status of a Hennessy Funds or FBR Funds Board member
that would cause more than 25% of the Hennessy Funds or FBR Funds Board to be &ldquo;interested persons&rdquo; for purposes of
Section 6.9(a) above, notify Seller and take reasonable steps to seek to correct such situation as promptly as reasonably practicable,
including causing any Hennessy Funds or FBR Funds Board members who are affiliated persons of Buyer or its Affiliates to resign
and requesting any Hennessy Funds or FBR Funds Board members who are affiliated persons of Seller to resign from the Hennessy Funds
or FBR Funds Board, in each case to the extent required to correct such situation; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>obtain the agreement of any transferee of all or a portion of the business of Buyer to comply with provisions substantially
identical to the provisions of this Section 6.9 for a period after the Closing Date of not less than periods provided in this Section
6.9.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer covenants and agrees to take such additional steps as Seller may from time to time reasonably request in writing in
connection with compliance with Section 15(f)(1)(A) and (B) of the Investment Company Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller will use its best efforts to ensure compliance with the requirements of Section 15(f) of the Investment Company Act
in respect of this Agreement and the transactions contemplated hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Press Releases and
Public Announcements</U>. Neither Seller and its Affiliates nor Buyer and its Affiliates will issue or cause the publication of
any press release or other public announcement with respect to, or otherwise make any public statement concerning, the transactions
contemplated by this Agreement without the prior consent (which consent shall not be unreasonably withheld) of the other party;
provided, however, that either party may, without the prior consent of the other party (but after prior consultation with the
other party to the extent practicable under the circumstances) issue or cause the publication of any press release or other public
announcement or statement to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Retention of Portfolio
Managers and Sub-advisors; Other Fund Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Until the first anniversary of the Closing Date, Buyer commits that it will retain or, in the case of the third-party sub-advisors,
use its best efforts to cause the applicable FBR Series Fund to retain (i) each of the current portfolio managers of the FBR Specialty
Funds (other than the FBR Focus Fund) who accepts employment with Buyer pursuant to Section 6.12, on their respective employment
terms contemplated by Section 6.12; (ii) the current portfolio managers of the FBR Focus Fund as sub-advisors to the Hennessy Select
Focus Fund, on the sub-advisory terms set forth on Schedule 6.11; and (iii) each of the current sub-advisors of the FBR Hybrid
Funds, on their respective current sub-advisory terms. Until the first anniversary of the Closing Date, Buyer further agrees that
it shall not give and shall use its best efforts to cause the applicable FBR Series Fund not to give any of such portfolio managers
or sub-advisors notice of termination (other than in the event of a termination for &ldquo;cause&rdquo;) or an intent to terminate
or adversely change their employment or sub-advisory terms, as the case may be, in any material respect, or take action that would
give such portfolio managers &ldquo;good reason&rdquo; for terminating employment. As used herein, &ldquo;cause&rdquo; shall mean
(except in each case if such event would not constitute &ldquo;cause&rdquo; under his or its agreement with Buyer or the applicable
FBR Series Fund): (i) theft or embezzlement of money or property of Buyer or its customers; (ii) in the reasonable judgment of
the Board of Directors of Buyer or the Board of Directors/Trustees of the Hennessy Funds, the willful and continued failure of
a portfolio manager or sub-advisor to perform substantially his, her or its duties with or to the Buyer or the applicable FBR Series
Fund (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for performance
is delivered to such portfolio manager or sub-advisor by Buyer or its Affiliates identifying the manner in which such portfolio
manager or sub-advisor is believed to not be substantially performing his, her or its duties, without prompt cure by such portfolio
manager or sub-advisor; (iii) conviction of a felony or a guilty or nolo contendere plea with respect thereto; (iv) becoming legally
ineligible to serve as an investment advisor or an associated person thereof; and (v) in the reasonable judgment of the Board of
Directors of Buyer or the Board of Directors/Trustees of the Hennessy Funds, gross negligence, habitual neglect of duties or willful
misconduct in the performance of such portfolio manager&rsquo;s or sub-advisor&rsquo;s duties to Buyer or the applicable FBR Series
Fund that is or could reasonably be expected to be materially injurious to the business or reputation of Buyer or such FBR Series
Fund, after written notice is delivered to such portfolio manager or sub-advisor by Buyer or its representative identifying the
manner in which such portfolio manager or sub-advisor is believed to be so negligent, neglectful or engaged in willful misconduct,
without (in the case of alleged negligence or neglect) prompt cure by such portfolio manager or sub-advisor. As used herein, &ldquo;good
reason&rdquo; shall mean: (i) if such portfolio manager has an employment agreement defining &ldquo;good reason,&rdquo; the occurrence
of &ldquo;good reason&rdquo; as defined thereunder, (ii) if such portfolio manager does not have an employment agreement or such
agreement does not include a definition of &ldquo;good reason&rdquo;, then the occurrence of any of the following events without
the prior written consent of such portfolio manager (A) Buyer requiring a physical relocation of such portfolio manager&rsquo;s
regular place of work (1) from his current office space for so long as Buyer is occupying such space pursuant to Section 6.13 or
(2) if Buyer is not occupying such space pursuant to Section 6.13, more than thirty miles (one way) from his current office location,
(B) a reduction in cash compensation levels contemplated by Section 6.12 or the failure to pay promptly when due and owing any
material element of such portfolio manager&rsquo;s compensation or employee benefits or (C) the assignment to such portfolio manager
of duties that are materially inconsistent with the position contemplated by Section 6.12.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the first anniversary of the Closing Date, Buyer shall not, and shall not publicly announce or inform any customers
of any intention to, terminate, close, suspend investments in or merge any of the FBR Series Funds other than the mergers of the
FBR Series Funds contemplated hereby.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer shall inform Seller in writing of any breach of Section 6.11(a) or (b) within 30 days of such breach. In the event
of any such breach, Seller shall have the right to cause the Contingent Purchase Price with respect to the Impacted Fund to be
calculated based on the total net assets as of the date of such breach rather than as of the first anniversary of the Closing Date;
provided, that Seller shall not be required to do so, and if Seller does not so elect by written notice to Buyer to effect such
change, the Contingent Purchase Price with respect to the Impacted Fund shall be calculated as set forth in Section 2.2(c) without
revision. Seller may give notice of such election at any time following the applicable breach and prior to the thirtieth day following
the written notice of such breach from Buyer contemplated by the first sentence of this Section 6.11(c). As used herein, &ldquo;Impacted
Fund&rdquo; means the FBR Series Fund that was the subject of the prohibited action. The foregoing shall impact only the calculation
of the Contingent Purchase Price and not the date of payment of the Contingent Purchase Price.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly following the Closing Date, and in any event no later than 120 days after the Closing Date, Buyer shall ensure
that the FBR Series Funds cease to make any use of &ldquo;FBR,&rdquo; &ldquo;Friedman Billings Ramsey,&rdquo; or any names that
are confusingly or misleadingly similar thereto, including by ensuring that the FBR Fund files amendments to its organizational
and governing documents with the applicable Governmental Authorities to remove the &ldquo;FBR&rdquo; name. Seller shall identify
to Buyer in writing all arrangements and relationships in which the FBR Series Funds currently make use of such names.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Certain Employee Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No later than forty-five days following the date hereof, Buyer shall make a written offer of employment to each of the persons
listed on Schedule 6.12, for the position identified on Schedule 6.12, at cash compensation levels equal to each of their current
cash compensation as provided to Buyer from Seller, including current base salary and variable cash compensation provisions (for
variable cash compensation based on a formula, the current formula shall be used for the first year of such compensation). Seller
shall use its reasonable best efforts to encourage such persons to enter into employment with Buyer. Effective as of the Closing
Date, Buyer will, subject to such employee satisfying standard pre-employment screening requirements and entering into a customary,
mutually agreed form of employment agreement, employ each such employee who has accepted the offer (each such employee, a &ldquo;Transferred
Employee&rdquo;). Buyer will commit to maintain such cash compensation of the Transferred Employees through at least the first
anniversary of the Closing Date, permit such Transferred Employees to continue to work from their current office space for so long
as Buyer is occupying such space pursuant to Section 6.13, and shall otherwise treat such Transferred Employees comparably to similarly
situated employees of Buyer.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer shall use commercially reasonable efforts to cause the benefit plans of Buyer or its applicable Affiliates in which
employees are eligible to participate to take into account for all purposes thereunder (but not for purposes of defined benefit
pension accruals under any defined benefit plan) the service of the Transferred Employees with Seller or its Affiliates prior to
the Closing Date to the same extent as such service was credited for the applicable purpose by Seller or its applicable Affiliate.
In addition, Buyer shall use commercially reasonable efforts to, or to cause its applicable Affiliates to use commercially reasonable
efforts to, (i) waive limitations on benefits relating to any pre-existing conditions of the Transferred Employees and their eligible
dependents to the extent that such limitations were waived under the applicable employee benefit or welfare plan in which such
Transferred Employee participated prior to the Closing Date, and (ii) recognize for purposes of annual deductible and out-of-pocket
limits under their health plans applicable to Transferred Employees, deductible and out-of-pocket expenses paid by Transferred
Employees and their respective dependents under Seller&rsquo;s or any of its Affiliates&rsquo; health or welfare plans in the calendar
year in which the Closing Date occurs.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
6.13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Use of Office Space
and Furniture</U>. Seller or its applicable Affiliate will sublease to Buyer office space (which shall be inclusive of office
furniture, but not any other property or assets) sufficient for continued operation of the FBR Series Funds business from and
after the Closing (which may be the space currently used by the Transferred Employees) until the first anniversary of the Closing
Date. Seller or its applicable Affiliate shall use commercially reasonable efforts to enable Buyer to install such computer, telephone,
technology and other systems as may be necessary for the Transferred Employees to continue to operate the FBR Series Funds business
from and after the Closing. Occupancy of such space and furniture will be at no cost to Buyer, and Seller shall bear the cost
of any utilities and building operating expenses, but Buyer shall bear the cost of all repair, maintenance, improvements or other
similar costs or expenses incurred as a result of occupying, outfitting and using such space and furniture. The parties shall
negotiate in good faith to address any items not specifically covered by this Agreement. Such sublease shall be pursuant to a
customary, mutually agreed form of sublease agreement to be entered into between the date hereof and the Closing Date. For the
avoidance of doubt, Buyer may not undertake any construction or other modifications to the office space without Seller&rsquo;s
prior approval, and Buyer must supply its own telephones, computers, systems, supplies and other assets used in connection with
operating the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
VII</U></FONT><U>- CONDITIONS PRECEDENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
7.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Conditions
to Obligations of Buyer</U>. All obligations of Buyer at the Closing hereunder are subject to the fulfillment prior to and at
the Closing Date of each of the following conditions, which may be waived, in writing, in whole or in part by Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. All representations and warranties of Seller contained in this Agreement shall be
true, correct and complete at and as of the Closing Date as though such representations and warranties were made at and as of such
time, unless the facts causing such representation or warranty not to be true, correct or complete could not reasonably be expected
to have a Material Adverse Effect with respect to Seller, Buyer or the FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenants and Conditions</U>. Seller shall have in all material respects performed and complied with all covenants, agreements
and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FBR Series Funds Board Action</U>. The FBR Series Funds Board of Trustees shall have taken action:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to approve the Plan of Reorganization and the Plan of Reorganization (Shell Funds) and authorize and direct appropriate
officers to take all necessary actions to fulfill the conditions precedent thereto; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to call shareholders meetings of the FBR Series Funds to approve the Plan of Reorganization and the Plan of Reorganization
(Shell Funds).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Approval</U>. The Plan of Reorganization and the Plan of Reorganization (Shell Funds) shall have been approved
by vote of a majority of the outstanding voting securities (as defined in Section 2(a)(42) of the Investment Company Act) of the
applicable FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conditions Precedent to Fund Transactions. All of the conditions precedent to the obligations of Buyer and the Hennessy
Funds under the Plan of Reorganization and Plan of Reorganization (Shell Funds) set forth as Annex 7.1(e) shall have been satisfied
or complied with in all material respects prior to the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliveries</U>. Seller shall have made or stand willing and able to make all the deliveries to Buyer set forth in Section
8.2.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
7.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Conditions
to Obligations of Seller</U>. All obligations of Seller at the Closing hereunder are subject to the fulfillment prior to and at
the Closing Date of each of the following conditions which may be waived, in writing, in whole or in part by Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. All representations and warranties of Buyer contained in this Agreement shall be
true, correct and complete at and as of the Closing Date as though such representations and warranties were made at and as of such
time, unless the fact causing such representation or warranty not to be true, correct or compete could not reasonably be expected
to have a Material Adverse Effect with respect to Buyer, Seller or the FBR Series of Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenants and Conditions</U>. Buyer shall have in all material respects performed and complied with all covenants, agreements
and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FBR Series Funds Board Action</U>. The FBR Funds Board of Trustees shall have taken action:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to approve the Plan of Reorganization and the Plan of Reorganization (Shell Funds) and authorize and direct appropriate
officers to take all necessary actions to fulfill the conditions precedent thereto; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to call a shareholders meeting of the FBR Series Funds to approve the Plan of Reorganization and the Plan of Reorganization
(Shell Funds) .</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Hennessy </U>Funds<U> Board Action</U>. The Hennessy Funds Board of Directors shall have taken action to approve the
Fund Transactions, the Plan of Reorganization and the Plan of Reorganization (Shell Funds) and authorize and direct appropriate
officers to take all necessary actions to fulfill the conditions precedent thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Approval</U>. The Plan of Reorganization shall have been approved by vote of a majority of the outstanding
voting securities (as defined in Section 2(a)(42) of the Investment Company Act) of the applicable FBR Series Funds.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conditions Precedent to Fund Transactions. All of the conditions precedent to the obligations of Seller and the FBR Series
Funds under the Plan of Reorganization and the Plan of Reorganization (Shell Funds) set forth as Annex 7.2(f) shall have been satisfied
or complied with in all material respects prior to the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliveries</U>. Buyer shall have made or stand willing and able to make all the deliveries set forth in Section 8.3.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
VIII</U></FONT><U> - CLOSING AND CLOSING DELIVERIES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
8.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Closing</U>.
The Closing Date shall be on or before the fifth business day following the satisfaction or waiver of the conditions set forth
in Article VII of this Agreement (other than those conditions that by their terms are to be satisfied at the Closing but subject
to the satisfaction or waiver of those conditions at such time). Closing shall be held at the offices of Seller or such other
place as shall be mutually agreed upon by Buyer and Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
8.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deliveries
by Seller</U>. Prior to or on the Closing Date, Seller shall deliver to Buyer the following, in form and substance reasonably
satisfactory to Buyer and its counsel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officer&rsquo;s Certificate</U>. A certificate, dated as of the Closing Date, executed on behalf of Seller by an authorized
officer certifying that the conditions set forth in Sections 7.1(a) and (b) have been satisfied;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Secretary&rsquo;s Certificate</U>. A certificate, dated as of the Closing Date, executed by Seller&rsquo;s Secretary
on Seller&rsquo;s behalf: certifying (i) that the resolutions, as attached to such certificate, were duly adopted by Seller authorizing
and approving the execution of this Agreement and the consummation of the transactions contemplated hereby and that such resolutions
remain in full force and effect; and (ii) that Seller has taken no action to dissolve and that no grounds exist for administrative
or judicial action to dissolve Seller and providing, as an attachment thereto, a Certificate of Good Standing certified by the
Secretary of State of the State of Delaware as of a date not more than fifteen (15) calendar days before the Closing Date; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Purchased Assets</U>. Delivery by Seller to a location specified by Buyer of the Purchased Assets.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
8.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deliveries
by Buyer</U>. Prior to or on the Closing Date, Buyer shall deliver to Seller the following, in form and substance reasonably satisfactory
to Seller and its counsel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Initial Payment</U>. The Initial Payment as provided in Section 2.2;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officer&rsquo;s Certificate</U>. A certificate, dated as of the Closing Date, executed on behalf of Buyer by an authorized
officer certifying that the conditions set forth in Section 7.2(a), (b) and (g) have been satisfied; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Secretary&rsquo;s Certificate</U>. A certificate, dated as of the Closing Date, executed by Buyer&rsquo;s Secretary on
its behalf: certifying (i) that the resolutions, as attached to such certificate, were duly adopted by Buyer&rsquo;s Board of Directors,
authorizing and approving the execution of this Agreement and the consummation of the transactions contemplated hereby and that
such resolutions remain in full force and effect; and (ii) that Buyer has taken no action to dissolve and that no grounds exist
for administrative or judicial action to dissolve Buyer and providing, as attachments thereto, a certificate of good standing certified
by an appropriate state official of the State of California as of a date not more than fifteen (15) calendar days before the Closing
Date and by Buyer&rsquo;s Secretary as of the Closing Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
IX</U></FONT><U> - RIGHTS OF BUYER AND SELLER ON TERMINATION OR BREACH</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
9.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Termination
Rights</U>. This Agreement and, subject to the provisions of this Article IX, the obligations hereunder may be terminated and
the transactions contemplated hereby abandoned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by Buyer if all of the conditions set forth in Section 7.1 hereof shall not have been satisfied or waived by Buyer as of
December 31, 2012, provided that such failure is not the result of a breach of any covenant or agreement hereunder by Buyer;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by Seller if all of the conditions set forth in Section 7.2 hereof shall not have been satisfied or waived by Seller as
of December 31, 2012, provided that such failure is not the result of a breach of any covenant or agreement hereunder by Seller;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by Buyer or Seller if there is in effect on the Closing Date (or the latest permissible time for the Closing Date provided
in Section 8.1) any judgment, decree or order that would prevent or make unlawful the Closing hereunder;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by Buyer, if there shall be a breach by Seller of any representation or warranty or any covenant or agreement contained
in this Agreement that would result in a failure of a condition set forth in Article VII and that cannot be cured or has not been
cured within 60 calendar days after the giving of written notice to Seller of such breach; or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by Seller, if there shall be a breach by Buyer of any representation or warranty or any covenant or agreement contained
in this Agreement that would result in a failure of a condition set forth in Article VII and that cannot be cured or has not been
cured within 60 calendar days after the giving of written notice to Buyer of such breach.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any termination of this Agreement pursuant
to this Section 9.1 shall be effected by notice in writing to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
9.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Effect
of Termination</U>. If this Agreement is terminated pursuant to and in accordance with Section 9.1, this Agreement shall be come
void and of no further force and effect, and the termination shall be without liability of any party, or of any Affiliate of such
party, or any shareholder, director, trustee, officer, employee, agent, consultant or representative, of such party or of any
of its Affiliates, or of the FBR Series Funds and any of its officers or trustees, to the other party to this Agreement; <U>provided</U>,
<U>however</U>, that, if the termination shall result from the intentional breach by a party of any covenant or agreement of such
party contained in this Agreement, such party responsible for the breach shall be fully liable for any and all reasonable costs
and expenses (including reasonable counsel fees and disbursements) sustained or incurred by the non-breaching party; and <U>provided
further</U> that the terms of the confidentiality obligations referred to in this Agreement shall survive any termination of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
X</U></FONT><U> - REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
10.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Representations and
Warranties</U>. The representations and warranties contained in or made pursuant to this Agreement shall survive until eighteen
months after Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
10.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Indemnification by
Seller</U>. Seller shall indemnify, defend and hold harmless Buyer against any and all claims, actions, damages, obligations,
losses, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees, costs of collection and other costs of defense)
actually incurred by Buyer and arising from or in connection with (a) any breach of any representation or warranty of Seller or
any covenant by Seller contained in or made pursuant to this Agreement or (b) any litigation relating to the FBR Series Funds,
the basis of which relates to actions or inactions occurring or failing to occur during the period prior to the Closing Date (except
to the extent of any litigation resulting primarily from the actions or inactions of Buyer in connection with the Fund Transactions
and/or the solicitation of proxies from the shareholders of the FBR Series Funds to approve the Plan of Reorganization and the
Plan of Reorganization (Shell Funds)), of which Buyer gives Seller notice pursuant to Section 10.4(a) on or before eighteen months
after Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
10.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Indemnification by
Buyer</U>. Buyer shall indemnify defend and hold harmless Seller against any and all claims, actions, damages, obligations, losses,
liabilities, costs and expenses (including reasonable attorney&rsquo;s fees and costs of collection and other costs of defense)
actually incurred by Seller and arising from or in connection with any breach of any representation or warranty of Buyer or any
covenant by Buyer contained in or made pursuant to this Agreement, including any failure of Buyer to pay amounts owed to Seller
pursuant to Section 2.2 hereof, of which Seller gives Buyer notice pursuant to Section 10.4(a) on or before eighteen months after
Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
10.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Procedure for Indemnification</U>.
The procedure for seeking indemnification shall be as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The party claiming indemnification (the &ldquo;Claimant&rdquo;) shall promptly give notice to the party from whom indemnification
is claimed (the &ldquo;Indemnifying Party&rdquo;) of any claim, whether between the parties or brought by a third party, specifying
(i) the factual basis for such claim and (ii) if known, the estimated amount of the claim. If the claim relates to an action, suit
or proceeding filed by a third party against Claimant, such notice shall be given by Claimant within five (5) business days after
written notice of such action, suit or proceeding was given to Claimant. Such notice shall not be a condition precedent to any
liability of the Indemnifying Party under the provisions for indemnification contained in this Agreement, unless (and only to the
extent that) failure to give such notice materially prejudices the rights of the Indemnifying Party with respect to such actions
or proceedings.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following receipt of notice from the Claimant of a claim for indemnification, the Indemnifying Party shall have thirty (30)
calendar days to make such investigation of the claim as the Indemnifying Party deems necessary or desirable. For the purposes
of such investigation, the Claimant agrees to make available to the Indemnifying Party and its authorized representative(s) the
information relied upon by the Claimant to substantiate the claim. If the Claimant and the Indemnifying Party agree at or prior
to the expiration of said thirty (30) calendar day period (or any mutually agreed upon extension thereof) to the validity and amount
of such claim, the Indemnifying Party shall immediately pay to the Claimant the full amount of the claim. If the Claimant and the
Indemnifying Party do not agree within said period (or any mutually agreed upon extension thereof), the Claimant may seek appropriate
legal remedy.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any claim by a third party as to which the Claimant seeks indemnification hereunder, the Indemnifying Party
shall have the right at its own expense, to participate in or assume control of the defense of such claim, and the Claimant shall
cooperate fully with the Indemnifying Party, subject to reimbursement for actual out-of-pocket expenses incurred by the Claimant
as the result of a request by the Indemnifying Party. If the Indemnifying Party elects to assume control of the defense of any
third-party claim, the Claimant shall have the right to participate in the defense of such claim at its own expense. Notwithstanding
the election of the Indemnifying Party to assume the defense of such action, the Claimant shall have the right to employ separate
counsel and to participate in the defense of such action, and the Indemnifying Party shall bear the reasonable fees, costs and
expenses of separate counsel if (i) the use of counsel chosen by the Indemnifying Party to represent the Claimant would present
such counsel with a conflict of interest; (ii) the defendants in, or targets of, any such action include both the Indemnifying
Party and the Claimant, and there are reasonably likely to be legal defenses available to it which are different from or additional
to those available to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to direct the defense
of such action on behalf of the Claimant except to the extent not jeopardizing such additional defenses); (iii) the Indemnifying
Party shall not have employed counsel reasonably satisfactory to the Claimant to represent the Claimant within a reasonable time
after notice of the institution of such action; or (iv) the Indemnifying Party shall authorize in writing the Claimant to employ
separate counsel at the expense of the Indemnifying Party. If the Indemnifying Party chooses to defend any claim, the Claimant
shall make available to the Indemnifying Party any books, records or other documents within its control that are necessary or appropriate
for such defense, subject to attorney client privilege and confidentiality agreements. In any event, the Claimant, the Indemnifying
Party and the Indemnifying Party&rsquo;s counsel (and, if applicable, the Claimant&rsquo;s counsel), shall cooperate (at no material
cost to the Claimant other than the cost of Claimant&rsquo;s counsel) in the compromise of, or defense against, any such asserted
liability. If the Indemnifying Party assumes the defense of such an action, no compromise or settlement thereof may be effected
by the Indemnifying Party without the Claimant&rsquo;s consent (which shall in any event not be unreasonably withheld) unless (x)
there is no finding or admission of any violation of the rights of any person by the Claimant and no effect on any other claims
that may be made against the Claimant and (y) the sole relief provided is monetary damages that are paid in full by the Indemnifying
Party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a claim, whether between the parties or by a third party, requires immediate action, the parties will make every effort
to reach a decision with respect thereto as expeditiously as possible.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Claimant may not compromise or settle any such claim without the prior written consent of the Indemnifying Party, which
consent may not be unreasonably withheld.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnification rights provided in Sections 10.2 and 10.3 shall extend to the shareholders, directors, officers, employees,
Affiliates and agents of the Claimant although for the purpose of the procedures set forth in this Section 10.4, any indemnification
claims by such parties shall be made by and through the Claimant.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnification obligations of Seller under this Article X shall constitute the sole and exclusive remedies of Buyer
for recovery of money damages after the Closing Date. The indemnification obligations of Buyer under this Article X shall constitute
the sole and exclusive remedies of Seller for recovery of money damages after the Closing Date, except to the extent that Seller
is seeking to recover with respect to any failure of Buyer to pay amounts owed to Seller pursuant to Section 2.2 hereof or any
failure of Buyer to satisfy the Royalty Payment Obligations or the assumed obligations with respect to the Assigned Contracts (if
any).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
10.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Limitations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for intentional breaches, neither Buyer nor Seller shall be liable to the other under this Article X for any damages
until the aggregate amount of damages otherwise due the party being indemnified exceeds Two Hundred Thousand Dollars ($200,000),
and then only to the extent of such excess.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither Buyer nor Seller shall have aggregate indemnity obligations pursuant to this Article X in an amount in excess of
one-third of the Purchase Price.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: black"><U>ARTICLE
XI</U></FONT><U> - MISCELLANEOUS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Notices</U>. All notices,
demands and requests required or permitted to be given under the provisions of this Agreement shall be (i) in writing, (ii) delivered
by personal delivery, or sent by commercial delivery service or registered or certified mail, return receipt requested (iii) deemed
to have been given on the date of personal delivery or the date set forth in the records of the delivery service or on the return
receipt or on the date receipt is confirmed as set forth in the confirmation of the properly transmitted facsimile, and (iv) addressed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0.96in; text-align: justify; text-autospace: none"><U>If to Seller</U>:</TD>
    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Bradley J. Wright</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">FBR Capital Markets Corporation</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0in; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">1001 19<SUP>th</SUP> Street North</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Arlington, VA 22209</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">(703) 469-1012 (fax)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0.84in; text-align: justify; text-autospace: none"><U>with copies</U> (which shall not constitute notice) to:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nicholas G. Demmo</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wachtell, Lipton, Rosen &amp; Katz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">51 West 52<SUP>nd</SUP> Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10019</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">(212) 403-2381 (fax)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none; width: 30%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none; width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0.84in; text-align: justify; text-autospace: none"><U>If to Buyer</U>:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">Neil J. Hennessy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">Hennessy Advisors, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">7250 Redwood Blvd, Suite 200</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">Novato, CA&nbsp; 94945</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">(415) 899-1559 (fax)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0.84in; text-align: justify; text-autospace: none"><U>with copies</U> (which shall not constitute notice) to:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">Peter D. Fetzer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">Foley &amp; Lardner LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">777 East Wisconsin Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Suite 3800</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">Milwaukee, Wisconsin 53202</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-autospace: none">(414) 297-4900 (fax)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to any such other or additional persons
and addresses as the parties may from time to time designate in a writing delivered in accordance with this Section 11.1; provided
that any facsimile should be sent to a number provided by the intended recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Benefit and Binding
Effect</U>. Neither party hereto may assign this Agreement without the prior written consent of the other party hereto, except
that Buyer may assign some or all of its rights and obligations under this Agreement to any member of the affiliated group of
corporations of which Buyer is a part or to any purchaser or successor to Buyer&rsquo;s business, provided that such assignee
agrees in writing to be bound by the provisions of this Agreement and, in any event, Buyer shall remain responsible for all obligations
hereunder. This Agreement is for the sole benefit of and shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns and is not for the benefit of any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Governing Law</U>.
This Agreement shall be governed, construed and enforced in accordance with the substantive laws of (without regard to conflict
of law principles), and the sole forum for the judicial resolution of any dispute arising under this Agreement shall be, the State
of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Headings</U>. The
headings herein are included for ease of reference only and shall not control or affect the meaning or construction of the provisions
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Gender and Rules of
Construction</U>. All references in this Agreement to the masculine gender shall include the feminine and neuter genders, and
vice versa, and all references to the singular shall include the plural, and vice versa. Any reference to any Section, Schedule
or Exhibit contained in this Agreement shall refer to such Section, Schedule or Exhibit as set forth in or attached to this Agreement,
notwithstanding use of or failure to use the term &ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; or &ldquo;herein&rdquo; in connection
with such reference.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Entire Agreement</U>.
This Agreement, all Schedules hereto, and all documents and certificates to be delivered by the parties pursuant hereto collectively
represent the entire understanding and agreement between Buyer and Seller with respect to the subject matter hereof except as
otherwise provided in Section 6.3. All Schedules required by this Agreement shall be deemed part of this Agreement and incorporated
herein, where applicable, as if fully set forth herein. This Agreement supersedes all prior negotiations between Buyer and Seller
and all letters of intent and other writings relating to such negotiations, and cannot be amended, supplemented or modified except
by an agreement in writing which makes specific reference to this Agreement or an agreement delivered pursuant hereto, as the
case may be, and which is signed by the party against which enforcement of any such amendment, supplement or modification is sought.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none; color: black">Section
11.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Counterparts</U>.
This Agreement may be signed in any number of counterparts with the same effect as if the signature on each such counterpart were
upon the same instrument. An electronic facsimile or photocopy of this Agreement shall be deemed an original and may be admitted
in evidence for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none">Section
11.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Specific Performance</U>.
The parties agree that if any of the provisions of this Agreement were not performed by the parties in accordance with their specific
terms or were otherwise breached thereby, irreparable damage would occur, no adequate remedy at law would exist and damages would
be difficult to determine, and that each party hereto will be entitled to specific performance to prevent breaches of the provisions
of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which it may
be entitled at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows on next page.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>IN WITNESS WHEREOF</B>,
this Agreement has been executed by Buyer and Seller as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in"><B>HENNESSY ADVISORS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">By: <U>/s/ Neil J. Hennessy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">Name: Neil J. Hennessy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">Title: President and CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in"><B>FBR FUND ADVISERS, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">By: <U>/s/ Bradley J. Wright&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">Name: Bradley J. Wright</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">Title: Executive Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
Chief Financial Officer&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v315622_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><U>Exhibit 99.1</U></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&#9;<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 0; padding-left: 0; font-size: 10pt; font-weight: bold">June 6, 2012</TD>
    <TD STYLE="width: 51%; padding-right: 0; padding-left: 0; font-size: 10pt; font-weight: bold; text-align: right">FOR IMMEDIATE RELEASE</TD>
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media Contact: Tania Kelley</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hennessy Advisors, Inc.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7250 Redwood Blvd., Suite 200, Novato, CA 94945</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: 800-966-4354, 415-899-1555<BR>
<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Hennessy
Advisors, Inc. to Acquire FBR Funds</B></FONT><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Novato, CA &ndash; June 6, 2012 - Hennessy Advisors, Inc.
(OTCBB:HNNA)</B> today announced that it has signed a definitive agreement with FBR Fund Advisers, Inc. to purchase the assets
related to the management of the entire family of ten FBR Funds. The FBR Funds currently have assets exceeding $1.9 billion, which
would bring total assets managed by Hennessy Advisors to over $2.7 billion after the acquisition. The transaction is expected to
be <FONT STYLE="color: black">completed in the third quarter of 2012. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon completion of the transaction, which is subject to regulatory
review and the approval of the Hennessy Funds Board of Trustees, the FBR Funds Board of Trustees and the FBR Funds&rsquo; shareholders,
Hennessy Advisors will become the investment manager of the <FONT STYLE="color: black">FBR Funds. </FONT>The assets related to
the <FONT STYLE="color: black">FBR Large Cap Fund, the FBR Small Cap Fund and the FBR Mid Cap Fund&nbsp;</FONT>will merge into
the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Growth Fund and the Hennessy Focus 30 Fund, respectively,
with shareholders of these Funds becoming shareholders of the applicable Hennessy Fund. The remaining seven Funds will move under
the Hennessy investment management umbrella, but will continue to be managed by the same portfolio managers that oversee the portfolios
today. FBR portfolio managers David Rainey, Brian McCauley, Ira Rothberg will continue the day to day management of the FBR Focus
Fund as sub advisors, and Winsor Aylesworth, along with FBR President and CIO, Dave Ellison, will join the Hennessy team of employees
and continue to manage<FONT STYLE="color: black">, the FBR Gas Utility Index Fund, the FBR Small Cap Financial Fund, the FBR Large
Cap Financial Fund and the FBR Technology Fund</FONT>. The <FONT STYLE="color: black">FBR Balanced Fund and the FBR Core Bond Fund</FONT>
will retain their current sub-advisory relationships, with Hennessy Advisors as the investment manager. <FONT STYLE="color: black">In
addition to the portfolio management team, members of the current FBR distribution, marketing, trading, compliance and trading
departments will also join the Hennessy team. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We couldn&rsquo;t be more pleased to be joining the Hennessy
family,&rdquo; said Dave Ellison, President and CIO of FBR Fund Advisers, Inc. &ldquo;We believe there is great synergy between
our firms, and we look forward to continuing to provide excellent portfolio management under the leadership of Hennessy Advisors,
Inc.,&rdquo; noted Mr. Ellison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard J. Hendrix, President and CEO of FBR &amp; Co. (NASDAQ:
FBRC), the parent company of FBR Fund Advisers commented, &ldquo;Hennessy Advisors is committed to the asset management business
and has a solid reputation in the mutual fund industry. With the addition of key FBR Fund Advisers personnel to the Hennessy team,
I believe they will create the best possible home for our mutual funds, and I am confident these fund shareholders will be well
served by Neil Hennessy and Hennessy Advisors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
&ldquo;We are absolutely thrilled to have the world-class FBR portfolio management team join our ranks and we look forward to strengthening
our marketing and distribution, trading and compliance efforts through the addition of these FBR employees,&rdquo; said Neil Hennessy,
Chairman, CEO and President of Hennessy Advisors. &ldquo;We look forward to welcoming FBR shareholders into the Hennessy family,
and we are committed to a smooth transition. At Hennessy, we strive to deliver strong investment management and performance, quality
customer service and a high standard of business ethics to our shareholders, and we are very proud of our track record in each
of these areas,&rdquo; added Hennessy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>About Hennessy Advisors, Inc</U></B><U>.</U><BR>
Hennessy Advisors, Inc. is a publicly traded investment manager of a wide range of both domestic and international equity products.
Hennessy Advisors, Inc. is committed to its consistent and repeatable investment process, combining proven stock selection strategies
with a highly disciplined, team-managed approach, and to superior service to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Additional Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nothing in this press release shall be considered a solicitation
to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would
be unlawful prior to registration under the applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements, which
do not relate strictly to historical or current facts. Forward-looking statements are beyond the ability of Hennessy Advisors to
control and, in many cases, Hennessy Advisors cannot predict what factors would cause actual results to differ materially from
those indicated by forward-looking statements. Among other risks and uncertainties is the ability of Hennessy Advisors to successfully
manage and distribute the FBR Funds. As a result, no assurance can be given as to future results, levels of activity, performance
or achievements, and Hennessy Advisors assumes no responsibility for the accuracy and completeness of any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release is not a solicitation of a proxy from any
shareholder of the FBR Funds. In soliciting shareholder approval of the transactions, the Hennessy Funds and the FBR Funds and
their respective trustees, Hennessy Advisors and FBR Fund Advisers may be deemed to be participants in the solicitation. Information
about the trustees of the Hennessy Funds may be found in its 2011 Annual Report filed with the SEC on January 6, 2012 and Statement
of Additional Information filed with the SEC on February 28, 2012. Information about the trustees of the FBR Funds may be found
in its 2011 Annual Report filed with the SEC on January 6, 2012 and Statement of Additional Information filed with the SEC on February
29, 2012. Shareholders of the FBR Funds should read the prospectus/proxy statement and proxy statement that will be filed in connection
with the solicitation because it will contain important information, including a description of any direct or indirect interest
of the participants in the solicitation. The prospectus/proxy statement and proxy statement and other relevant documents (when
available) may be obtained free of charge from the SEC&rsquo;s website at www.sec.gov or by calling 1-800-966-4354.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
