To: The Conestoga Funds 550 E. Swedesford Rd. Suite 120 Wayne, PA 19087 January 6, 2020

Effective as of January 31, 2020, we hereby undertake to limit the expense ratio of the Institutional Class of the Conestoga Small Cap Fund (the “Fund”) to 0.90% of the Fund’s average daily net assets and the expense ratio of the Investors Class of the Fund to 1.10% of the Fund’s average daily net assets (the “Operating Expense Limit”)

We acknowledge and affirm that, to the extent that the aggregate expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees payable to us (but excluding taxes, extraordinary expenses, reorganization expenses, brokerage commissions, interest, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of such Fund’s business), exceed the Operating Expense Limit, such excess amount shall be our liability.

This letter will remain in effect until January 31, 2021. This letter supersedes any other agreement or understanding among the parties concerning the Fund’s fees during the time period that the letter is effective. To the extent that the Adviser defers advisory fees or absorbs operating expenses, it may seek payment of such deferred fees or reimbursement of such absorbed expenses within two years from the date such fees were deferred or expenses were absorbed. A Fund will make no such payment or reimbursement, however, if the Fund’s total annual operating expenses exceed the expense limits disclosed in the Fund’s Prospectus in effect at the time of the proposed payment or reimbursement.

Sincerely,

CONESTOGA CAPITAL ADVISORS, LLC

By:
	Robert M. Mitchell
	Managing Partner

CROSSPOINT AT VALLEY FORGE  ●  550 E. SWEDESFORD ROAD  ●  SUITE 120  ●  WAYNE, PA 19087

PHONE 484.654.1380  ●  FAX 610.225.0533  ●  WWW.CONESTOGACAPITAL.COM