Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.

THIRTY-THIRD AMENDMENT TO MASTER SERVICES AGREEMENT

THIS THIRTY-THIRD Amendment TO MASTER SERVICES AGREEMENT (this “Amendment”), effective as of June 17, 2026, by and among Capitol Series Trust, an Ohio business trust (the “Trust”), and Ultimus Fund Solutions, LLC, an Ohio limited liability company (“Ultimus”) (collectively, the “Parties”).

WHEREAS, the Parties entered into that certain Master Services Agreement dated December 21, 2016, as amended (the “Agreement”); and

WHEREAS, the Parties desire to amend the Agreement as described herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein set forth, the Parties agree as follows:

1.       Amendments.

2.       Miscellaneous.

IN WITNESS WHEREOF, each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

Fund Accounting Fee Letter

for

Capitol Series Trust

This Fund Accounting Fee Letter (this “Fee Letter”) dated June 17, 2026, applies to the Services provided by Ultimus Fund Solutions, LLC (“Ultimus”) to Capitol Series Trust (the “Trust”), on behalf of the Fuller & Thaler Funds listed on Schedule A to the Master Services Agreement (the “Funds”), dated December 21, 2016, as amended, and the Fund Accounting Addendum dated October 1, 2017, as amended.

For the Fund Accounting Services provided under the Fund Accounting Addendum, Ultimus shall be entitled to receive a fee from the Trust on the first business day following the end of each month, or at such time(s) as Ultimus shall request and the parties hereto shall agree, a fee computed with respect to each Fund as follows:

*Asset based fee is calculated using the average daily net assets for all Funds listed on Schedule A to the Agreement advised by Fuller & Thaler Asset Management, Inc. and Schedule A to the ETF Master Services Agreement between the Trust and Ultimus dated December 8, 2021 advised by Fuller & Thaler Asset Management, Inc.

Annual basis point fees for fund accounting, fund administration and transfer agent services as stated in each respective fee letter are subject to the following annual complex minimum for up to four share classes by fund:

$[REDACTED]

1.3.       Forms N-CEN and N-PORT.

The Trust or Fuller & Thaler Funds agree to pay Ultimus an annual fee (based on the schedule below) for preparing Forms N-CEN and N-PORT and to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act, beginning on the compliance date for Form N-PORT, as follows:

** Equity Fund is defined as any fund that has less than 25% debt exposure over the previous three-month period.

The Funds will reimburse Ultimus for the costs of Performance Reporting (including After-Tax Performance Reporting).

The fees, as described above, allow the Fund to execute up to 1000 portfolio trades (i.e., purchases and sales) per month without additional fees. Portfolio trades related to investor investments and redemptions do not count toward the 1000 threshold. For portfolio trades in excess of this amount, Ultimus will charge the Fund $[REDACTED] for each such portfolio trade.

In addition to the above fees, the Trust or each Fund will reimburse Ultimus for out-of-pocket expenses as follows:

After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1; provided that Ultimus gives 30-day notice of such increase to the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. The maximum fee increase shall not be greater than 3% per year. For the avoidance of doubt, the first potential fee increase can take effect on April 1, 2023.

The parties may only amend this Fee Letter by written amendment signed by both parties.

Signatures are located on the next page.

1 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

       The parties duly executed this Fund Accounting Fee Letter as of June 17, 2026.

The undersigned investment adviser hereby acknowledges and agrees to the terms of the Agreement.

Fund Administration Fee Letter

for

Capitol Series Trust

This Fund Administration Fee Letter (this “Fee Letter”) dated June 17, 2026, applies to the Services provided by Ultimus Fund Solutions, LLC (“Ultimus”) Capitol Series Trust (the “Trust”), on behalf of the Fuller & Thaler Funds listed in Schedule A to the Master Services Agreement (the “Funds”) dated December 21, 2016, as amended, and the Fund Administration Addendum dated October 1, 2017, as amended.

For the Fund Administration Services provided under the Fund Administration Addendum, Ultimus shall be entitled to receive a fee from the Trust on the first business day following the end of each month, or at such time(s) as Ultimus shall request and the parties hereto shall agree, a fee computed with respect to each Fund as follows:

1.1.       Asset based fee of*:

*Asset based fee is calculated using the average daily net assets for all Funds listed on Schedule A to the Agreement advised by Fuller & Thaler Asset Management, Inc. and Schedule A to the ETF Master Services Agreement between the Trust and Ultimus dated December 8, 2021 advised by Fuller & Thaler Asset Management, Inc.

Annual basis point fees for fund accounting, fund administration and transfer agent services as stated in each respective fee letter are subject to the following annual complex minimum for up to four share classes by fund:

$[REDACTED]

The Trust or Fuller & Thaler Funds agree to pay Ultimus: (i) a one-time implementation fee (payable in six equal installments) of $[REDACTED] per investment adviser, commencing with the initial compliance date, for providing assistance in connection with the adoption of the Trust’s Liquidity Risk Management Program (“LRMP”) which meets the requirements of Rule 22e-4; (ii) an annual fee, based on the schedule below, for providing assistance in connection with the maintenance of the Trust’s LRMP; and (iii) other related fees.

Annual Fee

Base Fee per investment adviser $[REDACTED] per year

Other Related Fees

Form N-LIQUID preparation and

related Board Notification $[REDACTED] per event

Optional ICE Vantage Liquidity

Indicator Module Out of Pocket Charges

In addition to the above fees, the Trust will reimburse Ultimus for certain out-of-pocket expenses incurred on the Trust’s behalf, including but not limited to, travel expenses to attend Board meetings and any other expenses approved by the Trust (or, with respect to a Fund, its investment adviser). The Trust will be responsible for its normal operating expenses, such as federal and state filing fees, EDGARizing fees, insurance premiums, typesetting and printing of the Trust’s public documents, and fees and expenses of the Trust’s other vendors and providers.

After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)2; provided that Ultimus gives 30-day notice of such increase to the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. The maximum fee increase shall not be greater than 3% per year. For the avoidance of doubt, the first potential fee increase can take effect on April 1, 2023.

The parties may only amend this Fee Letter by written amendment signed by both parties.

Signatures are located on the next page.

2 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

       The parties duly executed this Fund Administration Fee Letter dated June 17, 2026.

The undersigned investment adviser hereby acknowledges and agrees to the terms of the Agreement.