EXPENSE LIMITATION AGREEMENT
AGREEMENT made this 26th day of February, 2004, by and between STI Classic
Variable Trust (the "Trust"), a Massachusetts business trust, and Trusco Capital
Management Inc. (the "Adviser") (together, the "Parties").
The Adviser hereby agrees to waive its fee and/or reimburse expenses to
the extent necessary to limit total operating expenses to the following level
for a period of one year from the Effective Date (as defined herein) of this
Agreement for the following fund:
FUND TOTAL OPERATING EXPENSES
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Growth and Income Fund 1.20%
If at any point, before May 1, 2007, it becomes unnecessary for the
Adviser to make reimbursements, the Adviser may retain the difference between
the Total Annual Fund Operating Expenses of the Fund and its expense cap to
recapture any of its prior reimbursements.
The Trust acknowledges that the Adviser may engage in brokerage
transactions using Fund assets with brokers who agree to pay a portion of the
Fund's expenses, and that the Adviser's guarantee of Fund expense ratios takes
into account these expense-limiting arrangements.
This Agreement shall be renewable at the end of each one-year period for an
additional one-year period upon the written agreement of the Parties hereto.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
executed as of the day and year first written above and to become effective as
of May 1, 2004 ("Effective Date").
STI CLASSIC VARIABLE TRUST TRUSCO CAPITAL MANAGEMENT
INC.
By: /s/ Xxxx Xxxxxxx By: /S/ Xxxxx X. Xxxxxx
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Title: Vice President Title: Vice President
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