September 13, 2018 Salvatore Faia President The RBB Fund, Inc.

September 13, 2018

Xxxxxxxxx Xxxx

President

The RBB Fund, Inc.

000 X. Xxxxxxxx Xxxxxx

Milwaukee, WI 53202

Re: The RBB Fund, Inc. – Xxxxxxxx Dynamic Trend Fund (the “Fund”)

Dear Xx. Xxxx:

By our execution of this letter agreement (this “Agreement”), Xxxxxxxx & Company Investment Adviser LLC (the “Adviser”) agrees that in order to improve the performance of the Fund, the Adviser shall, from January 1, 2019 through December 31, 2019, waive all or a portion of its investment advisory fees and/or reimburse expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) in an aggregate amount equal to the amount by which the Fund's total annual fund operating expenses (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed a total annual fund operating expense ratio (other than acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) of 1.25% for the Fund’s average daily net assets.

If at any time the total annual fund operating expenses of the Fund for a year are less than 1.25% of the Fund's average daily net assets, the Adviser shall be entitled to reimbursement by the Fund, in whole or in part as provided below, of the investment advisory fees waived or reduced and other payments remitted by the Adviser to the Fund pursuant to this Agreement within three years from the date on which such waiver or reimbursement was made by the Adviser if such reimbursement by the Fund does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. The total amount of reimbursement to which the Adviser may be entitled (the “Reimbursement Amount”) shall equal, at any time, the sum of all investment advisory fees previously waived or reduced by the Adviser and all other payments remitted by the Adviser to the Fund, pursuant to this Agreement, less any reimbursement previously paid by the Fund to the Adviser, with respect to such waivers, reductions, and payments. The Reimbursement Amount shall not include any additional charges or fees whatsoever, including, e.g., interest accruable on the Reimbursement Amount.

			XXXXXXXX & COMPANY INVESTMENT ADVISER LLC
			By:	/s/ Xxxxx X. Xxxxxx
			Name:	Xxxxx X. Xxxxxx
			Title:	Deputy General Counsel & Chief Compliance Officer
			By:	/s/ X. Xxxxxxx Xxxxxxx
			Name:	X. Xxxxxxx Xxxxxxx
			Title:	Chief Executive Officer, Xxxxxxxx & Company, LP
Your signature below acknowledges acceptance of this Agreement:
By:	/s/ Xxxxxxxxx Xxxx
	Xxxxxxxxx Xxxx
	President
	The RBB Fund, Inc.