Bear, Stearns & Co. Inc. 383 Madison Avenue New York, NY 10179 Tel (212) 272-2000 www.bearstearns.com


		Bear, Xxxxxxx & Co. Inc. 000 Xxxxxxx Xxxxxx Xxx Xxxx, XX 00000 Tel (000) 000-0000 xxx.xxxxxxxxxxx.xxx

October 30, 2007

Xxxxxx X. Xxxxx, President

The RBB Fund, Inc.

Bellevue Park Corporate Center

000 Xxxxxxxx Xxxxxxx

Wilmington, DE 19809

Re: The RBB Fund, Inc.

Bear Xxxxxxx Enhanced Income Fund (the “Fund”)

Dear Xx. Xxxxx:

By our execution of this letter agreement (the “Agreement”), Bear Xxxxxxx Asset Management, Inc. (the “Adviser”) agrees that the Adviser shall, from September 1, 2007 through August 31, 2008, waive all or a portion of its investment advisory fees and/or reimburse expenses (other than brokerage commissions, extraordinary items, interest and taxes) in an aggregate amount equal to the amount by which the Fund’s total operating expenses (other than brokerage commissions, extraordinary items, interest and taxes) exceed a total operating expense ratio (other than brokerage commissions, extraordinary items, interest and taxes) of 0.20% of the Fund’s average daily net assets.

The Adviser acknowledges that (1) it shall not be entitled to collect on or make a claim for waived fees at any time in the future, and (2) it shall not be entitled to collect on or make a claim for reimbursed Fund expenses at any time in the future.