AGREEMENT made this 1st day of March, 2004, by and between The Advisors' Inner
Circle Fund, a Massachusetts business trust (the "Trust"), and Independence
Investments, LLC (the "Adviser") (together, the "Parties").
The Adviser hereby agrees to waive its fee and/or reimburse expenses to the
extent necessary to limit the total operating expenses at the following levels
for a period of one year from the date of this Agreement for the following fund:
Fund Total Operating Expenses
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Independence Small Cap Portfolio 1.85%
This agreement embodies the entire agreement of the Parties relating to the
subject matter hereof. This Agreement supercedes all prior agreements and
understandings, and all rights and obligations thereunder are hereby canceled
and terminated. No amendment or modification of this Agreement will be valid or
binding unless it is in writing and signed by the Parties.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
as of the day and year first written above.
The Advisors' Inner Circle Fund Independence Investments, LLC
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxx Xxxx
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