FORM OF
EXPENSE LIMITATION AGREEMENT
AMENDMENT NO. 2
The Expense Limitation Agreement, as amended, made as of 27th day of September,
1999, by and between LSA Variable Series Trust (the "Trust"), on behalf of the
Value Equity Fund (the "Fund"), and LSA Asset Management LLC (the "Manager") and
in effect until April 30, 2001 (the "Agreement") is hereby amended solely for
the purpose of extending its duration.
The parties hereto agree that the Agreement and each of its provisions shall
continue in effect until April 30, 2002, and may be terminated thereafter by
either party hereto, without payment of any penalty, upon 90 days' prior notice
in writing to the other party at its principal place of business; provided that,
in the case of termination by the Trust, such action shall be authorized by
resolution of the Board of Trustees of the Trust.
IN WITNESS WHEREOF, the parties have caused this Amendment No. 2 to the
Agreement to be signed by their respective officers thereunto duly authorized,
as of the date and year written below.
SIGNATURE LINES OMITTED
