0001003297-02-000122 Sample Contracts

LICENSE AGREEMENT
License Agreement • June 6th, 2002 • FBR Family of Funds

This LICENSE AGREEMENT (the "Agreement"), dated as of May 31, 2002 (the "Effective Date"), is by and between the Independent Petroleum Association of America, a national trade association having an office at 1201 15th Street NW, Suite 300, Washington, D.C. 20005 (the "IPAA"), and FBR/IPAA Energy Index Fund, a series of a registered investment company, the FBR Family of Funds, a Delaware business trust, having an office at 1001 19th Street North, Arlington, Virginia 22209 (the "Fund").

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