0001035449-11-000738 Sample Contracts

VALUED ADVISERS TRUST INVESTMENT ADVISORY AGREEMENT INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • November 10th, 2011 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the "Agreement") made as of this 13th day of September, 2011 by and between Valued Advisers Trust (the “Trust”), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and Kovitz Investment Group, LLC (the “Adviser”), a Delaware limited liability company with its principal place of business in Chicago, Illinois.

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VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Valued Advisers Trust • November 10th, 2011 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of September 13, 2011 by and between Valued Advisers Trust, a Delaware statutory trust (the “Trust”), on behalf of one or more of its series portfolios as set forth on Schedule A, (each a “Fund”), and Kovitz Investment Group, LLC (the “Adviser”), a Delaware limited liability company.

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