0001193125-12-409161 Sample Contracts

VALUED ADVISERS TRUST AMENDED EXPENSE LIMITATION AGREEMENT
Valued Advisers Trust • September 28th, 2012 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of September 1, 2012 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 Angel Oak Capital Advisors, LLC (the “Adviser”), a Delaware limited liability company.

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AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • September 28th, 2012 • Valued Advisers Trust

This Amendment to the Investment Advisory Agreement (“Amendment”) is entered into effective as of September 28, 2012, by and between Valued Advisers Trust (the “Trust”), a Delaware statutory trust registered as a management investment company under the Investment Company Act of 1940, as amended, and Cloud Capital LLC (the “Adviser”), a Delaware limited liability company.

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