0001193125-12-510405 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • December 20th, 2012 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the “Agreement”) made as of this 12th day of December, 2012 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 BRC Investment Management LLC (the “Adviser”), a Delaware limited liability company with its principal place of business in Greenwood Village, Colorado.

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VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • December 20th, 2012 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of December 12, 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 BRC Investment Management LLC (the “Adviser”), a Delaware limited liability company.

MUTUAL FUND SERVICES AGREEMENT Fund Accounting Services Fund Administration Services Transfer Agency Services by and among VALUED ADVISERS TRUST, HUNTINGTON ASSET SERVICES, INC. and BRC INVESTMENT MANAGEMENT LLC December 12, 2012
Mutual Fund Services Agreement • December 20th, 2012 • Valued Advisers Trust • Indiana

AGREEMENT (this “Agreement”), dated as of December 12, 2012 (“Effective Date”), by and among Valued Advisers Trust, a Delaware statutory trust (the “Trust”), Huntington Asset Services, Inc., a Delaware corporation (“HASI”) and BRC Investment Management LLC a Delaware limited liability company (“Adviser”). Adviser is a party to this agreement solely for purposes of evidencing Adviser’s agreement to the term of this Agreement, and the fees payable under the Agreement, as described in Sections 6 and 10, and in Exhibit E.

AMENDED APPENDIX B Custody Agreement Between The Huntington National Bank and Valued Advisers Trust Series of the Trust
Custody Agreement • December 20th, 2012 • Valued Advisers Trust
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