0001193125-14-077593 Sample Contracts

VALUED ADVISERS TRUST AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2014 • Valued Advisers Trust

THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (“Agreement”) 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 Granite Investment Advisors, Inc. (the “Adviser”), a Delaware corporation, is hereby made effective as of December 11, 2013.

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