0001193125-14-218865 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 30th, 2014 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the “Agreement”) made as of this 21st day of May, 2014 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 Golub Group, LLC., (the “Adviser”), a limited liability company with its principal place of business in San Mateo, California.

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VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Valued Advisers Trust • May 30th, 2014 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of May 21, 2014 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 Golub Group, LLC (the “Adviser”), a California limited liability company.

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