0001193125-15-073610 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 2nd, 2015 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the “Agreement”) made as of this 24th day of February, 2015 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
Valued Advisers Trust • March 2nd, 2015 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of February 24, 2015 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.

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