0000943663-03-000484 Sample Contracts

EXPENSE LIMITATION AGREEMENT FOR AEGIS VALUE FUND
Expense Limitation Agreement • December 31st, 2003 • Aegis Value Fund Inc

THIS AGREEMENT, dated as of September 1, 2003, is made and entered into by and between Aegis Value Fund, Inc., a Maryland corporation (the "Company"), on behalf of its series the Aegis Value Fund (the "Fund"), and Berno, Gambal & Barbee, Inc. (the "Adviser").

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