Exhibit (l)(18)

                               PURCHASE AGREEMENT

             The RBB Fund, Inc. (the "Fund"), a Maryland corporation, and
Schneider Capital Management Company ("Schneider Capital") intending to be
legally bound, hereby agree with each other as follows:

             1.   The Fund hereby offers Schneider Capital and Schneider Capital
hereby purchases $10.00 worth of shares of Class PPP Common Stock of the
Schneider Value Fund (par value $.001 per share) (such shares hereinafter
sometimes collectively known as "Shares") at price per Share of $10.00.

             2.   The Fund hereby acknowledges receipt from Schneider Capital of
funds in the amount of $10.00 in full payment for the Shares.

             3.   Schneider Capital represents and warrants to the Fund that the
Shares are being acquired for investment purposes and not with a view to the
distribution thereof.

             4.   This agreement may be executed in counterparts, and all such
counterparts taken together shall be deemed to constitute one and the same
instrument.

             IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the 30th day of September, 2002.

                                    THE RBB FUND, INC.


                                    By:      /s/ Edward J. Roach
                                             -------------------
                                    Name:    Edward J. Roach
                                    Title:   President

                                    SCHNEIDER CAPITAL MANAGEMENT COMPANY


                                    By:   /s/ Steven J. Fellin
                                          --------------------
                                    Name:  Steven J. Fellin
                                    Title: Vice President and CFO