SUBSCRIPTION AGREEMENT BETWEEN THE FUND AND THE INVESTOR LADENBURG THALMANN ALTERNATIVE STRATEGIES FUND LETTER OF INVESTMENT INTENT

SUBSCRIPTION AGREEMENT BETWEEN THE FUND AND THE INVESTOR

LADENBURG ▇▇▇▇▇▇▇▇ ALTERNATIVE STRATEGIES FUND

LETTER OF INVESTMENT INTENT

September 1, 2010

To the Board of Trustees of Ladenburg ▇▇▇▇▇▇▇▇ Alternative Strategies Fund:

The undersigned (the "Purchaser") hereby subscribes to purchase a beneficial interest ("Interest") in the Ladenburg ▇▇▇▇▇▇▇▇ Alternative Strategies Fund, in the amount of $100,000.00 for 10,000 shares at net asset value of $10.00 per share, in consideration for which the Purchaser agrees to transfer to you upon demand cash in the amount of $100,000.00.

The Purchaser agrees that the Interest is being purchased for investment purposes only and with no present intention of reselling or redeeming said Interest.

Ladenburg ▇▇▇▇▇▇▇▇ Asset Management, Inc.

By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇

Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇

Title: President