SUBSCRIPTION AGREEMENT BETWEEN THE TRUST AND THE INVESTORS HATTERAS ALPHA HEDGED STRATEGIES VARIABLE FUND A SERIES OF HATTERAS VARIABLE TRUST LETTER OF INVESTMENT INTENT

SUBSCRIPTION AGREEMENT BETWEEN THE TRUST AND THE INVESTORS

HATTERAS ALPHA HEDGED STRATEGIES VARIABLE FUND

A SERIES OF

HATTERAS VARIABLE TRUST

LETTER OF INVESTMENT INTENT

[        ], 2012

To the Board of Trustees of Hatteras Variable Trust:

The undersigned (the “Purchaser”) hereby subscribes to purchase a beneficial interest (the “Interest”) of the Hatteras Alpha Hedged Strategies Variable Fund, a series of Hatteras Variable Trust, in the amount of $100,000 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.

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

 Hatteras Alternative Mutual Funds, LLC

 By:

 Its: