Ramius Trading Strategies LLC
Ramius Trading Strategies LLC
000 Xxxxxxxxx Xxxxxx
New York, New York 10022
September __, 2011
000 Xxxx Xxxxxxxx Xxxxxx
Milwaukee, Wisconsin 53233-2301
Re: Ramius Trading Strategies Managed Futures Fund
Ladies and Gentlemen:
Ramius Trading Strategies LLC (the “Advisor”) and Investment Managers Series Trust, on behalf of its Ramius Trading Strategies Managed Futures Fund series (the “Fund”), have entered into an investment advisory agreement pursuant to which the Advisor provides investment advisory services to the Fund for compensation based on the value of the average daily net assets of the Fund. The Advisor has also entered into an investment advisory agreement with a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”), pursuant to which the Advisor provides investment advisory services to the Subsidiary for compensation based on the value of the average daily net assets of the Subsidiary.
The Fund intends to invest a portion of its assets in the Subsidiary. It is the intention of the parties that the Advisor collect investment advisory fees on the assets at the Fund level or assets at the Subsidiary level, but not both. Accordingly, to the extent the Fund invests assets in the Subsidiary, the Advisor will waive the Fund’s investment advisory fee in an amount equal to the investment advisory fee paid to the Advisor by the Subsidiary pursuant to the investment advisory agreement between the Subsidiary and the Advisor.
This agreement may not be discontinued by the Advisor with respect to the Fund as long as the investment advisory agreement between the Subsidiary and the Advisor is in place.
Please sign below to evidence your acceptance of this agreement.
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RAMIUS TRADING STRATEGIES LLC
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Acknowledged and Agreed:
On behalf of its Ramius Trading Strategies Managed Futures Fund series
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