Common Contracts

FORM OF AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT FEBRUARY 10, 2015

Expense Limitation Agreement • July 29th, 2015 • American Real Estate Income Fund • New York

• Contract Type
  Expense Limitation Agreement
• Filed
  July 29th, 2015
• Company
  American Real Estate Income Fund
• Jurisdiction
  New York

This Amended and Restated Expense Limitation Agreement (this “Agreement”) is by and between SEL Asset Management, LLC (the “Adviser”) and American Real Estate Income Fund (the “Trust”), on behalf of American Real Estate Income Fund, a series portfolio of the Trust (the “Fund”).

EXPENSE LIMITATION AGREEMENT FEBRUARY 10, 2014

Expense Limitation Agreement • March 7th, 2014 • American Real Estate Income Fund • New York

• Contract Type
  Expense Limitation Agreement
• Filed
  March 7th, 2014
• Company
  American Real Estate Income Fund
• Jurisdiction
  New York

This Expense Limitation Agreement (this “Agreement”) is by and between SEL Asset Management, LLC (the “Adviser”) and American Real Estate Income Fund (the “Trust”), on behalf of American Real Estate Income Fund, a series portfolio of the Trust (the “Fund”).

EXPENSE LIMITATION AGREEMENT

Expense Limitation Agreement • February 14th, 2014 • American Real Estate Income Fund • New York

• Contract Type
  Expense Limitation Agreement
• Filed
  February 14th, 2014
• Company
  American Real Estate Income Fund
• Jurisdiction
  New York

This Expense Limitation Agreement (this “Agreement”) is by and between SEL Asset Management, LLC (the “Adviser”) and American Real Estate Income Fund (the “Trust”), on behalf of American Real Estate Income Fund, a series portfolio of the Trust (the “Fund”).