0000894189-03-001763 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • November 28th, 2003 • Aip Alternative Strategies Funds • New York

THIS AGREEMENT is made and entered into as of this 20th day of September, 2002, by and between Alternative Investment Partners, LLC, a Delaware limited liability company (the “Adviser”), AIP Alternative Strategies Funds, a Delaware business trust (“AIP Funds”) and Twin Capital Management, Inc., a Pennsylvania corporation (“the Sub-Adviser”) regarding Alpha Strategies I Fund, a series of AIP Funds (the “Fund).

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DISTRIBUTION AGREEMENT
Distribution Agreement • November 28th, 2003 • Aip Alternative Strategies Funds • Wisconsin

THIS AGREEMENT is made and entered into as of this 6th day of September, 2002, by and among AIP Alternative Strategies Funds, a Delaware business trust (the "Trust"), Alternative Investment Partners, LLC, a Delaware limited liability company, (the "Adviser") and Quasar Distributors, LLC, a Delaware limited liability company (the "Distributor").

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • November 28th, 2003 • Aip Alternative Strategies Funds • New York

THIS AGREEMENT is made and entered into as of this 20th day of September, 2002, by and between Alternative Investment Partners, LLC, a Delaware limited liability company (the "Adviser") and AIP Alternative Strategies Funds, a Delaware business trust (the "Trust"), regarding Alpha Strategies I Fund, a series of the Trust (the "Fund").

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OPERATING SERVICES AGREEMENT
Operating Services Agreement • November 28th, 2003 • Aip Alternative Strategies Funds • New York

THIS AGREEMENT is made and entered into as of this 20th day of September, 2002, by and between Alternative Investment Partners, LLC, a Delaware limited liability company (the "Adviser") and AIP Alternative Strategies Funds, a Delaware business trust ("the Trust"), regarding Alpha Strategies I Fund, a series of the Trust (the "Fund).

Sample 1
SHAREHOLDER SERVICING AGREEMENT Alternative Investment Strategies, on behalf of each of its series listed on Schedule A (the "Funds")
Shareholder Servicing Agreement • November 28th, 2003 • Aip Alternative Strategies Funds
Sample 1
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