0000894189-04-002349 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • November 15th, 2004 • Aip Alternative Strategies Funds • New York

THIS AGREEMENT is made and entered into as of this 27th day of September, 2004, 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 Hedged Strategies Fund, a series of the Trust (the “Fund”).

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PORTFOLIO RESEARCH CONSULTANT AGREEMENT
Portfolio Research Consultant Agreement • November 15th, 2004 • Aip Alternative Strategies Funds • New York

THIS AGREEMENT is made and entered into as of this 27th day of September, 2004, by and between Alternative Investment Partners, LLC, a Delaware limited liability company (the “Adviser”), AlP Alternative Strategies Funds, a Delaware business trust (“AlP Funds”) and Trust Advisors LLC, a Delaware limited liability company (the “PRC”) regarding Alpha Hedged Strategies Fund, a series of AlP Funds (the “Fund).

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