0001144204-08-055542 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND VICTORIA 1522 INVESTMENTS, LP
Investment Advisory Agreement • October 1st, 2008 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of October 1, 2008, between the Investment Managers Series Trust, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (the “Fund”), and Victoria 1522 Investments, LP, a limited partnership (the “Advisor”).

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SUBSCRIPTION AGREEMENT
Subscription Agreement • October 1st, 2008 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 1st day of October, 2008, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and The Josephine S. Jimenez Trust (the "Purchaser").

INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 1st, 2008 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of October 1, 2008 by and between INVESTMENT MANAGERS SERIES TRUST, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (the “Fund”), a series of the Trust, and the Advisor of the Fund, Victoria 1522 Investments, LP (the “Advisor”).

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