0001144204-09-053480 Sample Contracts

SUBSCRIPTION AGREEMENT
Subscription Agreement • October 19th, 2009 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the __th day of ____, 2009, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and UMB Fund Services, Inc. (the "Purchaser").

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INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 19th, 2009 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of November 30, 2009, 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”), and W.P. Stewart & Co., Inc. (the “Advisor”).

FORM OF INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND
Investment Advisory Agreement • October 19th, 2009 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of November 30, 2009, 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 W.P. Stewart & Co., Inc., a Delaware corporation (the “Advisor”).

TRADEMARK LICENSE AGREEMENT dated as of November 30, 2009 between and Investment Managers Series Trust
Trademark License Agreement • October 19th, 2009 • Investment Managers Series Trust • Delaware
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