0001144204-10-023858 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND STRATEGIC ASSET MANAGEMENT, LTD.
Investment Advisory Agreement • May 3rd, 2010 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of May 3, 2010, 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 STRATEGIC ASSET MANAGEMENT, LTD., a Cayman Islands Corporation (the “Advisor”).

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SUBSCRIPTION AGREEMENT
Subscription Agreement • May 3rd, 2010 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 3rd day of May, 2010, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and Grupo Real S.A. (the "Purchaser").

INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • May 3rd, 2010 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of May 3, 2010 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, STRATEGIC ASSET MANAGEMENT, LTD., a Cayman Islands Corporation (the “Advisor”).

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