0001144204-13-040943 Sample Contracts

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • July 24th, 2013 • Private Advisors Alternative Strategies Master Fund

THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, dated June 12, 2013, between Private Advisors Alternative Strategies Master Fund (“Master Fund”), Private Advisors Alternative Strategies Fund (“Feeder Fund)” (each, a “Fund”), and New York Life Investment Management LLC (“Manager”) (“Agreement”).

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