0001144204-14-013933 Sample Contracts

EXPENSE LIMITATION AGREEMENT FEBRUARY 10, 2014

Expense Limitation Agreement • March 7th, 2014 • American Real Estate Income Fund • New York

• Contract Type
  Expense Limitation Agreement
• Filed
  March 7th, 2014
• Company
  American Real Estate Income Fund
• Jurisdiction
  New York

This Expense Limitation Agreement (this “Agreement”) is by and between SEL Asset Management, LLC (the “Adviser”) and American Real Estate Income Fund (the “Trust”), on behalf of American Real Estate Income Fund, a series portfolio of the Trust (the “Fund”).