0001144204-14-037075 Sample Contracts

MANAGEMENT FEE WAIVER AGREEMENT
Management Fee Waiver Agreement • June 11th, 2014 • Private Advisors Alternative Strategies Master Fund

THIS AGREEMENT, dated as of April 5, 2012, between Private Advisors Alternative Strategies Fund (“Feeder Fund”) and New York Life Investment Management LLC (“Manager”).

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SUBADVISORY FEE WAIVER AGREEMENT
Subadvisory Fee Waiver Agreement • June 11th, 2014 • Private Advisors Alternative Strategies Master Fund

THIS AGREEMENT, dated as of April 23, 2012, between and New York Life Investment Management LLC (“Manager”) and Private Advisors, LLC (“Subadvisor”).

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