ARDEN INVESTMENT SERIES TRUST EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENTArden Investment Series Trust • June 21st, 2013 • Arden Investment Series Trust • New York
THIS EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT is made as of the [Ÿ] day of [Ÿ], 20[Ÿ] by and between Arden Investment Series Trust (the “Trust”), on behalf of its series known as Arden Alternative Strategies II and Arden Variable Alternative Strategies Fund (each a “Fund”), and Arden Asset Management LLC (the “Adviser”):
