0001398344-11-002571 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND CHARTWELL INVESTMENT PARTNERS, LP
Investment Advisory Agreement • November 9th, 2011 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of November 9, 2011 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 Chartwell Investment Partners, L.P., a Pennsylvania limited partnership (the “Advisor”).

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INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • November 9th, 2011 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of November 9, 2011 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, Chartwell Investment Partners, L.P., (the “Advisor”).

SUBSCRIPTION AGREEMENT
Subscription Agreement • November 9th, 2011 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 8th day of November, 2011, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and Chartwell Investment Partners, LP (the "Purchaser").

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