0001398344-12-000795 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 2nd, 2012 • Arden Sage Multi-Strategy Fund, L.L.C. • New York

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 1st day of October, 2011, by and between Arden Sage Multi-Strategy Fund, L.L.C., a Delaware limited liability company (the "Fund"), and Arden Asset Management LLC, a Delaware limited liability company (the "Investment Adviser").

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MEMBER SERVICES AGREEMENT
Member Services Agreement • March 2nd, 2012 • Arden Sage Multi-Strategy Fund, L.L.C. • Delaware

AGREEMENT made as of January 11, 2012, by and between ARDEN SECURITIES LLC, as distributor (“Distributor”), and ARDEN SAGE MULTI-STRATEGY FUND, L.L.C., a Delaware limited liability company (the “Fund”).

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