0001398344-13-002929 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND STONE TORO INVESTMENT ADVISERS LP
Investment Advisory Agreement • June 21st, 2013 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of June 3, 2013, is entered into 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 (each a “Fund”), and Stone Toro Investment Advisers LP, a Delaware Limited Partnership (the “Advisor”).

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INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • June 21st, 2013 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of June 3, 2013 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, Stone Toro Investment Advisers LP (the “Advisor”).

SUBSCRIPTION AGREEMENT
Subscription Agreement • June 21st, 2013 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 3rd day of June, 2013 between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and Michael Jarzyna. (the "Purchaser").

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