0001398344-14-000420 Sample Contracts

INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • January 28th, 2014 • Investment Managers Series Trust • Delaware

THIS AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of February 1, 2014, by and between INVESTMENT MANAGERS SERIES TRUST, a Delaware statutory trust (the “Trust”), on behalf of Ironclad Managed Risk Fund series (the “Fund”), and the investment advisor of the Fund, Ironclad Investments, LLC (the “Advisor”).

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