0001398344-15-001294 Sample Contracts

SUB-ADVISORY AGREEMENT BETWEEN
Sub-Advisory Agreement • February 27th, 2015 • Investment Managers Series Trust • Delaware

THIS SUB-ADVISORY AGREEMENT (the “Agreement”), dated as of November 20, 2014, is entered into by and between 361 Capital, LLC, a Delaware limited liability with its principal office and place of business at 4600 S. Syracuse St. Suite 500 Denver, CO 80237 (the “Advisor”) and Analytic Investors, LLC, a Delaware limited liability company with its principal office and place of business at 555 West Fifth Street, 50th Floor, Los Angeles, CA 90013 (the “Sub-advisor”).

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SUB-ADVISORY AGREEMENT AMONG INVESTMENT MANAGERS SERIES TRUST,
Sub-Advisory Agreement • February 27th, 2015 • Investment Managers Series Trust • New York

THIS SUB-ADVISORY AGREEMENT (the “Agreement”), dated as of October 1, 2014, is entered into by and among Investment Managers Series Trust, a Delaware statutory trust with its principal office and place of business at 803 W. Michigan Street, Milwaukee, WI 53233 (the “Trust”), on behalf of its series listed on Appendix A hereto, as amended from time to time (each, a “Fund”); 361 Capital, LLC, a Delaware limited liability company with its principal office and place of business at 4600 South Syracuse Street, Suite 500, Denver, CO 80237 (the “Advisor”); and Federated Investment Management Company, a Delaware statutory trust with its principal office and place of business at Federated Investor Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779 (the “Sub-advisor”).

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