0001398344-15-007273 Sample Contracts

SUBSCRIPTION AGREEMENT
Subscription Agreement • October 30th, 2015 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 22nd day of October 2015, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust") on behalf of the Aristotle Small Cap Euity Fund (the "Fund"), and SCHWEITZER 2005 TRUST (the "Purchaser").

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2nd Amended and Restated Appendix A TO OPERATING EXPENSES LIMITATION AGREEMENT
Investment Managers Series Trust • October 30th, 2015
INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND ARISTOTLE CAPITAL BOSTON, LLC
Investment Advisory Agreement • October 30th, 2015 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement"), dated as of October 30, 2015, 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 Aristotle Capital Boston, LLC a Limited Liability Corporation (the "Advisor").

INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 30th, 2015 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of October 30, 2015, 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 the investment advisor of the Funds, Aristotle Capital Boston, LLC (the "Advisor").

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