FORM Investment Managers Series Trust Milwaukee, Wisconsin 53212 Ladies and Gentlemen:Agreement and Plan of Reorganization • December 23rd, 2020 • Investment Managers Series Trust
This opinion is furnished to you pursuant to paragraph 2.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of [ ], by and among Investment Managers Series Trust (the “Trust”), a Delaware statutory trust, on behalf of its series Riverbridge Eco Leaders Fund (the “Acquired Fund”), and the Trust, on behalf of its series Riverbridge Growth Fund (the “Acquiring Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.
