July 19, 2024 Investment Managers Series Trust Milwaukee, Wisconsin 53212 Investment Managers Series Trust II Milwaukee, Wisconsin 53212 Ladies and Gentlemen:Agreement and Plan of Reorganization • August 2nd, 2024 • Investment Managers Series Trust II
This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of July 12, 2024, by and among Investment Managers Series Trust (“IMST Trust”), a Delaware statutory trust, on behalf of its series Knowledge Leaders Developed World ETF (the “Acquired Fund”), and Investment Managers Series Trust II (“IMST II Trust”), a Delaware statutory trust, on behalf of its series AXS Knowledge Leaders ETF (the “Acquiring Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.
