0001104659-20-026338 Sample Contracts

FS Multi-Alternative Income Fund AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • February 28th, 2020 • FS Multi-Alternative Income Fund • Delaware

This AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT (this “Agreement”) is entered into as of July 26, 2019, by and among FS Multi-Alternative Income Fund, a Delaware statutory trust (the “Fund”), FS Multi-Alternative Advisor, LLC, a Delaware limited liability company (the “Adviser”), and GoldenTree Asset Management Credit Advisor LLC, a Delaware limited liability company (the “Sub-Adviser”).

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AMENDED AND RESTATED ADMINISTRATION AGREEMENT
Administration Agreement • February 28th, 2020 • FS Multi-Alternative Income Fund • Delaware

This Amended and Restated Administration Agreement (the “Agreement”) is made this 26th day of July, 2019, by and between FS MULTI-ALTERNATIVE INCOME FUND, a Delaware statutory trust (the “Fund”), and FS MULTI-ALTERNATIVE ADVISOR, LLC, a Delaware limited liability company (the “Administrator”).

FS MULTI-ALTERNATIVE INCOME FUND AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2020 • FS Multi-Alternative Income Fund • Delaware

This AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT, dated as of July 26, 2019 (the “Agreement”), is between FS Multi-Alternative Advisor, LLC, a Delaware limited liability company (the “Investment Adviser”), and FS Multi-Alternative Income Fund, a Delaware statutory trust (the “Fund”).

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2020 • FS Multi-Alternative Income Fund • Delaware

This Amended and Restated Expense Limitation Agreement (“Agreement”) is made as of July 26, 2019 by and between FS Multi-Alternative Income Fund, a Delaware statutory trust (the “Fund”), and FS Multi-Alternative Advisor, LLC, a Delaware limited liability company (the “Advisor”).

FS Multi-Alternative Income Fund AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • February 28th, 2020 • FS Multi-Alternative Income Fund • Delaware

This AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT (this “Agreement”) is entered into as of July 26, 2019, by and among FS Multi-Alternative Income Fund, a Delaware statutory trust (the “Fund”), FS Multi-Alternative Advisor, LLC, a Delaware limited liability company (the “Adviser”), and StepStone Group Real Estate LP, a Delaware limited partnership (the “Sub-Adviser”).

FS Multi-Alternative Income Fund AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • February 28th, 2020 • FS Multi-Alternative Income Fund • Delaware

This AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT (this “Agreement”) is entered into as of July 26, 2019, by and among FS Multi-Alternative Income Fund, a Delaware statutory trust (the “Fund”), FS Multi-Alternative Advisor, LLC, a Delaware limited liability company (the “Adviser”), and KKR Credit Advisors (US) LLC, a Delaware limited liability company (the “Sub-Adviser”).

FS MULTI-ALTERNATIVE ADVISOR, LLC 201 Rouse Boulevard Philadelphia, PA 19112
FS Multi-Alternative Income Fund • February 28th, 2020
FS MULTI-ALTERNATIVE ADVISOR, LLC 201 Rouse Boulevard Philadelphia, PA 19112
FS Multi-Alternative Income Fund • February 28th, 2020
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