0001379491-13-001267 Sample Contracts

INVESTMENT MANAGEMENT AGREEMENT FRANKLIN ALTERNATIVE STRATEGIES FUNDS on behalf of FRANKLIN PELAGOS COMMODITIES STRATEGY FUND
Investment Management Agreement • December 31st, 2013 • Franklin Alternative Strategies Funds • Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT, dated as of September 27, 2013, is made between FRANKLIN ALTERNATIVE STRATEGIES FUNDS, a Delaware statutory trust (the “Trust”), on behalf of FRANKLIN PELAGOS COMMODITIES STRATEGY FUND (the “Fund”), a series of the Trust, and PELAGOS CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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SUBCONTRACT FOR FUND ADMINISTRATIVE SERVICES
Subcontract For • December 31st, 2013 • Franklin Alternative Strategies Funds • California

This Subcontract, dated as of September 27, 2013, is between Pelagos Capital Management, LLC a Delaware limited liability company (the “Investment Manager”), and Franklin Templeton Services, LLC (“Administrator”).

One Franklin Parkway San Mateo, California 94403-1906
Distribution Agreement • December 31st, 2013 • Franklin Alternative Strategies Funds

We, Franklin Alternative Strategies Funds (the “Fund”), comprise of the series listed on Attachment A (each a “Fund”, and collectively, the “Funds”) are a Delaware statutory trust operating as an open-end management investment company or “mutual fund”, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose shares are registered under the Securities Act of 1933, as amended (the “1933 Act”). We desire to issue one or more series or classes of our authorized but unissued shares of capital stock or beneficial interest (the “Shares”) to authorized persons in accordance with applicable Federal and State securities laws. The Fund’s Shares may be made available in one or more separate series, each of which may have one or more classes.

INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • December 31st, 2013 • Franklin Alternative Strategies Funds • Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT made between FPC HOLDINGS CORPORATION, a corporation organized under the laws of the Cayman Islands (the “Company”) and PELAGOS CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

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