0001379491-15-000982 Sample Contracts

INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • September 8th, 2015 • Franklin Alternative Strategies Funds • Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT, dated as of August 1, 2015, is made between FRANKLIN ALTERNATIVE STRATEGIES FUNDS, a Delaware statutory trust (the “Trust”), on behalf of FRANKLIN K2 LONG SHORT CREDIT FUND (the “Fund”), a series of the Trust, and K2/D&S MANAGEMENT CO., L.L.C., a Delaware limited liability company (the “Manager”).

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MASTER CUSTODY AGREEMENT
Master Custody Agreement • September 8th, 2015 • Franklin Alternative Strategies Funds

The following is a list of the Investment Companies and their respective Series for which the Custodian shall serve under the Master Custody Agreement dated as of February 16, 1996.

AMENDMENT TO MASTER CUSTODY AGREEMENT
Master Custody Agreement • September 8th, 2015 • Franklin Alternative Strategies Funds

The following is a list of the Investment Companies and their respective Series for which the Custodian shall serve under the Amendment dated May 16, 2001 to that certain Master Custody Agreement dated as of February 16, 1996.

AMENDED AND RESTATED FOREIGN CUSTODY MANAGER AGREEMENT
Foreign Custody Manager Agreement • September 8th, 2015 • Franklin Alternative Strategies Funds

The following is a list of the Investment Companies and their respective Series for which the Custodian shall serve under the Foreign Custody Manager Agreement dated as of May 16, 2001.

TERMINAL LINK AGREEMENT
Terminal Link Agreement • September 8th, 2015 • Franklin Alternative Strategies Funds

The following is a list of the Investment Companies and their respective Series for which the Custodian shall serve under the Master Custody Agreement dated as of February 16, 1996.

FORM OF SUBCONTRACT FOR FUND ADMINISTRATIVE SERVICES
Franklin Alternative Strategies Funds • September 8th, 2015 • California

This Subcontract, dated as of [______], 2015, is between K2/D&S Management Co., L.L.C. (the “Investment Manager”), and Franklin Templeton Services, LLC (the “Administrator”).

FORM OF SUBADVISORY AGREEMENT FRANKLIN ALTERNATIVE STRATEGIES FUNDS on behalf of FRANKLIN K2 Long Short Credit FUND
Subadvisory Agreement • September 8th, 2015 • Franklin Alternative Strategies Funds • Delaware

THIS SUBADVISORY AGREEMENT made as of _______ __, 2015, by and between K2/D&S MANAGEMENT CO., L.L.C., a Delaware limited liability company (hereinafter called “K2”), and _______________, a ________________ (hereinafter called “Sub-Adviser”).

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