0000910472-08-000898 Sample Contracts

National Retail Funds INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • December 19th, 2008 • National Retail Fund II • New York

THIS INVESTMENT MANAGEMENT AGREEMENT (the “Agreement”) made as of the 1st day of August, 2008, by and among National Retail Fund I, National Retail Fund II and National Retail Fund III, each, a Delaware business trust (each a “Trust” and collectively, the “Trusts”), and Fulcrum Advisory Services, Inc. (the “Adviser”), a registered investment adviser with the Securities and Exchange Commission.

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CONSULTING AGREEMENT
Consulting Agreement • December 19th, 2008 • National Retail Fund II • New York

This Consulting Agreement (the “Agreement”) is effective July 1, 2008, between NORTHERN LIGHTS COMPLIANCE SERVICES, LLC, a Nebraska limited liability company located at 450 Wireless Boulevard, Hauppauge, NY 11788 (“NLCS”), and NATIONAL RETAIL FUNDS, comprised of three individual Delaware statutory trusts as listed on Schedule A hereto (each, a “Trust”).

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