0000910472-09-000368 Sample Contracts

National Retail Funds INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • May 20th, 2009 • National Retail Fund III • New York

THIS INVESTMENT MANAGEMENT AGREEMENT (the “Agreement”) made as of the 1st day of August, 2008, as revised on May 6, 2009, by and among National Retail Fund III, a Delaware business trust ( the “Trust ), and Fulcrum Advisory Services, Inc. (the “Adviser”), a registered investment adviser with the Securities and Exchange Commission.

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