0000910472-11-000685 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and ALTEGRIS ADVISORS, LLC
Investment Advisory Agreement • May 16th, 2011 • Northern Lights Fund Trust • New York

AGREEMENT, made as of January 21, 2011, as revised March 23, 2011 between Northern Lights Fund Trust, a Delaware statutory trust (the "Trust"), and Altegris Advisors, LLC, a Delaware Limited Liability Company (the "Adviser") located at 1200 Prospect Street, Suite 550, La Jolla, California 92037.

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NORTHERN LIGHTS FUND TRUST OPERATING EXPENSES LIMITATION AGREEMENT ALTEGRIS MANAGED FUTURES STRATEGY FUND ALTEGRIS MACRO STRATEGY FUND
Operating Expenses Limitation Agreement • May 16th, 2011 • Northern Lights Fund Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 17th day of June, 2010, as revised March 23, 2011 by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”), on behalf of Altegris Managed Futures Strategy Fund (the “Fund”) a series of the Trust, and the adviser of the Fund, Altegris Advisors, LLC (the “Adviser”).

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