0000910472-07-000076 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and JNF ADVISORS, INC.
Investment Advisory Agreement • March 2nd, 2007 • Northern Lights Variable Trust • New York

AGREEMENT, made as of February 20, 2007 between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and JNF Advisors, Inc., a Delaware corporation (the "Adviser") located at 9920 Corporate Campus Drive, Suite 1000, Louisville, Kentucky 40223.

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INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and CHANGING PARAMETERS, L.L.C.
Investment Advisory Agreement • March 2nd, 2007 • Northern Lights Variable Trust • Nebraska

AGREEMENT, made as of February 19, 2007, between Northern Lights Variable Trust, a Delaware business trust (the "Trust"), and Changing Parameters, L.L.C., (the "Advisor") located at 250 Oak Grove Avenue, Suite A, 2nd Floor, Menlo Park, CA 94025-2251.

SUBADVISORY AGREEMENT
Subadvisory Agreement • March 2nd, 2007 • Northern Lights Variable Trust • New York

THIS AGREEMENT is made and entered into as of this 20th day of February, 2007, by and between JNF ADVISORS, INC. (the “Adviser”), a Delaware corporation registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) located at 9920 Corporate Campus Drive, Suite 1000, Louisville, Kentucky 40223, and CHICAGO EQUITY PARTNERS, LLC (the “Subadviser”), a Delaware limited liability company registered under the Advisers Act, located at 180 N. LaSalle Street, Suite 3800, Chicago, Illinois 60601, with respect to each Fund listed on Schedule A hereto (each, a “Fund”), each a series of the NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”).

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AGREEMENT JNF EQUITY PORTFOLIO & JNF BALANCED PORTFOLIO
Operating Expenses Limitation Agreement • March 2nd, 2007 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 19th day of February, 2007, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”), on behalf of JNF Equity Portfolio and JNF Balanced Portfolio, (each a “Fund” and collectively the “Funds”) each a series of the Trust and the Advisor of such Funds, JNF Advisors, Inc. (the “Advisor”).

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