0000910472-08-000327 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and ARROW INVESTMENT ADVISORS, LLC
Investment Advisory Agreement • June 2nd, 2008 • Northern Lights Fund Trust • Nebraska

AGREEMENT, made as of June 22, 2006, as revised March 17, 2008, between Northern Lights Fund Trust, a Delaware business trust (the "Trust"), and Arrow Investment Advisors, LLC, (the "Advisor") located at 2943 Olney-Sandy Spring Road, Suite A, Olney, MD 20832.

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NORTHERN LIGHTS FUND TRUST OPERATING EXPENSES LIMITATION AGREEMENT ARROW INVESTMENT ADVISORS, LLC
Operating Expenses Limitation Agreement • June 2nd, 2008 • Northern Lights Fund Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 28th day of June, 2007, as revised March 17, 2008, by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”), on behalf of the Arrow DWA Balanced Fund, Arrow DWA Tactical Fund and Arrow Alternative Solutions Fund, (each a “Fund” and collectively the “Funds”) each a series of the Trust and the Advisor of such Funds, Arrow Investment Advisors, LLC (the “Advisor”).

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