0000910472-10-001255 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and BBW CAPITAL ADIVSORS
Investment Advisory Agreement • December 2nd, 2010 • Northern Lights Fund Trust • New York

AGREEMENT, made as of November 3, 2010, between Northern Lights Fund Trust, a Delaware statutory trust (the "Trust"), and BBW Capital Advisors, a Colorado Limited Liability Company (the "Adviser") located at 1743 Wazee Street, Suite 250, Denver, Colorado 80202.

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SUBADVISORY AGREEMENT
Subadvisory Agreement • December 2nd, 2010 • Northern Lights Fund Trust • Delaware

THIS AGREEMENT is made and entered into as of the 3rd day of November, 2010, by and between DE KONING & COMPANY, LLC d/b/a BBW CAPITAL ADVISORS (the “Adviser”), a Colorado limited liability company registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and LOOMIS, SAYLES & COMPANY, L.P., a limited partnership organized under the laws of Massachusetts, located at One Financial Center, Boston, Massachusetts 02111 (the “Subadviser”) and also registered under the Advisers Act, with respect to the TransWestern Institutional Short Duration Government Bond Fund (the “Fund”), a series of the NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”).

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