0000910472-11-002085 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and ALTEGRIS ADVISORS, LLC
Investment Advisory Agreement • October 19th, 2011 • Northern Lights Fund Trust • New York

AGREEMENT, made as of January 21, 2011, as revised March 23, 2011 and August 18, 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
Operating Expenses Limitation Agreement • October 19th, 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 and August 18, 2011 by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”), on behalf of Altegris Managed Futures Strategy Fund, Altegris Macro Strategy Fund, and Altegris Futures Evolution Strategy Fund (the “Funds”) a series of the Trust, and the adviser of the Funds, Altegris Advisors, LLC (the “Adviser”).

SUBADVISORY AGREEMENT
Subadvisory Agreement • October 19th, 2011 • Northern Lights Fund Trust • California

THIS AGREEMENT is made and entered into as of this 12th day of October 2011, by and between Altegris Advisors, L.L.C. (the “Adviser”), a Delaware limited liability company registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) located at 1200 Prospect Street, Suite 550, La Jolla, California 92037, and DoubleLine Capital, LP (the “Subadviser”), a Delaware limited partnership registered under the Advisers Act, located at 333 S. Grand Avenue, 18th Floor, Los Angeles, California 90071, with respect to the Fund listed on Schedule A hereto (the “Fund”), a series of the Northern Lights Fund Trust, a Delaware statutory trust (the “Trust”). The Adviser and Subadviser are each individually a “Party” and collectively the “Parties”.

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