0000910472-13-000539 Sample Contracts

NORTHERN LIGHTS FUND TRUST FORM OF OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • February 21st, 2013 • 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, August 18, 2011, March 28, 2012, May 1, 2012, September 26, 2012 and February 6, 2013, 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, Altegris Futures Evolution Strategy Fund, Altegris Equity Long Short Fund, Altegris Fixed Income Long Short Fund and Altegris Multi-Strategy Alternative Fund (the “Funds”) a series of the Trust, and the adviser of the Funds, Altegris Advisors, LLC (the “Adviser”).

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FORM OF INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and ALTEGRIS ADVISORS, LLC
Investment Advisory Agreement • February 21st, 2013 • Northern Lights Fund Trust • New York

AGREEMENT, made as of January 21, 2011, as revised March 23, 2011, August 18, 2011, March 28, 2012 and September 26, 2012 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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