October 18, 2019 Northern Lights Fund Trust 17605 Wright Street, Suite 2 Omaha, Nebraska 68130 Investment Managers Series Trust II Milwaukee, Wisconsin 53212 Ladies and Gentlemen:Agreement and Plan of Reorganization • October 25th, 2019 • Investment Managers Series Trust II
This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of October 18, 2019, by and among Northern Lights Fund Trust (the “Northern Lights Trust”), a Delaware statutory trust, on behalf of its series KCM Macro Trends Fund (the “Acquired Fund”), and Investment Managers Series Trust II (the “IMST II Trust”), a Delaware statutory trust, on behalf of its series AXS Multi-Strategy Alternatives Fund (the “Acquiring Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.
