September 30, 2004
Mr. X. Xxxxxxx Xxxxxx
Chairman
Board of Trustees
Forum Funds
Two Portland Square
Portland, Maine 04101
RE: Contractual Waivers and Reimbursements
Dear Xxxx:
Brown Investment Advisory Incorporated (the "Adviser") agrees to waive
its investment advisory fee and reimburse expenses as necessary to ensure that
total annual operating expenses for Brown Advisory Real Estate Fund (the
"Fund"), a series of the Forum Funds (the "Trust"), does not exceed 1.00%.
This agreement can only be terminated or amended upon the approval of
the Trust's Board of Trustees and is automatically terminated if the Adviser is
no longer a service provider to the Fund. Unless otherwise amended or
terminated, this agreement will terminate on September 30, 2005.
Very truly yours,
Brown Investment Advisory
Incorporated
By: /s/ Xxxxx X. Xxxxxxxxx
_____________________
Xxxxx X.Xxxxxxxxx
Chief Financial Officer
