October 14, 2003
Xx. Xxxx X. Xxxxxx
Chairman
Board of Trustees
Forum Funds
Two Portland Square
Portland, Maine 04101
RE: Contractual Waivers and Reimbursements
Dear Xxxx:
X.X. Xxxx and Company, Inc. (the "Adviser") agrees to waive its investment
advisory fee and reimburse expenses as necessary to ensure that total annual
operating expenses for XX Xxxx Premier Growth Fund (the "Fund"), a series of the
Forum Funds (the "Trust"), do not exceed 1.25%.
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 October 31, 2004.
Very truly yours,
X.X. Xxxx and Company, Inc.
/S/ Xxxxxx X. Xxxx
Xxxxxx X. Xxxx
President
