December __, 2005
Mr. X. Xxxxxxx Xxxxxx
Chairman, Board of Trustees
Forum Funds
Two Portland Square
Portland, Maine 04101
RE: Contractual Waivers and Reimbursements
Dear Xx. Xxxxxx:
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 Opportunity Fund (the "Fund"), a
series of the Forum Funds (the "Trust"), do not exceed 1.50% for Institutional
Shares and 1.70% for A Shares.
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 1, 2006.
Very truly yours,
Brown Investment Advisory
Incorporated
By:
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Xxxxx X.Xxxxxxxxx
Chief Financial Officer
