0000315774-09-000026 Sample Contracts

SUBADVISORY AGREEMENT BETWEEN ABSOLUTE INVESTMENT ADVISERS LLC AND SEMAPHORE MANAGEMENT LLC
Subadvisory Agreement • June 1st, 2009 • Forum Funds • Delaware

AGREEMENT made as of the 12th day of March, 2009 by and between Absolute Investment Advisers LLC, a Massachusetts limited liability company with its principal office and place of business at 350 Station Street, Suite 216, Hingham, MA, 02043 (the “Adviser”) and Semaphore Management LLC, a New York limited liability company with its principal office and place of business at 320 Park Avenue, 10th Floor, New York, NY 10022 (the “Subadviser”).

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AMENDED FORUM FUNDS ACCOUNTING, ADMINISTRATION AND TRANSFER AGENCY SERVICES AGREEMENT
Services Agreement • June 1st, 2009 • Forum Funds • Delaware
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