0000315774-11-000272 Sample Contracts

FORUM FUNDS INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • September 9th, 2011 • Forum Funds • Delaware

AGREEMENT made as of September 12, 2011, by and between Forum Funds, a Delaware statutory trust, with its principal office and place of business at Three Canal Plaza, Suite 600, Portland, Maine 04101 (the “Trust”), and Merk Investments, LLC a Delaware limited liability company, with its principal office and place of business at 555 Bryant Street #455, Palo Alto, California 94301 (the “Adviser”).

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OPERATING SERVICES AGREEMENT FORUM FUNDS
Operating Services Agreement • September 9th, 2011 • Forum Funds • Delaware

This Agreement is made and entered into as of September 12, 2011, by and between Forum Funds, organized under the laws of the State of Delaware (the “Trust”), on behalf of the various series of the Trust (each, a “Fund”, collectively, the “Funds”) listed on Schedule A hereto, as such schedule may be amended from time to time, and Merk Investments, LLC, a limited liability company (hereinafter referred to as the “Adviser”).

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