0000889188-10-000005 Sample Contracts

FORWARD FUNDS INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • March 1st, 2010 • Forward Funds • California

This INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”) effective as of September 14, 2009, is by and among Broadmark Asset Management, LLC (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward Tactical Growth Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”).

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AMENDMENT TO SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • March 1st, 2010 • Forward Funds • California

This amendment (the “Amendment”) to the Sub-Advisory Agreement (the “Agreement”) dated July 1, 2005, between Pictet Asset Management LTD (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward Emerging Markets Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”), is entered into as of August 1, 2009 with reference to the following facts:

THIRD AMENDMENT TO SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • March 1st, 2010 • Forward Funds • California

This third amendment (the “Third Amendment”) to the Sub-Advisory Agreement (the “Agreement”) dated as of July 1, 2005, as amended as of January 2, 2009 and further amended as of August 1, 2009, between Pictet Asset Management LTD (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward Emerging Markets Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”), is entered into as of November 1, 2009 with reference to the following facts:

SECOND AMENDMENT TO SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • March 1st, 2010 • Forward Funds • California

This second amendment (the “Second Amendment”) to the Sub-Advisory Agreement (the “Agreement”) dated as of July 1, 2005, as amended and restated as of December 1, 2007, as further amended as of January 2, 2009, between Pictet Asset Management LTD (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward International Small Companies Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”), is entered into as of November 1, 2009 with reference to the following facts:

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