0001104659-06-029790 Sample Contracts

EXPENSE LIMITATION AGREEMENT FOR FORWARD GLOBAL EMERGING MARKETS FUND (INSTITUTIONAL CLASS SHARES)
Expense Limitation Agreement • May 1st, 2006 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2006, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Institutional Class shares of its series, Forward Global Emerging Markets Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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EXPENSE LIMITATION AGREEMENT FOR FORWARD GLOBAL EMERGING MARKETS FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • May 1st, 2006 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2006, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Investor Class shares of its series, Forward Global Emerging Markets Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

FORWARD FUNDS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Forward Funds • May 1st, 2006 • Forward Funds • California

AGREEMENT, effective commencing on July 1, 2005, and amended and restated on January 3, 2006, between Hoover Investment Management Co., LLC (the “Sub-Advisor”), Forward Management, LLC (the “Investment Advisor”) and Forward Funds (the “Trust”), on behalf of the Forward Hoover Mini-Cap Fund (the “Fund”), a series of the Trust.

FORWARD FUNDS INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • May 1st, 2006 • Forward Funds • California

This INVESTMENT SUB-ADVISORY AGREEMENT (this “Agreement”), effective as of July 1, 2005 among Pictet Asset Management LTD, a United Kingdom limited liability company, (the “Sub-Adviser”), Forward Funds (the “Trust”), on behalf of the Forward Global Emerging Markets Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Adviser”).

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • May 1st, 2006 • Forward Funds

THIS AGREEMENT, dated as of May 2, 2006, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class A shares of its series, Forward Legato Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

EXPENSE LIMITATION AGREEMENT FOR THE FORWARD INTERNATIONAL EQUITY FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • May 1st, 2006 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2006, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Investor Class shares of its series, the Forward International Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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