0001193125-08-095055 Sample Contracts

Exhibit (h)(5)(n) Expense Limitation Agreement for the Forward Large Cap Equity Fund (Institutional Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LARGE CAP EQUITY FUND (INSTITUTIONAL CLASS SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Large Cap Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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Exhibit (h)(5)(e) Expense Limitation Agreement for the Forward Emerging Markets Fund (Investor Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD EMERGING MARKETS FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Emerging Markets Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(bb) Expense Limitation Agreement for the Forward Eastern Europe Equities Fund (Class C shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD EASTERN EUROPE EQUITIES FUND (CLASS C SHARES)
Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class C shares of its series, Forward Eastern Europe Equities Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(aa) Expense Limitation Agreement for the Forward Eastern Europe Equities Fund (Class A shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD EASTERN EUROPE EQUITIES FUND (CLASS A SHARES)
Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Eastern Europe Equities Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(j) Expense Limitation Agreement for the Forward Legato Fund (Institutional Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LEGATO FUND (INSTITUTIONAL CLASS SHARES)
Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Legato Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(gg) Expense Limitation Agreement for the Forward Long/Short Credit Analysis Fund (Investor Class) EXPENSE LIMITATION AGREEMENT FOR FORWARD LONG/SHORT CREDIT ANALYSIS FUND (INVESTOR CLASS SHARES)
Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Long/Short Credit Analysis Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(d) Expense Limitation Agreement for the Forward International Equity Fund (Class C shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL EQUITY FUND (CLASS C SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class C shares of its series, Forward International Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(c) Expense Limitation Agreement for the Forward International Equity Fund (Class A shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL EQUITY FUND (CLASS A SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 International Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(s) Expense Limitation Agreement for the International Fixed Income Fund (Class A shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (CLASS A SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(v) Expense Limitation Agreement for the Forward Asia Ex-Japan Equities Fund (Institutional Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD ASIA EX-JAPAN EQUITIES FUND (INSTITUTIONAL CLASS SHARES)
Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Asia Ex-Japan Equities Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(p) Expense Limitation Agreement for the Forward Large Cap Equity Fund (Class C shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LARGE CAP EQUITY FUND (CLASS C SHARES)
Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class C shares of its series, Forward Large Cap Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(t) Expense Limitation Agreement for the International Fixed Income Fund (Class C shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (CLASS C SHARES)
Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class C shares of its series, Forward International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(r) Expense Limitation Agreement for the International Fixed Income Fund (Institutional Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (INSTITUTIONAL CLASS SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(q) Expense Limitation Agreement for the International Fixed Income Fund (Investor Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(o) Expense Limitation Agreement for the Forward Large Cap Equity Fund (Class A shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LARGE CAP EQUITY FUND (CLASS A SHARES)
Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Large Cap Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(y) Expense Limitation Agreement for the Forward Eastern Europe Equities Fund (Investor Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD EASTERN EUROPE EQUITIES FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • April 29th, 2008 • Forward Funds

THIS AGREEMENT, dated as of May 1, 2008, 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 Eastern Europe Equities Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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