0001104659-06-045389 Sample Contracts

FORWARD FUNDS INVESTMENT SUB-ADVISORY AGREEMENT

Investment Sub-Advisory Agreement • July 5th, 2006 • Forward Funds • California

• Contract Type
  Investment Sub-Advisory Agreement
• Filed
  July 5th, 2006
• Company
  Forward Funds
• Jurisdiction
  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”).