0001435109-16-002085 Sample Contracts

FORUM FUNDS INVESTMENT ADVISORY AGREEMENT WITH ADALTA CAPITAL MANAGEMENT LLC
Forum Funds Investment Advisory Agreement • September 29th, 2016 • Forum Funds • New York

AGREEMENT made as of the 23rd day of September, 2016, by and between Forum Funds, a Delaware statutory trust, with its principal office and place of business at Three Canal Plaza, Portland, Maine 04101 (the "Trust"), and Adalta Capital Management LLC, located at located at 452 Fifth Avenue, 14th Floor, New York, New York 10018 (the "Adviser").

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EXPENSE LIMITATION AGREEMENT Forum Funds c/o Atlantic Fund Administration Three Canal Plaza, Suite 600 Portland, ME 04101
Expense Limitation Agreement • September 29th, 2016 • Forum Funds • Maine

This Agreement constitutes the whole agreement between the parties and supersedes any previous fee waiver agreement relating to the Fund.

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