SAN FRANCISCO, November 15, 2007 – Forward Management, LLC, investment advisor to the Forward Funds, today announced that they have eliminated redemption fees for all share classes for all of the Forward Funds.

“The redemption fees were initially put in place to deter market timing, and we now feel the fees are no longer necessary,” said J. Alan Reid, Jr., president of Forward Management. “Eliminating the fees is in keeping with our strategy of providing our shareholders value.”

Redemption fees were one of a number of tools which were originally put in place to discourage short-term or excessive trading. After ongoing review of redemption fee policies, Forward determined they were difficult to administer equitably.

Forward Funds will continue to monitor fund activity on a daily basis for any sort of suspicious activity, and in cases where there appears to be inappropriate activity, shareholders may be requested to stop such trading activities or further trades may be refused.

Forward Funds also fair values each security in certain circumstances, such as when market prices are not readily available. For non-U.S. securities, fair valuation is intended to deter market timers who may take advantage of time zone differences between the close of the foreign markets on which a Fund’s portfolio securities trade and the U.S. markets that determine the time as of which the Fund’s NAV is calculated. Fair valuing securities also is intended to protect Funds that invest in small cap securities, high yield bonds or other types of investments that are not frequently traded and thus potentially more susceptible to market timing.

About Forward Management, LLC

Forward Management, LLC, based in San Francisco, is the investment advisor to the Forward Funds, a family of fourteen mutual funds. The firm also offers a range of separately managed accounts including REIT, Equity Income and Micro Cap. Forward Management is an affiliate of ReFlow Management Co., LLC, which developed ReFlow, an innovative liquidity tool for portfolio managers that provides enhanced performance and tax efficiency. ReFlow is used by the Forward Funds, as well as other leading mutual fund managers.

Forward Management offers institutional money managers, financial advisors and individual investors access to industry leading investment managers, investment products and services. The firm specializes in identifying sub-advisors who have long track records of managing assets in specific investment disciplines and asset classes. More information on Forward Management and the Forward Funds can be found at www.forwardmgmt.com.

You should consider the investment objectives, risks, charges and expenses of the Forward Funds carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from www.forwardfunds.com. It should be read carefully before investing.

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.

Forward Funds are distributed by ALPS Distributors, Inc.

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