The Austin Global Equity Fund (the “Fund”) is a series of Forum Funds, a registered, open-end management investment company under the Investment Company Act of 1940, as amended. Beck, Mack & Oliver LLC (the “Adviser”) is the investment adviser to the Fund. The Adviser is a registered investment advisor under the Investment Advisors Act of 1940 that has provided investment advisory and management services to clients since 1931. As of March 31, 2009 the Adviser had approximately $2.9 billion in assets under management.