Appendix A to the Operating Expenses Limitation Agreement (as amended on March 16, 2012 to add Orinda SkyView Macro Opportunities Fund)

Appendix A

to the Operating Expenses Limitation Agreement

(as amended on March 16, 2012 to add Orinda SkyView Macro Opportunities Fund)

Fund and Share Class	Operating Expense Limit
Orinda SkyView Multi-Manager Hedged Equity Fund
Class A	2.95% of average daily net assets
Class C	3.70% of average daily net assets
Class I	2.64% of average daily net assets
Orinda SkyView Macro Opportunities Fund
Class A	2.96% of average daily net assets
Class I	2.66% of average daily net assets

ADVISORS SERIES TRUST	ORINDA ASSET MANAGEMENT, LLC
on behalf of the Funds listed on Appendix A
By:          /s/ Xxxxxxx X. Xxxx	By:          /s/ Xxxxx X. Xxxxxxxxxxx
Name:     Xxxxxxx X. Xxxx	Name:     Xxxxx X. Xxxxxxxxxxx
Title:       President	Title:       President