0001144204-10-050506 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • September 22nd, 2010 • AdvisorShares Trust • Delaware

AGREEMENT made as of this 15th day of September, 2010 by and between AdvisorShares Investments, LLC, a Delaware limited liability company with its principal place of business at 3 Bethesda Metro Center, Suite 700, Bethesda MD, 20814 (the “Adviser”) and Ranger Alternative Management, L.P., a Texas partnership with its principal place of business at 300 Crescent Court, Suite 1100, Dallas, Texas 75201 (the “Sub-Adviser”).

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • September 22nd, 2010 • AdvisorShares Trust

EXPENSE LIMITATION AGREEMENT, effective as of September 15, 2010 by and between ADVISORSHARES INVESTMENTS, LLC (the "Adviser") and RANGER ALTERNATIVE MANAGEMENT, L.P. (the "Sub-Adviser") (the "Agreement").

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