0001144204-12-004761 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • January 30th, 2012 • AdvisorShares Trust • Delaware

AGREEMENT (the “Agreement”) made as of this 8th day of December, 2011 by and between AdvisorShares Investments, LLC, a Delaware limited liability company with its principal place of business at 2 Bethesda Metro Center, Suite 1330, Bethesda, Maryland 20814 (the “Adviser”) and Your Source Financial, PLC, an Arizona limited liability company with its principal place of business at 7150 E. Camelback Rd., Suite 500, Scottsdale, Arizona 85251 (the “Sub-Adviser”).

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SECOND AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • January 30th, 2012 • AdvisorShares Trust

SECOND AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, effective as of November 21, 2011 by and between ADVISORSHARES INVESTMENTS, LLC (the “Adviser”) and ADVISORSHARES TRUST (the “Trust”) (the “Agreement”), on behalf of each series of the Trust set forth in Schedule A attached hereto (each a “Fund,” and collectively, the “Funds”). This Agreement amends and restates the prior Amended and Restated Expense Limitation Agreement dated May 10, 2011 and the Expense Limitation Agreement dated June 2, 2009.

AMENDMENT TO ADVISORSHARES ADVISORY AGREEMENT
Advisorshares Advisory Agreement • January 30th, 2012 • AdvisorShares Trust

This amendment (the “Amendment”) to the AdvisorShares Advisory Agreement dated June 2, 2009, by and between AdvisorShares Investments, LLC and AdvisorShares Trust (the “Trust”) (the “Agreement”) is effective as of November 16, 2011 (the “Effective Date”).

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