0001144204-16-121820 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • August 29th, 2016 • AdvisorShares Trust • Delaware

AGREEMENT (the “Agreement”) made as of this 7th day of June, 2016 by and between AdvisorShares Investments, LLC, a Delaware limited liability company with its principal place of business at 4800 Montgomery Lane, STE 150, Bethesda, Maryland 20814 (the “Adviser”) and Wilshire Associates Incorporated, a California corporation with its principal place of business at 1299 Ocean Avenue, Suite 700 Santa Monica, CA 90401 (the “Sub-Adviser”).

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • August 29th, 2016 • AdvisorShares Trust • Delaware

AGREEMENT, effective as of May 24, 2016, by and between AdvisorShares Investments, LLC (the “Adviser”), AthenaInvest Advisors LLC (the “Sub-Adviser”), and, solely for purposes of Section 4.1 and any obligations arising thereunder, AthenaInvest, Inc.

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • August 29th, 2016 • AdvisorShares Trust • Delaware

EXPENSE LIMITATION AGREEMENT, effective as of June 7, 2016 by and between ADVISORSHARES INVESTMENTS, LLC (the “Adviser”) and Wilshire Associates Incorporated (the “Sub-Adviser”) (the “Agreement”).

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