SCHEDULE A to the EXPENSE LIMITATIONS AGREEMENT dated June 2, 2009, amended as of August 30, 2011 between ADVISORSHARES TRUST AND ADVISORSHARES INVESTMENTS, LLC MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

SCHEDULE A

to the

EXPENSE LIMITATIONS AGREEMENT

dated June 2, 2009, amended as of August 30, 2011

between

ADVISORSHARES TRUST

AND ADVISORSHARES INVESTMENTS, LLC

MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

This Agreement relates to the following Funds of the Trust:

Name of Fund	Maximum Annual
	Operating Expense Limit
Dent Tactical ETF	1.50%
WCM / BNY Mellon Focused Growth ADR ETF	1.25%
Mars Hill Global Relative Value ETF	1.50%
Peritus High Yield ETF	1.35%
Cambria Global Tactical ETF	0.99%
Active Bear ETF	1.75%
Madrona Domestic ETF	1.25%
Madrona International ETF	1.25%
Madrona Global Bond ETF	0.95%
Xxxxxxx Tactical Advantage ETF	1.35%
TrimTabs Float Shrink ETF	1.40%
Rockledge SectorSAM ETF	1.50%
Accuvest Global Opportunities ETF	1.25%
Star Global Buy-Write ETF	1.85%

1

New funds and/or revised operating expense limits appear in bold.

2