SCHEDULE A as last revised May 21, 2012 to the SECOND AMENDED AND RESTATED EXPENSE LIMITATIONS AGREEMENT dated November 21, 2011 between ADVISORSHARES TRUST AND ADVISORSHARES INVESTMENTS, LLC MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

SCHEDULE A

as last revised May 21, 2012

to the

SECOND AMENDED AND RESTATED EXPENSE LIMITATIONS AGREEMENT

dated November 21, 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%
Accuvest Global Long Short ETF (formerly, Mars Hill Global Relative Value ETF)		1.50%
Peritus High Yield ETF		1.35%
Cambria Global Tactical ETF		0.99%
Active Bear ETF		1.85%
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		0.99%
Rockledge SectorSAM ETF		1.50%
Accuvest Global Opportunities ETF		1.25%
STAR Global Buy-Write ETF		1.85%
AdvisorShares Global Echo ETF		1.10%
QAM Equity Hedge ETF		1.50%
AdvisorShares Global Alpha & Beta ETF		1.25%
Pring Xxxxxx Dow Xxxxx Business Cycle ETF		1.49%
Newfleet Multi-Sector Income ETF		0.75%

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