0000894189-09-000470 Sample Contracts

ADVISORS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • February 24th, 2009 • Advisors Series Trust • Arizona

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of January 1, 2001, by and between ADVISORS SERIES TRUST, a Delaware business trust (the “Trust”), on behalf of the Edgar Lomax Value Fund (the “Fund”), a series of the Trust and the Advisor of such Fund, The Edgar Lomax Company (the “Advisor”).

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ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT The Edgar Lomax Company
Investment Advisory Agreement • February 24th, 2009 • Advisors Series Trust • Arizona

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 26th day of September, 1997, by and between ADVISORS SERIES TRUST, a Delaware business trust (hereinafter called the “Trust”), on behalf of the following series of the Trust, Edgar Lomax Value Fund (the “Fund”) and The Edgar Lomax Company, a Delaware corporation (hereinafter called the “Advisor”).

AMENDMENT NO. 3 TO THE OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • February 24th, 2009 • Advisors Series Trust
AMENDMENT NO. 2 TO THE INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 24th, 2009 • Advisors Series Trust

This Amendment No. 2 (this “Amendment”) is effective as of March 1, 2005 by and between ADVISORS SERIES TRUST, a Delaware business trust (the “Trust”), on behalf of the Edgar Lomax Value Fund (the “Fund”), and The Edgar Lomax Company, a Delaware corporation (the “Advisor”).

AMENDMENT NO. 2 TO THE OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • February 24th, 2009 • Advisors Series Trust
AMENDMENT NO. 1 TO THE OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • February 24th, 2009 • Advisors Series Trust

This AMENDMENT NO. 1 (this “Amendment”), effective as of November 1, 2004, to the Operating Expenses Limitation Agreement originally made and entered into on January 1, 2001 (the “Agreement”), is entered into by and between ADVISORS SERIES TRUST, a Delaware business trust (the “Trust”), on behalf of the Edgar Lomax Value Fund (the “Fund”), and The Edgar Lomax Company, a Delaware corporation (the “Advisor”).

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