0001144204-10-049117 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • September 13th, 2010 • AdvisorShares Trust • Delaware

AGREEMENT (this “Agreement”) made as of this 9th day of September, 2010 by and between AdvisorShares Investments, LLC, a Delaware limited liability company with its principal place of business at 3 Bethesda Metro Center, Suite 700, Bethesda MD, 20814 (the “Adviser”) and Cambria Investment Management, Inc., a California corporation, with its principal place of business at 2321 Rosecrans Ave., Suite 4210, El Segundo, CA 90245 (the “Sub-Adviser”).

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • September 13th, 2010 • AdvisorShares Trust

EXPENSE LIMITATION AGREEMENT, effective as of September 9, 2010 by and between ADVISORSHARES INVESTMENTS, LLC (the "Adviser") and Cambria Investment Management, Inc. (the "Sub-Adviser") (the "Agreement").

SCHEDULE A to the ADVISORY AGREEMENT dated June 2, 2009, amended as of August 26, 2010 between ADVISORSHARES TRUST and ADVISORSHARES INVESTMENTS, LLC
Advisory Agreement • September 13th, 2010 • AdvisorShares Trust

The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund in accordance the following fee schedule:

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • September 13th, 2010 • AdvisorShares Trust • Delaware

AGREEMENT made as of this 30th day of March, 2010 by and between AdvisorShares Investments, LLC, a Delaware limited liability company with its principal place of business at 3 Bethesda Metro Center, Suite 700, Bethesda MD, 20814 (the “Adviser”) and Mars Hill Partners, LLC, a Colorado limited liability company with its principal place of business at 102 South Tejon, Suite 430, Colorado Springs, CO 80903 (the “Sub-Adviser”).

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