0001144204-11-014960 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • March 15th, 2011 • AdvisorShares Trust • Delaware

AGREEMENT made as of this 14th day of March, 2011 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 American Retirement Planners II, Inc., a Nevada corporation with its principal place of business at 570 Hammill Lane, Reno, NV 89511 (the “Sub-Adviser”).

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 15th, 2011 • AdvisorShares Trust

EXPENSE LIMITATION AGREEMENT, effective as of March 14, 2011 by and between ADVISORSHARES INVESTMENTS, LLC (the "Adviser") and AMERICAN RETIREMENT PLANNERS II, INC. (the "Sub-Adviser") (the "Agreement").

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EXHIBIT A to the FUND ADMINISTRATION AND ACCOUNTING AGREEMENT Dated July 16, 2009, amended as of March 4, 2011 between each series of ADVISORSHARES TRUST listed herein on this Exhibit A and THE BANK OF NEW YORK MELLON AdvisorShares Trust Series:
Administration and Accounting Agreement • March 15th, 2011 • AdvisorShares Trust

Dent Tactical ETF WCM / BNY Mellon Focused Growth ADR ETF Mars Hill Global Relative Value ETF Peritus High Yield ETF Active Bear ETF Cambria Global Tactical ETF SiM Dynamic Allocation Diversified Income ETF SiM Dynamic Allocation Growth Income ETF Madrona Forward Domestic ETF Madrona Forward International ETF Madrona Forward Global Bond ETF Meidell Tactical Advantage ETF

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SCHEDULE II to the CUSTODY AGREEMENT Dated July 16, 2009, amended as of March 4, 2011 between each series of ADVISORSHARES TRUST listed herein on this Schedule II and THE BANK OF NEW YORK MELLON AdvisorShares Trust Series:
Custody Agreement • March 15th, 2011 • AdvisorShares Trust
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APPENDIX I to the TRANSFER AGENCY AGREEMENT Dated July 16, 2009, amended as of March 4, 2011 between each series of ADVISORSHARES TRUST listed herein on this Appendix I and THE BANK OF NEW YORK MELLON AdvisorShares Trust Series:
Transfer Agency Agreement • March 15th, 2011 • AdvisorShares Trust

Dent Tactical ETF WCM / BNY Mellon Focused Growth ADR ETF Mars Hill Global Relative Value ETF Peritus High Yield ETF Active Bear ETF Cambria Global Tactical ETF SiM Dynamic Allocation Diversified Income ETF SiM Dynamic Allocation Growth Income ETF Madrona Forward Domestic ETF Madrona Forward International ETF Madrona Forward Global Bond ETF Meidell Tactical Advantage ETF

Sample 1
SCHEDULE A to the ADVISORY AGREEMENT dated June 2, 2009, amended as of March 4, 2011 between ADVISORSHARES TRUST and ADVISORSHARES INVESTMENTS, LLC
Advisory Agreement • March 15th, 2011 • 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:

Sample 1
SCHEDULE A to the EXPENSE LIMITATION AGREEMENT dated June 2, 2009, amended as of March 4, 2011 between ADVISORSHARES TRUST AND ADVISORSHARES INVESTMENTS, LLC MAXIMUM ANNUAL OPERATING EXPENSE LIMITS
Expense Limitation Agreement • March 15th, 2011 • AdvisorShares 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% SiM Dynamic Allocation Diversified Income ETF 1.40% SiM Dynamic Allocation Growth Income ETF 1.40% Madrona Forward Domestic ETF 1.25% Madrona Forward International ETF 1.25% Madrona Forward Global Bond ETF 0.95% Meidell Tactical Advantage ETF 1.35% TrimTabs Float Shrink ETF 1.40% Rockledge SectorSAM ETF 1.50%

Sample 1
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