AdvisorShares: Actively Managed ETFs

1. AdvisorShares: Actively Managed ETFs 1 FWDD, FWDI, FWDB, MATH Funds are effective, but have not yet launched and are not available for sale at this time. For Financial Intermediary Use Only - Not for Use with the Investing Public

2. Disclosure Before investing you should carefully consider the Funds’ investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling (877) 843-3831 or by visiting the website at www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor. There is no guarantee that the Funds will achieve their investment objective. An investment in the Funds are subject to risk, including the possible loss of principal amount invested. Other Fund risks include market risk, equity risk, short sales and leverage risk, ETN risk, closed end fund risk, large cap risk, early closing risk, liquidity risk and trading risk. Short sales involve leverage because the Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund. Newly organized, the Fund has no trading history and there can be no assurance that active trading markets will be developed or maintained. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times. ETFs are subject to commission costs each time a buy or sell is executed. This material is intended to assist in the understanding of the fund’s present methodology and should not be considered investment or tax advice.

3. AdvisorShares Line up 1 The Advisor has contractually agreed to keep net expenses from exceeding 1.50% of the Fund’s average daily net assets until October 31, 2011. 2 The Advisor has contractually agreed to keep net expenses from exceeding 1.50% of the Fund’s average daily net assets until October 31, 2012. 3 The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets until May 6, 2011. 4 The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s average daily net assets until September 12, 2011. 5 The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s average daily net assets until September 12, 2011. 6 The Advisor has contractually agreed to keep net expenses from exceeding 1.85% of the Fund’s average daily net assets until September 21, 2011. 7 The Advisor has contractually agreed to keep the Fund’s Total Annual Fund Operating expenses from exceeding 1.25% until October 31, 2012. 8 The Advisor has contractually agreed to keep the Fund’s Total Annual Fund Operating expenses from exceeding 1.25% until October 31, 2012. 9 The Advisor has contractually agreed to keep net expenses from exceeding 0.95% of the Fund’s average daily net assets until October 31, 2012. 10 The Advisor has contractually agreed to keep net expenses from exceeding 1.35% of the Fund’s average daily net assets until October 31, 2012.

4. Dent Tactical ETF: DENT/NYSE Sub-advised by HS Dent Investment Management For Financial Intermediary Use Only - Not for Use with the Investing Public

5. DENT Tactical ETF: Investment Process • Start with the full universe of ETFs • Use HS Dent research to identify those ETFs that are favored in the current economic season • Use relative strength to eliminate those that are currently weak • Apply rules for diversity • Determine if the portfolio is fully invested, or if a portion must be “defensive” • Update the model on a regular basis

6. DENT Performance (as of 3/31/2011) Morningstar Category: World Allocation* Category Avg** NAV Mkt Price Return *As of 3/31/2011, there were 9 ETFs, and 412 mutual fund shares classes (105 distinct strategies in the Morningstar World Allocation category. **These percentages represent how an ETF or mutual fund performed in a given time period vs. all ETFs and mutual funds in the category, with 1% being the best performing and 100% being the worst performing. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the gross expense ratio is 2.45%. The Advisor has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses from exceeding 1.50% of the Fund’s average daily net assets until October 31, 2011. For the most recent month end performance, please visit www.advisorshares.com.

7. How to Use the DENT ETF • Covers all market sectors, industry, capitalization, domestic & international, including currency and commodities • Tactical Allocation that may reduce overall portfolio risk and volatility as it has the ability to go 100% to cash to get defensive • Use this to get tactical in client accounts without the statement/confirm activity • Could act as a compliment to a diversified core or as an alternative allocation to provide potentially non-correlated returns IMPORTANT:  DENT Does not follow the HS Dent Forecast Updates

8. Seeking to add Alpha and Downside Protection to a Diversified Portfolio Sub-advised by Ranger Alternative Management April 2011 For Financial Intermediary Use Only - Not for Use with the Investing Public

9. Ranger Alternative Management, L.P. – The Active Bear ETF • Ranger Alternative Management (“Ranger”) is an SEC registered Investment Adviser, and subsidiary of Ranger Capital Group • Ranger Capital Group - provides the operational support and infrastructure for several asset management firms that collective manage over $1.6 Billion • Based in Dallas, Texas • Ranger commenced operations on October 1, 2007 This presentation contains links to third party websites on the Internet. Links to these other websites are provided only as a convenience and should not be considered fund related marketing materials.

10. AdvisorShares Active Bear (HDGE) – Portfolio Managers John Del Vecchio, CFA • Former portfolio manager of the Ranger Short Fund, LP • Founder, Parabolix Research • Former Investment Analyst, Prudent Bear Fund • Trained Forensic Accountant Brad Lamensdorf • Trading Strategist for Ranger Alternatives • Principal of Precision Partners • Founder BHL Partners • Former PM of Long/Short Tarpon Capital Fund • Former Equity trader for the Bass Family Office

11. Total Returns of Individual Stocks vs. Russell 3000 Index Source: BlackStar Funds, past perofmrnace is net indicative of future results, one can not invest in an index.

12. AdvisorShares Active Bear (HDGE) – Investment Philosophy

13. AdvisorShares Active Bear (HDGE) – Investment Process

14. AdvisorShares Active Bear (HDGE) – Portfolio Construction

15. How to Use the HDGE ETF • Could provide a hedge to a long-only domestic investment strategy over the long-term, application could consist of a: • Constant hedge, 5 – 20% of domestic equity exposure • Tactical hedge, 100% of domestic equity exposure • Could provide short-term alpha to your portfolio as HDGE can be up when your domestic equity exposure is up • Could provide the means to create your own domestic equity market neutral strategy

16. Contact Information DENT.advisorshares.com AdvisorShares Investments, LLC 2 Bethesda Metro Center Suite 1330 Bethesda, MD 20814 www.advisorshares.com