Appendix A

to the Operating Expenses Limitation Agreement

(as amended on October 25, 2011 to add a new share class)

Series or Fund of Advisors Series Trust	Operating Expense Limit
Huber Capital Equity Income Fund – Investor Class	1.49%
Huber Capital Equity Income Fund – Institutional Class	0.99%
Huber Capital Small Cap Value Fund – Investor Class	1.85%
Huber Capital Small Cap Value Fund – Institutional Class	1.35%

ADVISORS SERIES TRUST	HUBER CAPITAL MANAGEMENT, LLC
on behalf of the Funds listed on Schedule A
By:   /s/ Douglas G. Hess	By:   /s/ Gary Thomas
Name:   Douglas G. Hess	Name:   Gary Thomas
Title:   President	Title:   COO/CCO