SUBSCRIPTION AGREEMENT BETWEEN THE FUND AND THE INVESTOR

SUBSCRIPTION AGREEMENT BETWEEN THE FUND AND THE INVESTOR

TWO ROADS SHARED TRUST LETTER OF INVESTMENT INTENT

October 19, 2012

To the Board of Trustees of Two Roads Shared Trust:

The undersigned (the "Purchaser") hereby subscribes to purchase a beneficial interest ("Interest") in the Two Roads Shared Trust, in the amount of $100,000.00 for 10,000 shares of the Belvedere Alternative Income Fund at net asset value of $10.00 per share, in consideration for which the Purchaser agrees to transfer to you upon demand cash in the amount of $100,000.00.

The Purchaser agrees that the Interest is being purchased for investment purposes only and with no present intention of reselling or redeeming said Interest.

Gemini Fund Services, LLC

By: /s/ Xxxxxx Xxxxxx

_{Name: Xxxxxx Xxxxxx}

_{Title: President}