Appendix A OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT Two Roads Shared Trust As of: March 6, 2019

Appendix A

OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT

Two Roads Shared Trust

As of: March 6, 2019

Fund	Operating Expense Limit	Minimum Duration
Conductor Global Equity Value Fund
Class A	2.15%	March 1, 2020
Class C	2.90%	March 1, 2020
Class I	1.90%	March 1, 2020
Class Y	1.25%	March 1, 2020
Conductor International Equity Value Fund
Class A	1.45%	March 1, 2021
Class I	1.20%	March 1, 0000

XXX XXXXX XXXXXX XXXXX, Xx behalf of the Conductor Global Fund     By: Name: Xxx Xxxxxxxxx Title: President   IRONHORSE CAPITAL LLC       By: Name: X. Xxxx Xxxxxxx Title: Principal