OPERATING EXPENSE LIMITATION AND SECURITY AGREEMENT between Two Roads Shared Trust and Redwood Investment Management, LLC dated September 18, 2013 APPENDIX A As amended: February 26, 2018

OPERATING EXPENSE LIMITATION AND SECURITY AGREEMENT

between Two Roads Shared Trust and Redwood Investment Management, LLC

dated September 18, 2013

APPENDIX A

As amended: February 26, 2018

Fund	Operating Expense Limit	Minimum Duration
Redwood Managed Volatility Fund
Class I	1.67%	March 1, 2019
Class N	1.92%	March 1, 2019
Class Y	1.43%	March 1, 0000

XXX XXXXX XXXXXX XXXXX,

Xx behalf of the Funds included herein on Appendix A

By: /s/ Xxx Xxxxxxxxx

Name: Xxx Xxxxxxxxx

Title: President

REDWOOD INVESTMENT MANAGEMENT, LLC

By: /s/ Xxxxxxx Xxxxxxxxx

Name: Xxxxxxx Xxxxxxxxx

Title: Principal