Appendix A OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT Two Roads Shared Trust As of: August 1, 2015

Appendix A

OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT

Two Roads Shared Trust

As of: August 1, 2015

Fund	Operating Expense Limit	Minimum Duration
REDWOOD MANAGED VOLATILITY FUND
Class I	1.74%	March 1, 2016
Class N	1.99%	March 1, 2016
Class Y	1.50%	March 1, 0000

XXX XXXXX XXXXXX XXXXX, Xx behalf of the Redwood Managed Volatility Fund   By: /s/ Xxxxxx Xxxxxx Name: Xxxxxx Xxxxxx Title: President   REDWOOD INVESTMENT MANAGEMENT, LLC     By: /s/ Xxxxxxx Xxxxxxxxx Name: Xxxxxxx Xxxxxxxxx Title: Principal  

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