0001580642-15-003106 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • July 24th, 2015 • Two Roads Shared Trust • New York

INVESTMENT ADVISORY AGREEMENT made as of this 20th day of April, 2015 by and between Two Roads Shared Trust, a Delaware statutory trust (the “Trust”), and Anfield Capital Management, LLC (the “Adviser”).

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INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • July 24th, 2015 • Two Roads Shared Trust • New York

This INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”), effective as of April 20, 2015, is by and among Affinity Investment Advisors, LLC (the “Sub-Adviser”), Two Roads Shared Trust (the “Trust”), on behalf of the Affinity Small Cap Fund, a series of the Trust (the “Fund”), and Anfield Capital Management, LLC (the “Adviser”).

OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT
Operating Expenses Limitation and Security Agreement • July 24th, 2015 • Two Roads Shared Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of the 20th day of April, 2015, by and between TWO ROADS SHARED TRUST, a Delaware statutory trust (the “Trust”), on behalf of the AFFINITY SMALL CAP FUND (the “Fund”), a series of the Trust, and the Adviser to the Fund, ANFIELD CAPITAL MANAGEMENT, LLC (“Anfield” or the “Adviser”).

Two Roads Shared Trust Investment Advisory Agreement
Two Roads Shared Trust • July 24th, 2015
Two Roads Shared Trust Investment Advisory Agreement
Two Roads Shared Trust • July 24th, 2015
Appendix A OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT Two Roads Shared Trust As of: August 1, 2015
Operating Expenses Limitation and Security Agreement • July 24th, 2015 • Two Roads Shared Trust

TWO ROADS SHARED TRUST, On behalf of the Redwood Managed Volatility Fund By: /s/ Andrew Rogers Name: Andrew Rogers Title: President REDWOOD INVESTMENT MANAGEMENT, LLC By: /s/ Michael Messinger Name: Michael Messinger Title: Principal

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