Appendix A OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT Two Roads Shared Trust As of: May 29, 2016
Appendix A
OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT
As of: May 29, 2016
| Fund | Operating Expense Limit | Minimum Duration |
| ▇▇▇▇▇▇ MANAGED INCOME FUND | ||
| Class A | 1.70 % | November 28, 2017 |
| Class C | 2.45 % | November 28, 2017 |
| Class I | 1.45 % | November 28, 2017 |
| Class R | 1.85% | November 28, 2017 |
| Investor Class | 2.45% | November 28, 2017 |
| ▇▇▇▇▇▇ TACTICAL DIVIDEND MOMENTUM FUND | ||
| Class A | 1.70 % | November 28, 2017 |
| Class C | 2.45 % | November 28, 2017 |
| Class I | 1.45 % | November 28, 2017 |
| Class R | 1.85% | November 28, 2017 |
| Investor Class | 2.45% | November 28, ▇▇▇▇ |
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▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ behalf of the ▇▇▇▇▇▇ Managed Income Fund and ▇▇▇▇▇▇ Tactical Dividend and Momentum Fund
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: President
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▇▇▇▇▇▇ INVESTMENT MANAGEMENT, INC.
By: /s/ ▇▇▇ ▇▇▇▇▇▇▇ Name: ▇▇▇ ▇▇▇▇▇▇▇ Title: General Counsel |