A. Description of the Advisory Firm Hypatia Capital Management LLC (hereinafter “HCML”) is a Limited Liability Company organized in the State of Delaware. The firm was formed in February 2015, and the principal owner is Hypatia Capital Group LLC. B. Types of Advisory Services Portfolio Management Services HCML offers ongoing portfolio management services based on the individual goals, objectives, time horizon, and risk tolerance of each client. HCML creates an Investment Policy Statement for each client, which outlines the client’s current situation (income, tax levels, and risk tolerance levels). Portfolio management services include, but are not limited to, the following: • Investment strategy • Personal investment policy • Asset allocation • Asset selection • Risk tolerance • Regular portfolio monitoring HCML evaluates the current investments of each client with respect to their risk tolerance levels and time horizon. HCML will require discretionary authority from clients in order to select securities and execute transactions without permission from the client prior to each transaction. Risk tolerance levels are documented in the Investment Policy Statement, which is given to each client. HCML seeks to provide that investment decisions are made in accordance with the fiduciary duties owed to its accounts and without consideration of HCML’s economic, investment or other financial interests. To meet its fiduciary obligations, HCML attempts to avoid, among other things, investment or trading practices that systematically advantage or disadvantage certain client portfolios, and accordingly, HCML’s policy is to seek fair and equitable allocation of investment opportunities/transactions among its clients to avoid favoring one client over another over time. It is HCML’s policy to allocate investment opportunities and transactions it identifies as being appropriate and prudent among its clients on a fair and equitable basis over time. HCML serves as the investment advisor to the Hypatia Women CEO ETF, a series of Two Roads Shared Trust (‘the fund’) (CUSIP: 90214Q 576). HCML is responsible for managing the Fund’s investments, executing transactions and providing related administrative services and facilities under an investment advisory agreement between the Trust, on behalf of the Fund, and HCML. For more information

regarding the Fund please refer to the Fund’s governing documents. Services Limited to Specific Types of Investments HCML generally limits its investment advice to ETFs. Written Acknowledgement of Fiduciary Status If we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. C. Client Tailored Services and Client Imposed Restrictions HCML offers the same suite of services to all of its clients. However, specific client investment strategies and their implementation are dependent upon the client Investment Policy Statement which outlines each client’s current situation (income, tax levels, and risk tolerance levels). Clients may impose restrictions in investing in certain securities or types of securities in accordance with their values or beliefs. However, if the restrictions prevent HCML from properly servicing the client account, or if the restrictions would require HCML to deviate from its standard suite of services, HCML reserves the right to end the relationship. D. Wrap Fee Programs A wrap fee program is an investment program where the investor pays one stated fee that includes management fees and transaction costs. HCML does not participate in wrap fee programs. E. Assets Under Management HCML has the following assets under management: Discretionary Amounts: Non-discretionary Amounts: Date Calculated: $0 $0 December 2022