<SEC-DOCUMENT>0001144204-18-060282.txt : 20181115
<SEC-HEADER>0001144204-18-060282.hdr.sgml : 20181115
<ACCEPTANCE-DATETIME>20181115163352
ACCESSION NUMBER:		0001144204-18-060282
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181114
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181115
DATE AS OF CHANGE:		20181115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13759
		FILM NUMBER:		181187602

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>tv506843_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>____________________</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): November 14, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>____________________</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">REDWOOD
TRUST, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Maryland</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or
other jurisdiction of incorporation)</P></TD>
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>001-13759</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>68-0329422</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(IRS Employer Identification
        Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>One Belvedere Place</B><BR>
<B>Suite 300</B><BR>
<B>Mill Valley, California 94941</B><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">(Address of principal executive offices, including Zip Code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(415) 389-7373</B><BR>
(Registrant&rsquo;s telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B><BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>____________________</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Emerging growth
company </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;8.01</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Other Events. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 14, 2018, Redwood Trust, Inc.
(the &ldquo;Company&rdquo;)&nbsp;filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a prospectus
supplement (the &ldquo;Prospectus Supplement&rdquo;),&nbsp;pursuant to which the Company may sell up to an aggregate of
$150,000,000 of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;Shares&rdquo;) from time to time in
 &ldquo;at the market&rdquo; offerings (the &ldquo;Offering&rdquo;). The Company may sell the Shares in amounts and at times
to be determined by the Company from time to time but has no obligation to sell any of the Shares in the Offering. Actual
sales will depend on a variety of factors to be determined by the Company from time to time, including (among others) market
conditions, the trading price of the Company&rsquo;s common stock, capital needs and determinations by the Company of the
appropriate sources of funding for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offering
will occur pursuant to a distribution agreement (the &ldquo;Agreement&rdquo;) entered into by the Company and Wells Fargo
Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP
Securities LLC, as agents and/or principals, for the offer and sale of the Shares (each, individually, an
 &ldquo;Agent&rdquo;, and together, the &ldquo;Agents&rdquo;). The Company intends to use the net proceeds from the Offering
to fund its business and investment activity, which may include funding purchases of residential mortgage loans and acquiring
mortgage-backed securities for its investment portfolio, funding new investment initiatives in the single-family rental,
fix-and-flip, re-performing residential, and multifamily housing sectors (among others), as well as for other initiatives and
general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">None of the Agents is required to sell any specific number or dollar amount of Shares but each has agreed to use its commercially
reasonable efforts to sell, on the terms and subject to the conditions of the Agreement, Shares on terms agreed upon by us
and such Agent from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sales of the Shares,
if any, under the Agreement may be made (1) in &ldquo;at the market&rdquo; offerings (as defined in Rule 415 under the Securities
Act of 1933, as amended) by means of ordinary brokers&rsquo; transactions at market prices prevailing at the time of sale, including
sales made on the New York Stock Exchange, sales made to or through market makers and sales made through other securities exchange
or electronic communications networks and (2) in such privately negotiated transactions, which may include block trades, as the
Company and any Agent may agree. The Offering will terminate upon the earlier of (1) the sale of Shares having an aggregate gross
sales price of $150,000,000 pursuant to the Agreement and (2) the termination of the Agreement by us or by the parties thereto
by mutual agreement. Any Agent may also terminate the Agreement but only with respect to itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Agreement
provides that an Agent will be entitled to a commission at a mutually agreed rate that will not exceed, but may be lower
than, 2.0% of the gross sales price per share of any of the Shares sold through it as Agent. Under the terms of the
Agreement, the Company may also sell Shares to each of the Agents, as principal, at a price agreed upon at the time of sale.
If the Company sells Shares to any Agent as principal, it will enter into a separate terms agreement with the Agent, setting
forth the terms of such transaction. In any such sale to an Agent as principal, we may agree to pay the applicable Agent a
commission or discount that may exceed 2.0% of the gross sales price per share of common stock sold to such Agent, as
principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Shares will be
issued pursuant to the Prospectus Supplement and the Company&rsquo;s shelf registration statement on Form S-3 (File No. 333-211267),
which was filed with the SEC, and became effective on, May 10, 2016. This Current Report on Form 8-K shall not constitute an offer
to sell or the solicitation of an offer to buy any security nor shall there be any sale of these securities in any state in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Agreement contains customary representations, warranties, and agreements of the Company and the Agents, indemnification
rights and obligations of the parties and termination provisions. A copy of the Agreement
is filed as Exhibit 1.1 to this Current Report. The description of the Agreement does not purport to be complete and is qualified
in its entirety by reference to the Agreement filed as an exhibit to this Current Report and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The company is filing
the opinion of its Maryland counsel, Venable LLP, regarding the legality of the Shares that may be issued pursuant to the Agreement.
The opinion is filed as Exhibit 5.1 to this Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;9.01</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibits.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; white-space: nowrap">Exhibit&nbsp;No.</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><A HREF="tv506843_ex1-1.htm" STYLE="-sec-extract: exhibit">1.1</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="tv506843_ex1-1.htm" STYLE="-sec-extract: exhibit">Distribution Agreement by and among Redwood Trust, Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP Securities LLC, dated November 14, 2018.</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><A HREF="tv506843_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="tv506843_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Venable LLP.</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><A HREF="tv506843_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="tv506843_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Venable LLP (included in Exhibit 5.1).</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<TD><FONT STYLE="font-size: 10pt">Date: November 15, 2018</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">REDWOOD TRUST, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Andrew P. Stone</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Andrew P. Stone</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD STYLE="width: 42%"><FONT STYLE="font-size: 10pt">Executive
                                         Vice President,<BR>
                                         General Counsel, and Secretary</FONT></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tv506843_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">REDWOOD TRUST, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>Distribution Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November&nbsp;14, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC<BR>
375 Park Avenue, 4th Floor<BR>
New York, New York 10152</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 West Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JMP Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">600 Montgomery Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Francisco, CA 94111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Redwood Trust, Inc., a Maryland corporation
(the &ldquo;<B>Company</B>&rdquo;), confirms its agreement with each of Wells Fargo Securities, LLC, J.P. Morgan Securities LLC,
Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP Securities LLC, as an agent and/or principal under any
Terms Agreement (as defined in Section&nbsp;1(a) below) (each, an &ldquo;<B>Agent</B>&rdquo; or collectively, the &ldquo;<B>Agents</B>&rdquo;),
with respect to the issuance and sale from time to time by the Company, in the manner and subject to the terms and conditions described
below in this Distribution Agreement (this &ldquo;<B>Agreement</B>&rdquo;), of shares of Common Stock, par value, $0.01 per share
(the &ldquo;<B>Common Stock</B>&rdquo;) of the Company having an aggregate Gross Sales Price (as defined in Section 2(b) below)
of up to $150,000,000 (the &ldquo;<B>Maximum Amount</B>&rdquo;) on the terms set forth in Section&nbsp;1 of this Agreement. Such
shares are hereinafter collectively referred to as the &ldquo;<B>Shares</B>&rdquo; and are described in the Prospectus referred
to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has filed with the Securities
and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under the Securities Act of 1933, as amended, and the rules and regulations
of the Commission thereunder (collectively, the &ldquo;<B>Securities Act</B>&rdquo;), a registration statement on Form S-3 (File
No. 333-211267) for the registration of the offering and sale of the Shares and other securities of the Company, including a prospectus
dated May 10, 2016 (the &ldquo;<B>Base Prospectus</B>&rdquo;) relating to, among other things, the offering, sale and plan of distribution
of the Shares and containing additional information concerning the Company and its business. Except where the context otherwise
requires, &ldquo;<B>Registration Statement</B>,&rdquo; as used herein, means the registration statement, as amended at the time
it became effective for purposes of Section&nbsp;11 of the Securities Act as such section applies to the Agents, including (1)&nbsp;all
documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein and (2) the information, if
any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of or incorporated by reference in the registration
statement at the time of its effectiveness. If the Company has filed a Replacement Registration Statement pursuant to Section 4(r)
herein or an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the &ldquo;<B>Rule 462 Registration
Statement</B>&rdquo;), then any reference herein to the term &ldquo;Registration Statement&rdquo; shall be deemed to include such
Replacement Registration Statement or Rule 462 Registration Statement; as used herein, the term &ldquo;<B>Preliminary Prospectus</B>&rdquo;
means with respect to any offering of Shares by an Agent as principal pursuant to a Terms Agreement, a prospectus in preliminary
form filed in accordance with the provisions of Rule 424(b), together with the Base Prospectus, in each case, as amended and supplemented
(if applicable), including a preliminary pricing supplement; &ldquo;<B>Prospectus Supplement</B>&rdquo; means the most recent prospectus
supplement relating to the Shares, to be filed by the Company with the Commission pursuant to Rule 424(b) under the Securities
Act on or before the second business day after the date of its first use in connection with a public offering or sale of Shares
pursuant hereto (or such earlier time as may be required under the Securities Act), in the form furnished by the Company to the
Agents in connection with the offering of the Shares; as used herein, the term &ldquo;<B>Prospectus</B>&rdquo; means the Prospectus
Supplement and any additional prospectus supplement prepared in accordance with the provision of Section 4(h) of the Agreements
or a final pricing supplement relating to offering of the Shares by an Agent as principal pursuant to a Terms Agreement, filed
in accordance with the provisions of Rule 424(b), together with the Base Prospectus attached to or used with the Prospectus Supplement;
and &ldquo;<B>Permitted Free Writing Prospectus</B>&rdquo; has the meaning set forth in Section 3(b). Any reference herein to the
Registration Statement, the Base Prospectus, the Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus
shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to
be incorporated by reference, therein (the &ldquo;<B>Incorporated Documents</B>&rdquo;), including, unless the context otherwise
requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms &ldquo;amend,&rdquo;
&ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, the Base Prospectus, the Preliminary
Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to and include
the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively,
the &ldquo;<B>Exchange Act</B>&rdquo;) on or after the initial effective date of the Registration Statement, or the date of the
Base Prospectus, the Preliminary Prospectus, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and
deemed to be incorporated therein by reference. References in this Agreement to financial statements or other information that
is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;described,&rdquo; &ldquo;set forth&rdquo; or &ldquo;provided&rdquo;
in the Registration Statement, the Base Prospectus, the Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus
and any similar references shall, unless stated otherwise, include any information incorporated or deemed to be incorporated by
reference therein. As used herein, &ldquo;<B>Time of Sale</B>&rdquo; means (i)&nbsp;with respect to each offering of Shares pursuant
to this Agreement, the time of each Agent&rsquo;s initial entry into contracts with investors for the sale of such Shares and (ii)&nbsp;with
respect to each offering of Shares pursuant to any relevant Terms Agreement, the time of sale of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and each Agent agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Issuance
and Sale</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein and provided
the Company provides the applicable Agent with any due diligence materials and information reasonably requested by each Agent necessary
for such Agent to satisfy its due diligence obligations, on any Exchange Business Day (as defined below) selected by the Company,
the Company and such Agent shall enter into an agreement in accordance with Section 2 hereof regarding the number of Shares to
be placed by such Agent, as agent, and the manner in which and other terms upon which such placement is to occur (each such transaction
being referred to as an &ldquo;<B>Agency Transaction</B>&rdquo;). The Company may also offer to sell the Shares directly to an
Agent, as principal, in which event such parties shall enter into a separate agreement (each, a &ldquo;<B>Terms Agreement</B>&rdquo;)
in substantially the form of <U>Exhibit A</U> hereto (with such changes thereto as may be agreed upon by the Company and such Agent
to accommodate a transaction involving more than one Agent), relating to such sale in accordance with Section 2(g) of this Agreement
(each such transaction being referred to as a &ldquo;<B>Principal Transaction</B>&rdquo;). As used herein, (i) the &ldquo;<B>Term</B>&rdquo;
shall be the period commencing on the date hereof and ending on the earlier of (x) the date on which the aggregate Gross Sales
Price of Shares issued and sold pursuant to this Agreement and any Terms Agreements are equal to the Maximum Amount and (y) any
termination of this Agreement pursuant to Section 8(b), (ii) an &ldquo;<B>Exchange Business Day</B>&rdquo; means any day during
the Term that is a trading day for the Exchange other than a day on which trading on the Exchange is scheduled to close prior to
its regular weekday closing time, and (iii) &ldquo;<B>Exchange</B>&rdquo; means the New York Stock Exchange<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the terms and conditions set forth below, the Company appoints each Agent as agent in connection with the offer and sale of
Shares in any Agency Transactions entered into hereunder. Each Agent will use commercially reasonable efforts, consistent with
its normal trading and sales practices, to sell such Shares in accordance with the terms and subject to the conditions hereof and
of the applicable Transaction Acceptance (as defined below). Neither the Company nor any Agent shall have any obligation to enter
into an Agency Transaction. The Company shall be obligated to issue and sell through the Agents, and each of the Agents shall be
obligated to use commercially reasonable efforts, consistent with its normal trading and sales practices and as provided herein
and in the applicable Transaction Acceptance, to place Shares issued by the Company only if and when the Company makes a Transaction
Proposal to such Agent related to such an Agency Transaction and a Transaction Acceptance related to such Agency Transaction has
been delivered to the Company by such Agent as provided in Section 2 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Agent, as agent in any Agency Transaction, hereby covenants and agrees, severally and not jointly, not to make any sales of the
Shares on behalf of the Company pursuant to this Agreement other than (A) by means of ordinary brokers&rsquo; transactions between
members of the Exchange that qualify for delivery of a Prospectus in accordance with Rule 153 under the Securities Act and meet
the definition of an &ldquo;at the market offering&rdquo; under Rule 415(a)(4) under the Securities Act (such transactions are
hereinafter referred to as &ldquo;<B>At the Market Offerings</B>&rdquo;) and (B) such other sales of the Shares on behalf of the
Company in its capacity as agent of the Company as shall be agreed by the Company and such Agent in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
Shares are to be sold in an Agency Transaction in an At the Market Offering, the applicable Agent will confirm in writing to the
Company the number of Shares sold on any Exchange Business Day and the related Gross Sales Price and Net Sales Price (as each of
such terms is defined in Section 2(b) below) no later than the opening of trading on the immediately following Exchange Business
Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Company shall default on its obligation to deliver Shares to an Agent pursuant to the terms of any Agency Transaction or Terms
Agreement, other than as a result of bad faith or willful misconduct of such Agent, the Company shall (i) indemnify and hold harmless
such Agent and its successors and assigns from and against any and all losses, claims, damages, liabilities and expenses arising
from or as a result of such default by the Company and (ii) notwithstanding any such default, pay to such Agent the commission
to which it would otherwise be entitled in connection with such sale in accordance with Section&nbsp;2(b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company acknowledges and agrees that (i) there can be no assurance that an Agent will be successful in selling the Shares, (ii)
no Agent shall incur any liability or obligation to the Company or any other person or entity if it does not sell Shares for any
reason other than a failure by such Agent to use its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (iii) no Agent
shall be under any obligation to purchase Shares on a principal basis pursuant to this Agreement, except as may otherwise be specifically
agreed by such Agent and the Company in a Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transaction
Acceptances and Terms Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may, from time to time during the Term, propose to an Agent that they enter into an Agency Transaction to be executed on
a specified Exchange Business Day or over a specified period of Exchange Business Days, which proposal shall be made to such Agent
by telephone or by email from any of the individuals listed as an authorized representative of the Company on <U>Schedule A</U>
hereto to make such sales and shall set forth the information specified below (each, a &ldquo;<B>Transaction Proposal</B>&rdquo;).
If such Agent agrees to the terms of such proposed Agency Transaction or if the Company and such Agent mutually agree to modified
terms for such proposed Agency Transaction, then such Agent shall promptly deliver to the Company by email a notice (each, a &ldquo;<B>Transaction
Acceptance</B>&rdquo;) confirming the terms of such proposed Agency Transaction as set forth in such Transaction Proposal or setting
forth the modified terms for such proposed Agency Transaction as agreed by the Company and such Agent, as the case may be, whereupon
such Agency Transaction shall become a binding agreement between the Company and such Agent. Each Transaction Proposal shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>the Exchange Business Day(s) on which the Shares subject to such Agency Transaction are intended to be sold (each, a &ldquo;<B>Purchase
Date</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>the maximum number of Shares to be sold by such Agent (the &ldquo;<B>Specified Number of Shares</B>&rdquo;) on, or over the
course of, such Purchase Date(s), or as otherwise agreed between the Company and such Agent and documented in the relevant Transaction
Acceptance; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD>the lowest price, if any, at which the Company is willing to sell Shares on each such Purchase Date or a formula pursuant to
which such lowest price shall be determined (each, a &ldquo;<B>Floor Price</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">A Transaction Proposal shall not
set forth a Specified Number of Shares that, upon sale and when added to the Gross Sales Price of Shares previously purchased and
to be purchased pursuant to pending Transaction Acceptances (if any) hereunder and any Terms Agreements, would be expected to result
in a total Gross Sales Price that exceeds the Maximum Amount nor shall it set forth a Floor Price which is lower than the minimum
price authorized from time to time by the Company&rsquo;s board of directors or, if permitted by applicable law and the Company&rsquo;s
charter and by-laws, a duly authorized committee thereof. The Company shall have responsibility for maintaining records with respect
to the Gross Sales Price of Shares sold and for otherwise monitoring the availability of Shares for sale under the Registration
Statement and for insuring that the aggregate Gross Sales Price of Shares offered and sold does not exceed the Maximum Amount,
and the price at which any Shares are offered or sold is not lower than the minimum price authorized from time to time by the Company&rsquo;s
board of directors or, if permitted by applicable law and the Company&rsquo;s charter and by-laws, a duly authorized committee
thereof. In the event that more than one Transaction Acceptance with respect to any Purchase Date(s) is delivered by the applicable
Agent to the Company, the latest Transaction Acceptance shall govern any sales of Shares for the relevant Purchase Date(s), except
to the extent of any action taken by the Company occurring pursuant to a prior Transaction Acceptance and prior to the delivery
to the Company of the latest Transaction Acceptance. The Company or the applicable Agent may, upon notice to the other such party
by telephone (confirmed promptly by e-mail), suspend or terminate the offering of the Shares pursuant to Agency Transactions for
any reason; <I>provided</I>, <I>however</I>, that such suspension or termination shall not affect or impair the parties&rsquo;
respective obligations with respect to the Shares sold hereunder prior to the giving of such notice or their respective obligations
under any Terms Agreement. Notwithstanding the foregoing, if the terms of any Agency Transaction contemplate that Shares shall
be sold on more than one Purchase Date, then the Company and the applicable Agent shall mutually agree to such additional terms
and conditions as they deem reasonably necessary in respect of such multiple Purchase Dates, and such additional terms and conditions
shall be set forth in or confirmed by, as the case may be, the relevant Transaction Acceptance and be binding to the same extent
as any other terms contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Purchase Date(s) in respect of the Shares deliverable pursuant to any Transaction Acceptance shall be set forth in or confirmed
by, as the case may be, the applicable Transaction Acceptance. Except as otherwise agreed between the Company and an Agent, such
Agent&rsquo;s commission for any Shares sold through such Agent pursuant to this Agreement shall be at a mutually agreed rate,
not to exceed 2.0%, of the actual sales price of such Shares (the &ldquo;<B>Gross Sales Price</B>&rdquo;), which commission shall
be as set forth in or confirmed by, as the case may be, the applicable Transaction Acceptance; <I>provided</I>, <I>however</I>,
that such commission shall not apply when an Agent acts as principal, in which case such commission or a discount shall be set
forth in the applicable Terms Agreement. Notwithstanding the foregoing, in the event the Company engages an Agent for a sale of
Shares in an Agency Transaction that would constitute a &ldquo;distribution,&rdquo; within the meaning of Rule 100 of Regulation
M under the Exchange Act or a &ldquo;block&rdquo; within the meaning of Rule 10b-18(a)(5) under the Exchange Act, the Company will
provide such Agent, at such Agent&rsquo;s request and upon reasonable advance notice to the Company, on or prior to the Settlement
Date the opinions of counsel, accountants&rsquo; letters and officers&rsquo; certificates pursuant to Section 5 hereof, each dated
the Settlement Date, and such other documents and information as such Agent shall reasonably request, and the Company and such
Agent will agree to compensation that is customary for such Agent with respect to such transaction. The Gross Sales Price less
the applicable Agent&rsquo;s commission and after deduction for any transaction fees, transfer taxes or similar taxes or fees imposed
by any governmental, regulatory or self-regulatory organization in respect of the sale of the applicable Shares is referred to
herein as the &ldquo;<B>Net Sales Price</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Payment
of the Net Sales Price for Shares sold by the Company on any Purchase Date pursuant to a Transaction Acceptance shall be made to
the Company by wire transfer of immediately available funds to the account of the Company (which the Company shall provide to the
applicable Agent at least one Exchange Business Day prior to the applicable Agency Settlement Date (as defined below)) against
delivery of such Shares to such Agent&rsquo;s account, or an account of each such Agent&rsquo;s designee, at The Depository Trust
Company through its Deposit and Withdrawal at Custodian System (&ldquo;<B>DWAC</B>&rdquo;) or by such other means of delivery as
may be agreed to by the Company and such Agent. Such payment and delivery shall be made at or about 10:00 a.m. (New York City time)
on the second Exchange Business Day (or such other day as may, from time to time, become standard industry practice for settlement
of such a securities issuance or as agreed to by the Company and each such) following each Purchase Date (each, an &ldquo;<B>Agency
Settlement Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If,
as set forth in or confirmed by, as the case may be, the related Transaction Acceptance, a Floor Price has been set by the Company
with respect to a Purchase Date, and the applicable Agent thereafter determines and notifies the Company that the Gross Sales Price
for such Agency Transaction would not be at least equal to such Floor Price, then the Company shall not be obligated to issue and
sell through such Agent, and such Agent shall not be obligated to place, the Shares proposed to be sold pursuant to such Agency
Transaction on such Purchase Date, unless the Company and such Agent otherwise agree in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
either the Company or an Agent has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M
under the Exchange Act are not satisfied with respect to the Shares, the Company shall have a duty to promptly notify the other
parties to this Agreement and each Agent shall have a duty to promptly notify the Company, and sales of the Shares under this Agreement,
any Transaction Acceptance or any Terms Agreement shall be suspended until that or other exemptive provisions have been satisfied
in the reasonable judgment of each party to this Agreement. On or prior to the delivery of a prospectus that is required (whether
physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the offering or
sale of the Shares, the Company shall calculate the average daily trading volume (as defined under &ldquo;<B>ADTV</B>&rdquo; by
Rule 100 of Regulation M under the Exchange Act) of the Common Stock based on market data provided by Bloomberg L.P. or such other
sources as agreed upon by the Company and the applicable Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1in; text-indent: -40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) If the Company wishes to issue and sell the Shares pursuant to this Agreement but other than as set forth in Section
2(a) of this Agreement, it will notify the applicable Agent of the proposed terms of the Principal Transaction. If such, acting
as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following
discussions with the Company, wishes to accept amended terms, the Company and such Agent shall enter into a Terms Agreement setting
forth the terms of such Principal Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;</FONT>The
terms set forth in a Terms Agreement shall not be binding on the Company or an Agent unless and until the Company and such Agent
have each executed and delivered such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict
between the terms of this Agreement and the terms of a Terms Agreement, the terms of such Terms Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
sale of the Shares to an Agent in a Principal Transaction shall be made in accordance with the terms of this Agreement and a Terms
Agreement, which shall provide for the sale of such Shares to, and the purchase thereof by, such Agent. A Terms Agreement may also
specify certain provisions relating to the reoffering of such Shares by such Agent. The commitment of an Agent to purchase the
Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations, warranties and agreements
of the Company contained, and shall be subject to the terms and conditions set forth, in this Agreement and such Terms Agreement.
Any such Terms Agreement shall specify the number of the Shares to be purchased by the applicable Agent pursuant thereto, the price
to be paid to the Company for such Shares, any provisions relating to rights of, and default by, underwriters, if any, acting together
with such Agent in the reoffering of the Shares, and the time and date (each such time and date being referred to herein as a &ldquo;<B>Principal
Settlement Date</B>&rdquo;; and, together with any Agency Settlement Date, a &ldquo;<B>Settlement Date</B>&rdquo;) and place of
delivery of and payment for such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares
pursuant to this Agreement (whether in an Agency Transaction or a Principal Transaction) and, by notice to each Agent given by
telephone (confirmed promptly by email), shall cancel any instructions for the offer or sale of any Shares, and none of the Agents
shall be obligated to offer or sell any Shares, (i)&nbsp;during any period in which the Company is, or could be deemed to be, in
possession of material non-public information, (ii)&nbsp;during the period beginning two weeks prior to the last day of Company's
fiscal quarter and continuing until the date of the Company's Earnings Announcement (as defined below) for that fiscal quarter
or (iii) at any time from and including the date on which the Company shall issue a press release containing, or shall otherwise
publicly announce, its earnings, revenues or other results of operations (an &ldquo;<B>Earnings Announcement</B>&rdquo;) through
and including the time that is 24 hours after the time that the Company files a Quarterly Report on Form 10-Q or an Annual Report
on Form 10-K that includes consolidated financial statements as of and for the same period or periods, as the case may be, covered
by such Earnings Announcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Shares by the Company shall be effected
only by or through one Agent on any Exchange Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Anything
in this Agreement to the contrary notwithstanding, the Company shall not authorize the issuance and sale of, and no Agent, as sales
agent, shall be obligated to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to
sell, any Shares at a price lower than the minimum price, or with a Gross Sales Price in excess of the Maximum Amount, as the case
may be, authorized from time to time to be issued and sold under this Agreement and any Terms Agreement, in each case by the Company&rsquo;s
board of directors or, if permitted by applicable law and the Company&rsquo;s charter and by-laws, a duly authorized committee
thereof, or in a number in excess of the number of Shares approved for listing on the Exchange, or in excess of the number or amount
of Shares available for issuance on the Registration Statement or as to which the Company has paid the applicable registration
fee it being understood and agreed by the parties hereto that compliance with any such limitations shall be the sole responsibility
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations,
Warranties and Agreements of the Company</U>. The Company represents and warrants to, and agrees with, each of the Agents, on and
as of (i) the date hereof, (ii) each date on which the Company receives a Transaction Acceptance (the &ldquo;<B>Time of Acceptance</B>&rdquo;),
(iii) each date on which the Company executes and delivers a Terms Agreement, (iv) each Time of Sale, (v) each Settlement Date
and (vi) each Bring-Down Delivery Date (as defined in Section 6(b)) (each such date listed in (i) through (vi), a &ldquo;<B>Representation
Date</B>&rdquo;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined under Rule 405 of the Securities Act
that has been filed with the Commission not earlier than three years prior to the applicable Representation Date; no order preventing
or suspending the effectiveness of the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted
Free Writing Prospectus has been issued by the Commission, and, no proceeding for that purpose or pursuant to Section&nbsp;8A of
the Securities Act against the Company or related to the offering has been initiated or threatened by the Commission; no notice
of objection of the Commission to the use of such Registration Statement or any post-effective amendment pursuant to Rule 401(g)(2)
under the Securities Act has been received by the Company; the Registration Statement and any post-effective amendment thereto
complied as of the applicable effective date of the Registration Statement and any such post-effective amendment thereto, complies
as of the date hereof and, as amended or supplemented as of each Representation Date, will comply, in all material respects, with
the requirements of the Securities Act; the Preliminary Prospectus, if any, complies as of the date hereof and, as amended or supplemented
as of each other Representation Date, will comply, in all material respects, with the requirements of the Securities Act; the Prospectus
complies as of the date hereof and, as amended or supplemented as of each other Representation Date, will comply, in all material
respects, with the requirements of the Securities Act; the Registration Statement, and any post-effective amendment thereto, did
not, as of the applicable effective date of the Registration Statement and any such post-effective amendment thereto, does not
as of the date hereof and, as amended or supplemented as of each Representation Date, will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
as of each Representation Date, the Preliminary Prospectus, if any, as then amended or supplemented, together with all of the then-issued
Permitted Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
as of each Representation Date, the Prospectus, as then amended or supplemented, together with all of the then issued Permitted
Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided
</I>that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and
in conformity with information relating to any Agent and furnished in writing by or on behalf of such Agent expressly for use in
the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or such Permitted Free Writing Prospectus and any
amendment or supplement thereto (it being understood that such information consists solely of the information specified in Section
9(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Other
than the Registration Statement, the Preliminary Prospectus, if any, and the Prospectus, the Company (including its agents and
representatives, other than the Agents in their capacity as such) has not made, used, prepared, authorized, approved or referred
to and will not prepare, make, use, authorize, approve or refer to any &ldquo;written communication&rdquo; (as defined in Rule
405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication
by the Company or its agents and representatives (other than a communication referred to in clause (i) below an &ldquo;issuer free
writing prospectus&rdquo;) other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities
Act or Rule 134 under the Securities Act or (ii) any free writing prospectus approved in writing in advance by the Agents (each,
a &ldquo;<B>Permitted Free Writing Prospectus</B>&rdquo;). Any Permitted Free Writing Prospectus complied and will comply in all
material respects with the Securities Act, has been or will be (within the time period specified in Rule 433 under the Securities
Act) filed in accordance with the Securities Act (to the extent required thereby) and, when taken together with the Prospectus
filed prior to the first use of such Permitted Free Writing Prospectus, did not, and as of each Representation Date, will not,
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; <I>provided, </I>that the Company makes no representation
and warranty with respect to any statements or omissions made in each such Permitted Free Writing Prospectus in reliance upon and
in conformity with information relating to any Agent furnished to the Company in writing by or on behalf of such Agent expressly
for use in such Permitted Free Writing Prospectus (it being understood that such information consists solely of the information
specified in Section 9(b)). Each Permitted Free Writing Prospectus, as of its issue date and at all subsequent times through the
completion of the public offer and sale of the Shares or until any earlier date that the Company notified or notifies the Agents
as described in Section 4(h), did not, does not and will not include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference
therein and the Preliminary Prospectus, if any, deemed to be a part thereof that has not been superseded or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Incorporated Documents, when they became effective or were filed with the Commission (or, if any amendment with respect to any
such document was filed, when such amendment was filed), conformed in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, and none of such documents contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and any further documents so filed during the Term and incorporated by reference in
the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus, when such
documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
financial statements and the related notes thereto of the Company and its consolidated subsidiaries included or incorporated by
reference in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus
comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and
present fairly the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results
of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared
in conformity with U.S. generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis throughout
the periods covered thereby, and the supporting schedules included or incorporated by reference in the Registration Statement present
fairly the information required to be stated therein (subject to normal year-end adjustments, which adjustments, either individually
or in the aggregate, will not be material); the other financial information included or incorporated by reference in the Registration
Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus has been derived from the
accounting records of the Company and its consolidated subsidiaries and presents fairly the information shown thereby; and any
pro forma financial information and related notes thereto included or incorporated by reference in the Registration Statement,
Preliminary Prospectus Supplement, if any, the Prospectus or any Permitted Free Writing Prospectus have been prepared in accordance
with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and the assumptions underlying such
pro forma financial information are reasonable and are set forth in the Registration Statement, the Preliminary Prospectus, if
any, the Prospectus or any Permitted Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as otherwise described in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free
Writing Prospectus, since the date of the most recent financial statements of the Company included or incorporated by reference
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, (i)
there has been no material change in the capital stock, long-term debt, notes payable or current portion of long-term debt of the
Company or any of the Significant Subsidiaries (defined below), or any dividend or distribution of any kind declared, set aside
for payment, paid or made by the Company on any class of capital stock, or any material adverse change, or any development involving
a prospective material adverse change, in or affecting the business, management, financial position, stockholders&rsquo; equity,
results of operations or prospects of the Company and entities of which the Company (a) owns greater than 50% of the outstanding
equity, (b) has greater than 50% of the voting rights or (c) otherwise controls directly or indirectly through one or more intermediaries
(each, a &quot;subsidiary&quot; and together, the &quot;subsidiaries&quot;) taken as a whole; (ii) neither the Company nor any
of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries taken as
a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken
as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained any material loss or interference with its
business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute
or any action, order or decree of any court or arbitrator or governmental or regulatory authority.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and each of its &ldquo;significant subsidiaries&rdquo; (as such term is defined in Rule 1-02 of Regulation S-X) (the &ldquo;<B>Significant
Subsidiaries</B>&rdquo;) have been duly organized and are validly existing and in good standing under the laws of their respective
jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction in which their respective
ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and
authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except
where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate,
have a material adverse effect on the business, management, financial position, stockholders&rsquo; equity, results of operations
or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of its obligations under
this Agreement or any Terms Agreement (a &ldquo;<B>Material Adverse Effect</B>&rdquo;). As of the date of this Agreement, the Significant
Subsidiaries are those listed on Exhibit 21 to its Form 10-K for year ended December 31, 2017 filed with the Commission and those
found on <U>Exhibit E</U> hereto. As of the date of this Agreement, the Significant Subsidiaries are the only subsidiaries material
to the business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has an authorized capitalization as set forth in the Registration Statement, the Preliminary Prospectus, if any, and the
Prospectus; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are
fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly contemplated
by the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, there
are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible
into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any
contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the
Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital
stock of the Company conforms in all material respects to the descriptions thereof contained in the Registration Statement, the
Prospectus and any Permitted Free Writing Prospectus; and all the outstanding shares of capital stock or other equity interests
of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable (except,
in the case of any foreign subsidiary, for directors&rsquo; qualifying shares and are owned directly or indirectly by the Company
(excluding, for purposes of this representation and for the avoidance of doubt, each entity set forth in <U>Exhibit F</U> hereto,
which may be amended or amended and restated from time to time in connection with a Bring-Down Delivery Date), free and clear of
any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to the stock options (the &ldquo;<B>Stock Options</B>&rdquo;) granted pursuant to the stock-based compensation plans of
the Company (the &ldquo;<B>Company Stock Plans</B>&rdquo;), (i) each Stock Option intended to qualify as an &ldquo;incentive stock
option&rdquo; under Section 422 of the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), so qualifies,
(ii) each grant of a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its
terms to be effective (the &ldquo;<B>Grant Date</B>&rdquo;) by all necessary corporate action, including, as applicable, approval
by the board of directors of the Company (or a duly constituted and authorized committee or delegatee thereof) and any required
stockholder approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any)
was duly executed and delivered by each party thereto, (iii) each such grant of Stock Options was made in accordance with the terms
of the applicable Company Stock Plans, the Exchange Act and all other applicable laws and regulatory rules or requirements, including
the rules of the Exchange and any other exchange on which Company securities are traded, (iv) the per share exercise price of each
Stock Option was equal to the fair market value of a share of Common Stock on the applicable Grant Date, and (v)&nbsp;each such
grant was properly accounted for in accordance with GAAP in the financial statements (including the related notes) of the Company
and disclosed in the Company&rsquo;s filings with the Commission in accordance with the Exchange Act and all other applicable laws.
The Company has not knowingly granted, and there is no and has been no policy or practice of the Company of granting, Stock Options
prior to, or otherwise coordinated the grant of Stock Options with, the release or other public announcement of material information
regarding the Company or its subsidiaries or their results of operations or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement has been duly authorized, executed and delivered by the Company and any Terms Agreement will have been duly authorized,
executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Shares to be issued and sold by the Company hereunder or under any Terms Agreement have been duly authorized by the Company and,
when issued and delivered and paid for as provided herein or in any Terms Agreement, as the case may be, will be duly and validly
issued and will be fully paid and non-assessable and will conform to the descriptions thereof in the Registration Statement, the
Preliminary Prospectus, if any, the Prospectus, and any Permitted Free Writing Prospectus; and the issuance of the Shares are not
and will not be subject to any pre-emptive or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has the corporate power and authority to execute and deliver this Agreement and any Terms Agreement and to perform its
obligations hereunder or thereunder; and all action required to be taken for the due and proper authorization, execution and delivery
by it of this Agreement and any Terms Agreement and the consummation by it of the transactions contemplated hereby and thereby
or by the Prospectus has been duly and validly taken (or, in the case of any Terms Agreement, such action will have been duly and
validly authorized).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement conforms and each Terms Agreement will conform in all material respects to the description thereof contained in the Registration
Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Significant Subsidiaries is (i)&nbsp;in violation of its charter or by-laws or similar organizational
documents; (ii)&nbsp;in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a
default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the
Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries
is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that
would not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
execution, delivery and performance by the Company of this Agreement and any Terms Agreement, the issuance and sale of the Shares
and the consummation of the transactions contemplated hereby or by any Terms Agreement or the Prospectus will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant
to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of
the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or
similar organizational documents of the Company or any of the Significant Subsidiaries or (iii) result in the violation of any
law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except,
in the case of clauses (i) and (iii) above, for any such breach or violation that would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory
authority is required for the execution, delivery and performance by the Company of this Agreement or any Terms Agreement or the
Preliminary Prospectus, if any, or the Prospectus, the issuance and sale of the Shares and the consummation of the transactions
contemplated by this Agreement or any Terms Agreement or the Prospectus, except for (i) the registration of the Shares under the
Securities Act and such consents, approvals, authorizations, orders and registrations or qualifications, as may be required under
applicable state securities laws or regulations, (ii) such filings of Permitted Free Writing Prospectuses and any amendments or
supplements to the Registration Statement, the Preliminary Prospectus, if any, or the Prospectus or any documents incorporated
or deemed to be incorporated by reference therein as may be required by the Securities Act or the Exchange Act from time to time
and (iii) such filings as the Exchange may require from time to time and in connection with any purchase and distribution of the
Shares by the Agents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as described in the Registration Statement, the Preliminary Prospectus, if any, and the Prospectus, there are no legal, governmental
or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its subsidiaries is or may be
a party or to which any property of the Company or any of its subsidiaries is or may be the subject that, individually or in the
aggregate, if determined adversely to the Company or any of its subsidiaries, could reasonably be expected to have a Material Adverse
Effect; to the knowledge of the Company, no such investigations, actions, suits or proceedings are threatened or, contemplated
by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending legal, governmental
or regulatory, investigations, actions, suits or proceedings that are required under the Securities Act or the Exchange Act to
be described in the Registration Statement, the Preliminary Prospectus, if any, or the Prospectus that are not so described as
required and (ii)&nbsp;there are no statutes, regulations or contracts or other documents that are required under the Securities
Act or the Exchange Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Preliminary
Prospectus, if any, or the Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration
Statement, the Preliminary Prospectus, if any, or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Grant
Thornton LLP, who have certified certain financial statements of the Company and its subsidiaries, is an independent registered
public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by
the Commission and the Public Company Accounting Oversight Board (&ldquo;<B>PCAOB</B>&rdquo;) and as required by the Securities
Act. Each other independent registered public accounting firm, if any, that has certified or reported on any financial statements
included or incorporated by reference in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any
Permitted Free Writing Prospectus is an independent registered public accounting firm with respect to the Company and its subsidiaries
or other appropriate entity, as applicable, within the applicable rules and regulations adopted by the Commission and the PCAOB
and as required by the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
investment portfolio (other than cash and cash equivalents) of the Company consists primarily of residential, commercial and multifamily
real estate loans; residential, commercial and multifamily real estate securities (including debt securities issued by Fannie Mae
or Freddie Mac); mortgage servicing rights; derivative financial instruments; and other investments that are related to, or substantially
economically equivalent to, any of the foregoing. The derivative financial instruments held by the Company consist of interest
rate cap agreements, interest rate swap agreements, interest rate futures and options, credit default index swaps, loan purchase
and forward sale commitments and mortgage &ldquo;to be announced&rdquo; (TBA) contracts. Except as otherwise described in the Registration
Statement, the Preliminary Prospectus, if any, or the Prospectus, the Company has no plan or intention to materially alter its
stated investment policies and operating policies and strategies as such are described in the Company&rsquo;s most recent Annual
Report on Form 10-K, Quarterly Report on Form 10-Q or other document filed with the Commission and incorporated by reference into
the Registration Statement, the Preliminary Prospectus, if any, or the Prospectus. The Company is and at all times has been in
compliance with its investment policy, except as the Board of Directors of the Company shall have expressly approved otherwise
in each instance of non-compliance. The Company and its subsidiaries have good and marketable title in fee simple to, or have valid
rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the
Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title
except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and
its subsidiaries or (ii) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Except for &ldquo;real estate owned&rdquo; properties owned by the Company as a result of foreclosures on delinquent loans, if
any, the Company and its subsidiaries do not own any real property. Any real property and buildings held under lease by the Company
and its subsidiaries are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Registration
Statement, the Preliminary Prospectus, if any, and the Prospectus, or except as would not have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
the Company&rsquo;s best knowledge, (i) the Company and its subsidiaries own or possess adequate rights to use all material patents,
patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses
and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures) necessary for the conduct of their respective businesses; and &nbsp;(ii) the conduct of their respective businesses
will not conflict in any material respect with any such rights of others, and the Company and its subsidiaries have not received
any notice of any claim of infringement or conflict with any such rights of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the
Securities Act to be described in the Registration Statement and the Prospectus and that is not so described in such documents
and in any Preliminary Prospectus or Permitted Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of its subsidiaries is and, after giving effect to the offering and sale of the Shares and the application
of the proceeds thereof as described in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted
Free Writing Prospectus, will be required to be registered as an &ldquo;investment company&rdquo; within the meaning of the Investment
Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the &ldquo;<B>Investment
Company Act</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its subsidiaries have paid all material federal, state, local and foreign taxes and filed all material tax returns
required to be paid or filed through the date hereof (taking into account all permitted extensions); and except as otherwise disclosed
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, there
is no material tax deficiency that has been, or could reasonably be expected to be, asserted against the Company or any of its
subsidiaries or any of their respective properties or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, commencing with its taxable year ended December 31, 1994,&nbsp;has been organized and operated in conformity with the
requirements for qualification and taxation as a &ldquo;real estate investment trust&rdquo; (&ldquo;<B>REIT</B>&rdquo;) under Sections
856 through 860 of the Code; its proposed method of operation as described in the Registration Statement, the Preliminary Prospectus,
if any, any Permitted Free Wring Prospectus and the Prospectus will enable it to continue to meet the requirements for qualification
and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify
as a REIT under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of the subsidiaries listed on <U>Exhibit G</U>, which may be amended or amended and restated from time to time in connection with
a Bring-Down Delivery Date, is or, prior to its sale or dissolution was, either (i) a &ldquo;qualified REIT subsidiary&rdquo; within
the meaning of Section 856(i) of the Code (&ldquo;<B>Qualified REIT Subsidiary</B>&rdquo;) or (ii) an entity that is (or was) disregarded
as an entity separate from its owner for U.S. federal income tax purposes. Any securitization trusts formed by the Company&rsquo;s
Qualified REIT Subsidiaries are either (i) treated as a real estate mortgage investment conduit within the meaning of Section 860D
of the Code, or (ii) disregarded as an entity separate from its owner for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of the subsidiaries listed on <U>Exhibit H</U>, which may be amended or amended and restated from time to time in connection with
a Bring-Down Delivery Date, is, or prior to its sale or dissolution was, a &ldquo;taxable REIT subsidiary&rdquo; within the meaning
of Section 856(l) of the Code. The Company has had and has no other &ldquo;taxable REIT subsidiaries&rdquo; other than wholly-owned
subsidiaries of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of its subsidiaries or asset pools is treated as a taxable mortgage pool within the meaning of Section 7701(i)
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all
declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are
necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, except
where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; except
as described in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus,
neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate,
permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed
in the ordinary course and, to the knowledge of the Company, all third-party service providers used, employed, hired or otherwise
contracted with by the Company or any of its subsidiaries have obtained all necessary licenses or other relevant authorizations
to do business in all jurisdictions in which such third-party service providers do business on behalf of the Company or its subsidiaries,
except where the failure of that service provider to obtain such license or authorization would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the best knowledge of the
Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute
with, the employees of any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers, except, in each case,
as would not have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
The Company and its subsidiaries (x) are, and at all prior times were, in compliance with any and all applicable federal, state,
local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety,
the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, &ldquo;Environmental
Laws&rdquo;), (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals
required of them under applicable Environmental Laws to conduct their respective businesses, and (z) have not received notice of
any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of
any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event
or condition that would reasonably be expected to result in any such notice, and (ii)&nbsp;there are no costs or liabilities associated
with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of (i) and (ii) above, for
any such failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability, as would not,
individually or in the aggregate, have a Material Adverse Effect; and (iii) except as described in each of the Registration Statement,
the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus (x) there are no proceedings that
are pending, or that are known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws
in which a governmental entity is also a party, other than such proceedings that would not reasonably be expected to have a Material
Adverse Effect, (y) the Company and its subsidiaries are not aware of any issues regarding compliance with Environmental Laws,
or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants
or contaminants, that could reasonably be expected to have a Material Adverse Effect, and (z)&nbsp;none of the Company and its
subsidiaries anticipates capital expenditures relating to any Environmental Laws that would be material to the Company and its
subsidiaries taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind
of toxic wastes or hazardous substances, including, but not limited to, any naturally occurring radioactive materials, brine, drilling
mud, crude oil, natural gas liquids and other petroleum materials, by, due to or caused by the Company or any of its subsidiaries
(or, to the best of the Company&rsquo;s knowledge, any other entity (including any predecessor) for whose acts or omissions the
Company or any of its subsidiaries is or could reasonably be expected to be liable) upon any of the property now or previously
owned or leased by the Company or any of its subsidiaries, or upon any other property, in violation of any Environmental Laws or
in a manner or to a location that could reasonably be expected to give rise to any liability under the Environmental Laws, except
for any violation or liability which would not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(&ldquo;<B>ERISA</B>&rdquo;), for which the Company or any member of its &ldquo;<B>Controlled Group</B>&rdquo; (defined as any
organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Code) would have
any liability (each, a &ldquo;<B>Plan</B>&rdquo;) has been maintained in material compliance with its terms and the requirements
of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no Plan has failed
to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA), whether or not
waived, nor is any such Plan in &ldquo;at risk&rdquo; status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of
the Code); (iii) no &ldquo;reportable event&rdquo; (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably
expected to occur which could reasonably be expected to result in a Material Adverse Effect; and (iv) neither the Company nor any
member of the Controlled Group has incurred, nor reasonably expects to incur, any material liability under Title IV of ERISA (other
than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default)
in respect of a Plan (including a &ldquo;multiemployer plan&rdquo;, within the meaning of Section 4001(a)(3) of ERISA).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo; (as defined in Rule
13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the Commission&rsquo;s rules and forms, including controls and procedures designed to ensure that such information is accumulated
and communicated to the Company&rsquo;s management as appropriate to allow timely decisions regarding required disclosure. The
Company and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required
by Rule 13a-15 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, on a consolidated basis with its subsidiaries, maintains a system of &ldquo;internal control over financial reporting,&rdquo;
as defined in Rule 13a-15(f) of the Exchange Act, that complies with the requirements of the Exchange Act and has been designed
by, or under the supervision of, the Company&rsquo;s principal executive and principal financial officers, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles, and includes those policies and procedures that: (i) pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company
and its subsidiaries on a consolidated basis; (ii) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the Company and its subsidiaries are being made only in accordance with authorizations of management and directors of the Company
and its subsidiaries; (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the assets of the Company and its subsidiaries that could have a material effect on the consolidated financial
statements of the Company; and (iv) provide reasonable assurance that interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus and the Prospectus
fairly present the information called for in all material respects and are prepared in accordance with the Commission&rsquo;s rules
and guidelines applicable thereto. Except as disclosed in the Registration Statement, the Preliminary Prospectus, if any, any Permitted
Free Writing Prospectus and the Prospectus, there are no material weaknesses in the Company&rsquo;s internal control over financial
reporting. The Company&rsquo;s auditors and the Audit Committee of the Board of Directors of the Company have been advised of:
(i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial
information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role
in the Company&rsquo;s internal controls over financial reporting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(hh)&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and have been prepared in all material respects in accordance
with the Commission&rsquo;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in amounts and insures against such losses and risks as are prudent and customary
in the businesses in which the Company and its subsidiaries are engaged; and neither the Company nor any of its subsidiaries has
(i) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary
to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary
to continue its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the Company or any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or other
person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance
of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government
official or employee, including of any government-owned or controlled entity or of a public international organization, or any
person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended,
or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery
or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other
unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper
payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce
policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or
guidelines issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company,
threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the Company, any of its subsidiaries, or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the
U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;)
or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo;
or &ldquo;blocked person&rdquo;), the United Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the European Union, Her Majesty&rsquo;s
Treasury (&ldquo;<B>HMT</B>&rdquo;) or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor is
the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of
Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea and Syria (each, a &ldquo;<B>Sanctioned Country</B>&rdquo;);
and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate
any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions,
(ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result
in a violation by any person (including any person participating in the transaction, whether as underwriter, initial purchaser,
advisor, investor or otherwise) of Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged
in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction
is or was the subject or the target of Sanctions or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(mm)&nbsp;&nbsp;&nbsp;</FONT>No
subsidiary of the Company (excluding, for purposes of this representation and for the avoidance of doubt, each entity set forth
in <U>Exhibit I</U> hereto, which may be amended or amended and restated from time to time in connection with a Bring-Down Delivery
Date) is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject,
from paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock, from repaying
to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s properties
or assets to the Company or any other subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(nn)&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this
Agreement or any Terms Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or any Agent
for a brokerage commission, finder&rsquo;s fee or like payment in connection with the offering and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(oo)&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Securities
Act by reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(pp)&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in
any stabilization or manipulation of the price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(qq)&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as described in the Registration
Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus will violate Regulation
T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus has
been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nothing
has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included
in the Registration Statement, the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus and the Prospectus are
not based on or derived from sources that are reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as otherwise disclosed in the Registration Statement, the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus
and the Prospectus, there is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers,
in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;), including Section 402 related
to loans and Sections 302 and 906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company was not, at the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time
thereafter that the Company or any offering participant made a&nbsp;<I>bona fide</I>&nbsp;offer (within the meaning of Rule 164(h)(2)
under the Securities Act) of the Shares, is not as of the date hereof and, as of each Representation Date, will not be an &ldquo;ineligible
issuer,&rdquo; as defined in Rule 405 under the Securities Act. At the time of filing the Registration Statement and the Company&rsquo;s
most recent Annual Report on Form 10-K, the Company was a well-known seasoned issuer, as defined in Rule 405 under the Securities
Act, and, as of the date hereof, the Company is, and, as of each Representation Date, the Company will be, eligible to use the
Registration Statement in connection with the offering and sale of the Shares. The Common Stock is an &ldquo;actively-traded security&rdquo;
excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by Rule 101 (c)(1) thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and its subsidiaries, taken as a whole (the &ldquo;<B>Group</B>&rdquo;), is, and immediately upon consummation of the transactions
contemplated herein and in the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus and the Prospectus will be,
Solvent. As used herein, the term &ldquo;Solvent&rdquo; means, with respect to the Group, on a particular date, that on such date
(a) the fair market value of the assets of the Group is greater than the total amount of liabilities (including contingent liabilities)
of the Group, (b) the present fair salable value of the assets of the Group is greater than the amount that will be required to
pay the probable liabilities of the Group on its debt as they become absolute and mature, (c) the Group is able to realize upon
its assets and pay its debts and other liabilities (including contingent obligations) as they mature, and (d) the Group does not
have unreasonably small capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ww)&nbsp;&nbsp;&nbsp;</FONT>The
Company and its subsidiaries&rsquo; information technology assets and equipment, computers, systems, networks, hardware, software,
websites, applications, and databases (collectively, &ldquo;<B>IT Systems</B>&rdquo;) are reasonably believed by the Company to
be adequate in all material respects for, and operate and perform in all material respects as required in connection with, the
operation of the business of the Company and its subsidiaries as currently conducted and, to the Company&rsquo;s knowledge, are
free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and
its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain
and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT
Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (&ldquo;<B>Personal
Data</B>&rdquo;)) used in connection with the business of the Company and its subsidiaries as currently conducted, and, to the
knowledge of the Company, there have been no material breaches, violations, outages or unauthorized uses of or accesses to same,
except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents
under internal review or investigations relating to the same.&nbsp;&nbsp;The Company and its subsidiaries are presently in compliance
with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental
or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal
Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification,
except for such failures as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certain
Covenants of the Company.</U> The Company hereby agrees with each of the Agents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Securities
Act or any similar rule) in connection with the offering or sale of Shares, before using or filing any Permitted Free Writing Prospectus
and before using or filing any amendment or supplement to the Registration Statement, the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus (in each case, other than due to the filing of an Incorporated Document), to furnish
to each Agent a copy of each such proposed Permitted Free Writing Prospectus, amendment or supplement within a reasonable period
of time before filing with the Commission or using any such Permitted Free Writing Prospectus, amendment or supplement and the
Company will not use or file any such Permitted Free Writing Prospectus or any such proposed amendment or supplement to which an
Agent reasonably objects, unless the Company&rsquo;s legal counsel has advised the Company that use or filing of such document
is required by law; and the Company will not use or file any such Permitted Free Writing Prospectus or proposed, amendment or supplement
to which an Agent reasonably objects unless the Company&rsquo;s legal counsel has advised the Company that use or filing of such
document is required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
file the Prospectus, each Prospectus Supplement, the Preliminary Prospectus, if any, and any other amendments or supplements to
such prospectuses pursuant to, and within the time period required by, Rule 424(b) under the Securities Act (without reference
to Rule 424(b)(8)) and to file any Permitted Free Writing Prospectus to the extent required by Rule 433 under the Securities Act
and to provide copies of the Prospectus, each Prospectus Supplement, the Preliminary Prospectus, if any, any other amendments or
supplements to such prospectuses and each Permitted Free Writing Prospectus (to the extent not previously delivered or filed on
the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto (collectively,
&ldquo;<B>EDGAR</B>&rdquo;)) to the Agents via e-mail in &ldquo;.pdf&rdquo; format on such filing date to an e-mail account designated
by each Agent and, at an Agent&rsquo;s request, to also furnish copies of the Prospectus, each Prospectus Supplement, the Preliminary
Prospectus, if any, any other amendments or supplements to such prospectuses and each Permitted Free Writing Prospectus to each
exchange or market on which sales were effected as may be required by the rules or regulations of such exchange or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
file timely all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required (whether
physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the offering or
sale of the Shares, and during such same period to advise the Agents, promptly after the Company receives notice thereof, (i) of
the time when any amendment to the Registration Statement has been filed or has become effective or any supplement to the Prospectus,
the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus or any amended Prospectus or Preliminary Prospectus
has been filed with the Commission; (ii)&nbsp;of the issuance by the Commission of any stop order or any order preventing or suspending
the use of any prospectus relating to the Shares or the initiation or threatening of any proceeding for that purpose, pursuant
to Section 8A of the Securities Act; (iii)&nbsp;of any objection by the Commission to the use of Form S-3ASR by the Company pursuant
to Rule&nbsp;401(g)(2) under the Securities Act; (iv) of the suspension of the qualification of the Shares for offering or sale
in any jurisdiction or of the initiation or threatening of any proceeding for any such purpose; (v) of any request by the Commission
for the amendment of the Registration Statement or the amendment or supplementation of the Prospectus or Preliminary Prospectus,
if any (in each case including any documents incorporated by reference therein) or for additional information; (vi) of the occurrence
of any event as a result of which the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus
as then amended or supplemented includes any untrue statement of a material fact or omits to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus,
the Preliminary Prospectus, if any, or any such Permitted Free Writing Prospectus is delivered to a purchaser, not misleading;
and (vii) of the receipt by the Company of any notice of objection of the Commission to the use of the Registration Statement or
any post-effective amendment thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event of the issuance of any such stop order or of any such order preventing or suspending the use of any such prospectus or
suspending any such qualification, or of any notice of objection by the Commission to the use of such prospectus pursuant to Rule&nbsp;401(g)(2)
under the Securities Act, to use promptly its commercially reasonable efforts to obtain its withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
furnish such information as may be required and otherwise cooperate in qualifying the Shares for offering and sale under the securities
or blue sky laws of such states or other jurisdictions as the Agents may reasonably designate and to use its commercially reasonable
efforts to maintain such qualifications in effect so long as required for the distribution of the Shares; provided that the Company
shall not be required to qualify as a foreign corporation, become a dealer of securities, or become subject to taxation in, or
to consent to the service of process under the laws of, any such state or other jurisdictions (except service of process with respect
to the offering and sale of the Shares); and to promptly advise the Agents of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Shares for sale in any jurisdiction or the initiation of any proceeding for
such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
make available to the Agents at their respective offices, at the addresses set out in Section 15 of this Agreement, without charge,
as soon as reasonably practicable after the Registration Statement becomes effective, and thereafter from time to time to furnish
to the Agents, as many copies of the Prospectus or the Preliminary Prospectus, if any, (or of the Prospectus or the Preliminary
Prospectus, if any, as amended or supplemented if the Company shall have made any amendments or supplements thereto and documents
incorporated by reference therein after the effective date of the Registration Statement) and each Permitted Free Writing Prospectus
as the Agents may reasonably request for so long as the delivery of a prospectus is required (whether physically or through compliance
with Rule 172 under the Securities Act or any similar rule); and for so long as this Agreement is in effect, the Company will prepare
and file promptly such amendment or amendments to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any,
or any Permitted Free Writing Prospectus as may be necessary to comply with the requirements of Section 10(a)(3) of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
furnish or make available to the Agents during the Term (i) copies of any reports or other communications which the Company shall
send to its shareholders or shall from time to time publish or publicly disseminate and (ii) copies of all annual, quarterly and
current reports filed with the Commission on Forms 10-K, 10-Q and 8-K, or such other similar form as may be designated by the Commission,
and to furnish to the Agents from time to time during the Term such other information as the Agents may reasonably request regarding
the Company or its subsidiaries, in each case as soon as such reports, communications, documents or information becomes available
or promptly upon the request of the Agents, as applicable; provided, however, that the Company shall have no obligation to provide
the Agents with any document filed on EDGAR or included on the Company&rsquo;s Internet website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If,
at any time during the Term, any event shall occur or condition shall exist as a result of which it is necessary in the reasonable
opinion of counsel for the Agents or counsel for the Company, to further amend or supplement the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus as then amended or supplemented in order that the Prospectus, the Preliminary
Prospectus, if any, or any such Permitted Free Writing Prospectus will not include an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading, in
the light of the circumstances existing at the time the Prospectus, the Preliminary Prospectus, if any, or any such Permitted Free
Writing Prospectus is delivered to a purchaser, or if it shall be necessary, in the reasonable opinion of either such counsel,
to amend or supplement the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing
Prospectus in order to comply with the requirements of the Securities Act, in the case of such a determination by counsel to the
Company, immediate notice shall be given, and confirmed in writing, to the Agents to cease the solicitation of offers to purchase
the Shares in the Agents&rsquo; capacity as agents, and, in either case, the Company will, subject to Section 4(a) above, promptly
prepare and file with the Commission such amendment or supplement, whether by filing documents pursuant to the Securities Act,
the Exchange Act or otherwise, as may be necessary to make the Registration Statement, the Prospectus, the Preliminary Prospectus,
if any, or any such Permitted Free Writing Prospectus, comply with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
generally make available to its security holders as soon as reasonably practicable, but not later than 16 months after the first
day of each fiscal quarter referred to below, an earnings statement (in form complying with the provisions of Section 11(a) under
the Securities Act and Rule 158 of the Commission promulgated thereunder) covering each twelve-month period beginning, in each
case, not later than the first day of the Company&rsquo;s fiscal quarter next following each &ldquo;effective date&rdquo; (as defined
in such Rule 158) of the Registration Statement with respect to each sale of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
apply the net proceeds from the sale of the Shares in the manner described in the Prospectus under the caption &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not
to, and to cause its subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Shares; <I>provided</I> that nothing herein shall prevent the Company from filing or submitting
reports under the Exchange Act or issuing press releases in the ordinary course of business or engaging in communications with
investors in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as otherwise agreed between the Company and the Agents, to pay all costs, expenses, fees and taxes in connection with (i) the preparation
and filing of the Registration Statement, the Prospectus, any Permitted Free Writing Prospectus, and any amendments or supplements
thereto, and the printing and furnishing of copies of each thereof to the Agents and to dealers (including costs of mailing and
shipment), (ii) the registration, issue and delivery of the Shares, (iii) the qualification of the Shares for offering and sale
under the securities or blue sky laws of such states or other jurisdictions as the Agents may reasonably designate as aforesaid
(including filing fees and the reasonable and documented legal fees and disbursements of counsel to the Agents in connection therewith
not to exceed $5,000) and the printing and furnishing of copies of any blue sky surveys to the Agents, (iv)&nbsp;the listing of
the Shares on the Exchange and any registration thereof under the Exchange Act, (v) any filing for review, and any review, of the
public offering of the Shares by FINRA (including filing fees and the reasonable and documented legal fees and disbursements of
counsel to the Agents in connection therewith not to exceed $5,000), (vi) the fees and disbursements of counsel to the Company
and of the Company&rsquo;s independent registered public accounting firm and (vii) the performance of the Company&rsquo;s other
obligations hereunder and under any Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to the offering(s) contemplated by this Agreement or any Terms Agreement, the Company will not offer shares of Common Stock
or any securities convertible into or exchangeable or exercisable for shares of the Common Stock in a manner in violation of the
Securities Act or the Exchange Act; and the Company will not distribute any offering material in connection with the offer and
sale of the Shares, other than the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted
Free Writing Prospectus and any amendments or supplements thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Unless the Company has given written notice to the Agents that the Company has suspended activity under this Agreement and there
are no pending Agency Transactions or Principal Transactions, the Company will not, without (A)&nbsp;giving the Agents at least
two Exchange Business Days&rsquo; prior written notice specifying the nature of the proposed sale and the date of such proposed
sale and (B)&nbsp;the Agents suspending activity under this program for such period of time as requested by the Company or deemed
appropriate by the Agents in the light of the proposed sale, (i) offer, pledge, announce the intention to sell, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or other equity securities of
the Company or any securities convertible into or exercisable, redeemable or exchangeable for Common Stock or other equity securities
of the Company, or file any registration statement under the Securities Act with respect to any of the foregoing (other than a
registration statement on Form S-8, post-effective amendment to the Registration Statement or a Replacement Registration Statement
(as described herein)) or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of Common Stock or other equity securities of the Company, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of shares of Common Stock or other securities, in cash or otherwise. The
foregoing sentence shall not apply to (A)&nbsp;Shares offered and sold under this Agreement or any Terms Agreement, (B) shares
of Common Stock issued pursuant to the Company&rsquo;s Direct Stock Purchase and Dividend Reinvestment Plan; (C) shares of Common
Stock, options to purchase shares of Common Stock or other equity-based awards granted under the Company&rsquo;s existing equity
incentive plans, including the Employee Stock Purchase Plan or any replacement plan under a new registration statement; (D) any
shares of Common Stock issued upon the exercise of options or other awards (including deferred stock units) granted under existing
equity incentive plans, including the Employee Stock Purchase Plan; and (E) until December 31, 2022, any shares of Common Stock
(with a value not to exceed $16.75 million) as consideration in connection with the Company&rsquo;s option to purchase the remainder
of the 5 Arches, LLC platform. Any lock-up provisions relating to a Principal Transaction shall be set forth in the applicable
Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Permitted Free Writing Prospectus
that is not filed with the Commission in accordance with Rule 433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will use commercially reasonable efforts to cause the Shares to be listed on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company consents to each Agent trading in the Common Stock for such Agent&rsquo;s own account and for the account of its clients
at the same time as sales of the Shares occur pursuant to this Agreement or any Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
any time before or after the third anniversary of the initial effective date of the Registration Statement, the Company may file
a new registration statement (a &ldquo;<B>Replacement Registration Statement</B>&rdquo;) with the Commission and a prospectus supplement
(the &ldquo;<B>Replacement Prospectus</B>&rdquo;), in form and substance satisfactory to the Agents. The Company shall promptly
notify the Agents in writing of the effectiveness of the Replacement Registration Statement and the filing of the Replacement Prospectus
and, following delivery of such notice, references herein to the &ldquo;Registration Statement&rdquo; and &ldquo;Prospectus&rdquo;
shall refer to such Replacement Registration Statement and Replacement Prospectus, as applicable, in lieu of the Registration Statement
and Prospectus as defined herein or any predecessor Replacement Registration Statement and Replacement Prospectus, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;</FONT><U>Execution
of Agreement</U>. Each Agent&rsquo;s obligations under this Agreement shall be subject to the satisfaction of the following conditions
in connection with and on the date of the execution of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company shall have delivered to the Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>an officers&rsquo; certificate signed by two officers of the Company (one of whom shall be the Chief Financial Officer or other
senior financial officer) certifying as to the matters set forth in <U>Exhibit B</U> hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>(A) an opinion and, if not covered in such opinion, a negative assurance letter of Latham &amp; Watkins LLP, special counsel
for the Company, (B) an opinion of Latham &amp; Watkins LLP, tax counsel for the Company, (C) an opinion of Venable LLP, Maryland
counsel for the Company, and (D) an opinion of Weintraub Tobin Chediak Coleman Grodin Law Corporation, special counsel for the
Company, each addressed to the Agents and dated the date of this Agreement, in the form of <U>Exhibit C-1</U> and <U>Exhibit C-2</U>,
<U>Exhibit C-3</U> and <U>C-4</U>, respectively, hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD>a &ldquo;comfort&rdquo; letter from Grant Thornton LLP, addressed to the Agents and dated the date of this Agreement, addressing
such matters as the Agents may reasonably request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD>if reasonably requested by the Agents, a certificate signed by the Company&rsquo;s Chief Financial Officer, in the form of
<U>Exhibit D</U> hereto, certifying as to certain financial, numerical and statistical data not covered by the &ldquo;comfort&rdquo;
letter referred to in Section&nbsp;5(a)(iii) hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD>evidence reasonably satisfactory to the Agents and its counsel that the Shares have been approved for listing on the Exchange,
subject only to notice of issuance on or before the date hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD>resolutions duly adopted by the Company&rsquo;s board of directors, and certified by an officer of the Company, authorizing
the Company&rsquo;s execution of this Agreement and the consummation by the Company of the transactions contemplated hereby, including
the issuance and sale of the Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD>such other documents as the Agents shall reasonably request; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Agents shall have received a letter or letters, which shall include legal opinions and negative assurance statements, of Clifford
Chance US LLP, counsel to the Agents, addressed to the Agents and dated the date of this Agreement, addressing such matters as
each Agents may reasonably request.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Covenants of the Company</U>. The Company further covenants and agrees with each of the Agents as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Transaction Proposal made by the Company that is accepted by an Agent by means of a Transaction Acceptance and each execution and
delivery by the Company of a Terms Agreement shall be deemed to be (i) an affirmation that the representations, warranties and
agreements of the Company herein contained and contained in any certificate delivered to the Agents pursuant hereto are true and
correct at such Time of Acceptance or the date of such Terms Agreement, as the case may be, and (ii) an undertaking that such representations,
warranties and agreements will be true and correct on any applicable Time of Sale and Settlement Date, as though made at and as
of each such time (it being understood that such representations, warranties and agreements shall relate to the Registration Statement,
the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus as amended and supplemented to the
time of such Transaction Acceptance or Terms Agreement, as the case may be).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to Section 6(h), each time that (i) the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted
Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this Section
6(b), by the filing of any Incorporated Document), (ii) there is a Principal Settlement Date pursuant to a Terms Agreement, or
(iii) the Agents shall reasonably request, provided that the Agents shall not make such a request during the periods that there
is no proposed Agency Transaction pursuant to a delivery of a Transaction Proposal (each date referred to clauses (i), (ii) and
(iii) above, a &ldquo;<B>Bring-Down Delivery Date</B>&rdquo;), the Company shall, unless the Agents agree otherwise, furnish or
cause to be furnished to the Agents certificates, dated as of such Bring-Down Delivery Date and delivered within two Exchange Business
Days after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement
Date, delivered on such Principal Settlement Date, of the same tenor as the certificates referred to in Sections 5(a)(i) and 5(a)(iv)
hereof, modified as necessary to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any
Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such certificates and, in the case of
the Chief Financial Officer&rsquo;s certificate, covering such other financial, numerical and statistical data that is not covered
by the accountant&rsquo;s &ldquo;comfort&rdquo; letter dated as of such Bring-Down Delivery Date as the Agents may reasonably request,
or, in lieu of such certificates, certificates to the effect that the statements contained in the certificates referred to in Sections
5(a)(i) and, unless the Agents shall have requested that the Chief Financial Officers&rsquo; certificate cover different or additional
data as aforesaid, 5(a)(iv) hereof furnished to Agents are true and correct as of such Bring-Down Delivery Date as though made
at and as of such date (except that such statements shall be deemed to relate to the Registration Statement, the Prospectus, the
Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of
such certificate); <I>provided</I>, <I>however</I>, that the filing of a Current Report on Form 8-K will not constitute a Bring-Down
Delivery Date under clause (i) above unless either (A) (x) such Current Report on Form 8-K is filed at any time during which either
a Transaction Acceptance is binding and the Company has not suspended the use thereof (and prior to the settlement of the Shares
specified therein) or a prospectus relating to the Shares is required to be delivered under the Securities Act (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule) or such Current Report on Form 8-K is filed at
any time from and including the date of a Terms Agreement through and including the related Settlement Date and (y) the Agents
have reasonably requested that such date be deemed to be a Bring-Down Delivery Date based upon the event or events reported in
such Current Report on Form 8-K or (B) such Current Report on Form 8-K contains capsule financial information, historical or pro
forma financial statements, supporting schedules or other financial data, including any Current Report on Form 8-K or part thereof
under Item 2.02 of Form 8-K of the Commission that is considered &ldquo;filed&rdquo; under the Exchange Act; and <I>provided, further,</I>
that an amendment or supplement to the Registration Statement or the Prospectus or the Preliminary Prospectus, if any, relating
solely to the offering of other securities pursuant to the Registration Statement will not constitute a Bring-Down Delivery Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to Section 6(h), each Bring-Down Delivery Date, the Company shall, unless the Agents agree otherwise, cause to be furnished to
the Agents (A) an opinion and, if not included in such opinion, negative assurance letter of Latham and Watkins, LLP, special counsel
to the Company, (B) an opinion of Latham &amp; Watkins LLP, tax counsel for the Company, (C) an opinion of Venable LLP, Maryland
counsel for the Company, (D) an opinion of Weintraub Tobin Chediak Coleman Grodin Law Corporation, special counsel for the Company,
and (E)&nbsp;an opinion and, if not included in such opinion, negative assurance letter of Clifford Chance US LLP, each dated as
of the applicable Bring-Down Delivery Date and delivered within two Exchange Business Days after the applicable Bring-Down Delivery
Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, dated and delivered on such Principal
Settlement Date, of the same tenor as the opinions and letters referred to in Section 5(a)(ii) or Section 5(b) hereof, as applicable,
but modified as necessary to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted
Free Writing Prospectus as amended and supplemented to the time of delivery of such opinions and letters, or, in lieu of such opinions
and letters, each such counsel shall furnish the Agents with a letter substantially to the effect that the Agents may rely on the
opinion and letter of such counsel referred to in Section 5(a)(ii) or Section 5(b), as applicable, furnished to the Agents, to
the same extent as though they were dated the date of such letter authorizing reliance (except that statements in such last opinion
and letter of such counsel shall be deemed to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such letters authorizing
reliance).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to Section 6(h), each Bring-Down Delivery Date, the Company shall, unless the Agents agree otherwise, cause Grant Thornton LLP
to furnish to the Agents a &ldquo;comfort&rdquo; letter, dated as of the applicable Bring-Down Delivery Date and delivered within
two Exchange Business Days after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting
from a Principal Settlement Date, delivered on such Principal Settlement Date, of the same tenor as the letter referred to in Section
5(a)(iii) hereof, but modified to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or
any Permitted Free Writing Prospectus as amended and supplemented to the date of such letter, and, if the Registration Statement,
the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus shall include or incorporate by reference
the financial statements of any entity or business (other than the consolidated financial statements of the Company and its subsidiaries),
the Company shall, if requested by the Agents, cause a firm of independent public accountants to furnish to the Agents a &ldquo;comfort&rdquo;
letter, dated as of the applicable Bring-Down Delivery Date and delivered within one Exchange Business Day after the applicable
Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on
such Principal Settlement Date, addressing such matters as the Agents may reasonably request<B>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant
to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus, the Preliminary
Prospectus, if any, and each Permitted Free Writing Prospectus shall have been timely filed with the Commission under the Securities
Act (in the case of a Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act); and all
requests by the Commission for additional information shall have been complied with to the satisfaction of the Agents and no suspension
of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings
for any of such purposes, shall have occurred and be in effect at the time the Company delivers a Transaction Proposal to an Agent
or the time an Agent delivers a Transaction Acceptance to the Company; and (ii) the Registration Statement, the Prospectus, the
Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus shall not contain an untrue statement of material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading at the time the Company delivers a Transaction Proposal to an Agent or
the time an Agent delivers a Transaction Acceptance to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall reasonably cooperate with any reasonable due diligence review requested by the Agents or their counsel from time
to time in connection with the transactions contemplated hereby or any Terms Agreement, including, without limitation, (i) at the
commencement of each intended Purchase Date and any Time of Sale or Settlement Date, providing information and making available
appropriate documents and appropriate corporate officers of the Company and, upon reasonable request, representatives of Grant
Thornton LLP (and, if the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free-Writing
Prospectus shall include or incorporate by reference the financial statements of any entity or business (other than the consolidated
financial statements of the Company and its subsidiaries), representatives of the independent public accountants that audited or
reviewed such financial statements) for an update on diligence matters with representatives of the Agents and (ii)&nbsp;subject
to Section 6(h), at each Bring-Down Delivery Date and otherwise as the Agents may reasonably request, providing information and
making available documents and appropriate corporate officers of the Company and representatives of Grant Thornton LLP (and, if
the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free-Writing Prospectus shall
include or incorporate by reference the financial statements of any entity or business (other than the consolidated financial statements
of the Company and its subsidiaries), representatives of the independent public accountants that audited or reviewed such financial
statements) for one or more due diligence sessions with representatives of the Agents and their counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall disclose, in its quarterly reports on Form 10-Q and in its annual report on Form 10-K and, if requested by the Agents,
in supplements to the Prospectus, or Preliminary Prospectus, if any, to be filed by the Company with the Commission from time to
time, the number of the Shares sold through the Agents under this Agreement and any Terms Agreement, and the gross and net proceeds
to the Company from the sale of the Shares and the compensation paid by the Company with respect to sales of the Shares pursuant
to this Agreement and any Terms Agreement during the relevant quarter or, in the case of any such Prospectus Supplement, such shorter
period as the Agents may reasonably request or, in the case of an Annual Report on Form 10-K, during the fiscal year covered by
such Annual Report and the fourth quarter of such fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
requirements (i) to provide the officer&rsquo;s certificate, opinions and letters of counsel and accountants&rsquo; letter specified
in Section 6(b) through (d) and (ii) to reasonably cooperate with any reasonable due diligence review specified in Section 6(f)
shall be waived for any Bring-Down Delivery Date occurring at a time at which no Transaction Proposal or offers to enter into a
Terms Agreement is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction
Proposal or offers to enter into a Terms Agreement hereunder (which for such calendar quarter shall be considered a Bring-Down
Delivery Date) and the next occurring Bring-Down Delivery Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All opinions, letters and other documents
referred to in Sections 6(b) through (d) above shall be reasonably satisfactory in form and substance to the Agents. The Agents
will provide the Company with such notice (which may be oral, and in such case, will be confirmed via e-mail as soon as reasonably
practicable thereafter) as is reasonably practicable under the circumstances when requesting an opinion, letter or other document
referred to in Sections 6(b) through (d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
of the Agents&rsquo; Obligation</U>. The Agents&rsquo; obligation to solicit purchases on an agency basis for the Shares or otherwise
take any action pursuant to a Transaction Acceptance and to purchase the Shares pursuant to any Terms Agreement shall be subject
to the satisfaction of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
the Time of Acceptance, at the time of the commencement of trading on the Exchange on the Purchase Date(s) and at the relevant
Time of Sale and Agency Settlement Date, or with respect to a Principal Transaction pursuant to a Terms Agreement, at the time
of execution and delivery of the Terms Agreement by the Company and at the relevant Time of Sale and Principal Settlement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>The representations, warranties and agreements on the part of the Company herein contained or contained in any certificate
of an officer or officers, general partner, managing member or other authorized representative of the Company or any subsidiary
of the Company delivered pursuant to the provisions hereof shall be true and correct in all respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>The Company shall have performed and observed its covenants and other obligations hereunder and/or under any Terms Agreement,
as the case may be, in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD>In the case of an Agency Transaction, from the Time of Acceptance until the Agency Settlement Date, or, in the case of a Principal
Transaction pursuant to a Terms Agreement, from the time of execution and delivery of the Terms Agreement by the Company until
the Principal Settlement Date, trading in the Common Stock on the Exchange shall not have been suspended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD>From the date of this Agreement, no event or condition of a type described in Section 3(e) hereof shall have occurred or shall
exist, which event or condition is not described in a Permitted Free Writing Prospectus (excluding any amendment or supplement
thereto) or the Prospectus, or Preliminary Prospectus, if any, (excluding any amendment or supplement thereto) and the effect of
which in the judgment of the Agents makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the
Shares on the applicable Settlement Date on the terms and in the manner contemplated by this Agreement, any Terms Agreement, any
Permitted Free Writing Prospectus, Preliminary Prospectus, if any, and the Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD>Subsequent to the relevant Time of Acceptance or, in the case of a Principal Transaction, subsequent to execution of the applicable
Terms Agreement, (A) no downgrading shall have occurred in the rating accorded any debt securities or preferred equity securities
of or guaranteed by the Company or any of its subsidiaries by any &ldquo;nationally recognized statistical rating organization&rdquo;,
as such term is defined by the Commission for purposes of Section 3(a)(62) of the Exchange Act and (B) no such organization shall
have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any
debt securities or preferred equity securities of or guaranteed by the Company or any of its subsidiaries (other than an announcement
with positive implications of a possible upgrading) in each case that has not been described in any Permitted Free Writing Prospectus
issued prior to any related Time of Sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD>The Shares to be issued pursuant to the Transaction Acceptance or pursuant to a Terms Agreement, as applicable, shall have
been approved for listing on the Exchange, subject only to notice of issuance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD>(A) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by
any federal, state or foreign governmental or regulatory authority that would, as of the relevant Settlement Date, prevent the
issuance or sale of the Shares and (B) no injunction or order of any federal, state or foreign court shall have been issued that
would, as of the relevant Settlement Date, prevent the issuance or sale of the Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)</FONT></TD><TD>(A) No order suspending the effectiveness of the Registration Statement shall be in effect, no proceeding for such purpose
or pursuant to Section 8A of the Securities Act shall be pending before or threatened by the Commission and no notice of objection
of the Commission to the use of the Registration Statement pursuant to Rule 401(g)(2) under the Securities Act shall have been
received by the Company; (B) the Prospectus, the Preliminary Prospectus, if any, and each Permitted Free Writing Prospectus shall
have been timely filed with the Commission under the Securities Act (in the case of any Permitted Free Writing Prospectus, to the
extent required by Rule 433 under the Securities Act); (C) all requests by the Commission for additional information shall have
been complied with to the satisfaction of the Agents; and (D) no suspension of the qualification of the Shares for offering or
sale in any jurisdiction, and no initiation or threatening of any proceedings for any of such purposes, shall have occurred and
be in effect. The Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus
shall not contain an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading at the time an Agent
delivers a Transaction Acceptance to the Company or the Company and an Agent execute a Terms Agreement, as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ix)</FONT></TD><TD>No amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall have
been filed to which the Agents shall have reasonably objected in writing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Within
two Exchange Business Days after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting
from a Principal Settlement Date, on such Principal Settlement Date, the Agents shall have received the officer&rsquo;s certificates,
opinions and negative assurance letters of counsel and &ldquo;comfort&rdquo; letters and other documents provided for under Sections
6(b) through (d), inclusive. For purposes of clarity and without limitation to any other provision of this Section&nbsp;7 or elsewhere
in this Agreement, the parties hereto agree that the Agents&rsquo; obligations, if any, to solicit purchases of Shares on an agency
basis or otherwise take any action pursuant to a Transaction Acceptance shall, unless otherwise agreed in writing by the Agents,
be suspended during the period from and including a Bring-Down Delivery Date through and including the time that each Agent shall
have received the documents described in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 0.5in">(i)</TD><TD> The Company may terminate this Agreement in its sole discretion at any time upon prior written notice to the Agents.
Any such termination shall be without liability of any party to any other party, except that (A) with respect to any pending sale,
the obligations of the Company, including in respect of compensation of the applicable Agent, shall remain in full force and effect
notwithstanding such termination; and (B) the provisions of Sections 3, 4 (except that if no Shares have been previously sold hereunder
or under any Terms Agreement, only Section&nbsp;4(k)), 9, 12, 13 and 16 of this Agreement shall remain in full force and effect
notwithstanding such termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>In the case of any sale by the Company pursuant to a Terms Agreement, the obligations of the Company pursuant to such Terms
Agreement and this Agreement may not be terminated by the Company without the prior written consent of the applicable Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: -67.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="width: 0.5in">(i) </TD><TD>&#9;Each Agent may terminate this Agreement with respect to itself in its sole discretion at any time upon giving prior
written notice to the Company. Any such termination shall be without liability of any party to any other party, except that the
provisions of Sections 3, 4 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section
4(k)), 9, 12, 13 and 16 of this Agreement shall remain in full force and effect notwithstanding such termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>In the case of any purchase by an Agent pursuant to a Terms Agreement, the obligations of such Agent pursuant to such Terms
Agreement shall be subject to termination by such Agent at any time prior to or at the Principal Settlement Date if (A) since the
time of execution of the Terms Agreement or the respective dates as of which information is given in the Registration Statement,
the Prospectus, the Preliminary Prospectus, if any, and any Permitted Free Writing Prospectus, (i)&nbsp;trading generally shall
have been suspended or materially limited on or by any of the New York Stock Exchange, the NYSE American (f/k/a the NYSE MKT and
the American Stock Exchange) the Nasdaq Global Market the Chicago Board Options Exchange, the Chicago Mercantile Exchange or the
Chicago Board of Trade; (ii)&nbsp;trading of any securities issued or guaranteed by the Company or any of its subsidiaries shall
have been suspended on any exchange or in any over-the counter market, (iii) a general moratorium on commercial banking activities
shall have been declared by federal or New York state authorities, (iv) there shall have occurred any outbreak or escalation of
hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, solely
in the case of events and conditions described in this clause (iv), in such Agent&rsquo;s judgment, is material and adverse and
makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the terms and in the manner
contemplated in the Prospectus, the Preliminary Prospectus, if any, or such Terms Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement shall remain in full force and effect until the earliest of (A)&nbsp;termination of the Agreement pursuant to Section
8(a) or 8(b) above or otherwise by mutual written agreement of the parties, and (B) such date that the Maximum Amount of Shares
has been sold in accordance with the terms of this Agreement and any Terms Agreements, in each case except that the provisions
of Section 3, 4 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section 4(k)),
9, 12, 13, and 16 of this Agreement shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that, notwithstanding
the foregoing, such termination shall not be effective until the close of business on the date of receipt of such notice by the
Agents or the Company, as the case may be, or such later date as may be required pursuant to Section&nbsp;8(a) or (b). If such
termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall settle in accordance with the provisions
of Section 2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
of the Agents.</I> The Company agrees to indemnify and hold harmless each Agent, its affiliates, directors and officers and each
person, if any, who controls such Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable out-of-pocket legal
fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement (or any amendment thereto) or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary in order to make the statements therein, not misleading or (ii) any untrue statement
or alleged untrue statement of a material fact contained in the Prospectus or Preliminary Prospectus, if any, (or any amendment
or supplement thereto), any Permitted Free Writing Prospectus (or any amendment or supplement thereto), any &ldquo;issuer information&rdquo;
filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any &ldquo;road show&rdquo; as defined in Rule
433(h) under the Securities Act (a &ldquo;<B>road show</B>&rdquo;), or caused by any omission or alleged omission to state therein
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information
relating to the Agents furnished to the Company in writing by the Agents expressly for use therein, it being understood and agreed
that the only such information furnished by the Agents consists of the information described as such in subsection (b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
of the Company.</I> Each Agent agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its
officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above,
but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the
Agents furnished to the Company in writing by the Agents expressly for use in the Registration Statement (or any amendment thereto),
the Prospectus or Preliminary Prospectus, if any, (or any amendment or supplement thereto), any Permitted Free Writing Prospectus
(or any amendment or supplement thereto) or any &ldquo;road show&rdquo;, it being understood and agreed upon that such information
shall consist solely of the following: the information appearing in the second paragraph and the first sentence of the eighth paragraph
under the caption &ldquo;Plan of Distribution&rdquo; in the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notice
and Procedures. </I>If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall
be brought or asserted against any person in respect of which indemnification may be sought pursuant to either Section&nbsp;9(a)
or 9(b) above, such person (the &ldquo;<B>Indemnified Person</B>&rdquo;) shall promptly notify the person against whom such indemnification
may be sought (the &ldquo;<B>Indemnifying Person</B>&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have under this Section&nbsp;9 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>,
that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person
otherwise than under this Section&nbsp;9. If any such proceeding shall be brought or asserted against an Indemnified Person and
it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to
the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to
represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 9 that the Indemnifying Person
may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In
any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually
agreed in writing to the contrary; (ii)&nbsp;the Indemnifying Person has failed within a reasonable time to retain counsel reasonably
satisfactory to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be legal
defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv)&nbsp;the
named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified
Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition
to any local counsel) for (A)&nbsp;the Agents and their affiliates, directors and officers and their control persons, if any, or
(B)&nbsp;the Company, its directors, its officers who signed the Registration Statement and its control persons, if any, as the
case may be, and that all such reasonable fees and expenses shall be paid or reimbursed as they are incurred. Any such separate
firm for the Agents and their affiliates, directors and officers and their control persons, if any, shall be designated in writing
by the Agents, and any such separate firm for the Company, its directors, its officers who signed the Registration Statement and
its control persons, if any, shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment
for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by
reason of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect
any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party
and indemnification is or could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional
release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability
on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person. Notwithstanding the foregoing, if at any time an Indemnified
Person shall have requested an Indemnifying Person to reimburse the Indemnified Person for fees and expenses of counsel as contemplated
by this Section 9(c), the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected without
its written consent if (i) such settlement is entered into more than 30 days after receipt by such Indemnifying Person of the aforesaid
request and (ii) such Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior
to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Contribution.</I>
If the indemnification provided for in Sections&nbsp;9(a) and 9(b) above is unavailable to an Indemnified Person or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such Sections,
in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and the applicable Agents, on the other, from the offering of the Shares pursuant
to this Agreement and any Terms Agreements or (ii) if the allocation provided by clause (i) is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative
fault of the Company, on the one hand, and the applicable Agents, on the other, in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative
benefits received by the Company, on the one hand, and the applicable Agents, on the other, shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Shares pursuant to this
Agreement and any Terms Agreements and the total discounts and commissions received by the applicable Agents in connection therewith
bear to the aggregate Gross Sales Price of such Shares. The relative fault of the Company, on the one hand, and the applicable
Agent, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on
the one hand, or by the applicable Agents, on the other hand, and the parties&rsquo; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Limitation
on Liability</I> The Company and the Agents agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;9
were determined by <U>pro rata</U> allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in Section&nbsp;9(d) above. The amount paid or payable by an Indemnified Person as a result of the losses,
claims, damages and liabilities referred to in Section&nbsp;9(d) above shall be deemed to include, subject to the limitations set
forth above, any reasonable legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.
Notwithstanding the provisions of this Section&nbsp;9, in no event shall an Agent be required to contribute any amount in excess
of the amount by which the total discounts and commissions received by such Agent with respect to the offering of the Shares pursuant
to this Agreement and any Terms Agreements exceeds the amount of any damages that such Agent has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Non-Exclusive
Remedies. </I>The remedies provided for in this Section&nbsp;9 are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.&nbsp;&nbsp;&nbsp;</FONT><U>No
Fiduciary Relationship</U>. The Company acknowledges and agrees that each Agent is acting solely in the capacity of an arm&rsquo;s
length contractual counterparty to the Company with respect to the offering of Shares contemplated hereby and any Terms Agreements
(including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent
of, the Company or any other person. Additionally, none of the Agent is advising the Company or any other person as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning
such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated
hereby, and no Agent shall have any responsibility or liability to the Company with respect thereto. Any review by the Agents of
the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the
benefit of the Agents and shall not be on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments
for Stock Splits</U>. The parties acknowledge and agree that all share related numbers contained in this Agreement, any Transaction
Proposal and any Transaction Acceptance shall be adjusted to take into account any stock split effected with respect to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.&nbsp;&nbsp;&nbsp;</FONT><U>Persons
Entitled to Benefit of Agreement</U>. This Agreement and any Terms Agreement shall inure to the benefit of and be binding upon
the parties hereto and thereto, respectively, and their respective successors and the officers, directors, affiliates and controlling
persons referred to in Section 9 hereof. Nothing in this Agreement or any Terms Agreement is intended or shall be construed to
give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any such Terms Agreement
or any provision contained herein or therein. No purchaser of Shares from or through an Agent shall be deemed to be a successor
merely by reason of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.&nbsp;&nbsp;&nbsp;</FONT><U>Survival</U>.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Agents contained
in this Agreement or any Terms Agreement or made by or on behalf of the Company or the Agents pursuant to this Agreement or any
Terms Agreement or any certificate delivered pursuant hereto or thereto shall survive the delivery of and payment for the Shares
and shall remain in full force and effect, regardless of any termination of this Agreement or any Terms Agreement or any investigation
made by or on behalf of the Company or the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.&nbsp;&nbsp;</FONT><U>Certain
Defined Terms</U>. For purposes of this Agreement, except where otherwise expressly provided, the term &ldquo;affiliate&rdquo;
has the meaning set forth in Rule 405 under Securities Act; the term &ldquo;business day&rdquo; means any day other than a day
on which banks are permitted or required to be closed in New York City; and the term &ldquo;subsidiary&rdquo; has the meaning set
forth in Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>.
All notices and other communications under this Agreement and any Terms Agreement shall be in writing and shall be deemed to have
been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notice to the Agents shall be
delivered or sent to (i) Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152, (fax: 212-214-5918), Attention:
Equity Syndicate Department; (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, (fax: 212-622-8358),
Attention: Equity Syndicate Desk; (iii) Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3649,
(fax: 212-325-4296), Attention: IBCM-Legal; (iv) Goldman Sachs &amp; Co. LLC, 200 West Street, New York, NY 10282 (telephone: 1-866-471-2526;
fax: 212-902-9316; email: Prospectus-ny@ny.email.gs.com), Attention: Prospectus Department; and (v) JMP Securities LLC, 600 Montgomery
Street, San Francisco, CA 94111, (email: syndicate@jmpsecurities.com), Attention: Equity Syndicate Department; and if to the Company,
shall be delivered or sent to One Belvedere Place, Suite&nbsp;300, Mill Valley, California 94941, (fax: 415-381-1773), Attention:
Andrew Stone, General Counsel (andy.stone@redwoodtrust.com), with a copy, which shall not constitute notice, to Latham &amp; Watkins
LLP, 650 Town Center Drive, 20th Floor, Costa Mesa, CA 92626, (fax: 714-755-8290), Attention: William J. Cernius, Esq. (william.cernius@lw.com).
Notwithstanding the foregoing, Transaction Proposals shall be delivered by the Company to the Agents by telephone or email to (i)
Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152 (telephone: 1-800-326-5897; email: cmclientsupport@wellsfargo.com),
Attention: Equity Syndicate Department; (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax: 312-3007716),
Attention: Stephanie Little; (iii) Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3649 (telephone:
212-325-8766), Attention: Equity Capital Markets Desk; (iv) Goldman Sachs &amp; Co. LLC, 200 West Street, New York, NY 10282 (telephone:
1-866-471-2526), Attention: Prospectus Department; and (v) JMP Securities LLC, 600 Montgomery Street, San Francisco, CA 94111 (telephone:
415-835-8985; email: syndicate@jmpsecurities.com), Attention: Equity Syndicate Department; and Transaction Acceptances shall be
delivered by the Agents to the Company by email to Collin Cochrane (email: Collin.Cochrane@redwoodtrust.com).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.&nbsp;&nbsp;</FONT><U>Governing
Law</U>. This Agreement, any Terms Agreement and any claim, counterclaim, controversies or dispute of any kind or nature whatsoever
arising out of or in any way relating to this Agreement or any Terms Agreement (each a &ldquo;<B>Claim</B>&rdquo;), directly or
indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.&nbsp;&nbsp;</FONT><U>Counterparts</U>.
This Agreement and any Terms Agreement may be signed in counterparts (which may include counterparts delivered by any standard
form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.&nbsp;&nbsp;</FONT><U>Amendments
or Waivers</U>. No amendment or waiver of any provision of this Agreement or any Terms Agreement, nor any consent or approval to
any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto or
thereto as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.&nbsp;&nbsp;</FONT><U>Compliance
with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), the Agents are required to obtain, verify and record information that identifies their respective clients,
including the Company, which information may include the name and address of their respective clients, as well as other information
that will allow the Agents to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.&nbsp;&nbsp;</FONT><U>Headings</U>.
The headings herein and in any Terms Agreement are included for convenience of reference only and are not intended to be part of,
or to affect the meaning or interpretation of, this Agreement or any Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>[</B>Signature Pages Follow<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing correctly sets forth the
understanding between the Company and each of the Agents, please so indicate in the space provided below for that purpose, whereupon
this letter and your acceptance shall constitute a binding agreement among the Company and each of the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">REDWOOD TRUST, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1F497D"><FONT STYLE="color: Black">/s/
                                         Collin L. Cochrane</FONT></P>



</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Name: Collin L. Cochrane</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Distribution Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Accepted and agreed to as of the</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">date first above written:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Wells Fargo</FONT> SECURITIES, LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Elizabeth Alvarez</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Elizabeth Alvarez</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">J.P. Morgan securities llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Stephanie Little</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Stephanie Little</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">credit suisse securities (USA) llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Craig Wiele</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Craig Wiele</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">goldman sachs &amp; co. llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Daniel Young</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Daniel Young</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">jmp securities llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thomas Kilian</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Thomas Kilian</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Chief Operating Officer, Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature Page to Distribution Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Authorized Company Representatives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher J. Abate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dashiell I. Robinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Collin L. Cochrane</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shoshone Stern</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REDWOOD TRUST, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TERMS AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">_____________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Redwood Trust, Inc., a Maryland corporation
(the &ldquo;<B>Company</B>&rdquo;), proposes, subject to the terms and conditions stated herein and in the Distribution Agreement
dated November&nbsp;14, 2018 (the &ldquo;<B>Distribution Agreement</B>&rdquo;) between the Company and Wells Fargo Securities,
LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP Securities LLC (each,
an &ldquo;<B>Agent</B>&rdquo;), to issue and sell to the Agent the securities specified in the Schedule hereto (the &ldquo;<B>Purchased
Shares</B>&rdquo;). Unless otherwise defined below, terms defined in the Distribution Agreement shall have the same meanings when
used herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the provisions of the Distribution
Agreement not specifically related to the solicitation by the Agent, as agent of the Company, of offers to purchase securities
is incorporated herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent
as if such provisions had been set forth in full herein. Each of the representations, warranties and agreements set forth therein
shall be deemed to have been made as of the date of this Terms Agreement and the Settlement Date set forth in the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An amendment to the Registration Statement
or a supplement to the Prospectus, as the case may be, relating to the Purchased Shares, in the form heretofore delivered to the
Agent, is now proposed to be filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the terms and conditions set
forth herein and in the Distribution Agreement which are incorporated herein by reference, the Company agrees to issue and sell
to the Agent, and the latter agrees to purchase from the Company, the Purchased Shares at the time and place and at the purchase
price set forth in the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any provision of the Distribution
Agreement or this Terms Agreement to the contrary, the Company consents to the Agent trading in the Common Stock for Agent&rsquo;s
own account and for the account of its clients at the same time as sales of the Purchased Shares occur pursuant to this Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>[</I></B><I>Signature Page Follows<B>]</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 44; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your
understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including those provisions of
the Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between the Agent and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">REDWOOD TRUST, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 276pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Accepted and agreed as of</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">the date first above written:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">[&#9679;]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule to Terms Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of Purchased Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Common Stock, par value $0.01 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Shares of Purchased Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>[</B>&bull;<B>]</B> shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Initial Price to Public:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">$<B>[</B>&bull;<B>]</B> per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchase Price Payable by the Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">$<B>[</B>&bull;<B>]</B> per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Method of and Specified Funds for Payment of Purchase Price:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>[</B>By wire transfer to a bank account specified
by the Company in same day funds.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Method of Delivery:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>[</B>To the Agent&rsquo;s account, or the account
of the Agent&rsquo;s designee, at The Depository Trust Company via DWAC in return for payment of the purchase price.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>[</B>&bull;<B>]</B>, 20<B>[</B>&bull;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closing Location:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>[</B>&bull;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Documents to be Delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents referred to in the Distribution Agreement
shall be delivered on the Settlement Date as a condition to the closing for the Purchased Shares (which documents shall be dated
on or as of the Settlement Date and shall be appropriately updated to cover any Preliminary Prospectus, Permitted Free Writing
Prospectuses and any amendments or supplements to the Registration Statement, any Preliminary Prospectus, the Prospectus, any Permitted
Free Writing Prospectuses and any documents incorporated by reference therein):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) the officer&rsquo;s certificate referred to in Section 5(a)(i);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) the opinion<B>[</B>s<B>]</B> and negative assurance letter<B>[</B>s<B>]</B>
of the Company&rsquo;s outside counsel <B>[</B>and general counsel<B>]</B> referred to in Section 5(a)(ii);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) the &ldquo;comfort&rdquo; letter referred to in Section
5(a)(iii);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) if reasonably requested by the Agent, the Chief Financial
Officer&rsquo;s certificate referred to in Section 5(a)(iv);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5) the opinion and negative assurance letter referred to in
Section 5(b); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6) such other documents as the Agent shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>Lockup:<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>[</B>&bull;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Time of sale: <B>[</B>&bull;<B>] [</B>a.m./p.m.<B>]</B> (New
York City time) on <B>[</B>&bull;<B>]</B>, <B>[</B>&bull;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Time of sale information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The number of shares of Purchased Shares set forth above</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The initial price to public set forth above</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>[Other]</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>OFFICERS&rsquo; CERTIFICATE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated __________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We, <B>[</B>name<B>]</B>, <B>[</B>title<B>]</B>
of Redwood Trust, Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), do hereby certify that this certificate is signed
by us pursuant to the Distribution Agreement dated [&#9679;], 2018 between the Company and Wells Fargo Securities, LLC, J.P. Morgan
Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP Securities LLC (the &ldquo;<B>Distribution
Agreement</B>&rdquo;), and do hereby further certify on behalf of the Company, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD>They have reviewed the Registration Statement and the Prospectus and, to his best knowledge, the representations and warranties
of the Company set forth in Section 3(a) and 3(b) of the Distribution Agreement are true and correct as of the date hereof and
as if made on the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD>The other representations and warranties of the Company in the Distribution Agreement are true and correct as of the date hereof
and as if made on the date hereof, and the Company has complied with all agreements and satisfied all conditions on its part to
be performed or satisfied under the Distribution Agreement at or prior to the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD>The conditions set forth in Section 5 and Section 7(a) of the Distribution Agreement have been met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD>Except as described in the Registration Statement and the Prospectus, there are no legal, governmental or regulatory investigations,
actions, suits or proceedings pending to which the Company or any of its subsidiaries is or may be a party or to which any property
of the Company or any of its subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely
to the Company or any of its subsidiaries could reasonably be expected to have a Material Adverse Effect; and, to his knowledge,
no such investigations, actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority
or threatened by others.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD>Neither the Company nor any of its subsidiaries is subject to any judgment, order or decree of any court or arbitrator or governmental
or regulatory authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD>Each of Latham &amp; Watkins LLP, counsel to the Company, Clifford Chance US LLP, counsel to the Agents, and Venable LLP, Maryland
counsel to the Company, are entitled to rely on the representations and warranties of the Company contained in this certificate
in rendering their respective legal opinions to the Agents in connection with the transactions contemplated by the Distribution
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms used herein and not
otherwise defined shall have the respective meanings assigned to them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[</B>Signature Page Follows<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit B-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit B-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit C-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION AND NEGATIVE ASSURANCE
STATEMENT OF</B><BR>
<B>LATHAM &amp; WATKINS LLP, </B><BR>
<B>SPECIAL COUNSEL TO THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">The Registration Statement has become effective under the Act. With your consent, based solely on
a review of the list of stop orders on the Commission&rsquo;s website at http://www.sec.gov/litigation/stoporders.shtml, we confirm
that no stop order suspending the effectiveness of the Registration Statement has been issued under the Act and no proceedings
therefor have been initiated by the Commission. The Prospectus has been filed in accordance with Rule 424(b) and 430B under the
Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">The execution and delivery of the Distribution Agreement and the issuance and sale of the Shares by
the Company to or through you pursuant to the Distribution Agreement do not on the date hereof:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;result
in the breach of or a default under any of the Specified Agreements; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;violate
any federal, California or New York statute, rule or regulation applicable to the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;require
any consents, approvals, or authorizations to be obtained by the Company from, or any registrations, declarations or filings to
be made by the Company with, any governmental authority under any federal, California or New York statute, rule or regulation applicable
to the Company on or prior to the date hereof that have not been obtained or made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: windowtext">3.</FONT></TD><TD STYLE="text-align: left">The statements in the Prospectus under the caption &ldquo;Plan of Distribution&rdquo;, and the statements
in, or incorporated by reference in, the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, [&#9679;] under
the captions &ldquo;Executive Compensation &mdash; Potential Payments upon Termination or Change of Control&rdquo; (only with respect
to the first fifteen paragraphs thereof) and &ldquo;Legal Proceedings,&rdquo; insofar as they purport to describe or summarize
certain provisions of the documents referred to therein, are accurate descriptions or summaries in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: windowtext">4.</FONT></TD><TD STYLE="text-align: left">The Registration Statement at [&#9679;], including the information deemed to be a part thereof pursuant
to Rule 430B under the Act, and the Prospectus, as of its date, each appeared on its face to be appropriately responsive in all
material respects to the applicable form requirements for registration statements on Form&nbsp;S-3 under the Act and the rules
and regulations of the Commission thereunder; it being understood, however, that we express no view with respect to Regulation
S-T or the financial statements, schedules, or other financial data, included in, incorporated by reference in, or omitted from,
the Registration Statement or the Prospectus. For purposes of this paragraph, we have assumed that the statements made in the Registration
Statement and the Prospectus are correct and complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: windowtext">5.</FONT></TD><TD STYLE="text-align: left">Each of the Incorporated Documents, as of its respective filing or effective date, appeared on its
face to be appropriately responsive in all material respects to the applicable form requirements for reports on Forms 10-K, 10-Q
and 8-K, and proxy statements under Regulation 14A, as the case may be, under the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission thereunder; it being understood, however, that we express no view with respect
to Regulation S-T or the financial statements, schedules, or other financial data, included in, incorporated by reference in, or
omitted from, such reports. For purposes of this paragraph, we have assumed that the statements made in the Incorporated Documents
are correct and complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">* * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The primary purpose of our professional engagement was not to
establish or confirm factual matters or financial or quantitative information. Therefore, we are not passing upon and do not assume
any responsibility for the accuracy, completeness or fairness of the statements contained in, or incorporated by reference in,
the Registration Statement, the Prospectus or the Incorporated Documents (except to the extent expressly set forth in the numbered
paragraph 3 of our letter to you of even date and in our letter to you of even date with respect to certain tax matters), and have
not made an independent check or verification thereof (except as aforesaid). However, in the course of acting as special counsel
to the Company in connection with the preparation by the Company of the Registration Statement and the Prospectus, we reviewed
the Registration Statement, the Prospectus and the Incorporated Documents, and participated in conferences and telephone conversations
with officers and other representatives of the Company, the independent public accountants for the Company, your representatives
and your counsel, during which conferences and conversations the contents of the Registration Statement and the Prospectus (and
portions of certain of the Incorporated Documents) and related matters were discussed. We also reviewed and relied upon certain
corporate records and documents, letters from counsel and accountants, and oral and written statements of officers and other representatives
of the Company and others as to the existence and consequence of certain factual and other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on our participation, review and reliance as described
above, we advise you that no facts came to our attention that caused us to believe that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 66pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Registration Statement, at the time it became effective on [&#9679;], including the information deemed to be a part of
the Registration Statement pursuant to Rule 430B under the Act (together with the Incorporated Documents at that time), contained
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; text-indent: -0.25in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 66pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Prospectus, as of the date hereof (together with the Incorporated Documents at that date), contains an untrue statement
of a material fact or omits to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">it being understood that we express no belief with respect to
the financial statements, schedules, or other financial data included or incorporated by reference in, or omitted from, the Registration
Statement, the Prospectus or the Incorporated Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit C-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF TAX COUNSEL TO THE
COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
with the Company&rsquo;s taxable year ended December 31, 2011, the Company has been organized and has operated in conformity with
the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the &ldquo;<B><I>Code</I></B>&rdquo;),
and its proposed method of operation will enable the Company to continue to meet the requirements for qualification and taxation
as a REIT under the Code; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements in Exhibit 99.1 to the June Current Report under the heading &ldquo;Material U.S. Federal Income Tax Considerations,&rdquo;
as supplemented by the statements in the Prospectus Supplement under the heading &ldquo;Supplemental U.S. Federal Income Tax Considerations,&rdquo;
insofar as such statements purport to constitute summaries of United States federal income tax law and regulations or legal conclusions
with respect thereto, constitute accurate summaries of the matters described therein in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-2-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit C-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF MARYLAND COUNSEL TO
THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and RWT Holdings Sub is a corporation duly incorporated and validly existing under and by virtue of the laws of
the State of Maryland and is in good standing with the SDAT, with corporate power to own, lease and operate its properties and
to conduct its business in all material respects as described in the Registration Statement, the Preliminary Prospectus and the
Prospectus under the heading &ldquo;Prospectus Supplement Summary&mdash;About Redwood Trust, Inc.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Common Stock of the Company issued and outstanding as of the date hereof immediately prior to the issuance of any Shares
(the &ldquo;Outstanding Shares&rdquo;) have been duly authorized and validly issued and are fully paid and nonassessable and have
not been issued in violation of, or subject to, any preemptive or similar rights arising under the MGCL or the Company Charter
or the Company Bylaws. The stock of the Company conforms in all material respects to the description thereof contained in the Registration
Statement, the Preliminary Prospectus and the Prospectus under the headings &ldquo;General Description of Securities,&rdquo; &ldquo;Description
of Common Stock&rdquo; and &ldquo;Description of Preferred Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of stock of RWT Holdings Sub issued and outstanding as of the date hereof have been duly authorized and validly issued and
are fully paid and nonassessable, and have not been issued in violation of, or subject to, any preemptive or similar rights arising
under the MGCL, the Holdings Charter or the Holdings Bylaws, and are owned by the Company (excluding the shares of preferred stock
issued by RWT Holdings Sub).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power to execute and deliver the Distribution Agreement and to perform its obligations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of the Distribution Agreement have been duly authorized by the Company. The Distribution Agreement has been
duly executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Shares has been duly authorized and, when issued and delivered by the Company in accordance with the Corporate
Proceedings, the Resolutions and the Distribution Agreement, the Shares will be validly issued, fully paid and nonassessable, and
will not have been issued in violation of, or subject to, any preemptive or similar rights arising under the MGCL or the Company
Charter or the Company Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock Certificate complies with the applicable requirements of the MGCL and with any applicable requirement under the Company
Charter and the Company Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of the Distribution Agreement, the compliance by the Company with the terms
thereof, and the issuance and sale of the Shares will not (a) violate the provisions of the Company Charter, the Company Bylaws,
the Holdings Charter or the Holdings Bylaws or (b) result in the violation of any Maryland statute, rule or regulation, or, so
far as is known to us, judgment or order applicable to the Company of any court or governmental or regulatory authority of the
State of Maryland (other than any statute, rule, regulation, judgment or order in connection with the securities laws of the State
of Maryland, as to which no opinion is expressed hereby) except, in the case of clause (b) above, for such violation that would
not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-3-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consent, approval, authorization, order, registration or qualification of or with any court or governmental or regulatory authority
of the State of Maryland is required for the execution, delivery and performance by the Company of the Distribution Agreement,
the compliance by the Company with the terms thereof or the issuance and sale of the Shares except such as have been obtained or
made, if any (other than any consent, approval, authorization, order, registration or qualification in connection with the securities
laws of the State of Maryland, as to which no opinion is expressed hereby).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements (a) in the Preliminary Prospectus and the Prospectus under the headings &ldquo;Risk Factors&mdash;Provisions of Maryland
law, our charter and bylaws may impede or discourage a takeover, which could cause the market price of our common stock to decline,&rdquo;
&ldquo;General Description of Securities,&rdquo; &ldquo;Description of Common Stock,&rdquo; &ldquo;Description of Preferred Stock,&rdquo;
&ldquo;Restrictions on Ownership and Transfer and Repurchase of Shares&rdquo; and &ldquo;Certain Provisions of Maryland Law and
of Our Charter and Bylaws,&rdquo; (b) in the Form 10-K under the heading &ldquo;Risk Factors<B>&mdash;</B>Provisions in our charter
and bylaws and provisions of Maryland law may limit a change in control or deter a takeover that might otherwise result in a premium
price being paid to our shareholders for their shares in Redwood&rdquo; and &ldquo;Risk Factors&mdash;The ability to take action
against our directors and officers is limited by our charter and bylaws and provisions of Maryland law and we may (or, in some
cases, are obligated to) indemnify our current and former directors and officers against certain losses relating to their service
to us&rdquo; and (c) in the Registration Statement in Item 15, to the extent that they constitute summaries of the terms of the
stock of the Company, matters of Maryland law or the Company Charter or the Company Bylaws, are accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on the Officer&rsquo;s Certificate and upon any facts otherwise known to us, there is no action, litigation, arbitration
or mediation pending (in which service of process has been received by an employee of the Company) before any court, arbitrator,
mediator or administrative body against the Company that challenges the validity or enforceability, or seeks to enjoin the performance,
of the Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-3-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit C-4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF WEINTRAUB TOBIN</B><BR>
<B>CHEDIAK COLEMAN GRODIN LAW CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
subsidiary of the Company listed on Schedule 1 hereto (each, a &ldquo;Subsidiary&rdquo; and collectively, the &ldquo;Subsidiaries&rdquo;)
has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its formation, and has
all power and authority necessary to own or hold its respective properties and to conduct the businesses in which it is engaged,
except where the failure to be so qualified or have such power or authority would not, individually or in the aggregate, have a
Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each of the Subsidiaries is duly qualified as a foreign corporation or limited liability company to transact business
and is in good standing in each jurisdiction in which such qualification is required whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure to be so qualified or to be in good standing would not, individually
or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
the outstanding shares of capital stock or other equity interests of each Subsidiary have been duly and validly authorized and
issued, and are fully paid and non-assessable, and have not been issued in violation of or subject to any preemptive or similar
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of the Distribution Agreement, the compliance by the Company with the terms
thereof, the issuance and sale of the Shares and the consummation of the transactions contemplated by the Distribution Agreement
or the Prospectus will not (i) result in any violation of the provisions of the certificate of formation or bylaws or similar organizational
documents of any of the Subsidiaries, (ii) result in the violation of any law or statute or any judgment, order or regulation of
any court or arbitrator or governmental or regulatory authority, or (iii) conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company or any Subsidiary pursuant to, any of the agreements listed in Schedule 2 hereto, except,
in the case of clauses (ii) and (iii) above, for such conflict, breach, violation or default that would not, individually or in
the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the best of our knowledge, except as described in the Registration Statement or the Prospectus, there are no legal, governmental
or regulatory investigations, actions, suits or proceedings pending to which any Subsidiary is or may be a party or to which any
property of any Subsidiary is or may be the subject which, individually or in the aggregate, if determined adversely to the Subsidiary,
could reasonably be expected to have a Material Adverse Effect; and to the best of our knowledge, no such investigations, actions,
suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements in the Company&rsquo;s Annual Report under the heading &ldquo;Risk Factors &ndash; Conducting our business in a manner
so that we are exempt from registration under, and compliance with, the Investment Company Act may reduce our flexibility and could
limit our ability to pursue certain opportunities. At the same time, failure to continue to qualify for exemption from the Investment
Company Act could adversely affect us&rdquo; to the extent that they constitute summaries of matters of law or regulation or legal
conclusions, fairly summarize the matters described therein in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date hereof, neither the Company nor any of the Subsidiaries is an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 56; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit C-4-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CFO Certificate<SUP>1</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated [&#9679;], 201[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned, <B>[</B>name<B>]</B>, <B>[</B>title<B>]</B>
of Redwood Trust, Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), does hereby certify, pursuant to the Distribution
Agreement dated [&#9679;], 2018 (the &ldquo;<B>Distribution Agreement</B>&rdquo;) between the Company and Wells Fargo Securities,
LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP Securities LLC that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I have reviewed the data included as Exhibits
A <B>[</B>through [&#9679;]<B>]</B> hereto, which was included in <B>[Revise as applicable&mdash;] </B>the Registration Statement,
the Prospectus, the Preliminary Prospectus, if any, the Permitted Free Writing Prospectus dated [&#9679;], the Company&rsquo;s
Form 10-K for the fiscal year ended December 31, <B>[Insert year covered by most recent Form 10-K] </B>and in the Company&rsquo;s
Quarterly Reports on Form 10-Q for the quarters ended [&#9679;] and [&#9679;] <B>[Insert reference to any subsequent Form 10-Qs
and any applicable Form 8-Ks] </B>(collectively, the &ldquo;<B>Documents</B>&rdquo;). This will confirm that <B>[</B>(a)<B>]</B>&nbsp;the
financial data that is circled or otherwise indicated on Exhibits <FONT STYLE="text-transform: uppercase">A</FONT> <B>[</B>through
[&#9679;]<B>]</B> hereto have been derived from the accounting and other records of the Company and its subsidiaries or <B>[</B>unaudited
financial statements of [&#9679;]<B>] </B>and <B>[</B>in each case<B>]</B> have been prepared, to the extent applicable, in compliance
with the requirements of Securities Act and the Exchange Act and in conformity with U.S. generally accepted accounting principles
applied on a consistent basis during the periods involved, and that all such data is accurate and fairly presented in all material
respects <B>[</B>and (b)&nbsp;the statistical or market-related data that is circled or otherwise indicated on Exhibits A <B>[</B>through
[&#9679;]<B>] </B>hereto have been based on or derived from information set forth in or provided by from sources that are reliable
and accurate in all material respects and accurately reflects all such information<B>]</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used herein and not defined
have the respective meanings ascribed thereto in the Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I have hereunto set
my hand as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[</B>Signature Page Follows<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD>If reasonably requested by the Agents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit D-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>[</B>Name of Issuer<B>]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit D-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Significant Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 10pt"><B>State of Incorporation or Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Redwood Asset Management, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Redwood Capital Trust I</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Redwood Residential Acquisition Corporation </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Redwood Subsidiary Holdings, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">RWT Holdings, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">RWT Securities, LLC </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sequoia Mortgage Funding Corporation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sequoia Residential Funding, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">RWT Financial, LLC </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 59; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit E-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Excluded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Trust 2003-A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2006-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2010-H1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2011-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2011-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia Option ARM 1 CDO, Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia Option ARM 1 CDO Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Capital Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greystone ESS Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KS07 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KW02 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Qualified REIT Subsidiaries
and Disregarded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(* = Dissolved or Sold)</U></B><BR>
<B><U>(** = Inactive) </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Qualified REIT Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood FinSec, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood BPL Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Juniper Trust, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust Japan, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sycamore Trust, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tanoak Commercial Capital Corporation*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Disregarded Entities
and Other REIT Entities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Capital Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BPL Funding 1, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BPL Funding 2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Capital Trust II**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood TALF LLC *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Texan, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Broward, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Brick Row, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Ashlar, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Commercial Financing (TRS), LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood RPL Administrator, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Subsidiary Holdings, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC Financing I Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Financial, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC SPV-FN Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC SPV-FN2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC SPV-FRE Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Risk Services, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Financial Services, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Senior Financing, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Senior Financing, II, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC MF-I, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC One West, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC/Malkin One West JV, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC 2012-1 CREL1, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Commercial Financing (REIT) LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit G-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Opportunity Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Opportunity Master Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Value LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Value Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Value Master Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 1*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 3*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 4*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 5*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 6*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 7*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Trust 2003-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Trust 2004-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia HELOC Trust 2004-1*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Company 2002-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Company 2002-B*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit G-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit H</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Taxable REIT Subsidiaries</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(* = Dissolved, Sold or Inactive)
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Residential Funding, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Asset Management, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Commercial Mortgage Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Residential Acquisition Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC-NY Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Millennium Funding, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Juniper Holdings, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Commercial Funding, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Financial Services, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Mortgage Funding, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Offshore Opportunity Fund, LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Offshore Value Fund, LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Residential Funding, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tanoak Asset Management, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 1, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 2, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 3, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 4, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 13, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia Option ARM 1 CDO, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 2, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Crest G-Star 2001-2A, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GSAA 2006-NIM8, LTD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Markov CDO I, Ltd*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Millstone III CDO, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Millstone IV CDO, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESIX Finance Limited*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Madrona LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Madrona Residential Funding LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit H-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Excluded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Trust 2003-A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2003-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2004-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2005-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2006-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2007-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2010-H1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2011-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2011-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit I-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit I-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia Option ARM 1 CDO, Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia Option ARM 1 CDO Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Capital Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Financial, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greystone ESS Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KS07 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KW02 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit I-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tv506843_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[LETTERHEAD OF VENABLE LLP]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 14, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Belvedere Place, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, California 94941</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-3 (File No. 333-211267)</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Redwood
Trust, Inc., a Maryland corporation (the &quot;Company&quot;), in connection with certain matters of Maryland law arising out of
the sale and issuance from time to time of shares (the &quot;Shares&quot;) of Common Stock, $0.01 par value per share (the &quot;Common
Stock&quot;), of the Company having an aggregate offering price of up to $150,000,000, covered by the above-referenced Registration
Statement, and all amendments related thereto (the &quot;Registration Statement&quot;), filed by the Company with the United States
Securities and Exchange Commission (the &quot;Commission&quot;) under the Securities Act of 1933, as amended (the &quot;1933 Act&quot;).
The Shares may be issued from time to time in an at-the-market public offering (the &quot;Offering&quot;) pursuant to a Distribution
Agreement, dated as of November 14, 2018 (the &quot;Sales Agreement&quot;), by and among the Company, Wells Fargo Securities, LLC,
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC and JMP Securities LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72.25pt">In connection with our representation
of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &quot;Documents&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement and the Prospectus included therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus Supplement, dated November 14, 2018 (the &quot;Prospectus Supplement&quot;), in the form filed by the Company with the
Commission pursuant to Rule 424(b) under the 1933 Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
charter of the Company (the &quot;Charter&quot;), certified by the State Department of Assessments and Taxation of Maryland (the
&quot;SDAT&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Bylaws of the Company, as amended, certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 14, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
adopted by the Board of Directors of the Company, and a duly authorized committee thereof (the &ldquo;Resolutions&rdquo;), relating
to, among other things, the authorization of (a) the registration, sale and issuance of the Shares, (b) the execution, delivery
and performance by the Company of the Distribution Agreement and (c) the delegation to designated officers of the Company of the
power to determine the number and price of the Shares and certain other matters in connection with the registration, sale and issuance
of the Shares, subject to the Resolutions, certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distribution Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate executed by an officer of the Company, dated as of the date hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below,
we have assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding
and are enforceable in accordance with all stated terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All
Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties,
statements and information contained in the Documents are true and complete. There has been no oral or written modification of
or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 14, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares will not be issued or transferred in violation of the restrictions on transfer and ownership of shares of stock of the Company
set forth in Article XI of the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total
number of shares of Common Stock that the Company is then authorized to issue under the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the
assumptions, limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a corporation duly incorporated and existing under the laws of the State of Maryland and is in good standing with the
SDAT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with
the Distribution Agreement, Resolutions, the Registration Statement and the Prospectus Supplement, the Shares will be validly issued,
fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws
of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability
or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state
laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed
by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to
the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume
no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">This opinion is being furnished
to you for submission to the Commission as an exhibit to the Company&rsquo;s Current Report on Form 8-K relating to the Offering
(the &quot;Current Report&quot;). We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the
use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent
is required by Section 7 of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Venable LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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