X0306 4 2020-05-20 0 0000930236 REDWOOD TRUST INC RWT 0001233561 Byerwalter Mariann H 1 BELVEDERE PLACE SUITE 300 MILL VALLEY CA 94941 1 0 0 0 Common Stock 2020-05-20 4 M 0 5778 4.25 A 17747.7 I by Trust Common Stock 2020-05-21 4 S 0 5778 4.5234 D 11969.7 I by Trust Deferred Stock Units 16.44 2020-05-20 4 M 0 5778 0.0 D Common Stock 5778 0 D This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock under the Executive Deferred Compensation Plan. Represents the value (per stock unit or share of common stock) of the distribution and/or conversion of Deferred Stock Units, including to common stock under the Executive Deferred Compensation Plan, based on the fair market value of Redwood Trust, Inc. common stock on the transaction date. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person in May, 2019. This transaction was executed in multiple trades in prices ranging from $4.51 to $4.54 inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote. Represents fair market value RWT common stock on the grant date under the 2014 Incentive Award Plan. Deferred Stock Units were subject to a mandatory holding period and are being delivered to the Participant at the time provided in the Deferral Election Form, according to the terms and conditions of the Executive Deferred Compensation Plan. No expiration date is applicable to deferred stock units. Attorney-In-Fact: /s/ Andrew P. Stone 2020-05-22