X0306 4 2017-12-20 0 0000930236 REDWOOD TRUST INC RWT 0001681908 Stern Shoshone (Bo) 1 BELVEDERE PLACE SUITE 300 MILL VALLEY CA 94941 0 1 0 0 Chief Investment Officer Common Stock 2017-12-20 4 M 0 4746 14.76 A 20778 D Deferred Stock Units 18.86 2017-12-20 4 F 0 5858 0.0 D Common Stock 5858 4746 D Deferred Stock Units 18.86 2017-12-20 4 M 0 4746 0.0 D Common Stock 4746 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. Represents fair value of Deferred Stock Units, based on the original grant date fair market value. This disposition transaction represents a Compensation Committee approved withholding of securities incident to the payment of tax liability relating to the distribution and/or conversion of Deferred Stock Units in the Executive Deferred Compensation 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. Following these reported transactions, no other Deferred Stock Units with the same original grant date are beneficially owned. /s/ Attorney-In-Fact: Andrew P. Stone 2017-12-21