TWO Board Continues to Ignore Will of Stockholders and Conducts Delay Tactics Instead of Engaging with UWMC on its Offer That Provides Higher Value than CCM's Best and Final

UWM Holdings Corporation ("UWMC" or the "Company") (NYSE:UWMC), today issued a statement regarding the second adjournment of the special meeting of the stockholders of Two Harbors Investment Corp. ("Two Harbors" or "TWO") (NYSE:TWO) to vote on TWO's proposed merger with CrossCountry Mortgage, LLC ("CrossCountry" or "CCM").

The statement reads as follows:

"Today's second adjournment demonstrates unequivocally that TWO stockholders understand what their Board refuses to acknowledge: engagement with UWMC is the only way that TWO stockholders can be assured of getting the best value. It should be abundantly clear by now that TWO stockholders do not want the inferior CCM transaction, which CCM has declared to be its best and final offer, nor do they want more adjournments and delays. It's high time the TWO Board listens to their stockholders and engages in good faith negotiations with UWMC – something which the TWO Board, contrary to its assertions, has steadfastly refused to do for months.

"As the TWO Board stated itself, it ‘will, consistent with its fiduciary duties, consider in good faith any actionable all-cash, fully financed proposal from UWMC.' UWMC has made a proposal meeting all such requirements – a superior offer of $12.50 per share in cash or 2.3328 shares of UWMC stock compared to CCM's best and final offer of $12.00 per share, with a pro-rated stub dividend – and if TWO disagrees in any respect, UWMC invites TWO to open, good faith discussions to achieve the best result for TWO stockholders. In fact, it is the TWO Board that has the power to provide certainty to its stockholders, as it can terminate the CCM transaction in accordance with its terms only after securing an alternative agreement with UWMC, following direct negotiations to maximize value for TWO stockholders.

"The TWO Board and its advisors have run a failed process, put management's interests ahead of stockholders' and wasted stockholder capital on advisor fees and delaying tactics. In a textbook example of disfranchisement, Chairman Kasnet has adjourned the meeting despite the fact that a quorum was present and the shareholders voted against doing so. We call on the TWO Board yet again to do the right thing, engage with UWMC and work constructively towards a transaction or transactions that will get the most value for TWO stockholders.

"UWMC continues to recommend that TWO stockholders vote AGAINST the inferior CCM transaction and demand that their Board engage with UWMC, as this is the only path to maximizing stockholder value."