\n\u201cTWO\u2019s latest calculation of value is a smoke and mirrors ploy designed to distract TWO stockholders from the inferior value being offered by the CCM transaction. TWO is adding the value of their normal $0.34 second quarter dividend to the \u2018value\u2019 of the CCM transaction without acknowledging that the same $0.34 dividend would be payable if TWO proceeded with UWMC. An apples-to-apples comparison reveals UWMC\u2019s offer is still superior. It seems there is no limit to the lengths the TWO Board will go to protect a management-enriching deal with their preferred partner while ignoring their fiduciary duty to stockholders. TWO stockholders should not fall for this desperate, deceptive Hail Mary attempt by their Board.\u201d<\/p>\n
\n\u201cUWMC is disappointed that TWO\u2019s Board continues to refuse to engage with UWMC, except through misleading press releases. UWMC welcomes the opportunity to engage directly with the TWO Board and their advisors to address any and all supposed concerns they have with UWMC\u2019s proposal and to continue negotiating for the benefit of TWO shareholders. Under these circumstances, TWO shareholders should demand TWO engage with UWMC and vote AGAINST<\/span><\/b> the inferior CCM transaction.\u201d<\/p>\n How to Vote<\/b><\/p>\n \nUWMC encourages all TWO stockholders to review its definitive proxy statement on file with the SEC for more detail about why voting AGAINST<\/span><\/b> the CCM transaction helps maximize value for stockholders.<\/p>\n \nWe urge all stockholders toVOTE AGAINST<\/span><\/b> Two Harbors\u2019 CCM Merger Proposal, AGAINST<\/span><\/b> the Non-Binding Compensation Advisory Proposal and AGAINST<\/span><\/b> the Adjournment Proposal according to the instructions on UWMC\u2019s BLUE<\/b> Proxy Card today to preserve the opportunity to achieve greater value by engaging with UWMC\u2019s superior proposal.<\/p>\n \nIf you have already voted for TWO\u2019s proposals relating to the Proposed CCM Merger on TWO\u2019s proxy card, you have every right to revoke such proxy card by (i) completing, signing, dating and returning a later dated BLUE<\/b> Proxy Card, (ii) voting via the Internet or by telephone by following the instructions on the enclosed BLUE<\/b> Proxy Card at www.okapivote.com\/TWO<\/a> or toll free at (844) 343-2621, (iii) submitting written notice of the revocation to TWO\u2019s Corporate Secretary or (iv) attending the special meeting and voting your shares online.<\/p>\n VOTE AGAINST<\/span> THE PROPOSED CCM MERGER ON THE BLUE<\/span> PROXY CARD TODAY<\/b><\/p>\n YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN!<\/b><\/p>\n About UWM Holdings Corporation and United Wholesale Mortgage<\/b><\/p>\n \nHeadquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (\u201cUWM\u201d). UWM is the nation\u2019s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for 11 consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.<\/p>\n Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n \nThis communication includes forward-looking statements. These forward-looking statements are generally identified using words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict\u201d and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this communication include statements regarding our expectations and beliefs related to (i) the timing of the completion of any proposed transaction; (ii) the ability of the parties to complete any proposed transaction; and (iii) the benefits of a proposed transaction. These statements are based on management\u2019s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein; (ii) the ability of the parties to satisfy the conditions to any proposed transaction, including obtaining stockholder approval and regulatory approval, on a timely basis or at all; (iii) the ability to obtain synergies and benefits of any proposed transaction; (iv) UWM\u2019s ability to successfully implement strategic decisions and product launches; (iv) UWM\u2019s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (vi) UWM\u2019s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (vii) UWM\u2019s ability to sell loans in the secondary market; (viii) UWM\u2019s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (ix) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (x) our ability to consummate the merger with Two Harbors and achieve the anticipated benefits; (xi) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (xii) UWM\u2019s dependence on Independent Mortgage Advisors to originate mortgage loans; (xiii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (xiv) UWM\u2019s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xv) UWM\u2019s ability to continue to attract and retain its broker relationships; (xvi) UWM\u2019s ability to implement technological innovation, such as AI in our operations; (xvii) the occurrence of a data breach or other failure of UWM\u2019s cybersecurity or information security systems; (xviii) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xix) UWM\u2019s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xx) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission (the \u201cSEC\u201d) including those under \u201cRisk Factors\u201d therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.<\/p>\n No Offer or Solicitation<\/b><\/p>\n \nThis communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.<\/p>\n Additional Information<\/b><\/p>\n \nThis communication relates to a proposal that UWMC has made to the Two Harbors Board for a business combination transaction with Two Harbors. In furtherance of this proposal and subject to future developments, UWMC filed a definitive proxy statement on Schedule 14A on May 14, 2026 (the \u201cProxy Statement\u201d) with the SEC in order to solicit proxies against the Proposed CCM Merger and other proposals to be voted on by TWO stockholders at the special meeting of TWO stockholders to be held to approve the Proposed CCM Merger. UWMC may file amendments or supplements to the Proxy Statement and one or more registration statements, proxy statements, tender or exchange offers or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, tender or exchange offer document, prospectus or other document UWMC and\/or Two Harbors may file with the SEC in connection with a proposed transaction.<\/p>\n INVESTORS AND SECURITYHOLDERS OF UWMC AND TWO HARBORS ARE URGED TO READ THE PROXY STATEMENT, ANY ADDITIONAL MATERIALS UWMC MAY FILE WITH RESPECT TO THE BUSINESS COMBINATION TRANSACTION, INCLUDING ANY REGISTRATION STATEMENT, TENDER OR EXCHANGE OFFER DOCUMENT, PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS IF AND WHEN FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY ARE AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UWMC, TWO HARBORS, A PROPOSED TRANSACTION AND RELATED MATTERS. Investors and securityholders of UWMC and Two Harbors will be able to obtain copies of these documents if and when they become available, as well as other filings with the SEC that will be incorporated by reference into such documents, containing information about UWMC and Two Harbors, without charge, at the SEC\u2019s website (<\/i>http:\/\/www.sec.gov<\/i><\/a>).<\/i> Copies of the documents filed with the SEC by UWMC will be available free of charge under the SEC Filings heading of the Investor Relations section of UWMC\u2019s website at <\/i>https:\/\/investors.uwm.com<\/i><\/a>.<\/i><\/p>\n Participants in the Solicitation<\/b><\/p>\n UWMC and its respective directors and executive officers and other members of management and employees may be deemed to be participants in any solicitation of proxies from Two Harbors stockholders in respect of a solicitation and proposed transaction under the rules of the SEC. Information regarding UWMC\u2019s directors and executive officers is available in UWMC\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, and UWMC\u2019s proxy statement, dated April 24, 2026, for its 2026 annual meeting of stockholders (the \u201cUWMC 2026 Proxy\u201d), which can be obtained free of charge through the website maintained by the SEC at <\/i>http:\/\/www.sec.gov<\/i><\/a>.<\/i> Please refer to the sections captioned \u201cCompensation Discussion and Analysis\u201d, \u201cExecutive Compensation\u201d, \u201cStock Ownership\u201d and \u201cProposal 3 \u2013 Advisory Vote on Executive Officer Compensation\u201d in the UWMC 2026 Proxy. Any changes in the holdings of UWMC\u2019s securities by UWMC\u2019s directors or executive officers from the amounts described in the UWMC 2026 Proxy have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the UWMC 2026 Proxy and are available at the SEC\u2019s website at <\/i>www.sec.gov<\/i><\/a>.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260514914308\/en\/<\/a><\/span><\/p>\n For inquiries regarding UWM, please contact: \nBruce Goldfarb\/Chuck Garske\/Jeremy Provost MEDIA CONTACT \nPaul Caminiti\/Hugh Burns\/Nicholas Leasure KEYWORDS:<\/b> Michigan New York United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Personal Finance Asset Management Professional Services Finance<\/p>\n<\/p>\n
\n<\/b>
INVESTOR CONTACT
\n<\/b>
BLAKE KOLO
\n
InvestorRelations@uwm.com<\/a><\/p>\n
\n
Okapi Partners
\n
212-297-0720
\n
info@okapipartners.com<\/a><\/p>\n
\n<\/b>
NICOLE ROBERTS
\n
Media@uwm.com<\/a><\/p>\n
\n
Reevemark
\n
212-433-4600
\n
UWM-Team@Reevemark.com<\/a><\/p>\n
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