PR Newswire | Oct 13, 2020 01:11PM EDT

Erbey's Call to Return Capital to Stockholders via an Orderly Liquidation

10/13 12:10 CDT

Altisource Emails Directors of Front Yard Residential Supporting William Erbey's Call to Return Capital to Stockholders via an Orderly LiquidationEmail supports a recent letter issued by Altisource William C. Erbey to Front Yard's Chair calling for the orderly liquidation of the Front Yard LUXEMBOURG, Oct. 13, 2020

LUXEMBOURG, Oct. 13, 2020 /PRNewswire/ -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, today emailed the open letter below to all directors of Front Yard Residential Corporation (NYSE: RESI) ("Front Yard" or the "Company"), a provider of affordable single family housing across America. Front Yard was established as an independent public company following its spin-off from Altisource Portfolio Solutions S.A. in December 2012.

LuxembourgOctober 13, 2020

Directors of Front Yard Residential Corporation: Rochelle R. Dobbs, Chair of the Board Leland Abrams, Director George G. Ellison, Director and Chief Executive Officer Michael A. Eruzione, Director Leslie Fox, Director Wade J. Henderson, Director Lazar Nikolic, Director George Whitfield McDowell, Director

Re: Letter from William C. Erbey calling for the liquidation of Front Yard Residential Corporation

Dear Directors:

I am writing on behalf of the Board of Directors of Altisource Portfolio Solutions S.A. ("Altisource"), a 5.9% shareholder of Front Yard Residential Corporation ("RESI"). We have reviewed and are reacting to the letter to the RESI Board from William C. Erbey dated September 30, 2020 included in his October 7, 2020 press release (the "Letter"). We have thoughtfully considered the points made in the Letter. The assertions by Mr. Erbey in the Letter are both cogent and timely. Given the value of the properties as disclosed by RESI on past earnings calls and the very robust state of the real estate market in the United States, the members of our Board also unanimously call upon each member of the RESI Board to fulfill his or her fiduciary duties and expeditiously adopt a plan to liquidate RESI's assets. As explained in the Letter and supported by the significant appreciation in the value of single family homes, it is certainly realistic to expect a net liquidation value for RESI of $16.50 a share or more.

Sincerely,

Altisource Portfolio Solutions, S.A.

__/s/ William B. Shepro________________ By: William B. SheproChairman and Chief Executive Officer

About Altisource(r)

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.

Source: Altisource Portfolio Solutions S.A.

Investor Contact: Press Contact:

Michelle D. Esterman Kevin Hosey

Chief Financial Officer Senior Manager, Marketing

770-612-7007 770-612-7007

Michelle.Esterman@altisource.com Kevin.Hosey@altisource.com

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SOURCE Altisource Portfolio Solutions, S.A.