On April 16, 2021, the Board of Directors of Altisource Asset Management Corporation (the “Company”) terminated the Company’s Chief Executive Officer, Indroneel Chatterjee, for cause, effective immediately, for violations of the Company’s Equal Employment Opportunity, Prevention Against Harassment, and Conduct on the Job Policies. This action reflects the results of an independent inquiry by counsel to the Board into Mr. Chatterjee’s conduct. Under Mr. Chatterjee’s employment agreement with the Company, he was also deemed to have simultaneously resigned from his positions as Chairman of the Board and a director of the Company, and the Board accepted his resignations. The Board expects to promptly commence a search for its next Chief Executive Officer and has appointed Mr. Thomas K. McCarthy as interim Chief Executive Officer during the search period. Mr. McCarthy has extensive experience in real estate and financial services, including successfully building and growing business lines at multiple companies during his career.