On March 9, 2017, EJF Capital LLC announced that it has engaged in discussions with management and the board of directors of PHH Corporation regarding the composition of the Board, as well as the timing of the Company’s plan to monetize its assets and return capital to investors (Company Plan). During such discussions, EJF Capital proposed that the Board accelerate the implementation of the Company Plan and also stated that they will nominate 2 candidates, James Neuhauser and Kevin Stein as nominees for election to the Board at the Company’s 2017 annual meeting of shareholders.