On August 25, 2015, the Board of Directors of Altisource Residential Corporation increased the size of the Board to five members and appointed George G. Ellison as a director of the company to serve until the company's 2016 AGM and/or until his successor is duly elected and qualified. Mr. Ellison will continue to serve as the company's Chief Executive Officer. Mr. Ellison, age 57, has served as the company's Chief Executive Officer since March 31, 2015.

Mr. Ellison has also served as Chief Executive Officer of Altisource Asset Management Corporation. There are no family relationships among Mr. Ellison and any of the company's directors and executive officers.