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I own shares of Two Harbors common stock. What will I receive as a result of the Stock Dividend?

Q:

I own shares of Two Harbors common stock. What will I receive as a result of the Stock Dividend?

A:

Following the Record Date, Two Harbors will work with Wells Fargo Bank, N.A., its transfer agent, to calculate the distribution ratio for the Stock Dividend and will issue a subsequent press release to report the final distribution ratio. Based on the current number of shares issued and outstanding, we estimate that each share of Two Harbors common stock outstanding on the Record Date will be entitled to receive approximately 0.09 shares of Granite Point common stock. This means that for every 10 shares of Two Harbors common stock that you own, you would receive roughly 1 share of Granite Point common stock.  If, however, you sell your shares of Two Harbors common stock prior to the Dividend Date, you may forfeit the right to receive shares of Granite Point common stock in the Stock Dividend.  Please see the question titled “What happens if I sell my Two Harbors common stock on or prior to the Dividend Date?” for more information.

Only whole shares of Granite Point common stock will be distributed as part of the Stock Dividend. Fractional shares will not be issued; instead, as soon as practicable after the Dividend Date, the distribution agent will aggregate all fractional shares of Granite Point common stock into whole shares, sell those shares in the open market at prevailing market prices and distribute the aggregate net cash proceeds of those sales pro rata to each holder who otherwise would have been entitled to receive a fractional share as part of the Stock Dividend.