— ISS Concludes Dream Chasers Has Not Made a Compelling Case for Change —

In its advice, ISS concludes that Dream Chasers (the “dissident”) has not made a compelling case for change1:

“Operational turnarounds at small community banks can be a multi-year effort, and the company’s formal agreement with the OCC, coupled with the 2023 banking crisis, may have contributed to a slower than anticipated recovery.””The recent appointment of Felix as CEO appears to be a step in the right direction. He appears to have relevant experience and an understanding of the issues facing the bank, and despite his short tenure, he has developed what appears to be a logical go-forward plan. Moreover, Felix has seemingly been endorsed by the dissident.””Thus, it is important for management to focus on execution, and for the board to not only exercise oversight, but provide support during the process.””Moreover, the dissident is advocating for a dramatically different (and seemingly riskier) strategy than that now in progress under Felix. The addition of nominees associated with this perspective could introduce disruption that CARV cannot afford at this stage (there are also credible reputational concerns).””Although the dissident has not presented a compelling case for change at this time, shareholders will likely expect to see measurable improvements in performance and corporate governance in the near term.””Ultimately, the company’s go-forward plan is appropriately focused on restoring profitability to the core banking franchise, whereas the dissident has called for a radically different and inherently riskier plan.”

Commenting on the ISS advice, Lewis (JO:) P. Jones III, Chairman of the Board, acknowledged:

“ISS support for our director nominees, Jillian E. Joseph and Kenneth J. Knuckles, and new CEO, Donald Felix, is a strong endorsement in advance of our upcoming shareholder vote on December 12, 2024. We appreciate ISS’ recognition of our plans to restore long-term profitability at Carver and the proxy advisory firm’s acknowledgment that Dream Chasers has not presented a compelling alternative to move Carver ahead and whose nominees could be disruptive to Carver’s forward progress. ISS’ independent and third-party recommendation confirms the Board’s conclusion that Dream Chasers’ director nominees are not suitable to serve on the Carver Board.”

We urge you to assist Carver by voting “FOR” your extremely certified incumbent administrators, Jillian E. Joseph and Kenneth J. Knuckles, and deciding on “WITHHOLD” for the Dream Chasers’ Nominees in your WHITE Proxy Card. Please ignore any proxy supplies you could have obtained from Dream Chasers and vote on the Firm’s WHITE Proxy Card for Carver’s incumbent administrators to guard your funding. It is necessary that you simply vote each WHITE Proxy Card you obtain to assist Carver Bancorp, Inc.’s extremely certified nominees.

As offered to ISS, shareholders are inspired to evaluate Carver’s compelling enterprise case to drive shareholder worth: https://d18rn0p25nwr6d.cloudfront.internet/CIK-0001016178/a60aaab4-2eb1-48b5-b2d4-ff1c2f925134.html.

1 Permission to make use of quoted language from the ISS advice report in favor of Carver was neither sought nor obtained.

About Carver Bancorp, Inc.Carver Bancorp, Inc. (NASDAQ: CARV) is the holding firm for Carver Federal Financial savings Financial institution, a federally chartered inventory financial savings financial institution. Headquartered in Harlem, NY, Carver was based in 1948 to serve traditionally underserved communities in New York whose residents, companies, and establishments had restricted entry to mainstream monetary providers. The U.S. Treasury Division has designated Carver as a Group Growth Monetary Establishment (“CDFI”) due to its community-focused banking providers and dedication to its area people’s financial viability and revitalization. Carver is among the largest African- and Caribbean-American-managed banks in the US. Carver’s on-line banking presence contains client checking and financial savings accounts throughout 9 states, from Massachusetts to Virginia and Washington, DC. For additional info, please go to the Firm’s web site at www.carverbank.com. Make sure to join with Carver on Fb (NASDAQ:), LinkedIn, and Instagram.

Sure statements on this press launch are “forward-looking statements” inside the which means of the Non-public Securities Litigation Reform Act. These statements are primarily based on administration’s present expectations and are topic to uncertainty and modifications in circumstances. Precise outcomes might differ materially from these included in these statements as a consequence of a wide range of components, dangers, and uncertainties. Extra details about these components, dangers, and uncertainties is contained in our filings with the Securities and Alternate Fee.

Further Data and The place to Discover itThe Firm has filed with the SEC a definitive proxy assertion on Schedule 14A, containing a type of WHITE proxy card, with respect to its solicitation of proxies for the Firm’s 2024 Annual Assembly of Stockholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Traders and safety holders might get hold of copies of those paperwork and different paperwork filed with the SEC by the Firm freed from cost by the web site maintained by the SEC at www.sec.gov. Copies of the paperwork filed by the Firm are additionally out there freed from cost by accessing the Firm’s web site at www.carverbank.com.

ParticipantsThe Firm, its administrators and government officers and different members of administration and workers will likely be contributors within the solicitation of proxies with respect to a solicitation by the Firm. Details about the Firm’s government officers and administrators is out there within the Firm’s definitive proxy assertion for its 2024 Annual Assembly, which was filed with the SEC on October 31, 2024. To the extent holdings by our administrators and government officers of the Firm’s securities reported within the proxy assertion for the 2024 Annual Assembly have modified, such modifications have been or will likely be mirrored on Statements of Change in Possession on Kinds 3, 4 or 5 filed with the SEC. These paperwork are or will likely be out there freed from cost on the SEC’s web site at www.sec.gov.

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