Slide 1: Legal Disclaimer
Legal Disclaimer Please read this notice carefully — it applies to all persons who view this website. The 5 views expressed on this website (the “Site”) represent the subjective opinions of Erez Asset Management LLC and certain of its affiliates and controlling persons (collectively, “Erez"), who be
Slide 2: Legal Disclaimer
Legal Disclaimer Please read this notice carefully — it applies to all persons who view this website. The views expressed on this website (the “Site”) represent the subjective opinions of Erez Asset Management LLC and certain of its affiliates and controlling persons (collectively, “Erez”), who bene
Slide 3: Terms of use
If you access this Site, or download or receive the contents of materials on this Site on your own behalf, you agree to and shall be bound by these terms of use. If you access this Site, or download or receive the contents of reports or other materials on this Site as an agent for any other person,
Slide 4: Beneficial ownership and forward-looking statements
deemed to be beneficially owned by Erez Asset Management by virtue of its status as the investment manager of various funds and accounts; (b) 3,451,421 Common Shares may be deemed to be beneficially owned by Erez Opportunities which directly holds such Common Shares; and (b) 4,270,000 Common Shares
Slide 5: Confirmation of understanding and acceptance
Confirmation of understanding and acceptance By clicking “Accept” below, you confirm that: You have read and understood the notice set out above and agree to be bound by its terms; You are a resident of or located in the United States or another jurisdiction where the access to the information on th
Slide 6: SaveUMH
Erez’ ete ian EREZ ASSET MANAGEMENT SaveUMH Perspectives on how to preserve and create value at UMH Properties, Inc. (NYSE: UMH) EXPLORE ALL CAMPAIGN MATERIALS This website is operated by Erez Asset Management LLC and concerns UMH Properties, Inc. It is not operated by, affiliated with, or endorsed
Slide 7: Featured Material
FEATURED MATERIAL PRESENTATION SEPTEMBER 28, 2026 Right Horse, Wrong Jockey: The Case z for Change at UMH Properties (Part 1: Right Horse, Wrong Jockey: The Case for Change at UMH Properties 20 Years of Futility) VIEW MATERIAL DOWNLOAD PDF COPY LINK Part 4: 20 Years of Futility
Slide 8: Sign-up for updates
SIGN-UP FOR UPDATES Name * Email address * Comments SIGN UP Company
Slide 9: Recent Campaign Materials
RECENT CAMPAIGN MATERIALS BLOOMBERG - MEDIA COVERAGE AUGUST 11, 2026 Activist Investor Erez Asset Pushes UMH REIT to Explore Sale READ AT SOURCE 7 COPY LINK REUTERS - MEDIA COVERAGE MAY 20, 2026 Erez pushes for board shakeup at UMH Properties, letter shows READ AT SOURCE 7 COPY LINK LETTER JULY 13,
Slide 10: About Erez Asset Management
ABOUT EREZ ASSET MANAGEMENT Erez Asset Management invests in undervalued small market capitalization REITs. Erez believes share price appreciation can be catalyzed through constructive engagement with a REIT's management and board, or where there are idiosyncratic dynamics likely to lead to near-ter
Slide 11: Proxy solicitation notice
info@erezassetmgmt.com Erez Asset Management LLC ("Erez Asset Management"), Erez REIT Opportunities LP (“Erez Opportunities") and Bruce Schanzer (Mr. Schanzer," and together with Erez Asset Management and Erez Opportunities, the “Participants") intend to seek board change and file a definitive proxy
Slide 12: Navigate Legal
4 NAVIGATE LEGAL Erez Home Legal Disclaimers Sponsored by Erez Asset Management LLC Campaign Materials Privacy Policy 5 About Erez info@erezassetmgmt.com FOLLOW Erez Asset Management website X (Twitter) Linkedin Erez Asset Management LLC (“Erez Asset Management”), Erez REIT Opportunities LP (“Erez O
Slide 13: About Erez
About Erez FIRMIONERVIEN Erez Asset Management invests in undervalued small market capitalization REITs. Erez believes share price appreciation can be catalyzed through constructive engagement with a REIT's management and board, or where there are idiosyncratic dynamics likely to lead to near-term s
Slide 14: Privacy Policy
Privacy Policy Who we are This site is operated by Erez Asset Management LLC and affiliates ("Erez") for the Save UMH campaign. Contact: info@erezassetmgmt.com. Cookies and similar storage We do not use advertising cookies, cross-site trackers, or Google Analytics. We do not set any cookies ourselve
Slide 15: Forms
Forms If you submit the contact or campaign-updates form, we process the details you provide (typically name, email, organisation, message) to respond and, where you asked, to send campaign updates. Delivery uses Resend; records may be stored in Google Sheets for the duration of 12 months. This is n
Slide 16: International Users
International Users The site is operated from the United States and is directed to shareholders of UMH Properties, Inc. located in the United States. If you access the site from outside the United States, your information may be transferred to, stored, and processed in the United States, which may h
Slide 17: Erez REIT Opportunities Fund
Erez¥ ABOUT INVEST CONTACT INVESTOR LOGIN jin} ASSET MANAGEMENT. EREZ REIT OPPORTUNITIES FUND Value Investing with a Catalyst Erez identifies opportunities within discounted small market capitalization real estate investment trusts (REITs) and catalyzes returns through the application of a multi-pro
Slide 18: About Erez
About Erez EREZ ASSET MANAGEMENT LLC, THROUGH EREZ REIT OPPORTUNITIES, LP, INVESTS IN UNDERVALUED SMALL MARKET CAPITALIZATION REITS Erez believes share price appreciation can be catalyzed through constructive engagement with a REIT’s management and board or where there are idiosyncratic dynamics tha
Slide 19: Invest with Erez
INVEST WITH EREZ For more information on investing with Erez, please contact us via the link below LEARN MORE = aa J
Slide 20: Erez Asset Management
Erez’ ASSET MANAGEMENT bschanzer@erezassetmgmt.com www.erezassetmgmt.com © 2026 Erez Asset Management, LLC. All Rights Reserved.
Slide 21: Notice of Exempt Solicitation
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 NOTICE OF EXEMPT SOLICITATION 1. Name of the Registrant: UMH Properties, Inc. 2. Name of person relying on exemption: Erez REIT Opportunities LP and Erez Asset Management, LLC 3. Address of person relying on exemption: 270 North Avenue, Su
Slide 22: Open Letter announcing intention to WITHHOLD support for Director Hirsch
Erez Asset Management Issues Open Letter to UMH Properties Shareholders Announcing Intention to “WITHHOLD” Support for Director Matthew Hirsch at the 2026 Annual Meeting Demands Accountability for Persistent Underperformance, Significant Valuation Discount and Unacceptable Governance Highlights that
Slide 23: Underperformance and valuation discount stem from lack of trust in the Board
We believe this underperformance and persistent valuation discount stems directly from a lack of shareholder trust in a Board of Directors that has exercised inadequate oversight of management, tolerated a governance structure that limits accountability and made questionable capital allocation choic
Slide 24: Governance deficiencies are the root cause of underperformance
In our view, UMH’s governance deficiencies are the root cause of the Company’s underperformance. UMH owns an extremely attractive portfolio of manufactured housing communities with significant value, but we believe that opportunity is unlikely to be realized until the Board embraces accountability a
Slide 25: Erez letter to the Board, July 13, 2026
Exhibit 99.1 Erez July 13, 2026 UMH Properties, Ine Juniper Business Plaza 3499 US Hwy 9, Suite 2C&D Freehold NJO7728, ‘Attention Board of Directors Dea Directors, 1 am writing on behalf of Erez Asset Management, a value-oriented invesim ent firm focused on bottom-up investing in the REIT sector thr
Slide 26: Letter to the Board (continued)
Ereze headquartersin New Jersey or anather location convenient for the dizectors that allows for fulsome participation by the independent, directors, Please contact us by July 20, 2026, to arrange a meeting. Erez. Asset Management is committed to working constructively with the Board and management
Slide 27: Bloomberg: Erez pushes UMH to explore sale
Bloomberg e@ Live TV Markets . Finance Economics Industries Tech Politics Businessweek Opinion Video More v US Stocks: Shares Tumble | Yields Spark ETF Bets | 60/40 Becomes 80/20 | JPMorgan Eyes Tech | Risky Stocks Defy @)(X)(in e@ By Mengqj Sun August 11, 2026 at 8:01 AM EDT iF Gift this article (T
Slide 28: Erez stake and UMH market value
Erez, which sought to shake up UMH’s board in May, currently owns about 4.7% of the REIT’s shares, according to the letter. The activist investor plans to disclose that it has raised its stake to 5% as soon as Tuesday, according to a person familiar with the matter who asked not to be identified bec
Slide 29: UMH owns manufactured home communities
Freehold, New Jersey-based UMH owns and operates manufactured home communities, as well as rental self-storage units. UMH Chairman Eugene Landy founded the company in 1968 and his son, Samuel is now the firm’s chief executive officer. Other members of the Landy family also work at UMH, where more th
Slide 30: Erez estimates NAV of $21.25 to $24.25 per share
Schanzer said his fund conducted a property-by-property analysis of UMH’s portfolio and pegs its net asset value at $21.25 to $24.25 per share. “We believe this valuation disconnect reflects years of poor strategic execution, ineffective capital allocation, and repeated decisions that have failed to
Slide 31: Reuters: Erez pushes for board shakeup at UMH
Reuters Worldy Businessv MarketsV Sustainability Legal CommentaryY Technology Investigations +More V Erez pushes for board shakeup at UMH Properties, letter shows By Svea Herbst-Bayliss May 20, 2026 6:01 PM EDT - Updated May 20, 2026 | a | [Aa | | < | Companies an Erez Asset Management LLC Follow an
Slide 32: Meaningful change must start with independent Board leadership
“Meaningful change is necessary, and it must start with independent Board leadership that is responsive to shareholders," Erez's Chairman and Chief Investment Officer Bruce Schanzer wrote in the letter seen by Reuters. "To that end, we intend to withhold our support from Matthew I. Hirsch." A repres
Slide 33: Vote-No campaign and peer market valuations
Erez is not running a full-blown proxy fight and did not nominate its own directors. But it is running a so- called Vote-No campaign, a cheaper way to press for changes that has become more popular with investors, industry lawyers said. Schanzer wrote that by withholding support from Hirsch, shareho
Slide 34: @ErezAssetMgmt
Erez Asset Management @ErezAssetMgmt The official account of Erez Asset Management. Current focus: $UMH Click on the link below for more information and disclosures. @ saveumh.com Joined September 2026 >
Slide 35: Right Horse, Wrong Jockey post
Y Erez Asset Management [oe @ErezAssetMgmt Erez issues investor presentation: Right Horse, Wrong Jockey - The Case for Change at UMH Properties (Part 1: 20 Years of Futility) rar) UMH Properties 1... UMH $15.55 Right Horse, Wrong Jockey: The Case for Change at UMH Properties (Part 1: 20 Years of...
Slide 36: Part 1: 20 Years of Futility
Part 1: 20 Years of Futility
Slide 37: UMH's share price is unchanged since 2006
UM Properties (NYSE: UMH) Erez’ UMH's share price is unchanged since 2006 despite massive appreciation in the value of manufactured-housing assets. $15.65 $15.57 0% Share price, September 15, 2006 Share price, September 15, 2026 Total price change Twenty years of essentially flat price, while the un
Slide 38: Peers appreciated. UMH did not.
Peers appreciated. UMH did not. Erez Price appreciation, 2006 to 2026. Same manufactured-housing sector; same tailwinds. Share price appreciation, indexed to 100 in 2006 (price return only) 800 700 600 ~5.4X es 100) ~3.6X su Indexed price (2006 200 ae ~1.0X umn 2006 2007 2008 2009 2010 2011 2012 201
Slide 39: Estimated value of 2006 portfolio has increased substantially
Our analysis indicates that the estimated value of UMH's 2006 community portfolio has increased E substantially, while UMH's share price has remained approximately unchanged. Erez UMHs actual 2006 communities (6,664 sites, 5 states), no acquisitions, revalued at today's rents, occupancy and cap rate
Slide 40: Right Horse, Wrong Jockey
Right Horse, Wrong Jockey UMH owns valuable assets in an attractive industry. After decades of underperformance, shareholders deserve better. Sign up for updates as we continue making the Case for Change at UMH Properties.
Slide 41: Important Disclosures
Important Disclosures Erez Reference is made to Erez Asset Management LLC (the “Investment Manager”) and Erez REIT Opportunities Fund, LP (the “Partnership"). Any references to target returns, investment opportunities, strategies or allocations, or to prior specific investments made by affiliates of
Slide 42: Proxy solicitation participants notice
Exhibit 4 Erez Asset Management LLC (“Erez Asset Management”), Erez REIT Opportunities LP (“Erez Opportunities”) and Bruce Schanzer (“Mr. Schanzer,” and together with Erez Asset Management and Erez Opportunities, the “Participants”) intend to seek board change and file a definitive proxy statement a