Letter

Erez Letter to the Board: July 13, 2026

July 13, 2026

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The materials contained in this letter (this "Letter") are provided by Erez Asset Management LLC ("Erez") for informational purposes only and are not an advertisement. This Letter is not complete and does not constitute an agreement, solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction (whether on the terms shown in this Letter or otherwise). The views expressed in this Letter represent the current opinions of Erez only, and are based on publicly available information with respect to UMH Properties, Inc. ("UMH"). Erez recognizes that there may be confidential information in the possession of UMH that could lead UMH to disagree with Erez's conclusions. While the information contained in this Letter is from sources believed reliable, there is no representation that it is accurate or complete and it should not be relied upon as such. Certain financial information and data used in this Letter have been derived or obtained from filings made with the SEC or other regulatory authorities and from other third-party reports. Erez has not sought or obtained consent from any third party to use any statements or information indicated in this Letter as having been obtained or derived from statements made or published by third parties, nor has it paid for any such statements. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in this Letter. Erez does not endorse any third-party estimates or research referenced in this Letter, which are used solely for illustrative purposes, and no representation or warranty, express or implied, is made that any such data or information is accurate. Erez does not accept any liability for loss arising from the use of this Letter. Unless otherwise indicated, the figures presented in this Letter may not have been calculated using generally accepted accounting principles ("GAAP") and may not have been audited by independent accountants. Such figures may vary from GAAP in material respects, and there can be no assurance that any unrealized values reflected in this Letter will be realized. There is no assurance or guarantee with respect to the prices at which any securities of UMH will trade, and such securities may not trade at prices that may be implied in this Letter. The hypothetical or theoretical figures presented in this Letter (including any theoretical share price or valuation) are illustrative estimates based on stated assumptions only, do not reflect actual trading prices or UMH's actual value, and are not projections, forecasts, or guarantees of future performance. A reference to any security in this Letter should not be considered an offer to buy or sell these securities. This Letter does not constitute an offer to sell or any offer to buy any security or investment product. All investing involves risk, including the possible loss of principal. Any specific investment or investment strategy can result in a loss. There is no assurance that the Erez activist strategy or investment process will consistently lead to successful investing. The opinions, estimates, projections and potential impact of any opportunities identified in this Letter are based on assumptions believed to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results will not differ, and such differences may be material. This Letter does not recommend the purchase or sale of any security. Erez reserves the right to change any of the opinions expressed in this Letter at any time as it deems appropriate and disclaims any obligation to update the data, information or opinions contained in this Letter. The information in this Letter does not constitute tax, legal or investment advice. This Letter is proprietary to Erez. Erez, Erez REIT Opportunities Fund, LP, and other accounts managed by Erez own securities of UMH and may have interests that differ from those of other shareholders. Erez and its affiliates purchase or sell securities of UMH from time to time. Accordingly, Erez has a financial interest in the outcome of matters discussed in this Letter.