Mann Barry James → CARVER BANCORP INC CARV

The reporting person acquired beneficial ownership in the shares in the belief that the Shares are undervalued. The reporting person also acknowledges that he is now considered an insider since he owns more than 10% of the outstanding shares. As Carver's largest shareholder in terms of both shares owned and "controlled", the reporting person intends to engage in conversations, meetings and other communications with the Issuer's Board, Management and Shareholders as well as industry analysts and other interested parties, in each case to support the efforts of management to improve the efficiency and financial condition of the issuer and to ultimately increase shareholder value.