Rahim Islam on Administrative Leave

On November 24, 2017, a federal search warrant was executed at the personal residence and offices
of Rahim Islam, President and CEO of Universal Community Homes (“Universal”) and at Universal’s
corporate headquarters.

An emergency meeting of Universal’s Board of Directors was conducted that evening in order to
take immediate action. The Board voted unanimously, having received Mr. Islam’s agreement, to place
him on administrative leave. The purpose of the Board’s decision was to allow Mr. Islam time to focus on
his legal affairs. The Board of Directors had also been advised that Mr. Islam received a target letter from the federal government making him the focus of an investigation.

No further detail is available at this time.

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