On January 17, 2023, Driver Management Company LLC sent a letter to Max Briggs, Lead Director of First Foundation Inc.?s board of directors. In the letter, Driver Management Company stated that on December 30, 2022, it has nominated 2 women for election to the board of directors of the Company at its 2023 annual meeting of shareholders. Driver Management Company stated that it has nominated the nominees due to its concerns about the adequacy of the Board?s oversight of the Company?s business and senior management team.

Driver Management Company added that it has little confidence that Scott Kavanaugh and his management team is capable of repositioning the Company under the best of circumstances, let alone while simultaneously facing a proxy fight. Driver Management Company stated that to the extent that the Board would like to avoid a proxy fight, please do not hesitate to contact J. Abbott R. Cooper at ac@drivermgmtco.com to arrange a time to discuss how the Board might be reconstituted in order to better preserve and increase shareholder value and what other steps might be taken towards that end.