<SEC-DOCUMENT>0001193125-20-101537.txt : 20200409
<SEC-HEADER>0001193125-20-101537.hdr.sgml : 20200409
<ACCEPTANCE-DATETIME>20200408174536
ACCESSION NUMBER:		0001193125-20-101537
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200409
DATE AS OF CHANGE:		20200408
EFFECTIVENESS DATE:		20200409

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROADWAY FINANCIAL CORP \DE\
		CENTRAL INDEX KEY:			0001001171
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				954547287
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39043
		FILM NUMBER:		20782732

	BUSINESS ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
		BUSINESS PHONE:		3236341700

	MAIL ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Capital Corps, LLC
		CENTRAL INDEX KEY:			0001798750
		IRS NUMBER:				201938893
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		16845 VON KARMAN AVENUE, SUITE #200
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92606
		BUSINESS PHONE:		323-329-8303

	MAIL ADDRESS:	
		STREET 1:		16845 VON KARMAN AVENUE, SUITE #200
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92606
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d904665ddfan14a.htm
<DESCRIPTION>DFAN14A
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<TITLE>DFAN14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT STYLE="white-space:nowrap">14a-101)</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. ) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of The </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by a Party other than the
Registrant&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitive Additional Materials</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Soliciting Material Under Rule <FONT STYLE="white-space:nowrap">14a-12</FONT></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>BROADWAY FINANCIAL CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMMERCE HOME MORTGAGE, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE CAPITAL CORPS, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TCC MANAGER, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUGARMAN ENTERPRISES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STEVEN A. SUGARMAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CARLOS SALAS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANTONIO
VILLARAIGOSA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">No fee required.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Fee computed on table below per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of each class of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate number of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule <FONT STYLE="white-space:nowrap">0-11</FONT>
(set forth the amount on which the filing fee is calculated and state how it was determined):</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposed maximum aggregate value of transaction:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(5)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total fee paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Fee paid previously with preliminary materials.</TD></TR>
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<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Check box if any part of the fee is offset as provided by Exchange Act Rule <FONT STYLE="white-space:nowrap">0-11(a)(2)</FONT> and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount Previously Paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form, Schedule or Registration Statement No.:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filing Party:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date Filed:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commerce Home Mortgage, LCC (&#147;Commerce Home Mortgage&#148; and collectively with the other participants
named herein, &#147;Commerce&#148;), currently intends to undertake an exempt solicitation whereby it plans to contact up to ten shareholders to seek their support for its proposals and its director nominee for the 2020 annual meeting of
stockholders of Broadway Financial Corporation, a Delaware corporation (&#147;Broadway&#148;). Commerce reserves the right to conduct a broader solicitation and will make all filings with the Securities and Exchange Commission (the &#147;SEC&#148;)
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Item 1: On April&nbsp;8, 2020, Commerce submitted a letter to Broadway, the full text of which is set forth below and can also be viewed at
the following link: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>https://thecapitalcorps.com/wp-content/uploads/2020/04/Shareholder-Proposals-and-Director-Nomination-4-8-20.pdf </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;8, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alice Wong, Corporate Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Virgil Roberts, Board Chair </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wayne-Kent A. Bradshaw, Chief
Executive Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Broadway Financial Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5055
Wilshire Blvd Suite 500 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We write on behalf of Commerce Home Mortgage, LCC (&#147;Commerce&#148;) to request that the following proposals and director
nomination be submitted to a shareholder vote at the 2020 Annual Shareholder Meeting of Broadway Financial Corporation (&#147;Broadway&#148; or the &#147;Company&#148;). We also request that they be included as shareholder proposals in the
Company&#146;s proxy statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Shareholder Proposals </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Proposal #1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Discussion</U></B><B>.</B> We were alarmed by recent public admissions that Broadway consciously avoids making loans to minority and <FONT
STYLE="white-space:nowrap">low-income</FONT> consumers and instead focuses on loans to wealthy real estate investors who rent Class&nbsp;C apartment buildings to those consumers.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> We believe that
Broadway, which is certified as both a Minority Depository Institution (&#147;MDI&#148;)<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> and Community Development Financial Institution (&#147;CDFI&#148;), has an obligation to serve the
community&#146;s minority and <FONT STYLE="white-space:nowrap">low-income</FONT> borrowers in these markets &#150; not just their wealthy landlords. We are concerned about Broadway&#146;s failure to lend to minority and <FONT
STYLE="white-space:nowrap">low-income</FONT> borrowers, a complete lack of transparency with respect thereto, and the effect thereof on Broadway&#146;s licenses, certifications, and shareholder value. The MDI and CDFI designations are fundamental to
Broadway&#146;s business activity and must be maintained through actual lending activity to minority and <FONT STYLE="white-space:nowrap">low-income</FONT> consumers. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cf., Broadway management, &#147;The Evolution of the West&#146;s Only Black Bank,&#148; interview by Anna
Scott, hosted by Jarrett Hill, Greater LA, KCRW.com, September 9, 2019, KCRW.com; and John Reosti, &#147;L.A. bank, big investor clash over approaches to serving underbanked,&#148; American Banker, February 13, 2020,
https://www.americanbanker.com/news/l-a-bank-big-investor-clash-over-approaches-to-serving-underbanked. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Section&nbsp;308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
(&#147;FIRREA&#148;) designates a <FONT STYLE="white-space:nowrap">non-minority</FONT> owned bank like Broadway an MDI only in the event that a majority of the Board is composed of minorities and the community that the institution serves is
predominantly composed of minorities. We are concerned that few, if any, of Broadway&#146;s borrowers are members of the minority community Broadway purports to serve. The details of Broadway&#146;s lending activity are the subject of a books and
records inspection request we delivered to Broadway but which to date remains unfulfilled. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also note that Broadway&#146;s board of directors (the &#147;Board&#148;) recently
appointed a New York private-equity investor to the Board who adds no racial or gender diversity. His appointment by Broadway&#146;s nearly 40% shareholder is coincident with Broadway further reducing lending to minority and <FONT
STYLE="white-space:nowrap">low-income</FONT> consumers in Broadway&#146;s market. Shareholders need transparency to understand the risks that Broadway&#146;s lending practices pose to its critical MDI and CDFI designations as well as to its
compliance with other regulations relating to consumer lending. We therefore make the following shareholder proposal: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Proposal
#1</U></B><B>: RESOLVED, that </B>the Board shall cause the Company to disclose in its quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and in its annual reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> the number
and U.S. dollar amount of loans Broadway originated to African-American, Hispanic/Latino, and <FONT STYLE="white-space:nowrap">low-income</FONT> borrowers, respectively, during the periods covered by such filings in a format that enables
shareholders to evaluate whether Broadway Financial Corporation and Broadway Federal Bank are in compliance with the legal requirements for Broadway&#146;s designation as a Minority Depository Institution and Community Development Financial
Institution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Proposal #2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Discussion</U></B><B>.</B> In our earlier letters to Broadway, dated February&nbsp;10, 2020 and February&nbsp;18, 2020, we described the
shareholders&#146; disappointment with the value-destroying &#147;shareholder rights plan&#148; adopted by the Board on September&nbsp;10, 2019 (the &#147;Poison Pill&#148;). We noted that the Poison Pill makes no commercial sense for a company
whose publicly traded shares already suffer from very limited liquidity. After implementation of the Poison Pill, Broadway&#146;s shares traded down from $1.73 the day before the Poison Pill was announced to as low as $1.26 in February&#151;a 27%
decline even prior to the market impact of the novel coronavirus. In March, Broadway&#146;s shares have traded as low as $1.04, representing a 40% decline in share price. We also noted that Broadway&#146;s stated rationale for the Poison
Pill&#151;that the Board does not believe Broadway&#146;s trading price reflects the Company&#146;s true value<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&#151;rings hollow where the same Board regularly grants itself and management stock
and stock equivalents at market price. This price is now further depressed as a result of the Poison Pill. Moreover, we observed that the Poison Pill violates Institutional Shareholder Services (&#147;ISS&#148;) and Glass Lewis best practices, runs
counter to the best interests of disinterested stockholders and in favor of Broadway&#146;s nearly 40% shareholder, an affiliate of Gapstow Capital Partners, which also holds a seat on the Board. We therefore make the following shareholder proposal:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Proposal #2</U></B><B>: RESOLVED, that </B>the Board of Directors take all action to cause as soon as practicable and in any event
prior to June&nbsp;30, 2020 (i) the termination and redemption of the Rights Agreement dated as of September&nbsp;10, 2019, and (ii)&nbsp;the adoption of a bylaw or charter amendment providing that any subsequent shareholder rights plan or
&#147;poison pill&#148; shall be subject to a mandatory shareholder vote. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Proposal #3 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Discussion</U></B><B>.</B> In our review of Broadway&#146;s governance documents, we have encountered numerous provisions that conflict
with best practices , the stated goals of the Board, and the recommendations of the leading public company governance and proxy advisory services.<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> These provisions are intended to make it
difficult for concerned shareholders to enhance governance and protect the value of their holdings. Instead, entrenched and underperforming members of the Board can </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Per Broadway&#146;s letter to Steven Sugarman et al., dated February&nbsp;12, 2020. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Moreover, we noted several typographical errors and missing or garbled provisions, which suggest the need for a
thorough professional review of these important governance documents. </P></TD></TR></TABLE>
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put the integrity of Broadway and its subsidiary thrift at risk without shareholder oversight. (For example, Broadway&#146;s bylaws (the &#147;Bylaws&#148;) permit removal of a director only upon
conviction of a felony or a court judgment of misconduct or gross negligence. However, bank regulators, customers and investors rightly apply a more stringent standard to the behavior of bank board members.) We therefore make the following
shareholder proposal: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Proposal #3</U></B><B>: RESOLVED, that</B> the Board conduct a review of the Bylaws and other governance
documents and revise these to comply in all material respects with the governance recommendations of ISS and Glass Lewis&nbsp;&amp; Co., to the extent appropriate, to correct typographical errors, internal inconsistencies and any conflicts with
applicable laws and regulations, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To amend and restate Section&nbsp;4.12 of the Company&#146;s Bylaws by deleting the last sentence thereof and
to read in its entirety as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;A director may be removed only for cause as determined by the affirmative vote
of the holders of at least a majority of the shares then entitled to vote in an election of directors, which vote may only be taken at an annual meeting or a special meeting.&#148; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To amend and restate Section&nbsp;3.5&nbsp;of the Company&#146;s Bylaws to read in its entirety as follows, to
include the underlined new language: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Special meetings of stockholders for the purpose of taking any action
permitted the stockholders by law and the certificate of incorporation of this corporation may be called at any time by the Board <U>or at the written request of holders of <FONT STYLE="white-space:nowrap">one-third</FONT> or more of the shares
entitled to vote at such special meeting</U>.&nbsp;Except in special cases where another express provision is made by statute, notice of such special meetings shall be given in the same manner as for annual meetings of stockholders.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The submission of shareholder proposals #1 through #3 is timely. Pursuant to Section&nbsp;3.2.2 of the Bylaws, shareholder proposals must be
submitted on or before the date that is 30 days in advance of the date of the previous year&#146;s annual meeting. Since the 2019 annual meeting was held on June&nbsp;26, 2019, shareholder proposals are timely if submitted by Wednesday, May&nbsp;27,
2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Director Nomination </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Discussion</U></B><B>.</B> We note that director Daniel A. Medina reaches the end of his appointed term on the Board this June. We
believe this presents the necessary opportunity to improve the composition of the Board by replacing Mr.&nbsp;Medina with a more relevant and capable community-focused leader to guide Broadway in its mission and challenges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Medina is the longest-tenured director on the Board, having persisted in this role for 23 years since his appointment in 1997. He is
one of the three remaining directors who presided over Broadway&#146;s near-collapse and entry into the U.S. Treasury&#146;s Troubled Asset Relief Program in 2008 and who served on a Board that for decades failed to implement the necessary controls
to detect a massive fraud at Broadway that led to criminal convictions of Broadway employees and losses of over $5&nbsp;million. Mr.&nbsp;Medina&#146;s tenure has been marked by shareholder losses, Broadway&#146;s progressive exit from lending to
minority and <FONT STYLE="white-space:nowrap">low-income</FONT> consumers, Broadway&#146;s cratering asset size and profitability, and tone-deaf governance practices. Moreover, Mr.&nbsp;Medina does not appear to possess current market or management
knowledge relevant to Broadway. He is a research analyst covering internet and entertainment companies for Wall-Street investment bank Needham&nbsp;&amp; Co. Mr.&nbsp;Medina has not worked for a bank in 24 years. Since 1996, Mr.&nbsp;Medina&#146;s
career has diverged from the business of banking and the business of banking has changed fundamentally.<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Some examples of technological, regulatory and social innovations that have impacted banking since 1996
include: passage of the Dodd-Frank Act (2010), the Volcker Rule, the Financial Crisis of 2007-2008, mobile banking, smartphones (iPhone, 2007), passage of the Sarbanes-Oxley Act (2002), widespread adoption of online banking, passage of the USA
PATRIOT Act (2001), and repeal of the Glass-Steagall Act (1999). </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Broadway&#146;s 2019 proxy statement described Mr.&nbsp;Medina as having &#147;extensive
knowledge of the capital markets and mergers and acquisitions, specifically within the financial services industry.&#148; However, given Broadway&#146;s lack of merger and acquisitions activity during Mr.&nbsp;Medina&#146;s <FONT
STYLE="white-space:nowrap">two-plus</FONT> decades of Board service and its inability to increase shareholder liquidity or capital markets valuations, it appears that Mr.&nbsp;Medina&#146;s knowledge has not resulted in positive results for Broadway
and its shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe Broadway&#146;s Board would be enhanced by appointing Antonio Villaraigosa to the seat currently
occupied by Mr.&nbsp;Medina. Mayor Villaraigosa is a proven public executive who presided as Mayor of the City of Los Angeles from 2005 to 2013, when he entered the private sector to work with Banc of California Inc. and later The Capital Corps,
LLC, providing strategic leadership. Mayor Villaraigosa has a proven track record of finding solutions for the Los Angeles community and working with financial services businesses to fulfill this purpose. Mayor Villaraigosa has advised a highly
successful bank in the execution of its growth and profitability initiatives in the same market as Broadway. He has also helped to launch and grow as its chairman a successful consumer lender that itself is a CDFI, which over the past three years
has grown originations from zero to an annual <FONT STYLE="white-space:nowrap">run-rate</FONT> of over $5&nbsp;billion. Importantly, Mayor and now chairman Villaraigosa&#146;s work within the financial services industry has resulted in building
highly profitable organizations driving substantial community impact. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, Mayor Villaraigosa has a long-standing collaborative
relationship with your chairman, Virgil Roberts, and others on the Board and management team (including, for example, in addressing educational needs in Los Angeles&#146; minority and <FONT STYLE="white-space:nowrap">low-income</FONT> communities).
Your chairman Mr.&nbsp;Roberts has indicated that Mayor Villaraigosa is respected by Broadway&#146;s leadership, so we are confident he will be an influential and positive voice in helping to redirect Broadway to its community mission and increased
profitability and growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Commerce therefore submits the following director nomination for the 2020 Annual Shareholder Meeting</U>:
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Antonio Villaraigosa </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Age: 67 </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Business Address: 17351 West Sunset Boulevard, Suite 1A, Los Angeles, CA 90272 </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Residential Address: Los Angeles, CA (See Confidential Exhibit A). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chairman, The Capital Corps, LLC </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">41st Mayor of Los Angeles, California </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Citizenship: United States </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of the date hereof, Mr.&nbsp;Villaraigosa does not directly own beneficially or of record any securities of
Broadway and has not entered into any transactions in securities of Broadway during the past two years. However, as a result of being the chairman of the board of The Capital Corps, LLC, which wholly owns Commerce, Mr.&nbsp;Villaraigosa may be
deemed to have shared voting power over and thus </P></TD></TR></TABLE>
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beneficial ownership of the 1,846,154 shares of common stock owned by Commerce pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;), as set forth in more detail on Schedule 13D, filed by Commerce et. al. with the Securities and Exchange Commission on February&nbsp;10, 2020, as amended (the &#147;Schedule 13D&#148;). Mr.&nbsp;Villaraigosa disclaims
beneficial ownership of such shares of common stock, except to the extent of his pecuniary interest therein. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Villaraigosa presently is, and if elected as a director of Broadway, would be an &#147;independent
director&#148; under the NASDAQ listing standards. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as set forth in this notice (including the Exhibits hereto), (i) during the past 10 years,
Mr.&nbsp;Villaraigosa has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) Mr.&nbsp;Villaraigosa does not directly or indirectly beneficially own any securities of Broadway;
(iii)&nbsp;Mr.&nbsp;Villaraigosa owns no securities of the Company which are owned of record but not beneficially; (iv)&nbsp;Mr.&nbsp;Villaraigosa has neither purchased nor sold any securities of the Company during the past two years; (v)&nbsp;no
part of the purchase price or market value of the securities of Broadway owned by Mr.&nbsp;Villaraigosa is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vi)&nbsp;Mr.&nbsp;Villaraigosa
is not, nor within the past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of Broadway, including, but not limited to, joint ventures, loan or option arrangements, puts or calls,
guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (vii)&nbsp;no associate of Mr.&nbsp;Villaraigosa owns beneficially, directly or indirectly, any securities of Broadway;
(viii)&nbsp;Mr.&nbsp;Villaraigosa does not own beneficially, directly or indirectly, any securities of any parent or subsidiary of Broadway; (ix)&nbsp;neither Mr.&nbsp;Villaraigosa nor any of his associates was a party to any transaction, or series
of similar transactions, since the beginning of Broadway&#146;s last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which Broadway or any of its subsidiaries was or is to be a party, in which
the amount involved exceeds $120,000; (x) neither Mr.&nbsp;Villaraigosa nor any of his associates has any arrangement or understanding with any person with respect to any future employment by Broadway or its affiliates, or with respect to any future
transactions to which Broadway or any of its affiliates will or may be a party; (xi)&nbsp;Mr.&nbsp;Villaraigosa has no substantial interest, direct or indirect, by securities holdings or otherwise in any matter to be acted on at the 2020 Annual
Shareholder Meeting; (xii)&nbsp;Mr.&nbsp;Villaraigosa holds no positions or offices with Broadway; (xiii)&nbsp;Mr.&nbsp;Villaraigosa has no family relationship with any director, executive officer, or person nominated or chosen by Broadway to become
a director or executive officer and (xiv)&nbsp;no companies or organizations, with which Mr.&nbsp;Villaraigosa has been employed in the past five years, is a parent, subsidiary or other affiliate of Broadway. There are no material proceedings to
which Mr.&nbsp;Villaraigosa or any of his associates is a party adverse to Broadway or any of its subsidiaries or has a material interest adverse to Broadway or any of its subsidiaries. Except as otherwise set forth in this notice, none of the
events enumerated in Item 401(f)(1)-(8) of Regulation SK of the Exchange Act occurred during the past ten years. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Villaraigosa is entitled to the same indemnification protections as other officers and directors of
The Capital Corps, LLC as set forth in its governance documents and state law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Other than as stated above and elsewhere in this notice, there are no agreements, arrangements or
understandings between Commerce or its affiliates and associates, and Mr.&nbsp;Villaraigosa, and neither Commerce nor its affiliates and associates have any material interest in such nomination or anticipate any benefit therefrom (other than in
their capacities as stockholders of Broadway). </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the shareholder giving notice: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Commerce Home Mortgage, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">16845 Von Karman, Suite 200 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Irvine, CA 90272 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Class&nbsp;and
number of shares as of date hereof: See Schedule 13D. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The submission of this nomination is timely. Pursuant to Section&nbsp;3.4 of the
Bylaws, nominations for director must be submitted not less than 60 and not more than 90 days in advance of the date of the previous year&#146;s annual meeting. Since the 2019 annual meeting was held on June&nbsp;26, 2019, nominations are timely if
submitted by Saturday, April&nbsp;27, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have been discouraged by the inordinate expense undertaken by the bank to fight our obvious and necessary requests of the Board. Refusing to provide
shareholders with an opportunity to inspect books and records, implementing Wall Street anti-shareholder tactics to protect the financial interests of a controlling shareholder, refusing to ease the restrictions even in the face of a global
liquidity crisis caused by <FONT STYLE="white-space:nowrap">COVID-19,</FONT> and spending scarce corporate resources on high-priced lawyers to block discussions with shareholders all suggest an uncooperative spirit that pits the Board against the
interests of the communities and shareholders it is meant to serve. We are hopeful that these tactics will subside and the Board will work collaboratively with us with respect to these shareholder proposals and the nomination and election of
Mr.&nbsp;Villaraigosa. In the meantime, we reserve the right to submit a second director nomination should we believe it to be necessary and appropriate. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commerce Home Mortgage, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By: Carlos Salas</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Board Chair</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Biography of Commerce&#146;s Nominee: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Antonio Villaraigosa </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mr. Villaraigosa served as Mayor of the City of Los Angeles from 2005 to 2013. As Mayor, Mr.&nbsp;Villaraigosa
spearheaded policies to improve student outcomes in the Los Angeles Unified School District, reduce city and highway traffic, and enhance public safety. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mr. Villaraigosa served as Strategic Advisor at Banc of California Inc. from July 2013 to November 2016, where he
advised in the execution of its growth and profitability initiatives. Banc of California Inc. operates in the same market as Broadway. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mr. Villaraigosa currently serves as chairman of The Capital Corps, LLC, providing strategic leadership.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">He helped to launch and grow The Capital Corps, LLC which has over the past three years grown originations from
zero to an annual <FONT STYLE="white-space:nowrap">run-rate</FONT> of over $5&nbsp;billion. The Capital Corps, LLC and its subsidiary Commerce Home Mortgage are Community Development Financial Institutions, as is Broadway. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Commerce Home Mortgage </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commerce Home Mortgage, LLC, founded in 1994, is a mortgage banking company that is certified by the United States Department of the Treasury as a Community
Development Financial Institution (CDFI). Commerce Home Mortgage&#146;s mission is to provide financial services to the entire population of people, not just individuals that are able to meet today&#146;s stringent documentation guidelines. Commerce
Home Mortgage specifically aims to empower underbanked homeowners and communities by providing access to prime capital. Commerce Home Mortgage is a CDFI-certified lender, as well as a licensed seller/servicer with Fannie Mae, Freddie Mac and Ginnie
Mae. Commerce Home Mortgage is a <FONT STYLE="white-space:nowrap">non-bank,</FONT> prime lender with the regulatory, financial, and operational capability to serve diverse borrowers with <FONT STYLE="white-space:nowrap">non-traditional</FONT>
documentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contact: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">mediarelations@commercemtg.com
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.commercehomemortgage.com </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN
INFORMATION CONCERNING THE PARTICIPANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above letter is not a solicitation of any action by shareholders of Broadway. Commerce does not currently
intend to solicit proxies except pursuant to SEC Rule <FONT STYLE="white-space:nowrap">14a-2(b)(2).</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IF A PROXY STATEMENT IS COMPLETED AND FILED BY
COMMERCE, COMMERCE STRONGLY ADVISES ALL SHAREHOLDERS OF BROADWAY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, IF ANY, AS THEY MAY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS, IF ANY, WILL BE
AVAILABLE AT NO CHARGE ON THE SEC&#146;S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS HEREIN WILL PROVIDE COPIES OF THE PROXY STATEMENT, IF ANY, WITHOUT CHARGE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The participants herein are Commerce Home Mortgage, The Capital Corps, LLC (&#147;Capital&#148;), TCC Manager, LLC (&#147;Manager&#148;), Sugarman
Enterprises, Inc. (&#147;Enterprises&#148;), Steven A. Sugarman and Antonio Villaraigosa. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commerce Home Mortgage directly owns 1,846,154 shares of common
stock, par value $0.01 per share, of Broadway (&#147;Shares&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capital directly owns no Shares. However, as a result of being the wholly-owning
direct parent of Commerce Home Mortgage, Capital may be deemed to have shared voting power over and thus beneficial ownership of the 1,846,154 Shares owned by Commerce Home Mortgage pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT>
(&#147;Rule <FONT STYLE="white-space:nowrap">13d-3&#148;)</FONT> under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manager directly owns no Shares. However, as a result of being in control of Capital, which wholly owns Commerce Home Mortgage, Manager may be deemed to have
shared voting power over and thus beneficial ownership of the 1,846,154 Shares owned by Commerce Home Mortgage pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act. Pursuant to their internal management structures,
Manager retains express, full and exclusive control over the voting and disposition of the Shares owned by Commerce Home Mortgage, which control is exercised by and thus shared with Mr.&nbsp;Sugarman and Enterprises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enterprises directly owns no Shares. However, as a result of being in control of Manager, which controls Capital, which wholly owns Commerce Home Mortgage,
Enterprises may be deemed to have shared voting power over and thus beneficial ownership of the 1,846,154 Shares owned by Commerce Home Mortgage pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Sugarman directly owns no Shares. However, as a result of wholly-owning Enterprises, which controls Manager, which controls Capital, which wholly
owns Commerce Home Mortgage, Mr.&nbsp;Sugarman may be deemed to have shared voting power over and thus beneficial ownership of the 1,846,154 Shares owned by Commerce Home Mortgage pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under
the Exchange Act. Mr.&nbsp;Sugarman has an indirect interest in a portion of the same 1,846,154 Shares already reported above by virtue of an indirect ownership in Capital. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neither Mr.&nbsp;Salas nor Mr.&nbsp;Villaraigosa own beneficially or of record any securities of Broadway.
Mr.&nbsp;Villaraigosa, by virtue of his relationship with Capital, may be deemed the beneficial owner of the 1,846,154 Shares owned by Commerce Home Mortgage. Each of the participants named herein disclaims beneficial ownership of any Shares, except
to the extent of his, her or its pecuniary interest therein. </P>
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