Arbor Realty Trust Inc.

Mr. Guziewicz joined Arbor Realty Trust in July 2008. As Chief Credit Officer, he oversees the underwriting process for all structured finance transactions and is a Voting Member of Arbor's Credit Committee. The structured finance group originates, structures, underwrites and funds debt and equity financing for various asset types and classes of commercial real estate nationwide. Mr. Guziewicz has more than 20 years of commercial mortgage underwriting experience. Prior to joining Arbor, he was a Director for Merrill Lynch & Co., Inc., where he was responsible for managing the underwriting of loans from $50 million to over $5 billion, which were originated for securitization or private placement in capital markets. He has also held positions at Deutsche Bank Securities, Inc., Aetna Real Estate Investments, and GE Capital. Mr. Guziewicz earned a Masters of Business Administration in Finance with a concentration in Real Estate from the University of Connecticut and a Bachelor of Science in Business Administration/International Business from the University of New Haven.

Mr. Kovarik serves as the Chief Credit Officer of Arbor Realty Trust, Inc. and is a Voting Member of Arbor's Credit Committee. He is responsible for the management of the underwriting process for all structured finance transactions. This group originates, structures, underwrites and funds debt and equity financing for various asset types and classes of commercial real estate nationwide. Mr. Kovarik has more than 20 years of experience in commercial real estate underwriting and credit analysis. Since joining Arbor, Mr. Kovarik has managed the underwriting of more than $800 million in new, commercial real estate loan originations. Mr. Kovarik is a member of the Commercial Mortgage Securities Association and has spoken at various industry conferences. Prior to joining Arbor, Mr. Kovarik was a Senior Vice President with RER Resources, LLP, a commercial real estate consulting firm. He holds a Master of Science (with Distinction) in Real Estate from New York University and a Bachelor of Business Administration in Accounting from the George Washington University.

Tom Murphy has more than 25 years of professional experience in the information technology field. Prior to joining Arbor, Mr. Murphy was the CIO at Titleserv Inc., an electronic real estate title and settlement services company. He also brings a wealth of IT experience to Arbor from previous positions at Bank America Mortgage, Lending Solutions, Inc., First Boston Capital Group, Lockheed Martin Information Management Systems and IBM Corporation. He returns to Arbor after holding a CIO position in the Company earlier in his career. Mr. Murphy is a graduate of the State University of New York at Binghamton.

Fred Weber is a member of Arbor's Executive Board and is responsible for managing and overseeing the origination, structuring and funding of all structured and principal transactions for both Arbor Commercial Mortgage, LLC and Arbor Realty Trust. This group originates, structures, underwrites and funds debt and equity financing for various asset types and classes of commercial real estate nationwide. With more than 20 years of experience in the mortgage banking industry, Mr. Weber has extensive real estate finance and acquisition experience as well as substantial expertise in the restructuring and workouts of troubled loans. His development and implementation of the creative technologies used with mezzanine and preferred equity products has served as an industry model. Since joining Arbor in May, 1999, Mr. Weber has structured in excess of $5 billion of sophisticated real estate and finance transactions. Mr. Weber is a member of the Real Estate Finance Committee of the Real Estate Board of New York, the International Council of Shopping Centers and the Mortgage Bankers Association of New York. He is also a member of the National Association of Real Estate Investment Trusts, the Real Estate Lenders Association, the Urban Land Institute, the Commercial Mortgage Securities Association and the RealShare Structured Finance Advisory Board. He has lectured at the International Council of Shopping Centers and other industry conferences. Before joining Arbor, he was a partner and co-head of the real estate department with Kronish, Lieb, Weiner & Hellman. He was also a partner with the law firm of Weil, Gotshal & Manges.

Gene Kilgore joined Arbor in October 2004 and is responsible for overseeing the development, marketing and implementation of Arbor Realty Trust's collateralized debt obligation (CDO) structures. He has a unique and strategic expertise and brings a wealth of professional experience from his work in the structured finance and real estate industries. Prior to joining Arbor, Mr. Kilgore was a portfolio manager at ZAIS Group LLC with a CDO and real estate focus. Previously, he structured CDOs as a director in the risk finance group at Barclays Capital; rated CDOs and CMBS as a director with Standard & Poor's; and served as a vice president at Wachovia Bank with positions in commercial real estate and corporate lending. Mr. Kilgore earned a Masters of Science in Real Estate from the Massachusetts Institute of Technology. He also earned a Masters of Business Administration from Emory University and a Bachelors of Science in Economics from the University of Tennessee at Chattanooga.

Mr. Natalone joined Arbor in 1995 and is responsible for managing all financing and bank relationships. He also oversees Arbor’s Treasury and Servicing Operations. He is a member of Arbor Realty Trust’s Loan Committee and serves on Arbor Commercial Mortgage’s Risk Management Committee. From 1991 to 1995, Mr. Natalone was employed by Arbor National Holdings, Inc. and held the title of Senior Director, Office of the President, where he assisted the President in running various business units. Prior to joining Arbor, Mr. Natalone held positions at GE Mortgage and Ernst & Young. He received a Bachelor of Science in Accounting from Penn State University and is a Certified Public Accountant.

Ms. Habyan joined Arbor in May 2004 and is responsible for overseeing all of the aspects of marketing for Arbor Commercial Mortgage and Arbor Realty Trust. As the head of the marketing department, Ms. Habyan is responsible for handling all of the internal and external communications for the company, the sales marketing strategy as well as the companies' corporate branding and advertising. In addition, she works closely with Investor Relations and handles all of the financial media relations for Arbor Realty Trust. Before joining Arbor, Ms. Habyan was a spokesperson for KeySpan Corporation in Hicksville and oversaw the financial communications for the company. Ms. Habyan is a graduate of Women's Unlimited, a nationwide management development program. She has a Bachelor of Arts Degree in Communications from Bethany College, a Masters Degree in Communications from the New York Institute of Technology and a Masters of Business Administration in Banking and Finance from Dowling College.

Mr. Milone is responsible for the structuring and closing of Arbor’s real estate transactions including bridge financing, mezzanine financing, preferred equity and equity investments. He also manages Arbor’s outside legal counsel with respect to loan closings, the purchase of loans and various litigation matters. Mr. Milone has over 19 years of legal experience in myriad aspects of real estate lending and equity investments, including structured finance, Fannie Mae, FHA, securitizations and loan participations. Mr. Milone joined Arbor as associate general counsel in 1998. Prior to Arbor, he was an associate with Ballard Spahr Andrews & Ingersoll in Washington, D.C. and senior real estate counsel for Sterling Financial Group in Manhasset, NY. He is a graduate of Yale University in New Haven, CT.

John Felletter. Mr. Felletter has served as one of our Senior Vice Presidents of Asset Management since November 2008. He was a director at UBS from 1999 to 2006. In 2006, UBS created Dillon Read Asset Management and Mr. Felletter served as a director of the manager of that fund from 2006 to August 2007. Mr. Felletter has also held portfolio/asset management positions at Capital Trust (from 1998 to 1999), Phoenix Realty Securities (from 1996 to 1998), with the J.E. Roberts/Goldman Sachs Venture (from 1994 to 1996). Previously, Mr. Felletter worked for the Resolution Trust Corporation, Citibank, Capital Alliance, and Connecticut National Bank. Mr. Felletter has over 26 years of commercial real estate debt and equity experience, including acquisitions/dispositions, loan securitizations, exposure to troubled debt restructuring, workout and bankruptcy and oversight of portfolio monitoring, investor reporting and loan servicing. Mr. Felletter holds the Chartered Financial Analyst designation. Prior to his corporate career, Mr. Felletter served as a First Lieutenant in the United States Marine Corps.

Mr. Donovan is responsible for overseeing the day-to-day operations of the Company’s Fannie Mae FHA/Ginnie Mae and CMBS production unit. Additionally Mr. Donovan ensures the operational conformity with all aspects of investor compliance. Mr. Donovan has nearly 20 years of experience in the real estate finance industry. Since joining Arbor in 1993 he has held various production management positions. Prior to Arbor Mr. Donovan worked for the Federal Deposit Insurance Corporation (“FDIC”) and Commonwealth Mortgage Company. Mr. Donovan earned his B.A. from Canisius College. He has previously served as a board member of the National Multi Housing Council. He is located in Arbor’s Boston office.

Mr. Wisniewski is responsible for all Human Resources functions including recruiting, training and employee relations for Arbor Commercial Mortgage, LLC and Arbor Realty Trust, Inc. He has more than 25 years of Human Resources experience. Prior to joining Arbor in 2004, he worked at Oce’ Business Services, an international outsourcing company, where he was responsible for Human Resources for the Northeastern United States. His career also includes 18 years on Wall Street as President of his own recruiting firm and Vice President of Human Resources for Lewco Securities Corporation. Mr. Wisniewski holds a Master of Science degree in Human Resources from Long Island University and a Bachelor’s of Business Administration degree from Dowling College.

Mr. Reisert oversees the day-to-day operations of the Capital Markets department and its role in supporting Arbor’s Fannie Mae, FHA and CMBS production units. He is also responsible for identifying new lending partners and developing new programs to complement Arbor’s existing product offerings. Mr. Reisert has more than 15 years of experience in real estate finance, with a strong focus on Capital Markets. Prior to joining Arbor, Mr. Reisert served as Director of Capital Markets with Centerline Capital Group. Previously, he held posts with CharterMac Mortgage Capital, PW Funding Inc. and BankAmerica Mortgage. Mr. Reisert earned a Master of Business Administration in Finance from Hofstra University and received a Bachelor of Arts from Providence College. He has previously served as a member of the Commercial Mortgage Securities Association and is a graduate of the Mortgage Bankers Association’s Future Leaders program.

In her previous position, Ms. Class was the Senior Asset Manager at DRA Advisors, LLC, the real estate advisory arm of the Dreyfus Corporation. Prior to that, she was the Vice President-Director of Real Estate for Vornado Realty Trust. She holds a Bachelor of Arts and Masters of Arts degree from Arizona State University.

Formerly a Managing Director at Fitch Ratings in New York City in the CMBS group, Ms. Silverberg was most recently employed as a consultant for ING Clarion Capital. She has also held positions at Moody's Investors Service, Ernst and Young and Goldman, Sachs & Co.

John Edwards is Vice President at Arbor Commercial Mortgage. He is responsible for originating all of the Company’s multifamily and commercial product lines including Fannie Mae, FHA, bridge, mezzanine and preferred equity. As the Company is only one of 11 designated Fannie Mae DUS® Seniors lenders, Mr. Edwards has a focused expertise and understanding of the current trends in the seniors housing market. In fact, he was instrumental in the development of Arbor’s new interim finance product for seniors housing that provides short-term financing until permanent financing can be secured. Since joining Arbor in 1993, Mr. Edwards has held positions in various aspects of the loan process, from screening through underwriting. He has more than 15 years of experience in commercial real estate sales and financing. Prior to Arbor, he held positions at Wellington Management Company and Merrill Lynch. He holds a B.A. in Economics from St. Michael’s College.

John Kelly is Vice President at Arbor Commercial Mortgage, and originates Fannie Mae, FHA, CMBS, and Structured Finance transactions throughout the Northeast. Prior to joining the Company, Mr. Kelly was responsible for originating new business in the multifamily market using the FHA Mortgage Insurance Programs at Rockport Mortgage Corporation. Before Rockport, he was employed at Picis, Inc. where he handled all facets of the sales and marketing efforts for the healthcare organization. He holds a Bachelor of Arts degree from the University of Vermont.

Matt Norman is Vice President, responsible for Fannie Mae and Conduit origination in Arbor’s Southwest Region. He also originates transactions through office, hotel, and retail loan programs, as well as FHA as an alternative multifamily execution. Mr. Norman joined Arbor Commercial Mortgage in 1995 as a Fannie Mae and Conduit Underwriter and Senior Underwriter. He then went on to oversee specialized lending in which he managed the Company’s affordable, bond, seniors, and student loan programs. Before joining Arbor, Matt held previous positions with Caterpillar Financial, Addison National Bank and NationsBank. He is a 1993 graduate of Indiana University with a degree in Business-Finance.

Mr. Caulfield is responsible for managing the overall production of Arbor's national sales force and oversees the implementation of the Company's integrated sales and marketing efforts. He is responsible for all capital market activities relating to all of Arbor's lending products. In addition, he oversees the management of trading and investment banking partnerships. Mr. Caulfield manages the operations functions of Arbor's pipeline from screening through closing. He directs the seamless execution of our deals by ensuring that all disciplines involved in a transaction are in constant communication and are working with the most current data available. He is a member of Arbor's DUS Loan Committee and Arbor's Executive Committee. Prior to joining Arbor Commercial Mortgage at its inception in 1995, Mr. Caulfield was Vice President of Secondary Marketing with Arbor National Holdings, Inc. He graduated from State University of New York with a Bachelor of Science Degree in Finance.

Mr. Bellissimo joined Arbor in June 1998 as a Senior Underwriter and was nominated and approved as Arbor’s DUS® Chief Underwriter in April 2006. He is responsible for assigning and directing the staff in conformity with sound credit practices and Fannie Mae Guidelines as well as running the full spectrum of multifamily product offerings, including market rate acquisitions and refinances, Arbor 85 and DUS® mezzanine transactions, bond credit enhancements, LIHTCs, other MAH qualified transactions, forward loan commitments (funded, unfunded, market and MAH), seniors housing projects, moderate rehabs and supplemental loan transactions. Mr. Bellissimo has over 21 years of commercial real estate finance experience, with over 10 years specializing in Fannie Mae multifamily products. Before joining Arbor, he served as Vice President – Commercial Real Estate Division at The Dime Savings Bank of New York, FSB and was an Account Officer – Real Estate Division at Bank of Montreal (BMO) in New York, NY. Mr. Bellissimo received a Bachelor’s Degree in Accounting from Long Island University at C.W. Post. He currently serves as First Vice Chairman of the Nassau County (NY) Planning Commission and is Past Chairman of the Planning Board for the City of Glen Cove (1994 - 2002), Nassau County, NY.

Dr. Dykes, 78, is Lead Director of PepsiAmericas, Inc. He served as Chairman of Capital City Holdings Inc., a venture capital organization, from 1988 to 2005. Dr. Dykes served as Chairman and Chief Executive Officer of the Security Benefit Group of Companies from 1980 through 1987. He served as Chancellor of the University of Kansas from 1973 to 1980. Prior to that, he was Chancellor of the University of Tennessee. Dr. Dykes was Chairman of the Board and Chief Executive Officer of Fleming Companies, Inc. until September 2004. He assumed those roles at Fleming in March 2003 following his service to such company as Non-Executive Chairman of the Board. He also serves as a director of Midas, Inc. and Arbor Realty Trust, Inc. Dr. Dykes is a member of the Board of Trustees of the Kansas University Endowment Association, the William Allen White Foundation and YouthFriends, Inc. He formerly served as Vice Chairman of the Commission on the Operation of the United States Senate and as a member of the Executive Committee of the Association of American Universities.

Mr. Bishar, age 57, was elected Executive Vice President, General Counsel, Chief Governance Officer and Secretary effective March 1, 2005. He became Senior Vice President, General Counsel and Secretary in May 2003, with responsibility for KeySpan's Legal Department and the Corporate Secretary's Office. Prior to that, he joined KeySpan as Senior Vice President and General Counsel in November 2002. Before joining KeySpan, Mr. Bishar practiced law with Cullen and Dykman LLP since 1987. He was the Managing Partner from 1993 through 2002 and was a member of the firm's Executive Committee. From 1980 to 1987, Mr. Bishar was Vice President, General Counsel and Corporate Secretary of LITCO Bancorporation of New York, Inc.

Mr. Martello has served as one of our directors since June 2003. He is currently chief operating officer of Arbor Management, LLC, the managing member of Arbor Commercial Mortgage. He is responsible for overseeing the company’s investment portfolio and day-to-day operations. From 1995 to 1999, Mr. Martello served as chief financial officer of Arbor Commercial Mortgage, LLC. From 1990 to 1995, he was chief financial officer of Arbor National Holdings, Inc. Prior to Arbor, Mr. Martello was a senior manager with the international accounting and consulting firm of Ernst & Young for 11 years. He is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants, where he is a former executive director of the board of directors of the Suffolk County chapter. Mr. Martello also serves as a member of the board of directors of Citala, Ltd., a privately owned technology firm based in Israel.

Mr. Permut has served on the board of our company since August 2005. Prior to becoming a member of the Arbor board, Mr. Permut served as a Managing Director at Canadian Imperial Bank of Commerce (CIBC), the largest bank in Canada and one of the 10 largest in North America. In this position, he was head of CIBC World Markets Debt Capital Markets Group in the United States. He was a member of the firm’s USA Management Committee, its Executive Board and the Debt Capital Markets Management Committee. Mr. Permut retired from CIBC in 2005.

Mr. Horn has served as our secretary and as one of our directors since his appointment in November 2003. Until January 2008, he also served as our general counsel and director of compliance. In the past, he served as general counsel of Arbor Commercial Mortgage and a member of Arbor’s Executive Committee. Prior to that, Mr. Horn was general counsel of Arbor National Holdings from 1991 until its sale in 1995 to Bank of America. From January 1998 to April 2000, Mr. Horn was the general counsel and secretary of Massena Management, LLC, the general partner of President R.C.-St. Regis Management Company. Mr. Horn’s experience also includes serving as general counsel with Resource One, Inc. and Long Island Trust Company.