Municipal Mortgage & Equity L.L.C.

Michael L. Falcone is the Chief Executive Officer and President of MuniMae, a position he has held since January 1, 2005. Prior to his appointment as Chief Executive Officer and President, he served as Chief Operating Officer and President beginning 1997. Mr. Falcone is responsible for all aspects of the general management of the Company, focusing on strategic planning, risk management, business development, and oversight of the performance of the Company's significant subsidiaries, MMA Financial, MMA Realty Capital, and MMA Renewable Ventures. Mr. Falcone led the team which created MuniMae through the restructuring of its predecessor, the SCA Tax Exempt Fund. Prior to his involvement with MuniMae, Mr. Falcone Served as Senior Vice President and Partner at The Shelter Group, a Baltimore based real estate development and property management firm where he began his career in 1983. Mr. Falcone serves on the Boards of the Baltimore Development Corporation, The Greater Baltimore Alliance, the McDonogh School and is a member of the Executive Committee of the Board of Directors of the National Multi-Housing Council. He is a graduate of Dartmouth College and the Harvard Business School.

Frank G. Creamer, Jr. joined MuniMae in 2004, and is Executive Vice President. His responsibilities include Capital Partner Relationship Management, Business Development, and Capital Raising. Mr. Creamer brings over 32 years of experience in commercial real estate lending, investment advisory and corporate finance. Through mid-December 2003, Mr. Creamer was a member of Lend Lease's Executive Committee. He headed Marketing for its Commercial Credit Group, and managed a number of key client relationships within the Financial Institutions Segment. Until 2000, Mr. Creamer was an owner and principal of Creamer Vitale Wellsford, the successor firm to a real estate consulting company Mr. Creamer founded in 1990. Previously, he held various executive positions within Citicorp during his 18-year tenure. In 1988, Mr. Creamer was named Executive Director of Citicorp's global real estate activities, where he managed and directed its global network and core finance business with mortgages and commitments aggregating in excess of $30 billion. Mr. Creamer serves on the Executive Committee of the Real Estate Roundtable; Advisory Committee Member for MIT's Center for Real Estate, and is an Executive Advisory Committee member at the Simon School, University of Rochester.

Jeffrey Muller has headed the Company's Finance & Planning group since February 2002. Finance & Planning includes the Company's Finance, Knowledge Management and Human Resources departments and Mr. Muller is responsible for the Company's strategic and annual planning, mergers and acquisitions and special projects. Prior to February 2002, Mr. Muller served as Director in the Company's Finance department. Before joining MMA Financial in May 2001, Mr. Muller worked as an Economist with The World Bank Group and also served as a Consultant with the UN Food and Agriculture Organization and as a Peace Corps Volunteer. Mr. Muller has a Ph.D. in Economics from Stanford University, a M.A. from Johns Hopkins University, and a B.A. from Colgate University.

Mr. Joseph has been Chairman of the Board of the Company since 1996. Prior to January 1, 2005, he also served as its Chief Executive Officer. He also served as the President and a director of the managing general partner of the SCA Tax-Exempt Fund Limited Partnership, the Company's predecessor, from 1986 through 1996. Mr. Joseph is founding chairman of the board of The Shelter Group, a real estate development and property management company. Mr. Joseph serves on the boards of directors of the Greater Baltimore Committee and Provident BankShares Corporation (Provident).

Mr. Baum has been a director of the Company since 1996 and is the President of United Holdings Co., Inc. Mr. Baum has been the Chief Financial Officer at United Holdings, a company that invests in real estate and securities, and its predecessors since 1973. Mr. Baum is also a member of the board of directors of Gabelli Group Capital Partners (an investment advisor), and Shapiro, Robinson & Associates (a firm that represents professional athletes).

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