MMA Realty Capital manages various real estate investment programs, including originating loans, managing funds that invest in commercial real estate debt and equity, and providing capital solutions. It has over $10 billion in assets under management across multiple programs, including agency lending, structured finance vehicles, and commingled funds. Risk management is emphasized through rigorous underwriting and active asset management practices.

1. Overview June 21, 2007

2. Introduction MMA Realty Capital Production Risk Management Capital MRC Quarter 1 Results Creating Shareholder Value Senior Management Bios

3. MMA Realty Capital

4. Production Agency Originates, underwrites, and asset manages loans for Fannie Mae, Freddie Mac, FHA/HUD, and Ginnie Mae 6 Originators; 17 Underwriters and Closers; and 12 Asset Managers and Loan Servicers Commercial Investing & Capital Markets Develop and manage funds, originate whole loans, b-notes, bridge loans, and mezzanine origination for separate accounts and managed funds 15 Originators and underwriters in Atlanta, California, Denver, and New York regional production offices; 3 Closing and legal staff Mortgage Brokerage operation in Southern California; 5 offices, 30 employees, 19 originators

5. Risk Management Stabilized Asset Management 5 Asset Managers 5 Commercial Loan Servicers 2 Portfolio Managers Construction Loans & Workouts 3 Construction loan asset managers 2 Workout specialists Information Technology 4 IT staff

6. Capital Pension Fund Capital Investment Advisor to pension fund clients Manage separate accounts and commingled funds Debt & equity investment vehicles Balance Sheet Syndicate/participate loan transactions Arrange term debt & credit facilities Structured Transactions Securitize assets Derivative transactions

7. Production

8. Origination Strategies Investments are sourced through Property owners / operators Brokers Investment banks Insurance companies Local regional banks $2 billion in originations completed for advisory clients, agency clients and proprietary capital in 2006

9. Product Terms Risk more 8.5% - 15%+ 15% - 22% 15% - 20% 10 – 18% Floating 175-300 spread Fixed & Floating 275-450 spread Fixed 100-130 over Treasury Avg. Returns 3 – 10 years 3 – 7 years 2 – 7 years 3 – 7 years 2 – 5 years 2–10 years 5 – 15 years Term Partnership Partnership Interest Pledge of Ownership Pledge of Ownership Senior Mortgage Subordinate Mortgage Senior Mortgage Security 80% LTV $5 - $50 MM Permanent Mortgage N/A $1 - $30 MM Equity N/A $500K - $15 MM Preferred Equity 98% LTC $1 - $15 MM Participating Debt 90% LTV $3 - $25 MM Mezzanine Loans Max Leverage Average Loan Size Product 75% LTV $5 - $50 MM Bridge & Construction Loans 80% LTV $5 - $30 MM B-Notes less

10. Risk Management

11. Corporate Credit Approval Capital Committee Reviews and approves key decisions that impact Munimae credit and capital (i.e. establishing a new line of credit) Members: Melanie Lundquist, CFO – Chair Anthony Mifsud, Treasurer – Vice Chair Mike Falcone, CEO Chris Levey, Chief Capital Officer of Affordable Group Greg Longoria, Chief Capital Officer for MRC Gary Mentesana, Head of Affordable Group Charlie Pinckney, Head of MRC

12. Corporate Credit Approval, cont. Real Estate Investment Committee (REIC) Reviews and approves investment of funds under company management in real estate, whether by debt or equity Members: Earl Cole, Chief Credit Officer – Chair Melanie Lundquist, CFO – Chair Mike Falcone, CEO * Jeff Muller, Credit and Risk Management, Affordable Group * Tom Cornett, Risk and Portfolio Management, MRC * Gary Mentesana, Head of Affordable Group * Charlie Pinckney, Head of MRC * member if applicable to transaction REIC has delegated approval for programmatic investments to the MRC Investment Committee

13. MRC Credit Approval MRC Investment Committee Core Members: Tom Cornett Bob McLewee Jeff Wolfe Additional members are included subject to the intended capital execution, possibly including: Mark Begeny for Mezzanine Funds Frank Creamer for PSP Venture and TriSail Fund Richard Katzenstein for B-Note Fund Rhett Miller for Proprietary Capital Mike Rulf and Marsha Goff for Agency deliveries In some specified circumstances small loans may be approved by a delegated signatory.

14. Credit Policy Built on a foundation of “Only Smart Deals” Get the real estate right Reflects MMA legacy as developers, owners and managers of apartments Ingredients of a Smart Deal Diverse regional economy Positive demographics Supply/demand in balance at regional and sub market level Quality design and construction Location, location, location Good sponsor/“partner” Story makes sense and is supported by underwriting due diligence

15. Underwriting Guidelines Underwriting criteria approved by MRC Chief Risk Officer General adherence to Fannie Mae Standards Underwriting analysis conducted by production team member and reviewed by risk management through the credit approval process Assisted by specialists and local experts Enlightened by our own portfolio results and market data

16. Credit Approval Steps Real Estate loans are reviewed at several stages: Pre-Screen – key deal terms as presented in a preliminary deal quote are reviewed and approved Preliminary application review – before an application, a pre-underwriting is presented and reviewed Investment Committee review – after full underwriting has been conducted, a final review and approval allows the investment to be committed and closed

17. Asset Management 24 total staff on MRC deals Dedicated asset management team Directed by an experienced management team Expertise in construction, lease-up, permanent and disposition Dedicated workout staff as part of the team

18. Active Risk Management Characterized by staying close to the assets Quarterly or monthly reporting based on construction, lease-up or permanent phase, and on property risk rating Annual review of audited financial statements, operating budgets and capital plans At least annual site visits including physical inspection, management review and market analysis Oversight adjusted based on risk assessment Quarterly or monthly risk rating based on permanent or construction phase Risk rating criteria Action Plans developed for elevated and high-risk properties Monthly review of problem assets

19. Portfolio Management Client portfolios managed by dedicated teams, focused on delivering superior service and aligning as closely as possible with client objectives Timely Reporting PM team reports on portfolio level performance on a quarterly basis Disciplined Underwriting Understand risk and value to structure transactions that meet the needs of investor and borrower Diligent Asset Management Dedicated Asset Management and Servicing team experienced in managing debt and equity investments Asset Managers proactively collaborate with Portfolio Management to analyze data to anticipate problems with sponsors, markets, property physical condition, etc Asset Manager performance evaluated based on asset performance and steps taken to protect and enhance value

20. Accounting and Internal Controls We ensure public company compliance and superior fiduciary services through: Compliance Sarbanes-Oxley internal controls govern public company discipline SAS 70 Financial Service Provider Certification ensures exemplary service to investment advisory clients and partners SEC federally registered investment advisory company governs fiduciary standards Multiple accounting basis – Statutory Accounting Principles (STAT), GAAP, International Financial Reporting Standards, and US Tax Information Systems Data automation Secure access and data warehousing Automated General Ledger Feed and Reconciliation available to clients Quarterly Review of Business Continuity and Disaster Recovery Plan

21. Capital

22. Capital Strategies MRC has the unique advantage of having its own balance sheet, as well as the use of 3 rd party capital. Utilize the balance sheet to fund opportunistic transactions and to take advantage of market opportunities. Aggregate investments prior to finalizing a long-term capital execution. The balance sheet is not meant to be “long-term” money. Structure and “slice & dice” transactions to provide investment opportunities to both MMA and 3 rd party clients.

23. Sample of Existing Programs Risk less more Actively sourcing and managing assets $100MM Participating debt TriSail/MMA Venture Fully invested with occasional reinvestment upon capital event $115 MM Multifamily preferred equity REIT MMA Equity REIT Actively sourcing and managing assets $4 B Permanent whole loans up to 80% LTV, MMA retains 1 st loss liability Fannie Mae & Freddie Mac Actively sourcing and managing assets $1.2 B Permanent and construction whole loans Insurance Company General Account Actively sourcing and managing assets $.7 B Leverage Company’s balance sheet position in first loss position Structured Finance Actively sourcing and managing assets $100MM Multifamily high yield joint venture PSP/MMA Capital Venture Invested and revolving. Being restructured to accommodate a broader mandate on all debt. Still in investment period, closed to new investors. Successor fund likely. Status Diversified mortgage investment vehicle Permanent subordinate mortgages Strategy $300 MM MMA Investment Fund AUM Product $234.5 MM equity commitments B-Note Fund

24. Funds in development Risk less more Closed 2 nd Quarter 2007 8% Single Account Public Pension Fund Unlimited High Yield Unlevered investments PSP Delivery Vehicle 11% - 13% Target InvestorYield (net fees) Target 1 st close 1Q’07 Status Diversified real estate trust invested in structured debt and equity Strategy Public Pension Funds $100 MM Balanced Fund Identified Investors Target Equity Raise Product

25. Capital Funding The Capital Group works closely with key Corporate and business unit functions to ensure that transactions have an ability to be financed and adhere to certain Corporate guidelines. Involved in preliminary pricing at pre-screen stage. Managed funding pipeline for all transactions “hitting the balance sheet”. Coordinate with Corporate Treasury & capital partners to ensure cash availability. Work with Corporate Accounting, Tax & Legal to determine the Corporate implications of a transaction.

26. Capital Transaction Examples A key strategy is to place transactions with capital partners that have a unique insight or interest in a transaction. Compass Bank Term Debt on Land Loan $30MM LaSalle & AmSouth Banks Participation of Construction Loan $60MM Wachovia Capital Markets Repurchase / CP Facility $300MM US Bank Permanent Warehouse $250MM Merrill Lynch Total Return Swap on Mezz Loan $30MM Bank of America Construction Loan Warehouse $140MM IXIS Financial Markets Total Return Swap on Land Loan $50MM

27. MRC Q1 Results

28. MRC Q1 Results * 2007 Projection includes GEMB; 1Q2007 does not include GEMB (833,300) 60,000,002 59,166,703 14,321,749 Net Operating Income 1,589,055 24,698,030 26,287,086 6,339,188 G&A 755,756 84,698,033 85,453,788 20,660,937 Total Revenue 1,000,000 1,000,000 0 Internal Referral 451,610 22,545,480 22,997,090 6,548,899 Other Revenue (1,662,814) 12,206,263 10,543,449 2,468,146 Servicing Revenue (2,441,252) 5,540,666 3,099,413 913,601 Equity Investment Revenue 1,391,833 5,899,267 7,291,100 1,360,407 Asset Management (3,634,854) 23,061,025 19,426,171 5,465,325 Spread Income 5,651,233 15,445,332 21,096,565 3,904,559 Origination Fees Revenue 1,270,216,250 1,739,458,000 3,009,674,250 316,749,400 Production* Variance 2007 Budget 2007 Projection 1Q07(e) MRC Activity- 2007

29. MRC Q1 Results Merchant Banking

30. Q1 Merchant Banking The Merchant Banking group posted strong results, as high yield opportunities generated both up front revenue and spread income, and asset management income continues to build.

31. Q1 Merchant Banking 10,916,165 Net Operating Income 3,780,835 G&A 14,696,999 Total Merchant Banking Revenue 792,026 Other Revenue 999,554 Gains on Sale 1,887,440 Exit Fees 3,679,020 Other Revenue 913,601 Equity Investment Revenue 1,345,453 Asset Management 705,194 Coinvest. & Promote Inc. 4,009,553 From Prior Year Activities 750,578 From Current Year Activities 5,465,325 Spread Income 3,293,600 Origination Fees Revenue 184,445,000 Production 1Q07(e) MRC Merchant Banking Activity - 2007

32. Q1 Merchant Banking Production Activity (All numbers in 000’s)

33. Q1 Merchant Banking Revenue Breakdown Other includes: gains on sale, equity investment, and misc.

34. Q1 Merchant Banking - Asset Management The continued development of the investment management business resulted in higher asset management fees, as well as an increase in the diversity of our capital partners. This diversity better positions MRC to react to market opportunities and to ride out market fluctuations.

35. Merchant Banking Asset Management Fees

36. MRC Q1 Results Agency

37. Q1 Agency Production Activity The Agency business performed well in the first quarter, despite the distractions of a management change and an ongoing re-audit of their business, as legacy portfolio related revenue was strong . Traditionally a 3 rd and 4 th quarter business, a good first quarter production has positioned them well for the balance of 2007.

38. Q1 Agency Results 3,410,974 Net Operating Income 2,400,020 G&A 5,810,993 Total Agency Revenue 840,436 Agency Late, Prepay & Misc. Fees 1,697,824 Earnings Credit on Deposits 159,613 Gain on Sale 172,006 Application Fees 2,869,879 Other Revenue 2,401,505 From Prior Year Activities 26,248 From Current Year Activities 2,427,753 Loan Servicing Fees 513,361 Origination Fees Revenue 100,839,400 Production 1Q07(e) MRC Agency Activity - 2007

39. Q1 Agency Revenue Breakdown

40. Creating Shareholder Value

41. Creating Shareholder value Our goal is to maximize shareholder value. To do this, we must look beyond simply closing transactions, and work to develop MRC as a nationally recognized leader in real estate finance. We must then leverage this position to establish a stronger and broader financial foundation for MRC

42. Defining Shareholder Value Defining shareholder value Cash in the door Building a franchise value Leveraging a stronger market position for value Short term profitability versus long term profitability Tradeoffs – can we have reliable earnings while being an opportunistic lender? High volume CDO operator or a low volume, high yield lender? Asset management fees or transaction fees

43. The Path to Shareholder Value Our origination strategy must satisfy multiple demands to achieve our goal: Consistent, to smooth earnings during market swings Flexible, to take advantage of market inefficiencies Proactive, to exploit new potential channels Visible, to draw opportunities to us as a market leader Scalable, to be meaningful in the face of higher expectations

44. Our Plan for Shareholder Value In 2006 MRC aggressively and selectively moved into a soft market to capture high yielding transactions. This opportunistic origination produced a very successful year, but did not position MRC for maximum long term growth. Beginning now, MRC will complement our high yield origination with a focus on higher quality assets. This action will produce more consistent earnings and allow MRC to play a more central role in the market place

45. The Effect of Seeking Higher Quality Assets Direct implications Less chance of credit loss Wider funding sources Well known and numerous marketing channels Tighter spreads, more competition, higher activity levels Indirect implications MMA is reintroduced to the mainstream Provides required mass to fuel the MMA CDO, and funds These assets generate more MRC servicing income Higher market activity level generates more High Yield opportunities through referrals

46. Plan Execution To achieve our goal, we must examine our origination practices as they exist today and assess how they satisfy our needs. We must be willing to challenge established practices if they are no longer optimal for MRC.

47. Senior Management Bios

48. MRC Senior Management Executive Charlie Pinckney Commercial Cap Markets Richard Katzenstein Risk Mgmt Tom Cornett Capital Greg Longoria Proprietary Rhett Miller Agency Mike Rulf Commercial Investing Bill Swackhamer Operations Mark Johnson Business Development Mark Begeny

49. Senior Mgmt Bios Charles M. Pinckney Executive Vice President, Head of MRC Charles M. Pinckney is Executive Vice President of MuniMae and head of MRC. MRC houses the market rate investing activities of the company and has three distinct business groups; Agency Investing, Proprietary Capital, and Investment Management. Agency Investing is the Fannie Mae, Freddie Mac and HUD mortgage banking operations for market rate multifamily housing. Proprietary Capital is the balance sheet investing activity for the company. The Investment Management business invests in all forms of commercial real estate on behalf of institution clients. Mr. Pinckney joined the Company in 2000 when MuniMae purchased Whitehawk Capital, a business Mr. Pinckney co-founded and that was engaged in structured finance activities. Mr. Pinckney received his undergraduate degree from The Citadel and a Master’s in Business Administration from Duke University’s Fuqua School of Business. He has been a frequent speaker at housing and rating agency conferences on topics of risk based pricing. Thomas P. Cornett Senior Vice President, Head of Risk and Portfolio Management Thomas P. Cornett has been with MMA Financial, Inc. since 2005 and is a member of the senior leadership team of the MRC business group as well as the Senior Management Committee for MMA Financial. Mr. Cornett is head of the MRC Risk and Portfolio Management team and serves as the Chairman of the MRC Investment Committee. He is responsible for credit policy, investment approval process, asset management (including construction risk management), portfolio management, and workouts for all market rate multifamily and commercial property types originated in MMA’s Agency, Proprietary Capital, and Investment Management businesses that make up the MRC Group. Prior to joining MMA in 2005, Mr. Cornett was at Bank of America for 19 years, serving in a variety of capacities, including a number of assignments as Chief Credit Officer in Commercial Real Estate (construction, CMBS, and REIT and National CRE lending) as well as Commercial Banking. Mr. Cornett received a MBA from the Fuqua School of Business at Duke University and a B.A. degree in Management Science from Duke University. He is a member of the Board of Trustees of the University of Tampa and is on the Board of Directors of Metropolitan Ministries in Tampa.

50. Senior Mgmt Bios (continued) Richard Katzenstein Senior Managing Director, Debt Investment Management Richard Katzenstein is a Senior Managing Director and a member of MRC’s Executive Committee. Mr. Katzenstein oversees MRC’s debt investment management business which includes: production, capital market activities, purchase and sale of subordinate debt in secondary markets, loan participations/syndications and asset level financing. Under Mr. Katzenstein’s leadership, MRC raised $235 million for the B-Note Value Fund, LP; a platform he oversees fund management for, deal sourcing, capital raising and investment financing. Prior to joining MRC, Mr. Katzenstein was the Managing Director at MONY Realty Capital, Inc. While at MONY, Mr. Katzenstein was personally responsible for real estate transactions totaling in excess of $2 billion. Prior to joining MONY, Mr. Katzenstein was involved in loan advisory work on performing and non-performing asset portfolios with various financial institutions. Mr. Katzenstein has expertise in business development, origination, structured finance, loan acquisition, loan syndication, pricing, asset management and debt and equity dispositions. Mr. Katzenstein received his MBA from Long Island University and B.S. degree in Finance from the State University of New York at Albany. He is a member of the Real Estate Board of New York, Young Mortgage Bankers Association, Real Estate Lenders Association, Real Estate Committee of New York and ULI, New York University’s Real Estate Institute Advisory Board, and Vice chair for The Kids Foundation for Development Diseases. Gregory G. Longoria Managing Director, Capital Gregory G. Longoria is the Chief Capital Officer of MMA Realty Capital. Prior to joining MuniMae, he served as Managing Director for a private real estate investment banking/financial advisory firm, where he was involved in capital raising and merger & acquisition work within the investment management and real estate finance industries. Mr. Longoria also has extensive experience in corporate and real estate finance, having spent time with the General Electric Company and The Balcor Company. Mr. Longoria earned a BBA from the University of Iowa and an MBA from Northwestern University’s Kellogg School of Management.

51. Senior Mgmt Bios (continued) Mike Rulf Senior Vice President, Agency Lending Mr. Rulf currently heads the national market rate agency lending group for MRC. Mr. Rulf has been with MuniMae for eight years and has served the company in a variety of roles, ranging from operations, loan originations to capital markets to mergers & acquisitions. Prior to joining MRC in January of 2006, Mr. Rulf served as Vice Chair of MuniMae’s Credit Committee and managed both the corporate capital markets department, as well as the investor relations function. Mr. Rulf received a BS in Finance from George Mason University. William J. Swackhamer Managing Director, Investment Management William J. Swackhamer is a Managing Director of MRC, and is responsible for all loan origination activity, including investment origination and underwriting activity for the West Coast and Rocky Mountain Regions. Prior to joining MONY Realty Capital (MMA Realty Capital’s predecessor) in 1987, Mr. Swackhamer’s career included extensive experience in the engineering and construction fields. Mr. Swackhamer earned a Master of Business Administration degree from the University of Colorado and holds a Bachelor of Science degree in Civil and Structural Engineering from Cal Poly State University in San Luis Obispo, California. He is a member of the Urban Land Institute (ULI) and the National Association of Industrial and Office Properties (NAIOP).

52. Senior Mgmt Bios (continued) Mark Johnson Principal, Strategic Planning and Operations Mark Johnson is head of MRC’s Business Planning and Operations. In this role he is responsible for managing the day to day operations of the MRC platform as well assessing business opportunities as they relate to the future direction of MRC. Prior to joining MMA in March 2005, Mr. Johnson was employed by Trinsic Technologies, a national voice and data technology enterprise as the company’s Secretary and Treasurer. During his tenure, the company completed its successful initial public offering in 1999 and subsequently raised funds through both debt and equity transactions. Mr. Johnson has 26 years of experience in real estate lending and corporate finance, primarily in banking. At the time of his departure from banking in 1998 Mr. Johnson was in charge of real estate credit policy for Wachovia in the Washington Baltimore area, responsible for commercial real estate loan structuring and approval for the Capital Mark S. Begeny Managing Director Mark S. Begeny is responsible for investments associated with public-private partnerships, including military housing and infrastructure related real estate development. He specializes in real estate capital markets activities, which include asset securitization and mezzanine capital lending. Mr. Begeny joined the Company in 2000 when MuniMae purchased WhiteHawk Capital, a business Mr. Begeny co-founded in 1997 and that was engaged in structured finance activities. Mr. Begeny received his undergraduate degree in Civil Engineering from Virginia Tech and a MBA from The Kellogg School of Management at Northwestern University. Rhett A. Miller, III Senior Vice President, Proprietary Capital Rhett A. Miller, III, is primarily responsible for MRC’s proprietary investing activities. Prior to joining MRC, he served as Executive Vice President of a private real estate company, responsible for all debt & equity capital for the company's 4 million square foot portfolio of commercial, retail and industrial properties. Mr. Miller has extensive real estate capital markets and tax exempt bond experience having served for 13 years at Citicorp Securities, Inc. Mr. Miller earned a BS degree from Florida State University and a MBA from the University of Dallas.