Charles C. Baum

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).

Richard O. Berndt

Mr. Berndt has been a director of the Company since 1996. He is the Managing Partner of Gallagher Evelius & Jones LLP, a law firm engaged in the general practice of law. Mr. Berndt has been a partner in that firm since 1972. In addition, Mr. Berndt has been a director of Mercantile-Safe Deposit and Trust Company since 1976 and a director of Mercantile Bankshares Corporation (Mercantile) since 1978. He is the Chair of Mercantile's employee benefit committee and is a member of Mercantile's executive committee. Mr. Berndt also serves on the boards of directors of Baltimore Equitable Insurance, Inc., a mutual insurance company, Enterprise Community Investment, Inc., Mercy Health Services, Inc. and Johns Hopkins Medicine.

Eddie C. Brown

Mr. Brown has been a director of the Company since 2003. Mr. Brown is founder, President and a member of the board of directors of Brown Capital Management, Inc., an investment management firm, which manages money for institutions and wealthy individuals. Mr. Brown has served in this capacity since July 1983. Mr. Brown also serves on the boards of directors of Mercantile, the Greater Baltimore Committee and the East Baltimore Development Corporation, and is co-chairman of Reason to Believe.

Michael L. Falcone
Chief Executive Officer and President

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, he served as Chief Operating Officer since 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.

Robert S. Hillman

Mr. Hillman has been a director of the Company since 1996, and a director and President of H&V Publishing, Inc., a publishing company, since 1998. Prior to his position at H&V Publishing, Inc., Mr. Hillman was a member of the law firm of Whiteford, Taylor and Preston, LLP, then a 135-attorney firm, from 1987 to 2000. Formerly the Executive Partner of the firm, Mr. Hillman has extensive experience in municipal finance, real estate, labor, and employment law. He is also Chairman Emeritus of the Babe Ruth Museum and trustee of the Enoch Pratt Free Library.

Mark K. Joseph
Chairman of the Board

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).

Barbara B. Lucas

Ms. Lucas was appointed as a director effective August 1, 2005. Ms. Lucas is Senior Vice President - Public Affairs and Corporate Secretary of The Black & Decker Corporation, a manufacturer and marketer of power tools and accessories, hardware and home improvement products, and technology-based fastening systems, and serves on Black & Decker’s Management Committee. Ms. Lucas was elected Senior Vice President of Black & Decker in December 1996 after having served as Vice President - Public Affairs since beginning her career with Black & Decker in July 1985. She has been Corporate Secretary and head of Public Affairs since joining the company. Ms. Lucas is a director of Provident, where she chairs the compensation committee. Ms. Lucas is a member of the American Society of Corporate Secretaries, where she formerly served as president of the Mid-Atlantic Regional Chapter and as a national director.

Douglas A. McGregor

Mr. McGregor has been a director of the Company since 1999. In 2002, Mr. McGregor retired as Vice Chairman and Chief Operating Officer of The Rouse Company, formerly a real estate development and management company, a position he held since 1998. Mr. McGregor had been with The Rouse Company since 1972. Mr. McGregor has extensive experience in real estate development and management. Mr. McGregor is a trustee of the Garrison Forest School.

Arthur S. Mehlman

Mr. Mehlman has been a member of the Board of Directors since 2004. Prior to his retirement in 2002, Mr. Mehlman served as a Partner at KPMG, LLP, an independent registered public accounting firm, since 1972, and was in charge of KPMG’s audit practice for the Baltimore/Washington region. While at KPMG, Mr. Mehlman worked on a broad range of public company audit and compliance issues, and participated as client service or audit engagement partner on more than 60 offerings of debt and equity securities in the United States and Europe. Mr. Mehlman also serves on the boards of Legg Mason Family of Funds and The Royce Funds.

Fred N. Pratt, Jr.

Mr. Pratt has been a director of the Company since July 2003. Mr. Pratt co-founded Boston Financial Group, formerly a leading real estate investment manager, operator, and service provider that managed $5.8 billion in real estate investments when acquired by Lend Lease Corporation Limited, a leading international retail and residential property group, in 1999. Mr. Pratt served Lend Lease in several capacities including as Chief Executive Officer of Lend Lease Real Estate Investments (U.S.) from April 2001 through February 2003. Mr. Pratt also is a member of the board of Benchmark Assisted Living, a senior housing provider, and is a member of the advisory board of the Massachusetts Institute of Technology's Center for Real Estate and Project Hope, a non-profit service agency dedicated to ending family homelessness.