Resumes of Board Members

Philip J. Kennedy Age 48, President and Trustee of AOF. Mr. Kennedy has served as President of AOF since 1991. From 1983 to 1995, Mr. Kennedy was Executive Vice President, Chief Operating officer and Director of Housing Systems, Inc. Housing Systems, Inc. is the owner and/or managing agent of over 5,000 affordable housing units financed primarily with loans subsidized under various programs with HUD. Mr. Kennedy was responsible for the overall operations at Housing Systems, Inc. including acquisitions, management and financing. Prior to 1983, Mr. Kennedy was engaged in the acquisition and development of commercial real estate in the Atlanta, Georgia area with Gary A. Beller and served as General Partner and Chief Financial Officer in various entities owned by Mr. Beller and Mr. Kennedy. From 1977 to 1978, Mr. Kennedy was employed by Arthur Anderson & Company as a tax staff accountant. Mr. Kennedy received a Bachelor of Science degree from the University of Florida and a Master of Professional Accounting degree from the University of Texas. Mr. Kennedy is a Certified Public Accountant licensed in the State of Florida.

Jack T. Hammer Age 61, Trustee of AOF. He has been a Trustee of AOF since its formation. Mr. Hammer has served in various executive capacities and as Chairman of the Board of Housing Systems, Inc. and its predecessor since 1969. Mr. Hammer also serves on the Board of Directors of Equity Corp. International, a publicly traded company listed on the NASDAQ. From 1967 to 1969, he served as a registered representative with Kidder, Peabody & Company. Prior to that Mr. Hammer worked in property and project management for the Foundation for Cooperative Housing, a nonprofit organization engaged in the sponsorship and development of low and moderate-income cooperative housing. Mr. Hammer holds a Bachelor of Science degree in industrial relations and a Masters degree in real estate and finance from American University. Mr. Hammer is a Certified Property Manager and is a licensed real estate broker in the state of Georgia.

William F. Fisher, III, Age 34, Trustee of AOF. Mr. Fisher rejoined Public Financial Management, Incorporated in 1998 with more than eight years of public finance experience. Mr. Fisher is a Senior Managing Consultant in the Atlanta office responsible for providing technical/analytical analysis and support to municipalities and state agencies throughout the Southeast. Since 1990, he has served as financial advisor or managing underwriter on municipal issues with total par amount in excess of $8 billion. Mr. Fisher's advice and analysis have included refinancing and reinvestment strategies and optimal debt structure for large, complex capital programs. Recognized for his in-depth knowledge of municipal finance, he has been asked to provide expert testimony in connection with a number of municipal bond related cases. Mr. Fisher is a graduate of Howard University with a Bachelor of Business Administration with a concentration in Finance.

Robert R. Derrick, Age 42, Trustee of AOF. Mr. Derrick is the Senior Vice President and Manager of Prudential Capital Group's Atlanta Regional Office. He is responsible for a team that originates, underwrites, executes and administers investments for the Prudential Insurance Company in the Southeast. He joined Prudential Capital Group in 1987 as Vice President and was named Senior Vice President in 1994. Mr. Derrick also serves on the Board of Directors of the Prudential Bank and Trust. Before joining Prudential Capital Group, Mr. Derrick was associated with Barclays Bank, PLC and the First National Bank of Atlanta. He has a Bachelor in Business Administration from Georgia State University. Mr. Derrick is a Chartered Financial Analyst and a member of the Association for Investment Management and Research and the Atlanta Society of Financial Analysts.

David H. Flint Age 53, Trustee of AOF. Mr. Flint is a founding partner of Schreeder, Wheeler & Flint. His previous associations were with Troutman, Sanders, Lockerman & Ashmore, Fisher & Philips and Georgia Power Company. Mr. Flint represents clients in civil litigation and general business and is an expert in Constitutional Law. He is a member of the Emory University law Council, the Board of Trustees of the Atlanta Law School Foundation and the Board of Directors of the Shepard Center, Ruby Construction Company and Dixie Industrial Finishing Company. Mr. Flint received his Bachelor of Arts Degree from West Georgia College and his Juris Doctorate from Emory University Law School.

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