On February 6, 2012, the Board of Directors of Municipal Mortgage & Equity, LLC appointed Francis X. Gallagher as a new director of the company effective immediately. Mr. Gallagher will receive compensation and perquisites in accordance with policies and procedures previously approved by the Board of Directors for non-employee directors of the company. Mr. Gallagher is a Managing Partner at Charlesmead Advisors LLC, where he leads investment banking efforts to focused subsectors within the telecommunications industry, including wireline and wireless services and internet infrastructure. From 2005 to 2011, Mr. Gallagher was a Managing Director at Stifel Nicolaus Weisel, Incorporated, where he managed and led the Telecommunications Industry Banking Group.