MMA Capital Management Shareholder Presentation December 31, 2017 - PowerPoint PPT Presentation

MMA Capital Management Shareholder Presentation December 31, 2017 Nasdaq: MMAC www.MMACapitalManagement.com 3600 O’Donnell Street, Suite 600, Baltimore, MD 21224 (443) 263-2900

Disclaimer • This presentation contains forward-looking statements intended to qualify for the safe harbor contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “may,” “will,” “should,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “seek,” “would,” “could,” and similar words or expressions and are made in connection with discussions of future operating or financial performance. • Forward-looking statements reflect our management’s expectations at the date of this presentation regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated by the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this presentation. They include the factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2018. • Readers are cautioned not to place undue reliance on forward-looking statements in this presentation. We do not undertake to update any forward-looking statements included in this presentation. The statements in this presentation are for the convenience of our shareholders, capital partners and other stakeholders and are qualified in their entirety by reports that we file with the SEC. 2 MMA Capital Management, LLC

Table of Contents • Executive Summary • MMAC at Year-end 2017 • Hunt Transaction • MMAC Post-Transaction 3 MMA Capital Management, LLC

Executive Summary • At year-end 2017, MMA Capital Management, LLC (“MMAC”) had four business lines: • Leveraged Bonds; • Energy Capital; • Low Income Housing Tax Credits (“LIHTC”); and • International Housing Solutions (“IHS”). • MMAC had a strong 2017, finishing the year with diluted book value per common share of $24.48, an 18% increase over year-end 2016. • On January 8, 2018, MMAC entered into a series of agreements with Hunt Companies, Inc. (“Hunt”) and Morrison Grove Management, LLC (“MGM”), which involved: • MMAC selling the assets and liabilities of its LIHTC and IHS business lines and various non-core assets for $57 million (payable through a seven-year fully amortizing note); • Entering into a definitive agreement to purchase MGM, with Hunt having the option to take assignment to purchase MGM directly; and • Externalizing the management of MMAC to Hunt Investment Management, LLC (“HIM”). • Once all the transactions close and if Hunt purchases MGM directly, then MMAC would recognize a total increase in GAAP common shareholders’ equity of $55 million (through the combination of asset sales and adoption of new revenue recognition guidance). • We believe the Hunt transaction strategically repositions MMAC by achieving significant value realization for the assets sold, simplifying our balance sheet, reducing overhead and preserving our net operating losses (“NOLs”). • After the Hunt transaction, MMAC retains three portfolios (future segment reporting to be determined as part of our 1Q18 10-Q filing): • Leveraged Bonds; • Energy Capital Investments; and • Other Assets and Liabilities. 4 MMA Capital Management, LLC

MMAC at Year-end 2017 At year-end 2017, and prior to the Hunt Transaction: • MMAC partnered with institutional capital to create and manage investments in affordable housing and renewable energy; • MMAC invested for our own account and co-invested with our institutional capital partners; • MMAC was organized around four business lines: • Leveraged Bonds – we owned a leveraged tax-exempt bond portfolio; • Energy Capital – we invested in ventures focused on development, construction and term lending for commercial solar projects; • LIHTC – we owned a wide range of direct and indirect interests in affordable housing investments as well as certain guarantees associated with these investments; and • IHS – we invested in and managed funds focused on affordable housing in South Africa and Sub-Saharan Africa. • MMAC derived revenue from returns on our investments as well as asset management, performance and other fees from our investments and the funds and ventures we managed. • MMAC had valuable NOL carry forwards and attractive long-term subordinated debt. 5 MMA Capital Management, LLC

MMAC at Year-end 2017: Performance • Since year-end 2012, MMAC has been able to significantly grow its two key performance metrics: (1) GAAP diluted common shareholders’ equity per share; and (2) share price. GAAP Diluted Equity/Share and Share Price $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 Diluted Common Shareholders' Equity Per Share Share Price 6 MMA Capital Management, LLC

MMAC at Year-end 2017: Balance Sheet • From 2012 through 2017, MMAC focused on growing shareholder equity by executing transactions to grow its business lines, deleveraging its balance sheet and returning cash to shareholders through share buybacks. MMAC Balance Sheet Evolution $2,000,000 $1,800,000 $1,600,000 Balance Sheet Data (in thousands) $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Assets Liab's & Assets Liab's & Assets Liab's & Assets Liab's & Assets Liab's & Assets Liab's & Equity Equity Equity Equity Equity Equity 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 Assets Common Equity Preferred Equity in a Subsidiary Noncontrolling Interests Liabilities 7 MMA Capital Management, LLC

MMAC at Year-end 2017: Share Buyback • MMAC initiated a share buyback program in 2013 to enhance shareholder value. • Since then, MMAC shares outstanding have decreased by 32%.  Shares outstanding decreased from 8.1 million at December 31, 2012 to 5.5 million at December 31, 2017. • Over the same period, the MMAC share price has increased by 1,115%.  MMAC’s share price increased from $2.00 at December 31, 2012 to $24.30 at December 31, 2017. • As a result, our market capitalization has grown by over 725% since the end of 2012. MMAC Market Capitalization $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $- 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 8 MMA Capital Management, LLC

Hunt Transaction • MMAC, affiliates of Hunt, and MGM entered into a series of agreements on January 8, 2018. • This transaction, once fully closed later this year, is designed to enhance MMAC shareholder value and position it for future growth. • The transaction has three interrelated parts: 1. Business and Asset Sales . We have sold to Hunt the assets and liabilities related to our LIHTC and IHS business lines, our energy capital origination platform, and various non-core investments for $57 million plus a contingent purchase price based on the performance of the LIHTC business. Furthermore, we have entered into a definitive agreement to purchase MGM, with Hunt having the option to take assignment to purchase MGM directly.  If Hunt purchases MGM, MMAC would recognize a total increase in GAAP common shareholders’ equity of $55 million (through the combination of asset sales and adoption of new revenue recognition guidance).  The contingent purchase price opportunity allows MMAC to participate in the gross cash flows of the combined LIHTC business (MMAC’s plus MGM’s).  Hunt will pay for the net assets via a seven-year fully amortizing note with an interest rate of 5%, with the first two years being interest only. 2. Equity Investment and Board Membership . To ensure the alignment of interests between Hunt and MMAC, Hunt will purchase MMAC shares and will have a MMAC board seat.  Hunt will purchase 250,000 common shares of MMAC in two equal tranches at an average price of $33.50/share.  The first tranche was purchased during 1Q18 and the second tranche will be purchased before the end of 3Q18.  James C. (“Chris”) Hunt will have observer status on our Board effective immediately and a board seat upon completion of the share acquisition. 3. Management Agreement . Hunt will become the external manager of MMAC.  MMAC has transferred all of its employees and operations to Hunt Investment Management, LLC.  Our senior management team averages over 22 years experience in either the real estate or renewable energy business and 16 years working with MMAC.  HIM will receive a quarterly fee, plus usual and customary reimbursements and incentives. 9 MMA Capital Management, LLC