KEMA Advisors, Inc.

LAURI M. MICHEL

Lauri Michel serves as Vice President of KEMA Advisors and manages consulting services to non-profits and community development organizations. Ms. Michel has significant experience as a public official, real estate lender and investment banker. She formerly served as Vice President for the National Trust for Historic Preservation’s Community Revitalization Department and as President of NT CDFI, Inc., its nonprofit community development financial institution. Ms. Michel has over fifteen years of experience in commercial real estate finance, holding positions at Chemical Bank, Canadian Imperial Bank of Commerce, and CIBC Oppenheimer. In these positions she was responsible for loan underwriting and syndication of real estate loans. She has also served as Deputy Commissioner for Development at New York City’s Department of Housing Preservation & Development where she was responsible for the City of New York’s affordable housing development and finance programs. Ms. Michel holds a B.A. from the University of Pennsylvania and a Masters in Architecture from the University of California, Berkeley. She serves on the board of directors of the National Trust Community Investment Corporation and the Historic Hillsborough (NC) Commission to which she was appointed by North Carolina’s governor Jim Hunt.

KIRK W. MICHEL

Mr. Michel is President, and founder of KEMA Advisors, Inc. Mr. Michel has significant experience as an Investment Banker and Commercial Banker to small to medium sized companies, Fortune 100 Corporations, as well as state and federal governments and governmental agencies. Mr. Michel has advised, managed and/or structured bank and public debt transactions totaling in excess of $6 billion. Additionally, Mr. Michel has raised and managed a debt and equity real estate investment fund, which invested in over $100 million of real estate product, composed primarily of multi-family and affordable housing units. Mr. Michel's banking experience includes positions with (i) Manufacturers Hanover Securities Corporation, where he completed a variety of transactions in corporate finance, municipal finance, and structured asset sale programs for commercial banks and (ii) Bankers Trust Company where he provided financial consulting services for Fortune 100 companies in the areas of currency exposure, balance sheet management and funding strategies in addition to traditional commercial lending and credit analysis. Mr. Michel holds an MBA in Finance from Columbia Graduate School of Business and a BA in Economics from Northwestern University. Mr. Michel is a member of several corporate boards, including PBSV which is a publicly traded pharmaceutical validation company.