AMERICA FIRST MULTIFAMILY IN

CUSIP: 02364V107 Class: BEN UNIT

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

Note: Option positions (PUT/CALL) are excluded.

Q4 2013
Shares 902,003 Value ($000) $5,674 Avg Close — Range —
Q3 2013
Shares 602,003 Value ($000) $4,110 Avg Close — Range —
Q2 2013
Shares 681,997 Value ($000) $4,610 Avg Close — Range —