America First Apartment Investors Inc.

America First Apartment Investors Inc. is listed on NASDAQ (APRO). America First Apartment Investors, Inc. was formed on March 29, 2002 under the Maryland General Corporation Law and is taxed as a real estate investment trust (REIT) for Federal income tax purposes. The Company is the successor to America First Apartment Investors, L.P. (the Partnership) which merged with the Company as of January 1, 2003. As a result of this merger, the Company assumed the assets, liabilities and business operations of the Partnership. The Company had no material assets or operations prior to its merger with the Partnership. Accordingly, any operations or financial results of the Company described herein for periods prior to January 1, 2003 are those of the Partnership. On June 3, 2004, the Company merged with America First Real Estate Investment Partners, L.P. (AFREZ). As a result of the merger, AFREZ was merged with and into the Company.

America First Mortgage Investments Inc.

America First Mortgage Investments Inc. is listed on NYSE (MFA). The Company is primarily engaged in the business of investing, on a leveraged basis, in mortgage-backed securities (MBS), which include hybrid and adjustable-rate MBS (collectively, ARM-MBS). The Company's MBS portfolio consists primarily of ARM-MBS issued or guaranteed by an agency of the U.S. government, such as the Government National Mortgage Association (Ginnie Mae), or a federally chartered corporation, such as the Federal Home Loan Mortgage Corporation (Freddie Mac) or Fannie Mae (collectively, the Agency MBS), and, to a lesser extent, high quality ARM-MBS rated in one of the two highest rating categories by at least one nationally recognized rating agency, such as Moody's Investors Services, Inc., Standard & Poor's Corporation or Fitch, Inc. (collectively, Rating Agencies).

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