Roundtable on Fair Value Accounting Standards

Leonard W. Cotton
Vice Chairman, Centerline Capital Group

Leonard W. Cotton is the Vice Chairman of Centerline Capital Group ("Centerline"). Mr. Cotton also is a member of the Board of Trustees of Centerline Holding Company (NYSE:CHC), Centerline's parent company. Mr. Cotton previously served as the Chief Executive Officer of ARCap, which was acquired by Centerline in 2006, and was Chairman and Chief Executive Officer of ARCap's predecessor REMICap. During his tenure at ARCap, Mr. Cotton was instrumental in establishing ARCap as a nationally recognized commercial mortgage backed securities ("CMBS") due diligence and acquisition firm. Mr. Cotton is a principal in Harbour Realty Advisors ("Harbour"), which is engaged in real estate related special situation investment and commercial property management. Prior to joining Harbour in 1992, Mr. Cotton was engaged in a number of real estate related entrepreneurial endeavors, including acting as consultant on real estate workout strategies and the development of high-end residential property. Mr. Cotton has extensive experience in commercial real estate development. He started his career in 1972 with Citibank, working in commercial real estate lending and workout, including a term managing a $250 million real estate investment business in Sydney, Australia. Mr. Cotton received a Master of Business Administration from Columbia University and a Bachelor of Arts from Bowdoin College. He is the past President of the CMSA Board of Governors and a member of the Real Estate Roundtable and the Mortgage Bankers Association. Mr. Cotton also serves on the Board of Trustees of Bowdoin College.

http://www.sec.gov/spotlight/fairvalue/bios/cottonlw.htm