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| A.  Amendments. |
|---------------------------|

| 1.   | Article 1.  The definition of “Preferred Return” in Article 1 of the Operating Agreement is hereby deleted in its entirety and replaced with the following: |
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| 2.   | Section 4.2(d).  Section 4.2(d) of the Operating Agreement is hereby deleted in its entirety. |
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| 3.   | Section 5.1.  The last two sentences of Section 5.1 of the Operating Agreement are hereby deleted in their entirety. |
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| B.  Miscellaneous |
|-----------------------------|

| 1.   | No Further Amendments.  Except as otherwise amended herein, the Operating Agreement remains unchanged and in full force and effect.  This Amendment is effective against all parties hereto and to those Investor Members not otherwise excluded from its effectiveness pursuant to Section 14.1(c) of the Operating Agreement. |
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| 2.   | Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware (without regard to conflict of laws principles), all rights and remedies being governed by such laws. |
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| 3.   | Severability.  Each provision of this Amendment is intended to be severable. If any term or provision of this Amendment is illegal or invalid for any reason, such illegality or invalidity will not affect the legality or invalidity of the remainder of this Amendment. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Counterparts; Facsimile; PDF.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument.  Any facsimile or portable document format copies hereof or signature hereon shall, for all purposes, be deemed originals. |
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| 5.   | Name Change.  The parties hereto confirm the change in the name of the Company to “Centerline Capital Company, LLC.” |
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| Managing Member:                                          |
|-----------------------------------------------------------|
|                                                      |
| CENTERLINE CAPITAL GROUP INC.                             |
|                                                      |
|                                                      |
| By:                                                       | /s/ Marc D. Schnitzer |
| Name:                                                     | Marc D. Schnitzer |
| Title:                                                    | Chief Executive Officer & President |
|                                                      |
| Investor Members:                                         |
|                                                      |
| RELATED GENERAL II L.P.                                   |
|                                                      |
| By: RCMP, Inc., its general partner                       |
|                                                      |
|                                                      |
| By:                                                       | /s/ Jeff Blau |
|                                                      | Name:  Jeff Blau |
|                                                      | Title:  President |
|                                                      |
| MARC ASSOCIATES, L.P.                                     |
|                                                      |
| By:  Marc Associates, Inc., its general partner |   |
|                                                      |
|                                                      |
| By:                                                       | /s/ Marc D. Schnitzer |
|                                                      | Name:  Marc D. Schnitzer |
|                                                      | Title:  President |
|                                                      |
| /s/ Jeff T. Blau                                          |
| Jeff T. Blau                                              |
|                                                      |
| /s/ Andrew J. Weil                                        |
| Andrew J. Weil                                            |
|                                                      |
| /s/ Justin E. Ginsberg                                    |
| Justin E. Ginsberg                                        |