MuniMae Chairman Adopts Rule 10b5-1 Trading Plan

    Business Editors

    BALTIMORE--(BUSINESS WIRE)--April 7, 2005--MuniMae (the "Company") (NYSE:MMA) today announced that Mark K. Joseph, Chairman of the Board, has adopted a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934.
    Rule 10b5-1 allows officers and directors to adopt written, pre-arranged stock trading plans at a time when they are not in possession of material nonpublic information. Using these plans, insiders can gradually diversify their investment portfolios and reduce market impact by spreading stock trades out over an extended period of time, while avoiding concern about whether they were in possession of material nonpublic information when the stock was sold.
    Mr. Joseph's trading plan, which was effective as of March 21, 2005, provides for the sale of up to 179,815 shares of MuniMae stock that will be issued as a result of options previously awarded. The plan will allow up to 45,000 shares of stock to be sold per quarter from the plan effective date through February 24, 2007, and sales will be subject to certain price restrictions and other contingencies. In connection with the plan, Mr. Joseph commented, "I am adopting this plan as part of my overall estate planning and to ensure that I will be able to realize the value of options prior to their expiration. I remain confident in MuniMae's prospects and continue to hold a substantial stake in the Company."
    As of February 2005, Mr. Joseph beneficially owned 1,236,439 MuniMae common shares, including 179,815 vested options to acquire common shares.

    About the Company

    MuniMae and its subsidiaries provide debt and equity financing to developers of multifamily housing and other real estate investments. As of December 31, 2004, assets under management totaled $9.7 billion secured by 2,223 properties containing 244,658 units in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
    MuniMae is organized as a limited liability company, which allows it to combine the limited liability, governance and management characteristics of a corporation with the pass-through income features of a partnership. As a result, the tax-exempt income derived from certain investments remains tax-exempt when passed through to shareholders. Distributions to shareholders are normally declared quarterly and paid in February, May, August and November.

    This press release contains statements that are forward looking in nature and reflect management's current views with respect to future events and financial performance. These statements are subject to many uncertainties and risks and should not be considered guarantees of future performance. This press release does not constitute an offer to sell any securities of Municipal Mortgage & Equity, LLC or any other entity.

MUNIMAE: INTEGRITY. INNOVATION. SERVICE.

www.MuniMae.com

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CONTACT: Municipal Mortgage & Equity, LLC Investor Relations: Angela Richardson, 888-788-3863

KEYWORD: MARYLAND DISTRICT OF COLUMBIA INDUSTRY KEYWORD: INSURANCE BANKING SOURCE: Municipal Mortgage & Equity, LLC

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