MuniMae Declares 2005 First Quarter Distribution and Announces Confere

    Business Editors

    BALTIMORE--(BUSINESS WIRE)--April 21, 2005--MuniMae (the "Company") (NYSE:MMA), announced today that its Board of Directors has declared a distribution of $0.4775 per share for the first quarter of 2005, payable on May 13, 2005, to shareholders of record as of May 2, 2005.
    MuniMae's first quarter distribution equates to $1.91 per share on an annualized basis, representing a 8% annualized yield based on the $23.78 per share closing price on April 20, 2005.

    Management Announces Earnings Release and Conference Call

    The Company expects to release 2005 first quarter earnings on May 2, 2005. Management will host a conference call on May 3, 2005 at 9:00 am ET to review the Company's first quarter results. All interested parties are welcome to attend the live webcast, which can be accessed through the "Shareholder" section of our web site at www.MuniMae.com. You may also join the conference call by dialing 877-464-5945 (no Passcode required).
    An archived replay of the event will be available through Monday, May 16, 2005, at 800-642-1687 (Passcode: 5416090). The call will also be archived on our Company website through Monday, May 16, 2005.

    About MuniMae

    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.

    Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of this Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Municipal Mortgage & Equity, LLC believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include completion of pending investments, continued ability to originate new investments, the mix of business between tax-exempt and taxable activities, the availability and cost of capital for future investments, competition within the finance and real estate industries, economic conditions, loss experience and other risks detailed from time to time in the Company's SEC reports. 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: MuniMae Investor Relations: Angela Richardson, 888-788-3863

KEYWORD: MARYLAND DISTRICT OF COLUMBIA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION INSURANCE BANKING EARNINGS CONFERENCE CALLS SOURCE: MuniMae

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