MuniMae TE Bond Subsidiary, LLC, an Indirect Wholly Owned Subsidiary of MuniMae, Announces a Private Placement of $100 million o

MuniMae (NYSE:MMA), a leading publicly traded real
estate finance and investment management company, today announced that
its indirect wholly owned subsidiary, MuniMae TE Bond Subsidiary, LLC
("TEB"), has completed a $100 million private placement of rated
tax-exempt perpetual preferred shares with a weighted average
distribution rate of 5.43%.
   Moody's Investors Services, Inc. has assigned ratings to each
series of preferred shares issued by TEB. The offering included five
new series of tax-exempt securities consisting of $18 million of
Series A-3 Cumulative Perpetual Preferred Shares, $16 million of
Series A-4 Cumulative Perpetual Preferred Shares, $22 million of
Series B-3 Subordinate Cumulative Perpetual Preferred Shares, $10
million of Series C-3 Subordinate Cumulative Perpetual Preferred
Shares and $34 million of Series D Subordinate Cumulative Perpetual
Preferred Shares.
   The ratings, amounts issued, distribution rates and remarketing
dates for the new series of preferred shares are as follows:
-0-
*T

            Amount
 Rating   (millions)    Series   Distribution Rate   Remarketing Date
--------  -----------  --------  -----------------  ------------------
   A3       $18.0        A-3          4.950%        September 30, 2012
   A3       $16.0        A-4          5.125%        September 30, 2015
  Baa1      $22.0        B-3          5.300%        September 30, 2015
  Baa2      $10.0        C-3          5.500%        September 30, 2015
  Baa3      $34.0         D           5.900%        September 30, 2020
*T
   TEB intends to use the net proceeds from this offering to acquire
investments that produce tax-exempt interest income and for general
corporate purposes, which may include the repayment of indebtedness of
TEB to an affiliated entity.
   The securities referenced in this press release have not been and
will not be registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

   About MuniMae

   MuniMae provides debt and equity financing to owners of real
estate investments and offers investment advisory services to
institutional investors. Assets under management as of today are
approximately $16 billion secured by 2,940 properties, containing over
323,000 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.

   Cautionary Note Regarding Forward-Looking Statements

   This press release contains some forward looking statements
intended to qualify for the safe harbor contained in Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
Forward-looking statements give our current expectations or forecasts
of future events. You can identify these statements by the fact that
they do not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe" and other words and
terms of similar meaning in connection with any discussion of future
operating or financial performance.
   Any or all of our forward-looking statements in this press release
may turn out to be wrong. They can be affected by inaccurate
assumptions we might make or by known or unknown risks and
uncertainties. Consequently, no forward-looking statement can be
guaranteed. Actual future results may vary materially. Factors that
may cause our plans, expectations, future financial condition and
results to change include, but are not limited to: (a) changes in or
failure to comply with applicable tax laws; (b) the availability of
capital to fund operations; (c) the performance of multifamily housing
developments and other investments; (d) the ability to acquire new
investments; (e) changes in accounting principles generally accepted
in the United States; (f) changes in demographic, general economic and
business conditions, both nationally and in the regions in which we
operate; and (g) other risk factors described by the Company in its
current and periodic filings with the Securities and Exchange
Commission pursuant to the Exchange Act. 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