MuniMae to Restate Consolidated Financial Results

Municipal Mortgage & Equity, LLC (NYSE:MMA), announced
today that it will restate its previously filed consolidated financial
statements for the three month period ended March 31, 2006 as well as
for the years ended December 31, 2005, 2004, and 2003. The restatement
will not impact cash available for distribution, a supplemental
non-GAAP performance measure reported by the Company in addition to
net earnings, in any period, or the Company's ability to pay future
distributions to common shareholders.
   In connection with previously announced efforts to improve its
financial reporting processes, the Company identified the need to
record adjustments for errors related primarily to three main areas:
accounting for syndication fees, accounting for equity commitments
related to affordable housing projects and the classification of cash
received from investors in guaranteed tax credit equity funds. These
items are more fully discussed in a Form 8-K that was filed by the
Company today.
   As a result of the efforts described above, the Company does not
expect to file its Form 10-Q for the quarterly period ended September
30, 2006 within the required timeframe. As previously announced, the
Company intends to host a conference call to discuss its financial
results for the first half of 2006 and its outlook for the future
subsequent to the filing of its report for the quarterly period ended
June 30, 2006. The Company is working toward filing its Form 10-Q for
the quarterly period ended June 30, 2006 as soon as possible. Also
today, the Company reaffirmed its performance objectives for 2006 in
light of the fact that it has not hosted a conference call to discuss
financial results since April 12, 2006.

   About MuniMae

   MuniMae and its subsidiaries arrange debt and equity financing for
developers and owners of real estate and clean energy projects. The
Company also provides investment management and advisory services for
institutional investors. Assets under management exceed $16 billion
including investments in over 3,000 multifamily properties, containing
330,000 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.

   Statements in this press release that are not historical fact may
be deemed forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Examples of such
statements in this press release include our anticipated filing dates
and our anticipated performance objectives. Although the Company
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 the audit of our financial statements,
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 the
Company or any other entity.
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               MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
                            www.MuniMae.com
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