MMA Muni Mtg & Equ Llc

Municipal Mortgage & Equity, LLC (NYSE:MMA) announced today that its Board of Directors declared a distribution of $0.5075 per common share payable on November 14, 2006, to shareholders of record as of November 1, 2006. This represents an increase of 4% over the distribution for the comparable period last year. On an annualized basis, the distribution equates to $2.03 per common share and represents a 7.2% yield based on the October 25, 2006 closing price of $28.33 per share. The stated yield does not take into account any higher net return investors may realize as compared with other investments because a portion of the allocated income may qualify for exemption from Federal income taxes. The Company also announced that its management recommended, and the Audit Committee of its Board of Directors approved, the engagement of KPMG LLP (�KPMG�) and the dismissal of PricewaterhouseCoopers LLP (�PwC�) as the Company�s independent registered public accounting firm. There were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or audit scope or procedure, which disagreements if not resolved to the satisfaction of PwC would have caused them to make reference thereto in PwC�s reports on the Company�s consolidated financial statements. The Audit Committee of the Company�s Board of Directors has also engaged KPMG to audit the consolidated financial statements of the Company as of and for the years ended December 31, 2005 and 2004. The Company currently expects to become timely with its financial reports required by the Securities and Exchange Commission with the filing of its annual report on Form 10-K for fiscal year 2006. Also today, the Company announced information regarding 2006 income that it expects to allocate to shareholders. �MuniMae�s performance in 2006 has been strong, particularly in the origination of taxable lending products. We are encouraged with our progress year to date and expect that we will meet our performance objectives for the year,� stated Michael L. Falcone, Chief Executive Officer. For the year ended December 31, 2006, the Company currently expects that approximately 50% of the income allocated to shareholders will qualify for exemption from Federal income taxes (1). This percentage does not give effect to gains or losses that may be allocated to shareholders. The Company intends to return to historical levels of exempt income allocations in 2007 and beyond. Mr. Falcone continued, �We are pleased to announce the appointment of KPMG as the Company�s independent registered public accounting firm. Everyone at MuniMae is committed to establishing financial reporting processes of the absolute highest quality and that commitment is firmly supported by our Board of Directors. We are pleased with our progress in this area, and today�s announcement supports that progress. We are committed to returning to filing our financial reports in a timely fashion as soon as possible.� (1) The actual tax benefit to any given shareholder depends on his or her tax bracket, alternative minimum tax position and ability to use all deductions passed through to the shareholder. 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 $17 billion including investments in over 3,000 multifamily properties, containing more than 320,000 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 features of a partnership. As a result, the tax-exempt income derived from certain investments remains tax-exempt when passed through to shareholders. MuniMae also conducts activities through wholly owned taxable corporate subsidiaries. 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, our estimated allocations of income that is exempt from Federal income taxes 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. MUNIMAE: INTEGRITY. INNOVATION. SERVICE. www.MuniMae.com Municipal Mortgage & Equity, LLC (NYSE:MMA) announced today that its Board of Directors declared a distribution of $0.5075 per common share payable on November 14, 2006, to shareholders of record as of November 1, 2006. This represents an increase of 4% over the distribution for the comparable period last year. On an annualized basis, the distribution equates to $2.03 per common share and represents a 7.2% yield based on the October 25, 2006 closing price of $28.33 per share. The stated yield does not take into account any higher net return investors may realize as compared with other investments because a portion of the allocated income may qualify for exemption from Federal income taxes. The Company also announced that its management recommended, and the Audit Committee of its Board of Directors approved, the engagement of KPMG LLP ("KPMG") and the dismissal of PricewaterhouseCoopers LLP ("PwC") as the Company's independent registered public accounting firm. There were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or audit scope or procedure, which disagreements if not resolved to the satisfaction of PwC would have caused them to make reference thereto in PwC's reports on the Company's consolidated financial statements. The Audit Committee of the Company's Board of Directors has also engaged KPMG to audit the consolidated financial statements of the Company as of and for the years ended December 31, 2005 and 2004. The Company currently expects to become timely with its financial reports required by the Securities and Exchange Commission with the filing of its annual report on Form 10-K for fiscal year 2006. Also today, the Company announced information regarding 2006 income that it expects to allocate to shareholders. "MuniMae's performance in 2006 has been strong, particularly in the origination of taxable lending products. We are encouraged with our progress year to date and expect that we will meet our performance objectives for the year," stated Michael L. Falcone, Chief Executive Officer. For the year ended December 31, 2006, the Company currently expects that approximately 50% of the income allocated to shareholders will qualify for exemption from Federal income taxes (1). This percentage does not give effect to gains or losses that may be allocated to shareholders. The Company intends to return to historical levels of exempt income allocations in 2007 and beyond. Mr. Falcone continued, "We are pleased to announce the appointment of KPMG as the Company's independent registered public accounting firm. Everyone at MuniMae is committed to establishing financial reporting processes of the absolute highest quality and that commitment is firmly supported by our Board of Directors. We are pleased with our progress in this area, and today's announcement supports that progress. We are committed to returning to filing our financial reports in a timely fashion as soon as possible." (1) The actual tax benefit to any given shareholder depends on his or her tax bracket, alternative minimum tax position and ability to use all deductions passed through to the shareholder. 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 $17 billion including investments in over 3,000 multifamily properties, containing more than 320,000 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 features of a partnership. As a result, the tax-exempt income derived from certain investments remains tax-exempt when passed through to shareholders. MuniMae also conducts activities through wholly owned taxable corporate subsidiaries. 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, our estimated allocations of income that is exempt from Federal income taxes 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. MUNIMAE: INTEGRITY. INNOVATION. SERVICE. www.MuniMae.com