MuniMae Announces Sale of Renewable Ventures Business

MuniMae has agreed to sell the assets of MMA Renewable Ventures, LLC, other than its interests in its Solar Funds I and II, to Fotowatio Renewable Ventures, Inc., a subsidiary of Fotowatio S.L for an aggregate purchase price of $19.7 million. Upon signing of the purchase agreement, Fotowatio made an advance payment to MuniMae of $1.5 million, which will be applied to the final purchase price. The sale is structured to occur in two separate closings. The first closing will cover core assets, inclusive of employees, the pipeline of potential future transactions and MMA's interests in its Solar Fund III, with a minimum additional payment of $13.6 million. The second closing will cover the remaining assets that are included in the sale and the balance of payment, which will be subject to possible purchase price adjustments, including a purchase price reduction if MuniMae exercises a right to retain certain assets.

Historically, MMA Renewable Ventures was a provider of renewable energy solutions to businesses, utilities and governmental entities. The company developed, financed, owned and operated solar, wind, biomass and energy efficiency projects that provided clean power to customers without capital investment or maintenance costs.

Total MMA Renewable Ventures transaction production in 2008 was $115 million, down from $234 million in 2007.

Michael L. Falcone, Chief Executive Officer stated, "We believe that if supported by ample capital, the clean energy segment has strong long term growth potential. Because of the difficulty raising capital in the current market environment our renewable energy production has been decreasing. The capital needs of the business, coupled with our need to address corporate liquidity concerns make this a prudent time to sell the business."

About MuniMae

MuniMae and its subsidiaries arrange debt and equity financing for developers and owners of real estate and clean energy projects. Assets under management as of September 30, 2008 exceeded $20.4 billion including investments in over 3,000 multifamily apartment properties, containing about 328,000 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 tax features of a partnership. MuniMae also conducts activities through wholly owned taxable corporate subsidiaries.

This Release contains forward looking statements intended to qualify for the safe harbor contained in Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seek," "would," "could," and similar words or are made in connection with discussions of future operating or financial performance.

Forward-looking statements reflect our management's expectations at the date of this Release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this Release. They include changes in market conditions that affect the willingness of potential investors or lenders to acquire equity of, or lend to, funds we form, changes in market conditions that affect the value or marketability of assets we own, changes in market conditions or other factors that affect our access to cash we need to meet our commitments to other persons, changes in interest rates or other conditions that affect the value of mortgage loans we, or funds we manage, have made, changes in interest rates, tax laws, environmental laws or other conditions that affect the value of the real estate underlying mortgage loans we, or funds we manage, own, changes in tax laws or other things beyond our control that affect the tax benefits available to investors in equity funds we form or would like to form, or changes in technology that affect the value of renewable energy projects in which we and funds we formed have equity investments. Readers are cautioned not to place undue reliance on forward-looking statements. We have not undertaken to update any forward-looking statements in this release.

MUNIMAE: INTEGRITY. INNOVATION. SERVICE.

www.MuniMae.com

SOURCE: Municipal Mortgage & Equity, LLC

MuniMae 
Jessica Sanzone, 888-788-3863 
Investor Relations Coordinator