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4775 per share for the first quarter of
2005, payable on May 13, 2005 , to shareholders of record as of May 2,
2005. All
interested parties are welcome to attend the live webcast, which can
be accessed through the "Shareholder" section of our web site at
www.7 billion
secured by 2,223 properties containing 244,658 units in 49 states, the
District of Columbia , Puerto Rico and the U.
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.

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MuniMae.

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An archived replay of the event will be available through Monday,
May 16, 2005, at 800-642-1687 (Passcode: 5416090).
As of December 31, 2004, assets under management totaled $9.com

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Business Editors

BALTIMORE-- --MuniMae (the
"Company") (NYSE:MMA), announced today that its Board of Directors has
declared a distribution of $0.
MuniMae's first quarter distribution equates to $1. You may also join the conference call by dialing
877-464-5945 (no Passcode required).
www.

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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.

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About MuniMae

MuniMae and its subsidiaries provide debt and equity financing to
developers of multifamily housing and other real estate investments. PRICE, Utah, Terra Systems, Inc. ET)

Terra Systems C."

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SERVICE.

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91 per share on
an annualized basis, representing a 8% annualized yield based on the
$23. Management will host a conference call on May 3, 2005 at
9:00 am ET to review the Company's first quarter results. 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.
(Pink Sheets: TSYI) is pleased to announce that it has signed agreements with
Headwaters Inc.

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Management Announces Earnings Release and Conference Call

The Company expects to release 2005 first quarter earnings on May
2, 2005 . Distributions to shareholders are normally declared
quarterly and paid in February, May, August and November.
It also reduces pollutants such as sulfur and mercury while improving the
combustion characteristics in utility boilers (power plants).

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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.

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The call will also
be archived on our Company website through Monday, May 16, 2005.

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78 per share closing price on April 20, 2005. Virgin Islands.

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MUNIMAE: INTEGRITY.M. and spokesperson Clayton Timothy said, "This is a
very important event for Terra Systems to be working with a company that is
dedicated to improving operations and providing answers for the many needs of
the energy related industries that Terra Systems considers as our core
business.

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(Nasdaq: HDWR) to participate in the construction and
operation of propriety methods for upgrading coal.

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These methods utilize
state of the art dry cleaning processes that provide a means for reducing the
rock (ash) in mined and waste coal and improves the heating value of the coal.O.

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MuniMae Declares 2005 First Quarter Distribution and Announces Conference Call; 33rd Consecutive Increase in Quarterly Distribution

INNOVATION.

Terra Systems Inc. Signs Agreements With Headwaters Incorporated

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com.

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MuniMae. As a result, the tax-exempt income derived from
certain investments remains tax-exempt when passed through to
shareholders .

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S. This press
release does not constitute an offer to sell any securities of
Municipal Mortgage + Equity, LLC or any other entity.
(See Headwaters announcement March 02, 2005 10:00: A.