X0202 4 2005-11-09 0001003201 MUNICIPAL MORTGAGE & EQUITY LLC MMA 0001201760 JOSEPH MARK K 621 EAST PRATT STREET SUITE 300 BALTIMORE MD 21202 1 1 0 0 Chairman of the Board Common shares 2005-11-09 4 M 0 3750 16.875 A 302853.808 D Common shares 2005-11-09 4 S 0 3750 24.50 D 293103.808 D Common shares 2005-11-11 4 P 0 5562.4162 24.4906 A 298666.224 D Common shares 2005-11-21 4 M 0 3750 16.875 A 308416.224 D Common shares 2005-11-21 4 S 0 3750 25.0044 D 304666.224 D Common Shares 277982 I By SCA Associates 95-II Limited Partnership Common Shares 203140 I By SCA Associates 86-II Limited Partnership Common Shares 187466 I By The Shelter Policy Institute I, Inc. Common Shares 50786 I By SDC Associates Limited Partnership Common Shares 26729 I By Shelter Development Holdings, Inc. Common Shares 5084 I By SCA Custodial Co. Inc. Common Shares 3483 I By MME I Corporation Common Shares 4 I By MME II Corporation Options to purchase common shares 16.875 2005-11-09 4 M 0 3750 0 D 1998-04-24 2007-04-24 Common shares 3750 93565 D Options to purchase common shares 16.875 2005-11-21 4 M 0 3750 0 D 1998-04-24 2007-04-24 Common shares 3750 89815 D Includes a net positive adjustment of 25,957.808 common shares to Mr. Joseph's previous Table I, Column 5 (direct ownership) balance to reflect (a) an increase in the number of common shares beneficially owned by Mr. Joseph as a result of the omission of the unvested balances of certain deferred share grants held by Mr. Joseph and (b) a decrease in the number of common shares beneficially owned by Mr. Joseph as a result of an administrative error in the calculation of the total common shares directly held by Mr. Joseph. This sale is effected pursuant to a Rule 10b5-1 trading plan adopted on March 21, 2005. Represents the reinvestment of dividends on common shares pursuant to the company's Dividend Reinvestment and Common Share Purchase Plan. Mr. Joseph disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. Options to purchase common shares granted pursuant to an option agreement dated as of April 24, 1997. Brian D. Sims, Attorney-in-Fact 2005-11-23