X0202 4/A 2007-02-20 2007-02-20 0001003201 MUNICIPAL MORTGAGE & EQUITY LLC MMA 0001201775 MCGREGOR DOUGLAS A 621 E PRATT STREET SUITE 300 BALTIMORE MD 21202 1 Common 2007-02-20 4 A 0 888.6905 0 A 56264.7231 D Represents (a) grants of deferred shares in lieu of quarterly director fees, (b) grants of deferred shares in lieu of meeting fees and (c) distribution equivalents with respect to deferred shares held in the reporting person's deferred share account, in each case pursuant to the company's Non-Employee Directors' Share Plan. The amount of these grants and distributions was incorrectly calculated in the original filing See footnote 1. Brian D. Sims, Attorney-in-Fact 2007-02-22