X0202 4 2006-03-17 0001003201 MUNICIPAL MORTGAGE & EQUITY LLC MMA 0001316639 Lundquist Melanie Maring C/O MUNICIPAL MORTGAGE & EQUITY, LLC 621 EAST PRATT STREET, SUITE 300 BALTIMORE MD 21202 0 1 0 0 EVP and CFO Common shares 2006-03-17 4 A 0 3773 0 A 22148 D Represents a grant of 3,773 shares pursuant to a deferred share agreement dated as of March 17, 2006. The shares vest in four equal installments on each of the grant date and February 1, 2007, 2008 and 2009. Amount includes a net positive adjustment of 9,188 common shares to Ms. Lundquist's previous Table I, Column 5 (direct ownership) balance to reflect an administrative error in the calculation of the number of common shares beneficially owned by Ms. Lundquist. Brian D. Sims, Attorney-in-Fact 2006-03-21