The paper proposes several mathematical models of the multidirectional associative memory (MAM) neural network by analyzing its structure. A model of MAM with distributed delays is studied. Under some new assumptions on activation functions, 2 n0[m/2] invariant subsets of MAM are constructed. Then the existence and the exponential stability of 2 n0[m/2] periodic solutions located on invariant subsets are obtained by constructing a suitable Liapunov function and a Poincaré mapping. An estimating method of the exponential convergence rate is giv...