MuniMae Announces 38th Consecutive Increase in Quarterly Distribution

MuniMae (NYSE:MMA) announced today that its Board of
Directors declared a distribution of $0.5025 per common share payable
on August 15, 2006, to shareholders of record as of August 2, 2006.
This represents an increase of 4% over the distribution for the
comparable period last year. On an annualized basis, the distribution
equates to $2.01 per common share and represents a 7.4% yield based on
the July 26, 2006 closing price of $27.30 per share. The stated yield
does not take into account any higher net return investors may realize
as compared with other investments because a portion of the
distribution is exempt from Federal income taxes.

   About MuniMae

   MuniMae and its subsidiaries arrange debt and equity financing for
developers and owners of real estate and clean energy projects. The
Company provides investment management and advisory services for
institutional investors. Assets under management exceed $16 billion
including investments in over 3,000 multifamily properties, containing
330,000 units in 49 states, the District of Columbia, Puerto Rico and
the U.S. Virgin Islands.
   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 features of a
partnership. As a result, the tax-exempt income derived from certain
investments remains tax-exempt when passed through to shareholders.
Distributions to shareholders are normally declared quarterly.

   Statements in this press release that are not historical fact may
be deemed forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Although the Company
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. 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. This press
release does not constitute an offer to sell any securities of the
Company or any other entity.
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               MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
                            www.MuniMae.com
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