MuniMae Announces Information Related to 2005 Financial Results

MuniMae (NYSE:MMA) today announced additional
information related to the completion of its financial statements and
the filing of its Annual Report on Form 10-K for the year ended
December 31, 2005. On March 10, 2006, the Company announced that it
would restate net earnings for the nine month period ended September
30, 2005 as well as the fiscal years 2004, 2003 and 2002. On March 17,
2006, the Company filed for a 15-day extension of the deadline for
filing its Annual Report on Form 10-K for the year ended December 31,
2005. Currently, the Company expects to host a conference call to
discuss its financial results on or about April 7, 2006 and file its
2005 Form 10-K on or about April 14, 2006.
   As previously announced, this restatement does not impact cash
available for distribution (CAD) in any period. CAD is a supplemental
non-GAAP performance measure reported by the Company in addition to
net earnings. The Company currently expects that 2005 CAD financial
results will exceed the current consensus among equity analysts
covering the Company by approximately 2%.

   About MuniMae

   MuniMae and its subsidiaries arrange debt and equity financing for
developers of multifamily housing and provide other real estate
related investment management and advisory services. Assets under
management are more than $16 billion secured by approximately 3,000
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 income 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. Examples of such
statements in this press release include the anticipated filing date
for our 2005 Form 10-K and our current expectations about our
financial results. 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 the
audit of our financial statements, 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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