MuniMae Announces Information about Executive Sessions of Non-Management Directors

  
    
  
  
    
      MuniMae (NYSE:MMA) today announced that the chairman of executive 
      sessions of non-management members of its board of directors is the 
      chairman of its audit committee, currently Fred N. Pratt, Jr. As 
      required by the rules of the New York Stock Exchange, the non-management 
      directors of the MuniMae board meet regularly in executive sessions, 
      without management present. These meetings normally follow scheduled 
      meetings of the board of directors. MuniMae had not previously disclosed 
      in its proxy statement for its 2006 annual shareholders meeting the 
      identity of the presiding officer at such sessions or that such sessions 
      occur regularly. These disclosures will be included in MuniMae’s 
      2007 proxy statement.
    
    
      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 $17 billion 
      including investments in over 3,000 multifamily properties, containing 
      more than 320,000 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. 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.
    
    
      
        
          MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
        
      
      
        
          
            www.MuniMae.com
          
        
      
    
  
MuniMae (NYSE:MMA) today announced that the chairman of executive
sessions of non-management members of its board of directors is the
chairman of its audit committee, currently Fred N. Pratt, Jr. As
required by the rules of the New York Stock Exchange, the
non-management directors of the MuniMae board meet regularly in
executive sessions, without management present. These meetings
normally follow scheduled meetings of the board of directors. MuniMae
had not previously disclosed in its proxy statement for its 2006
annual shareholders meeting the identity of the presiding officer at
such sessions or that such sessions occur regularly. These disclosures
will be included in MuniMae's 2007 proxy statement.

   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 $17 billion
including investments in over 3,000 multifamily properties, containing
more than 320,000 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. 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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