The Company's portfolio is comprised of multifamily debt, equity and other real estate investments originated for its own account and on behalf of others such as Fannie Mae, Freddie Mac, FHA/HUD, insurance companies and conduits.

Assets under management exceed $18 billion including investments in 3,000 multifamily properties containing 320,000 units in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

The Company's portfolio is the fourth largest in the United States.

Please roll your cursor over the states on the map to view the portfolio's geographic diversification as of 12/31/04.

Summary as of December 31, 2004

In 2005, we successfully originated $3.8 billion of new investments, which is a 49% increase over 2004 production. Our affordable housing tax credit equity syndications increased 15% in 2005 to $1.3 billion making MuniMae the largest sponsor of such investments in the United States.

Assets under management exceed $16 billion including investments in 3,000 multifamily properties containing 330,000 units in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.