|1.||What happens to my MuniMae shares upon a delisting from the New York Stock Exchange? |
| ||Nothing has changed with the shares themselves. You are still the registered owner of the securities and can trade them. Instead of trading them on the New York Stock Exchange (NYSE), they will be available for trading over-the-counter (OTC) on what is known as the Pink Sheets.
|2.||What is the “Pink Sheets” and how does it differ from the Bulletin Board?|
| ||The Pink Sheets is a centralized quotation service that collects and publishes quotes for OTC securities. For additional information on the Pink Sheets please go to www.pinksheets.com. The Bulletin Board is another market for OTC trading; in order to be listed on the Bulletin Board, an issuer must file audited financial statements with the Securities and Exchange Commission (SEC) on a timely basis. MuniMae, because it is in the midst of a comprehensive restatement of its financials, has not met this requirement.
|3.||When will MuniMae shares be available for trading over-the-counter?|
| ||MuniMae shares will be available for trading on the OTC market as soon as MuniMae shares are no longer available for trading on the NYSE. We expect the NYSE to suspend trading MuniMae shares prior to the opening on February 6, 2008. |
|4.||How can I execute a trade in MMA shares if they are over-the-counter?|
| ||Pink Sheets offers widespread access to U.S. broker-dealers, enabling investors to seamlessly trade these securities through their institutional, online or full service brokers. Most of the major online trading firms such as Schwab, TD Ameritrade, Fidelity and ETrade trade in over-the-counter securities. These firms handle over-the-counter trades in much the same fashion as they handle NYSE trades. You can check with your current broker to make certain that they will trade in our stock while it is over-the-counter; if not, you will need to locate a broker that does. |
|5.||What are the primary differences between trading shares over the NYSE and over-the-counter? |
| ||• Instead of using the NYSE’s platform, securities transactions are conducted through dealers and brokers over the telephone and internet using the Pink Sheets’ Electronic Interdealer Quotation and Trading System.
• Costs per trade tend to be higher.
• There is often less liquidity and more share price volatility.
• Trade execution is often not spontaneous.
• The spread between the bid and ask price is often larger.
|6.||Why is the NYSE delisting MuniMae and will MuniMae be able to resume trading on the NYSE at some point in the future?|
| ||In order for an issuer to have its shares traded on the NYSE, an issuer must meet certain filing requirements including the filing of annual audited and quarterly unaudited financial statements with the Securities and Exchange Commission (SEC) on a timely basis. MuniMae, because it is in the midst of a comprehensive restatement of its financials, has not met that threshold requirement. We will be able to apply for relisting on the NYSE when all our SEC filings are current.
|7.||When do you expect your SEC filings to be current?|
| ||We expect our Annual Report on Form 10-K that contains our audited 2006 financial statements and our audited restatements for 2005 and 2004 to be available not later than May 30, 2008. We have not completed our overall plan related to the 2007 Form 10-K or becoming current with our 2008 financial statements. However, we expect that we will be able to prepare unaudited financial statements for 2007 sometime in mid to late 2008. We will have a better idea of our timeline when we complete the 2006 audit.|
|8.||What is the likelihood that MuniMae's shares will continue to trade on the New York Stock Exchange while MuniMae appeals a delisting decision?|
| ||At the close of trading on January 29, 2008, the NYSE issued a press release indicating we would be suspended from trading prior to the opening on February 6, 2008. Under NYSE procedures, an appeal would not normally prevent our shares from being suspended during the period of the appeal. Therefore, beginning on February 6, 2008, our shares will no longer be traded on the NYSE.