MAM Maine & Maritimes Corp.

Dutton Associates initiates coverage of Maine & Maritimes (AMEX:MAM) with a Speculative Buy rating and a 12-month $20.00 price target. The 28-page report by Dutton senior analyst Sally H. Wallack, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading financial portals. Maine & Maritimes is a holding company for Maine Public Service Company (MPS), a regulated electric transmission and distribution utility serving much of northern Maine, and unregulated businesses, including The Maricor Group (TMG), Maricor Properties Ltd (MPL), and Maricor Technologies, Inc. (MTI). In mid 2003, with the regulated business facing a declining revenue base, diminishing regulatory assets, and an economically lagging service area, Maine & Maritimes formed the holding company structure and developed a strategy for sustainable growth based on the creation of unregulated businesses perceived to have above-average long-term prospects for revenue growth and profitability. Following disappointing results in 2005, due to higher-than-expected costs at MPS and greater-than-anticipated losses at less mature unregulated businesses, we expect earnings to begin to rebound by the end of 2006 as a result of cost control efforts, rate increases at MPS, and stronger performance at the unregulated businesses. We project that unregulated businesses will be growing earnings contributors and value creators over the next three to five years and, at the same time, that MPS's earnings will recover from recent periods' depressed levels. We believe that Maine & Maritimes' valuation is attractive on a number of measures: its shares currently trade at roughly a 50% discount to book value per share and we estimate the Company's worth at approximately $22-$26 per share on a sum-of-the-parts basis. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 29 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 130 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in the Dutton Associates one-year continuing research program is US $35,000 prepaid from the Company for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 5/16/2006. Dutton Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures, and analyst background at www.jmdutton.com before investing.