MAM Maine & Maritimes Corp.

Dutton Associates continues coverage of Maine & Maritimes (AMEX: MAM) reiterating its Buy rating and a 12-month $54 price target. The 21-page report by Dutton senior analyst Sally H. Wallack, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, FactSet, Capital IQ, Reuters, Zacks, Knobias, and other leading financial portals. MAM reported 2Q operating revenue of $9.9 million, up 24% and a loss from continuing operations of $56,000, or $0.03 per diluted share, versus the prior-year�s income of $186,000. Results fell short of our estimate of a $0.15 per share profit. However, the Company booked $518,000 of expense in the quarter, reflecting a change in deferred directors� compensation as a result of a 54% increase in the Company�s share price from the end of 1Q to the end of 2Q. Excluding this item, which was not included in our projection, we estimate that operating earnings may have equaled or beaten our estimate. We believe that the outlook for MAM�s regulated business is enhanced by steadily increasing energy consumption in the U.S and rising electricity rates. Also, several developments may have positive implications for the Company�s long-term growth, including the 2006 construction of Maine�s largest wind farm and plans for a second, even larger, wind farm within MPS�s service territory; MPS�s pursuit of a large-scale transmission project that would connect it to the New England power grid; and USG�s potential to contribute incremental revenue and earnings long term. Our 12-month price target is $54 per share or approximately 4.5 times projected 2008 EBITDA. About Dutton Associates Dutton Associates (DA) is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs and have expertise in many industries. DA provides continuing analyst coverage of over 140 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 DA one-year continuing research program is US $35,000 prepaid from the Company for 4 Research Reports, typically published quarterly, and requisite Research Notes. DA received $99,000 from the Company for 12 Research Reports with coverage commencing on 5/16/2006. DA 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.