CRIIMI MAE Engages Financial Advisor to Explore Options

ROCKVILLE, MD – CRIIMI MAE Inc. (NYSE: CMM) today announced that its Board of Directors has engaged Citigroup Global Markets Inc. as its exclusive financial advisor to assist the Company in undertaking a review of its various strategic alternatives, including a possible sale of the Company. As a part of this process, the Company has received nonbinding indications of interest from a number of potential counterparties, including an affiliate of BREF One, LLC, Series A, the Company’s largest shareholder. The independent members of the Board of Directors of CRIIMI MAE will review and consider, among other things, all proposals made to CRIIMI MAE or its shareholders by third parties, and will make recommendations regarding such proposals to the Board of Directors, all with the objective of maximizing shareholder value.

There can be no assurance that the process will result in any transaction. The Company expects that it will make no further announcement in connection with the process unless and until the Company enters into a definitive, binding agreement or abandons the process or otherwise concludes its review of strategic alternatives.

CRIIMI MAE Inc. is a commercial mortgage company structured as a REIT. CRIIMI MAE owns and manages a significant portfolio of commercial mortgage-related assets.