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AAMES FINANCIAL CORPORATION
SECURITY: AAM (Common)   EXCHANGE: New York Stock Exchange   CURRENCY: US Dollar

Aames Financial Corporation, founded in 1954, is a leader in the field of subprime home equity lending. Aames serves borrowers whose financing needs are not being met by traditional mortgage lenders for a variety of reasons, including the need for specialized products or credit histories that may limit such borrowers' access to credit. Aames believes these borrowers continue to represent an underserved niche in the home equity loan market. Aames makes it possible for homeowners with less-than-perfect credit histories or nonconforming financial situations to access the financing they need
Aames originates loans nationally through its retail and broker office networks and through the Internet and telemarketing. During the years ended June 30, 2003, 2002 and 2001, the Company originated $4.4 billion, $3.2 billion and $2.4 billion, respectively, of mortgage loans. At June 30, 2003, Aames had 91retail branch locations, four regional broker offices and two National Loan Centers across the United States.



Aames Investment Corporation Reports Third Quarter Core EPS of $0.20; Net Cost to Originate Decreases to 2.08%; Loan Originations Total $1.9 Billion; Company Declared a $0.35 per Share Dividend for the Quarter 
LOS ANGELES--(BUSINESS WIRE)--Nov. 2, 2005--Aames Investment Corporation (NYSE:AIC), a mortgage real estate investment trust today announced financial results for the third quarter of 2005. Core diluted EPS for the quarter equaled $0.20, while diluted net income per common share for the September 2005 quarter equaled $0.34. During the quarter, the Company recorded a pretax mark-to-market derivative gain under FASB 133 of $7.1 million and a pretax $1.6 million monoline insurance premium reimbursement, representing non-core diluted earnings per share of $0.14. Earnings per share for the third quarter of 2005 resulted from a combination of net interest income generated by the Company's loans held for investment portfolio and net gain realized from the sales of loans into the secondary market by the Company's taxable REIT subsidiary, or TRS.

Third Quarter 2005 Highlights
-- Net loans held for investment increased to $4.2 billion;
-- Gross gain on sale rate of loans was 2.39%;
-- Net cost to originate declined to 2.08%, 10.7% lower than the second quarter of 2005;
-- Total loan production of $1.9 billion, a 19.8% increase from the second quarter of 2005;
-- Taxable REIT net interest margin equaled 2.12%. 

Mr. A. Jay Meyerson, Chairman and CEO of Aames, commented, "The results of the third quarter validate the strategy we have pursued since converting to a REIT: building a stable dividend stream from our REIT portfolio, balancing loan production growth and value, expanding our retail franchise, and focusing on lowering our cost to originate. During the quarter we found strong demand for our production, and achieved an overall gross gain on sale rate of 2.39% for the quarter, including the sale of our lower value fixed and second lien loans. The continued growth in our retail franchise, combined with corporate cost control initiatives, resulted in a net cost to originate of just above 200 basis points. While recognizing the challenging market environment and the outlook for higher market interest rates, we are committed to maintaining our disciplined operating strategy."

Aames Investment Corporation Declares Second Quarter Cash Dividend of $0.34 Per Share 
LOS ANGELES--(BUSINESS WIRE)--July 19, 2005--Aames Investment Corporation (NYSE:AIC), a mortgage real estate investment trust, today announced that its Board of Directors declared a cash dividend of $0.34 per common share for the second quarter of 2005. The dividend is payable on August 8, 2005, to shareholders of record as of July 28, 2005. The ex-dividend date is July 26, 2005.

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