Aames Investment Corporation Promotes Jon D. Van Deuren to Executive Vice President and Chief Financial Officer.

LOS ANGELES -- Aames Investment Corporation (NYSE:AIC), a mortgage real estate investment trust, today announced that it promoted Jon D. Van Deuren to executive vice president and chief financial officer, effective immediately. Van Deuren replaces Ronald J. Nicolas, Jr., who has accepted a position at another financial institution.

"We thank Ron for his many contributions to the Aames management team over the past four years as we've improved and grown the business, completed the conversion to a real estate investment trust, and listed as a public company," said A. Jay Meyerson, Chairman and Chief Executive Officer of Aames. "We wish him the best in all his future endeavors."

"At the same time, we're very pleased to announce the promotion of Jon Van Deuren, our chief accounting officer, to the chief financial officer role," Meyerson added. "Jon has played a critical role in the finance group over the last five years, is ideally situated to take on the new responsibilities, and to help ensure a seamless transition."

Mr. Van Deuren first joined Aames as Senior Vice President, Finance in December 1998 and was named Chief Accounting Officer in August 2001. Prior to joining Aames, Mr. Van Deuren was the Chief Operating Officer of Burke, Williams & Sorenson LLP, a Los Angeles based multi-state law firm. Prior thereto, Mr. Van Deuren served as the Chief Financial Officer of Guardian Bancorp and before that was a partner with KPMG LLP.

About Aames Investment Corporation

Aames is a mortgage REIT and, through its subsidiary Aames Financial Corporation, originates mortgage loans in 47 states. Aames Financial is a fifty-year old national mortgage banking company focused primarily on originating subprime residential mortgage loans through wholesale and retail channels under the name "Aames Home Loan." To find out more about Aames, please visit www.aames.net.

Information Regarding Forward Looking Statements

This press release may contain forward-looking statements under federal securities laws. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties that may cause our performance and results to vary include: (i) changes in overall economic conditions and interest rates; (ii) an inability to originate subprime hybrid/adjustable mortgage loans; (iii) increased delinquency rates in our portfolio; (iv) adverse changes in the securitization and whole loan market for mortgage loans; (v) declines in real estate values; (vi) limited cash flow to fund operations and dependence on short-term financing facilities; (vii) concentration of operations in California, Florida, New York and Texas; (viii) extensive government regulation; (ix) intense competition in the mortgage lending industry; and (x) an inability to comply with the federal tax requirements applicable to REITs and effectively operate within limitations imposed on REITs by federal tax rules. For a more complete discussion of these risks and uncertainties and information relating to the company, see the Form 10-K for the year ended December 31, 2004 and other filings with the SEC made by the company pursuant to the Securities Exchange Act of 1934. Aames Investment expressly disclaims any obligation to update or revise any forward-looking statements in this press release.

Further Information

For more information, contact Steven Canup, Senior Vice President, Corporate Development and Investor Relations, in Aames Investment's Investor Relations Department at [phone] or at [e-mail] via email.