Bimini Mortgage Management, Inc. to be Added to the Russell 2000 Index.

VERO BEACH, Fla. -- Bimini Mortgage Management, Inc. (NYSE:BMM), a real estate investment trust that invests primarily in residential mortgage-related securities, today announced that it has been selected to be added to the Russell 2000 Index(R) when the index is updated during the fourth quarter of 2004 to reflect recently public companies. The final list will be published after the close of U.S. equity markets on December 17. The quarterly schedule for the addition of IPOs was accelerated because of the holidays.

"We are very pleased to have been named to the Russell 2000 and Russell 3000 indices," said Jeffrey J. Zimmer, president and chief executive officer. "We believe inclusion in these indices will increase our visibility among investor audiences as well as provide us with the opportunity to expand our shareholder base. This milestone provides additional momentum as we continue to execute our long-term strategy."

Produced by the Frank Russell Company, The Russell 2000 index is a subset of the Russell 3000, which measures the performance of the 3000 largest U.S.-based companies ranked by market capitalization. The Russell 2000 is an index of the 2000 smallest companies on the Russell 3000 list.

Annual reconstruction of the Russell indices occurs mid-year; however, newly public companies are now added on a quarterly basis to enhance how well each index reflects its segment of the U.S. equity market. To be eligible for inclusion, the IPO date would need to fall within the three-month period prior to the "rank" date. As IPOs are added

to Russell indices each quarter, Russell will not delete existing index members to make room for them, but will continue to reconstitute the indices fully each year at the end of the second quarter.

For a full listing of companies to be added to the Russell 2000 Index for the fourth quarter, visit the Russell website at www.russell.com.

Bimini Mortgage Management, Inc. invests primarily in residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). It earns returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. The Company has elected to be taxed as a REIT under the Internal Revenue Code, which means the Company is not required to pay federal income taxes on the REIT taxable earnings which are currently distributed to its shareholders.