FBR Asset Investment Corporation Announces Results of Shareholder Meeting.

WASHINGTON D.C.--(BUSINESS WIRE)--May 19, 1999--

FBR Asset Investment Corporation announced today the results of its annual shareholder meeting.

On the proposal to approve a merger of FBR Asset Investment Corporation (Virginia) into FBR Asset Investment Corporation (Maryland), 4,566,067 of the shares eligible to vote, voted in favor of the merger. This represents 57.9% of the shares outstanding as of the record date, April 16, 1999. In order for the merger to be approved, 66.7% of the outstanding shares were required to vote in favor of the merger. Therefore, the merger proposal did not pass.

On the proposal to elect Directors, Russell C. Lindner was nominated at the meeting to serve on the Company's Board of Directors in place of Webb C. Hayes, IV. The newly elected Board of Directors comprises Stephen D. Harlan, Russell C. Lindner, Emanuel J. Friedman, Eric F. Billings, and William R. Swanson. Of the shares eligible to vote, 7,292,577 or 92.5% of the shares eligible to vote, voted in favor of the election of the Board of Directors.

On the proposal to ratify the selection of Arthur Andersen LLP to serve as the Company's independent auditors for fiscal 1999, of the shares eligible to vote, 7,292,577 or 92.5% of the shares eligible to vote, voted to ratify the selection of the Company's independent auditors.

FBR Asset is a real estate investment trust formed in December 1997 by Friedman, Billings, Ramsey Group, Inc. (NYSE: FBG). At March 31, 1999, FBR Asset had approximately $279 million of assets.

Friedman, Billings, Ramsey Group, Inc. is a publicly traded, full-service investment banking and asset management firm. Asset management operations include proprietary investment partnerships, venture capital and private equity partnerships, and the FBR family of mutual funds. Its wholly owned subsidiary, Friedman, Billings, Ramsey & Co., Inc. (FBR) makes a market in more than 400 securities and provides research coverage on 430 publicly traded company.

Statements concerning future performance, developments, negotiations or events, concerning expectations for plans and objectives for future operations or for growth and market forecasts, and any other guidance on present and future periods, constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations. These factors include but are not limited to the effect of demand for public offerings, activity in the secondary securities markets, available technologies, competition for business and personnel, and general economic, political and market conditions.