FBR Asset Investment Corporation Lists Today on American Stock Exchange.

WASHINGTON--(BUSINESS WIRE)--Sept. 29, 1999--

FBR Asset Investment Corporation (AMEX:FB), a Real Estate Investment Trust (REIT) formed in December 1997, announced today that it will begin trading on the American Stock Exchange under the symbol "FB".

FBR Asset Investment Corporation ("FBR Asset") invests in mortgages, mortgage-backed securities and other real estate-related assets. As of June 30, 1999, FBR Asset had approximately $254 million in total assets. The company had a book value of $17.85 per share and 7.1 million shares outstanding at June 30, 1999.

Friedman, Billings, Ramsey Group, Inc. (NYSE:FBR) currently has a 19 percent equity ownership interest in FBR Asset and with warrants could potentially own up to 26.55 percent of the company. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors.

On September 16, 1999, FBR Asset declared a third quarter cash dividend of $0.40 per share.

FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., (FBRIM), a subsidiary of Friedman, Billings, Ramsey Group, Inc.

Statements concerning future performance, earnings, developments, expenditures, negotiations or other 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 events and 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.

This announcement is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. Any offer is made only by the Prospectus, copies of which can be obtained by contacting FBR Asset Investment Corporation, Potomac Tower, 1001 19th Street North, Arlington, VA 22209.

Note to Editors: Please note that "FBR Asset Investment Corporation" and "Friedman, Billings, Ramsey Group, Inc." are two different companies. FBR Asset is a REIT, which is required as a result of its tax status to pay a dividend. FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. is a publicly held company, which has historically never paid a dividend. Friedman, Billings, Ramsey Group, Inc. is a minority owner of FBR Asset. Thank you.