Impac Mortgage Holdings Inc. Announces Clarification of Offer to Exchange.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--March 22, 1999--Impac Mortgage Holdings Inc. (The "Company") or (AMEX: IMH), a Maryland corporation being taxed as a Real Estate Investment Trust ("REIT"), Monday announced that it is issuing the following clarification of the information included in the Offering Circular (the "Offering Circular"), and the accompanying Letter of Transmittal (the "Letter of Transmittal" which, together with the Offering Circular constitute the "Exchange Offer"), which the Company mailed to its stockholders on Feb. 24, 1999.

1.                The Company will announce the Average Price after
                  5 p.m. New York City time on the trading day
                  immediately preceding the two trading days prior to
                  the Expiration Date. For example, assuming the
                  Expiration Date is March 26, 1999, the announcement
                  will be made after 5 p.m. on March 23. Such
                  information may also be obtained from D.F. King by
                  calling toll-free at 800/848-2998.

1.                Although, the Company reserves the right to increase
                  or decrease the number of Shares it will accept in
                  the Exchange Offer, in the event required by Rule
                  13e-4(f)(ii), the Company undertakes to amend the
                  Exchange Offer to reflect such increase or decrease,
                  and extend the Expiration Date by at least 10
                  business days.

1.                In addition to those conditions to the Exchange
                  Offer set forth in the Offering Circular dated
                  Feb. 24, 1999, under the section entitled
                  "Conditions to and Amendment of the Exchange
                  Offer;" the Company has added a condition that the
                  Debentures have been approved for listing on the
                  AMEX, or in the alternative, the Nasdaq National
                  Market. In addition, such conditions must be
                  satisfied as of the Expiration Date.

4.                Condition (h) is amended to read as follows: "there
                  shall have occurred, or be likely to occur, any
                  event affecting the business or financial affairs of
                  the Company, or which, in the reasonable judgment of
                  the Company, would or might prohibit, prevent,
                  restrict or delay consummation of the Exchange
                  Offer, or that will or is reasonably likely to,
                  materially impair the contemplated benefits to the
                  Company of the Exchange Offer, then the Company may
                  terminate the Exchange Offer."

Questions Regarding the Terms of the Exchange Offer May be Directed to the Information Agent: D.F. King & Co. Inc., 77 Water Street, New York, New York 10005, 212/269-5550 or 800/848-2998.