Aames Announces Updated Preliminary Results of Cash and Stock Elections by Aames Stockholders in Connection with Accredited Merg

  
    
  
  
    
      Aames Investment Corporation (“Aames”) 
      (NYSE: AIC), received an update from U.S. Stock Transfer Corporation, 
      the exchange agent in connection with the merger of Aames with a 
      subsidiary of Accredited Home Lenders Holding Co. (“Accredited”) 
      (Nasdaq: LEND), with respect to the preliminary results of the cash and 
      stock elections by Aames stockholders. Accordingly, the updated 
      preliminary results are as follows:
    
    
      Cash Elections: Elections to receive cash were made with respect to 
      approximately 39.5 million shares of Aames common stock, of which 
      approximately 4.0 million shares remain subject to outstanding 
      guarantees of delivery;
    
    
      Stock Elections: Elections to receive Accredited common stock were made 
      with respect to approximately 23.1 million shares of Aames common stock, 
      of which approximately 0.3 million shares remain subject to outstanding 
      guarantees of delivery;
    
    
      These elections are subject to proration and allocation provisions as 
      described in the joint proxy statement and prospectus mailed to 
      stockholders of Aames in connection with the September 14, 2006 special 
      meeting of stockholders. Based on these preliminary results of the 
      elections and subject to confirmation of the validity of elections made, 
      the number of failed guaranteed deliveries, whether the failed 
      deliveries relate to stock or cash elections and final proration 
      calculations, the merger consideration currently estimated to be paid to 
      Aames stockholders is as follows:
    
    
      Cash Elections: Aames stockholders who validly elected cash would be 
      expected to receive $4.8616 per share for approximately 40% of their 
      shares and 0.0936 of a share of Accredited common stock for 
      approximately 60% of their shares with respect to which that election 
      was made;
    
    
      Stock Elections: Aames stockholders who validly elected to receive 
      Accredited stock would be expected to receive 0.0936 of a share of 
      Accredited common stock for each Aames share with respect to which that 
      election was made; and
    
    
      Non-Elections: Aames stockholders who did not make a valid election 
      would be expected to receive 0.0936 of a share of Accredited stock for 
      each of their shares.
    
    
      The final results of the cash and stock elections, including the 
      consideration to be received by Aames stockholders who validly elected 
      cash and those who validly elected stock are expected to be announced by 
      Accredited on or about October 5, 2006.
    
    
      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. Alternatively, you may contact Rick Howe, Director of 
      Corporate Communications for Accredited, at [phone] or [e-mail].
    
  
Aames Investment Corporation ("Aames") (NYSE: AIC), received an
update from U.S. Stock Transfer Corporation, the exchange agent in
connection with the merger of Aames with a subsidiary of Accredited
Home Lenders Holding Co. ("Accredited") (Nasdaq: LEND), with respect
to the preliminary results of the cash and stock elections by Aames
stockholders. Accordingly, the updated preliminary results are as
follows:

   Cash Elections: Elections to receive cash were made with respect
    to approximately 39.5 million shares of Aames common stock, of
    which approximately 4.0 million shares remain subject to
    outstanding guarantees of delivery;

   Stock Elections: Elections to receive Accredited common stock were
    made with respect to approximately 23.1 million shares of Aames
    common stock, of which approximately 0.3 million shares remain
    subject to outstanding guarantees of delivery;

   These elections are subject to proration and allocation provisions
as described in the joint proxy statement and prospectus mailed to
stockholders of Aames in connection with the September 14, 2006
special meeting of stockholders. Based on these preliminary results of
the elections and subject to confirmation of the validity of elections
made, the number of failed guaranteed deliveries, whether the failed
deliveries relate to stock or cash elections and final proration
calculations, the merger consideration currently estimated to be paid
to Aames stockholders is as follows:

   Cash Elections: Aames stockholders who validly elected cash would
    be expected to receive $4.8616 per share for approximately 40% of
    their shares and 0.0936 of a share of Accredited common stock for
    approximately 60% of their shares with respect to which that
    election was made;

   Stock Elections: Aames stockholders who validly elected to receive
    Accredited stock would be expected to receive 0.0936 of a share of
    Accredited common stock for each Aames share with respect to which
    that election was made; and

   Non-Elections: Aames stockholders who did not make a valid
    election would be expected to receive 0.0936 of a share of
    Accredited stock for each of their shares.

   The final results of the cash and stock elections, including the
consideration to be received by Aames stockholders who validly elected
cash and those who validly elected stock are expected to be announced
by Accredited on or about October 5, 2006.

   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. Alternatively, you may contact
Rick Howe, Director of Corporate Communications for Accredited, at
[phone] or [e-mail].