Aames Investment Corporation to Announce Fourth Quarter 2005 Results and Host Investor Conference Call

Aames Investment Corporation (NYSE: AIC), a mortgage
real estate investment trust, today announced that it would report
fourth quarter 2005 financial results after the market close on
Thursday, March 16. Management will host a conference call and webcast
to discuss the results following the release, at 5:00 p.m. Eastern
Time on the 16th.
   An enhanced webcast, including a slide presentation, will be
accessible on Aames's website, www.aames.net. A replay of the
conference call and presentation will be available on the Corporate
Financial section of the company's website shortly after the
conclusion of the call.

   About Aames Investment Corporation

   Aames is a mortgage REIT and, through its subsidiary Aames
Financial Corporation, originates mortgage loans in 47 states. Aames
Financial is a fifty-year old national mortgage banking company
focused primarily on originating subprime residential mortgage loans
through wholesale and retail channels under the name "Aames Home
Loan." To find out more about Aames, please visit www.aames.com.

   Information Regarding Forward Looking Statements

   This press release may contain forward-looking statements under
federal securities laws. These statements are based on management's
current expectations and beliefs and are subject to a number of trends
and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. The risks and
uncertainties that may cause the company's performance and results to
vary include: (i) limited cash flow to fund operations and dependence
on short-term financing facilities; (ii) changes in overall economic
conditions and interest rates; (iii) increased delinquency rates in
the portfolio; (iv) intense competition in the mortgage lending
industry; (v) adverse changes in the securitization and whole loan
market for mortgage loans; (vi) declines in real estate values; (vii)
an inability to originate subprime hybrid/adjustable mortgage loans;
(viii) obligations to repurchase mortgage loans and indemnify
investors; (ix) concentration of operations in California, Florida,
New York and Texas; the occurrence of natural disasters (including the
adverse impact of hurricanes Katrina, Rita and Wilma); (x) extensive
government regulation; and (xi) an inability to comply with the
federal tax requirements applicable to REITs and effectively operate
within limitations imposed on REITs by federal tax rules. For a more
complete discussion of these risks and uncertainties and information
relating to the company, see the Form 10-K for the year ended December
31, 2004 and other filings with the SEC made by the company. Aames
Investment expressly disclaims any obligation to update or revise any
forward-looking statements in this press release.

   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.