Accredited Announces Final Results of Cash and Stock Elections by Aames Stockholders

Business Wire, Oct 5, 2006

SAN DIEGO -- Accredited Home Lenders Holding Co. (NASDAQ:LEND) ("Accredited") announced that it has received the final cash and stock elections from U.S. Stock Transfer Corporation, the exchange agent in connection with the merger of Aames Investment Corporation ("Aames") and a subsidiary of Accredited. The election results are as follows:

* Cash Elections: Shares of Aames common stock electing to receive cash totaled 37,608,536 shares.

* Stock Elections and Non-Election Shares: Shares of Aames common stock electing to receive Accredited common stock and shares of Aames common stock for which no election was made that are treated as stock elections totaled 25,354,978 shares.

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 final results, the merger consideration paid to Aames stockholders will be as follows:

* Cash Elections: Aames stockholders who validly elected cash will receive $4.8616 per share for approximately 42% of their shares and 0.0936 of a share of Accredited common stock for the balance of their shares with respect to which that election was made; and

* Stock Elections and Non-Elections: Aames stockholders who validly elected to receive Accredited stock or who did not make an election will receive 0.0936 of a share of Accredited common stock for each Aames share held.

About Accredited

Accredited Home Lenders Holding Co. is a mortgage company operating throughout the U.S. and in Canada. Accredited originates, finances, securitizes, services, and sells non-prime mortgage loans secured by residential real estate. Founded in 1990, the company is headquartered in San Diego. Additional information may be found at www.accredhome.com.