News Release

Feb 28, 2003 /PRNewswire via COMTEX/ -- Impac Mortgage Holdings, Inc. (Amex: IMH) announced today that it will be presenting at the Sandler O' Neill Partners LLP upcoming West Coast Financial Services conference. You are invited to listen to a Residential Real Estate Lenders Panel that will be webcast live during the conference on Wednesday, March 5, 2003 at 2:55 p.m. PT (5:55 p.m. ET) with Mr. William S. Ashmore, President and COO of Impac Mortgage Holdings, Inc. The webcast information is as follows:

    What:      Impac Mortgage Holdings, Inc.
               Presents at the Sandler O'Neill & Partners LLP West Coast
               Financial Services Conference

    When:      Wednesday, March 5, 2003 2:55 p.m. (PT) 5:55 p.m. (ET)

    Where:     http://www.sandleroneill.com or
               http://sandler.smc.net/event_registration .  The conference
               will also be available via audio conference at 800 239 8730
               reference "Sandler O'Neill Conference."

    How:       Live over the Internet -- Simply log on to the web at one of
               the addresses above.  Listeners should go to one of the sites
               at least 15 minutes before the event to register and to install
               the needed software.  Minimum software required to listen is
               Windows Media Player, downloadable free at
               http://windowmedia.com/download/download/.asp .

For questions please contact: Tania Jernigan, VP Investor Relations directly at (949) 475-3722 or email tjernigan@impaccompanies.com.

If you are unable to participate during the live webcast, the presentation will be archived on these sites for 30 days beginning March 7, 2003.

Impac Mortgage Holdings, Inc. is a Mortgage REIT, which operates three core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operations. The Long-Term Investment Operations invests primarily in non-conforming Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily non-conforming Alt-A mortgage loans, and the Warehouse Lending Operations provides short-term financing to mortgage loan originators. The Company is organized as a REIT for tax purposes, which allows it generally to pass through earnings to stockholders without federal income tax at the corporate level.

SOURCE Impac Mortgage Holdings, Inc.

URL:              http://www.sandleroneill.com 
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