News Release

NEWPORT BEACH, Calif., March 15 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH) will hold its first Analyst Day for analysts and institutional investors on Friday, March 18, 2005. The event will include presentations from Joseph R. Tomkinson, Chairman and CEO, William S. Ashmore, President and COO, and several other key members of the executive management team.

Mr. Tomkinson commented, "The Company is always striving to help the investment community better understand our business. We look forward to this event as an opportunity for executive management to address current market conditions and strategies for 2005, as well as, for our institutional investors and analysts to meet key executives of the Company who will discuss technology initiatives and risk management."

The event, to be held in Newport Beach, is scheduled to begin at 8:00 am PT and estimated to end by 12:00 noon, PT. Seating for this event is limited, therefore any analysts or institutional investors interested in attending should R.S.V.P. as soon as possible. For more information or to R.S.V.P., please contact Justin Moisio at (949) 475 6516 or jmoisio@impaccompanies.com.

An audio webcast will be available as an alternative to attending this live event. The public may participate in the live audio webcast and view the slide presentation, which will also be archived following the event on the company's Web site at www.impaccompanies.com then link to Stockholder Relations/Presentations. A schedule of speakers with estimated speaking times will also be available on the website under Presentations.

Projected Common and Preferred Stock Dividend Schedule -- First Quarter Common Stock Dividend Scheduled to be Declared on Tuesday, March 29, 2005

We currently declare dividends on a quarterly basis. On March 29, 2005 the Board of Directors is scheduled to declare the first quarter common stock dividend and confirm the record and pay date. We project the following dates for our dividend declaration, record and payment dates for 2005, however the Board of Directors has the right to change the dividend schedule at any time and without prior notice.

                   Projected Common Stock Dividend Schedule

     Declaration Date          Record Date                Pay Date
     March 29, 2005      Friday  April 8, 2005     Friday  April 15, 2005
     June 28, 2005       Friday  July 8, 2005      Friday  July 15, 2005
     September 27, 2005  Friday  October 7, 2005   Friday  October 14, 2005
     November 29, 2005   Friday  December 9, 2005  Friday  December 30, 2005




                 Projected Preferred Series B and C Schedule

     Declaration Date          Record Date                Pay Date
     February 2005    Tuesday   March 1, 2005       Thursday March 31, 2005
     May 2005         Wednesday June 1, 2005        Thursday June 30, 2005
     August 2005      Thursday  September 1, 2005   Friday   September 30,
                                                             2005
     November 2005    Thursday  December 1, 2005    Friday   December 30,
                                                             2005

Impac Mortgage Holdings, Inc. is a mortgage real estate investment trust "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 Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily 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 generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.

For additional information, questions or comments, please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com. Web site: www.impaccompanies.com

Note: Safe Harbor "Statement under the Private Securities Litigation Reform Act of 1995." This release contains forward-looking statements including statements relating to tentative dividend declaration, payment and record dates. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control, may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "likely," "should," "anticipate," or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, among other things, changes to our dividend declaration, record or payments dates, risks that we may not pay dividends to stockholders and other factors described in this press release and our filings with the Securities and Exchange Commission, including "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2004. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks and other factors not presently identified, the Company's results may differ materially from its expectations and projections. We will revise our estimates based on actual conditions experienced, however, it is not practicable to publish all revisions and as a result, no one should assume that results projected in or contemplated by the forward-looking statements included above may continue to be accurate in the future.

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             03/15/2005
    /CONTACT:  Tania Jernigan, VP of Investor Relations of Impac Mortgage
Holdings, Inc., +1-949-475-3722, tjernigan@impaccompanies.com/
    /Web site:  http://www.impaccompanies.com /
    (IMH)

CO:  Impac Mortgage Holdings, Inc.
ST:  California
IN:  FIN RLT
SU:  TDS DIV

IL-CM
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