IMPAC Mortgage Holdings Inc.

Presently, Mr. Ashmore is the President and Director of Impac Mortgage Holdings, Inc., Impac Funding Corporation and Impac Warehouse Lending Group. Mr. Ashmore graduated with a Bachelor of Arts degree from the University of California, at Los Angeles in 1971 and received a Masters of Arts degree from California State University at Northridge in 1974. Mr. Ashmore established a real estate mortgage service company that evolved into a complete mortgage banker over the next several years funding over $100 million annually. During the period of 1978 to 1985, he served as President of the mortgage corporation, supervising operations of the Secondary Marketing Department. In 1985, he transferred the assets to a newly created wholly owned subsidiary, Century National Mortgage Corporation. He acted as Chief Executive Officer and Vice Chairman of the Board of Directors until 1987. From 1988 until 1996, Mr. Ashmore was employed with Imperial Credit Industries as Executive Vice President and Director of Secondary Marketing. He was responsible for overseeing and directing loan sales and securitizations, loan acquisitions, product development, hedging and pipeline management. Major accomplishments include the inception of ICI Funding Corporation (currently known as Impac Funding Corporation) and overseeing the securitization of over $10 billion in residential mortgage assets, in addition to, the development of successful and innovative loan products. In November 1995, along with Mr. Tomkinson and Mr. Johnson, Mr. Ashmore successfully completed an initial public offering of Impac Mortgage.

During 2007, Mr. Endresen received cash incentive compensation, based on portfolio credit quality and quarterly production of the commercial operations, and Mr. McCormick received incentive compensation based on his Company performance metrics related to portfolio earnings and credit quality, which measured the Company's investment decisions, hedging policy, interest rate risk and securitization strategies. These company-performance metrics consisted of up to approximately 72% and 25% of Mr. Endresen's and Mr. McCormick's incentive compensation, respectively. As the commercial operations have been discontinued, it is anticipated that Mr. Endresen's compensation for 2008 may be substantially lower.

Ronald M. Morrison became General Counsel of IMH in July 1998. In July 1998 he was also elected Secretary of IMH and in August 1998 he was elected Secretary of our mortgage operations and our warehouse lending operations. From August 1998 to May 1999, he was also General Counsel and Secretary of ICH and ICCC. From 1978 until joining IMH, Mr. Morrison was a partner at the law firm of Morrison & Smith.

James Walsh has been a Director of IMH since August 1995. Since January 2000, he has been Managing Director of Sherwood Trading and Consulting Corporation.

Frank P. Filipps has been a Director of the Company since August 1995. Mr. Filipps is currently a director and the Chairman and Chief Executive Officer of Clayton Holdings, Inc. Prior to joining Clayton in April 2005, Mr. Filipps was the Chairman and Chief Executive Officer of Radian Group Inc. (NYSE:RDN), a credit enhancement provider to the global financial and capital markets. At Radian, Mr. Filipps was responsible for expanding and diversifying operations in the United States, the United Kingdom and Asia. Mr. Filipps began his career at Radian in 1992 as Senior Vice President and Chief Financial Officer, and in 1995 became its President, Chief Executive Officer and director. Mr. Filipps also serves as a director of Primus Guaranty, Ltd. (NYSE:PRS) and is also director of the World Affairs Council of Philadelphia, a private, non-profit organization.

Stephan R. Peers has been a Director of the Company since October 1995. From February 1997 to May 1999, Mr. Peers was a director of ICH. In March 2000, Mr. Peers joined Bear, Stearns & Co., Inc. as a Managing Director. From April 1993 to March 2000, Mr. Peers was an Executive Vice President of International Strategic Finance Corporation, Ltd., where he performed corporate finance services for overseas and domestic companies. From January 1998 to June 1998, Mr. Peers was an executive at Aames Financial Corporation, a mortgage loan company. Mr. Peers served as a Managing Director of Resource Bancshares Corporation from August 1995 to October 1997. From April 1989 to April 1993, Mr. Peers was a Vice President in corporate finance at Montgomery Securities where he specialized in financial services institutions.