## Forward Looking Statements 

The matters discussed in this annual report to stockholders include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward-looking terminology such as “may,”“will,”“intend,”“should,”“expect,”“anticipate,” “estimate” or “continue” or the negatives thereof or other such comparable terminology. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including but not limited to economic conditions, product demand, competitive products and pricing, state and federal regulations and other risks indicated in filings with the Securities and Exchange Commission. 

## Company Profile 

Impac Mortgage Holdings, Inc. (“Impac”) is a mortgage real estate investment trust (“REIT”) which together with its subsidiaries and related companies, The Long-Term Investment Operations, The Conduit Operations, and The Warehouse Lending Operations, acquire and invest in nonconforming residential mortgage loans and securities backed by such loans and provide warehouse financing to originators. We specialize in providing the mortgage industry with innovative products, competitive pricing and excellent service. In an industry where price, product and service are everything, we have differentiated ourselves in numerous ways. The core elements of the Company’s business model are chapters in our book on How to Build a Better Company for the future. 

