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Redwood Trust, Inc. Increases Regular Common Dividend

Friday, March 21, 2003

MILL VALLEY, Calif.--(BUSINESS WIRE)--March 21, 2003--Redwood Trust, Inc. (NYSE:RWT), an investor in real estate loans, today announced that its Board of Directors declared a regular cash dividend for common shareholders of $0.65 per share for the first quarter of 2003, payable on April 21, 2003 to common shareholders of record on March 31, 2003. This represents a 3% increase from the previous quarter's regular dividend rate of $0.63 per share.

"We are proud to announce another increase in our regular dividend rate," said George Bull, Redwood's Chairman and CEO. "Our growth in equity and long-term assets over the past few years, combined with the retention of a portion of our earnings, has improved our outlook for generating a higher level of sustainable dividends for our shareholders."

In accordance with the terms of Redwood's Class B Preferred Stock, the Board of Directors declared a first quarter 2003 preferred stock dividend of $0.755 per share. This preferred stock dividend is payable on April 21, 2003 to preferred shareholders of record on March 31, 2003.

Redwood also announced that the Board of Directors has set May 8, 2003 as the date for the annual meeting of shareholders. The meeting will be held at 11:00 a.m. in Mill Valley, California. Shareholders of record as of March 31, 2003 will be entitled to vote at that meeting.

For more information about Redwood Trust, Inc., please visit

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, among other things, changes in interest rates on our mortgage assets and borrowings, changes in prepayment rates on our mortgage assets, general economic conditions, particularly as they affect the price of mortgage assets and the credit status of borrowers, and the level of liquidity in the capital markets, as it affects our ability to finance our mortgage asset portfolio, and other risk factors outlined in the Company's 2001 Annual Report on Form 10-K and our Prospectus Supplement dated April 23, 2002 (available on the Company's Web site or by request to the Contacts listed above). Other factors not presently identified may also cause actual results to differ. No one should assume that results or trends projected in or contemplated by the forward-looking statements included above will prove to be accurate in the future. We will revise our outlook from time to time and frequently will not disclose such revisions publicly.

    CONTACT: Redwood Trust, Inc.
             Doug Hansen/George Bull, 415/389-7373

    SOURCE: Redwood Trust, Inc.

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