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Redwood Trust, Inc. Declares a $0.70 Per Share Dividend for the Third Quarter of 2006

Thursday, August 24, 2006

MILL VALLEY, Calif.--(BUSINESS WIRE)--Aug. 24, 2006--

Redwood Trust, Inc. (NYSE:RWT) today announced that its Board of Directors authorized the declaration and payment of a third quarter regular dividend of $0.70 per share. The third quarter 2006 dividend is payable on October 23, 2006 to stockholders of record on September 29, 2006.

"We are pleased to declare another regular quarterly dividend of $0.70 per share", said George Bull, Redwood's Chairman and CEO. "Sustaining our regular dividend rate over time is one of our primary financial goals."

"We expect to distribute a special dividend towards the end of 2006," Bull added. "We currently expect the amount of this special dividend will likely be less than the $3.00 per share special dividend we paid in the fourth quarter of 2005."

Additional information about Redwood Trust, Inc., our dividend policies and distribution practices is contained in the "Redwood Review" and our 10-Q for the second quarter. These documents are available on our website www.redwoodtrust.com.

CAUTIONARY STATEMENT: This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, including the words "anticipated," "estimated," "should," "expect," "believe," "intend," and similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our 2005 Annual Report on Form 10-K under Item 1A "Risk Factors." Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected are detailed from time to time in reports filed by us with the Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K. Important factors that may impact our actual results include changes in interest rates and market values; changes in prepayment rates; general economic conditions, particularly as they affect the price of earning assets and the credit status of borrowers; the level of liquidity in the capital markets as it affects our ability to finance our real estate asset portfolio; and other factors not presently identified. In light of these risks, uncertainties, and assumptions, the forward-looking events mentioned in, discussed in, or incorporated by reference into this press release might not occur. Accordingly, our actual results may differ from our current expectations, estimates, and projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Source: Redwood Trust, Inc.

Contact: Redwood Trust, Inc. Marty Hughes or Harold Zagunis, 415-389-7373

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