Accredited Home Lenders Holding Co.

Mortgage Banking Company

CZFS acquired its ownership interest in Accredited Home Lenders Holding Co. (NASDAQ:LEND) by an investment in a predecessor company, Aames Investment Corporation, in February 1999. Accredited and its subsidiaries operate as a mortgage banking company in the United States and Canada. The company originates, finances, securitizes, services and sells sub-prime mortgage loans secured by residential real estate. It originates loans through independent mortgage brokers and a direct sales force. Its wholesale channel originates sub-prime mortgage loans through relationships with small mortgage bankers, local banks and mortgage brokers. The company’s retail channel originates mortgage loans through branch and centralized retail locations.