CONTENTS  Capture A Niche Market – Page 9 Impac identified its niche market and created a series of innovative products to meet our customers needs 1 Build Synergies Into Your Business – Page 13 Our Long-Term Investment, Mortgage and Warehouse Lending Operations work together to make us one of the leaders in the non-conforming mortgage market 2 Wield The Latest Technology – Page 17 Our IDASL technology provides the means  for growing our business and improving our  performance into the future 3 Maintain Centralization – Page 21 Centralization’s inherent strengths of scalability, quality control and cost efficiencies make it a key component in our business strategy 4 Promote Corporate Culture – Page 25 Our “proactive, self thinking” corporate culture promotes long tenures, increased efficiencies  and innovative ideas among our staff 5 5. 4. Letter to Shareholders – Page 28 A report to our shareholders, employees and colleagues for the year 2000 and our outlook  on the future Financial Highlights – Page 36 Numbers demonstrating our operating results over the past five years  Corporate Officers and Directors – Page 42 A listing of the Executive Officers and  Board of Directors Corporate Information – Page 43 The details regarding the Company and how shareholders and other interested parties  may reach us