Friedman, Billings, Ramsey Named Trustee for National Automobile Dealers Association Retirement Trust

$2.6 Billion Added in Assets Under Management

ARLINGTON, Va., May 1 -- Friedman, Billings, Ramsey Group, Inc. today announced that its subsidiary, FBR National Bank & Trust ("FBR"), has been named trustee and custodian for the National Automobile Dealers Association (NADA)'s Retirement Trust which has approximately $2.6 billion in assets.

NADA provides 401k plans, profit-sharing plans and pension plans to its members and affiliates under its Retirement Trust Plan. There are 2,700 plans and approximately 130,000 participants for whom FBR National Bank & Trust will provide trustee, custodial, depository and investment management services.

The NADA Retirement Trust, established in 1957, is currently comprised of 16 mutual and commingled bank-fund elections. Investment choices range from small cap mutual funds to total return bond funds. Participants may invest in index funds, individual asset class funds, or in funds-of-funds.

In conjunction with FBR, NADA is forming a group trust within the trust division of the Bank. As trustee, FBR National Bank & Trust, will be responsible for the investment management and custody of this group trust. The group trust will be comprised of two portfolios available as elections in plans that will continue to be administered through NADA. The first portfolio is designed to be a moderate risk balanced fund suitable for participants who seek moderate capital appreciation over the long-term. It seeks moderate growth by a combination of stocks and reinvestment of income. The second portfolio's investment objective is to preserve capital while providing prevailing interest rate returns. This is accomplished thru fixed income investments. Establishing the group trust strengthens investment oversight, but also allows the two portfolios to be valued on a daily basis.

"Given the recognized investment demands of NADA members, a choice of a moderate risk investment election was needed," said Philip E. Holland, Chief Operating Officer & Plan Administrator, NADA Retirement Trust. "We approached FBR National Bank and Trust regarding this requirement given our knowledge of their history as an exemplary investment advisor and recognized bank servicing mutual funds."

"FBR National Bank & Trust has had a long standing banking relationship with NADA involving the processing of their retirement plan contributions as well as NADA being among the first shareholders in the FBR Fund for Government Investors (FUSXX) in 1975," said Linda Paisley, President of FBR National Bank and Trust. "Our experience in the mutual fund industry enables us to perform the operational and investment responsibilities demanded by the NADA group trust. We offer electronic transmissions of deposits and transfers as well as value net assets daily. In addition to our custody responsibilities, as trustee, we will have oversight and management responsibilities for the investments."

NADA, founded in 1917 and headquartered in McLean, VA, represents more than 19,700 new car and truck dealers, both import and domestic, with more than 49,300 separate franchises. For more information see http://nada.org/.

FBR National Bank & Trust provides Trust and banking services to individuals and corporate clients; member FDIC and an Equal Housing Lender.

Friedman, Billings, Ramsey Group, Inc. provides investment banking, institutional brokerage, asset management, and private client services through its operating subsidiaries and invests in mortgage-backed securities and merchant banking opportunities. FBR focuses capital and financial expertise on six industry sectors: financial services, real estate, technology, healthcare, energy and diversified industries. FBR, headquartered in the Washington, D.C. metropolitan area, with offices in Arlington, Va. and Bethesda, Md., also has offices in Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Irvine, London, New York, Portland, San Francisco, Seattle, and Vienna. FBR has elected REIT status for tax purposes. For more information, see http://www.fbr.com/.