X0201 4 2003-10-21 0 0000879957 AAMES FINANCIAL CORP/DE AMSF 0001230526 DOWNING JAMES H C/O AAMES FINANCIAL CORPORATION 350 S GRAND AVE 43RD FL LOS ANGELES CA 90071 0 1 0 0 Executive Vice President Option to purchase Series E Preferred Stock .71 2003-10-21 4 A 0 1000000 0 A 2013-10-21 Series E Preferred Stock 1000000 200000 D Vests 20% on date of grant (October 21, 2003); vests 20% annually thereafter on anniversary date of grant until fully vested /s/ James H. Downing 2003-10-23