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Annaly Capital Management, Inc. Reports 3rd Quarter 2013 Results

Wellington J. Denahan, Chairman and Chief Executive Officer of Annaly, commented on the Company’s results. “Given the ongoing monetary policy impacts on the mortgage market and the uncertainty surrounding the future path of policy, we remain measured in our investment strategy. Our diversification into commercial assets is building momentum, with commercial investments up approximately 30% and now representing 11% of our capital. Our conservative stance with low leverage permits us to be opportunistic with capital deployment.”

Asset Portfolio

Investment Securities, which is comprised of Agency mortgage-backed securities, Agency debentures and corporate debt, were $83.1 billion at September 30, 2013, compared to $95.9 billion for the prior quarter. As of September 30, 2013, substantially all of the Company’s Investment Securities were Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities and debentures. Fixed-rate Agency mortgage-backed securities and debentures comprised 91% of the Company’s Investment Securities portfolio at September 30, 2013. Adjustable-rate Agency mortgage-backed securities and debentures comprised 9% of the Company’s Investment Securities portfolio. During the quarter ended September 30, 2013, the Company disposed of $13.0 billion of Investment Securities, resulting in a realized gain of $43.6 million. During the quarter ended June 30, 2013, the Company disposed of $14.8 billion of Investment Securities, resulting in a realized gain of $148.0 million. During the quarter ended September 30, 2012, the Company disposed of $7.3 billion of Investment Securities, resulting in a realized gain of $142.2 million.

The Constant Prepayment Rate for the quarters ended September 30, 2013, June 30, 2013, and September 30, 2012, was 13%, 16% and 20%, respectively. The net amortization of premiums and accretion of discounts on Agency mortgage-backed securities and debentures for the quarters ended September 30, 2013, June 30, 2013, and September 30, 2012, was $201.9 million, $320.2 million, and $455.8 million, respectively. The total net premium and discount balance on Agency mortgage-backed securities and debentures at September 30, 2013, June 30, 2013, and September 30, 2012, was $4.7 billion, $5.3 billion, and $5.4 billion, respectively.

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