American Capital Agency's Management Presents At Citi 2012 Financial Services Conference - Conference Call Transcript

American Capital Agency Corp ( AGNC)

Company Conference Presentation

March 7, 2012 09:40 a.m. ET

Executives

Gary Kain – President & CIO

Gary Kain

Thank you all. Why don’t we start with slide 3, and I just want to give you a quick overview of AGNC for anyone who is new to the company. AGNC went public in May of 2008 at a dollar price of $20 per share and I think what’s probably most interesting about, call it, the track record is that since the IPO Agency has paid dividend – paid or declared $20.11 in dividends, in addition book value has grown to $27.71, and the company has grown to a market cap of eventually close to $7 billion at this point.

We feel good about obviously all those results at a high level. Agency invest only in Agency mortgage securities, those backed by Freddie and Fannie mostly and a few by Ginnie Mae. But really what differentiates AGNC from peers is our willingness to play throughout the agency mortgage market both fixed grade and arms and even some structured agency securities, and our asset management which relates to the fact, let’s face it, this is a changing market, interest rate changed, government policies changed, the housing market changes, a position that makes sense a year ago may not make sense today, and our mindset is in order to produce the best risk adjusted returns we’ve got to have a portfolio that makes referring to current environment.

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