Market Cap ($mm) | Annaly vs. mREIT Peers(1) Annaly’s Size, Scale and Diversification POWER OF ANNALY The industry leading mREIT with a differentiated investing model Note: Please refer to Glossary for defined terms and “Power of Annaly” in Endnotes section for footnoted information. – $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 Peer 21 Peer 22 Peer 23 Peer 24 Peer 25 Peer 26 Peer 27 Peer 28 Peer 29 Peer 30 Peer 31 Peer 32 Peer 33 Peer 34 Annaly Market Cap: $9.7bn Peer Median Market Cap: $826mm R Scale 12x 1.42% $11.3bn $6.2bn Operating Efficiency Diversified Liquid At 12x the size of the median mortgage REIT by market cap(1), we are a leader across the residential mortgage finance market Annaly operates a highly institutionalized platform and benefits from its scale and efficiency, operating at lower cost levels than peer averages Annaly is able to efficiently diversify investments across our businesses through a rigorous shared capital model and capital allocation process Our diversified, lower leveraged strategy supports enhanced liquidity, including $6.2bn of total assets available for financing,(3) including $3.8bn of cash and unencumbered Agency MBS Larger than Median mREIT by Market Cap(1) Permanent Capital(2) Total Assets Available for Financing(3) Operating Expense as a Percent of Average Equity 4 ANNALY CAPITAL MANAGEMENT, INC.
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