Source - Financial data per Company filings as of December 31, 2017 unless otherwise noted. Market data per Bloomberg as of December 31, 2017.

  1. Represents total shareholder return (“TSR”) for the year ended December 31, 2017.

  2. “Unencumbered assets” are representative of Annaly’s excess liquidity and are defined as assets that have not been pledged or securitized (including cash and cash equivalents, Agency mortgage backed securities (“MBS”), credit risk transfer (“CRT”) securities, Non-Agency MBS, residential mortgage loans, mortgage servicing rights (“MSRs”), commercial real estate (“CRE”) debt investments, CRE debt and preferred equity held for investment and corporate debt).

  3. $2.8 billion is inclusive of all common and preferred equity offerings from July 2017 to January 2018. July common offering size includes the underwriter’s full exercise of its overallotment option to purchase additional shares of common stock. July preferred offering size includes the underwriter’s partial exercise of its overallotment option to purchase additional shares of preferred stock. October common offering size includes the underwriter’s partial exercise of its overallotment option to purchase additional shares of common stock. On January 12, 2018, Annaly closed a public offering of 17 million shares of its 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. Gross proceeds for all offerings are before deducting the underwriting discount and other estimated offering expenses.

  4. Represents Annaly’s average operating expense as a percentage of average assets and average equity compared to the Bloomberg mREIT Index (BBREMTG Index) for the year ended December 31, 2017. Analysis includes companies in the BBREMTG Index as of December 31, 2017. Operating expense is defined as: (i) for internally-managed peers, the sum of compensation and benefits, general and administrative expenses (“G&A”) and other operating expenses, and (ii) for externally-managed peers and Annaly, the sum of net management fees, compensation and benefits (if any), G&A and other operating expenses.

  5. Shareholder data per Ipreo based on investor filings as of December 31, 2017.

  6. Board composition as of January 1, 2018.