1. Represents the percentage difference of operating expense as a percentage of average equity for Annaly vs. the BBREMTG average for 2017.

  2. Represents the percentage difference of operating expense as a percentage of average assets for Annaly vs. the BBREMTG average for 2017.

    Notes: Operating Expense is defined as: (i) for internally-managed BBREMTG members, the sum of compensation & benefits, general & administrative expenses and other operating expenses, and (ii) for externally-managed BBREMTG members (including Annaly), the sum of net management fees, compensation & benefits (if any), general & administrative expenses and other operating expenses.