Annaly Capital Management Inc.

Donnell A. Segalas, age 51, was elected on January 28, 1997 to serve as a director. Mr. Segalas is a principal at Pinnacle Asset Management L.P. where he is a member of the investment and executive committees. Mr. Segalas manages new business, distribution and special projects for Pinnacle. Prior to joining Pinnacle, Mr. Segalas was Executive Vice President for alternative investments at Phoenix Investment Partners Ltd., a NYSE-listed asset management firm. Prior to joining Phoenix, Mr. Segalas was a managing director at the Far Hills Group where he was in charge of the Private Equity and Venture Capital fund-raising group. In 1997, Mr. Segalas co-founded a leveraged buyout firm, Maplewood Partners, L.L.C. Prior to joining Maplewood Partners, Mr. Segalas was a Managing Director at Rodman & Renshaw, Inc. in its mortgage-backed securities department from 1994 to June 1997. In December 1995, Mr. Segalas was also given the additional responsibility to manage Rodman & Renshaw's Structured Finance Group. From 1990 to 1994, Mr. Segalas served as Senior Vice President in the mortgage-backed securities department at Tucker Anthony, Inc., where he co-managed the firm's structured finance group. Prior to that time, Mr. Segalas had been a Senior Vice President at Smith Barney, Inc. and Corporate Vice President at Drexel Burnham Lambert.

Mr. Farrell is the Chairman, CEO and President of Annaly and FIDAC. Prior to founding Annaly and FIDAC, Mr. Farrell was a Managing Director for Wertheim Schroder and Co., Inc. in the Fixed Income Department, served on the Executive Committee of the Public Securities Association Primary Dealers Division and as former Chairman of the Primary Dealers Operations Committee and its Mortgage Backed Securities Division. Currently, in addition to his responsibilities at Annaly and FIDAC, Mr. Farrell serves on the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT), as a director of the U.S. Dollar Floating Rate Fund, a trustee of the Oratory Preparatory School in Summit, NJ and on the Board of Visitors of the Wayne Calloway School of Business and Accountancy, Wake Forest University.

Mr. Szabo is an Executive Vice President and Investment Strategist for Annaly and FIDAC and a member of Annaly's Investment Committee. Prior to joining the companies in April 2004, he worked for TimesSquare Capital Management as a Mortgage Analyst and Trader specializing in MBS, ABS and CMBS assets. Mr. Szabo has a Bachelor's degree from The College of New Jersey and a Masters degree in Finance from Boston College. In addition, Mr. Szabo is a PRMIA certified Professional Risk Manager and CFA.

Ms. Denahan–Norris is the Vice-Chairman of Annaly, Chief Investment Officer and Chief Operating Officer of Annaly and FIDAC. Ms. Denahan-Norris has been with FIDAC since its inception and was one of the original founders of Annaly. She is also responsible for the development of our in-house portfolio systems. Prior to joining Annaly and FIDAC, Ms. Denahan Norris was Vice President at Citadel Funding Corporation and a trader in the mortgage-backed securities desk at Wertheim Schroder and Co., Inc. She has a Bachelors Degree in Business from Florida State University and attended the New York Institute of Finance for intense mortgage-backed securities studies.

Mr. Singh is an Executive Vice President and serves as General Counsel, Corporate Secretary and Chief Compliance Officer for Annaly and FIDAC. Prior to joining the companies in February 2005, Mr. Singh was a partner at the law firm McKee Nelson, LLP where he worked closely with Annaly and FIDAC, in a variety of corporate governance, compliance and transactional assignments. Mr. Singh has experience in a broad range of public and private transactions. Before joining McKee Nelson, he was a partner at the law firm of Sidley Austin, LLP. Mr. Singh received a J.D. from the Washington College of Law, American University, an M.A. from Columbia University and a B.A. from Carleton College.

Mrs. Lyght is a Managing Director for Annaly and FIDAC. She joined both companies in April 1999. Since that time she has been involved in the asset selection and financing for FIDAC funds and high net worth separate accounts. She has been a portfolio manager on FIDAC’s offshore funds since December 2000. Mrs. Lyght has a Bachelor of Science in Finance and a Masters Degree in Business Administration from Villanova University.

Mr. Diamond is a Managing Director for Annaly and FIDAC. He joined the Company in 2002. From 1990 to 2002 he was President of Grant’s Financial Publishing, a financial research company, and publisher of Grant’s Interest Rate Observer. In addition to his responsibilities as principal business executive, Mr. Diamond conducted security analysis and financial market research. From 1999 to 2002, he was also the chief executive officer of Grant’s Investor. Mr. Diamond began his career as an analyst in the investment banking group at Lehman Brothers. Mr. Diamond has a Bachelors Degree from Princeton University and a Masters Degree in Business Administration from the Anderson School at U.C.L.A. Mr. Diamond serves on the board of directors for Chimera Investment Corporation, a New York Stock Exchange listed company (NYSE: CIM), which is managed by FIDAC.

Kevin P. Brady, age 53, was elected on January 28, 1997 to serve as a director. Mr. Brady is a Vice-President in the Tax and Accounting division of ThomsonReuters. In January of 2008, ThomsonReuters acquired TaxStream, a software company founded by Mr. Brady, which serves the tax accounting market. Prior to the acquisition, he served as Chief Executive Officer of TaxStream, providing product expertise, management and strategic direction for the company. Mr. Brady is also the Chief Executive Officer of LexStream, a software company that he founded 2 years ago, which is dedicated to the financial accounting market. Mr. Brady has served as an independent director of Annaly since 1997 and has been chair of the audit committee for 7 years, with oversight for financial disclosure, audit and general accounting activities. He worked in various accounting and tax positions at PricewaterhouseCoopers from 1986 to 1994 and Merck from 1980 to 1986. Mr. Brady holds a BA from McGill University, an MBA from New York University and is a Certified Public Accountant (inactive).