Anworth Mortgage Asset Corp.

Mr. McAdams has been the Chairman of the Board, President and Chief Executive Officer of Anworth Mortgage Asset Corporation, since their formation in 1997. Mr. McAdams is also the Chairman of the Board, Chief Investment Officer and co-founder of Pacific Income Advisers, Inc., an investment advisory firm organized in 1986 that manages an investment portfolio for institutional and individual clients. Mr. McAdams is also the Chairman of Syndicated Capital, Inc., a registered broker-dealer. Before joining PIA, Mr. McAdams held the position of President of Security Pacific Investment Managers, Inc. from 1981 to 1987, Senior Vice President of Trust Company of the West from 1975 to 1981, and an Investment Officer with the State of Tennessee from 1973 to 1975. In 1983, Mr. McAdams served as a Board member of the California Public Employees Retirement System. Mr. McAdams holds a Bachelor of Science in Statistics from Stanford University and a Masters in Business Administration from the University of Tennessee. Mr. McAdams is a Chartered Financial Analyst charterholder, Chartered Investment Counselor and a Certified Employee Benefit Specialist.

Mr. McAdams, who has been with our company since its formation in 1998, has been an Executive Vice President since 2001, a Director since 2002 and our Chief Investment Officer since 2003. Mr. McAdams has also been a Senior Vice President of Pacific Income Advisers since June 19, 1998. Mr. McAdams serves as Fixed Income Portfolio Manager with a specialty in mortgage-backed securities and is also responsible for our fixed income trading. Prior to joining the company, from 1993 to 1998, Mr. McAdams was employed by Donaldson, Lufkin & Jenrette Securities Corp. as a mortgage-backed securities trader and analyst. Mr. McAdams holds a Master of Arts degree in Economics from the University of Chicago and a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania. Mr. McAdams is also a Chartered Financial Analyst charterholder.

Thad M. Brown has been the Chief Financial Officer, Treasurer and Secretary of our company since June 2002. Mr. Brown has also been the Chief Operating and Compliance Officer, Secretary and Treasurer of Pacific Income Advisers since April 2002. From 1999 to 2002, Mr. Brown was President and Chief Executive Officer of Wealthpoint, a financial consulting and investment advisory firm. From 1987 until 1999, Mr. Brown was associated with Provident Investment Counsel, eventually becoming its Chief Operating Officer and Senior Vice President. Mr. Brown began his career with Touche Ross & Co. Mr. Brown graduated magna cum laude from Metropolitan State College, holds a master’s degree in tax law from the University of Denver, is a Certified Public Accountant, received the Personal Financial Specialist designation from the American Institute of Certified Public Accountants, the CFP® designation from the CFP Board and the Investment Adviser Certified Compliance Professional (IACCPsm) designation from National Regulatory Services.

Charles J. Siegel joined our company in October 2004 and has served as Senior Vice President—Finance, since January 2005 and as Assistant Secretary since May 2005. From February 2003 to September 2004, Mr. Siegel was affiliated with Borrowers Best Mortgage Company, L.P., a mortgage originator, initially as a consultant and then as its Chief Financial Officer. From October 2001 to February 2003, Mr. Siegel served as the Chief Financial Officer of Instafi.com, a mortgage originator.

Angelina Greve is the Controller of Anworth and its subsidiaries. She began her career with U.S. Filter Inc. in 1996, becoming their Regional Controller. In 2002, she joined Anworth as a Controller and was appointed a Vice President in 2004. Mrs. Greve studied Economics and Accounting at the Leningrad Institute Of Engineering & Economics in St. Petersburg, Russia, and received a Master's Degree in Business Administration from CSULB. Mrs. Greve is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants.

Joe Davis has been a director of our company since its formation. Since 1982, Mr. Davis has been a private investor. From 1974 to 1982, Mr. Davis served as President and Chief Executive Officer of National Health Enterprises, Inc. Mr. Davis also serves as a director of Natural Alternatives, Inc., American Funds Insurance Series and American Funds Target Date Retirement Series, Inc.

Mr. Hillman joined our company in 2002 as the Director of Investor Relations. He began his career with Goldman, Sachs & Co., which spanned 17 years. His tenure consisted of a diverse range of roles which included a Sales Assistant in Private Client Services, an Executive Assistant to the Managing Director of the Listed Shares area through his final position as the Supervisor of Corporate Services. Mr. Hillman attended Columbia College in Chicago, Illinois.

Ms. Pashamova, who joined our company in June 2002, is a Senior Vice President and Portfolio Manager. Ms. Pashamova is also a Portfolio Manager and member of the Bond Strategy group, specializing in mortgage-backed and asset-backed securities, for Pacific Income Advisers (PIA). Ms. Pashamova joined PIA in 1997 and holds the position of Vice President. Ms. Pashamova holds a Master of Arts degree in Economics from the University of Southern California and a Bachelor of Arts degree in Economics and International Studies from Denison University. Ms. Pashamova is also a Chartered Financial Analyst charterholder.

Mark Kelson is Chair of the firm's national Capital Markets Practice Group. He focuses his practice in the area of corporate transactional work, including public and private offerings of equity and debt, mergers and acquisitions and leveraged buyouts. Mr. Kelson is considered one of the leading corporate attorneys in the Western United States having completed hundreds of transactions during the course of his career, representing a wide variety of clients both domestically and internationally. These clients include global and regional investment banks, private equity firms, REITs and financial services companies. He also represents a variety of companies in the media, technology, consumer products, hospitality, manufacturing and telecommunications industries. In addition, Mr. Kelson advises clients and their boards of directors with respect to corporate governance, strategy, executive compensation and matters related to shareholder activism. Mr. Kelson is a lecturer on matters pertaining to corporate securities, mergers and acquisitions, corporate governance, business strategies and other issues relevant to boards of directors and executive officers of public and private companies. He has also published numerous articles covering topics that include strategies in merger and acquisition transactions, changes in rules pertaining to audit committee requirements, institutional activism in the proxy process and matters related to structured trading plans for corporate executives and directors.

Robert C. Davis was nominated to serve as a director by our Nominating and Governance Committee in April 2005. Mr. Davis has been the Chief Executive Officer of Optimus EMR, Inc. since 2000. Prior to that, he served as Chief Executive Officer and Chairman of the Board of Amcare, Inc. and as a director of Roger Cleveland Golf Company, Inc. Mr. Davis holds both a Master of Business Administration degree in Finance and a Bachelor of Science degree in Accounting from the University of Southern California.