Mfa Financial, Inc. · NYSE:MFA
Mfa Financial — MFA Mortgage Investments — Shareholder Meeting (May 2008)
10 slides from Mfa Financial's shareholder meeting presentation, May 21, 2008
Slide 1: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 21, 2008 MP
Slide 2: Forward Looking Statements
MPA Forward Looking Statements ——— ‘When used in this presentation or other written or oral communications, statements which are not historical in nature, including those containing words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar
Slide 3: MFA provides attractive returns through appropriately leveraged investments
MFA provides attractive returns through appropriately leveraged investments in high- quality hybrid and adjustable- rate mortgage-backed securities
Slide 4: MFA Overview
MFA Overview @ Proven Management and Investment Strategy > Strategically repositioned portfolio with appropriate leverage > Greater than 99% of assets are Agency MBS, AAA Rated MBS, related receivables and cash* > Hybrids and ARMs limit duration risk © Significant Market Dislocation has Enhanced Inv
Slide 5: Investment Opportunity
MEA Investment Opportunity Yield Cur Net Spreads 2.15% (0.03%) 01% 0.90%
Slide 6: Investment Performance
Investment Performance ‘ Increasing Net Interest Spread Continues to Drive Dividend wth $0.40 ih 90.30 + 0.20 +} $0.10 $90.00 Iso 3731/01 od 5/31/08 3/310 ayS1/0S 3 sisi07 5/51/08 ‘ees Div ends Paid —— Wet Interest Spread
Slide 7: Investment Strategy
MEA Investment Strategy Remains Hig © More than 99% of M assets are Agency MBS, AAA rated MBS, related receivables Other 0.1% Non-Agency MBS Rated AAA 5.1% and cash” © Assets remain liquid and can be financed with multiple finding providers through repurchase agreements Currently maintain repurchase
Slide 8: Investment Strategy
Investment Strategy MEA @ After initial fixed term, coupons reset based on short-term interest rates @ Less price risk due to adjustability of coupon @ Repricing gap between assets and liabilities is approximately 12 months assuming a prepayment rate of 20% CPR* 43 of March 31, 2008 eestor than 60 M
Slide 9: Investment Highlight Summary
Investment Highlight Summary MEA @ Greater than 99% of MFA’s assets are Agency MBS, AAA rated MBS, related receivables and cash* @ Strategically repositioned portfolio to maintain appropriate leverage and liquidity in current environment @ High spread investments currently available @ MFA can genera
Slide 10: Slide 10
MFA Mortgage Investments — Shareholder Meeting (May 2008) on 6ix