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About Us

American Capital Agency Corp. (Nasdaq: AGNC) is a mortgage REIT that invests exclusively in agency securities for which the principal and interest payments are guaranteed by

• a U.S. Government agency (such as the Government National Mortgage Association, or GNMA), or
• a U.S. Government-sponsored entity (such as the Federal National Mortgage Association, or FNMA, and the Federal Home Loan Mortgage Corporation, or FHLMC).

Our Goal

Our principal goal is to generate net income for distribution to our stockholders through regular quarterly dividends, from our net interest income, which is the spread between the interest income earned on our investment portfolio and the interest costs of our borrowings and hedging activities. We fund our investments primarily through short-term borrowings structured as repurchase agreements.

Our Corporate Structure

We intend to qualify as a real estate investment trust, or REIT, for federal income tax purposes and will elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, commencing with our taxable year ending December 31, 2008. We generally will not be subject to federal taxes on our taxable income to the extent that we annually distribute all of our taxable income to stockholders and maintain our intended qualification as a REIT.

Our Manager

American Capital Agency is externally managed and advised by American Capital Agency Management, LLC, a subsidiary of a wholly-owned portfolio company of American Capital, the only private equity fund and the largest alternative asset management company in the S&P 500. With $19 billion in capital resources under management, as of March 31, 2008, American Capital is the largest U.S. publicly-traded alternative asset manager. Members of American Capital’s senior management and its RMBS investment team serve as our Manager’s officers.

American Capital has developed an institutionalized approach to its global alternative asset management business, supported by a fully-integrated organization and infrastructure. Through the administrative services agreement, our Manager has access to American Capital’s employees, infrastructure, business relationships, management expertise and capital raising capabilities, including its extensive financial reporting operations, dedicated equity and debt capital markets fund raising teams, business development and legal teams. To learn more about American Capital, please visit www.AmericanCapital.com.