NEW YORK--(BUSINESS WIRE)--April 5, 2005--Annaly Mortgage
Management, Inc.
(NYSE: NLY) is pleased to announce that its Chairman,
CEO and President, Michael A.J. Farrell, had the honor of ringing the
opening bell on the Toronto Stock Exchange today to celebrate the
expansion of the company's investment advisory business in Canada.
Annaly's wholly-owned subsidiary, FIDAC, is the investment manager for
two trusts currently traded on the Toronto Stock Exchange,
Mortgage-Backed Securities Trust
(TSX: MF.UN and MF.U) and MBS
Adjustable Rate Income Fund
(TSX: MTF.UN). FIDAC will also be the
investment manager for a third trust, Sentry Select Adjustable Rate
Income Fund II, which filed a final prospectus on March 29, 2005 and
is expected to begin trading in mid-April.
Mr. Farrell commented on FIDAC's activities. "We are pleased that
our asset management business continues to grow in Canada and around
the world. In our FIDAC-managed funds, we aim to generate compelling
investment yields for investors using high credit-quality assets.
These elements of our investment objective--high current income with
low credit risk--are finding acceptance on an absolute and relative
value basis in today's investment climate. In addition, we believe
investor demand for investment products with these attributes will
grow as aging demographic trends continue in Canada, the US and around
the world. We look forward to future offerings in Canada and continued
growth in Annaly's asset management business."
The manager of the trusts in Canada is Sentry Select Capital Corp.
Sentry Select is an investment manager with total assets under
management of approximately C$4.0 billion.
Annaly manages assets on behalf of institutional and individual
investors worldwide through Annaly and through the funds managed by
its wholly-owned registered investment advisor, FIDAC. At December 31,
2004, Annaly and FIDAC had gross assets under management of
approximately $36 billion. The Company's principal business objective
is to generate net income for distribution to investors from the
spread between the interest income on its mortgage-backed securities
and the cost of borrowing to finance their acquisition and from
dividends the Company receives from FIDAC, which earns investment
advisory fee income. The Company, a Maryland Corporation, has elected
to be taxed as a real estate investment trust ("REIT").
This news release and our public documents to which we refer
contain or incorporate by reference certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements which are based on various assumptions (some of which are
beyond our control) may be identified by reference to a future period
or periods or by the use of forward-looking terminology, such as
"may," "will," "believe," "expect," "anticipate," "continue," or
similar terms or variations on those terms or the negative of those
terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but
not limited to, changes in interest rates, changes in yield curve,
changes in prepayment rates, the availability of mortgage-backed
securities for purchase, the availability of financing and, if
available, the terms of any financing, FIDAC's clients removal of
assets FIDAC manages, FIDAC's regulatory requirements, and competition
in the investment management business. For a discussion of the risks
and uncertainties which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk factors"
in our Annual Report on Form 10-K for the fiscal year ended December
31, 2004. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions which may
be made to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of
such statements.
CONTACT: Annaly Mortgage Management, Inc.
Investor Relations:
1-888-8Annaly
www.annaly.com
SOURCE: Annaly Mortgage Management, Inc.