Anworth Mortgage Asset Corporation
Anworth Mortgage Asset — Proxy Contest (May 2014)
10 slides from Anworth Mortgage Asset's proxy contest presentation, May 6, 2014
Slide 1: Supplemental Investor Presentation May 6, 2014
Supplemental Investor Presentation May 6, 2014
Slide 2: Key messages – Correcting Western's misleading statements
Key messages – Correcting Western's misleading statements Anworth’s strong YTD performance is not “primarily attributable” to Western Western's peer group is self-serving, incorrect and designed to create confusion by conflating Anworth with a non-Agency peer set Western's ever-changing, haphazard "
Slide 3: Anworth's 2014 performance is not "primarily attributable to Western Investment's activity"
Anworth’s 2014 performance is not "primarily attributable to Western Investment’s activity” Anworth’s stock has returned 34% YTD, with a 24% performance prior to Western’s activity(1) In 2014, Anworth has repurchased 10.4 million shares, with ~5 million purchased in April alone - Western currently o
Slide 4: Western is using a misleading peer set
Western is using a misleading peer set In evaluating Anworth's performance over the last decade, Western wants to pretend the mortgage crisis never happened In evaluating Anworth's performance over the last decade, Western apparently has forgotten the mortgage crisis, in which 19+ mortgage REITs cea
Slide 5: Western is using a misleading peer set
Western is using a misleading peer set In evaluating Anworth's performance over the last decade, Western wants to pretend the mortgage crisis never happened In evaluating Anworth's performance over the last decade, Western apparently has forgotten the mortgage crisis, in which 19+ mortgage REITs cea
Slide 6: Anworth has outperformed peers over the past years
Anworth has outperformed peers over the past 10 years Public high-quality residential mortgage REITS in 2004 10 year total return 10 year total return ANH 23% American Home Mortgage (100%) MFA Mortgage 164% Annaly Mortgage Mgmt 98% MortgageIT Holdings Acquired Bimini Mortgage (98%) New York Mortgage
Slide 7: Western's plan is all over the map and flawed
Western's "plan" for Anworth is all over the map and flawed Despite Western’s continuously changing “plan” for Anworth, they haven’t proposed any ideas that are likely to add value above the current stock price to shareholders When Western announced its intent to nominate its own directors, it had n
Slide 8: Western's plan is all over the map and flawed (cont'd)
Western's "plan" for Anworth is all over the map and flawed (cont’d) Western proposes their own directors immediately terminate your current manager and hire an interim manager who has already failed in their attempt to start a Mortgage REIT In its "plan", Western excludes the cost of terminating yo
Slide 9: Western's plan is all over the map and flawed (cont'd)
Western's "plan" for Anworth is all over the map and flawed (cont’d) According to Western’s plan, only after their directors are elected will they attempt to figure out exactly what they might do to add long-term value to shareholders - None of Western’s nominees have any experience as directors (or
Slide 10: Correcting Western's additional misleading statements
Correcting Western's additional misleading statements Long history of Western states, “Until threatened with a proxy contest, failed to aggressively repurchase shares.” (1) share The fact is Anworth has been repurchasing stock since 2005, and has been aggressively repurchasing repurchases shares wel