OUR PEOPLE

Russell J. Jeffrey

Senior Vice President and Managing Director, RMBS Team

Russell J. Jeffrey joined American Capital in September 2007 and currently heads the RMBS investment team. Mr. Jeffrey is also Chief Investment Officer and Senior Vice President of American Capital Agency Corp. (NASDAQ: AGNC), a portfolio company of American Capital. AGNC is a publicly-traded mortgage REIT, which invests exclusively in agency securities and is managed by an affiliate of American Capital. Mr. Jeffrey is also the majority owner and a managing member of Providence Investment Management, LLC, ("PIM"), an investment adviser that is not affiliated with American Capital, which he co-founded in November 2003. Prior to his work at PIM, Mr. Jeffrey was the co-founder and investment manager of Watch Hill Investment Partners ("Watch Hill"), from December 1993 to December 2002. At Watch Hill, Mr. Jeffrey was responsible for managing the trading activities of private investment funds which employed an agency security investment strategy. Prior to Watch Hill, Mr. Jeffrey was a Managing Director and department head of Mortgage-Backed Securities Trading and Sales for Prudential Securities, Inc. During his tenure at Prudential Securities, Inc., he also served on the firm's Operating Council and Risk Management Committee.