American Capital Agency Corp.

(NASDAQ: AGNC)
November 30, 2011

Analyst Rating

About American Capital Agency Corp.

American Capital Agency Corp. (AGNC) is a real estate investment trust (REIT), which invests in residential mortgage pass-through securities and collateralized mortgage obligations on a leveraged basis. These investments consist of securities, for which the principal and interest payments are guaranteed by the United States Government-sponsored entities, such as the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac), or by a the United Sates Government agency, such as the Government National Mortgage Association (Ginnie Mae). The Company is externally managed by American Capital Agency Management, LLC, a subsidiary of a wholly owned portfolio company of American Capital, Ltd. (American Capital).

Overview
Sector Industry Employees IPO Year Financial REIT - Residential 0

Key Data
Last Trade Price Range (52 week) Avg Volume (13 Week) Shares Outstanding Mkt Cap Enterprise Value Book Value per Share Dividend Yield $28.18 22.03 - 30.76 6,080,000 184,000,000 $5,170,000,000 $43,750,000,000 $26.91 19.9%

Contents
1. 2. 3. 4. 5.6. 7. 8. Overview Technical Data Key Ratios Earnings & Analyst Financial Statements Company Insiders About Bedford

Highlights & Recent Developments

American Capital Agency Corp. is a real estate investment trust (REIT), which invests in residential mortgage pass-through securities and collateralized mortgage obligations on a leveraged basis. The company currently pays an annual dividend of $5.50 per share for a massive yield of around 19.9 percent.

As of September 30, 2011, American Capital Agencys investment portfolio totaled $42.0 billion of agency securities, at fair value, comprised of $38.3 billion of fixed-rate securities, $3.2 billion of adjustable-rate securities (ARMs) and $0.5 billion of collateralized mortgage obligations (CMOs) backed by fixed and adjustable-rate securities, including interest-only strips. The company reported net income for the third quarter of 2011 of $250.4 million, or $1.39 per share, and net book value of $26.90 per share. Presently AGNC pays an annual dividend of $5.60 for a yield of around 20.3 percent.

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011

Technical Data
Price Information
52 Week Low 52 Week High 50 Day Moving Average 200 Day Moving Average Average Daily Volume (13Wk) $22.03 $30.76 $27.67 $28.84 6,080,000

Support / Resistance
Type
---------------

Value
---------------

Confluence
---------------

Technical Signals Composite Indicator

Indicator
Trend Spotter 7 Day Average Directional Indicator 10 - 8 Day Moving Average Hilo Channel

Signal
Buy Buy Buy Buy Buy Hold Hold Buy Sell Sell Hold Sell Sell

Strength
Weak Minimum Minimum Minimum Weak

Direction
Strengthening Strongest Strengthening Strengthening Strongest Rising Bullish

Short-Term Indicators

20 Day Moving Average vs Price 20 - 50 Day MACD Oscillator 20 Day Bollinger Bands 40 Day Commodity Channel Index 50 Day Moving Average vs Price 20 - 100 Day MACD Oscillator 50 Day Parabolic Time/Price 60 Day Commodity Channel Index

Medium-Term Indicators

Minimum Minimum Minimum Minimum Maximum

Strongest Weakest Weakest Bullish Weakest Strengthening

Long-Term Indicators

100 Day Moving Average vs Price 50 - 100 Day MACD Oscillator

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011

Key Statistics & Ratios

Valuation Ratios
Company
P/E Ratio (TTM) P/E High - Last 5 Yrs. P/E Low - Last 5 Yrs. Beta Price to Sales (TTM) Price to Book (MRQ) Price to Tangible Book (MRQ) Price to Cash Flow (TTM) Price to Free Cash Flow (TTM) % Owned Institutions 4.19 0.00 0.00 0.44 6.03 1.05 1.05 0.00 107.60 0.0%

Industry
28.73 23.12 8.55 0.81 5.92 1.18 1.09 17.54 13.51 0.0%

S&P 500
19.76 102.31 12.73 1.16 2.08 3.57 6.20 15.75 24.26 0.0%

Growth Rates
Company
Sales (MRQ) vs Qtr. 1 Yr. Ago Sales (TTM) vs TTM 1 Yr. Ago Sales - 5 Yr. Growth Rate EPS (MRQ) vs Qtr. 1 Yr. Ago EPS (TTM) vs TTM 1 Yr. Ago EPS - 5 Yr. Growth Rate Capital Spending - 5 Yr. Growth Rate 422.0% 343.9% 0.0% -18.1% -1.7% 0.0% 0.0%

Industry
4.5% 12.3% 4.7% -4.3% 0.0% -0.4% -7.0%

S&P 500
11.1% 11.0% 8.1% 33.8% 0.0% 7.1% 4.6%

Financial Strength
Company
Quick Ratio (MRQ) Current Ratio (MRQ) LT Debt to Equity (MRQ) Total Debt to Equity (MRQ) Interest Coverage (TTM) 0.00 0.00 0.00 803.42 0.00

Management Effectiveness
Industry
0.00 0.46 86.37 130.40 0.16

S&P 500
0.78 1.15 108.49 145.70 26.93

Company
Return On Assets (TTM) Return On Assets - 5 Yr. Avg. Return On Investment (TTM) Return On Investment - 5 Yr Avg Return On Equity (TTM) Return On Equity - 5 Yr. Avg. 2.4% 0.0% 22.1% 0.0% 23.9% 0.0%

Industry
1.4% 0.9% 1.8% 1.2% 2.0% 1.4%

S&P 500
7.6% 6.8% 9.9% 9.0% 24.2% 21.7%

Profitability
Company
Gross Margin (TTM) Gross Margin - 5 Yr. Avg. EBITD Margin (TTM) EBITD - 5 Yr. Avg. Operating Margin (TTM) Operating Margin - 5 Yr. Avg. Pre-Tax Margin (TTM) Pre-Tax Margin - 5 Yr. Avg. Net Profit Margin (TTM) Net Profit Margin - 5 Yr. Avg. Effective Tax Rate (TTM) Effective Tax Rate - 5 Yr. Avg. 0.0% 0.0% 67.9% 0.0% 81.8% 0.0% 81.8% 0.0% 81.7% 0.0% 0.2% 0.0%

Industry
43.6% 27.6% 0.0% 33.0% 36.3% 21.0% 21.1% 14.2% 21.1% 14.2% 0.5% 0.1%

S&P 500
36.3% 35.1% 0.0% 21.6% 0.0% 16.1% 17.4% 15.7% 13.2% 11.6% 24.0% 25.5%

Efficiency
Company
Revenue/Employee (TTM) Net Income/Employee (TTM) Receivable Turnover (TTM) Inventory Turnover (TTM) Asset Turnover (TTM) 0 0 0.54 0.00 0.03

Industry
207,458 88,938 94.53 0.74 0.08

S&P 500
825,375 111,042 11.05 8.85 0.66

Dividends
Company
Dividend Yield Dividend Yield - 5 Year Avg. Dividend 5 Year Growth Rate Payout Ratio (TTM) 19.9% 0.0% 0.0% 94.8%

Industry
8.8% 2.8% -0.6% 198.4%

S&P 500
2.3% 2.3% 0.0% 32.4%

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011

Earnings & Analyst Data

EPS Estimates
# of Ests.
Quarter Ending Dec-11 Quarter Ending Mar-12 Year Ending Dec-11 Year Ending Dec-12 18 18 12 19

Dividend Payments
Mean Est.
$1.19 $1.19 $5.40 $4.79

High Est.
$1.38 $1.48 $5.69 $6.00

Low Est.
$1.04 $1.04 $4.99 $4.00

Dividend Amount
1.4 1.4 1.4 1.4 1.4

Ex-dividend Date Payable Date

21-Sep-11 21-Jun-11 21-Mar-11 29-Dec-10 29-Dec-10 24-Sep-10 24-Sep-10 28-Jun-10 28-Jun-10 29-Mar-10 29-Mar-10 29-Dec-09 29-Dec-09 30-Sep-09 30-Jun-09 31-Mar-09 29-Dec-08 25-Sep-08 30-Jun-08 ----27-Oct-11 27-Jul-11 27-Apr-11 27-Jan-11 27-Jan-11 27-Oct-10 27-Oct-10 28-Jul-10 28-Jul-10 28-Apr-10 28-Apr-10 26-Jan-10 26-Jan-10 27-Oct-09 27-Jul-09 27-Apr-09 26-Jan-09 10-Oct-08 29-Jul-08 -----

EPS Historical Surprises

Estimates
Quarter Ending Sep-11 Quarter Ending Jun-11 Quarter Ending Mar-11 Quarter Ending Dec-10 Quarter Ending Sep-10 $1.38 $1.38 $1.36 $2.18 $1.22

Actual
$1.39 $1.36 $1.48 $2.50 $1.69

Difference
$0.01 $0.02 $0.12 $0.32 $0.47

Surprise %
1.07% 1.11% 8.76% 14.79% 37.97%

1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4

Analyst Recommendation Summary

Current
Strong Buy (1.0) Moderate Buy (2.0) Hold (3.0) Moderate Sell (4.0) Strong Sell (5.0) Mean Recommendation Current Consensus 8 2 4 0 0 1.7 Moderate Buy

1 Month Ago 2 Months Ago

10 2 3 0 0 1.5 10 2 3 0 0 1.5

3 Months Ago
9 2 3 0 0 1.6

1.5 0.85 1.2 1 0.31 -----

Analyst Upgrades & Downgrades

Date
10-Nov-11 23-Sep-11 8-Jul-10 2-Feb-10 24-Sep-09 24-Sep-09 23-Jul-09 9-Jun-09 12-Mar-09

Price Target Summary

Action
Initiated Initiated Initiated Initiated Downgrade Initiated Downgrade Upgrade Initiated

Research Firm
Compass Point UBS Wunderlich Jefferies & Co JMP Securities Sterne Agee Keefe Bruyette Keefe Bruyette Keefe Bruyette

From
0 0 --Mkt Outperform -Outperform Mkt Perform --

To
Neutral Buy Buy Hold Mkt Perform Neutral Mkt Perform Outperform Mkt Perform

Mean Target: Median Target: High Target: Low Target: No. of Brokers:

$29.68 $30.00 $34.00 $21.00 17

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011

Financial Statements
Balance Sheet
Period Ending
Assets Cash And Cash Equivalents Short Term Investments Net Receivables Inventory Other Current Assets Total Current Assets Long Term Investments Property Plant and Equipment Goodwill Intangible Assets Accumulated Amortization Other Assets Deferred Long Term Asset Charges Total Assets Liabilities Accounts Payable Short/Current Long Term Debt Other Current Liabilities Total Current Liabilities Long Term Debt Other Liabilities Deferred Long Term Liability Charges Total Liabilities

Figures in Millions of US Dollars (exept per share values)

Annual
31-Dec-10
403 13,510 638 --14,475 -----1 -14,476

Quarterly
31-Dec-09
246 4,300 90 --4,625 -----1 -4,626

31-Dec-08
75 -8 ---1,573 ----0 -1,656 1,469 42,271 3,206 --46,891 -----148 -47,039 403 13,510 638 --14,475 -----1 -14,476 200 9,736 432 --10,358 -----1 -10,359 203 7,166 393 --7,754 -----1 -7,755

827 152 11,926 12,904 ---12,904

219 18 3,842 4,079 ---4,079

23 1,346 --29 --1,398

274 2,983 38,842 42,099 ---42,099

827 152 11,926 12,904 ---12,904

1,282 195 7,969 9,446 ---9,446

252 76 6,634 6,963 ---6,963

Stockholders Equity Misc Stocks Options Warrants Redeemable Preferred Stock Preferred Stock Common Stock Retained Earnings Treasury Stock Capital Surplus Other Stockholder Equity Total Stockholder Equity Net Tangible Assets (Book Value) ---1 78 -1,562 (69) 1,572 1,572 ---0 20 -507 19 547 547 ---0 (2) -286 (26) 258 258 ---2 67 -4,829 42 4,940 4,940 ---1 78 -1,562 (69) 1,572 1,572 ---0 31 -881 1 913 913 ---0 25 -739 28 792 792

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011 Income Statement
Period Ending
Total Revenue Cost of Revenue Gross Income Research and Development Selling General and Administrative Non Recurring Others Total Operating Expenses Operating Income or Loss Total Other Income(Expenses) Net Earnings Before Interest And Taxes Interest Expense Income Tax Expense Net Income From Continuing Ops Other Items not from Continuing Operations Net Income attributable to the Company Preferred Stock And Other Adjustments Net Income Applicable To Common Shares

Annual
31-Dec-10
----19 --19 (19) 383 365 76 0 288 -288 -288

Quarterly
31-Dec-09
----11 --11 (11) 174 162 44 0 119 -119 -119

31-Dec-08
66 -66 -6 --6 60 -60 25 -35 -35 -35

30-Sep-11
----21 --21 (21) 368 347 95 1 250 -250 -250

31-Dec-10
----7 --7 (7) 170 163 25 0 138 -138 -138

30-Sep-10
----5 --5 (5) 83 79 19 0 60 -60 -60

30-Jun-10
----4 --4 (4) 58 54 17 -37 -37 -37

Cash Flow Statement

Period Ending
Net Income Operating Activities Depreciation Adjustments To Net Income Changes In Accounts Receivables Changes In Liabilities Changes In Inventories Changes In Other Operating Activities Total Cash Flow From Operating Activities Investing Activities Capital Expenditures Investments Other Cash flows from Investing Activities Total Cash Flows From Investing Activities Financing Activities Dividends Paid Sale Purchase of Stock Net Borrowings Other Cash Flows from Financing Activities Total Cash Flows From Financing Activities Effect Of Exchange Rate Changes Other Liabilities

Annual
31-Dec-10
288 105 (383) (34) 4 -(0) (20)

Quarterly
31-Dec-09
119 36 (46) (16) 0 -(0) 93

31-Dec-08
35 11 (12) (8) 5 -(0) 31

30-Sep-11
250 113 (41) 83 (9) -(90) 305

31-Dec-10
138 33 (321) (34) 4 -19 (160)

30-Sep-10
60 31 (21) 13 0 -(19) 64

30-Jun-10
37 26 (8) (15) 0 -(1) 39

-(8,746) -(8,746)

-(2,566) -(2,566)

-(1,568) -(1,568)

-(5,973) 914 (5,059)

-(4,098) -(4,098)

-(1,585) -(1,585)

-(2,098) -(2,098)

(173) 1,055 16 7,838 8,736 ---

(80) 222 (1) 2,496 2,620 ---

(20) 286 1,346 (19) 1,594 ---

(180) 147 5,145 -5,112 ---

(55) 682 (4,149) 7,838 4,316 ---

(47) 142 1,391 -1,486 ---

(37) 169 1,972 -2,103 ---

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011

Company Insiders
Company Officers
Name
Malon Wilkus Gary Kain John Erickson Samuel Flax Robert Couch Alvin Puryear Morris Davis Randy Dobbs Larry Harvey

Age Since
59 46 51 55 54 74 39 60 46 2011 2011 2008 2008 2008 2008 2011 2011

Current Position
Chairman of the Board, Chief Executive Officer President, Chief Investment Officer Chief Financial Officer, Executive Vice President Executive Vice President, Secretary, Director Director Director Independent Director Independent Director Independent Director

Basic Compensation
----------------

Options
----------------

Options Value
----------------

Insider Transactions
Trading Date
10 Aug 2011 8 Aug 2011 25 Jul 2011 26 Apr 2011 27 Feb 2011 6 Feb 2011 6 Feb 2011 31 Jan 2011 28 Oct 2010 8 Jul 2010 26 May 2010 29 Mar 2010 29 Mar 2010 29 Mar 2010 29 Mar 2010 7 Dec 2009 -----

Name
DAVIS MORRIS A COUCH ROBERT M COUCH ROBERT M DOBBS RANDY E KAIN GARY D HARVEY LARRY K DAVIS MORRIS A KAIN GARY D KAIN GARY D KAIN GARY D KAIN GARY D DOBBS RANDY E DAVIS MORRIS A HARVEY LARRY K KAIN GARY D DOBBS RANDY E -----

Title
Director Director Director Director Chief Investment Officer Director Director Chief Investment Officer Chief Investment Officer Chief Investment Officer Chief Investment Officer Director Director Director Chief Investment Officer Director -----

Type
Sell Buy Buy Buy Buy Buy Buy Sell Buy Sell Buy Buy Buy Buy Buy Buy -----

Shares Traded
3000 2000 3000 3500 53614 3000 3000 755 2500 778 1300 1500 1500 1500 38524 1000 -----

Price
$29.03 $27.97 $0.00 $29.04 $0.00 $0.00 $0.00 $28.76 $28.50 $27.46 $25.64 $0.00 $0.00 $0.00 $0.00 $26.57 -----

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American Capital Agency Corp. (NASDAQ: AGNC)

November 30, 2011

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