Leading Proxy Advisory Firm ISS Recommends That Anworth Stockholders Elect All Six Of Anworth's Director Nominees

Leading Proxy Advisory Firm ISS Recommends That Anworth Stockholders Elect All
                      Six Of Anworth's Director Nominees

ISS Rejects Every One of Activist Hedge Fund Western Investment LLC's Nominees

PR Newswire

SANTA MONICA, Calif., May 9, 2014

SANTA MONICA, Calif., May 9, 2014 /PRNewswire/ --Anworth Mortgage Asset
Corporation (NYSE: ANH) today announced that Institutional Shareholders
Services (ISS) one of the nation's leading proxy advisory firms, has rejected
every one of Western Investment LLC's director nominees and recommends that
Anworth stockholders vote for the election of all six of Anworth's director
nominees on the WHITE proxy card at the Company's 2014 Annual Meeting of
Stockholders, to be held on May 22, 2014.

Commenting on the ISS report, Anworth issued the following statement:

  We are extremely pleased that ISS has concluded that no change whatsoever to
  Anworth's Board of Directors is warranted and recognizes Anworth's highly
  qualified and experienced director nominees. Under the stewardship of
  Anworth's Board of Directors and management, Anworth is well-positioned to
  continue delivering positive results and creating long-term value for all

  With a proven track record and intense focus on building long-term
  stockholder value through strategic equity issuances and accretive buybacks,
  Anworth's Board and management are committed to positioning the Company for
  increased growth, dividend income and steady investment returns. Anworth's
  Board is active and engaged and our directors possess skills and experience
  across a wide range of disciplines and industries that are critical to
  Anworth's business. Our directors and management team have more than 80
  years of combined experience in the mortgage REIT industry.

  We are confident that Anworth has the right Board, the right management team
  and the right investment strategy to deliver sustainable long-term returns
  to all stockholders. We strongly urge all Anworth stockholders to follow the
  recommendation of ISS and vote"FOR" our director nominees on the WHITE
  proxy card today.

In its May 9, 2014 report, ISS stated*:

- "It is perhaps especially telling that the key parts of the dissidents plan
appear to be actions the new board has already identified and begun

- "[I]t is both clear that the board has been responsive to shareholders, and
unclear what else a new board and new management team would do. The dissidents
have not articulated, nor does there appear to be, a clear course of action
that should be taken instead of what the board is currently doing: an
increased share buyback, formation of a strategic review committee, creating a
new strategic plan, and engaging a credible investment bank to explore
strategic alternatives."

- "As the dissident has not made a compelling case that change at the board
level is warranted, votes on the WHITE card FOR all management nominees are

Anworth stockholders are reminded that their vote is extremely important, no
matter how many or how few shares they own. We urge stockholders to vote for
the Company's six director-nominees: Messrs. Lloyd McAdams, Lee A. Ault III,
Joe E. Davis, Robert C. Davis, Joseph E. McAdams and Mark S. Maron – and
reject Western Investment LLC's ("Western") nominees on the WHITE proxy card

The Anworth Board urges stockholders not to sign or return any gold proxy card
they may receive from or on behalf of Western. Stockholders are urged not to
return the gold card, even to vote against Western's nominees, as doing so
will only cancel out any previous vote cast for the Board's director nominees.

* Permission to use quotations was neither sought nor obtained.

If you have questions or need assistance voting your WHITE proxy card, please 

MacKenzie Partners, Inc.
105 Madison Avenue
New York, New York 10016
Call Collect: (212) 929-5500
Toll-Free (800) 322-2885

About Anworth Mortgage Asset Corporation
Anworth is an externally-managed mortgage real estate investment trust. Our
principal business is to invest primarily in securities guaranteed by the U.S.
Government, such as Ginnie Mae, or guaranteed by federally sponsored
enterprises, such as Fannie Mae or Freddie Mac. A small part of our business
also consists of home rentals, where we acquire single-family residential
properties within our target markets and lease them to quality tenants. We
seek to generate income for distribution to our shareholders primarily based
on the difference between the yield on our mortgage assets and the cost of our
borrowings. We are managed by Anworth Management, LLC, or the Manager,
pursuant a management agreement. The Manager is subject to the supervision and
direction of our Board of Directors and is responsible for (i) the selection,
purchase and sale of our investment portfolio; (ii) our financing and hedging
activities; and (iii) providing us with management services and other services
and activities relating to our assets and operations as may be appropriate.
Our common stock is traded on the New York Stock Exchange under the symbol
"ANH." Anworth is a component of the Russell 2000® Index.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
This news release may contain forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are based upon our current expectations
and speak only as of the date hereof. 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," "assume," "estimate," "intend," "continue," or other similar
terms or variations on those terms or the negative of those terms. Our actual
results may differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors and uncertainties,
including but not limited to, changes in interest rates; changes in the market
value of our mortgage-backed securities; changes in the yield curve; the
availability of mortgage-backed securities for purchase; increases in the
prepayment rates on the mortgage loans securing our mortgage-backed
securities; our ability to use borrowings to finance our assets and, if
available, the terms of any financing; risks associated with investing in
mortgage-related assets; changes in business conditions and the general
economy, including the consequences of actions by the U.S. government and
other foreign governments to address the global financial crisis;
implementation of or changes in government regulations affecting our business;
our ability to maintain our qualification as a real estate investment trust
for federal income tax purposes; our ability to maintain an exemption from the
Investment Company Act of 1940, as amended; risks associated with our home
rental business; and the Manager's ability to manage our growth. Our Annual
Report on Form 10-K and other SEC filings discuss the most significant risk
factors that may affect our business, results of operations and financial
condition. We undertake no obligation to revise or update publicly any
forward-looking statements for any reason.

SOURCE Anworth Mortgage Asset Corporation

Contact: John T. Hillman @ 310/255-4438 or 310/255-4493
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