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ARMOUR Residential closes acquisition of JAVELIN Mortgage

ARMOUR ResidentialREIT Inc. on April 6 completed its acquisition of JAVELINMortgage Investment Corp. through a second-step merger.

At the effective time of the merger, all of the remaining outstandingcommon shares of JAVELIN not purchased in the tender offer were converted into theright to receive $7.18 per share in cash. The aggregate cost of acquiring the tenderedshares was about $48.7 million, and the aggregate cost of the remaining shares tobe purchased is about $36.5 million.

Upon consummation of the merger, JAVELIN became a wholly ownedsubsidiary of ARMOUR. JAVELIN's stock will stop trading on The New York Stock Exchangebefore the market opens April 7.

Lazard Frères and Co. LLC served as financial adviser to ARMOURand provided a fairness opinion to ARMOUR's board of directors. Akerman LLPserved as ARMOUR's legal counsel.

JMP Securities LLC served as financial adviser to the independentspecial committee of the board of directors of JAVELIN. Duane Morris LLP andVenable LLP provided legal advice to that special committee. Wachtell LiptonRosen & Katz served as legal counsel to JAVELIN.