Investor Presentaiton

The Macroeconomic State of Affairs The economy is showing signs of a slowdown in light of meaningfully higher interest rates, yet more tightening is likely until inflation slows Q2 2022 Market and Economic Developments Federal Reserve is delivering the fastest series of rate hikes in a generation... Quarterly Change in the Fed Funds Target Rate (1), % U.S. economic growth slowed in the first half and is likely to show moderation in 2022 from the strong pace of growth in 2021 6.0% 5.0% 4.0% 3.0% 2.0% market-implied changes - 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% علماء لسمر זיך TU 1978 1980 1988 1993 1995 2005 2015 2018 2021 Consumption is slowing as rising prices reduce consumer confidence and strain ability to spend despite continued healthy household savings and a sound labor market Inflation continues to be meaningfully elevated, though a slowdown led by goods prices is expected The Federal Reserve delivered the equivalent of five 25 bps rate hikes - the most in a quarter plus announced runoff of its since 1980 portfolio More than seven additional 25 bps rate hikes (2) are anticipated for the second half of the year Volatility remained elevated in Q2 as markets repriced into the rapidly changing outlook for interest rates and the economy more broadly, which has contributed to a weakness in risk assets ...leading to a sharp deterioration in financial conditions and a prospective slowdown in the economy Goldman Financial Conditions Index(1), Index 102 101 100 99 98 97 96 2017 2018 tighter financial conditions 2019 2020 2021 2022 Note: Data as of July 19, 2022, unless otherwise noted. For source information, please refer to the endnotes included at the end of this presentation. Detailed endnotes and a glossary of defined terms are included at the end of this presentation. ANNALY 7

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