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Dividend Reinvestment Plan

Our Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (the "Plan") provides a convenient and economical method for stockholders to purchase or sell MFA Common Stock. The Plan is available to both current MFA stockholders of record as well as to new investors wishing to make an initial purchase of MFA Common Stock. Stockholders can automatically reinvest all or a portion of their dividends in MFA Common Stock as well as make additional cash purchases of MFA Common Stock in amounts ranging between $50 and $10,000 per month. The Plan also enables new investors to make initial investments in MFA Common Stock in amounts ranging from $1,000 to $10,000 per month. In addition, the Plan provides that we may from time to time approve waiver requests for cash purchases of MFA Common Stock exceeding $10,000. The Plan is administered by Mellon Investor Services, LLC.

Plan highlights:

Some important advantages of the Plan to stockholders and new investors and to MFA, as a whole, are as follows:

• When you reinvest your dividends in shares of MFA Common Stock, your dividends will be reinvested at a discount established by MFA from time to time ranging from 0% to 5% of the purchase price of such shares;

• Plan participants may designate that dividends on only a portion of their shares be reinvested in shares of MFA Common Stock, while continuing to receive the dividends on their remaining shares in cash;

• Stockholders may also make additional purchases of MFA Common Stock on a monthly basis, at a discount established by MFA from time to time ranging from 0% to 5% of the purchase price for shares purchased under the Plan, subject to a minimum purchase limit of $50 and a maximum purchase limit of $10,000;

• New investors may become MFA stockholders and Plan participants by making an initial cash investment in MFA, at a discount established by MFA from time to time ranging from 0% to 5% of the purchase price for shares purchased under the Plan, subject to a minimum purchase limit of $1,000 and a maximum purchase limit of $10,000;

• With our prior approval, stockholders and new investors may make monthly purchases of MFA Common Stock, at a discount established by MFA from time to time ranging from 0% to 5% of the purchase price for shares purchased under the Plan, in excess of the maximum purchase limit of $10,000;

• Plan participants can deposit, free of charge, the certificates representing their shares of MFA Common Stock in their Plan account for safekeeping and, unless instructed otherwise, the Plan administrator will automatically credit shares of MFA Common Stock purchased by Plan participants under the Plan to their Plan accounts; and

• To the extent that shares of MFA Common Stock purchased under the Plan are issued by MFA, participation in the Plan by stockholders and new investors increases MFA's equity capital base, which contributes to our continued growth.

Please review the Plan Prospectus for a detailed explanation of the terms and conditions of the Plan.

You may also want to refer to " Frequently Asked Questions" which provides answers to commonly asked questions regarding the Plan, including investment options, how shares are purchased and administered and what costs are related to participating in the Plan. For further information regarding the Plan, please click on the following links:

1. Plan Prospectus
2. Plan Enrollment
3. Enrollment Form
4. Waiver Program
5. Calendar for Purchases
6. Access Your Plan Account

Additional questions regarding the Plan should be directed to the Plan Administrator at:

Mellon Investor Services
P.O. Box 3338
South Hackensack, NJ 07606-1938
Toll free: (866) 249-2610
Website: www.melloninvestor.com

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