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Crexus Investment commences IPO

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Crexus Investment has agreed to sell 13,333,334 shares of common stock in its initial public offering at a price of USD15.00 per share, for gross proceeds of USD200.0m.

Crexus Investment has agreed to sell 13,333,334 shares of common stock in its initial public offering at a price of USD15.00 per share, for gross proceeds of USD200.0m.

Crexus will be externally managed by Fixed Income Discount Advisory Company, a wholly-owned subsidiary of Annaly Capital Management.

The offering is expected to close on 22 September 2009.

Concurrent with this offering, Annaly will acquire 4,527,778 shares of Crexus common stock at a price of USD15.00 per share. The shares of Crexus are scheduled to begin trading on 17 September 2009 on the New York Stock Exchange under the symbol "CXS".

Deutsche Bank Securities and BofA Merrill Lynch are acting as joint book-running managers, with JMP Securities, Keefe, Bruyette & Woods, and RBC Capital Markets acting as co-managers.

Crexus has granted the underwriters a 30-day option to purchase up to an additional 2,000,000 shares of common stock to cover over-allotments, if any.

Crexus Investment is a specialty finance company that will acquire, manage and finance, directly or through its subsidiaries, commercial mortgage loans and other commercial real estate debt, commercial mortgage-backed securities, and other commercial real estate-related assets.

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