ARMOUR Residential REIT : Whistleblower Policy

WHISTLEBLOWER POLICY AND

PROCEDURES OF

ARMOUR RESIDENTIAL REIT, INC.

1. Purpose
   Section 301 of the Sarbanes-Oxley Act of 2002 ("SOX") requires the Audit Committee (the "Audit Committee") of ARMOUR Residential REIT, Inc. (the "Company") to establish formal procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters, and (ii) the submission of concerns regarding questionable accounting or auditing matters by officers and directors of the Company and employees of the Company's external manager on a confidential and anonymous basis.
   The Company is committed to achieving compliance with all applicable securities laws and regulations, accounting standards, accounting controls and audit practices. Accordingly, in order

to facilitate the reporting of concerns and complaints, the Company's Audit Committee has

established the following procedures for (1) the receipt, retention and treatment of	complaints
regarding	accounting, internal accounting controls, or auditing matters, including	concerns
regarding	questionable accounting or auditing matters (collectively, "Accounting	Matters"),

complaints regarding possible violations of federal securities laws or regulations (collectively, "Federal Securities Laws Matters"), and complaints regarding violations of the Company's Code of Business Conduct and Ethics (collectively, "Ethics Matters"), and (2) the submission by officers and directors of the Company and employees of the Company's external manager or other individuals on an anonymous basis, of concerns regarding Accounting Matters, Federal Securities Laws Matters or Ethics Matters.

1. Process Administration and Oversight
   This policy is administered by the Company's external legal counsel, Holland & Knight LLP ("H&K"), is overseen by the Audit Committee and is approved by the Audit Committee.

1. Submission of Complaints
   Officers and directors of the Company and employees of the Company's external manager and other individuals with concerns regarding Accounting Matters, Federal Securities Laws Matters or Ethics Matters may report their concerns anonymously using the Company's Whistleblower Hotline managed by Syntrio Lighthouse Services. Syntrio Lighthouse Services' toll-free number and other methods of reporting are available 24 hours a day, 7 days a week. Reporting of complaints may be submitted in the following ways:
2. 1. Website: https://report.syntrio.com/armourcap
   2. Anonymous Reporting App: Keyword: armourcap
      a. Detailed app instructions can be downloaded here

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1. Toll-FreeTelephone:
2. 1. English-speakingUSA and Canada: 833-380-8900
   2. Spanish-speakingUSA and Canada: 800-216-1288
   3. Spanish-speakingMexico: 800-681-5340
   4. French-speakingCanada: 855-725-0002
3. E-mail:[e-mail] (must include company name with report)
4. Fax: [phone] (must include company name with report)

IV. Scope of Matters Covered by this Policy

This policy addresses complaints relating to any (i) questionable accounting or auditing matters, or

1. 1. violations of the Company's ethics codes, including, without limitation, the following:
   2. 1. fraud or deliberate error in the preparation, evaluation, review or audit of any financial statement of the Company;
      2. fraud or deliberate error in the recording and maintaining of financial records of the Company;
      3. deficiencies in or noncompliance with the Company's internal audit controls;
      4. misrepresentation or false statement to or by a senior officer or accountant regarding a matter contained in the financial records, financial reports or audit reports of the Company;
      5. deviation from full and fair reporting of the Company's financial condition;
      6. violations of the Company's Code of Business Conduct and Ethics; or
      7. retaliation or discrimination against anyone who, in good faith, makes a complaint or participates in an investigation pursuant to this policy.
2. Treatment of Complaints
   Syntrio Lighthouse Services promptly forwards to members of the Audit Committee and H&K any reports that it has received regarding Accounting Matters, Federal Securities Laws Matters or Ethics Matters. Complaints relating to Accounting Matters, Federal Securities Laws Matters or Ethics Matters will be reviewed by the Audit Committee and under the advisement of H&K or such other persons as the Audit Committee determines to be appropriate. Confidentiality will be maintained to the fullest extent possible, consistent with the need to conduct an adequate review. In connection with the investigation of a complaint, the Audit Committee and H&K, as authorized by the Audit Committee, may consult with, and obtain the assistance of, any member of Company management who is not the subject of the complaint. In addition, the Audit Committee may, in its or his or her sole discretion, retain independent accounting or other advisors as may be necessary or appropriate. Prompt and appropriate corrective action will be taken when and as warranted in the judgment of the Audit Committee. The Company will not discharge, demote, suspend, threaten, harass or in any manner discriminate or retaliate, directly or indirectly, against any officer or director of the Company or employee of the Company's external manager in the terms and conditions of his or her employment based upon any lawful actions of such person or any other individual in any manner with respect to good faith reporting of complaints regarding Accounting Matters, Federal Securities Laws Matters, Ethics Matters or otherwise as specified in Section 806 of SOX.

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VI. Reporting and Retention of Complaints and Investigation

Syntrio Lighthouse Services will maintain a log of all complaints. H&K will maintain documentation related to any investigation needed and the resolution. H& K shall also prepare a periodic summary report thereof for the Audit Committee.

VII. Publication

This policy shall be communicated to all officers and directors of the Company and employees of the Company's external manager and posted on the Company's web site.

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CERTIFICATION

The undersigned, officer or director of ARMOUR Residential REIT, Inc., or of the Company's subsidiaries and/or related corporations, hereby certifies that he/she has carefully read and understands and agrees to comply with the Company's Whistleblower Policy and Procedures, a copy of which was distributed to the undersigned along with this Certification.

Date:

(Signature)

(Print Name)

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