OPX Opteum Inc.

Opteum Incorporated (NYSE:OPX), a real estate investment trust (REIT) that invests in residential mortgage-related securities and originates loans through its taxable REIT subsidiary, Opteum Financial Services, today announced the appointment of J. Christopher Clifton as senior vice president, general counsel and chief compliance officer, effective May 15, 2006. Clifton will report to Jeffrey J. Zimmer, chairman, president and chief executive officer, and joins Opteum from PPG Industries, Inc., a global manufacturer of coatings, glass, fiber glass and chemicals, where he was most recently the primary attorney supporting PPG's Industrial Coatings business unit. Prior to that, he served as PPG's finance and securities counsel, and was previously an associate with Pillsbury Winthrop LLP, where he focused principally on corporate, mergers and acquisitions, securities and finance matters. "We are delighted to have Chris join us as we continue to aggressively pursue our business objectives," said Zimmer. "With his multidisciplinary legal, financial and accounting expertise, we are confident that Chris will be a valuable contributor to our senior management team." A graduate of Vanderbilt University School of Law and the Owen Graduate School of Management at Vanderbilt, Clifton holds an MBA in finance, is a Certified Public Accountant and is admitted to the bars of New York, Connecticut, Pennsylvania and Indiana. He is also a former director of the Western Pennsylvania Chapter of the Association of Corporate Counsel and a former Treasurer of the Pittsburgh Chapter of the Society of Corporate Secretaries and Governance Professionals. About Opteum Opteum Inc. is a real estate investment trust (REIT), which operates an integrated mortgage-related investment portfolio and mortgage origination platform. The REIT invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its earnings are based on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. Opteum's mortgage origination platform, Opteum Financial Services, LLC, originates, buys, sells, and services residential mortgages from 35 offices throughout the United States and operates as a taxable REIT subsidiary.