FOR IMMEDIATE RELEASE

ELLINGTON FINANCIAL LLC CLARIFIES REPORT OF ITS

ESTIMATED BOOK VALUE PER SHARE AS OF NOVEMBER 30, 2010

NEW YORK, DECEMBER 9, 2010 — Ellington Financial LLC (NYSE: EFC) (“Ellington Financial” or the “Company”) today announced a clarification to its December 7, 2010 report of its estimated book value per common share as of November 30, 2010. The estimated book value per common share as of November 30, 2010, of $25.10, or $24.53 on a diluted basis, that the Company reported on December 7, 2010, did not give effect to the previously announced dividend of $0.80 per common share and long term incentive plan unit payable on December 15, 2010 to holders of record as of December 1, 2010, with an ex-dividend date of November 29, 2010. If this dividend were taken into account, the Company’s estimated book value per common share as of November 30, 2010, would be $24.28, or $23.73 on a diluted basis. These estimates are subject to change upon completion of the Company’s month-end valuation procedures relating to its investment positions, and any such change could be material. For month-end reports of its estimated book value per common share, the Company’s valuation procedures are generally less comprehensive than the valuation procedures employed for the Company’s quarterly and year-end financial statements, as the Company does not necessarily solicit third party valuations on substantially all of its assets, nor do the Company’s registered independent public accountants generally perform the types of reviews or audits that they do for the Company’s quarterly or annual financial statements. It is possible that, if the Company were to undertake a more comprehensive valuation analysis and/or obtain a review or audit from its accountants for its month-end report, it could determine that its book value per common share as of November 30, 2010 differs materially from the estimate set forth above. There can be no assurance that the Company’s estimated book value per common share as of November 30, 2010 is indicative of what the Company’s results are likely to be for the three month period ending December 31, 2010 or in future periods.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. The Company’s results can fluctuate from month to month depending on a variety of factors, some of which are beyond the Company’s control and/or are difficult to predict, including, without limitation, changes in interest rates, changes in mortgage default rates and prepayment rates, and other changes in market conditions and economic trends. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under the heading “Risk Factors” set forth in Exhibit 99.2 to our Current Report on Form 8-K filed on November 17, 2010, which can be accessed through the link to our SEC filings under “For Our Shareholders” on our website (www.ellingtonfinancial.com). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission (SEC), including reports on Forms 10-Q, 10-K and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

This release and the information contained herein do not constitute an offer of any securities or solicitation of an offer to purchase securities.

About Ellington Financial LLC

Ellington Financial LLC is a specialty finance company that specializes in acquiring and managing mortgage-related assets, including residential mortgage backed securities backed by prime jumbo, Alt-A and subprime residential

mortgage loans, residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity and mortgage-related derivatives, as well as corporate debt and equity securities and derivatives. Ellington Financial LLC is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.