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Dynex Capital, Inc. Announces $50 Million Share Repurchase Program

  Dynex Capital, Inc. Announces $50 Million Share Repurchase Program

Business Wire

GLEN ALLEN, Va. -- November 12, 2012

Dynex Capital, Inc. (NYSE: DX) (“Dynex” or the “Company”) announced today that
its Board of Directors has authorized the repurchase of up to $50 million of
its outstanding shares of common stock through December 31, 2014. The Company
will only repurchase shares when the repurchase price per share is less than
the Company’s estimate of the current net book value of a share of common
stock. When Dynex purchases its stock at a discount to book value, it
increases the per share book value of the remaining shares.

As part of the share repurchase program, shares may be purchased in open
market transactions, including through block purchases, through privately
negotiated transactions, or pursuant to any trading plan that may be adopted
in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the
“Exchange Act”). The timing, manner, price and amount of any repurchases will
be determined in the Company’s discretion and the share repurchase program may
be suspended, terminated or modified at any time for any reason. The
repurchase program does not obligate the Company to acquire any specific
number of shares, and all open market repurchases will be made in accordance
with Exchange Act Rule 10b-18, which sets certain restrictions on the method,
timing, price and volume of open market stock repurchases.

Dynex Capital, Inc. is an internally managed mortgage real estate investment
trust, or mortgage REIT, which invests in mortgage assets on a leveraged
basis. The Company invests in Agency MBS, non-Agency MBS, and CMBS. The
Company also has investments in securitized single-family residential and
commercial mortgage loans originated or purchased by the Company during the
1990s. Additional information about Dynex Capital, Inc. is available at
www.dynexcapital.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding the business of Dynex
Capital, Inc. that are not historical facts are “forward-looking statements”
that involve risks and uncertainties. For a discussion of these risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statements, see “Risk Factors” in the Company’s Annual
Report on Form 10-K and other reports filed with the Securities and Exchange
Commission.

Contact:

Dynex Capital, Inc.
Alison Griffin, 804-217-5897