Western Asset Mortgage Capital Corporation Announces Share Repurchase Program

Western Asset Mortgage Capital Corporation Announces Share Repurchase Program

PR Newswire

PASADENA, Calif., Nov. 19, 2012

PASADENA, Calif., Nov. 19, 2012 /PRNewswire/ --Western Asset Mortgage Capital
Corporation (NYSE: WMC) today announced that its Board of Directors has
authorized the repurchase of up to 2.4 million shares of its common stock
through December 31, 2013. Purchases made pursuant to the program will be
made in the open market, in privately negotiated transactions, or pursuant to
any trading plan that may be adopted in accordance with Rules 10b5-1 and
10b-18 of the Securities and Exchange Commission. The authorization does not
obligate the Company to acquire any particular amount of common shares and the
program may be suspended or discontinued at the Company's discretion without
prior notice. The timing, manner, price and amount of any repurchases will be
determined by the Company in its discretion and will be subject to economic
and market conditions, stock price, applicable legal requirements and other
factors. 

"This share repurchase authorization reflects the Company's continued
commitment to enhancing shareholder value," said Gavin James, Chief Executive
Officer of Western Asset Mortgage Capital Corporation. "We believe providing
the opportunity to repurchase shares, especially when prices are materially
below our estimated net book value, represents an attractive additional tool
to generate value for our shareholders."

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION

Western Asset Mortgage Capital Corporation is a REIT that invests primarily in
Agency RMBS, which are residential mortgage-backed securities for which the
principal and interest payments are guaranteed by a U.S. Government agency
(such as GNMA) or a U.S. Government-sponsored entity (such as FNMA or FHLMC).
The Company may opportunistically supplement its portfolio by investing in its
potential target assets, which include residential mortgage-backed securities
that are not guaranteed by a U.S. Government agency or sponsored entity,
commercial mortgage-backed securities and other asset-backed securities. The
Company is externally managed and advised by Western Asset Management Company,
an investment advisor registered with the SEC and a wholly-owned subsidiary of
Legg Mason, Inc.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking
statements." Operating results are subject to numerous conditions, many of
which are beyond the control of the Company, including, without limitation,
changes in interest rates; changes in the yield curve; changes in prepayment
rates; the availability and terms of financing; general economic conditions;
market conditions; conditions in the market for mortgage related investments;
legislative and regulatory changes that could adversely affect the business of
the Company; and other factors, including those set forth in the Risk Factors
section of the Company's quarterly report on Form 10-Q for the period ended
September 30, 2012 filed with the Securities and Exchange Commission ("SEC")
and the Company's registration statement on Form S-11 for the Company's
follow-on common stock offering, as filed with and declared effective by the
SEC on September 28, 2012. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this release,
except as required by law.

SOURCE Western Asset Mortgage Capital Corporation

Contact: Investor Relations, Larry Clark, Financial Profiles, Inc., (310)
478-2700, x29, lclark@finprofiles.com; or Media, Tricia Ross, Financial
Profiles, Inc., (916) 939-7285, tross@finprofiles.com
 
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