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Dynex Capital, Inc. Declares First Quarter Common Stock Dividend

  Dynex Capital, Inc. Declares First Quarter Common Stock Dividend

Business Wire

GLEN ALLEN, Va. -- March 15, 2013

Dynex Capital, Inc. (NYSE: DX) announced today that it will pay a dividend of
$0.29 per common share for the first quarter of 2013 on April 30, 2013 to
shareholders of record on April 1, 2013. There is no dividend reinvestment
discount for first quarter dividends reinvested through the Company's Dividend
Reinvestment and Share Purchase Plan.

Dynex Capital, Inc. is an internally managedreal estate investment trust, or
REIT, which invests in mortgage assets on a leveraged basis. The
Companyinvests in Agency and non-Agency RMBS and CMBS. The Companyalso has
investments in securitized single-family residential and commercial mortgage
loansoriginated by the Companyfrom 1992 to 1998. 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 regardingthe business of Dynex
Capital, Inc.that are not historical facts are “forward-looking statements”
that involve risks and uncertainties. For a discussion ofthese 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