Solid Cash Flows: Fed Tightening

Solid Cash Flows in a Fed Tightening Environment (1) Dividends Per Share & Core EPS $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 1Q17 Dividends Per Share vs. Core EPS vs. Fed Funds Rates 2Q17 3Q17 DX Dividends 4Q17 1Q18 DX Core EPS 2Q18 3Q18 Fed Funds Rate (1) Core net operating income to common shareholders on a per share basis. Reconciliations for non-GAAP measures are presented on slide 29. 4Q18 1Q19 -2.5% -2.0% 1.5% 1.0% 0.5% -0.0% DYNEX CAPITAL INC. U.S. Federal Funds Rate 13

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