Dynex Capital Culture Company

Ms. Alison G. Griffin has been the Vice President of Investor Relations and Human Resources at Dynex Capital Inc. since June 1998 and earlier served as its Assistant Vice President of Investor Relations and Human Resources.

Smriti L. Popenoe has served as Executive Vice President and Co-Chief Investment Officer of Dynex Capital, Inc. since January 2014; Chief Risk Officer of PHH Corporation between 2010 and 2013; Senior Vice President, Balance Sheet Management, of Wachovia Bank, from 2006 to 2009.

Stephen J. Benedetti serves as Executive Vice President, Chief Operating Officer and Chief Financial Officer of Dynex Capital, Inc. (the ???Company???). He has been with the Company since 1994, and has served in multiple roles in finance, accounting, tax, risk management and operations during his tenure, including acting as Chief Executive Officer from 2002 to 2007. Mr. Benedetti has extensive experience in managing the operations of mortgage-related real estate investment trusts. From March 1992 until September 1994, and he served as Director of Accounting and Financial Reporting for National Housing Partnerships. Mr. Benedetti also served as Audit Manager for Deloitte & Touche from 1985 to 1992, where he provided audit and consulting services to various clients, primarily in the financial services and real estate industries. Mr. Benedetti graduated from Virginia Tech with a B.S. in Accounting and is a Certified Public Accountant (CPA).