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CYS Investments, Inc. Announces Pricing Of Public Offering Of Series A Cumulative Redeemable Preferred Stock

CYS Investments, Inc. (NYSE: CYS) (the "Company") today announced that it priced an underwritten public offering of 3,000,000 shares of its 7.75% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), liquidation preference $25.00 per share, for gross proceeds of $75 million, before deducting underwriting discounts and estimated offering expenses.

The Company has granted the underwriters an option for 30 days to purchase up to an additional 450,000 shares of the Series A Preferred Stock to cover over-allotments. The offering is subject to customary closing conditions and is expected to close on August 3, 2012.

The Company intends to use the net proceeds of the offering to invest in Agency RMBS and for general corporate purposes.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint book-running managers for the offering. RBC Capital Markets, Stifel Nicolaus & Company Incorporated, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are acting as co-managers.

The offering is being made pursuant to the Company's existing shelf registration statement previously filed with the Securities and Exchange Commission that became effective upon filing. This press release is neither an offer to sell nor a solicitation of an offer to buy shares of Series A Preferred Stock. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting:

Morgan Stanley & Co. LLCAttention: Prospectus Department1585 BroadwayNew York, NY 10036-6775Email: prospectus@morganstanley.comTelephone: (866) 718-1649

Citigroup Global Markets Inc.Attention: Prospectus DepartmentBrooklyn Army Terminal140 East 58 th Street, 8 th FloorBrooklyn, NY 11220Email: BATProspectusdept@citi.comTelephone: (877) 858-5407

UBS Securities LLCAttention: Prospectus Department299 Park AvenueNew York, NY 10171Telephone: (877) 827-6444, ext. 561-3884

The prospectus supplement and the accompanying prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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