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Press Release

CYS Investments, Inc. Announces Public Offering of Common Stock

NEW YORK--(BUSINESS WIRE)--Jan. 26, 2012-- CYS Investments, Inc. (NYSE: CYS) (the "Company") today announced that it plans to make a public offering of 25,000,000 shares of its common stock. The Company also plans to grant the underwriters an option for 30 days to purchase up to an additional 3,750,000 shares of common stock solely to cover over-allotments.

Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., UBS Securities LLC, and BofA Merrill Lynch are joint bookrunners for the offering.

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

The offering will be 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 common 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:

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
One Madison Avenue
New York, NY 10010
Email: newyork.prospectus@credit-suisse.com
Telephone: (800) 221-1037

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Email: barclaysprospectus@broadridge.com
Telephone: (888) 603-5847

Deutsche Bank Securities Inc.
Attention: Prospectus Department
Harborside Financial Center
100 Plaza One
Jersey City, NJ 07311-3988
Email: prospectus.cpdg@db.com
Telephone: (800) 503-4611

UBS Securities LLC
Attention: Prospectus Department
299 Park Avenue
New York, NY 10171
Telephone: (888) 827-7275

BofA Merrill Lynch
Attention: Prospectus Department
4 World Financial Center
New York, NY 10010
Email: dg.prospectus_requests@baml.com

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.

About CYS Investments, Inc.

CYS Investments, Inc. is a specialty finance company that invests on a leveraged basis in residential mortgage pass-through securities for which the principal and interest payments are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. CYS Investments has elected to be taxed as a real estate investment trust for federal income tax purposes.

Forward Looking Statements Disclaimer

This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995, including with regard to the Company's planned offering of common stock and the anticipated use of proceeds. Forward-looking statements typically are identified by use of the terms such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. No assurance can be given that the offering discussed above will be consummated on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Consummation and the terms of the offering, and the application of the net proceeds of the offering, are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to us, including, without limitation, market conditions and those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, which have been filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: CYS Investments, Inc.

CYS Investments, Inc.
Richard E. Cleary, 617-639-0440
Chief Operating Officer