CYS Investments, Inc. (NYSE: CYS) (the "Company") announced today preliminary estimates of select financial data for the fourth quarter of 2011 and as of December 31, 2011.

The Company estimates that, when finally determined, for the quarter ended December 31, 2011 net income will be in the range of $0.51 to $0.55 per share.

The Company expects that, when finally determined, net asset value per share as of December 31, 2011 will be in the range of $12.98 and $13.03. The Company estimates that as of December 31, 2011, the fair value of its portfolio was approximately $9.5 billion, and that its leverage ratio, calculated by dividing (i) its repurchase agreements balance plus its payable for securities purchased minus our receivable for securities sold (ii) by net assets, at December 31, 2011 was in the range of 7.7 - 7.9 to 1.

The preliminary estimated ranges of net income, net asset value per share and leverage ratio and our preliminary estimate of the fair value of our portfolio are subject to revision as we prepare our financial statements for the year ended and as of December 31, 2011, including all disclosures required by accounting principles generally accepted in the United States ("U.S. GAAP") and as our auditors conduct their audit of these financial statements. Factors that could cause these preliminary estimates to differ include, but are not limited to: (i) additional adjustments in the calculation of financial results for, or net asset value as of, the year end date, or the application of accounting principles, (ii) discovery of new information that alters expectations about fourth quarter and year end results or impacts valuation methodologies underlying these results, (iii) errors in the assessment of portfolio value and net asset value, and (iv) accounting changes required by U.S. GAAP.

About CYS Investments, Inc.

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

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