Dynex Capital Inc.

Thomas B. Akin, has been a director of the Company since May 2003, and Chairman since May 30, 2003. He has also served as the managing general partner of Talkot Capital, LLC located in Sausalito, California since 1995. Talkot Capital is the general partner for various limited partnerships investing in both private and public companies. From 1981 to 1994, Mr. Akin worked for the Merrill Lynch Institutional Services as regional director for both the San Francisco and Los Angeles areas, followed by managing director of the Western United States. Prior to Merrill Lynch, Mr. Akin was an employee of Salomon Brothers from 1978 to 1981. He is currently on the board of directors of Acacia Research Inc., CombiMatrix, and Advance Data Exchange. Mr. Akin holds a BA from the University of California at Santa Cruz, and an MBA in finance from the UCLA Anderson School of Management

Peter Blaney is the President of Tancho Innovation Capital. He is also President and founder of Dynex Capital Corporation, a venture capital company that specializes in early stage biotechnology. He works directly with all companies in the Dynex Capital portfolio. He has had extensive entrepreneurial experience in all areas of corporate strategy and development, including finance, sales, marketing, production and operations, human resources, and general administration. Mr. Blaney received an M.P.A. and an M.B.A. from Queen's University.

Daniel K. Osborne (44) has been a director of the Company since 2005. Mr. Osborne has been Managing Member of Vantage Pointe Capital, LLC, an investment advisory firm that serves as the general partner of Vantage Pointe Capital Partners LP, and provides research and other services to various private investment funds. Prior to founding Vantage Pointe Capital, LLC in 2003, Mr. Osborne was a co-founder of Apex Mortgage Capital, Inc. He was Apex Mortgage Capital s Chief Operating Officer and Chief Financial Officer from September 1997 to September 2001. Concurrently with his role with Apex Mortgage Capital, Inc., Mr. Osborne was a Managing Director of Trust Company of The West from July 1994 to December 2001. Mr. Osborne began his career with Deloitte & Touche, LLP. He holds a B.S. degree in accounting from Arizona State University.

Barry Igdaloff, has been a director of the Company since November 2000. Mr. Igdaloff has been a registered investment advisor and the sole proprietor of Rose Capital, Inc. in Columbus, Ohio, since 1995. Mr. Igdaloff graduated from Indiana University in 1976 with a B.S.B. in Accounting and from The Ohio State University in 1978, with a J.D. in law. Mr. Igdaloff is a non-practicing certified public accountant and a non-practicing attorney.

James C. Wheat, III (56) joined the Board of Directors in August 2008. Mr. Wheat is the co-founder and managing director of Colonnade Capital Corporation, a private equity firm dedicated to sponsoring friendly growth buyouts of middle market companies. Since 1995, Mr. Wheat has also been the manager of Jasper, LLC, an investment firm investing in publicly traded securities, hedge funds, private equity and debt, and real estate, and has been the manager of Blandfield Associates, LLC, a timberland and working farm, since 1992. In addition, Mr. Wheat has been a general partner of Riverfront Partners since 1992. He was the managing director and a member of the board of directors of Wheat First Butcher Singer (formerly Wheat, First Securities) from 1984 to 1993. Mr. Wheat earned a B.A. from Hampden-Sydney College in 1975 and an M.B.A. from the University of Virginia in 1978.

Leon A. Felman currently serves as the managing operating partner of Sage Systems Liquidating Trust, LLC and as the managing partner of Felman Family Partnership, LP. He has been a private investor in financial institutions since 1999. Mr. Felman serves as a board member of New York Stock Exchange listed, Dynex Capital, Inc.