Hatteras Financial Corp. Declares Third Quarter 2011 Dividend of $1.00 Per Share

The Board of Directors of Hatteras Financial Corp. (NYSE: HTS) (“Hatteras” or the “Company”) today declared a quarterly dividend of $1.00 per common share for the third quarter of 2011. The dividend will be paid on October 21, 2011, to shareholders of record on September 23, 2011, with an ex-dividend date of September 21, 2011.

“We are pleased to be able to distribute another quarterly dividend of $1.00 per share despite volatile market conditions”, said Michael R. Hough, Chairman and CEO of the Company. “Last week, the SEC issued a “concept release” requesting comments on the existing exemption from investment company regulation for mortgage REITs and other mortgage investment vehicles. We are comfortable with the SEC’s approach to better understanding our business and the mortgage REIT sector, given the long period of time since this exemption was reviewed and the many developments in the financial and mortgage markets since then.

“The SEC’s evaluation process is in an early stage and will take considerable time for resolution. Hatteras will be participating in the comment process and we want to emphasize that this does not impact the tax-exempt status afforded REITs under the Internal Revenue Code. We look forward to the clarity the evaluation may provide the mortgage REIT space and believe any clarification should be designed to provide the agency REIT business model appropriate flexibility to continue providing important, private capital to the U.S. mortgage market.

“At Hatteras, we remain focused on being disciplined investors, playing a meaningful role in housing finance as the government’s involvement is reduced, and continuing to produce attractive risk-adjusted long-term returns for our shareholders,” Mr. Hough concluded.

About Hatteras Financial Corp.

Hatteras Financial is a real estate investment trust formed in 2007 to invest in single-family residential mortgage pass-through securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Based in Winston-Salem, N.C., Hatteras is managed and advised by Atlantic Capital Advisors LLC. Hatteras is a component of the Russell 2000® and the Russell 3000® indices.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," “will,” "expect," "intend," "anticipate," "estimate," “should,” "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Forward-looking statements in this press release include statements about market conditions and developments in regulatory schemes applicable to mortgage REITs including the Company. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company’s most recent Annual Report on Form 10-K as updated in its Quarterly Reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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