NEWS RELEASE

FOR IMMEDIATE RELEASE

May 28, 2014

CAPITOL FEDERAL FINANCIAL, INC.

ANNOUNCES TRUE BLUE® CAPITOL DIVIDEND

Topeka, KS – Capitol Federal® Financial, Inc. (Nasdaq: CFFN) (the “Company”) announced today that its Board of Directors has declared a TRUE BLUE® CAPITOL dividend of $0.25 per share on outstanding CFFN common stock.  The cash dividend will be paid on June  27, 2014 to holders of record on June 12, 2014.    This dividend will total approximately $34.6 million.

The TRUE BLUE CAPITOL dividend is the result of the Board of Directors’ continued commitment to return value to our stockholders.  The Board decided to pay this named dividend in June, rather than in December like the two previous years, in order to return value to our stockholders more evenly throughout the year.

The Board of Directors of Capitol Federal® Savings Bank (the “Bank”) also announced today that it has voted to make a capital distribution to CFFN in the amount of $36.0 million, which will be paid prior to June 30, 2014.  This additional capital distribution will allow CFFN to pay the $0.25 per share TRUE BLUE CAPITOL dividend and continue with its stock-buyback plan.

For fiscal year 2014, it is the intent of the Board of Directors and management to continue with the payout of 100% of the Company’s earnings to its stockholders.  The payout is currently expected to be in the form of regular quarterly cash dividends and a special year-end cash dividend equal to fiscal year 2014 earnings in excess of the amount paid as regular quarterly cash dividends during fiscal year 2014.   It is anticipated that the fiscal year 2014 special year-end cash dividend will be paid in December 2014.    Dividend payments depend upon a number of factors including the Company's financial condition and results of operations, Capitol Federal Savings Bank’s regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company, and the amount of cash at the holding company.

The Company has not been in the market to purchase stock while this named dividend was under consideration.  Following this release, the Company will be in the market at appropriate times and pricing levels to repurchase stock.  The current stock-buyback plan has approximately $72.4 million available for the repurchase of stock.

It is anticipated that this dividend will result in an additional $1.1 million of compensation expense in the current fiscal year as a result of dividends paid on unallocated shares in the Employee Stock Ownership Plan offset by an expected reduction in the effective income tax rate by approximately 30 to 40 basis points in the current fiscal year.

Capitol Federal Financial, Inc. is the holding company for Capitol Federal Savings Bank, which operates 47 branch offices in Kansas and Missouri.  News and other information about the Company can be found on the Bank’s website, http://www.capfed.com.

Except for the historical information contained in this press release, the matters discussed may be deemed to be forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, including changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies and other governmental initiatives affecting the financial services industry, fluctuations in interest rates, demand for loans in the Company’s market area, the future earnings and capital levels of Capitol Federal Savings Bank, which could affect the ability of the Company to pay dividends in accordance with its dividend policies, competition, and other risks detailed from time to time in documents filed or furnished by the Company with SEC.  Actual results may differ materially from those currently expected.  These forward-looking statements represent the Company’s judgment as of the date of this release.  The Company disclaims, however, any intent or obligation to update these forward-looking statements.