Connecticut Avenue Securities Investor Presentation

Credit Enhancement Levels Have Increased With Seasoning % Cumulative Prepay Deals are structured to result in bond de-levering as loans pay down 2016-2019 CAS M2 Bond Changes in Credit Enhancement 50% 120% 40% 30% 20% 10% 0% 3 4 7 7 10 11 13 14 15 19 20 20 22 23 25 27 28 30 30 33 33 34 36 37 39 40 42 43 46 46 50 50 50 Months since Issuance Source: Fannie Mae, Bloomberg 14 O 2021 Fannie Mae. % Cum Prepay % Change in CE (RHS) 110% % Chg in Credit Enhancement 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

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