Connecticut Avenue Securities Investor Presentation

Summary of Key Tax, Legal and Regulatory Considerations Issuer Topic CAS direct debt Fannie Mae Registration Offering Restrictions Regulation S Sales to REITS Tax treatment Exempt under Fannie Mae Charter Act Within the U.S.: Notes offered only to "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act. Outside the U.S.: Notes offered only to non-U.S. persons pursuant to Regulation S of the Securities Act. CAS are deemed to be government securities for purposes of the REIT tax tests, so are qualifying assets for REITs, but generally are less attractive because they do not produce qualifying real property income for REITs. M1 and M2 are debt for tax B1 is a contingent notional principal contract for tax CAS REMIC CAS REMIC Trust, a wholly-owned, non-consolidated subsidiary of Fannie Mae. Fannie Mae is sponsor and depositor Exempt under 144A Within the U.S.: Notes offered only to "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act. Outside the U.S.: Notes offered only to non-U.S. persons pursuant to Regulation S of the Securities Act. A REMIC security will be a qualified REIT asset and will produce qualified income for REITS. All tranches are treated as debt for tax 76 © 2021 Fannie Mae.

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