Connecticut Avenue Securities Investor Presentation

CAS Direct Debt NAIC Designations for 2020 All M1 bonds rated by NAIC in 2019 have paid off - 100% of which were rated NAIC 1. Ten direct debt bonds consisting of Exchangeable or RCR cohorts received upgrades for 2020. Thirty M2 bonds maintained their NAIC 1 rating from last year. Direct Debt M-2 Classes by NAIC Designation Direct Debt M2 Classes by NAIC rating Number of Bonds 30 24 25 20 15 10 5 0 1-3 Years 15 O 2021 Fannie Mae. 6 5 4 Weighted Average Life (WAL) NAIC 1 NAIC 2 NAIC 3 3-6 Years 15% 12% 73% ■ NAIC 1 ■ NAIC 2 ■ NAIC 3 ■NAIC 4 Note: The current WALS were run on December 31, 2020. NAIC designations as of the 2020 filing year. CAS direct debt transactions received favorable NAIC designations for the 2020 filing year

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