Connecticut Avenue Securities Investor Presentation

Commodity Futures Trading Commission (CFTC) Considerations ◉ CAS REMIC structure allows transaction to be created in a manner that does not involve swaps Transaction documents are traditional commercial transactions ◉ None of the transaction documents will utilize an ISDA or similar agreement The substance of all transaction documents will be commercial (securities and capital contribution) agreements Outside counsel to Fannie Mae and the Issuer will deliver an opinion letter that the transaction does not involve any swaps Since the transaction does not involve any swaps, the Issuer is not considered a commodity pool and, therefore, does not need to register with the CFTC 74 O 2021 Fannie Mae.

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