Connecticut Avenue Securities Investor Presentation

Collateral Account: Mechanics and Eligible Investments ☐ ☐ Collateral account Fannie Mae will deposit CAS REMIC note issuance proceeds into a collateral account held by the Bankruptcy Remote Trust Funds held in collateral account are used to return principal to CAS investors, as well as to compensate Fannie Mae for actual loan losses Third-party investment manager will invest funds subject to a pre-defined list of eligible investment criteria designed to meet the dual objectives of preservation of capital and timely liquidity (e.g. Short term US gov't obligations, money market funds, etc.) Investment guidelines designed to meet Rating Agency criteria to support up to a AAA future rating on CAS notes Eligible investment guidelines Eligible Investments are limited to: ■ United States government obligations (guaranteed/backed or issued by the U.S government) without specified rating limits, if the obligations are scheduled to mature before the next Payment Date ☐ Repurchase obligations with a term scheduled to mature prior to next Payment Date on obligations issued or fully guaranteed by the U.S. government, entered into with a depository institution or trust company incorporated under the laws of the U.S. or any state thereof, provided that at time of investment the short-term issuer rating of such institutions shall have a credit rating of at least 'A1', 'P1', 'F1+' or equivalent from at least one U.S. nationally recognized statistical rating organization (NRSRO) Money market funds (MMF): investments in U.S. government money market funds or other liquidity products similar to U.S. government money market funds, provided they are designed to meet the dual objective of preservation of capital and timely liquidity 34 O 2021 Fannie Mae.

View entire presentation