Connecticut Avenue Securities Investor Presentation

the same as or higher than their rating at issuance. CAS Bond Ratings – At Issuance vs Current - ■ All CAS M1 bonds and 63 M2 bonds have current ratings M1 Rating Transition Matrix At Issuance Rating A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ M1 3 1 4 AAA 1 3 4 AA+ 1 1 3 135129 2 2 1 AA 3 1 AA- 3 2 A+ 1 3 A 1 11 4315 A- BBB+ BBB BBB- BB+ BB BB- B+ B M2 Rating Transition Matrix Current Rating* A A- BBB+ BBB BBB- BB+ At Issuance Rating BB BB- B+ B B- M2 A+ 2 1 1 1 2 2 1 3 1 1 2 1 3 4 1 4 1 1 6 3 2 1 A A- BBB+ 223 455 4 BBB BBB- BB+ BB BB- B+ B B- 16 * - Current ratings as of 12/31/20 © 2021 Fannie Mae. Current Rating* Upgrade No Change Downgrade

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