Investor Presentaiton

($ billions) 400 350 300 250 200 150 100 50 0 -50 . . the Fed stopped purchasing MBS in March 2022 and rates soared.. . ■Gross issuance ■Total Fed purchases 2002 2003 2004 2005 2006 W WISCONSIN SCHOOL OF BUSINESS UNIVERSITY OF WISCONSIN-MADISON TOGETHER FORWARD® JAMES A. GRAASKAMP CENTER for REAL ESTATE 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Urban Institute, "Housing Finance at a Glance," June 2023, p. 35. 94.01 -0.14

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