CRT-Eligible Profile Summary

CAS: Summary of Key Tax, Legal and Regulatory Considerations Issuer Topic CAS Direct Debt Fannie Mae Registration Exempt under Fannie Mae Charter Act. CAS REMIC CAS REMIC Trust, a wholly-owned, non-consolidated subsidiary of Fannie Mae. Fannie Mae is sponsor and depositor. Exempt under Rule 144A. Offering Restrictions Regulation S Sales to REITS Tax Treatment Within the U.S.: Notes offered only to "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act. Outside the U.S.: Notes offered only to non-U.S. persons pursuant to Regulation S of the Securities Act. Within the U.S.: Notes offered only to "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act. Outside the U.S.: Notes offered only to non-U.S. persons pursuant to Regulation S of the Securities Act. CAS are deemed to be government securities for purposes of A REMIC security will be a qualified REIT asset and will produce the REIT tax tests, so are qualifying assets for REITs, but qualified income for REITs. generally are less attractive because they do not produce qualifying real property income for REITs. M1 and M2 are debt for tax. B1 is a contingent notional principal contract for tax. All tranches are treated as debt for tax. 52 © 2024 Fannie Mae

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