Connecticut Avenue Securities Investor Presentation

Cash Flow Waterfall 30 ■ CAS cash flow structure is similar to typical RMBS transaction cash flows ◉ Principal payments and losses applied to the notes mirror the activity on the loans in the underlying Reference Pool ■ Principal Payments are first allocated pro rata between senior notes and subordinate notes, then are applied sequentially to the subordinate notes starting with M-1 ■ " Deal must meet specified credit enhancement and delinquency tests for the subordinate notes to receive unscheduled principal payments Losses are applied in reverse sequential order beginning with class B-2H Principal payments and losses are allocated pro rata between the sold notes and the retained vertical slice Principal Loan Group 1 (60.01 - 80.00 LTV) Class M-1 Class A-H Class M-1H Class M-2 Class M-2H Class B-1 Class B-2H Class B-1H Losses Senior Notes: A class | Mezzanine Notes: M classes | Subordinate Notes: B classes | Retained Vertical Slice: 1M-1H, 1M-2H, 1B-1H O 2021 Fannie Mae.

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