Connecticut Avenue Securities Investor Presentation

CAS Benchmark Program to Date Investor Distribution 2020 M1 2020 M2 99 34% 2020 B1 53% Percentage (by allocation) 6% 2013 2014 2015 2016 2017 2018 2019 2020 3% 1% Asset Manager 64% 61% 80% 83% 82% 81% 92% 90% Depository Institution/Bank 5% 11% 2% 0% 0% 0% 0% 1% Hedge Fund/Private Equity 19% 18% 6% 6% 8% 5% 7% 3% Insurance Company 12% 10% 12% 11% 10% 14% 1% 6% REIT 0% 0% 0% 1% 0% 0% 0% 0% 90% 15% 15% Percentage (by allocation) 2013 2014 2015 2016 2017 2018 2019 2020 Asset Manager 35% 50% 36% 42% 41% 35% 53% 42% Depository Institution/Bank 1% 6% 0% 0% 0% 0% 0% 0% 42% Hedge Fund/Private Equity 63% 42% 57% 49% 46% 54% 39% 34% Insurance Company 0% 0% 0% 1% 3% 0% 0% 9% REIT 1% 2% 7% 8% 10% 11% 7% 15% Percentage (by allocation) Asset Manager Hedge Fund/Private Equity 33% Insurance Company REIT Asset Manager 19 © 2021 Fannie Mae. Depository Institution/Bank 2017 2018 2019 2020 45% 43% 24% 33% 50% 52% 67% 53% 1% 0% 0% 0% 4% 5% 9% 15% Hedge Fund/Private Equity Insurance Company REIT *Asset Manager includes pension funds, mutual funds, sovereign wealth funds, foundations/endowments, and state/local governments. Source: Fannie Mae and dealers, primary issuance only Numbers may not foot due to rounding.

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