2019 Performance Review

Fannie Mae ("FNMA") and Freddie Mac ("FMCC") Fannie Mae Freddie Mac We believe Fannie and Freddie are firmly on a path towards exiting conservatorship Major progress achieved over the last twelve months New FHFA Director Mark Calabria appointed April 4th for a five-year term Treasury Housing Finance Reform plan released September 5th ▸ Net worth sweep effectively suspended September 27th, allowing the entities to build capital through retained earnings ▸ Favorable decisions in both the Fifth Circuit and Court of Federal Claims Houlihan Lokey hired as financial advisor to FHFA earlier this week Several important catalysts on the horizon prior to the election Re-proposal and finalization of GSE capital rule Negotiation of Fourth PSPA(1) amendment, including possible settlement of shareholder litigation We expect substantial additional share price appreciation as key steps are taken towards ending the conservatorships (1) Preferred Stock Purchase Agreement. 50

View entire presentation