Fannie Mae Preferred S (FNMAS)

[CatBirdSeat]

JPS CAN NEVER BE CONVERTED TO COMMON.

READ THE CIRCULARS!

http://www.freddiemac.com/investors/pdf/FtFPrefStock-oc.pdf

"No Preemptive Rights and No Conversion

As a holder of Preferred Stock, you will not have any preemptive rights to purchase or
subscribe for any other shares, rights, options or other securities. You will not have any right to convert your shares into or exchange your shares for any other class or series of our stock or
obligations.

5. No Conversion or Exchange Rights

The holders of shares of the Non-Cumulative Preferred Stock shall not have any right to convert such shares into or exchange such shares for any other class or series of stock or obligations of Freddie Mac

6. No Preemptive Rights

No holder of the Non-Cumulative Preferred Stock shall as such holder have any preemptive right to purchase or subscribe for any other shares, rights, options or other securities of any class of Freddie Mac which at any time may be sold or ordered for sale by Freddie Mac."