Demonstrating an ongoing commitment to product

innovation, Freddie Mac introduces the Reference

REMICSM security. The Reference REMIC security

builds on the success of Freddie Mac’s shortened stated

final maturity product and provides many of the key

features that have become the hallmark of Freddie Mac’s

Reference suite of products.

Reference REMIC securities offer investors a structured

alternative to a traditional 30- or 15-year mortgage-

backed security. Issued quarterly, Freddie Mac’s

Reference REMIC securities feature a shortened stated

final maturity through a Guaranteed Maturity Class.

At the core of the Reference REMIC security are

attributes that promote liquidity, transparency and

calendar-based predictability.

Benefits

More Liquid than Other Structured Securities

Reference REMIC securities are issued quarterly with a

minimum GMC tranche size of $1 billion. Reference REMIC

securities are distributed through a multi-tiered dealer

syndicate. The dealers involved in the syndicate are

selected quarterly from Freddie Mac’s approved REMIC

underwriting group. Throughout the quarter, Freddie Mac

offers the GMCs through the syndicate in monthly offerings,

consistent with market demand. The underlying PCs

backing the Reference REMIC securities are disclosed prior

to pricing of GMC offerings. Reference REMIC securities are

supported on the TradeWeb® platform. Sample screens can

be found at right:

Focus on: Reference REMICSM Securities

Mortgage Funding

What is a Freddie Mac Guaranteed Maturity Class?

Freddie Mac Guaranteed Maturity Classes (GMCs)

are structured mortgage-backed securities with a

shortened stated final maturity. Backed by either

Gold PCs or Hybrid ARMs, Freddie Mac GMCs

are generally issued with guaranteed final payment

dates ranging from 3 to 12 years.

The GMC feature is available on a variety of

tranche types. At the guaranteed final date, the

investor is paid any outstanding principal on the

tranche, plus 30 days accrued interest.

Customer Inquiry Trade Ticket Sample

Composite Monitor Sample

For additional information about Freddie Mac Reference REMIC Securities, contact a Freddie Mac Transaction Manager at (866) 903-2767.

This fact sheet is not an offer to sell nor a solicitation of any offer to buy any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s information statement and related supplements. Freddie Mac is not responsible for pricing and other information about its securities posted on TradeWeb.

Transparent Structures and Pricing

Reference REMIC securities are backed by PCs

with known characteristics, making performance

analysis more straightforward. Quarterly issuance

and daily closing prices available on TradeWeb and

Bloomberg offer the market a more transparent

structured product.

More Predictable Securities

Freddie Mac’s Reference REMIC securities are offered on a

quarterly basis as set forth on a pre-announced calendar, a

characteristic of Freddie Mac’s suite of Reference products.

Reference REMIC securities are backed by Freddie Mac

Gold PCs. Further, the shortened stated final maturity

provides investors protection to mitigate extension risk,

lessening the variability of the average life.

Reference REMIC Product Details

Underlying PCs PCs underlying the offered GMC are disclosed prior to pricing

Guaranteed Maturity Class (GMC) Varying maturities based on market conditions (e.g., 3/5/7/10/12-year)

Structure Announced during pre-marketing period

GMC Tranche Size Minimum of $1 billion

REMIC Size Minimum REMIC size subject to GMC tranche size

Offering Frequency for 2005 ■ Calendar quarter Reference REMIC issuance■ GMC tranche offerings are intended up to once per month throughout the quarter

Concurrent Reference REMIC Deals Yes, for deals backed by underlying PCs of different terms or coupons, but no more than 2 deals per quarter

Distribution Period Initial offering settlement to the earlier of:■ 90 days or■ Subsequent issuance of a Reference REMIC backed by underlying PCs of the same term and coupon

Re-REMIC Eligibility Re-REMICs will be available following distribution period

MACR Eligibility MACR exchanges will be available following distribution period

TradeWeb Eligibility Yes

Details about Reference REMIC securities issuance can be found in the table below:

APRIL

1 2

3 4 5 6 7 8 9

10 11 12 13 14 15 16

17 18 19 20 21 22 23

24 25 26 27 28 29 30

AUGUST

1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17 18 19 20

21 22 23 24 25 26 27

28 29 30 31

MAY

1 2 3 4 5 6 7

8 9 10 11 12 13 14

15 16 17 18 19 20 21

22 23 24 25 26 27 28

29 30 31

JULY

1

2 3 4 5 6 7 8

9 10 11 12 13 14 15

16 17 18 19 20 21 22

23 24 25 26 27 28 29

30

JUNE

1 2 3 4

5 6 7 8 9 10 11

12 13 14 15 16 17 18

19 20 21 22 23 24 25

26 27 28 29 30 31

SEPTEMBER

1 2 3

4 5 6 7 8 9 10

11 12 13 14 15 16 17

18 19 20 21 22 23 24

25 26 27 28 29 30

OCTOBER

1

2 3 4 5 6 7 8

9 10 11 12 13 14 15

16 17 18 19 20 21 22

23 24 25 26 27 28 29

30 31

DECEMBER

1 2 3

4 5 6 7 8 9 10

11 12 13 14 15 16 17

18 19 20 21 22 23 24

25 26 27 28 29 30 31

NOVEMBER

1 2 3 4 5

6 7 8 9 10 11 12

13 14 15 16 17 18 19

20 21 22 23 24 25 26

27 28 29 30

Shaded months denote inception months of Reference REMIC security issuance for 2005:

APRIL 2005