Projections of the Enterprises' Financial Performance (Stress Tests) 4/30/2014

SUMMARY

Dodd-Frank Act Stress Tests Severely Adverse Scenario

• As of September 30, 2013, the Enterprises have drawn $187.5 billion from the U.S. Treasury under the terms of the Senior Preferred Stock Purchase Agreements (the “PSPAs”).
• The combined remaining funding commitment under the PSPAs as of September 30, 2013 was $258.1 billion.
• In the Severely Adverse scenario, incremental Treasury Draws range between $84.4 billion and $190.0 billion depending on the treatment of deferred tax assets.
• The remaining funding commitment under the PSPAs ranges between $173.7 billion and $68.0 billion.

FHFA Scenarios

• In the FHFA scenarios, cumulative, combined Treasury draws at the end of 2015 remain unchanged at $187.5 billion as neither Enterprise requires additional Treasury draws in any of the three scenarios.

• The combined remaining commitment under the PSPAs is unchanged at $258.1 billion.

• In the three scenarios the Enterprises pay additional senior preferred dividends to the US Treasury ranging between $54.0 billion to $36.3 billion.