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PRICING SUPPLEMENT DATED July 29, 2004 (to the Offering Circular Dated April 2, 2004) $2,000,000,000 Freddie Mac GLOBAL DEBT FACILITY 3.75% Fixed Rate Debt Securities Due August 3, 2007 Redeemable on August 3, 2005 only This Pricing Supplement relates to the Debt Securities of the Federal Home Loan Mortgage Corporation (“Freddie Mac”) described below and should be read in conjunction with the Offering Circular dated April 2, 2004 and all documents incorporated by reference in the Offering Circular including Freddie Mac’s Information Statement dated February 27, 2004 and any supplements to such Information Statement. Capitalized terms used in this Pricing Supplement and not otherwise defined in this Pricing Supplement have the meanings given to them in the Offering Circular. The Debt Securities are not suitable investments for all investors. In particular, no investor should purchase the Debt Securities unless the investor understands and is able to bear the redemption, yield, market and liquidity risks associated with the Debt Securities. See “Risk Factors - The Debt Securities May Not Be Suitable For You” in the Offering Circular. The Debt Securities are obligations of Freddie Mac only. The Debt Securities, including any interest or return of discount on the Debt Securities, are not guaranteed by, and are not debts or obligations of, the United States or any agency or instrumentality of the United States other than Freddie Mac. The Debt Securities are not tax-exempt. Non-U.S. owners generally will be subject to the United States federal income and withholding tax unless they establish an exemption. Because of applicable U.S. securities law exemptions, we have not registered the Debt Securities with any U.S. federal or state securities commission. No U.S. securities commission has reviewed the Offering Circular or this Pricing Supplement. 2 Certain Debt Securities Terms 1. Title: 3.75% Fixed Rate Debt Securities Due August 3, 2007 2. Form: Book-Entry 3. Specified Payment Currency: a. Specified Interest Currency: b. Specified Principal Currency: U.S. dollars U.S. dollars 4. Aggregate Original Principal Amount: $2,000,000,000 5. Issue Date: August 3, 2004 6. Denominations: $2,000, and additional increments of $1,000 7. Maturity Date: August 3, 2007 8. Amount Payable on the Maturity Date: Fixed Principal Repayment Amount 100% of principal amount 9. Subject to Redemption or Repayment Prior to Maturity Date: Yes. Redemption at Option of Freddie Mac: In whole only, on August 3, 2005 only (the “Redemption Date”), upon notice to Holders not less than 5 Business Days nor more than 60 calendar days prior to redemption, at a redemption price of 100% of the principal amount redeemed, plus accrued interest on the Debt Securities to the Redemption Date. 10. Payment Terms of the Debt Securities: Fixed Rate Debt Securities 11. Interest: a. Frequency of Interest Payments: Semiannually b. Interest Payment Dates: February 3 and August 3, commencing February 3, 2005 c. Interest rate per annum: 3.75% d. Accrual Method (i.e., Day Count Convention): 30/360 Additional Information Relating to the Debt Securities 1. Identification Number(s): a. CUSIP: 3128X3SM6 b. ISIN: US3128X3SM61 c. Common Code: 19818209 2. Listing Application: Yes - Luxembourg Stock Exchange: An application has been made with the Luxembourg Stock Exchange to list the Debt Securities. 3. Eligibility for Stripping: No 4. Governing Law: The Debt Securities will be governed by the federal laws of the United States. The local laws of the State of New York will be deemed to reflect the federal laws of the United States, unless there is applicable precedent under federal law or the application of New York law would frustrate the purposes of the Freddie Mac Act or the Global Facility Agreement. 10549-3128X3SM6 3 Offering 1. Pricing Date: July 29, 2004 2. Method of Distribution: Principal 3. Dealer Underwriting Commitment J.P. Morgan Securities Inc. UBS Securities LLC Deutsche Bank Securities Inc. Total. . . . . . . . . . . . . . . . . . . . . . . . . . . Lead Manager: $2,000,000,000 J.P. Morgan Securities Inc. 4. Fixed Offering Price: 5. Purchase Price to Dealer: 99.8555% of principal amount Concession: .0750% Reallowance: N/A 99.9680%, plus accrued interest, if any, from the Settlement Date Settlement 1. Settlement Date: August 3, 2004 2. Settlement Basis: Delivery versus payment 3. Settlement Clearing System: U.S. Federal Reserve Banks Euroclear Clearstream, Luxembourg 10549-3128X3SM6 $650,000,000 700,000,000 650,000,000