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Monthly Volume Summary: May 2006 (unaudited & subject to change) (dollars in millions) TABLE 1 - TOTAL MORTGAGE PORTFOLIO 1, 2 May 2006 Highlights: ►Total mortgage portfolio has increased at an annualized rate of 8.6% year-to-date and 2.6% in May. New Business Purchases 3 Non-Freddie Mac MortgageRelated Security Sales & Other Activity $50,025 47,954 41,889 62,279 62,543 45,481 52,902 58,753 ($55) (1,212) (1,380) (1,942) (4,574) (3,791) (183) (3,063) ($30,403) (35,235) (36,918) (39,152) (34,756) (33,286) (30,661) (29,353) $19,567 11,507 3,591 21,185 23,213 8,404 22,058 26,337 $1,567,922 1,579,429 1,583,020 1,604,205 1,627,418 1,635,822 1,657,880 1,684,217 15.2% 8.8% 2.7% 16.1% 17.4% 6.2% 16.2% 19.1% 23.6% 27.0% 28.0% 29.7% 26.0% 24.5% 22.5% 21.2% $581,933 ($18,248) ($384,674) $179,011 $1,684,217 11.9% 25.6% Jan 2006 Feb Mar Apr May $43,020 47,029 41,825 39,706 35,131 ($204) (3,240) (4,957) (1,963) (2,172) ($24,282) (24,566) (28,167) (27,767) (29,191) $18,534 19,223 8,701 9,976 3,768 $1,702,751 1,721,974 1,730,675 1,740,651 1,744,419 13.2% 13.5% 6.1% 6.9% 2.6% 17.3% 17.3% 19.6% 19.3% 20.1% YTD 2006 $206,711 ($12,536) ($133,973) $60,202 $1,744,419 8.6% 19.1% May 2005 Jun Jul Aug Sep Oct Nov Dec Full-Year 2005 Liquidations Net Increase/ (Decrease) Ending Balance Annualized Growth Rate Annualized Liquidation Rate ►Retained portfolio has increased at an annualized rate of 4.4% year-to-date and decreased at an annualized rate of 1.2% in May. ►Retained portfolio purchases decreased to $20.3 billion in May, from $29.4 billion in April. ►The amount of Retained portfolio Mortgage Purchase Agreements, Net entered into during the month of May totaled $15.7 billion, down from the $19.7 billion entered into during the month of April. ►Total Guaranteed PCs and Structured Securities Issued have increased at an annualized rate of 10.9% year-to-date and 5.6% in May. ►Single-family non-credit enhanced delinquency rate was 24 basis points in April, down from 25 basis points in March. ►Portfolio Market Value Sensitivity (PMVS-L) averaged 1% in May, unchanged from April; our Duration Gap averaged 0 months in May, unchanged from April. TABLE 2 - RETAINED PORTFOLIO 1 TABLE 3 - RETAINED PORTFOLIO COMPONENTS 1 Retained Purchases 4 Sales, net of Other Activity 5 $28,316 22,996 23,228 40,431 34,319 20,304 32,572 36,187 ($7,538) (10,030) (11,021) (5,150) (10,083) (9,744) (1,706) (3,182) ($14,704) (16,100) (17,175) (17,552) (17,470) (16,912) (16,286) (15,746) $320,553 ($76,398) ($187,074) Jan 2006 Feb Mar Apr May $12,363 22,486 30,583 29,424 20,322 ($4,068) (8,057) (5,751) (5,221) (5,278) YTD 2006 $115,178 ($28,375) May 2005 Jun Jul Aug Sep Oct Nov Dec Full-Year 2005 Liquidations Net Increase/ (Decrease) $6,074 (3,134) (4,968) 17,729 6,766 (6,352) 14,580 17,259 Ending Balance Annualized Growth Rate Annualized Liquidation Rate Mortgage Purchase Agreements, Net 6 $668,137 665,003 660,035 677,764 684,530 678,178 692,758 710,017 11.0% (5.6%) (9.0%) 32.2% 12.0% (11.1%) 25.8% 29.9% 26.7% 28.9% 31.0% 31.9% 30.9% 29.6% 28.8% 27.3% $15,668 15,922 10,763 34,167 17,114 15,631 26,938 19,002 $57,081 $710,017 8.7% 28.7% $232,742 ($14,140) (13,281) (14,745) (15,836) (15,750) ($5,845) 1,148 10,087 8,367 (706) $704,172 705,320 715,407 723,774 723,068 (9.9%) 2.0% 17.2% 14.0% (1.2%) 23.9% 22.6% 25.1% 26.6% 26.1% ($73,752) $13,051 $723,068 4.4% 24.9% PCs and Structured Securities Non-Freddie Mac MortgageRelated Securities Agency Non-Agency Mortgage Loans Retained Portfolio Ending Balance May 2005 Jun Jul Aug Sep Oct Nov Dec $346,867 336,233 329,925 338,505 341,505 339,455 349,657 361,324 $54,126 54,464 51,980 49,664 46,023 45,642 45,096 44,626 $206,265 213,320 217,046 227,948 235,795 232,437 236,956 242,586 $60,879 60,986 61,084 61,647 61,207 60,644 61,049 61,481 $668,137 665,003 660,035 677,764 684,530 678,178 692,758 710,017 Full-Year 2005 $361,324 $44,626 $242,586 $61,481 $710,017 $13,478 17,554 32,079 19,654 15,746 Jan 2006 Feb Mar Apr May $355,921 355,153 364,609 372,649 374,705 $44,160 43,917 44,674 47,203 46,762 $241,176 243,288 243,189 240,612 238,122 $62,915 62,962 62,935 63,310 63,479 $704,172 705,320 715,407 723,774 723,068 $98,511 YTD 2006 $374,705 $46,762 $238,122 $63,479 $723,068 Please see Endnotes on page 3. 1 of 3 TABLE 4 - TOTAL GUARANTEED PCs AND STRUCTURED SECURITIES ISSUED1, 7 Issuances May 2005 Jun Jul Aug Sep Oct Nov Dec Liquidations 8 Net Increase/ (Decrease) Ending Balance Annualized Growth Rate Annualized Liquidation Rate TABLE 5 - TOTAL GUARANTEED PCs AND STRUCTURED SECURITIES OUTSTANDING1, 7, 10 Purchases into the Sales out of the Retained Retained Net Increase/ Ending Portfolio Portfolio (Decrease) Balance Issuances Liquidations 8 Annualized Growth Rate Annualized Liquidation Rate $33,654 29,917 28,633 40,883 43,002 34,986 37,837 39,784 ($21,693) (25,910) (26,382) (28,847) (23,555) (22,280) (20,157) (19,039) $11,961 4,007 2,251 12,036 19,447 12,706 17,680 20,745 $1,246,652 1,250,659 1,252,910 1,264,946 1,284,393 1,297,099 1,314,779 1,335,524 11.6% 3.9% 2.2% 11.5% 18.4% 11.9% 16.4% 18.9% 21.1% 24.9% 25.3% 27.6% 22.3% 20.8% 18.6% 17.4% $33,654 29,917 28,633 40,883 43,002 34,986 37,837 39,784 ($11,945) (4,959) (9,972) (19,035) (14,778) (9,809) (17,507) (17,218) $7,766 9,141 9,954 3,575 5,877 6,349 1,948 619 ($15,982) (19,458) (20,056) (21,967) (17,654) (16,770) (14,800) (14,107) $13,493 14,641 8,559 3,456 16,447 14,756 7,478 9,078 $899,785 914,426 922,985 926,441 942,888 957,644 965,122 974,200 18.3% 19.5% 11.2% 4.5% 21.3% 18.8% 9.4% 11.3% 21.6% 26.0% 26.3% 28.6% 22.9% 21.3% 18.5% 17.5% $397,867 ($271,311) $126,556 $1,335,524 10.5% 22.4% $397,867 ($136,487) $62,625 ($202,075) $121,930 $974,200 14.3% 23.7% Jan 2006 Feb Mar Apr May $33,669 33,231 26,769 26,620 25,446 ($14,693) (15,924) (18,699) (16,971) (18,916) $18,976 17,307 8,070 9,649 6,530 $1,354,500 1,371,807 1,379,877 1,389,526 1,396,056 17.1% 15.3% 7.1% 8.4% 5.6% 13.2% 14.1% 16.4% 14.8% 16.3% $33,669 33,231 26,769 26,620 25,446 ($3,012) (8,688) (15,527) (16,338) (10,637) $4,289 5,228 1,195 3,518 3,428 ($10,567) (11,696) (13,823) (12,191) (13,763) $24,379 18,075 (1,386) 1,609 4,474 $998,579 1,016,654 1,015,268 1,016,877 1,021,351 30.0% 21.7% (1.6%) 1.9% 5.3% 13.0% 14.1% 16.3% 14.4% 16.2% YTD 2006 $145,735 ($85,203) $60,532 $1,396,056 10.9% 15.3% $145,735 ($54,202) $17,658 ($62,040) $47,151 $1,021,351 11.6% 15.3% Full-Year 2005 9 TABLE 6 - DELINQUENCIES 11 TABLE 7 - INTEREST-RATE RISK SENSITIVITY DISCLOSURES 13 Single-Family (90 days or more delinquent) Non-Credit Enhanced May 2005 Jun Jul Aug Sep Oct Nov Dec Jan 2006 Feb Mar Apr 0.21% 0.21% 0.22% 0.22% 0.22% 0.23% 0.29% 0.30% 0.30% 0.28% 0.25% 0.24% Credit Enhanced 2.38% 2.37% 2.34% 2.28% 2.26% 2.30% 2.47% 2.46% 2.43% 2.33% 2.16% 2.05% All Loans 0.62% 0.61% 0.61% 0.60% 0.59% 0.60% 0.68% 0.69% 0.68% 0.65% 0.59% 0.56% Multifamily 12 (60 days or more delinquent) 0.05% 0.01% 0.00% 0.00% 0.00% 0.01% 0.06% 0.00% 0.01% 0.01% 0.00% 0.01% 12 Portfolio Market ValueLevel (PMVS-L) (50bp) Portfolio Market ValueYield Curve (PMVS-YC) (25bp) Duration Gap (Rounded to Nearest Percent) Monthly Quarterly Average Average (Rounded to Nearest Percent) Quarterly Monthly Average Average (Rounded to Nearest Month) Monthly Quarterly Average Average May 2005 Jun Jul Aug Sep Oct Nov Dec 1% 1% 1% 1% 1% 1% 1% 1% -1% --1% --1% 0% 0% 0% 0% 0% 0% 0% 0% -0% --0% --0% 0 0 0 0 0 0 0 0 -0 --0 --0 Full-Year 2005 1% -- 0% -- 0 -- Jan 2006 Feb Mar Apr May 1% 1% 1% 1% 1% --1% --- 0% 0% 0% 0% 0% --0% --- 0 0 0 0 0 --0 --- YTD 2006 1% -- 0% -- 0 -- Please see Endnotes on page 3. 2 of 3 ENDNOTES (1) Ending balances and activity are based on unpaid principal balances and exclude mortgage loans and mortgage-related securities traded, but not yet settled. (2) Total mortgage portfolio (Table 1) is defined as Total Guaranteed PCs And Structured Securities Issued (Table 4) plus the sum of Mortgage Loans (Table 3) and non-Freddie Mac mortgage-related securities (Agency and Non-Agency) (Table 3). (3) Total mortgage portfolio New Business Purchases (Table 1) is defined as Retained Purchases (Table 2) plus Total Guaranteed PC and Structured Securities Issuances (Table 4) less Purchases into the Retained Portfolio (Table 5). (4) Mortgage loans that are purchased through our Cash Window are reported net of sales through auctions in the form of issued PCs. (5) Includes a reduction in the Retained portfolio for mortgage-related securities that have been sold and credit-related impairments net of additions to the Retained portfolio for delinquent mortgage loans and balloon reset mortgage loans that have been purchased out of PC pools. (6) Mortgage Purchase Agreements, Net reflects trades entered into during the month and includes: (a) monthly commitments to purchase mortgage-related securities for the Retained portfolio offset by monthly commitments to sell mortgage-related securities out of the Retained portfolio during the month and (b) the net amount of monthly mortgage loan purchases and sales agreements entered into during the month. Substantially all of these commitments are settled by delivery of a mortgage-related security or mortgage loan; the rest are net settled for cash. Mortgage Purchase Agreements, Net also includes the net amount of mortgage-related securities that we expect to purchase or sell pursuant to written and purchased options entered into during the month for which we expect to take or make delivery of the securities. In some instances, commitments may settle during the same period in which we have entered into the related commitment. (7) Excludes Structured Securities where we have resecuritized PCs and other previously issued Structured Securities. These excluded Structured Securities do not increase our credit-related exposure and consist of single-class Structured Securities backed by PCs, Real Estate Mortgage Investment Conduits (REMICs) and principal-only strips. The notional balances of interest-only strips are excluded because this table is based on unpaid principal balance. Also excluded are modifiable and combinable REMIC tranches and interest and principal classes, where the holder has the option to exchange the security tranches for other pre-defined security tranches. Additional information concerning "Credit Guarantee Activities - Guarantees Issued Through Resecuritization" can be found in our Information Statement dated June 14, 2005. (8) Includes all principal payments relating to PCs and Structured Securities backed by non-Freddie Mac mortgage-related securities and relating to securities issued by others that we guarantee (see Endnote 9 for more information). Also includes the purchase of delinquent mortgage loans and balloon reset mortgage loans out of PC pools. (9) Includes, as of May 31, 2006, our guarantee of the payment of principal and interest on (a) $7 billion unpaid principal balance of (1) multifamily mortgage loans that are originated and held by state and municipal housing finance agencies to support tax-exempt multifamily housing revenue bonds and (2) tax-exempt multifamily housing revenue bonds that support pass-through certificates issued by third parties; and (b) $1 billion unpaid principal balance of single-family mortgage loans held by third parties for which we provide a credit guarantee. (10) Represents guaranteed PCs and Structured Securities held by third parties. (11) Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure while multifamily delinquencies are based on net carrying value of mortgages 60 days or more delinquent or in foreclosure. Includes delinquencies on mortgage loans where the lender or third party retains the largest portion of the default risk as well as Structured Securities backed by alternative collateral deals. Excludes mortgage loans whose original contractual terms have been modified under an agreement with the borrower as long as the borrower complies with the modified contractual terms. Previously reported delinquency data is subject to change to reflect currently available information. For example, delinquency data reported for some Structured Securities may be omitted or subsequently revised by servicers of the underlying loans, which may require revision to previously reported numbers. For periods presented in this report, revisions to previously reported delinquency rates have not been significant nor have they significantly affected the overall trend of our Single-Family "Credit Enhanced" and "All Loans" delinquency rates. Delinquencies on mortgage loans underlying alternative collateral deals may be categorized as delinquent on a different schedule than other mortgage loans due to variances in industry practice. (12) Hurricane Katrina has not affected our reported multifamily delinquency rate because the contractual terms of certain affected mortgage loans, with unpaid principal balances totaling $177 million at April 30, 2006, have been modified. (See Endnote 11 for more information.) (13) Our PMVS and Duration Gap measures provide useful estimates of key interest-rate risk exposures. While we believe that PMVS and Duration Gap are useful risk management tools, they should be understood as estimates rather than precise measurements. Methodologies employed to calculate Interest-Rate Risk Sensitivity Disclosures are periodically changed on a prospective basis to reflect improvements in underlying estimation processes. A glossary of selected Monthly Volume Summary terms is available on the Investor Relations page of our website, www.FreddieMac.com/investors. The Monthly Volume Summary includes volume and statistical data pertaining to our portfolios. Inquiries should be addressed to our Investor Relations Department, which can be reached by calling (571) 382-4732 or writing to: 1551 Park Run Drive, Mail stop D40, McLean, VA 22102-3110 or sending an email to shareholder@freddiemac.com. 3 of 3