Press Release: April 30, 2001

Freddie Mac to Auction Three-Year Reference Note® and Reopen Thirty-Year Reference Bond(SM)

McLean, VA, April 30, 2001—Freddie Mac (NYSE: FRE) announced today that it plans to launch two Reference Note® and Reference Bond(SM) offerings in May, consistent with its 2001 calendar. The company will re-open for $1 billion the 6.75 percent thirty-year Reference Bond issue due March 15, 2031 and will offer a new $5 billion, three-year Reference Note due May 15, 2004.

The thirty-year issue will be priced May 10, for settlement May 15. The CUSIP number is 3134A4AA2. This issue, which is listed in Luxembourg, will be offered via a syndicate of dealers headed by joint-leads Credit Suisse First Boston, J.P. Morgan &. Co., and Lehman Brothers.

The three-year issue, which will be offered via Internet-based Dutch auction, will be priced May 11, 2001 for settlement May 15. The CUSIP number is 3134A4EX8. Investors desiring to participate in Reference Note auctions must first designate the dealers through which they wish to submit bids. This step, if not previously performed, must be completed via the Internet by Wednesday, May 9, 2001 at 5:00 p.m. EDT for this auction. All auction details and instructions are on Freddie Mac’s debt securities website, Freddiemac.com/debt. Application will be made to list this issue in Luxembourg.

Freddie Mac also announced that it will discontinue the practice of reporting dealers’ Reference Note auction awards for league table purposes. “We expect our debt investors will value the added transparency provided by this improvement,” said Jerome Lienhard, Senior Vice President, Investment Funding.

Excluding the Reference issues being offered in May, Freddie Mac has $150.50 billion in outstanding Reference Notes and Bonds.

This announcement is neither an offer to sell nor a solicitation of offers to buy any of these securities. Any such offering will be made only by an offering circular and pricing supplement. WR Hambrecht + Co, San Francisco, CA, provides the services and technology relating to the auctions.

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Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened the doors for one in six homebuyers and more than two million renters across America. Freddie Mac is the winner of the International Financing Review’s North American Borrower of the Year and Agency Borrower of the Year awards for the year 2000. For additional information about Freddie Mac, please see the Company’s web site: www.Freddiemac.com.