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Repurchase Operation Overview: Callable Notes

Debt Securities Program FeatureDescription
Public Notice A two business day public notice will be provided via the Freddie Mac website, designated dealers and major newswires. In rare circumstances, less advance notice (at least one hour) may be given. Advance notice will include target issues, maximum repurchase amount, offering submission deadline, and settlement date.
Response Time to Dealer Freddie Mac expects to provide an automated confirmation of trade to participating dealers as soon as possible following completion of the repurchase operation.
Public Results Announcement Amount repurchased by issue and overall offer-to-cover ratio will be posted within 15 minutes after the offering submission deadline.
Issue Eligibility All U.S. Dollar denominated, senior callable notes with an outstanding amount of $250 million or more are eligible for repurchase. Callable notes will be eligible for repurchase both before and after their call date.
Lockout Period Freddie Mac will not conduct a repurchase of callable notes between three business days prior to an announcement of a Syndicated Callable Note issuance and the settlement date. Freddie Mac will not repurchase callable notes during the three-month period following their respective issuance or reopening.
Execution Methodology Dealers submit offers, expressed in yield-to-maturity in increments of one-tenth of a basis point, via the Internet. Minimum offer size is $1 million, with increments of $1 million.
Offerings Per Issue Multiple offerings will be permitted for each issue.
Award Process After the offering submission deadline, Freddie Mac will consider all offerings and will order the offerings from the lowest to the highest offering price. Offerings may be accepted in full, accepted in part or rejected.
Dealer Group Freddie Mac accepts orders through its participating dealer group.
Non-Programmatic Repurchases Freddie Mac expects to continue repurchasing any outstanding medium term and callable notes on a negotiated basis in the secondary market, irrespective of the periodic repurchase operations.
Settlement All trades will be settled at T+1.

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