Critical role in the implementation of U.S. government housing policy Integral link to the U.S. government Ongoing financial support from the U.S. Treasury Dominant market position as a secondary-market liquidity provider to the U.S. residential mortgage market Strong asset quality of loans originated since 2009 Prevented from holding and building capital by agreement with the U.S. Treasury Monoline exposure to the U.S. residential mortgage market Substantial uncertainties regarding impact of future potential legislative changes The stable outlooks on our ratings on Fannie Mae's debt issues reflect the stable outlook on our sovereign rating on the U.S. We could raise or lower our ratings on these debt instruments, within the next two years, if we raise or lower our rating on
