FREDDIE MAC ANNOUNCES TENDER OFFERS FOR UP TO $26.3 BILLION ON DEBT SECURITIES WITH EXPIRED OPTIONS

McLean, VA – Freddie Mac (NYSE: FRE) today announced that it will conduct cash tender offers for the repurchase of up to $26.3 billion in principal amount of a targeted group of European-style callable debt securities with expired options during the week of April 24, 2006.

"This transaction demonstrates our ongoing commitment to the performance and liquidity of all of our debt securities," said John Radwanski, vice president and assistant treasurer of Freddie Mac. "Today's announcement is consistent with our funding activity announced for the second quarter of 2006."

Freddie Mac will offer to repurchase any and all outstanding amounts of the selected targeted securities from investors through Morgan Stanley, the designated lead manager for the offers, or through J.P. Morgan Chase and UBS Investment Bank, the designated co-dealer managers for the offers. Each eligible security will be repurchased at a fixed spread to an outstanding Freddie Mac Reference Notes® security.

The tender offers will commence on Monday, April 24, 2006 at 9 a.m. EDT and expire at 4 p.m. EDT , on Friday, April 28, 2006, unless extended. Holders of the targeted securities wishing to tender may do so at anytime between 9 a.m. and 4 p.m. EDT during the period in which the offers are open. Results of the tender offer will be announced on Monday, May 1, 2006 and will be available on Freddie Mac's Debt Securities Web page at www.FreddieMac.com/debt.

The table below illustrates how the purchase price for each security tendered pursuant to the applicable offer to purchase will be determined. The purchase price will be determined in the manner described in the Offer to Purchase [PDF 102K] dated April 24, 2006, by reference to the applicable fixed spread over the yield to maturity of the Reference Security listed below at the time of the tender, plus an amount equal to any accrued and unpaid interest to but excluding the date of payment of the purchase price.

CUSIP / ISIN	Title of Security	Principal Amount Outstanding	Reference Security	Fixed Spread (bps)
3128X3SM6/ US3128X3SM61	3.750% Debt Security due August 3, 2007	$1,577,005,000	4.000% Reference Notes due August 17, 2007	2.3
3128X3TM5/ US3128X3TM52	3.375% Debt Security due August 23, 2007	$838,465,000	4.000% Reference Notes due August 17, 2007	3.0
3128X3VY6/ US3128X3VY62	3.300% Debt Security due September 14, 2007	$1,000,000,000	4.000% Reference Notes due August 17, 2007	2.5
3128X2J22/ US3128X2J224	2.875% Debt Security due September 18, 2007	$500,000,000	4.000% Reference Notes due August 17, 2007	3.3
3128X3C76	3.520% MTN due October 18, 2007	$1,000,000,000	4.375% Reference Notes due November 16, 2007	2.0
3128X3ZZ9	3.500% MTN due October 19, 2007	$746,500,000	4.375% Reference Notes due November 16, 2007	3.0
3128X3H55/ US3128X3H556	3.250% Debt Security due November 2, 2007	$1,847,622,000	4.375% Reference Notes due November 16, 2007	2.5
3128X3L50/ US3128X3L509	3.350% Debt Security due November 9, 2007	$525,000,000	4.375% Reference Notes due November 16, 2007	3.2
3128X3N74/ US3128X3N745	3.550% Debt Security due November 15, 2007	$1,500,000,000	4.375% Reference Notes due November 16, 2007	2.1
3128X0C64/ US3128X0C645	3.500% Debt Security due February 13, 2008	$429,565,000	5.125% Reference Notes due April 18, 2008	3.6
3128X03N7/ US3128X03N79	3.500% Debt Security due April 1, 2008	$1,749,768,000	5.125% Reference Notes due April 18, 2008	2.0
3128X36N8/ US3128X36N88	4.300% Debt Security due September 24, 2008	$500,000,000	5.125% Reference Notes due April 18, 2008	3.1
3128X2ME2/ US3128X2ME27	3.875% Debt Security due January 12, 2009	$2,350,000,000	4.875% Reference Notes due February 17, 2009	1.5
3128X2P90/ US3128X2P908	3.755% Debt Security due March 18, 2009	$603,154,000	4.875% Reference Notes due February 17, 2009	2.1
3128X3SL8/ US3128X3SL88	4.375% Debt Security due July 30, 2009	$927,625,000	4.875% Reference Notes due February 17, 2009	2.7
3128X3VA8/ US3128X3VA86	4.125% Debt Security due September 1, 2009	$1,879,839,000	4.000% Reference Notes due December 15, 2009	1.3
3128X3K85/ US3128X3K857	4.125% Debt Security due November 18, 2009	$1,000,000,000	4.000% Reference Notes due December 15, 2009	2.0
3128X33F8/ US3128X33F81	4.375% Debt Security due January 25, 2010	$936,500,000	4.000% Reference Notes due December 15, 2009	3.6
3128X34W0/ US3128X34W06	4.250% Debt Security due February 24, 2010	$475,247,000	4.000% Reference Notes due December 15, 2009	4.2
3128X35R0/ US3128X35R02	4.375% Debt Security due March 1, 2010	$1,000,000,000	4.000% Reference Notes due December 15, 2009	2.5
3128X2EV3/ US3128X2EV34	4.750% Debt Security due December 8, 2010	$2,000,000,000	4.750% Reference Notes due January 18, 2011	1.4
3128X2HT5/ US3128X2HT50	4.500% Debt Security due December 16, 2010	$937,100,0000	4.750% Reference Notes due January 18, 2011	2.5
3128X2ZQ1/ US3128X2ZQ10	4.125% Debt Security due February 24, 2011	$1,987,650,000	4.750% Reference Notes due January 18, 2011	2.7
Total		$26,311,040,000

This announcement is neither an offer to sell nor a solicitation of offers to buy any of these securities. Neither Freddie Mac, nor the lead manager, nor the co-dealer managers makes any recommendation that any holder of the securities tender or refrain from tendering all or any portion of the principal amount of such holder's securities. Holders must make their own decisions whether to tender securities, and if so, decide on the principal amount of securities to tender. Freddie Mac's securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, are not guaranteed by and are neither debts nor obligations of the United States or any federal agency or instrumentality other than Freddie Mac. The tender offers are being made only upon the terms and subject to the conditions set forth in the Offer to Purchase [PDF 102K] dated April 24, 2006.

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than four million renters in America.

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