FREDDIE MAC ANNOUNCES PRELIMINARY RESULTS OF ITS 12-YEAR SUBORDINATED DEBT SECURITY (FREDDIE SUBS®) EXCHANGE OFFERS

McLean, VA – Freddie Mac (NYSE: FRE) today announced the preliminary results of its offer to purchase up to a total of approximately $2 billion of three series of outstanding Freddie SUBS® in exchange for a new 12-year bullet subordinated debt security, Freddie SUBS, CUSIP number 3134A4ZZ0, due on December 14, 2018. The exchange offers expired at 5:00 p.m. EST on Friday, December 8, 2006.

In the exchange offers, Freddie Mac received a combined $1,505,214,000 principal amount of securities tendered. Since the aggregate principal amount of securities tendered in the exchange offers did not exceed the $2 billion exchange cap, Freddie Mac will accept all tenders in full for exchange or purchase as described in the Exchange Supplement dated December 4, 2006.

Exchange Security	CUSIP No./ ISIN	Acceptance Priority Level	Principal Amount Outstanding	Principal Amount Tendered/Accepted	Principal Amount Outstanding Following Exchange Offers
6.25% due March 5, 2012	3134A4MF8/ US3134A4MF87	1	$1,500,000,000	$343,172,000	$1,156,828,000
5.875% due March 21, 2011	3134A4EW0/ US3134A4EW03	2	$2,000,000,000	$910,006,000	$1,089,994,000
5.25% due November 5, 2012	3134A4RU0/ US3134A4RU00	3	$1,000,000,000	$252,036,000	$747,964,000
Total				$1,505,214,000

Freddie Mac has sized the cash offering at $500 million. The total size of the new 12-year Freddie SUBS security will be the sum of the $500 million cash offering and the principal amounts accepted in the exchange offerings multiplied by the exchange ratios. Freddie Mac will price the new security and announce the resulting exchange securities index prices, exchange ratios and residual cash amounts at or around 12:00 p.m. EST today.

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.

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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