FREDDIE MAC ANNOUNCES RESULTS OF MULTIPLE USD REFERENCE NOTES® REPURCHASE OPERATION

McLean, VA – Freddie Mac (NYSE: FRE) today announced results of its Reference Notes^® securities repurchase operation, which closed at 11 a.m. today. Freddie Mac repurchased a total of $1.745 billion of the following Reference Notes securities:

CUSIP	Coupon	Maturity	Amount Repurchased (USD millions)	Amount Outstanding (USD millions)
3134A2DT2	5.750%	4/15/08	250	4,000
3134A4UQ5	3.375%	4/15/09	450	4,550
3134A4DY7	5.625%	3/15/11	175	3,667
3134A4TZ7	4.500%	7/15/13	160	3,840
3134A4UM4	4.500%	1/15/14	710	5,290

The overall offer-to-cover ratio was 3.989 to 1. Settlement for all issues will be on Friday, September 10, 2004.

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 applicable offering materials. Grant Street Group, parent of MuniAuction, Pittsburgh, PA provides services and technology relating to the repurchase operations.

Freddie Mac is a stockholder-owned corporation 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 in America

###