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

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

Freddie Mac will offer to purchase for cash any and all outstanding amounts of the selected targeted securities from investors through Bear, Stearns & Co. Inc., Credit Suisse and UBS Investment Bank, the dealer managers for the offers. The offers are not contingent upon the tender of any minimum principal amount of securities.

The tender offer period will commence today, Friday, November 10, 2006 at 9 a.m. EST, and expire at 10 a.m. EST, on Friday, November 17, 2006, unless extended. The securities will be repurchased by Freddie Mac only through the dealer managers. Holders may place orders to tender their securities to any one of the three dealer managers and to only one single dealer manager for each tender. No tender may be made or will be accepted prior to 9 a.m. EST, on Friday, November 10, 2006 or after 10 a.m. EST, on Friday, November 17, 2006. Securities accepted for purchase will be priced on Friday, November 17, 2006 at approximately 11 a.m. EST. Results of the tender offer 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 116K] dated November 10, 2006, by reference to the applicable fixed spread over the yield to maturity of the Reference Security listed below at the time of the pricing, plus an amount equal to any accrued and unpaid interest to but excluding the date of payment of the purchase price. Unless an offer is extended, the dealer managers will purchase the Securities on behalf of Freddie Mac on November 21, 2006.

CUSIP / ISIN	Title of Security	Principal Amount Outstanding	Reference Security	Fixed Spread (bps)
3128X0C64/ US3128X0C645	3.500% Debt Securities due February 13, 2008	$330,391,000	5.125% Reference Notes due April 18, 2008	7.5
3128X0L31/ US3128X0L315	3.250% Debt Securities due February 25, 2008	$1,583,583,000	5.125% Reference Notes due April 18, 2008	5.3
3128X3XX6	3.500% Medium-Term Notes due March 24, 2008	$250,000,000	5.125% Reference Notes due April 18, 2008	3.3
3128X03N7/ US3128X03N79	3.500% Debt Securities due April 1, 2008	$1,577,432,000	5.125% Reference Notes due April 18, 2008	2.1
3128X1ED5	3.000% Medium-Term Notes due May 13, 2008	$250,000,000	5.125% Reference Notes due April 18, 2008	1.2
3128X3K93	3.600% Medium-Term Notes due May 22, 2008	$250,000,000	5.125% Reference Notes due April 18, 2008	0.5
3128X36N8/ US3128X36N88	4.300% Debt Securities due September 24, 2008	$387,175,000	5.000% Reference Notes due September 16, 2008	2.6
3128X4RC7/ US3128X4RC71	4.750% Debt Securities due October 17, 2008	$695,425,000	5.000% Reference Notes due September 16, 2008	1.4
3128X4ST9/ US3128X4ST97	4.900% Debt Securities due November 3, 2008	$1,185,394,000	5.000% Reference Notes due September 16, 2008	0.0
3128X16N2/ US3128X16N25	3.875% Debt Securities due November 10, 2008	$287,268,000	5.000% Reference Notes due September 16, 2008	0.8
3128X2ME2/ US3128X2ME27	3.875% Debt Securities due January 12, 2009	$1,664,256,000	5.000% Reference Notes due September 16, 2008	(1.3)
3128X2P90/ US3128X2P908	3.755% Debt Securities due March 18, 2009	$453,763,000	5.000% Reference Notes due September 16, 2008	(1.1)
3128X3SL8/ US3128X3SL88	4.375% Debt Securities due July 30, 2009	$637,448,000	4.750% Reference Notes due November 3, 2009	4.1
3128X3VA8/ US3128X3VA86	4.125% Debt Securities due September 1, 2009	$1,551,455,000	4.750% Reference Notes due November 3, 2009	3.9
3128X3WY5/ US3128X3WY53	4.000% Debt Securities due September 22, 2009	$1,248,000,000	4.750% Reference Notes due November 3, 2009	3.9
3128X3K85/ US3128X3K857	4.125% Debt Securities due November 18, 2009	$770,126,000	4.750% Reference Notes due November 3, 2009	3.0
3128X33F8/ US3128X33F81	4.375% Debt Securities due January 25, 2010	$662,174,000	4.750% Reference Notes due November 3, 2009	3.3
3128X34V2/ US3128X34V23	4.240% Debt Securities due February 22, 2010	$250,000,000	4.750% Reference Notes due November 3, 2009	4.1
3128X34W0/ US3128X34W06	4.250% Debt Securities due February 24, 2010	$393,672,000	4.750% Reference Notes due November 3, 2009	4.2
3128X35R0/ US3128X35R02	4.375% Debt Securities due March 1, 2010	$848,620,000	4.125% Reference Notes due July 12, 2010	4.0
3128X4DQ1/ US3128X4DQ14	4.500% Debt Securities due July 6, 2010	$695,970,000	4.125% Reference Notes due July 12, 2010	3.1
3128X4EL1/ US3128X4EL18	4.625% Debt Securities due July 28, 2010	$250,000,000	4.125% Reference Notes due July 12, 2010	3.2
3128X4GL9/ US3128X4GL99	4.790% Debt Securities due August 4, 2010	$385,805,000	4.125% Reference Notes due July 12, 2010	3.3
3128X4KF7/ US3128X4KF75	4.750% Debt Securities due September 22, 2010	$391,144,000	4.125% Reference Notes due July 12, 2010	3.6
3128X4QK0/ US3128X4QK07	5.000% Debt Securities due October 18, 2010	$920,635,000	4.125% Reference Notes due July 12, 2010	3.3
3128X2EV3/ US3128X2EV34	4.750% Debt Securities due December 8, 2010	$1,713,683,000	5.250% Reference Notes due July 18, 2011	0.1
3128X2HT5/ US3128X2HT50	4.500% Debt Securities due December 16, 2010	$656,423,000	5.250% Reference Notes due July 18, 2011	1.1
3128X2ZQ1/ US3128X2ZQ10	4.125% Debt Securities due February 24, 2011	$1,815,426,000	5.250% Reference Notes due July 18, 2011	1.1
3128X3K69/ US3128X3K691	4.500% Debt Securities due November 15, 2011	$455,000,000	5.250% Reference Notes due July 18, 2011	2.2
3128X4DM0/ US3128X4DM00	4.750% Debt Securities due June 28, 2012	$310,000,000	5.250% Reference Notes due July 18, 2011	3.2
3128X1EJ2	4.250% Medium-Term Notes due May 22, 2013	$250,000,000	4.875% Reference Notes due November 15, 2013	0.6
3128X1KG1/ US3128X1KG10	4.000% Debt Securities due June 12, 2013	$2,237,285,000	4.875% Reference Notes due November 15, 2013	(0.4)
3128X3L76/ US3128X3L764	5.000% Debt Securities due November 13, 2014	$905,605,000	5.000% Reference Notes due July 15, 2014	3.5
Total		$26,263,158,000

This announcement is neither an offer to sell nor a solicitation of offers to buy any of these securities. Neither Freddie Mac, nor the dealer managers make 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 dated November 10, 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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