Federal Agricultural Mortgage : CEO and Chair Letter

WE ARE AMERICA'S

GROWTH PARTNER

It is an honor to once again address all of Farmer Mac's valued stakeholders- our investors, customers, and employees, as well as America's farmers, ranchers, and rural residents- to report on our company's progress and impact. On behalf of the entire company, we are happy to share with you the successes we achieved in 2022, which were bolstered by diverse revenue streams, disciplined asset liability management, and a strong capital position that enabled us to deliver outstanding results even in volatile market conditions. We also want to share our sincere gratitude for all our stakeholders who helped make 2022 a record year for revenue, earnings, net effective spread, and outstanding business volumes in nearly all segments.

Farmer Mac as an organization- from our Board of Directors to our management team to our employees- is composed of people from diverse backgrounds and equipped with a wide array of skills. Yet we are all united by a passion for our mission to increase the accessibility of financing for American agriculture and rural infrastructure. We are proud to work for an organization that has been a champion for and

an integral part of this nation's rural economy for 35 years, strengthening, connecting, and powering rural America. Everyone at Farmer Mac shares a drive to innovate, to strive for excellence and integrity in all our work, and to develop strong, lasting relationships within the industries we so proudly serve.

Farmer Mac emphasizes the importance of being a good partner to all our stakeholders. That means thinking about the vital role we play in supporting the rural economy by connecting Wall Street to Main Street while forging strong relationships with our debt and equity investors. It means fostering strong and impactful relationships with our customers-the financial institutions that rely on our secondary market to help provide affordable credit to America's farmers, ranchers, agribusinesses, and rural infrastructure borrowers. And it means focusing on how our organization can empower our employees, who make all our positive results possible.

• Farmer Mac provides our lending partners with flexible, competitive financing, including long term fixed interest rate options and effective risk management tools."

We are America's growth partner, and we strive to always expand and deepen these meaningful relationships. They are central to our strength and thus paramount in maximizing the positive impact of our vital mission to support agricultural production, agribusinesses, and

critical rural infrastructure for rural communities across the nation and for many generations to come.

THE PURPOSE OF OUR WORK

Agriculture and rural infrastructure are the heart of America. Our core business activities and strategic thinking are therefore rooted in our commitment to driving economic opportunity and prosperity by strengthening and connecting rural communities across our country. With a diverse array of products offered through our Agricultural Finance and Rural Infrastructure Finance business lines, Farmer Mac provides our lending partners with flexible, competitive financing, including long term fixed interest rate options and effective risk management tools. As a secondary market provider, we enable these institutions to better serve their farm, ranch, agribusiness, and rural infrastructure customers.

We believe that one key measure of our success is our nationwide impact. Through our network of lenders, Farmer Mac has helped fund loans to over 100,000 borrowers in all 50 states. And across our lines of business, we have extended more than $81 billion of cumulative financing that lenders have used to help bring increased financial security and opportunities to farmers and ranchers as well as reliable power and broadband to America's rural communities. These communities help feed the nation and the world-when they prosper, we are all better off for it. Farmer Mac is committed to fostering their