I'm pleased to announce that after an extensive search and interviewing process for the head of Multifamily Customer Engagement, we are promoting Rob Levin to Senior Vice President and Head of Multifamily Customer Engagement effective in August.

Rob has deep experience in Fannie Mae credit underwriting and strong relationships with our DUS partners. Since joining Fannie Mae in 1998, Rob has held several credit risk positions, most recently serving as Vice President, Chief Underwriter. In this role, he has provided numerous enhancements to our credit organization and process, and driven strategic leadership in the credit space.

I would like to thank Woody Brewer for serving as interim head of Customer Engagement over the past eight months. Woody's broad Multifamily business experience and his strong analytic background have brought a new perspective to the business. Effective in August, Woody will continue to report directly to me, providing strategic leadership on Multifamily initiatives and business outcomes.

I also am pleased that Chris Flynn is being promoted to Vice President, Chief Underwriter. Chris joined Fannie Mae in 2006 and has contributed immensely as the Director of Credit Risk, through both her strong leadership and credit underwriting experience.

Please join me in congratulating Rob, Woody, and Chris on their new roles in Multifamily and thank you for your continued partnership.

Best,

Jeff