Obligation Freddy Mac 0% ( US3128X1PP63 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X1PP63 ( en USD )

07/07/2033

Prospectus brochure de l'obligation Freddie Mac US3128X1PP63 en USD 0%, échéance 07/07/2033

1 000 USD

300 000 000 USD

3128X1PP6

Freddie Mac est une société publique américaine qui achète et garantit des prêts hypothécaires résidentiels, contribuant ainsi à la stabilité du marché du logement.

Freddie Mac a émis une obligation (ISIN : US3128X1PP63, CUSIP : 3128X1PP6) d'une valeur totale de 300 000 000 USD, négociée actuellement à 100% de sa valeur nominale, avec un taux d'intérêt de 0%, une maturité fixée au 07/07/2033, une fréquence de paiement semestrielle, un montant minimum d'achat de 1 000 USD, et émise aux États-Unis.

PRICING SUPPLEMENT DATED June 18, 2003
(to Offering Circular Dated April 4, 2003)

$300,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due July 7, 2033
Redeemable periodically, beginning July 7, 2004

Issue Date:
July 7, 2003
Maturity Date:
July 7, 2033
Subject to Redemption:
Yes. The Medium-Term Notes are redeemable at our option, upon notice of not less than 5
Business Days. See "Redemption" herein. We will redeem all of the Medium-Term Notes if we
exercise our option.
Redemption Date(s):
Semiannually, on January 7 and July 7, commencing July 7, 2004
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X1PP6

There will be no periodic payments of interest on the Medium-Term Notes. The only scheduled payment that will be made
to the holder of a Medium-Term Note will be made on the Maturity Date or the redemption date, as applicable, in an amount equal to
the product of the call price for such redemption date and the principal amount of the Medium-Term Notes. See "Redemption" herein.

The Medium-Term Notes will be issued with original issue discount. See "Certain United States Federal Tax Consequences
- U.S. Owners - Debt Obligations with Original Issue Discount" in the Offering Circular.

You should read this Pricing Supplement together with Freddie Mac's Debentures, Medium-Term Notes and Discount Notes
Offering Circular, dated April 4, 2003 (the "Offering Circular"), and all documents that are incorporated by reference in the Offering
Circular, which contain important detailed information about the Medium-Term Notes and Freddie Mac. See "Available Information"
in the Offering Circular. Capitalized terms used in this Pricing Supplement have the meanings we gave them in the Offering Circular,
unless we specify otherwise.

The Medium-Term Notes may not be suitable investments for you. You should not purchase the Medium-Term
Notes unless you understand and are able to bear the redemption, yield, market, liquidity and other possible risks associated
with the Medium-Term Notes. You should read and evaluate the discussion of risk factors (especially those risk factors that
may be particularly relevant to this security) that appears in the Offering Circular under "Risk Factors" before purchasing
any of the Medium-Term Notes.

The Medium-Term Notes, including any interest or return of discount on the Medium-Term Notes, are not
guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than
Freddie Mac.

Price to Public (1)(2)
Underwriting Discount (2)
Proceeds to Freddie Mac (1)(3)

Per Medium-Term Note
16.727946%
.07%
16.657946%
Total
$50,183,838
$210,000
$49,973,838

(1)
Plus return of discount, if any, from July 7, 2003.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

Merrill Lynch & Co.

2

OFFERING

1. Pricing
date:
June 18, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
Merrill Lynch Government Securities Inc.
6. Underwriter's
Counsel:
Sidley Austin Brown & Wood LLP

REDEMPTION

The Medium-Term Notes are subject to redemption by Freddie Mac, at its option, on the dates and at the respective call
prices set forth in the following Call Price Schedule. Upon exercise of Freddie Mac's option to redeem the Medium-Term Notes,
each investor will receive the product of the call price for such redemption date and the principal amount of Medium-Term
Notes held by such investor.

Call Price Schedule
Redemption Date Call Price Percentage
Redemption Date Call Price Percentage
7/7/2004 17.755293
7/7/2019 43.411676
1/7/2005 18.292391
1/7/2020 44.724879
7/7/2005 18.845736
7/7/2020 46.077807
1/7/2006 19.415819
1/7/2021 47.471660
7/7/2006 20.003148
7/7/2021 48.907678
1/7/2007 20.608243
1/7/2022 50.387135
7/7/2007 21.231643
7/7/2022 51.911346
1/7/2008 21.873900
1/7/2023 53.481664
7/7/2008 22.535585
7/7/2023 55.099485
1/7/2009 23.217287
1/7/2024 56.766244
7/7/2009 23.919610
7/7/2024 58.483423
1/7/2010 24.643178
1/7/2025 60.252546
7/7/2010 25.388634
7/7/2025 62.075186
1/7/2011 26.156640
1/7/2026 63.952960
7/7/2011 26.947878
7/7/2026 65.887537
1/7/2012 27.763052
1/7/2027 67.880635
7/7/2012 28.602884
7/7/2027 69.934025
1/7/2013 29.468121
1/7/2028 72.049529
7/7/2013 30.359532
7/7/2028 74.229027
1/7/2014 31.277908
1/7/2029 76.474455
7/7/2014 32.224065
7/7/2029 78.787807
1/7/2015 33.198842
1/7/2030 81.171139
7/7/2015 34.203107
7/7/2030 83.626565
1/7/2016 35.237751
1/7/2031 86.156269
7/7/2016 36.303693
7/7/2031 88.762496
1/7/2017 37.401880
1/7/2032 91.447562
7/7/2017 38.533287
7/7/2032 94.213850
1/7/2018 39.698919
1/7/2033 97.063819
7/7/2018 40.899811
7/7/2033 100.000000
1/7/2019 42.137031
8403-3128X1PP6.doc

3

RISK FACTORS

An investment in the Medium-Term Notes entails certain risks not associated with an investment in conventional fixed-rate
debt securities that pay interest periodically. While the Medium-Term Notes, if held to maturity or redemption, will provide return
of their principal, including return of the accreted value to the optional redemption date, their market value could be adversely
affected by changes in prevailing interest rates and the optional redemption feature. This effect on the market value could be
magnified in a rising interest rate environment in the case of the Medium-Term Notes due to their relatively long remaining term to
maturity. In such an environment, the market value of the Medium-Term Notes generally will fall, which could result in significant
losses to investors whose circumstances do not permit them to hold the Medium-Term Notes until maturity. It is also unlikely that
Freddie Mac would redeem the Medium-Term Notes in such an interest rate environment, when Freddie Mac's costs of borrowing
would be relatively high. On the other hand, in a falling interest rate environment, in which the market value of the Medium-Term
Notes generally would rise, it is likely that Freddie Mac would redeem the Medium-Term Notes, when its costs of borrowing would
be relatively low; under those circumstances, it is likely that the optional redemption provision would restrict the market value that
the Medium-Term Notes otherwise would have. Those factors, combined with the fact that payments on the Medium-Term Notes
will be made only at maturity or upon redemption, and not periodically, also could affect the secondary market for and the liquidity
of the Medium-Term Notes. Investors therefore should have the financial status and, either alone or with a financial advisor, the
knowledge and experience in financial and business matters sufficient to evaluate the merits and to bear the risks of investing in the
Medium-Term Notes in light of each investor's particular circumstances and should consider whether their circumstances permit
them to hold the Medium-Term Notes until maturity, or otherwise to bear the risks of illiquidity, redemption and changes in interest
rates. See "Risk Factors" in the Offering Circular.
8403-3128X1PP6.doc

Document Outline

#1">Freddie Mac
#2">REDEMPTION
- #2">
  - #2">
    - #2">Call Price Schedule