13, 2021 This Proxy Statement is furnished in connection with the solicitation by the Board of Directors (“Board”) of the Federal Agricultural Mortgage Corporation ("(“Farmer Mac"Mac”) of proxies from the holders of Farmer Mac'sMac’s Class A Voting Common Stock and Class B Voting Common Stock (together, the "Voting“Voting Common Stock"Stock”). Farmer Mac is not soliciting proxies from the holders of its Class C Non-Voting Common Stock. The proxies will be voted at Farmer Mac's 2016Mac’s 2021 Annual Meeting of Stockholders (the "Meeting"(“Meeting”), to be held on Thursday, May 5, 2016,13, 2021, at 8:00 a.m. local timeEastern Daylight Time at The Town Hall, 1999 K Street, N.W., First Floor, Washington, D.C. 20006, and at any adjournment or postponement of the Meeting. The Notice of Annual Meeting, this Proxy Statement, and the enclosed proxy card are being mailed to holders of Voting Common Stock on or about April 1, 2016.7, 2021. In this Proxy Statement, “we,” “us,” and “our” refer to Farmer Mac except as the context otherwise requires or as otherwise noted, "we," "us," and "our" refer to Farmer Mac and its subsidiaries.

noted. At the Meeting, Farmer Mac'sMac’s Board of Directors (the "Board of Directors" or "Board") will present for a vote the election of ten members to the Board (Proposal 1) and the ratification of the appointmentappoint- ment of PricewaterhouseCoopers LLP as Farmer Mac'sMac’s independent auditor for fiscal year 20162021 (Proposal 2). The Board will also present for a vote the approval, on an advisory basis, of the compensation of Farmer Mac'sMac’s named executive officers disclosed in this Proxy Statement (Proposal 3). The Board is not aware of any other matter to be presented for a vote at the Meeting.

GENERAL iNFORMATiON One of the purposes of the Meeting is to elect ten members to the Board of Directors.Board. Title VIII of the Farm Credit Act of 1971, as amended (the "Act")(referred to as Farmer Mac’s charter), provides that Farmer Mac'sMac’s Class A VotingVot- ing Common Stock may be held only by banks, insurance companies, and other financial institutions or entities that are not Farm Credit System institutions. The ActFarmer Mac’s charter also provides that Farmer Mac'sMac’s Class B Voting Common Stock may be held only by Farm Credit System institutions. Holders of Voting Common Stock who are not eligible holders of that stock may not vote the shares held and should dispose of their stock to eligible holders. Farmer Mac has the right, but not the obligation, to repurchase shares of Voting Common Stock from ineligible holders for book value.

The Act Farmer Mac’s charter provides that five members of the Board will be elected by the holders of the Class A Voting Common Stock (the "Class(“Class A Holders"Holders”) and that five members of the Board will be elected by the holders of the Class B Voting Common Stock (the "Class(“Class B Holders"Holders”). The remaining five members of the Board are appointed by the President of the United States, with the advice and consent of the United States Senate.

The President of the United States designates the Chair of the Board of Directors has fixed March 17, 2016 asfrom among the record date for the determination of stockholders entitled to receive notice of and to vote at the Meeting. At the close of business on that date, there were issued and outstanding 1,030,780 shares of Class A Voting Common Stock and 500,301 shares of Class B Voting Common Stock, which together constitute the only outstanding capital stock of Farmer Mac entitled to vote at the Meeting. See "Stock Ownership of Directors, Director Nominees, Named Executive Officers, and Certain Beneficial Owners—Principal Holders of Voting Common Stock."

five appointed Board members. The presence, in person or by proxy, of the holders entitled to vote at least a majority of Farmer Mac'sMac’s outstanding Voting Common Stock is required to constitutefor a quorum at the Meeting. Thus, 765,541 shares of Voting Common Stock must be represented by stockholders present at the Meeting or by proxy to have a quorum.

Under the Act,Farmer Mac’s charter, the holders of Farmer Mac'sMac’s Voting CommonCom- mon Stock are entitled to one vote per share, with cumulative voting permitted at all elections of directors. Under cumulative voting, each stockholder is entitled to cast the number of votes equal to the numbernum- ber of shares of the class of Voting Common Stock owned by that stockholder, multiplied by the number of directors to be elected by that class. All of a stockholder'sstockholder’s votes may be cast for a single candidate for director or may be distributed among any number of candidates. Class A Holders are entitled to vote only for the five directors to be elected by Class A Holders, andHolders. Class B Holders are entitled to vote only for the five directors to be elected by Class B Holders.

A stockholder may withhold a vote from one or more nominees by filling in the circle next to the names of those nominees in the space provided on the proxy card. Under those circumstances, unless other instructions are provided in writing, the stockholder'sstockholder’s votes will then be cast evenly among the remaining nominees for its class. StockholdersWe urge stockholders who intend to cumulate their votes for any nominee are urged to read the instructions on the proxy card and to indicate the manner in whichhow votes shall be cumulated in the space to the right of the applicable nominee name on the proxy card. The five nominees from each class who receive the greatest number of votes will be elected directors. If one or more of the nominees becomes unavailable for election, the Proxy Committee (described below) will cast votes under the authority granted by the enclosed proxy for any substitute or other nominee as the Board of Directors may designate. If proxies are signed and returned but no instructions are indicated on the proxies, the proxies represented by the Class A Voting Common Stock will be voted in favor offor the five nominees specified in this Proxy Statement as Class A nominees, with the votes being cast evenly among each of the Class A nominees, and the proxies represented by the Class B Voting Common Stock will be voted in favor offor the five nominees specified in this Proxy Statement as Class B nominees, with the votes being cast evenly among each of the Class B nominees. The Board has fixed March 10, 2021 as the record date to determine the stockholders entitled to receive notice of and to vote at the Meet- ing. At the close of business on that date, Farmer Mac had 1,030,780 shares of Class A Voting Common Stock outstanding and 500,301 shares of Class B Voting Common Stock outstanding, which together constitute the only shares of Farmer Mac’s outstanding capital stock entitled to vote at the Meeting. See “Stock Ownership of Directors, Director Nominees, Named Executive Officers, and Certain Beneficial Owners—Principal Holders of Voting Common Stock.” VOTING RIGHTS RECORD DATE VOTING

Other than the election of directors, the Class A Holders and Class B Holders vote together as a single class on any matter submitted to a vote of the holders of Voting Common Stock. The affirmative vote of a majority of the votes cast by the holders of shares of Farmer Mac'sMac’s Voting Common Stock entitled to vote and represented in person or by proxy at the Meeting is required for the approval of Proposals 2 and 3. Farmer Mac'sMac’s Amended and Restated By-Laws (the "By-Laws"(“By-Laws”) provide that "votes cast"“votes cast” do not include abstentions and broker non-votes (as defined below).

Shares of Voting Common Stock represented by proxies marked "Abstain"“Ab- stain” for any proposal presented at the Meeting (other than Proposal 1 for the election of directors) will be counted for purposes of determiningto determine the presencepres- ence of a quorum, but will not be voted for or against suchthe proposal. Abstentions will have no effect onnot affect the outcome of the vote of Proposals 2 or 3.

If a holder of Voting Common Stock holds shares through an account with a bank or broker, the voting of the shares by the bank or broker when the holder does not provide voting instructions is governed by the rules of the New York Stock Exchange ("NYSE"(“NYSE”), which allow banks and brokers to vote shares in their discretion on "routine"“routine” matters for which their customers do not provide voting instructions. On mattersmat- ters considered "non-routine,"“non-routine,” banks and brokers may not vote shares without a customer'scustomer’s instructions. A "broker non-vote"“broker non-vote” occurs when a bank or broker holding the shares has not received voting instructions from its customer and either chooses not to vote those shares on a routine matter at a stockholders'stockholders’ meeting, or is not permitted to vote those shares because a proposal is considered a non-routine matter. Broker non-votes will be counted as shares present at the Meeting for purposes of determiningto determine whether a quorum is present, but will not be voted for or against the related proposal.

The ratification of PricewaterhouseCoopers LLP as Farmer Mac's independentMac’s inde- pendent auditor for fiscal year 20162021 is considered a routine matter. Accordingly,Thus, banks and brokers may vote shares on Proposal 2 if they have not received a customer'scustomer’s instructions, and there generally will be no broker non-votes on this proposal unless a bank or broker chooses not to vote shares on Proposal 2.

Any holder of Voting Common Stock who is unable to attend the Meeting in person will be afforded the right to vote by means ofthrough the proxy solicited by the Board of Directors.Board. When a proxy is returned properly completed and signed, the shares it represents must be voted by the Proxy Committee (described below) as directed by the stockholder.stock- holder. If you sign and return your proxy card but do not specify how you want your shares voted, they will be voted as recommended by the Board. Stockholders are urgedWe urge stockholders to specify their choices by marking the appropriate boxes on the enclosed proxy card.

Execution of a proxy will not prevent a stockholder from attending the Meeting, revoking a previously submitted proxy, and voting in person. Any stockholder who gives a proxy may revoke it at any time before it is voted by notifying Farmer Mac'sMac’s Secretary in writing on a date later than the date of the proxy, by submitting a later dated proxy, or by voting in person at the Meeting. Mere attendance at the Meeting, however, will not constitute revocation of a proxy. Written notices revokingre- voking a proxy should be sent to Farmer Mac'sMac’s Secretary at 1999 K Street, N.W., Fourth Floor, Washington, D.C. 20006.

The Proxy Committee is composedconsists of three executive officers of Farmer Mac – Timothy L. Buzby, R. Dale Lynch, and Stephen P. Mullery, Bradford T. Nordholm, and Aparna Ramesh – and will vote all shares of Voting Common Stock represented by proxiesprox- ies signed and returned by stockholders in the manner specified. The Proxy Committee will also vote the shares represented by proxies in accordance with its members'members’ best judgment on any matters not known at the timewhen this Proxy Statement was printed that may properly be presented for action at the Meeting. GENERAL iNFORMATiON PROXY PROCEDURE All other proposals in this Proxy Statement are considered “non- routine” matters, so stockholders must provide their banks or brokers with instructions on how to vote for their shares to be voted. Broker non-votes will not affect the outcome of the vote on Proposal 3 be- cause broker non-votes will not be considered as “votes cast.”

CORPORATE GOVERNANCE MATTERS The Board of Directors has adopted a formal set of standards to form the basis for determinations of director independence prescribed by NYSE listing requirements. To be considered "independent" for purposes of“independent” under these standards, the Board must affirmatively determine that a director does not have a material relationship with Farmer Mac or any of its affiliates (as defined in Rule 144(a)(1) under the Securities Act of 1933, as amended, or the "Securities Act"“Securities Act”) other than as a director of Farmer Mac, either directly or as a partner, stockholder, or officer of an organization that has a relationshiprela- tionship with Farmer Mac. The Board broadly considers all relevant facts and circumstances in making an independence determination, includinginclud- ing the following criteria, as well as the guidance under the NYSE listing standards and any other factors that the Board may deem relevant, in determining whether a director lacks a material relationship with Farmer Mac and therefore is "independent"“independent”:

The These independence criteria set forth above are included in Farmer Mac's CorporateMac’s Corpo- rate Governance Guidelines available on Farmer Mac'sMac’s website, www.farmermac.com, in the "Corporate Governance"“Corporate Governance” portion of the "Investors"“Investors” section. These criteria meet or exceed all standards for director independence under applicable rules of the Securities and Exchange Commission (the "SEC"(“SEC”) and NYSE. DIRECTOR INDEPENDENCE

Audit Compensation Corporate Governance Credit Risk Enterprise Risk Financial Risk Public Policy and Corporate Social Responsibility Strategy and Business Development Brack C l l Davidson C l l Dobrinski l l l Engebretsen l l C Faivre l l C Gales l C l Johnson l l Junkins l l C McKissack l l l Sexton l l l Shaw l l l Stones l l l Ware l l l Watts l C l Wilcher l C l l l Member C Chair See "Class“Class A Nominees," "Class” “Class B Nominees,"” and "Directors“Directors Appointed by the President of the United States"States” under "Proposal“Proposal 1: Election of Directors—Information about Nominees for Directors"Directors” for more information about the current members of the Board who are standing for re-election at the Meeting. CORPORATE GOVERNANCE MATTERS

PAGE 07 CORPORATE GOVERNANCE MATTERS KEY COMMITTEE RESPONSIBILITIES & ENTERPRISE RISK MANAGEMENT Farmer Mac’s executive officers have the primary responsibility for man- aging the risks associated with Farmer Mac’s business, including strate- gic, operational, financial, credit, liquidity and funding, market, security, legal or regulatory, compliance, technology, third party, reputational, po- litical, and emerging and other risks. The following table sets forthBoard currently oversees Farm- er Mac’s enterprise risk primarily through the key responsibilitiesEnterprise Risk Committee and the delegation of each standingspecific areas of risk by the Board committee,to the other Board committees, as well as through Farmer Mac’s Enterprise Risk Of- ficer and compliance, internal audit, and internal credit review functions. The Enterprise Risk Committee assists the numberBoard to oversee the ade- quacy of meetingsFarmer Mac’s enterprise-wide risk management program, in- cluding the strategies, policies, procedures, and processes established by the Board and Farmer Mac’s executive officers to identify, eval- uate, monitor, and manage or mitigate major risks both in Farmer Mac’s business and facing Farmer Mac from external sources. The Enterprise Risk Committee also assists the Board to oversee risk across Farmer Mac as a whole and across all risk areas, in conjunction with other Board committees that oversee specific risk-related issues and areas, and to oversee the division of risk-related responsibilities to these other Board committees. The other Board committees report on risks within their jurisdictions to the Enterprise Risk Committee, and the Enterprise Risk Committee provides a report on any identified risks to the full Board at each Board meeting. Farmer Mac’s Enterprise Risk Officer works with the Board committees to facilitate the evalua- tion of Farmer Mac’s risk tolerance and appetite for specific risks that fall within each Board committee’s jurisdiction and in recommending strategies to manage or mitigate these risks. Farmer Mac’s Enterprise Risk Officer is also responsible for assisting Farmer Mac’s executive officers to develop and monitor a risk management program in the context of Farmer Mac’s strategic objectives and to identify and mon- itor current and emerging risks. Farmer Mac’s Enterprise Risk Officer also has a reporting line to the Enterprise Risk Committee and regularly updates that committee held during 2015:

on discussions with management and the oth- er Board committees about Farmer Mac’s risk management program. Farmer Mac’s compliance function manages Farmer Mac’s policies and procedures framework, operates its compliance program, and conducts compliance risk assessments to identify key compliance risks. Farmer Mac’s internal audit function annually compiles a risk assessment and, under the oversight of the Audit Committee, con- ducts periodic audits of each of the various risk areas within Farmer Mac at least once every three years. The internal credit review function provides an independent assessment of credit risk and reports directly to the Credit Risk Committee. Each of theseFarmer Mac’s standing Committees oversees aspects of Farmer Mac's enterprise risk management as describedoutlined below. See "Proposal 1: Election of Directors" for more information about the Corporate GovernanceGover- nance Committee. See "Executive Compensation Governance" for more information about the Compensation Committee. See "Report of the Audit Committee" and "Proposal 2: Selection of Independent Auditor" for more information about the Audit Committee. See "Enterprise Risk Management"Man- agement" for more information about the Risk Committee.

Committee. Members: 9 Meetings Held in 2020 Brack (Chair), Dobrinski, Gales, Engebretsen, McKissack, Sexton, Stones Key Responsibilities: • Engages an independent auditor to audit the financial statements and internal control over financial reporting of Farmer Mac's executive officers haveMac • Approves any non-audit services by this independent auditor • Reviews the primary responsibility for managing the risks associated with Farmer Mac's business, including strategic, operational, financial, credit, liquidity and funding, market, security, legal or regulatory, technology, reputational, political, and emerging and other risks. The Boardscope of Directors currently oversees Farmer Mac's enterprise risk primarily through the Risk Committee and the delegation of specific areas of riskaudits as recommended by the Board of Directors to the other Board committees, as well as throughindependent auditor and Farmer Mac'sMac’s internal audit and internal credit review functions.

The Risk Committee assistsfunction • Assists the Board in overseeing the adequacyintegrity of financial statements and legal and compliance requirements Risk Oversight Role: • Financial reporting and accounting practices of Farmer Mac'sMac • Primary oversight of whistleblower complaints related to accounting and auditing matters, allegations of fraud, and regulatory compliance Audit Committee

The ActFarmer Mac’s charter provides that five of Farmer Mac'sMac’s directors are elected by the Class A Holders and that five directors are elected by the Class B Holders. At the Meeting, ten directors will be elected for one-year terms. All five of the Class A nominees and four of the five Class B nominees currently are members of the Board of Directors.Board. Class B nominee Douglas A. FeltonNom- inee Roy H. Tiarks is the only nominee who does not currently serve on Farmer Mac's Board of Directors.Mac’s Board. The directors elected by the Class A Holders and the Class B Holders at the Meeting will hold office until Farmer Mac's 2017Mac’s 2022 Annual Meeting of Stockholders, or until their respective successors have been duly elected and qualified.

The Act furthercharter also provides that the President of the United States appointsap- points five members to the Board of Directors with the advice and consent of the United States Senate (the "Appointed Members"(“Appointed Members”). The Appointed MembersMem- bers serve at the pleasure of the President of the United States. TheStates, who also designates one of the Appointed Members as the Board of Directors, afterChair. After the election at the Meeting, the Board will consist of the five Appointed Members named under "—“—Information about Nominees for Directors—Directors Appointed by the President of the United States"States” below (or such other Appointed Members aswho may be appointed by the President and confirmed by the Senate between March 17, 201615, 2021 and May 5, 2016)13, 2021) and the ten members who are elected by the holders of Farmer Mac'sMac’s Voting Common Stock.

PROPOSAL 1: ELECTION OF DIRECTORS PROPOSAL 1: ELECTiON OF DiRECTORS SELECTION OF DIRECTOR NOMINEES BY BOARD BOARD STRUCTURE The Corporate Governance Committee facilitates the selection of directordi- rector nominees. Farmer Mac'sMac’s By-Laws require the Corporate GovernanceGover- nance Committee to be comprisedconsist of two Appointed Members (one of whom serves as the chairmanchair of the Corporate Governance Committee), two directors who have beendi- rectors elected by the holders of the Class A Voting Common Stock, and two directors who have been elected by the holders of the Class B Voting Common Stock. The Corporate Governance Committee Charter requires that both the Board Chair and the Board Vice Chair serve on the Corporate Governance Committee as long as each is determined to be “indepen- dent” under the independence criteria in Farmer Mac’s Corporate Gov- ernance Guidelines. The current members of the Corporate Governance Committee are: Appointed Members Junkins (chairman of the Corporate Governance Committee)Wilcher (chair) and Watts;Junkins; Class A directors Brack and Engebretsen;Ware; and Class B directors Davidson and McElroy.Dobrinski. As described in more detail under "Corporate“Corporate Governance Matters—Director Independence,"” the Board has determined that all of the currentcur- rent members of the Corporate Governance Committee are "independent"“indepen- dent” as defined under Farmer Mac'sMac’s Corporate Governance Guidelines, which prescribe independence criteria that meet or exceed all standardsstan- dards for director independence under applicable SEC and NYSE rules. The Corporate Governance Committee Charter and Farmer Mac's CorporateMac’s Cor- porate Governance Guidelines are available on Farmer Mac'sMac’s website, www.farmermac.com, in the "Corporate Governance"“Corporate Governance” portion of the "Investors"“Investors” section. Print copies of the Corporate Governance CommitteeCommit- tee Charter and Farmer Mac'sMac’s Corporate Governance Guidelines are available free of charge upon written request to Farmer Mac'sMac’s Secretary at 1999 K Street, N.W., Fourth Floor, Washington, D.C. 20006.

In identifying and evaluating potential director candidates, the CorporateCor- porate Governance Committee adheres to the criteria set forth in the By-Laws and the Corporate Governance Guidelines, as well as a policy statement on directors adopted by the Board that expresses the generalgen- eral principles that should govern director selection and conduct. The Corporate Governance Committee annually reviews on an annual basis, the appropriate qualifications, skills, and characteristics required of Board members in the context of the composition of the Board as a whole at that point in time and in accordance with the criteria set forth in the By-Laws. The Corporate Governance Committee'sGov- ernance Committee’s assessment includes a Board member's qualificationmember’s qualifi- cation as to independence, as well as issues of judgment, skills (such as understanding of relevant technologies)industries, technologies, or disciplines), and financial expertise, all in the context of an assessment of the perceived needs related to the effective operation of the Board and its committees at that point in time. The Corporate Governance Committee strives to identify and retain as members of the Board individuals who have the qualities, business background, and experience that will enable them to contribute significantly to the development of Farmer Mac'sMac’s business and its future success.

The Board has determined that its elected members should be comprisedcom- prised of individuals with a variety of business backgrounds and experiencesexpe- riences who have a broad perspective and good record of accomplishmentaccomplish- ment as senior members of agricultural, rural utility, or other relevant business entities; as agricultural, rural utilities,utility, or commercial lenders; as accountants or auditors; or as entrepreneurs. The Board has also determinedbelieves that talent, diversity, and inclusion are sources of pride for Farmer Mac and contribute to its strong financial performance for its stockholders and achievement of its mission in serving rural America. The Board believes that its membership should reflect diversity in the broadest sense, including diversity of race, gender, ethnicity, age, geography, background, gender, race and ethnicity, age, and experience and training from different disciplines and industries. PAGE 12

In identifying potential candidates for the Board, the Corporate GovernanceGover- nance Committee considers suggestions from Board members, management,man- agement, stockholders, and others. From time to time, the Corporate Governance Committee may retain a search firm to assist in identifying potentialhelp identify po- tential candidates and gatheringgather information about the background and experience of those candidates. The Corporate Governance CommitteeCommit- tee will consider all proposed nominees, including stockholder nominees,nomi- nees, in light of the qualifications discussed above and the assessed needs of the Board at the time.

The Corporate Governance Committee recommended five individuals to be considered for election as Class A nominees and five individuals to be considered for election as Class B nominees, and the Board of Directors has approved these recommendations. The individuals recommended by the Corporate Governance Committee are referred to collectively as the "Nominees."“Nominees.” The Nominees will stand for election to serve for terms of one year each, or until their respective successors are duly elected and qualified. AllNine of the ten Nominees other than Douglas A. Felton are current members of the Board standing for re-election. AgriBank, FCB, the holder of approximately 40.3% of the Class B Voting Common Stock, recommended to the Corporate Governance Committee that Richard H. Davidson be renominatedrenom- inated and that Douglas A. FeltonRoy H. Tiarks be nominated for election to the Board of Directors.Board. CoBank, ACB, the holder (along with its wholly-owned subsidiary CoBank, FCB) of approximately 32.6% of the Class B Voting Common Stock, recommended to the Corporate Governance Committee that Thomas W. HillEverett M. Dobrinski and Douglas E. WilhelmAmy H. Gales be nominatedrenominated for re-election. Noelection to the Board. Farmer Mac did not pay any fees were paid to any director search firms or other third parties to assist in identifyinghelp identify and evaluatingevaluate the Nominees.

Farmer Mac'sMac’s By-Laws contain, among other provisions, an advance notice of director nomination provision to provide a process for the delivery of timely and proper notices for stockholder nominations. The exclusive means by which eligible holders of Farmer Mac'sMac’s Class A and Class B Voting Common Stock may nominate an individual to stand for election to the Board at an annual meeting of stockholders are set forth in Farmer Mac'sMac’s By-Laws and summarized below.

STOCK OWNERSHiP OF DiRECTORS, DiRECTOR NOMiNEES, NAMED EXECUTiVE OFFiCERS, AND CERTAiN BENEFiCiAL OWNERS DIRECTORS, DIRECTOR NOMINEES, AND NAMED EXECUTIVE OFFICERS As of March 17, 2016,15, 2021, the sitting members of the Board, of Directors, nominees for election as directors, and named executive officers of Farmer Mac listed in the table below mightmay be deemedconsidered to be "beneficial owners"“beneficial owners” of the indicated number of equity securities of Farmer Mac, as defined by the rules of the SEC.SEC rules. Farmer Mac'sMac’s Voting Common Stock may be held only by banks, insurance companies, and financial institutions and Farm Credit System institutions, and may not be held by individuals. Accordingly,Thus, no director, director nominee, or named executive officer owns, directly or indirectly, any shares of any class of Voting Common Stock. Furthermore,Also, Appointed Members may not be officers or directors of financial institutions or Farm Credit System institutions and may not be beneficial owners (through affiliation) of Voting Common Stock. There are no ownership restrictions on theThe Class C Non-Voting Common Stock.Stock has no ownership restrictions. For information about the beneficial owners of 5% or more of the Voting Common Stock, see "—”—Principal Holders of Voting Common Stock."” Voting Common Stock Non-Voting Common Stock(1) Class A or Class B Shares (#) Percent of Class Class C Shares (#) Percent of Class Bradford T. Nordholm ___ ___ 26,277 * Aparna Ramesh ___ ___ 2,519 * Zachary N. Carpenter ___ ___ 2,993(2) * Stephen P. Mullery ___ ___ 49,604 * John C. Covington ___ ___ 21,407 * Dennis L. Brack ___ ___ 7,943 * Richard H. Davidson ___ ___ 11,724 * Everett M. Dobrinski ___ ___ 3,120 * James R. Engebretsen ___ ___ 6,193 * Sara L. Faivre ___ ___ 5,272 * Amy H. Gales ___ ___ 1,045 * Mitchell A. Johnson ___ ___ 11,325 * Lowell L. Junkins ___ ___ 7,819 * Eric T. McKissack ___ ___ 64 * Robert G. Sexton ___ ___ 5,932 * Daniel L. Shaw ___ ___ 896 * Charles A. Stones ___ ___ 193 * Roy H. Tiarks ___ ___ ___ ___ Todd P. Ware ___ ___ 1,270 * Myles J. Watts ___ ___ 12,865 * LaJuana S. Wilcher ___ ___ 885 * All directors and current executive officers as a group (22 persons)(3) ___ ___ 168,308 1.83%

The following table sets forth the names and ages of the current executive officers of Farmer Mac, the principal positions held by them with Farmer Mac, and the officers'officers’ experience priorbefore joining Farmer Mac. Name Age Farmer Mac Positions Held and Professional Experience Bradford T. Nordholm 65 Mr. Nordholm was appointed to serve as President and Chief Executive Officer in October 2018. Before his appoint- ment as Farmer Mac’s Chief Executive Officer, Mr. Nordholm was employed by Starwood Energy Group Global LLC (“Starwood Energy”), an affiliate of Starwood Capital Group, in various capacities since 2006, including serving as its first Chief Executive Officer & Managing Director from 2006 to 2016, its Co-Head & Senior Managing Director from 2016 to 2017, and its Vice Chairman & Senior Managing Director since 2017. Before joining Starwood Energy, Mr. Nordholm served from 2002 to 2006 in dual capacities as the Co-Founder and Chief Executive Officer of Tyr Energy, an energy infrastructure management firm, and as the Chairman of Tyr Capital, a capital investment firm. From 1995 to 1998, Mr. Nordholm served as the Chief Executive Officer of U.S. Central, which was a wholesale financial cooperative for corporate credit unions in the United States. Mr. Nordholm also served in senior-level positions at Aquila, which was later acquired by Kansas City Power & Light, from 1999 to 2002, and at National Cooperative Bank from 1984 to 1995. He was also employed in various capacities by Federal Land Bank of St. Paul (reorganized into AgriBank FCB) and Interregional Service Corporation of Minneapolis (acquired by an entity in the Farm Credit System) from 1980 to 1984. Mr. Nordholm currently serves on the board of directors of WETA. Mr. Nordholm received a Bachelor of Arts degree in Economics from Carleton College. Aparna Ramesh 46 Ms. Ramesh was appointed to serve as Executive Vice President – Chief Financial Officer in January 2020. Ms. Ramesh joined Farmer Mac with over two decades of financial experience, most recently with the Federal Reserve Bank of Boston, where she served in increasingly complex and senior finance roles culminating in her appointment as Senior Vice President & Chief Financial Officer. She also served as the Chief Administrative Officer and member of the management committee for the FedNowSM real-time payment and settlement service that was launched in 2019. In previous leadership roles at the Boston Fed, Ms. Ramesh drove transformative finance initiatives for the entire Federal Reserve System. In 2017, she was one of only 22 executives globally to be selected for the distinguished Aspen Insti- tute Finance Leaders Fellowship for enlightened leadership in finance and society-at-large. Before joining the Boston Fed, Ms. Ramesh spent ten years in commercial banking at M&T Bank and Cambridge Savings Bank in roles spanning product management, asset-liability management, and profitability. Ms. Ramesh holds a Master of Business Admin- istration degree from the Massachusetts Institute of Technology, Sloan School of Management; a Master’s degree in Finance from the Rochester Institute of Technology; and integrated Master’s degrees in Economics, Management, and Engineering from the Birla Institute of Technology and Science. Zachary N. Carpenter 39 Mr. Carpenter was appointed to serve as Executive Vice President – Chief Business Officer in May 2019. Mr. Carpenter has devoted much of his career to facilitating dependable credit and financial solutions for American agriculture and rural communities and has accumulated deep expertise developing and innovating financial solutions across the agri- business value chain while developing strong relationships with other providers of capital. Before joining Farmer Mac, Mr. Carpenter spent nearly a decade in various management positions at CoBank, ACB most recently as a Managing Director and Sector Vice President of its Corporate Agribusiness Banking Group, and previously as Executive Director in its Capital Markets division. He has also served as a vice president in finance and corporate strategy at Goldman Sachs. Mr Carpenter earned a Bachelor of Science degree in Economics with a concentration in corporate finance from the Wharton School of Business at the University of Pennsylvania and a Master of Business Administration with special- izations in corporate finance, accounting, and business law from the Stern School of Business at New York University. Stephen P. Mullery 54 Mr. Mullery was appointed to serve as General Counsel and Secretary in June 2012. He was promoted to Executive Vice President from Senior Vice President in April 2018. Before Mr. Mullery’s appointment as General Counsel in 2012, he served as Farmer Mac’s Assistant General Counsel starting in 2000 and then Deputy General Counsel starting in 2009. From 1995 to 2000, Mr. Mullery was an associate in the Washington, D.C. office of the law firm Cadwalader, Wickersham & Taft, where he focused on matters involving securitization, corporate finance, commercial real estate, and GSE regulation. Mr. Mullery received his undergraduate degree from Harvard College and graduated summa cum laude from Notre Dame Law School. EXECUTiVE OFFiCERS

Mac’s fundamental business. The Compensation Committee measures achievement against each of these performance measures as of year-end. Each performance measure is weighted based on the Compensation Committee's expectations,Committee’s ex- pectations, and the Compensation Committee establishes thresholds within each performance measure to determine the actual levels of attainment necessary for payout. Although it is always a challenge to narrow down to a small number offew measures, the Compensation Committee chose these measures because they most closely represent the business goals established by the Board and management for each year and balance the need for business volume growth, earnings, disciplined underwriting, and continued financial stability with the enhancement of stockholder value.

Long-Term Incentive Compensation. For long-term incentive compensationcompen- sation for executive officers, the Compensation Committee awards grants of equity-based compensation in the form of stock appreciation rights (SARs), shares of performance-based restricted stock,SARs, perfor- mance-based RSUs, and shares of time-based restricted.RSUs. All grants of equity-based compensation are required to comply with a policy approved by Farmer Mac'sMac’s Board of Directors and designed toto: Ÿ   create a framework for a consistent process for granting equity-based awards that preventsawards; Ÿ   prevent the backdating of awards, prohibitsawards; Ÿ   prohibit the manipulation of the timing of the public release of material information or of an award with the intent to benefit an award recipient,recipient; and ensuresŸ   ensure the overall integrity and efficiency of Farmer Mac’s award process. as proprietary broader market survey data provided by our compen- sation consultants and our executive officers’ individual performance, experience, and scope of role given our unique strategy and mission. We do not specifically weight any of these criteria in making compen- sation decisions, nor do we target a specific percentile of any peer group. We manage total compensation to be competitive and vary the specific components of compensation to achieve our total com- pensation philosophy. For each named executive officer other than Farmer Mac’s Chief Executive Officer, the Compensation Committee considered recommendations of the Chief Executive Officer along with the above-described factors in establishing compensation for 2020. Approach to Incentive Compensation Farmer Mac strives to deliver a significant portion of total compen- sation for executive officers through both short-term and long-term incentives that vary with actual business and personal performance. Short-Term Incentive Compensation. The Compensation Committee establishes performance measures under the short-term incentive plan each year in an effort to balance business volume and earn- ings growth with prudent risk management objectives. For 2020, the Compensation Committee established three performance measures to quantify these objectives: Ÿ   Business Volume; Ÿ   Earnings; and Ÿ   Ratio of Substandard Assets to Regulatory Capital. The Compensation Committee has also included a discretionary “Leadership and Strategic Performance” measure for each named ex- ecutive officer, as discussed on page 37. In determining whether the targets are met, the Compensation Com- mittee defines the performance measures as follows: Ÿ   “Business Volume”: as of any date of determination, the total out- standing amount of Farmer Mac’s on- and off-balance sheet assets attributable to Farmer Mac’s four lines of business (Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit) excluding any assets held in Farmer Mac’s liquidity investment portfolio. The Business Volume performance measure used to determine short-term incentive compensation for 2020 used an average of month-end balances during the calendar year rather than the outstanding business volume as of the last day of the calendar year as in previous years. Ÿ   “Earnings”: core earnings (a non-GAAP financial measure reported by Farmer Mac described below) excluding the after-tax effects of provisions for losses, gains or losses on fair value, or sale of real estate owned (“REO”) property. Ÿ   “Substandard Assets” and “Regulatory Capital”: as reported in Farmer Mac’s Annual Report on Form 10-K as of December 31, but excluding REO property. Core earnings, as described in Farmer Mac’s Annual Report on Form 10-K filed with the SEC on February 25, 2021, differs from GAAP EXECUTiVE COMPENSATiON GOVERNANCE

In determining the target compensation levels for 2020, the CompensationCompen- sation Committee reviewed peer group market information provided by Pay GovernanceMcLagan for the compensation elements of base salary, target total cash compensation, and target total direct compensation for each position.po- sition. The Compensation Committee also reviewed other market informationinfor- mation related to trends in the broader banking and financial services industry provided by Pay GovernanceMcLagan to provide additionalmore context. In determining each element of target compensation for 2015,2020, the Compensation Committee considered the applicable market information in relation to Farmer Mac'sMac’s performance as well asand the relevant position in the peer group. The Compensation Committee also considered factors unique to each individual, such as an individual'sindividual’s: Ÿ   performance, expertise, experience, competencies, skills,and skills; Ÿ   contribution to Farmer Mac's performance,Mac’s performance; Ÿ   tenure at Farmer Mac,Mac; Ÿ   future potential,potential; Ÿ   scope of responsibility and accountability within Farmer Mac,Mac; Ÿ   ethics and integrity,integrity; and Ÿ   other leadership attributes and accomplishments, and job responsibilities, all compared to the relevant position in the peer group.accomplishments. The Compensation Committee does not target a specific percentile in the peer group for each element of total direct compensation and considerscon- siders the variety of factors described above in considering the range of competitiveness for target total direct compensation.

In February 2015, the The Compensation Committee reevaluatedre-evaluated the total compensation package for each of Farmer Mac'sincumbent Senior Vice President level and higher executive officers.officer during first quarter 2020 other than Ms. Ramesh, whose compensation package was approved in November 2019 be- fore her appointment in January 2020 and not later changed during 2020. Based on the Compensation Committee’s review of peer group and other market data related to the broader banking and financial services industry, the Compensation Committee determined to makeapproved the follow- ing limited changes to the level ofnamed executive officer compensation for 2020 compared to 2019: Ÿ   Bradford T. Nordholm: Increased target total direct compensation for 2015by $125,000 (in the form of a separate award of time-based RSUs) compared to 2014 other than for Mr. Lynch, who was promoted from Senior Vice Presidentthe compensation package agreed to Executive Vice President and assumed responsibility for Farmer Mac’s information technology and loan administration functions in February 2015. The Compensation Committee increased the total target direct compensation of Mr. Buzby and Mr. Mullery by approximately 3.2% and 2.4%, respectively, for 2015 compared to their targeted levels for 2014, which was attributable to increases in base salary and target bonus that is a fixed percentage of base salary. The Compensation Committeehis October 2018 employment agreement. This increased Mr. Lynch'sNordholm’s total target direct compensation by approximately 17.6%6.1% for 20152020 compared to his tar- geted level for 2019. EXECUTiVE COMPENSATiON GOVERNANCE

PAGE 38 For 2015,2020, no annual incentive compensation would have been paid unless both of the followingtwo criteria were met:

In January 2015,related award agreement). Because Mr. Nordholm and Mr. Covington was awarded 4,000 SARshave already satisfied the retirement provisions of the award agreements for the 2020 grants of time-based RSUs, they will vest in connection with the commencementremaining RSUs as scheduled in 2022 and 2023 even if they are no longer employed by Farmer Mac on the vesting dates (unless Mr. Nordholm’s employment is terminated for cause or Mr. Covington violates the terms of his employment.separation agreement). The exercise priceCom- pensation Committee also granted Mr. Nordholm a separate perfor- mance award of those SARs is the closing pricetime-based RSUs in March 2020 to recognize his out- standing performance in 2019. The targeted value of that award was $125,000 on the grant date, and it vested in full on March 31, 2021. Performance-Based RSUs Granted in 2020 The performance-based RSUs granted to Ms. Ramesh and Messrs. Nordholm, Carpenter, and Mullery in March 2020 will be eligible to vest on March 31, 2023 in an amount determined by the Compensa- tion Committee for each executive officer between 50% and 200% of the target number of RSUs granted to that executive officer. Subject to satisfaction of the “gatekeepers” described below, the number of shares of Farmer Mac Class C Non-Voting Stock to be awarded for the vesting of these performance-based RSUs will be based on Farmer Mac’s Business Volume as of December 31, 2022 as follows: Ÿ   performance at a Business Volume of $21.239 billion is required for vesting of any RSUs and will earn the threshold level of 50% of the target number of RSUs granted; Ÿ   performance at the target Business Volume of $25.323 billion will earn 100% of the target number of RSUs granted; and Ÿ   performance at or above the “stretch” goal for Business Volume included in Farmer Mac’s 5-year strategic plan of $31.004 billion will earn the maximum award of 200% of the target number of RSUs granted. EXECUTiVE COMPENSATiON GOVERNANCE