FEDERAL AGRICULTURAL MORTGAGE CORP

Any holder of Voting Common Stock will be afforded the

right to vote through the proxy solicited by the 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. 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. We 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'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 revoking a proxy should be sent to

Farmer Mac's Secretary at Farmer Mac Headquarters.

The Proxy Committee consists of three executive

officers of Farmer Mac—Geraldine I. Hayhurst,

Bradford T. Nordholm, and Matthew M. Pullins—and will

vote all shares of Voting Common Stock represented by

proxies 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' best judgment on any matters not known

when this Proxy Statement was printed that may

properly be presented for action at the Meeting.