New York, May 13, 2016 -- Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series E (Non-AMT) (Variable Rate Demand); Rating: Aaa; Rating Type: Underlying LT; Sale Amount: $12,460,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series E (Non-AMT) (Variable Rate Demand); Rating: VMIG 1; Rating Type: Enhanced ST; Sale Amount: $12,460,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series H (AMT) (Variable Rate Demand); Rating: Aaa; Rating Type: Underlying LT; Sale Amount: $23,010,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series H (AMT) (Variable Rate Demand); Rating: VMIG 1; Rating Type: Enhanced ST; Sale Amount: $23,010,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series I (AMT) (Variable Rate Demand); Rating: Aaa; Rating Type: Underlying LT; Sale Amount: $8,035,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series I (AMT) (Variable Rate Demand); Rating: VMIG 1; Rating Type: Enhanced ST; Sale Amount: $8,035,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series J (AMT) (Variable Rate Demand); Rating: Aaa; Rating Type: Underlying LT; Sale Amount: $32,795,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series J (AMT) (Variable Rate Demand); Rating: VMIG 1; Rating Type: Enhanced ST; Sale Amount: $32,795,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series G (AMT) (Variable Rate Demand); Rating: Aaa; Rating Type: Underlying LT; Sale Amount: $25,590,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series G (AMT) (Variable Rate Demand); Rating: VMIG 1; Rating Type: Enhanced ST; Sale Amount: $25,590,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series F (AMT) (Variable Rate Demand); Rating: Aaa; Rating Type: Underlying LT; Sale Amount: $9,150,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;Issue: Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2016 Series F (AMT) (Variable Rate Demand); Rating: VMIG 1; Rating Type: Enhanced ST; Sale Amount: $9,150,000; Expected Sale Date: 05/16/2016; Rating Description: Mortgage: Single-Family: GNMA/FNMA/FHLMC;

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