The Board of Directors of the Federal Agricultural Mortgage Corporation ("(“Farmer Mac"Mac”) is pleased to invite you to attend Farmer Mac's 2016Mac’s 2022 Annual Meeting of Stockholders to be held on Thursday, May 5, 2016,19, 2022, at 8:00 a.m. local timeEastern Daylight Time at The Town Hall, 1999 K Street, N.W., First Floor, Washington, D.C. 20006. The Notice of Annual Meeting and Proxy Statement accompanying this letter describe the business to be transacted at the meeting.

We intend to hold our annual meeting in person, but if it is not possible or advisable to do so due to COVID-19 restrictions, we will inform you prompt- ly, as described in the accompanying Notice of Annual Meeting. If you are planning to attend our Annual Meeting, please monitor our website at www.farmermac.com/investors/events-presentations/ for updated information. As always, we encourage you to vote your shares by proxy before the Annual Meeting even if you intend to attend in person. We hope you will be able to attend the meeting and suggest you read the enclosed Notice of Annual Meeting and Proxy Statement for information about Farmer Mac and the Annual Meeting of Stockholders. We have also enclosed Farmer Mac's 2015Mac’s 2021 Annual Report. Although the Annual Report doesis not constitute proxy soliciting material, we suggest you read it for additionalmore information about Farmer Mac. Please complete, sign, date, and return a proxy card at your earliest convenience to help us establish a quorum and avoid the cost of further solicitation. The giving of your proxy will not affect your right to vote your shares personally if you attend the meeting. If you plan to attend the meeting, please so indicate on the enclosed proxy card.

21, 2022 Notice is hereby given that the 20162022 Annual Meeting of Stockholders of the Federal Agricultural Mortgage Corporation ("(“Farmer Mac"Mac”) will be held on Thursday, May 5, 2016,19, 2022, at 8:00 a.m. local time at The Town Hall, 1999 K Street, N.W., First Floor, Washington, D.C. 20006.

As described in the attached Proxy Statement, the meeting will be held for the following purposes:

Whether We intend to hold our annual meeting in person, but we continue to monitor the effects that the ongoing COVID-19 pandemic may have on our ability to hold an in-person annual meeting. We are sensitive to the public health and travel concerns our stockholders may have and any protocols that federal, state, and local governments may impose. If it is not possible or advisable to hold our annual meeting in person or we otherwise determine that alternative arrangements are necessary, we will announce those alternative arrangements as promptly as practicable. Any alternative arrangements may include supplementing the in-person meeting by holding the meeting by means of remote communication. If you are planning to attend our Annual Meeting, please monitor our annual meeting information available on our website at www.farmermac.com/investors/events- presentations/ for updated information. Even if you intend to be present atattend the meeting or not,in person, please complete and date the enclosed proxy card, sign it exactly as your name appears on the card, and return it in the postage prepaid envelope. This will ensure the voting of your shares if you do not attend the meeting. The giving of your proxy will not affect your right to vote your shares personally if you attend the meeting. THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF FARMER MAC.

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 Voting 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 Board of Directors has fixed March 17, 2016 asChair from 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 Common 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 number 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 marking the box to “WITHHOLD AUTHORITY FOR ALL NOMINEES” or marking the box “FOR ALL EXCEPT” and then filling in the circle next to the names of those nominees a stockholder wishes to withhold votes from in the space provided on the proxy card. Under those circumstances,circumstanc- es, 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 favorfor the The Board has fixed March 25, 2022 as the record date to determine the stockholders entitled to receive notice of and to vote at the Meeting. 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 GENERAL iNFORMATiON

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'sMac’s Corporate 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 C l l McKissack l l l Sexton l l l Stones l l l Tiarks l l l Ware l l l Watts l C l Wilcher l l C 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 6

The Risk Committee assists the Board in overseeing the adequacyintegrity of financial statements and legal and compliance requirements Compensation 6 Approves and/or makes recommendations to the Board on compensation and benefit plans for Farmer Mac'sMac’s directors and designated executive officers Corporate Governance 9 Recommends nominees for election to the Board; reviews and approves corporate governance policies and corporate governance guidelines; reviews reports on processes and procedures established to support and monitor compliance with Farmer Mac’s code of business conduct and ethics and related corporate policies; resolves conflicts of interest; and exercises certain powers of the Board during the intervals between meetings of the Board Credit Risk 6 Oversees all policy matters relating to changes to Farmer Mac’s credit, collateral valuation, underwrit- ing, and loan diversification standards; makes recommendations to the Board on credit matters Enterprise Risk 6 Oversees Farmer Mac’s enterprise-wide risk management framework including the strategies, policies, procedures, and processes established by the Board and Farmer Mac's executive officers to identify, evaluate, monitor, and manage or mitigate major risks both in Farmer Mac's business and facing Farmer Mac from external sources. The Risk Committee also assists the Board in overseeing risk across Farmer Mac as a whole and across all risk areas,types; assists the Board and Farmer Mac’s executive officers to identify, evaluate, monitor, and manage or mitigate internal and external risks related to Farmer Mac’s business Financial Risk 6 Determines Farmer Mac’s financial policies and oversees its financial affairs Public Policy and Corporate Social Responsibility 5 Considers matters of public policy related to Farmer Mac’s business, including Farmer Mac’s relation- ship with and policies regarding borrowers, Congress, and governmental agencies; oversees policy matters relating to corporate social responsibility, including diversity, equity, and inclusion Strategy and Business Development 5 Oversees and makes recommendations to the Board on Farmer Mac’s overall business strategy, the development and monitoring of Farmer Mac’s lines of business, and the marketing strategies for Farmer Mac’s products and services; monitors Farmer Mac’s success in conjunctionaccomplishing business development goals in its business plan Each of these standing Committees oversees aspects of Farmer Mac’s enterprise risk management as described below. See “Proposal 1: Election of Directors” for more information about the Corporate Governance 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” for more information about the Enterprise Risk Committee. CORPORATE GOVERNANCE MATTERS 7

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 fourall five of the five Class B nominees currently are members of the Board of Directors. Class B nominee Douglas A. Felton is the only nominee who does not currently serve on Farmer Mac's Board of Directors.are stand- ing for re-election. 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 2023 Annual Meeting of Stockholders, or until their respective successorssucces- sors have been duly elected and qualified.

The Act furthercharter also provides that the President of the United States appoints five members to the Board of Directors with the advice and consent of the United States Senate (the "Appointed Members"(“Appointed Members”). The AppointedAppoint- ed Members 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, 201629, 2022 and May 5, 2016)19, 2022) and the ten members who are elected by the holders of Farmer Mac'sMac’s Voting Common Stock.

Board Structure The Corporate Governance Committee facilitates the selection of director nominees. Farmer Mac'sMac’s By-Laws require the Corporate Governance Committee to be comprisedconsist of two Appointed Members (one of whom serves as the chairmanchair of the Corporate Governance Committee), two directors who have been 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 “independent” under the independence criteria in Farmer Mac’s Corporate Governance Guidelines. The current members of the Corporate Governance Committee are: Appointed Members Junkins (chairman of the Corporate Governance Committee)(chair) and Watts;Wilcher; 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 current members of the Corporate Governance Committee are "independent"“independent” as defined under Farmer Mac'sMac’s Corporate Governance Guidelines, which prescribe independence criteria that meet or exceed all standards for director independence under applicable SEC and NYSE rules. The Corporate Governance Committee Charter and Farmer Mac'sMac’s Corporate 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 Committee 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 Corporate 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 general principlesprinci- ples 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'sCommittee’s assessment includes a Board member'smember’s qualification as to independence,indepen- dence, 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, businessbusi- ness 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 comprised of individuals with a variety of business backgrounds and experiences who have a broad perspective and good record of accomplishment 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. PROPOSAL 1: ELECTiON OF DiRECTORS 10

In identifying potential candidates for the Board, the Corporate Governance Committee considers suggestions from Board members,mem- bers, management, stockholders, and others. From time to time, the Corporate Governance Committee may retain a search firm to assist in identifyinghelp identify potential candidates and gatheringgather information about the background and experience of those candidates. The Corporate Governance Committee will consider all proposed nominees, including stockholder nominees, 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. All of theten 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 and Roy H. Tiarks be renominated and that Douglas A. Felton 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.

Each of the Nominees has consented to being named in this Proxy Statement and to serve if elected. Each of the Nominees has been principally employed in his or her current position for the past five years unless otherwise noted. If any of the ten Nominees named below is unable or unwilling to stand as a candidate for the office of director on the date of the Meeting or at any adjournment or postponement of the Meeting, the proxies received to vote for that Nominee will be voted for any substitute or other nominee as the Board of Directors may designate. The Board of Directors has no reason to believe that any of the Nominees will be unable or unwilling to serve if elected.

As of March 17, 2016,April 4, 2022, 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 ___ ___ 39,119 * Aparna Ramesh ___ ___ 4,535 * Zachary N. Carpenter ___ ___ 4,428 * Stephen P. Mullery ___ ___ 50,408 * Marc J. Crady ___ ___ 785 * Dennis L. Brack ___ ___ 8,062 * Richard H. Davidson ___ ___ 12,443 * Everett M. Dobrinski ___ ___ 3,839 * James R. Engebretsen ___ ___ 12,579 * Sara L. Faivre ___ ___ 5,507 * Amy H. Gales ___ ___ 2,157 * Mitchell A. Johnson ___ ___ 12,588 * Lowell L. Junkins ___ ___ 8,583 * Eric T. McKissack ___ ___ 939 * Robert G. Sexton ___ ___ 8,651 * Charles A. Stones ___ ___ 912 * Roy H. Tiarks ___ ___ 468 * Todd P. Ware ___ ___ 1,989 * Myles J. Watts ___ ___ 13,584 * LaJuana S. Wilcher ___ ___ 1,604 * All directors and current executive officers as a group (23 persons)(2) ___ ___ 203,955 2.21% STOCK OWNERSHiP OF DiRECTORS, DiRECTOR NOMiNEES, NAMED EXECUTiVE OFFiCERS, AND CERTAiN BENEFiCiAL OWNERS

To Farmer Mac'sMac’s knowledge, as of the date of this Proxy Statement,April 4, 2022, the following institutions are the beneficial owners of either 5% or more of the outstanding shares of Farmer Mac'sMac’s Class A Voting Common Stock or Class B Voting Common Stock, and/or 5% or more of the total number of outstanding shares of Farmer Mac'sMac’s Voting Common Stock. Name and Address Number of Shares Beneficially Owned Percent of Total Voting Shares Outstanding Percent of Total Shares Held By Class AgFirst Farm Credit Bank 1901 Main Street Columbia, SC 29201 84,024 shares of Class B Voting Common Stock (both5.49% 16.79% AgriBank, FCB1 30 E. 7th Street, Suite 1600 St. Paul, MN 55101 201,621 shares of Class B Voting Common Stock 13.17% 40.30% CoBank, ACB2 6340 Fiddlers Green Circle Greenwood Village, CO 80111 163,253 shares of Class B Voting Common Stock 10.66% 32.63% Farm Credit Bank of Texas 4801 Plaza on the Lake Austin, TX 78746 38,503 shares of Class B Voting Common Stock 2.51% 7.70% Matthew 25 Management Corp. 715 Twining Road, Suite #212 Dresher, PA 19025 77,412 shares of Class A andVoting Common Stock 5.06% 7.51% National Rural Utilities Cooperative Finance Corporation3 20701 Cooperative Way Dulles, VA 20166 81,500 shares of Class B).

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 66 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 47 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 Institute 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 Administration 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 40 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 55 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 and are not expected to have a cumulative net impact on Farmer Mac’s financial condition or results of operations over time because those assets are generally held to maturity. The Compensation Committee measures achievement against each of these performance measures as of year-end. Each performance measuremea- sure is weighted based on the Compensation Committee'sCommittee’s expectations, and the Compensation Committee establishes thresholds within each performance measure to determine the actual levels of attainment necessarynec- essary 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 continuedcontin- ued 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. 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 2021. 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 2021, the Compensation Committee established three performance measures to quantify these objectives: Ÿ   Business Volume Ÿ   Earnings Ÿ   Ratio of Substandard Assets to Regulatory Capital The Compensation Committee has also included a discretionary “Leadership and Strategic Performance” measure for each named executive officer, as discussed on page 35. In determining whether the targets are met, the Compensation Committee 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 pro- gram assets attributable to Farmer Mac’s lines of business, including any subordinated or non-guaranteed tranches of securitized assets but excluding any assets held in Farmer Mac’s liquidity investment portfolio. Farmer Mac formerly reported four lines of business (Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit) but recast those as two lines of business (Agricultural Finance and Rural Infrastructure Finance) starting in fourth quarter 2021. The Business Volume performance measure used to determine short- term incentive compensation for 2021 used an average of month- end balances during the calendar year. Ÿ   “Earnings”: core earnings (a non-GAAP financial measure reported by Farmer Mac described below) excluding the after-tax effects of provi- sions 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 28, 2022, differs from GAAP net income attributable to common stockholders by excluding the EXECUTiVE COMPENSATiON GOVERNANCE

33 The Compensation Committee approved the 20152021 target compensation levels for the five named executive officers as set forthdescribed in the table below:

4 Mr. Crady’s actual 2021 base salary, annual cash incentive award earned for performance in 2021, and target total cash compensation for 2021 were prorated based on the number of days he was employed at Farmer Mac during 2021 starting March 3, 2021. Mr. Crady received long-term incentive equity awards in March 2021 based on the full $150,000 target value indicated. In determining the target compensation levels for 2021, the Compensation Committee reviewed peer group market informationinforma- tion provided by Pay GovernanceAon for the compensation elements of base salary, target total cash compensation, and target total direct compensation for each position. The Compensation Committee also reviewed otheroth- er market information related to trends in the broader banking and financial services industry provided by Pay GovernanceAon to provide additionalmore context. In determining each element of target compensation for 2015,2021, the Compensation Committee considered the applicable market informationinforma- tion in relation to Farmer Mac'sMac’s performance as well asand the relevant posi- tion 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 reevaluatedevaluated the total compensation package for each executive officer with a title of Farmer Mac's executive officers.Senior Vice President and higher during first quarter 2021 (including approving the initial compensation package for Mr. Crady described in the table above). 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 make limitedapproved the following changes to the level of target total directnamed executive officer compensation for 20152021 compared to 2014 other than for Mr. Lynch, who was promoted from Senior Vice President to Executive Vice President2020: Ÿ   Bradford T. Nordholm: Increased annual base salary by $50,000 and assumed responsibility for Farmer Mac’s information technology and loan administration functions in February 2015. The Compensation Committee increased the totalfixed target direct compensation of Mr. Buzby and Mr. Mullery by approximately 3.2% and 2.4%, respectively,percentage for 2015 compared to their targeted levels for 2014, which was attributable to increases in base salary and target bonus that is a fixed percentagefrom 80% to 100% of base salary. Increased the targeted value of long- term incentive awards by $175,000 compared to 2020 grant of equity compensation. The Compensation Committee increasedcumulative effect of these actions was to increase Mr. Lynch'sNordholm’s total target direct compensation by approximately 17.6%19.5% for 20152021 compared to his targeted level for 2014 in recognition of his promotion and increased responsibilities. This increase was attributable to an increase in all three components of target total direct compensation2020. Before these increases for 2021, Mr. Lynch – an increase inNordholm’s base salary an increaseand target bonus had not increased since he was appointed as Farmer Mac’s President and CEO in October 2018. EXECUTiVE COMPENSATiON GOVERNANCE

In January 2015, Mr. Covington was awarded 4,000 SARs in connection with the commencement of his employment. The exercise price of those SARs is the closing price on the grant date, and they will all “cliff” vest three years from the date of grant on January 26, 2018 if Mr. Covington is employed by Farmer Mac at that time. In February 2015, Mr. Lynch was awarded 6,778 shares of time-based restricted stock in connection with his promotion to Executive Vice President and assumption of additional duties. Those shares of restricted stock had a targeted value of $200,000 and will all "cliff" vest three years from the date of grant on February 3, 2018 if Mr. Lynch is employed by Farmer Mac at that time.

In April 2015,March 2021, the Compensation Committee granted shares of time-based restricted stock, shares ofRSUs, performance-based restricted stock,RSUs, and SARs to theall five named executive officers at the first Board meeting held after the filing of Farmer Mac'sMac’s Annual Report on Form 10-K for fiscal year 2014. The exercise price of those SARs is the closing price on the grant date.2020. In setting 20152021 equity awards, the Compensation Committee determined a targeted value for the awards to each individual that was competitive and reasonable when compared to Farmer Mac'sMac’s peer group and the practices of the broaderbroad- er banking and financial services industry, as well as consistent with Farmer Mac'sMac’s performance and compensation philosophy. Consistent with Farmer Mac's total compensation philosophy, a significant portion of the named executive officers' total compensation is performance-based. The shares of performance-based restricted stock granted to officers in April 2015 will vest on March 31, 2018 if Farmer Mac attains the performance targets identified on page 29. The shares of time-based restricted stock and SARs granted to officers in April 2015 vest ratably in installments over three years, with the first installment having vested on March 31, 2016.Ÿ   The overall targeted value for the April 2015March 2021 equity awards to Mr. Buzby ($625,000), Mr. Stenson ($350,000), and Mr. Mullery ($200,000) wereNordholm of $1,000,000 increased $175,000 compared to the sametargeted value of his 2020 equity awards, as agreed in his amended employment agreement. Ÿ   The overall targeted values used for the grant ofMarch 2021 equity awards to those individuals in 2014.Ms. Ramesh ($325,000) and to Mr. Carpenter ($340,000) in- creased by $25,000 each compared to the targeted values of their respective 2020 equity awards. Ÿ   The overall targeted value for the April 2015March 2021 equity awards to Mr. Lynch ($340,000) represented an increase fromMullery of $250,000 increased by $10,000 compared to the targeted value used for the award of Mr. Lynch'shis 2020 equity awards in 2014 ($287,000) and was not adjusted to reflect the prior grant of shares of restricted stock to Mr. Lynch in February 2015 as described above.awards. Ÿ   The overall targeted value for the April 2015March 2021 equity awards to Mr. Covington ($287,000) was not adjusted to reflect the prior grantCrady of SARs to Mr. Covington in January 2015 as described above.

In March 2016,$150,000 reflected his initial compensation package approved by the Compensation Committee before he joined Farmer Mac. Time-Based RSUs Granted in 2021 The Compensation Committee granted each of the named executive officers time-based RSUs in March 2021 that vest in three equal annual installments, the first of which vested on March 31, 2022. The second and third installments of those grants will vest on March 31, 2023 and March 31, 2024, respectively, if the individuals are still employed by Farmer Mac on those dates (or have satisfied the retirement provisions of the related award agreement). Because Mr. Nordholm and Mr. Mullery have already satisfied the retirement provisions of the award agreements for the 2021 grants of time-based RSUs, they will EXECUTiVE COMPENSATiON GOVERNANCE

The following report of the Compensation Committee shall not be deemed to be "soliciting“soliciting material,"” or to be "filed"“filed” with the SEC, and will not be deemed to be incorporated by reference into any filing by Farmer Mac under the Securities Act or the Exchange Act, except to the extent thatunless Farmer Mac specifically requests that suchthe information be treated as soliciting material or specifically incorporates the report by reference into a document.

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis contained in this Proxy Statement with management, and, based on that review and discussion, has recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement. This report of the Compensation Committee shall be deemed "furnished"“furnished” in Farmer Mac'sMac’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.2021. Compensation Committee Richard H. Davidson, Chair James R. Engebretsen Sara L. Faivre Eric T. McKissack Todd P. Ware EXECUTiVE COMPENSATiON GOVERNANCE

The following table sets forth certainprovides information about the compensation awarded to, earned by, or paid to Farmer Mac'sMac’s named executive officers for the fiscal year ended December 31, 20152021, as well as the two previous fiscal years, if applicable.