PAGE 01 FEDERAL AGRICULTURAL MORTGAGE CORPORATION

1999 K Street, N.W.

Fourth Floor

Washington, D.C. 20006

PROXY STATEMENT

For the Annual Meeting of Stockholders

to be held on May 9, 2019

13, 2021 This Proxy Statement is furnished in connection with the solicitation by the Board of Directors ("Board"(“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, "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 2019Mac’s 2021 Annual Meeting of Stockholders ("Meeting"(“Meeting”), to be held on Thursday, May 9, 2019,13, 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, 2019.7, 2021. In this Proxy Statement, "we," "us,"“we,” “us,” and "our"“our” refer to Farmer Mac except as the context otherwise requires or as otherwise noted.

At the Meeting, Farmer Mac'sMac’s 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 20192021 (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.

The Enterprise Risk Committee assists the Board to oversee the adequacyade- quacy of Farmer Mac'sMac’s enterprise-wide risk management program, includingin- cluding the strategies, policies, procedures, and processes established by the Board and Farmer Mac'sMac’s executive officers to identify, evaluate,eval- uate, monitor, and manage or mitigate major risks both in Farmer Mac'sMac’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'sMac’s Enterprise Risk Officer works with the Board committees to facilitate the evaluationevalua- tion of Farmer Mac'sMac’s risk tolerance and appetite for specific risks that fall within each Board committee'scommittee’s jurisdiction and in recommending strategies to manage or mitigate these risks. Farmer Mac'sMac’s Enterprise Risk Officer is also responsible for assisting Farmer Mac'sMac’s executive officers to develop and monitor a risk management program in the context of Farmer Mac'sMac’s strategic objectives and to identify and monitormon- itor current and emerging risks. Farmer Mac'sMac’s Enterprise Risk Officer reports directlyalso has a reporting line to the Enterprise Risk Committee and regularly updates that committee on discussions with management and the otheroth- er Board committees about Farmer Mac'sMac’s risk management program.

Farmer Mac'sMac’s compliance function manages Farmer Mac'sMac’s policies and procedures framework, operates its compliance program, and conducts compliance risk assessments to identify key compliance risks. Farmer Mac'sMac’s internal audit function annually compiles a risk assessment and, under the oversight of the Audit Committee, conductscon- 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 Farmer Mac’s standing Committees oversees aspects of Farmer Mac's enterprise risk management as outlined below. See "Proposal 1: Election of Directors" for more information about the Corporate Gover- 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 Man- agement" for more information about the Enterprise Risk 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 • Approves any non-audit services by this independent auditor • Reviews the scope of audits as recommended by the independent auditor and Farmer Mac’s internal audit function • Assists the Board in overseeing the integrity of financial statements and legal and compliance requirements Risk Oversight Role: • Financial reporting and accounting practices of Farmer Mac • Primary oversight of whistleblower complaints related to accounting and auditing matters, allegations of fraud, and regulatory compliance Audit Committee

Each year, at the annual meeting, the Board submits to the stockholdersstockhold- ers its recommended nominees for election as directors. The Audit Committee'sCommittee’s selection of an independent auditor for the year is also submitted for stockholder ratification

The charter also provides that the President of the United States appointsap- points five members to the Board with the advice and consent of the United States Senate ("(“Appointed Members"Members”). The Appointed MembersMem- bers serve at the pleasure of the President of the United States.States, who also designates one of the Appointed Members as the Board Chair. 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 anysuch other Appointed Members who may be appointed by the President and confirmed by the Senate between March 8, 201915, 2021 and May 9, 2019)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 consist of two Appointed Members (one of whom serves as the chairmanchair of the Corporate Governance Committee), two directorsdi- rectors elected by the holders of the Class A Voting Common Stock, and two directors elected by the holders of the Class B Voting Common Stock. The Corporate Governance Committee Charter requires that both the Chairman ofBoard Chair and the Board and the Vice Chairman of the BoardChair serve on the Corporate Governance Committee as long as each is determined to be "independent"“indepen- dent” under the independence criteria in Farmer Mac'sMac’s Corporate GovernanceGov- 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 Votruba.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 the appropriate qualifications, skills, and characteristics required of Board members in the context of the composition of the Board as a whole at that time and in accordance with the criteria 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 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 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

PROPOSAL 1: ELECTiON OF DiRECTORS INFORMATION ABOUT NOMINEES FOR DIRECTOR 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 may designate. The Board has no reason to believe that any of the Nominees will be unable or unwilling to serve if elected.

LAJUANA S. WILCHER has been a member of the Board of Directors of Farmer Mac since December 20, 2019, and has served as Board Chair since January 17, 2020. Ms. Wilcher serves as the chair of the Corporate Governance Committee and as a member of the Compensation Committee, the Enterprise Risk Committee, and the Public Policy and Corporate Social Responsibility Committee. Ms. Wilcher has owned and operated Scuffle Hill Farm in Alvaton, Kentucky since 2005, where she raises Angus cattle, grows hay, alfalfa and fescue, and boards horses. She serves on the board of the Warren County Conservation District and is a Certified Crop Advisor, a Master Grazer, and a Master Cattleman. Ms. Wilcher has also been a partner at the law firm English, Lucas, Priest & Owsley, LLP since 2006, where she represents clients on complex environ- mental permitting, enforcement, regulatory compliance, and legislative matters throughout the country. Ms. Wilcher’s extensive experience as a leader and manager of large federal and state government agencies includes stints at the United States Department of Agriculture (USDA), Environmental Protection Agency (EPA), and the Commonwealth of Kentucky. She was confirmed by the United States Senate in 1989 to be the senior regulatory official for water programs at the EPA, where she served until 1993. She also served as the Cabinet Secretary of Kentucky’s Environmental and Public Protection Cabinet from 2003 to 2006, which included Kentucky’s banking, securities, and insurance regulatory agencies, among other things. Ms. Wilcher received a Bachelor of Science degree from Western Kentucky University and a J.D. from Salmon P. Chase College of Law, Northern Kentucky University. She currently serves on the board of the Kentucky Chamber of Commerce. AGE: 70 AGE: 66 DIRECTOR SINCE: SEPTEMBER 30, 2010 DIRECTOR SINCE: DECEMBER 20, 2019 MYLES J. WATTS LAJUANA S. WiLCHER Besides the affiliations described above, the Nominees and Appointed Members are active in many local and national trade, commodity, charitable, educational, and religious organizations. PROPOSAL 1: ELECTiON OF DiRECTORS

Farmer Mac'sMac’s business also involves complicated financial transactions and complex accounting issues. The Corporate Governance Committee thereforethere- fore believes that the Board should include some directors with a high level of financial literacy or accounting training or experience.experience, as well as directors with knowledge of capital markets. Ms. Gales, Messrs. Brack, Davidson, Dobrinski, Engebretsen, Hill, Johnson, Maxwell,McKissack, Sexton, Votruba,Stones, and Ware, and Drs. Sherrick andDr. Watts bring to the Board thata high level of financial literacy or accounting training or experience.

Dr. Watts, Ms. Gales, and Messrs. Davidson, Engebretsen, and McKissack have knowledge of capital markets. As a Congressionally chartered, highly regulated, government-sponsored enterprise, Farmer Mac must comply with a variety of regulatory and statutory requirements and be aware of developments in the political arena. The Corporate Governance Committee therefore believes that governmental or political expertise should be represented on the Board. That governmental or political experience is brought to the Board by Drs. SherrickMs. Wilcher, Mr. Junkins, and Watts and Messrs. Culver and Junkins,Mr. Stones, all of whom were appointed to the Board by the President of the United States and confirmed by the Senate, as well as Mr. Dobrinski.

As the landscape of opportunities and risks facing Farmer Mac and its rural stakeholders changes over time, the Corporate Governance Commit- tee believes that it is important for the Board to have members with experience in strategic planning and risk management. Dr. Faivre, Ms. Gales, Ms. Wilcher, and Messrs. Brack, Dobrinski, Junkins, and Stones have experience in strategic planning. Dr. Watts, Ms. Gales, and Messrs. Davidson, Engebretsen, Johnson, and Sexton, have experience in risk management. That a director is not named in the discussion of a particular attribute does not mean that the director does not possess that qualification or skill, but that it is not a specific area of focus or expertise on which the Board currently relies. QUALIFICATIONS, ATTRIBUTES, SKILLS, AND EXPERIENCE TO BE REPRESENTED ON THE BOARD PROPOSAL 1: ELECTiON OF DiRECTORS 0 2 4 6 8 10 12 Rural Utilities Government or Political Lending Capital Markets Risk Management Strategic Planning Marketing Finance & Accounting Agriculture Production RURAL UTiLiTiES GOVERNMENT OR POLiTiCAL LENDiNG CAPiTAL MARKETS RiSK MANAGEMENT STRATEGiC PLANNiNG MARKETiNG FiNANCE & ACCOUNTiNG AGRiCULTURE PRODUCTiON11 11 7 7 6 5 5 4 2 BOARD QUALiFiCATiONS AND SKiLLS

PAGE 22 In November 2017,2019, the Board increasedapproved the base annual cash retainer payable to each director from $58,400 toof $62,000 and maintainedapproved an increase to the targeted value for the annual equity award granted to each director atfrom $50,000 to $54,000 for 2018. The

In November 2018,2020 and January 2021, the Board approved the same levellev- el of director compensation for 2019 as had been in effect for 2018 in the form of the base annual cash retainer payable to each director for 2021 as had been in effect for 2020 and approved an increase to the targeted value for the annual equity award granted to each director from $54,000 to $58,000 for 2021. The overall targeted total compensation per director of $120,000 per year for 2021 represented a 3.4% increase compared to the overall targeted total compensation of $116,000 per year for 2020. The Board also maintained the same level of incremental annual cash retainers payable to the chair and vice chair mentioned above for 2021, but increased the incremental annual cash retainers payable to the individuals mentioned above.    

chairs of some committees and added new incremental annual cash retainers payable to the chairs of the four committees who did not pre- viously receive incremental cash retainers for service as chairs of those committees, all as described in Exhibit 10.9 to Farmer Mac’s Annual Report on Form 10-K filed with the SEC on February 25, 2021. Because the chair of the Public Policy and Corporate Social Responsibility Com- mittee currently also serves as the vice chair of the Board, the new 2021 incremental retainer for the chair of that committee is not currently paid. PROPOSAL 1: ELECTiON OF DiRECTORS COMPENSATION OF DIRECTORS The aggregate amount of cash compensation received by all persons who served on the Board in 20182020 was approximately $1,047,000$1,046,000 for their service on the Board. This cash compensation amount includes cash payments made in lieu of dividends that would have been paid on previouslyshares of Class C Non-Voting Common Stock acquired during the year as a result of the vesting of restricted stock that vested during the year.units (RSUs). In addition to the cash compensation, Farmer Mac also reimburses directors for expenses incurred in performing their duties as directors and pays for continuing education related to their service as directors on the Board. In lieu of all or a portion of their cash retainers, directors may elect to receive shares of Class C Non-Voting Common Stock on a quarterly basis based on the fair market value on the date of acquisition.

On March 13, 2018 and February 27, 2019,3, 2020, each of the 15 sitting Board membermembers was granted 635 and 702728 time-based RSUs representing shares respectively, of restricted Class C Non-Voting Common Stock under Farmer Mac's Amended and Restated 2008 Omnibus Incentive Plan.Com- mon Stock. The number of sharesRSUs granted was calculated in accordance with the Board'sBoard’s policy on equity compensation grants using a targeted value of $50,000 per year to be delivered to each director and an$54,000 based on the average stock price over the previous 30 calendar days ending on the date that was sevenFebruary 25, 2020 (seven calendar days before the Compensation Committee meeting at which the grants were approved.grant date). Based on the stock price at the time of the grant,these grants, the actual value on the date of the grantMarch 3, 2020 was $54,705$54,716 to each sitting director fordirector. The three individuals who joined the stock granted inBoard during 2020 after the March 2018 and $58,0983, 2020 grant of RSUs to each sitting director for the stock granted in February 2019.then-sitting Board members received a pro rata grant of RSUs, with the actual number of RSUs awarded based on the date they joined the Board: Ÿ  On May 3, 2018,12, 2020, the date on which Messrs. SextonMs. Gales and VotrubaMr. Hemingway were elected to the Board, for the first time, they each received a grant of 502 shares of restricted Class C Non-Voting Common Stock under Farmer Mac's Amended and Restated 2008 Omnibus Incentive Plan754 RSUs with a fair value on the date of grant equal to $43,323.$43,355. Ÿ  On December 22, 2020, the date on which Mr. Stones was appointed to the Board to replace Dr. Sherrick, Mr. Stones received a grant of 193 RSUs with a fair value on the date of grant equal to $13,925. All of the shares of restricted stockRSUs granted to each director in 20182020 vested on March 31, 20192021 other than the sharesRSUs granted to former directors Douglas FeltonHill, Maxwell, Hemingway, and Douglas Flory.Sherrick, which vested as follows: Ÿ  On May 3, 2018,12, 2020, the date of retirement of Messrs. FeltonHill and Flory fromMaxwell left the Board as a result of not standing for re-election, they each vested in 86 of the 635132 shares of Class C Non-Voting Common Stockstock based on the 728 RSUs granted to them in March 2018 and2020, with the remaining shares forfeited. Ÿ  On November 15, 2020, the date of Mr. Hemingway’s death, his es- tate vested in 440 shares of stock based on the 754 RSUs granted to them werehim in May 2020, with the remaining shares forfeited. Ÿ  On December 22, 2020, the date of Dr. Sherrick’s replacement as a Presidential appointee to the Board, he vested in 546 shares of stock based on the 728 RSUs granted to him in March 2020, with the remaining shares forfeited.

The following table sets forth the compensation awarded during 20182020 to each person who served on the Board during 2018 other than Mr.in 2020: Name Fees Earned or Paid in Cash1 RSU Awards2 All Other Compensation3 Total Dennis L. Brack $62,293 $54,716 $2,527 $119,536 Richard H. Davidson 72,000 54,716 2,527 129,243 Everett M. Dobrinski 62,000 54,716 1,572 118,288 James R. Engebretsen 62,000 54,716 2,527 119,243 Sara L. Faivre 62,000 54,716 2,527 119,243 Amy H. Gales4 39,517 43,355 — 82,872 W. David Hemingway4 31,935 43,355 — 75,290 Thomas W. Hill4 22,654 54,716 2,527 79,897 Mitchell A. Johnson 62,000 54,716 2,527 119,243 Lowell L. Junkins whose compensation is reported in the Summary Compensation Table on page 38:

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 before 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

Farmer Mac'semployment for “cause,” or an incorrect calculation of a financial measure used to determine the value or amount of incentive compensation. Ÿ  We evaluate our executive compensation program isregularly to en- sure that it does not create incentives for employees to take ma- terial risks. Farmer Mac has designed its executive compensation program to be consistentalign with good governance practices and is based onpractices. The program reflects our philosophy that:

Under the oversight of our Compensation Committee from design to payout, our executive compensation program is based on a pay-for-performancepay-for- performance approach (both short-term and long-term) and executive retention. Our executive compensation program has the following key features consistent with sound governance:

EXECUTiVE COMPENSATiON GOVERNANCE OVERVIEW OF FARMER MAC’S EXECUTIVE COMPENSATION PRACTICES COMPENSATION DISCUSSION AND ANALYSIS This Compensation Discussion and Analysis ("(“CD&A"&A”) discusses our executive compensation program, primarilymainly as it relates to both individuals who served asour Chief ExecutiveEx- ecutive Officer, during 2018, our Chief Financial Officer, and our three other most highly compensated executive officers ("during 2020 (“named executive officers"officers”) whose compensation was determined by the Compensation Committee during 2018:

This list of named executive officers has changed since our CD&A for 2017.2019. The current list of named executive officers, our 20182020 CD&A, and the related tabular disclosures all reflect some of the leadership changeschang- es at Farmer Mac during 2018. Mr. Brinch was promoted to the position of Senior Vice President on April 11, 2018.2020. The Board appointed Ms. Ramesh to her position in January 2020. Mr. Nordholm to serve asCovington resigned from Farmer Mac's President and Chief Executive effective October 15, 2018. On that date, Mr. Nordholm replaced Mr. Junkins, who had served as Farmer Mac's Acting President and Chief Executive Officer since December 7, 2017 while continuing to act as Farmer Mac's Chairman of the Board.Mac in February 2020.

The Compensation Committee evaluated the peer group in July 20182020 as part of its annual review and decided to add 7 institutions tokeep the peer group and to remove 2 institutions fromnear- ly the peer group, resulting in a new peer group of 29

The Compensation Committee believes that the resulting peer group of 29 organizations is relevant to Farmer Mac in business and organizational focus and of sufficient size to buffer against the effects of removals due to acquisitions and mergers. The Compensation Committee used this new peer group to help determine Mr. Nordholm's initial compensation package as Farmer Mac's President and Chief Executive Officer and will use itsame to help inform executive compensation decisions for 2019.

2021. The one change for 2021 was to add the compensation paid to executives at National Rural Utilities Cooperative Finance Corpora- tion, a mission-focused financially-oriented cooperative based in the Washington, D.C. metropolitan area, to the composite peer group data reviewed by the Compensation Committee. The Compensation Committee believes that thethese peer group remains agroups are useful tooltools to assist the Compensation Committee in assessing Farmer Mac'sMac’s executive compensation program. However, due to the uniquenessprogram but provide only one perspective. Because of Farmer Mac'sMac’s unique business model and the importance of multiple factors that should be considered in makingmak- ing compensation decisions, the Compensation Committee has also concluded that competitive market data from theany peer group should not be the primary consideration in determining specific pay levels.levels, especially for positions that are not the Chief Executive Officer or the Chief Financial Officer. Our compensation program is designedaims to reward individualsindi- viduals for achieving our goals and to attract, retain, and motivate our executive team, whose skills are critical to the current and long-term success of Farmer Mac. In establishing compensation for 2018,2020, the Compensation Committee examined pay data from thethese peer groupgroups to stay current with market pay practices and design trends and to assessas- sess the competitiveness of overall compensation, but the Committee did not rely solelyonly on this data. We use data from the peer groupgroups for reference and informational purposes but also consider factors such as our executive officers' individual performance, experience, and scope of role given the uniqueness of our strategy and mission. We do not specifically weight any of these criteria in making compensation decisions, nor do we target a specific percentile of the peer group. We manage total compensation to be competitive and vary the specific components of compensation to achieve our total compensation philosophy. For each named executive officer other than Farmer Mac's former Acting Chief Executive Officer and current Chief Executive Officer, the Compensation Committee considered recommendations of the former Acting Chief Executive Officer along with the above-described factors in establishing compensation for 2018.

The Compensation Committee establishes performance measures underused this new peer group to help de- termine the short-term incentive plan each year in an effort to balance business volumecompetitive market for 2020 executive compensation decisions. The peer group includes three segments – one segment composed of 20 public banks, one segment composed of 13 Farm Credit System institutions, and earnings growth with prudent risk management objectives. For 2018, the Compensation Committee established three performance measures to quantify these objectives:one segment composed of 12 Federal Home Loan Banks: Public Banks Ÿ   BancorpSouth Bank Ÿ   Commerce Bancshares, Inc. Ÿ   First Financial Bankshares, Inc. Ÿ   First Interstate BancSystem, Inc. Ÿ   First Merchants Corporation Ÿ   First Midwest Bancorp Inc. Ÿ   Fulton Financial Corporation Ÿ   Glacier Bancorp, Inc. Ÿ   Great Western Bancorp, Inc. Ÿ   Heartland Financial USA, Inc. Ÿ   Northwest Bancshares, Inc. Ÿ   Old National Bancorp Ÿ   Pinnacle Financial Partners, Inc. Ÿ   Prosperity Bancshares, Inc. Ÿ   Provident Financial Services, Inc. Ÿ   Simmons First National Corporation Ÿ   Trustmark Corporation Ÿ   UMB Financial Corporation Ÿ   Umpqua Holdings Corporation Ÿ   United Community Banks, Inc. Farm Credit System Institutions Ÿ   AgCountry Farm Credit Services, ACA Ÿ   AgriBank, FCB Ÿ   AgFirst Farm Credit Bank Ÿ   American AgCredit, ACA Ÿ   Compeer Financial, ACA Ÿ   Farm Credit Bank of Texas Ÿ   Farm Credit East, ACA Ÿ   Farm Credit Mid-America, ACA Ÿ   Farm Credit Services of America, ACA EXECUTiVE COMPENSATiON GOVERNANCE

Grants of equity-based compensation are generally made to our named executive officers each year shortly after the filing of Farmer Mac'sMac’s Annual Report on Form 10-K with the SEC. Awards to executive officersoffi- cers may also be made in special circumstances such as the start of employment, exceptional performance, promotion, or assumption of additional duties. For the annualThe equity grants made to Messrs. Covington, Lynch, and Mullery in March 2018:

The shares of time-based restricted stockperformance-based RSUs granted in March 2018 vest in three equal annual installments,2020 are linked to Farmer Mac’s performance so that the first of which vested on March 31, 2019, and the second and third of whichRSUs will vest on March 31, 2020 and March 31, 2021, respectively, if the individuals are still employed by Farmer Mac on those dates. The shares of performance-based restricted stock granted in March 2018 have been linked to Farmer Mac's performance so that they2023 only vest at the end of approximately three years if Farmer Mac achieves specified long-term performance goals focusedfor Business Volume as of December 31, 2022, subject to “gatekeeper” metrics related to capital and asset quality. These performance-based RSUs may increase or decrease above or below the targeted value at the time of grant, depending on capital efficiency and credit quality.actual per- formance. The Compensation Committee established the long-term incentive performance goals to reward achievements directly related to Farmer Mac's safety and soundness such as the enhancement of Farmer Mac's capital position and the maintenance of Farmer Mac's strong asset quality.EXECUTiVE COMPENSATiON GOVERNANCE

In January 2018,March 2020, the Compensation Committee determined the 20182020 annual base salaries of Messrs. Covington, Lynch,Carpenter and Mullery based on an evaluation of each individual'sindividual’s performance, experience, level of re- sponsibilities, level of base salary, and peer group market data provid- ed by McLagan. The Compensation Committee approved increases to the annual base salaries of those two individuals, which were effective retroactively to January 1, 2020: Ÿ   Mr. Carpenter – increase from $400,000 to $410,000; and Ÿ   Mr. Mullery – increase from $425,000 to $435,000. Mr. Nordholm’s annual base salary for 2020 remained at $750,000, which is the starting base salary agreed to in his initial employment agreement signed in October 2018. The Compensation Committee determined Ms. Ramesh’s starting base salary of $500,000 per year in November 2019 before her appointment in January 2020. In late 2020 and early 2021, the Compensation Committee deter- mined the 2021 annual base salaries for all of the named executive officers (other than Mr. Covington) based on an evaluation of each executive’s performance, experience, level of responsibilities, level of base salary, and peer group market data provided by Pay Governance.McLagan. The Compensation Committee approved $5,000 annual merit increases to the annual base salaries of those three individuals, which were effective retroactively to January 1, 2018:

In February 2019, the Compensation Committee determined the 2019 annual base salaries for all of the named executive officers other than Mr. Junkins based on an evaluation of each executive's performance, experience, level of responsibilities, level of base salary, and peer group market data provided by Pay Governance. The Compensation Committee approved the following changes to annual base salaries, which were effective retroactively to January 1, 2019:

For 2018,2020, each of the named executive officers other than Mr. JunkinsCoving- ton (who did not receive a cash bonus for performance in 2020) earned the percentages of the components of his or her targeted cash incentive compensation as described in the table below. 65% of each individual'sindividual’s incentive compensation for 2018 was based on2020 reflected Farmer Mac'sMac’s attainment of the specified measures, which was the same for all named executive officers. The remainingother 35% of an individual'sindividual’s cash incentive compensation was based onreflected the Compensation Committee'sCommittee’s qualitative evaluation of the achievements toward the strategic initiatives of Farmer Mac by each individual and the named executive officers as a group.

For actual performance between threshold, target, and maximum amounts, the annual incentive award earned is interpolated on a straight-line basis. If performance falls below the threshold amount, no payment is made. For 2018,2020, each of the named executive officersoffi- cers other than Mr. Covington earned the percentages of the componentscompo- nents of his or her annual targeted cash incentive compensation as described in the table below. For 2018,2020, Farmer Mac met or exceeded the amountamounts set forth in the maximum column for "Ratio“Earnings” and “Ra- tio of Substandard Assets to Regulatory Capital"Capital” and the amountsamount set forth in the threshold column for "Net Program Volume" and "Earnings." Farmer Mac's performance was below“Business Volume.” The Compensation Committee places the amounts set forthmost weight in the target column for those two metrics.

Forshort- term incentive “scorecard” on the "Leadership“Leadership and Strategic Performance"Per- formance” component weighted(weighted at 35%,) because the Committee believes that some accomplishments in this area that are more sub- jective and not easily quantified can be significant drivers of long-term stockholder value. Some factors considered by the Compensation Committee con- siders in its qualitative evaluation of each named executive officer were an individual'sindividual’s professional skills, leadership, responsibility, work organization, initiative, creativity, dedication, resourcefulness, and levellev- el of contribution to the attainment of business plan objectives and strategic initiatives. The Compensation Committee reviewed Farmer Mac's 2018Mac’s 2020 accomplishments and qualitatively judged, in its evaluation,evalu- ation, the 20182020 achievements by each of the named executive officersof- ficers (other than Mr. Covington) and the named executive officers as a group, with particular focus on certain individuals’ outstanding leadership during the significant changes in executive management and the Board during 2018, developing2020, further enhancing Farmer Mac's long-termMac’s long- term strategic planning enhancingand the effectiveness of risk management, and achieving Farmer Mac'sstrong earnings while maintaining capital goals.adequacy and efficiency. When combined, the level of incentive achieved by each of the named executive officers other(other than Mr. JunkinsCovington) for 20182020 ranged from 95.31%162% to 112.81%166% of the applicable target bonus. Annual incentive compensation payments for 2018,2020, which are disclosed in "Executive“Executive Compensation—Summary Compensation Table,"” were paid in March 2019. Mr. Junkins received $386,000 in performance-based cash incentive compensation for his service as Acting President2021. Measure Weight Threshold (Pays 50%) Target (Pays 100%) Maximum (Pays 200%) Result Paid Earnings1 25% $94.5 million $101.0 million $104.2 million $106.6 million 50.00% Business Volume 25% $21.15 billion $21.73 billion $22.20 billion $21.70 billion 24.34% Ratio of Substandard Assets to Regulatory Capital 15% less than 50% less than 40% less than 30% 28.47% 30.00% Leadership and Chief Executive Officer during 2018 as described in more detail above in "TotalStrategic Performance 35% Evaluation by Compensation Elements—Committee of Performance Evaluation by Compensation Committee of Performance Evaluation by Compensation Committee of Performance leadership, strategic initiatives, risk management, and capital efficiency Varied by individual between 57.75% and 61.25% Total Compensation for Acting President100% Varied by individual between 162.09% and CEO."

In March 2018,2020, the Compensation Committee granted shares of time-based restricted stock, shares ofRSUs, performance-based restricted stock,RSUs, and SARs to Ms. Ramesh and Messrs. Covington, Lynch,Nordholm, Carpenter, and Mullery after the filing of Farmer Mac'sMac’s Annual Report on Form 10‑K10-K for fiscal year 2017. The exercise price of those SARs is the closing price on the grant date as reported by the NYSE ($86.15 per share).2019. In setting 20182020 equity awards, the Compensation Committee determined a targetedtar- geted value for the awards 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. ConsistentŸ   The overall targeted value for the March 2020 equity awards to Mr. Nordholm of $825,000 increased $125,000 compared to the targeted value of his 2019 equity awards. Ÿ   The overall targeted values for the March 2020 equity awards to Ms. Ramesh ($300,000) and to Mr. Carpenter ($315,000) reflected their respective compensation packages approved by the Compen- sation Committee before they joined Farmer Mac. Ms. Ramesh and Mr. Carpenter did not receive equity awards in 2019. Ÿ   The overall targeted value for the March 2020 equity awards to Mr. Mullery of $240,000 increased by $15,000 compared to the targeted value of his 2019 equity awards. Ÿ   Mr. Covington was granted equity awards in February 2020 with an overall targeted value of $275,000 in connection with his separa- tion of employment from Farmer Mac's total compensation philosophy, a significant portionMac, as described in Farmer Mac’s Current Report on Form 8-K filed with the SEC on February 14, 2020. This targeted value was $21,000 less than the targeted value of his 2019 equity awards. Time-Based RSUs Granted in 2020 The Compensation Committee granted each of the named executive officers' total compensation is performance-based. The shares of performance-based restricted stock granted to those three named executive officers time-based RSUs in March 20182020 that vest in three equal an- nual installments, the first of which vested on March 31, 2021. The second and third installments of those grants will vest on March 31, 20212022 and March 31, 2023, respectively, if the individuals are still em- ployed by Farmer Mac on those dates (or have satisfied the retirement provisions of the related award agreement). Because Mr. Nordholm and Mr. Covington have already satisfied the retirement provisions of the award agreements for the 2020 grants of time-based RSUs, they will vest in the remaining 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 separation agreement). The Com- pensation Committee also granted Mr. Nordholm a separate perfor- mance award of time-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

Mr. Brinch was promoted to the position of Senior Vice President in April 2018. Before that, he was awarded 895 shares of time-vested restricted stock on April 4, 2018 in connection with his annual employee performance evaluation. Those shares had a value of $76,200 on the grant date and will "cliff" vest on April 15, 2021 if Mr. Brinch is stilllonger employed by Farmer Mac on that date.the vesting dates (unless Mr. Brinch was not awarded any other equity-based compensationNordholm’s employment is terminated for cause or Mr. Covington violates the promotion to his new role.

Mr. Nordholm was awarded 3,578 shares of time-vested restricted stock upon the startterms of his employment on October 15, 2018. Those shares had a value of approximately $250,000 on the grant date and will "cliff" vest onseparation agreement). 2021 Equity Grants In March 31, 2021, if Mr. Nordholm is still employed by Farmer Mac on that date.

In February 2019, the Compensation Committee granted shares of time-based restricted stock, shares ofRSUs, performance-based restricted stock,RSUs, and SARs to all the named executive officers other than Mr. JunkinsCovington at the first Committee meeting held after the filing of Farmer Mac's Annual Report on Form 10-K for fiscal year 2018.2020. The Compensation Committee set 20192021 equity awards in the same manner as it did in 20182020 and in accordance with Farmer Mac's total compensation philosophy described above.

Starting in May 2017, Messrs. Covington, Lynch, and MulleryFarmer Mac began participating into offer a nonqualified deferredde- ferred compensation plan to designated executive officers. The plan is designed to restore employer retirement contributions for each participantparticipants to the level those individualslevels they would have otherwise been eligible to receive in employerem- ployer contributions under the 401(k) plan in the absence ofabsent the limits imposed by the Internal Revenue Code of 1986, as amended ("Code"(“Code”) on the amount of compensationcompensa- tion that can be considered under a qualified retirement plan. Under thethis nonqualified deferred compensation plan, Farmer Mac credits the account of each participant with an amount equal to 18.9% of the differencedif- ference between (i) the annual compensation limit under 401(a)(17) of the Code, described above, and (ii) the participant'sparticipant’s annual base salary, which insala- ry. In calculating employer credits, a participant’s annual base salary is capped at $700,000 for Farmer Mac'sMac’s President and Chief Executive Officer and $500,000 for all other participants. For 2018,2020, Farmer Mac credited the accounts of Ms. Ramesh and Messrs. Covington, Lynch,Nordholm, Car- penter, and Mullery in the amounts of $17,955, $34,209,$40,635, $78,435, $23,625 and $26,460,$28,350, respectively. Although Mr. Nordholm became eligible to participate in the nonqualified deferred compensation plan upon the start of his employment on October 15, 2018, Farmer Mac did not credit any amount to him for 2018 under the nonqualified deferred compensation plan for Mr. Covington in 2020 as a result of his resignation in February 2020. Mr. Covington forfeited the amounts credited to his account for 2017, 2018, and 2019 (and any related investment earnings) because he was not vest- ed in those amounts at the time of his prorated base salary for the year did not exceed the $275,000 annual compensation limit for 2018 under 401(a)(17) of the Code.resignation. The

policy that provides a benefit equal to one year’s base salary up to $300,000. Farmer Mac also makes available the following benefits to all of the namedits executive officers other than Mr. Junkins (starting October 15, 2018 for Mr. Nordholm):

Farmer Mac'sMac’s multi-class capital structure established by its statutory charter is written in a way that substantially precludes any change-in-control through voting rights associated with its Voting Common Stock. Thus, no provision is made for payments to named executive officers in connection with any change-in-control, and no outstanding equity awards to the named executive officers will vest upon a change-in-control.

Mr. Nordholm has an employment agreement that provides for severancesever- ance payments if the agreement is terminated by Farmer Mac other than for cause. Ms. Ramesh and Messrs. Lynch, Covington,Carpenter and Mullery have participatedcur- rently participate in Farmer Mac'sMac’s Amended and Restated Executive Officer Severance Plan, since November 2016.as revised in January 2020. That plan provides for severance payments if Farmer Mac terminates employment other than for cause. See "Executive“Executive Compensation Governance—Executive Compensation—Agreements with Executive Officers."

” Impact of Accounting and Tax Treatment on Compensation Awards

In general, Section 162(m) of the Code places a limit of $1 million on the amount of compensation that Farmer Mac may deduct in any one year per person for certain executive officers of Farmer Mac. There is an exception to the limitation for "performance-based compensation"“performance-based compensation” meeting certain requirements for taxable years beginning on or before December 31, 2017 or, for later years, payable under a binding written agreement in effect on or before November 2, 2017 that satisfies the performance rules and is not materially modified.

Farmer Mac has not historically made compensation decisions based solely on the effect of the tax deductibility or accounting treatment of compensation to named executive officers, although the CompensationCompensa- tion Committee does balance tax deductibility with other business considerations.con- siderations. To the extent practicable, the Compensation Committee intends to preserve the tax deductibility of compensation paid to executiveex- ecutive officers but will not necessarily limit executive compensation to what is deductible under Section 162(m) of the Code if necessary to attract, retain, and reward high-performing executives. It is therefore possible that compensation for executive officers may exceed the per person $1 million limitation for deductibility in

In March 2019, the Board approved a policy on stock ownership applicableap- plicable to Farmer Mac'sMac’s officers and directors (each, a "covered person"“covered per- son”) to encourage them to maintain a meaningful ownership interest in Farmer Mac, help align their interests with those of Farmer Mac'sMac’s stockholders, and promote sound corporate governance and a long-termlong- term perspective in managing Farmer Mac. Under the policy, each covered person is expected to beneficially own a specified amount of Farmer Mac'sMac’s Class C Non-Voting Common Stock, calculated as a multiple of the covered person'sperson’s annual base salary or annual cash retainer, as described in the table below:

The following shares and equity rights are included in Title Minimum Ownership Requirement Chief Executive Officer 3 times annual base salary Executive Vice President 2 times annual base salary Senior Vice President annual base salary Vice President half of annual base salary Non-Employee Director 2 times annual cash retainer In determining satisfaction of the applicable minimum ownership requirement for a covered person:person, the policy includes the following shares and equity rights: Ÿ   shares directly owned or beneficially owned indirectly (such as through family trusts, immediate family members, or retirement accounts)ac- counts); Ÿ   shares of unvested time-based restricted stock; and Ÿ   shares attributable to unvested time-based restricted stock units.RSUs. The shares and equity rights that do not count towardstoward satisfaction of the applicable minimum ownership requirement for a covered person include: unexercised vested or unvested stock options or SARs; shares of unvested performance-based restricted stock; and shares attribut- able to unvested performance stock units.performance-based RSUs. The stock ownership policy requires covered persons to satisfy the applicable minimum ownership requirement within five years of March 13, 2019, or within five years from the date of hire, promotion, initial election, or initial appointment, as applicable. The Committee administers this policy and may make exceptions to the applicable minimum ownership requirement based on personal circumstances or hardship of a covered person. For more information on the stock ownership of our named executive officers and directors, see "Stock“Stock Ownership of Directors, Director Nominees, Named Executive Officers, and Certain Beneficial Owners."” EXECUTiVE COMPENSATiON GOVERNANCE

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis 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, 2018.2020. Compensation Committee Richard H. Davidson, Chair James R. Engebretsen Sara L. Faivre LaJuana S. Wilcher EXECUTiVE COMPENSATiON GOVERNANCE

The following table provides 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, 2018,2020, as well as the two previous fiscal years, if applicable.