This memorandum provides a detailed plan (the “Blueprint”) for restoring safety and soundness to Fannie Mae and Freddie Mac while protecting taxpayers and maintaining stability in the secondary mortgage market. This Blueprint was developed by Moelis & Company LLC as financial advisors to certain non-litigating preferred stockholders of Fannie Mae and Freddie Mac. The original Blueprint was released in June 2017, and the “One Year Later” Update was released in November 2018.