Investment Strategies - First Quarter 2012

Deposit Insurance Fund

1^st Quarter 2012 Strategy

Purchase up to $6 billion (par value) of available-for-sale (AFS) securities with maturity dates between June 30, 2012, and December 31, 2014, subject to the following additional restrictions: no more than $4 billion (par value) of such securities shall have maturity dates beyond December 31, 2012; no more than $2 billion (par value) of such securities shall have maturity dates beyond December 31, 2013; and no more than $3 billion of such securities shall consist of Treasury Inflation-Protected Securities.

Strategy Changes for 2^nd Quarter 2012

Purchase up to $7 billion (par value) of AFS securities with maturity dates between September 30, 2012, and March 31, 2015, subject to the following additional restrictions: no more than $5 billion (par value) of such securities shall have maturity dates beyond March 31, 2013; no more than $3 billion (par value) of such securities shall have maturity dates beyond March 30, 2014; and no more than $3 billion of such securities shall consist of Treasury Inflation-Protected Securities.

Debt Guarantee Program

1^st Quarter 2011 Strategy

Purchase up to $2 billion (par value) of AFS securities with maturity dates between June 30, 2012, and December 31, 2014.

Strategy 2^nd Quarter 2012

Overnight investments only.

1^st Quarter 2012 Strategy

Maintain an overnight deposit target floor balance within a range of $100 million to $300 million.

Strategically invest the remaining funds in the zero- to 12-month maturity sector.

Strategy Changes for 2^nd Quarter 2012

No strategy changes for the second quarter of 2012.