Farmer Mac periodically issues Agricultural Mortgage Backed Securities (AMBS) backed by either Farm & Ranch loans (under the program formerly known as “Farmer Mac I”) or USDA-guaranteed portions of loans (under the program formerly known as “Farmer Mac II”). Investors should have the capability to evaluate the investment; understand the tax issues involved; and appreciate, and be able to bear, all the risks associated with a particular security. Investors interested in AMBS should always carefully read the applicable disclosure documents and discuss he potential risks and rewards with their investment and legal advisors. Investors in Farmer Mac AMBS are urged to read the Prospectus Supplement, the related Prospectus and any other documents incorporated by reference prior to purchase.