Media: Mardi Schmieder, 612/683-3538 Financial:Laura Merriam, 612/683-7395 FREDDIE MAC INSTALLS SECOND CRAY RESEARCH SUPERCOMPUTER EAGAN, Minn., July 29, 1993 -- Freddie Mac has installed its second CRAY Y-MP EL supercomputer system, Cray Research announced today. The system is installed at Freddie Mac's Reston, Va., facilities. According to Jim Thompson, chief technologist for Freddie Mac, the second CRAY Y-MP EL system will be used by the company's financial analysts to develop and test new financial models and algorithms. The second system will also be used for disaster recovery backup for the company's first Cray Research system, installed in 1992 at the McLean facilities and used by Freddie Mac's Dealer Services Division for day-to-day financial modeling and analysis related to its $465 billion total servicing portfolio of mortgage-backed securities. "In terms of disaster recovery, we recognized the first Cray's critical role in our day-to-day decision-making processes," said Thompson. "The first Cray significantly improved our ability to run the business. By acquiring a second system, we are protecting the business." When Freddie Mac acquired the first Cray Research system, Larry Burden, Freddie Mac's senior vice president, information systems and service, said in a news release, "With Cray Research technology, Freddie Mac can compute most valuations at least 50 times faster. This means an analysis that took 10 hours can now be done in less than 15 minutes." "Freddie Mac's selection of the first Cray Research system put them at the forefront of the financial industry where technology is concerned," said John Carlson, Cray Research chairman and chief executive officer. "This second order reinforces Freddie Mac's industry leadership. We are very pleased to be working with such a forward-thinking organization." The CRAY Y-MP EL system is one of several entry-level supercomputer products offered by Cray Research. Pricing for these systems begins at under $125,000 in the U.S. The entry- level systems are fully compatible with larger Cray Research supercomputers ranging up to $40.5 million. Including the entry-level system, the company has more than 450 systems installed worldwide. Cray Research creates the most powerful, highest-quality computational tools for solving the world's most challenging scientific and industrial problems. ###