TABLE 1. TOTAL BOOK OF BUSINESS COMPONENTS ($ in Millions) 1

Gross Mortgage Total Fannie Mae MBS Fannie Mae MBS

Portfolio and Other Guarantees in Portfolio Total Book Compounded New Business

[Table 3] [Table 4] [Table 5] of Business Growth Rate Acquisitions

January 2009 $ 785,548 $ 2,606,196 $ 283,097 $ 3,108,647 (0.9%) $ 28,829February 2009 784,724 2,608,979 280,047 3,113,656 2.0% 53,756

March 2009 783,868 2,640,355 280,248 3,143,975 12.3% 92,837

April 2009 770,062 2,638,362 271,413 3,137,011 (2.6%) 57,560May 2009 789,634 2,711,439 351,158 3,149,915 5.0% 72,594

June 2009 792,612 2,781,056 379,890 3,193,778 18.1% 109,628

July 2009 779,446 2,795,661 355,550 3,219,557 10.1% 95,110

August 2009 779,424 2,805,128 355,295 3,229,257 3.7% 70,600

September 2009 792,675 2,820,736 370,588 3,242,823 5.2% 68,942October 2009 771,449 2,819,660 356,685 3,234,424 (3.1%) 58,871

November 2009 752,220 2,813,240 349,612 3,215,848 (6.7%) 43,051December 2009 772,504 2,826,389 358,194 3,240,699 9.7% 71,867YTD 2009 $ 772,504 $ 2,826,389 $ 358,194 $ 3,240,699 4.2% $ 823,645January 2010 $ 735,205 $ 2,824,667 $ 333,000 $ 3,226,872 (5.0%) $ 54,952YTD 2010 $ 735,205 $ 2,824,667 $ 333,000 $ 3,226,872 (5.0%) $ 54,952

TABLE 2. PORTFOLIO COMMITMENTS ($ in Millions) 1, 2, 3 TABLE 3. GROSS MORTGAGE PORTFOLIO ($ in Millions) 1, 2

Commitments Commitments Net Retained Compounded Annualized

to Purchase, Net to Sell Commitments Purchases 3 Sales 3 Liquidations End Balance 3 Growth Rate 3 Liquidation Rate

January 2009 26,290 $ (23,316) $ 2,974 $ 11,703 $ (5,392) $ (8,057) $ $ 785,548 (2.6%) (12.28%)

February 2009 36,430 (34,078) 2,352 15,847 (6,570) (10,101) 784,724 (1.3%) (15.43%)

March 2009 42,633 (37,194) 5,439 22,436 (12,128) (11,164) 783,868 (1.3%) (17.07%)

April 2009 63,805 (58,940) 4,865 18,452 (20,328) (11,930) 770,062 (19.2%) (18.26%)May 2009 76,925 (72,982) 3,943 42,652 (11,321) (11,759) 789,634 35.1% (18.32%)

June 2009 72,045 (69,337) 2,708 48,285 (34,277) (11,030) 792,612 4.6% (16.76%)July 2009 103,588 (99,359) 4,229 39,594 (40,376) (12,384) 779,446 (18.2%) (18.75%)August 2009 31,756 (24,849) 6,907 24,823 (13,982) (10,863) 779,424 (0.0%) (16.72%)

September 2009 69,667 (61,845) 7,822 33,894 (11,548) (9,095) 792,675 22.4% (14.00%)

October 2009 64,522 (60,627) 3,895 26,360 (38,507) (9,079) 771,449 (27.8%) (13.74%)

November 2009 63,273 (60,392) 2,881 9,211 (19,272) (9,168) 752,220 (26.1%) (14.26%)

December 2009 59,261 (57,902) 1,359 34,321 (5,137) (8,900) 772,504 37.6% (14.20%)

YTD 2009 $ 710,195 $ (660,821) $ 49,374 $ 327,578 $ (218,838) $ (123,530) $ 772,504 (1.9%) (15.69%)January 2010 $ 53,605 $ (48,013) $ 5,592 $ 21,739 $ (49,293) $ (9,745) $ 735,205 (44.8%) (15.14%)YTD 2010 $ 53,605 $ (48,013) $ 5,592 $ 21,739 $ (49,293) $ (9,745) $ 735,205 (44.8%) (15.14%)

TABLE 4. FANNIE MAE GUARANTEED SECURITIES AND MORTGAGE LOANS ($ in Millions) 1

Fannie Mae Other Total Fannie Mae

MBS Annualized Fannie Mae MBS and Other Compounded Mortgage

Issuances 4 Liquidations End Balance Liquidation Rate Guarantees Guarantees Growth Rate Loans

January 2009 21,218 $ (24,755) $ 2,580,052 $ (11.50%) 26,144 $ $ 2,606,196 (2.4%) 369,119 $ 2,975,315 $ February 2009 45,289 (42,278) 2,583,063 (19.66%) 25,916 2,608,979 1.3% 372,518 2,981,497

March 2009 87,813 (56,974) 2,613,902 (26.47%) 26,453 2,640,355 15.4% 372,792 3,013,147

April 2009 55,999 (56,288) 2,613,613 (25.84%) 24,749 2,638,362 (0.9%) 369,276 3,007,638May 2009 129,091 (55,766) 2,686,938 (25.60%) 24,501 2,711,439 38.8% 310,452 3,021,891

June 2009 130,865 (62,864) 2,754,939 (28.08%) 26,117 2,781,056 35.6% 277,153 3,058,209

July 2009 79,740 (63,294) 2,771,385 (27.57%) 24,276 2,795,661 6.5% 271,604 3,067,265

August 2009 62,111 (52,453) 2,781,043 (22.71%) 24,085 2,805,128 4.1% 271,160 3,076,288

September 2009 59,246 (44,555) 2,795,734 (19.23%) 25,002 2,820,736 6.9% 268,642 3,089,378

October 2009 40,741 (41,175) 2,795,300 (17.67%) 24,360 2,819,660 (0.5%) 273,143 3,092,803

November 2009 40,366 (46,582) 2,789,084 (20.00%) 24,156 2,813,240 (2.7%) 273,929 3,087,169

December 2009 55,374 (43,569) 2,800,889 (18.75%) 25,500 2,826,389 5.8% 281,239 3,107,628

YTD 2009 $ 807,853 $ (590,553) $ 2,800,889 (22.86%) $ 25,500 $ 2,826,389 8.2% $ 281,239 $ 3,107,628

January 2010 $ 47,613 $ (53,924) $ 2,794,578 (23.10%) $ 30,089 $ 2,824,667 (0.7%) $ 284,616 $ 3,109,283

YTD 2010 $ 47,613 $ (53,924) $ 2,794,578 (23.10%) $ 30,089 $ 2,824,667 (0.7%) $ 284,616 $ 3,109,283

Total Fannie Mae MBS 

MON

and Mortgage Loans

Guaranteed Securities

Fannie Mae

+ - = 

Fannie Mae’s Bcompound annuaFannie Mae’s Gcompound annuaThe ConventionRate rose 9 basis the Multifamily Sepoints to 0.63 peravailable).The Effective Daveraged one moIMPORTANT NOTWe have been unHousing Finance since September 

Number may not sum due to rounding See Endnotes and Glossary on Page 3 and 4 
TABLE 5. MORTGAGE PORTFOLIO COMPOSITION ($ in Millions) 1

Mortgage Mortgage Portfolio

Purchases Sales Liquidations Securitizations 5 End Balance Loans Agency Non-Agency End Balance

January 2009 609 $ (5,358) $ (3,207) $ 3,483 $ $ 283,097 $ 34,483 369,119 $ 98,849 $ 785,548 $ 

February 2009 444 (6,570) (3,860) 6,936 280,047 34,018 372,518 98,141 784,724

March 2009 4,898 (12,127) (5,084) 12,514 280,248 33,384 372,792 97,444 783,868

April 2009 2,620 (20,298) (5,428) 14,271 271,413 32,697 369,276 96,676 770,062

May 2009 26,474 (11,272) (8,132) 72,675 351,158 32,189 310,452 95,835 789,634

June 2009 21,647 (34,038) (6,752) 47,875 379,890 40,494 277,153 95,075 792,612

July 2009 8,832 (40,332) (8,232) 15,392 355,550 57,991 271,604 94,301 779,446

August 2009 4,293 (9,692) (6,897) 12,041 355,295 59,402 271,160 93,567 779,424

September 2009 12,775 (3,267) (5,638) 11,423 370,588 268,642 60,573 92,872 792,675

October 2009 2,391 (16,545) (5,588) 5,839 356,685 273,143 49,397 92,224 771,449

November 2009 1,271 (7,737) (5,862) 5,255 349,612 273,929 37,181 91,498 752,220

December 2009 11,799 (3,696) (5,550) 6,029 358,194 281,239 42,645 90,426 772,504

YTD 2009 $ 98,053 $ (170,932) $ (70,230) $ 213,733 $ 358,194 $ 281,239 $ 42,645 $ 90,426 $ 772,504January 2010 $ 8,166 $ (33,338) $ (6,256) $ 6,234 $ 333,000 $ 284,615 $ 27,882 $ 89,708 $ 735,205

YTD 2010 $ 8,166 $ (33,338) $ (6,256) $ 6,234 $ 333,000 $ 284,615 $ 27,882 $ 89,708 $ 735,205

TABLE 6. OTHER INVESTMENTS ($ in Millions) 1 TABLE 7. DEBT ACTIVITY ($ in Millions) 6

Original Maturity 

Other Investments < 1 Year Maturities and Foreign Exchange Total Debt

End Balance End Balance Issuances Redemptions Repurchases Adjustments End Balance Outstanding

January 2009 105,700 $ January 2009 330,198 $ 29,205 $ (23,186) $ (1,745) $ (56) $ 554,775 $ 884,973 $ 

February 2009 93,666 February 2009 300,373 40,895 (24,455) (456) (15) 570,744 871,117

March 2009 87,591 March 2009 275,527 38,428 (13,946) (1,450) 26 593,802 869,329

April 2009 78,133 April 2009 269,793 34,070 (42,027) (445) 37 585,437 855,230

May 2009 77,250 May 2009 260,507 34,730 (26,403) - 95 593,859 854,366

June 2009 67,457 June 2009 260,257 15,205 (22,454) (686) 17 585,941 846,198

July 2009 71,016 July 2009 238,867 14,886 (16,711) (222) 24 583,918 822,785

August 2009 66,703 August 2009 229,507 15,838 (11,696) (700) (12) 587,348 816,855

September 2009 59,354 September 2009 241,039 15,044 (27,692) (245) 13 574,468 815,507

October 2009 76,942 October 2009 218,678 20,699 (9,839) (491) 27 584,864 803,542

November 2009 65,440 November 2009 191,896 13,450 (7,939) - 12 590,387 782,283

December 2009 December 2009 58,417 200,567 22,824 (27,494) (480) (29) 585,208 785,775

YTD 2009 $ YTD 2009 58,417 $ 200,567 $ 295,274 $ (253,842) $ (6,920) $ 139 $ 585,208 $ 785,775

January 2010 $ January 2010 80,792 $ 178,446 $ 29,944 $ (28,786) $ - $ (9) $ 586,357 $ 764,803

YTD 2010 $ YTD 2010 80,792 $ 178,446 $ 29,944 $ (28,786) $ - $ (9) $ 586,357 $ 764,803

TABLE 8. INTEREST RATE RISK DISCLOSURES ($ in Billions) TABLE 9. SERIOUS DELINQUENCY RATES

Effective Multifamily

Rate Level Rate Slope Duration Gap Non-Credit Credit

Shock (50 bp) Shock (25 bp) (in months) Enhanced Enhanced Total Total 8

December 2008 1.40% 6.42% 2.42% 0.30%

January 2009 $ (1.3) $ (0.4) 0 January 2009 1.63% 7.24% 2.77% 0.27%February 2009 (0.5) (0.3) 1 February 2009 1.77% 7.70% 2.96% 0.32%

March 2009 (0.9) (0.1) (2) March 2009 1.91% 8.17% 3.15% 0.34%

April 2009 (0.7) (0.1) (1) April 2009 2.10% 8.79% 3.42% 0.36%May 2009 (0.6) (0.2) 1 May 2009 2.29% 9.60% 3.68% 0.50%June 2009 (0.5) (0.2) 1 June 2009 2.47% 10.25% 3.94% 0.51%

July 2009 (0.5) (0.2) (1) July 2009 2.66% 10.83% 4.17% 0.56%

August 2009 (0.4) (0.2) 0 August 2009 2.87% 11.52% 4.45% 0.56%

September 2009 (0.8) (0.2) (2) September 2009 3.09% 12.16% 4.72% 0.62%

October 2009 (0.5) (0.2) (1) October 2009 3.28% 12.75% 4.98% 0.61%

November 2009 (0.6) (0.2) 0 November 2009 3.52% 13.45% 5.29% 0.66%

December 2009 (0.6) (0.1) 1 December 2009 3.67% 13.51% 5.38% 0.63%

YTD 2009 $ (0.7) $ (0.2)

January 2010 $ (0.2) $ (0.2) 1

YTD 2010 $ (0.2) $ (0.2)

Market Value Sensitivity 

Fannie Mae MBS in Portfolio Mortgage Securities

Non-Fannie Mae

Conventional Single-Family 7

Original Maturity > 1 Year

Number may not sum due to rounding See Endnotes and Glossary on Page 3 and 4 
1.

2.3.4.5.6.7.8.

Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loans. These rasingle-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage-related securities held in our portfolio. Credit primary mortgage insurance or other credit enhancements.Calculated based on the UPB of seriously delinquent multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securitmultifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities.Includes Fannie Mae mortgage-backed securities ("Fannie Mae MBS") issued from Fannie Mae's mortgage portfolio. See Table 5 for monMae MBS held in portfolio. Securitizations in Table 5 represent new Fannie Mae MBS created from mortgage assets held in the mortgage portfolio, including whole loaissuances in Table 4 and, if sold during the month, will be included in sales in Table 5. Our securitizations of loans we held in our portfolio tmortgage loans reported in Table 5.Reported amounts represent the UPB at each reporting period or, in the case of the long-term zero coupon bonds, at maturity. UPB does nadjustments, including discounts, premiums, and issuance costs.

ENDNOTES

The end balances and business activity in this report represent unpaid principal balances ("UPB"), which do not reflect market valuation adlosses, impairments, unamortized premiums and discounts and the impact of consolidation of variable interest entities.As of January 31, 2010, our gross mortgage portfolio end balance, after taking into account net outstanding commitments to sell of $22.3 bGross commitments in Table 2 include dollar roll transactions (purchase commitments with concurrent agreements to re-sell later, or sale cagreements to repurchase later) in the month in which we enter into them. Table 3 reflects activity from settlements of dollar rolls that are asales of securities, but does not include activity from settlements of dollar rolls that are accounted for as secured financings. Dollar roll actimonth-to-month basis in our reported portfolio commitments, purchases, sales, end balances and compounded growth rate.
General

Table 1Table 2Table 3Table 4Table 5Table 6Table 7Table 8Table 9Effective Duration Gap. The effective duration gap estimates the net sensitivity of the fair value of Fannie Mae’s assets and liabilities to movements in interest rates. This statistic is expressed as a numreported month. A duration gap of zero implies that the change in the fair value of assets from an interest rate move will be offset by an equal move in the fair value of liabilities, including debt and derivativnet assets. The calculation excludes any sensitivity of the guaranty business. Serious Delinquency Rates. A measure of credit performance and indicator of future defaults for the single-family and multifamily mortgage credit books. We include single-family loans that are three mo

process, and multifamily loans that are 60 days or more past due. We include conventional single-family loans that we own and that back Fannie Mae MBS in our single-family delinquency rate, including Debt Activity. Debt is classified in the table based on its original maturity. For debt with an original term of more than one year, the portion of that long-term debt that is due within one year is not reclassiinformation about Fannie Mae's debt activity, please visit www.fanniemae.com/markets/debt/debt_activity. Our interest rate risk measures provide useful estimates of key interest-rate risk and include the impact of our purchases and sales of derivative instruments, which we use to limit our exposure to changes market value sensitivity and duration gap metrics are useful risk management tools, they should be understood as estimates rather than precise measurements. Methodologies employed to calculate thesperiodically changed on a prospective basis to reflect improvements in the underlying estimation processes.Market Value Sensitivity to Rate Level Shock (50bp). This measurement shows the estimated loss in pre-tax market value of Fannie Mae’s assets and liabilities from an immediate adverse 50 basis poshown are estimates, not precise measurements. The measurement excludes any sensitivity of the guaranty business. Fannie Mae tracks the daily average of this measurement for the reported month.Market Value Sensitivity to Rate Slope Shock (25bp). This measurement shows the estimated loss in pre-tax market value of Fannie Mae’s assets and liabilities from an immediate adverse 25 basis poTo calculate the adverse change in the slope of the LIBOR yield curve, the company calculates the effect of a 25 basis point change in slope that results in a steeper LIBOR yield curve and the effect of a 2flatter LIBOR yield curve, and reports the more adverse of the two results. The amounts shown are estimates, not precise measurements. The measurement excludes any sensitivity of the guaranty businmeasurement for the reported month.

Mortgage Portfolio Composition. Shows the primary components of Fannie Mae's mortgage portfolio and activity relating to Fannie Mae MBS held in the mortgage portfolio.

Non-Fannie Mae Agency Securities. Represents mortgage-related securities issued by Freddie Mac and Ginnie Mae.Non-Fannie Mae Non-Agency Securities. These are commonly referred to as "private-label securities."

Other Investments. The $80.8 billion total as of January 31, 2010 includes $72.0 billion of readily marketable instruments such as certificates of deposit, federal funds sold, securities purchased under agbalance includes $8.4 billion of non-governmental asset-backed securities and $0.4 billion of unsecured corporate notes.

Issuances. Represents the total amount of Fannie Mae MBS created during the month, including lender-originated issues and Fannie Mae MBS created from mortgage loans previously held in Fanniportfolio after their creation.Liquidations. Represents the total amount of repayments, curtailments, payoffs, and foreclosures on mortgages underlying Fannie Mae MBS, including Fannie Mae MBS held in the mortgage portfolAnnualized Liquidation Rate. The liquidation rate is calculated as liquidations divided by the prior period ending balance of total Fannie Mae MBS, annualized. Other Fannie Mae Guarantees. Outstanding balance of Fannie Mae guarantees, other than Fannie Mae MBS. This primarily includes long-term standby commitments we have issued and credit enhLiquidations. Represents the total amount of repayments, curtailments, payoffs, and foreclosures on mortgage loans and mortgages underlying securities held in the mortgage portfolio.Annualized Liquidation Rate. The liquidation rate is calculated as liquidations divided by the prior period ending balance of the mortgage portfolio, annualized. 

Fannie Mae Guaranteed Securities and Mortgage Loans. Consists of securities and mortgage loans for which Fannie Mae manages credit risk. This table excludes non-Fannie Mae securities held in t

Total Fannie Mae MBS. Includes Fannie Mae MBS, private label wraps, whole loan REMICs, and Ginnie Mae wraps. Also includes Multifamily discount MBS (DMBS) that Fannie Mae guarantees, re

mortgage portfolio or held by investors other than Fannie Mae. If an MBS has been resecuritized into another MBS, the principal amount is only included once in this total. Net Retained Commitments. Represents mandatory commitments to purchase, less commitments to sell, net of mortgage loans for which a cash pair-off has been paid. 

Gross Mortgage Portfolio. End balance represents the unpaid principal balance ("UPB") of the mortgage portfolio that Fannie Mae holds for investment and liquidity purposes. 

Purchases. Acquisition of mortgage loans and mortgage securities for the mortgage portfolio. Includes capitalized interest.Sales. Sales of mortgage securities from the mortgage portfolio.New Business Acquisitions. Sum of MBS issuances and Mortgage Portfolio purchases less Fannie Mae MBS purchases and securitizations of mortgage loans previously held in portfolio.

Portfolio Commitments. Represents mandatory commitments entered into during the month. Fannie Mae enters into forward commitments to purchase mortgage securities and mortgage loans, or to sePurchase commitments typically require mandatory delivery and are subject to the payment of pair-off fees for non-delivery. 

Commitments to Purchase, Net. Represents mandatory commitments to purchase mortgage loans and mortgage securities, net of mortgage loans for which a cash pair-off has been paid. Pair-offs mandatory commitments.Commitments to Sell. Represents mandatory commitments to sell mortgage securities.

GLOSSARY & OTHER INFORMATION

Risk Disclosures. In addition to the interest rate risk disclosures provided in Table 8, Fannie Mae's most recent available information relating to subordinated debt, liquidity management, corporate risk raForm 10-K or Form 10-Q filed with the Securities and Exchange Commission.Compounded Growth Rate. Monthly growth rates are compounded to provide an annualized rate of growth.Total Book of Business. Sum of the Gross Mortgage Portfolio balance and Total Fannie Mae MBS and Other Guarantees balance, less Fannie Mae MBS held in the mortgage portfolio.