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 4 Growth Rate 4 Acquisitions 4

October 2012 $ 642,711 $ 2,724,370 $ 173,888 $ 3,193,193 (0.0%) $ 79,355November 2012 632,518 2,750,912 179,860 3,203,570 4.0% 99,230

December 2012 633,054 2,741,264 183,964 3,190,354 (4.8%) 71,906Full Year 2012 $ 633,054 $ 2,741,264 $ 183,964 $ 3,190,354 0.2% $ 918,414

January 2013 $ 620,509 $ 2,748,034 $ 182,993 $ 3,185,550 (1.8%) $ 88,416

February 2013 604,289 2,749,303 172,489 3,181,103 (1.7%) 80,179March 2013 597,779 2,749,644 170,208 3,177,215 (1.5%) 71,448April 2013 587,962 2,755,685 165,832 3,177,815 0.2% 77,298

May 2013 574,852 2,763,040 159,170 3,178,722 0.3% 78,048

June 2013 565,198 2,760,260 151,829 3,173,629 (1.9%) 72,574July 2013 547,046 2,770,055 147,993 3,169,108 (1.7%) 73,387August 2013 531,282 2,778,359 142,726 3,166,915 (0.8%) 68,266

September 2013 516,259 2,784,540 137,240 3,163,559 (1.3%) 55,973October 2013 504,832 2,794,938 134,168 3,165,602 0.8% 49,209

YTD Year 2013 $ 504,832 $ 2,794,938 $ 134,168 $ 3,165,602 (0.9%) $ 714,798

TABLE 2. PORTFOLIO COMMITMENTS ($ in Millions) 1, 2, 3, 4 TABLE 3. GROSS MORTGAGE PORTFOLIO ($ in Millions) 1, 2

Commitments Commitments Net Retained Compounded Annualized

to Purchase, Net to Sell Commitments Purchases 3, 4 Sales 3 Liquidations 4 End Balance 3, 4 Growth Rate 3, 4 Liquidation Rate 4

October 2012 $ 96,718 $ (95,027) $ 1,691 $ 29,443 $ (29,152) $ (11,849) $ 642,711 (19.3%) (21.73%)

November 2012 79,751 (77,836) 1,915 29,158 (27,654) (11,697) 632,518 (17.5%) (21.84%)

December 2012 73,635 (68,476) 5,159 30,655 (19,071) (11,048) 633,054 1.0% (20.96%)

Full Year 2012 $ 903,396 $ (864,959) $ 38,437 $ 288,337 $ (224,208) $ (139,489) $ 633,054 (10.6%) (19.69%)

January 2013 $ 96,297 $ (94,440) $ 1,857 $ 29,437 $ (24,360) $ (17,622) $ 620,509 (21.4%) (33.40%)

February 2013 75,782 (73,539) 2,243 26,126 (29,828) (12,518) 604,289 (27.2%) (24.21%)March 2013 74,488 (72,108) 2,380 26,163 (21,019) (11,654) 597,779 (12.2%) (23.14%)April 2013 87,522 (86,810) 712 26,533 (24,929) (11,421) 587,962 (18.0%) (22.93%)

May 2013 85,521 (86,161) (640) 26,288 (27,412) (11,986) 574,852 (23.7%) (25.02%)June 2013 74,333 (72,244) 2,089 24,567 (23,512) (10,709) 565,198 (18.4%) (22.36%)July 2013 62,445 (67,724) (5,279) 22,115 (29,453) (10,814) 547,046 (32.4%) (22.96%)

August 2013 51,008 (53,964) (2,956) 20,617 (26,530) (9,851) 531,282 (29.6%) (21.61%)

September 2013 53,287 (57,460) (4,173) 17,410 (23,047) (9,386) 516,259 (29.1%) (21.20%)

October 2013 55,475 (56,996) (1,521) 19,233 (20,906) (9,754) 504,832 (23.6%) (22.67%)

YTD Year 2013 $ 716,158 $ (721,446) $ (5,288) $ 238,489 $ (250,996) $ (115,715) $ 504,832 (23.8%) (21.93%)

#############

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 5 Liquidations 4 End Balance 4 Liquidation Rate4 Guarantees Guarantees 4 Growth Rate 4 Loans 4

October 2012 $ 62,673 $ (70,917) $ 2,686,555 (31.58%) $ 37,815 $ 2,724,370 (3.8%) $ 388,624 $ 3,112,994

November 2012 107,787 (80,575) 2,713,767 (35.99%) 37,145 2,750,912 12.3% 373,616 3,124,528

December 2012 67,589 (76,307) 2,705,049 (33.74%) 36,215 2,741,264 (4.1%) 371,708 3,112,972

Full Year 2012 $ 865,487 $ (814,183) $ 2,705,049 (30.68%) $ 36,215 $ 2,741,264 1.7% $ 371,708 $ 3,112,972

January 2013 $ 86,199 $ (78,737) $ 2,712,511 (34.93%) $ 35,523 $ 2,748,034 3.0% $ 361,279 $ 3,109,313

February 2013 77,213 (75,362) 2,714,362 (33.34%) 34,941 2,749,303 0.6% 356,396 3,105,699

March 2013 67,527 (66,774) 2,715,115 (29.52%) 34,529 2,749,644 0.1% 351,999 3,101,643

April 2013 73,465 (66,846) 2,721,734 (29.54%) 33,951 2,755,685 2.7% 349,233 3,104,918

May 2013 74,280 (66,331) 2,729,683 (29.25%) 33,357 2,763,040 3.3% 345,361 3,108,401

June 2013 67,434 (69,626) 2,727,491 (30.61%) 32,769 2,760,260 (1.2%) 343,742 3,104,002

July 2013 73,088 (63,003) 2,737,576 (27.72%) 32,479 2,770,055 4.3% 336,134 3,106,189

August 2013 66,414 (57,701) 2,746,289 (25.29%) 32,070 2,778,359 3.7% 331,957 3,110,316

September 2013 53,330 (46,806) 2,752,813 (20.45%) 31,727 2,784,540 2.7% 328,405 3,112,945

October 2013 47,790 (37,030) 2,763,573 (16.14%) 31,365 2,794,938 4.6% 322,522 3,117,460

YTD Year 2013 $ 686,740 $ (628,216) $ 2,763,573 (27.87%) $ 31,365 $ 2,794,938 2.4% $ 322,522 $ 3,117,460

Fannie Mae

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Total Fannie Mae MBS Guaranteed Securities

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TABLE 5. MORTGAGE PORTFOLIO COMPOSITION ($ in Millions) 1

Mortgage 

Purchases Sales Liquidations Securitizations6 End Balance Loans 4 Agency Non

October 2012 $ 1,893 $ (29,111) $ (4,014) $ 10,868 $ 173,888 $ 388,624 $ 13,346 $ 

November 2012 2,896 (27,351) (4,392) 34,819 179,860 373,616 13,135 December 2012 3,124 (18,335) (3,899) 23,214 183,964 371,708 12,323 Full Year 2012 $ 23,955 $ (222,238) $ (49,269) $ 211,455 $ 183,964 $ 371,708 $ 12,323 $ January 2013 $ 2,347 $ (24,084) $ (4,107) $ 24,873 $ 182,993 $ 361,279 $ 11,915 $ 

February 2013 3,370 (29,711) (3,953) 19,790 172,489 356,396 11,640 March 2013 2,118 (20,812) (3,711) 20,124 170,208 351,999 12,414 April 2013 3,237 (23,228) (3,848) 19,463 165,832 349,233 10,651 May 2013 2,599 (25,177) (4,005) 19,921 159,170 345,361 10,813 

June 2013 2,051 (22,978) (3,790) 17,376 151,829 343,742 11,015 July 2013 2,334 (22,365) (3,287) 19,482 147,993 336,134 10,565 August 2013 2,360 (20,506) (3,526) 16,405 142,726 331,957 9,864 September 2013 1,688 (17,210) (3,043) 13,079 137,240 328,405 9,781 October 2013 3,334 (18,285) (2,601) 14,480 134,168 322,522 9,616 YTD Year 2013 $ 25,438 $ (224,356) $ (35,871) $ 184,993 $ 134,168 $ 322,522 $ 9,616 $ 

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

Original Maturity 

Other Investments < 1 Year Maturities and Foreign Exchange 

End Balance End Balance Issuances Redemptions Repurchases Adjustments End 

October 2012 $ October 2012 78,379 $ 86,788 $ 28,574 $ (31,028) $ - $ - $ 

November 2012 November 2012 87,587 97,134 18,858 (32,200) - (4) 

December 2012 December 2012 71,492 105,266 17,345 (39,164) (54) 9 Full Year 2012 $ YTD 2012 71,492 $ 105,266 $ 256,056 $ (335,009) $ (54) $ 32 $ January 2013 $ January 2013 99,455 $ 106,757 $ 17,036 $ (11,995) $ - $ (17) $ 

February 2013 February 2013 139,862 128,377 27,847 (27,608) - (29) 

March 2013 March 2013 131,091 115,330 17,839 (19,218) - - 

April 2013 April 2013 132,791 106,913 16,798 (16,759) - 16 

May 2013 May 2013 137,149 105,956 16,495 (26,337) - (15) 

June 2013 80,925 June 2013 102,829 5,302 (8,990) (1,276) 2 

 

July 2013 93,228 July 2013 99,644 5,709 (9,425) (184) 2 

 

August 2013 August 2013 103,078 92,535 15,581 (15,906) (703) 11 

September 2013 September 2013 87,397 77,838 2,886 (10,974) (370) 29 

October 2013 October 2013 88,420 71,147 9,085 (11,552) (282) (6) 

YTD Year 2013 $ YTD 2013 88,420 $ 71,147 $ 134,578 $ (158,764) $ (2,815) $ (7) $ 

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

Effective Mu

Rate Level Rate Slope Duration Gap Non-Credit Credit

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

October 2012 $ 0.1 $ 0.0 0 October 2012 2.73% 7.31% 3.35% 0

November 2012 0.1 0.0 0 November 2012 2.70% 7.12% 3.30% 0December 2012 0.1 0.0 0 December 2012 2.70% 7.09% 3.29% 0Full Year 2012 $ 0.1 $ 0.0

January 2013 $ 0.0 $ 0.0 0 January 2013 2.60% 6.90% 3.18% 0

February 2013 0.0 0.0 0 February 2013 2.57% 6.71% 3.13% 0March 2013 (0.1) 0.0 0 March 2013 2.49% 6.43% 3.02% 0

April 2013 (0.1) 0.0 0 April 2013 2.42% 6.17% 2.93% 0

May 2013 (0.2) 0.0 0 May 2013 2.35% 5.95% 2.83% 0

June 2013 (0.3) 0.0 0 June 2013 2.30% 5.79% 2.77% 0

July 2013 (0.2) 0.0 0 July 2013 2.24% 5.57% 2.70% 0

August 2013 (0.2) 0.0 0 August 2013 2.18% 5.36% 2.61% 0

September 2013 (0.2) 0.0 0 September 2013 2.14% 5.15% 2.55% 0

October 2013 (0.2) 0.0 0 October 2013 2.08% 4.97% 2.48% 0

YTD Year 2013 $ (0.1) $ 0.0

Market Value Sensitivity Conventional Single-Family 8

Original Maturity > 1 Year

Non-Fannie M

Fannie Mae MBS in Portfolio Mortgage Securit

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

2.3.4.5.6.7.8.9.

ENDNOTES

The end balances and business activity in this report represent unpaid principal balances ("UPB"), which do not reflect market vaallowance for loan losses, impairments, unamortized premiums and discounts, and the impact of consolidation of variable interesAs of October 31, 2013, our gross mortgage portfolio end balance, after taking into account net outstanding commitments to sell $490.3 billion.Gross commitments in Table 2 include dollar roll transactions (purchase commitments with concurrent agreements to re-sell latewith concurrent agreements to repurchase later) in the month in which we enter into them. Table 3 reflects activity from settlemeaccounted for as purchases and sales of securities, but does not include activity from settlements of dollar rolls that are accountefinancings. Dollar roll activity may result in volatility on a month-to-month basis in our reported portfolio commitments, purchasesand compounded growth rate.Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loanon conventional single-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage securities held in oenhanced refers to loans that have primary mortgage insurance and/or other credit enhancements.Calculated based on the UPB of seriously delinquent multifamily loans owned by Fannie Mae or underlying Fannie Mae guarantethe UPB of multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities.Initiatives to repurchase delinquent loans out of MBS trusts may result in additional volatility on a month-to-month basis.Includes Fannie Mae mortgage-backed securities ("Fannie Mae MBS") issued from Fannie Mae's mortgage portfolio. See Table balances for Fannie Mae MBS held in portfolio. Securitizations in Table 5 represent new Fannie Mae MBS created from mortgage assets held in the mortgage portfolio, includinamounts are included in issuances in Table 4 and, if sold during the month, will be included in sales in Table 5. Our securitizationportfolio the prior month will reduce the mortgage 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. Ueffect of debt basis adjustments, including discounts, premiums, and issuance costs.
General

Table 1Table 2Table 3Table 4Table 5Table 6Table 7Table 8Table 9Debt 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 Year." For more information about Fannie Mae's debt activity, please visit http://www.fanniemae.com/portal/funding-the-market/debt/reports/index.html. 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 cbelieve that our market value sensitivity and duration gap metrics are useful risk management tools, they should be understood as estimates rather than precise measurements. Methodologies emsensitivity disclosures are periodically 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 most adverse pre-tax impact on the market value of Fannie Mae’s assets and liabilities from an immediate aLIBOR rates. The amounts shown are estimates, not precise measurements. The measurement excludes any sensitivity of the guaranty business. Fannie Mae tracks the daily average of this meMarket Value Sensitivity to Rate Slope Shock (25bp). This measurement shows the most adverse pre-tax impact on the market value of Fannie Mae’s assets and liabilities from an immediate aslope of the LIBOR yield curve. To 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 steepe25 basis point change in slope that results in a flatter LIBOR yield curve, and reports the more adverse of the two results. The amounts shown are estimates, not precise measurements. The meaguaranty business. Fannie Mae tracks the daily average of this measurement for the reported month.

Effective 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 average for the reported 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, incno change in the fair value of the net 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 t

foreclosure 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 delinqucredit enhancement.

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 crAnnualized Liquidation Rate. The liquidation rate is calculated as liquidations divided by the prior period ending balance of total Fannie Mae MBS, annualized.

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.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. 

Non-Fannie Mae Non-Agency Securities. These are commonly referred to as "private-label securities."

Other Investments. Primarily consists of cash and readily marketable instruments such as certificates of deposit, federal funds sold, securities purchased under agreements to resell and Treasury 

Liquidations. 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 shown in Table 5.

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 guaran

are held in the 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. 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 iMBS may be held in portfolio 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 Purchases. Acquisition of mortgage loans and mortgage securities for the mortgage portfolio. Includes capitalized interest.Sales. Sales of mortgage securities and mortgage loans from the mortgage portfolio.

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, corporatin its most recent Form 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.

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, mortgage portfolio. Purchase 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. P

delivered against mandatory commitments.Commitments to Sell. Represents mandatory commitments to sell mortgage securities.