Numbers may not sum due to rounding See Endnotes and Glossary on Pages 3 and 4

MONTHLY SUMMARY HIGHLIGHTS

November 2015

Ä Fannie Mae's Book of Business decreased

at a compound annualized rate of 1.8

percent in November.

Ä Fannie Mae's Gross Mortgage Portfolio

decreased at a compound annualized rate

of 30.2 percent in November.

Ä The Conventional Single-Family Serious

Delinquency Rate remained flat at 1.58

percent in November; the Multifamily

Serious Delinquency Rate remained flat at

0.07 percent in November.

Ä The Effective Duration Gap on Fannie

MaeÅs portfolio averaged zero months in

November.

Ä Fannie Mae completed 5,618 loan

modifications in November for a total of

87,613 loan modifications in the eleven

months ended November 30, 2015.

IMPORTANT NOTE:

Fannie Mae has been under

conservatorship, with the Federal Housing

Finance Agency (FHFA) acting as

conservator, since September 6, 2008.

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 Acquisitions2

November 2014 $ 423,992 $ 2,791,123 $ 95,125 $ 3,119,990 0.7 % $ 42,457

December 2014 413,313 2,803,564 92,819 3,124,058 1.6 % 43,247

Full Year 2014 $ 413,313 $ 2,803,564 $ 92,819 $ 3,124,058 (1.3 )% $ 433,838

January 2015 $ 414,485 $ 2,802,809 $ 95,693 $ 3,121,601 (0.9 )% $ 39,651

February 2015 409,106 2,805,739 93,424 3,121,421 (0.1 )% 38,463

March 2015 411,684 2,809,893 98,999 3,122,578 0.4 % 45,874

April 2015 405,165 2,810,583 98,693 3,117,055 (2.1 )% 51,602

May 2015 395,158 2,809,948 94,990 3,110,116 (2.6 )% 43,738

June 2015 390,307 2,812,570 92,807 3,110,070 0.0 % 48,177

July 2015 384,634 2,813,583 91,485 3,106,732 (1.3 )% 47,345

August 2015 377,917 2,811,633 88,266 3,101,284 (2.1 )% 39,606

September 2015 370,450 2,818,737 85,560 3,103,627 0.9 % 45,238

October 2015 364,259 2,823,392 83,110 3,104,541 0.4 % 41,938

November 2015 353,507 2,814,995 68,640 3,099,862 (1.8 )% 37,041

YTD 2015 $ 353,507 $ 2,814,995 $ 68,640 $ 3,099,862 (0.8 )% $ 478,673

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

Commitments Commitments Net Retained Compounded Annualized

to Purchase, Net to Sell Commitments Purchases3 Sales3Liquidations End Balance3 Growth Rate3Liquidation Rate

November 2014 $ 56,080 $ (59,445) $ (3,365) $ 14,988 $ (22,014) $ (5,207) $ 423,992 (28.9 )% (14.32 )%

December 2014 69,796 (68,034) 1,762 18,455 (22,928) (6,206) 413,313 (26.4 )% (17.56 )%

Full Year 2014 $ 624,854 $ (626,989) $ (2,135) $ 178,315 $ (179,760) $ (75,943) $ 413,313 (15.8 )% (15.48 )%

January 2015 $ 81,722 $ (83,976) $ (2,254) $ 16,656 $ (10,289) $ (5,195) $ 414,485 3.5 % (15.08 )%

February 2015 68,677 (71,854) (3,177) 16,126 (16,730) (4,775) 409,106 (14.5 )% (13.83 )%

March 2015 84,745 (83,735) 1,010 24,696 (16,649) (5,469) 411,684 7.8 % (16.04 )%

April 2015 87,133 (88,702) (1,569) 23,668 (24,072) (6,115) 405,165 (17.4 )% (17.82 )%

May 2015 75,530 (76,609) (1,079) 21,994 (26,139) (5,862) 395,158 (25.9 )% (17.36 )%

June 2015 84,709 (85,466) (757) 24,065 (23,786) (5,130) 390,307 (13.8 )% (15.58 )%

July 2015 76,212 (78,451) (2,239) 24,059 (24,404) (5,328) 384,634 (16.1 )% (16.38 )%

August 2015 82,232 (82,086) 146 22,309 (23,675) (5,351) 377,917 (19.1 )% (16.69 )%

September 2015 78,047 (77,793) 254 21,339 (23,275) (5,531) 370,450 (21.3 )% (17.56 )%

October 2015 69,978 (72,021) (2,043) 21,648 (23,100) (4,739) 364,259 (18.3 )% (15.35 )%

November 2015 59,327 (60,729) (1,402) 17,054 (23,087) (4,719) 353,507 (30.2 )% (15.54 )%

YTD 2015 $ 848,312 $ (861,422) $ (13,110) $ 233,614 $ (235,206) $ (58,214) $ 353,507 (15.7 )% (15.37 )%

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

Fannie Mae Other Total Fannie Fannie Mae

Total Fannie Mae MBS MBS Annualized Fannie Mae MBS and Other Compounded Mortgage Guaranteed Securities

Issuances4Liquidations End Balance Liquidation Rate Guarantees Guarantees Growth Rate Loans and Mortgage Loans

November 2014 $ 33,628 $ (35,732) $ 2,772,475 (15.45)% $ 18,648 $ 2,791,123 (1.0)% $ 293,491 $ 3,084,614

December 2014 46,058 (33,749) 2,784,784 (14.61)% 18,780 2,803,564 5.5 % 285,610 3,089,174

Full Year 2014 $ 407,673 $ (396,141) $ 2,784,784 (14.28)% $ 18,780 $ 2,803,564 0.0 % $ 285,610 $ 3,089,174

January 2015 $ 38,293 $ (38,912) $ 2,784,165 (16.77)% $ 18,644 $ 2,802,809 (0.3)% $ 285,125 $ 3,087,934

February 2015 37,789 (34,592) 2,787,362 (14.91)% 18,377 2,805,739 1.3 % 284,138 3,089,877

March 2015 46,330 (42,054) 2,791,638 (18.10)% 18,255 2,809,893 1.8 % 281,402 3,091,295

April 2015 52,680 (51,511) 2,792,807 (22.14)% 17,776 2,810,583 0.3 % 277,437 3,088,020

May 2015 45,520 (45,887) 2,792,440 (19.72)% 17,508 2,809,948 (0.3)% 272,848 3,082,796

June 2015 47,753 (45,118) 2,795,075 (19.39)% 17,495 2,812,570 1.1 % 270,809 3,083,379

July 2015 47,555 (46,114) 2,796,516 (19.80)% 17,067 2,813,583 0.4 % 266,824 3,080,407

August 2015 39,949 (41,727) 2,794,738 (17.91)% 16,895 2,811,633 (0.8)% 263,901 3,075,534

September 2015 46,124 (38,908) 2,801,954 (16.71)% 16,783 2,818,737 3.1 % 259,988 3,078,725

October 2015 42,475 (37,713) 2,806,716 (16.15)% 16,676 2,823,392 2.0 % 257,286 3,080,678

November 2015 30,180 (38,415) 2,798,481 (16.42)% 16,514 2,814,995 (3.5)% 262,411 3,077,406

YTD 2015 $ 474,648 $ (460,951) $ 2,798,481 (18.06)% $ 16,514 $ 2,814,995 0.4 % $ 262,411 $ 3,077,406

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

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

Non-Fannie Mae

Fannie Mae MBS in Portfolio Mortgage Mortgage Securities Mortgage Portfolio

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

November 2014 $ 1,659 $ (20,664) $ (1,700) $ 4,500 $ 95,125 $ 293,491 $ 7,047 $ 28,329 $ 423,992

December 2014 1,962 (22,260) (1,312) 19,304 92,819 285,610 6,940 27,944 413,313

Full Year 2014 $ 20,574 $ (168,276) $ (20,896) $ 131,576 $ 92,819 $ 285,610 $ 6,940 $ 27,944 $ 413,313

January 2015 $ 2,024 $ (8,596) $ (1,428) $ 10,874 $ 95,693 $ 285,125 $ 7,237 $ 26,430 $ 414,485

February 2015 1,720 (14,604) (1,322) 11,937 93,424 284,138 6,874 24,670 409,106

March 2015 2,690 (15,846) (1,216) 19,947 98,999 281,402 7,041 24,242 411,684

April 2015 2,802 (21,258) (1,558) 19,708 98,693 277,437 7,116 21,919 405,165

May 2015 3,635 (23,715) (1,497) 17,874 94,990 272,848 6,541 20,779 395,158

June 2015 2,786 (21,548) (1,467) 18,046 92,807 270,809 6,613 20,078 390,307

July 2015 3,776 (21,798) (1,442) 18,142 91,485 266,824 6,824 19,501 384,634

August 2015 4,325 (22,341) (1,267) 16,064 88,266 263,901 6,519 19,231 377,917

September 2015 4,053 (21,263) (1,648) 16,152 85,560 259,988 6,315 18,587 370,450

October 2015 3,988 (21,460) (1,130) 16,152 83,110 257,286 6,227 17,636 364,259

November 2015 3,109 (21,537) (1,346) 5,304 68,640 262,061 5,814 16,992 353,507

YTD 2015 $ 34,908 $ (213,966) $ (15,321) $ 170,200 $ 68,640 $ 262,061 $ 5,814 $ 16,992 $ 353,507

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

Original Maturity Original Maturity > 1 Year

Other Investments < 1 Year Maturities and Foreign Exchange Total Debt

End Balance End Balance Issuances Redemptions Repurchases Adjustments End Balance Outstanding

November 2014 $ 69,169 November 2014 $ 104,512 $ 7,381 $ (15,051) $ (210) $ (15) $ 365,035 $ 469,547

December 2014 72,389 December 2014 105,042 1,960 (7,573) Ç Ç 359,422 464,464

Full Year 2014 $ 72,389 Full Year 2014 $ 105,042 $ 45,825 $ (145,707) $ (2,544) $ (38) $ 359,422 $ 464,464

January 2015 $ 75,761 January 2015 $ 103,904 $ 7,702 $ (2,454) $ Ç $ (18) $ 364,652 $ 468,556

February 2015 69,851 February 2015 95,742 7,578 (11,197) Ç 15 361,048 456,790

March 2015 63,417 March 2015 99,392 1,454 (9,273) (250) (24) 352,955 452,347

April 2015 65,981 April 2015 95,985 8,340 (7,993) Ç 20 353,322 449,307

May 2015 66,723 May 2015 89,018 4,705 (10,716) Ç (2) 347,309 436,327

June 2015 64,937 June 2015 81,383 3,480 (3,562) Ç 17 347,244 428,627

July 2015 52,155 July 2015 71,691 1,559 (10,375) Ç (3) 338,425 410,116

August 2015 74,044 August 2015 97,760 625 (11,056) Ç (11) 327,983 425,743

September 2015 73,113 September 2015 95,484 12,304 (14,834) (31) (8) 325,414 420,898

October 2015 78,230 October 2015 96,039 16,621 (23,864) Ç 11 318,182 414,221

November 2015 77,370 November 2015 78,604 11,185 (4,151) Ç (13) 325,203 403,807

YTD 2015 $ 77,370 YTD 2015 $ 78,604 $ 75,553 (109,475) $ (281) (16) $ 325,203 $ 403,807

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

Market Value Sensitivity Effective Conventional Single-Family 7 Multifamily

Rate Level Rate Slope Duration Gap Non-Credit Credit

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

November 2014 $ 0.0 $ (0.1) 0 November 2014 1.64% 3.56% 1.91% 0.05%

December 2014 (0.1) (0.1) 0 December 2014 1.62% 3.47% 1.89% 0.05%

Full Year 2014 $ (0.1) $ 0.0

January 2015 $ 0.0 $ (0.1) 0 January 2015 1.60% 3.41% 1.86% 0.07%

February 2015 0.0 0.0 0 February 2015 1.57% 3.33% 1.83% 0.08%

March 2015 (0.1) 0.0 0 March 2015 1.53% 3.21% 1.78% 0.09%

April 2015 0.0 0.0 0 April 2015 1.50% 3.11% 1.73% 0.07%

May 2015 0.0 0.0 0 May 2015 1.47% 3.04% 1.70% 0.06%

June 2015 0.0 0.0 0 June 2015 1.43% 2.98% 1.66% 0.05%

July 2015 0.0 0.0 0 July 2015 1.41% 2.89% 1.63% 0.06%

August 2015 (0.1) 0.0 0 August 2015 1.41% 2.84% 1.62% 0.05%

September 2015 0.0 (0.1) 0 September 2015 1.38% 2.76% 1.59% 0.05%

October 2015 0.0 0.0 0 October 2015 1.37% 2.71% 1.58% 0.07%

November 2015 (0.2) 0.0 0 November 2015 1.38% 2.71% 1.58% 0.07%

YTD 2015 $ 0.0 $ 0.0

Page 2 of 4
ENDNOTES

1. The end balances and business activity in this report represent unpaid principal balances ("UPB"), which do not reflect market valuation adjustments,

allowance for loan losses, impairments, unamortized premiums and discounts, and the impact of consolidation of variable interest entities.

2. Beginning January 2015, the balance of New Business Acquisitions in Table 1 excludes purchases of non-Fannie Mae agency securities and purchases of

delinquent loans out of our MBS trusts.

3. Gross commitments in Table 2 include dollar roll transactions (purchase commitments with concurrent agreements to re-sell later, or sale commitments

with concurrent agreements to repurchase later) in the month in which we enter into them. Table 3 reflects activity from settlements of dollar rolls that are

accounted for as purchases and sales of securities. Dollar roll activity may result in volatility on a month-to-month basis in our reported portfolio

commitments, purchases, sales, end balances, and compounded growth rate.

4. Includes Fannie Mae mortgage-backed securities ("Fannie Mae MBS") issued from Fannie Mae's mortgage portfolio. See Table 5 for monthly activity and

balances for Fannie Mae MBS held in portfolio.

5. Securitizations in Table 5 represent new Fannie Mae MBS created from mortgage assets held in the mortgage portfolio, including whole loans. These

amounts are included in issuances 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 the prior month will reduce the mortgage loans reported in Table 5.

6. Reported amounts represent the UPB at each reporting period or, in the case of the long-term zero coupon bonds, at maturity. UPB does not reflect the

effect of debt basis adjustments, including discounts, premiums, and issuance costs.

7. Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loans. These rates are based

on conventional single-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage securities held in our portfolio. Credit

enhanced refers to loans that have primary mortgage insurance and/or other credit enhancements.

8. Calculated based on the UPB of seriously delinquent multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities, divided by

the UPB of multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities.

Page 3 of 4
GLOSSARY & OTHER INFORMATION

General

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 ratings and credit risks is included in 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.

Table 1

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. Single-family and multifamily mortgage loans purchased during the period and single-family and multifamily mortgage loans underlying Fannie Mae MBS issued pursuant to lender swaps. These amounts reflect new business

purchases on which our statutory affordable housing allocations will be based. For periods prior to January 2015, the amounts also include purchases of non-Fannie Mae agency securities and delinquent loans purchased out of our MBS trusts.

Table 2

Portfolio Commitments. Represents commitments entered into during the month. Fannie Mae enters into forward commitments to purchase or sell mortgage securities and mortgage loans for the mortgage portfolio. Purchase commitments typically

require mandatory delivery and are subject to the payment of pair-off fees for non-delivery. Excludes certain matched trades and certain early funding activities.

Commitments to Purchase, Net. Represents commitments to purchase mortgage loans and mortgage securities, net of mortgage loans for which a cash pair-off has been paid. Pair-offs occur when loans are not delivered against commitments.

Commitments to Sell. Represents commitments to sell mortgage securities and mortgage loans.

Net Retained Commitments. Represents commitments to purchase, less commitments to sell.

Table 3

Gross Mortgage Portfolio. End balance represents the unpaid principal balance ("UPB") of the mortgage portfolio that Fannie Mae holds for investment and liquidity purposes. Excludes certain matched trades and certain early funding activities.

Purchases. Acquisition of mortgage loans and mortgage securities for the mortgage portfolio.

Sales. Sales of mortgage securities and mortgage loans from the mortgage portfolio.

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.

Table 4

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 the mortgage portfolio, which are 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 guarantees, regardless of whether those MBS 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 in Fannie MaeÅs portfolio. Fannie Mae MBS 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 portfolio.

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 enhancements we have provided.

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

Table 5

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 primarily include "private-label securities," "mortgage revenue bonds," and "commercial mortgage-backed securities."

Table 6

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 bills.

Table 7

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 reclassified to "Original Maturity < 1 Year." For more

information about Fannie Mae's debt activity, please visit http://www.fanniemae.com/portal/funding-the-market/debt/reports/index.html.

Table 8

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 in interest rates. While we believe 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 employed to calculate interest-rate risk sensitivity 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 MaeÅs assets and liabilities from an immediate adverse 50 basis point shift in the level of LIBOR 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 measurement for the reported month.

Market Value Sensitivity to Rate Slope Shock (25bp). This measurement shows the most adverse pre-tax impact on the market value of Fannie MaeÅs assets and liabilities from an immediate adverse 25 basis point change in the slope 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 steeper LIBOR yield curve and the effect of a 25 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 measurement excludes any sensitivity of the guaranty 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 MaeÅs assets and liabilities to movements in interest rates. This statistic is expressed as a number of months, based on the daily 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, including debt and derivatives, resulting in no change in the fair value of the net

assets. The calculation excludes any sensitivity of the guaranty business.

Table 9

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 months or more past due or in the 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 delinquency rate, including those with substantial credit enhancement.

Page 4 of 4