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

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% 109,628July 2009 779,446 2,795,661 355,550 3,219,557 10.1% 95,110August 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% 68,942

October 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% 71,867

YTD 2009 $ 772,504 $ 2,826,389 $ 358,194 $ 3,240,699 4.2% $ 823,645

January 2010 $ 735,205 $ 2,824,667 $ 333,000 $ 3,226,872 (5.0%) $ 54,952

February 2010 725,891 2,822,552 318,798 3,229,645 1.0% 53,583

March 2010 764,809 2,815,997 317,395 3,263,411 13.3% 82,875YTD 2010 $ 764,809 $ 2,815,997 $ 317,395 $ 3,263,411 2.8% $ 191,410

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

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%)

February 2010 46,726 (39,559) 7,167 19,564 (21,014) (7,864) 725,891 (14.2%) (12.84%)

March 2010 82,708 (45,672) 37,036 58,412 (9,152) (10,342) 764,809 87.1% (17.10%)

YTD 2010 $ 183,039 $ (133,244) $ 49,795 $ 99,715 $ (79,459) $ (27,951) $ 764,809 (3.9%) (14.47%)

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

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 3,007,638

May 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

February 2010 43,975 (45,941) 2,792,612 (19.73%) 29,940 2,822,552 (0.9%) 292,443 3,114,995

March 2010 36,843 (43,744) 2,785,711 (18.80%) 30,286 2,815,997 (2.8%) 330,277 3,146,274

YTD 2010 $ 128,431 $ (143,609) $ 2,785,711 (20.51%) $ 30,286 $ 2,815,997 (1.5%) $ 330,277 $ 3,146,274

Total Fannie Mae MBS 

MON

and Mortgage Loans 4

Guaranteed Securities

Fannie Mae

+ - = 

 Fannie Mae’s B

Portfolio, Comm

Business Acquibillion in loans p2010 that will nuntil April 2010the Total Book growth rate wou

 The Convention

Rate rose 7 basthe Multifamily basis points to 

 The Effective D

averaged negatIMPORTANT NWe have been Federal Housinconservator, sin

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

Mortgage 

Purchases Sales Liquidations Securitizations 6 End Balance Loans 4 Agency Non-

March 2009 $ 4,898 $ (12,127) $ (5,084) $ 12,514 $ 280,248 $ 372,792 $ 33,384 $ 

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

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

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

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

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

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

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

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

December 2009 11,799 (3,696) (5,550) 6,029 358,194 281,239 42,645 YTD 2009 $ 98,053 $ (170,932) $ (70,230) $ 213,733 $ 358,194 $ 281,239 $ 42,645 $ January 2010 $ 8,166 $ (33,338) $ (6,256) $ 6,234 $ 333,000 $ 284,615 $ 27,882 $ 

February 2010 5,634 (19,011) (5,147) 4,322 318,798 292,443 25,547 March 2010 8,682 (9,087) (4,696) 3,698 317,395 330,277 28,703 YTD 2010 $ 22,482 $ (61,436) $ (16,099) $ 14,254 $ 317,395 $ 330,277 $ 28,703 $ 

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 B

March 2009 87,591 $ March 2009 275,527 $ 38,428 $ (13,946) $ (1,450) $ 26 $ 

$ 

April 2009 78,133 April 2009 269,793 34,070 (42,027) (445) 37 

 

May 2009 77,250 May 2009 260,507 34,730 (26,403) - 95 

 

June 2009 67,457 June 2009 260,257 15,205 (22,454) (686) 17 

 

July 2009 71,016 July 2009 238,867 14,886 (16,711) (222) 24 

 

August 2009 66,703 August 2009 229,507 15,838 (11,696) (700) (12) 

 

September 2009 59,354 September 2009 241,039 15,044 (27,692) (245) 13 

 

October 2009 76,942 October 2009 218,678 20,699 (9,839) (491) 27 

 

November 2009 65,440 November 2009 191,896 13,450 (7,939) - 12 

 

December 2009 58,417 December 2009 200,567 22,824 (27,494) (480) (29) 

 

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

$ 

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

February 2010 February 2010 92,589 185,433 30,010 (34,489) (200) (25) March 2010 March 2010 135,025 208,007 42,041 (31,392) (296) 6 

YTD 2010 $ YTD 2010 135,025 $ 208,007 $ 101,995 $ (94,667) $ (496) $ (28) $ 

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 To

February 2009 1.77% 7.70% 2.96% 0.

March 2009 $ (0.9) $ (0.1) (2) March 2009 1.91% 8.17% 3.15% 0.

April 2009 (0.7) (0.1) (1) April 2009 2.10% 8.79% 3.42% 0.

May 2009 (0.6) (0.2) 1 May 2009 2.29% 9.60% 3.68% 0.

June 2009 (0.5) (0.2) 1 June 2009 2.47% 10.25% 3.94% 0.July 2009 (0.5) (0.2) (1) July 2009 2.66% 10.83% 4.17% 0.August 2009 (0.4) (0.2) 0 August 2009 2.87% 11.52% 4.45% 0.

September 2009 (0.8) (0.2) (2) September 2009 3.09% 12.16% 4.72% 0.October 2009 (0.5) (0.2) (1) October 2009 3.28% 12.75% 4.98% 0.

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

December 2009 (0.6) (0.1) 1 December 2009 3.67% 13.51% 5.38% 0.

YTD 2009 $ (0.7) $ (0.2)January 2010 $ (0.2) $ (0.2) 1 January 2010 3.83% 13.68% 5.52% 0.February 2010 (0.3) (0.1) 0 February 2010 3.90% 13.80% 5.59% 0.

March 2010 (0.5) (0.1) (1)YTD 2010 $ (0.4) $ (0.1)

Market Value Sensitivity 

Fannie Mae MBS in Portfolio Mortgage Securitie

Non-Fannie Mae

Conventional Single-Family 8

Original Maturity > 1 Year

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.

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 5 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, including whoincluded 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 will reduce the mortgage loans reported in Table 5.

ENDNOTES

The end balances and business activity in this report represent unpaid principal balances ("UPB"), which do not reflect market valuatiolosses, impairments, unamortized premiums and discounts and the impact of consolidation of variable interest entities.As of March 31, 2010, our gross mortgage portfolio end balance, after taking into account net outstanding commitments to sell of $25Gross commitments in Table 2 include dollar roll transactions (purchase commitments with concurrent agreements to re-sell later, or sagreements to repurchase later) in the month in which we enter into them. Table 3 reflects activity from settlements of dollar rolls that and sales of securities, but does not include activity from settlements of dollar rolls that are accounted for as secured financings. Dollvolatility on a month-to-month basis in our reported portfolio commitments, purchases, sales, end balances and compounded growth rReported amounts represent the UPB at each reporting period or, in the case of the long-term zero coupon bonds, at maturity. UPB dbasis adjustments, including discounts, premiums, and issuance costs.Calculated based on the UPB of seriously delinquent multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed smultifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities.Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loans. Thconventional single-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage securities held in our portfoloans that have primary mortgage insurance and/or other credit enhancements.
General

Table 1Table 2Table 3Table 4Table 5Table 6Table 7Table 8Table 9

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 ramost 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, or to seportfolio. 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. Pair-offs 

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

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 held in tin 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, re

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 Fannimay 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 portfol

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 enh

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

Other Investments. The $ 135.0 billion total as of March 31, 2010 includes $126.8 billion of readily marketable instruments such as certificates of deposit, federal funds sold, securities purchased under aaddition, the balance includes $ 8.0 billion of non-governmental asset-backed securities and $ 0.2 billion of unsecured corporate notes.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 a numaverage 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 dchange 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 three mo

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 ratenhancement.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 reclassimore information 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 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 calcudisclosures 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 estimated loss in pre-tax market value of Fannie Mae’s assets and liabilities from an immediate adverse 50 basis poThe 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 repoMarket 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 po

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 thslope 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 Mae tracks the daily average of this measurement for the reported month.