Selected Quarterly Financial Information (Unaudited)

The consolidated statements of operations for the quarterly periods in 2015 and 2014 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. Certain prior period amounts have been reclassified to conform to the current period presentation. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods.



	For the 2015 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	115			$	116			$	99			$	114
Available-for-sale securities		376				294				261				225
Mortgage loans		27,044				26,682				26,980				26,993
Other		33				34				37				39
Total interest income		27,568				27,126				27,377				27,371
Interest expense:
Short-term debt		29				33				37				47
Long-term debt		22,472				21,416				21,752				22,247
Total interest expense		22,501				21,449				21,789				22,294
Net interest income		5,067				5,677				5,588				5,077
Benefit (provision) for credit losses		533				(1,033		)		1,550				(255		)
Net interest income after benefit (provision) for credit losses		5,600				4,644				7,138				4,822
Investment gains, net		342				514				299				181
Fair value gains (losses), net		(1,919		)		2,606				(2,589		)		135
Fee and other income		308				556				259				225
Non-interest income (loss)		(1,269		)		3,676				(2,031		)		541
Administrative expenses:
Salaries and employee benefits		351				331				317				320
Professional services		271				251				219				243
Occupancy expenses		43				43				43				53
Other administrative expenses		58				64				373				70
Total administrative expenses		723				689				952				686
Foreclosed property expense		473				182				497				477
TCCA fees		382				397				413				429
Other expenses (income), net		(5		)		202				215				201
Total expenses		1,573				1,470				2,077				1,793
Income before federal income taxes		2,758				6,850				3,030				3,570
Provision for federal income taxes		(870		)		(2,210		)		(1,070		)		(1,103		)
Net income		1,888				4,640				1,960				2,467
Less: Net income attributable to noncontrolling interest		—				—				—				(1		)
Net income attributable to Fannie Mae		1,888				4,640				1,960				2,466
Dividends distributed or available for distribution to senior preferred stockholder		(1,796		)		(4,359		)		(2,202		)		(2,859		)
Net income (loss) attributable to common stockholders (Note 11)		$	92			$	281			$	(242	)		$	(393	)

Earnings (loss) per share:
Basic and Diluted		$	0.02			$	0.05			$	(0.04	)		$	(0.07	)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,762				5,762



	For the 2014 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	127			$	143			$	151			$	132
Available-for-sale securities		440				414				395				373
Mortgage loans		28,588				28,165				27,779				27,588
Other		24				24				29				33
Total interest income		29,179				28,746				28,354				28,126
Interest expense:
Short-term debt		20				21				26				27
Long-term debt		24,421				23,821				23,144				22,957
Total interest expense		24,441				23,842				23,170				22,984
Net interest income		4,738				4,904				5,184				5,142
Benefit for credit losses		774				1,639				1,085				466
Net interest income after benefit for credit losses		5,512				6,543				6,269				5,608
Investment gains, net		95				483				171				187
Fair value losses, net		(1,190		)		(934		)		(207		)		(2,502		)
Fee and other income		4,355				383				826				323
Non-interest income (loss)		3,260				(68		)		790				(1,992		)
Administrative expenses:
Salaries and employee benefits		325				319				337				340
Professional services		242				275				263				296
Occupancy expenses		50				47				47				59
Other administrative expenses		55				56				59				7
Total administrative expenses		672				697				706				702
Foreclosed property expense (income)		(262		)		(214		)		249				369
TCCA fees		322				335				351				367
Other expenses, net		131				238				61				48
Total expenses		863				1,056				1,367				1,486
Income before federal income taxes		7,909				5,419				5,692				2,130
Provision for federal income taxes		(2,584		)		(1,752		)		(1,787		)		(818		)
Net income		5,325				3,667				3,905				1,312
Less: Net income attributable to noncontrolling interest		—				(1		)		—				—
Net income attributable to Fannie Mae		5,325				3,666				3,905				1,312
Dividends distributed or available for distribution to senior preferred stockholder		(5,692		)		(3,712		)		(3,999		)		(1,920		)
Net loss attributable to common stockholders (Note 11)		$	(367	)		$	(46	)		$	(94	)		$	(608	)
Loss per share:
Basic and Diluted		$	(0.06	)		$	(0.01	)		$	(0.02	)		$	(0.11	)
Weighted-average common shares outstanding:
Basic and Diluted		5,762				5,762				5,762				5,762