The consolidated statements of operations for the quarterly periods in 2016 and 2015 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 2016 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	120			$	128			$	140			$	128
Available-for-sale securities		203				170				134				113
Mortgage loans		26,961				26,256				25,611				25,814
Other		48				46				66				83
Total interest income		27,332				26,600				25,951				26,138
Interest expense:
Short-term debt		51				57				56				42
Long-term debt		22,512				21,257				20,460				20,291
Total interest expense		22,563				21,314				20,516				20,333
Net interest income		4,769				5,286				5,435				5,805
Benefit (provision) for credit losses		1,184				1,601				673				(1,303		)
Net interest income after benefit (provision) for credit losses		5,953				6,887				6,108				4,502
Investment gains, net		69				398				467				322
Fair value gains (losses), net		(2,813		)		(1,667		)		(491		)		3,890
Fee and other income		203				174				175				414
Non-interest income (loss)		(2,541		)		(1,095		)		151				4,626
Administrative expenses:
Salaries and employee benefits		364				331				322				319
Professional services		215				232				237				271
Occupancy expenses		45				46				45				50
Other administrative expenses		64				69				57				74
Total administrative expenses		688				678				661				714
Foreclosed property expense		334				63				110				137
TCCA fees		440				453				465				487
Other expenses, net		264				254				300				210
Total expenses		1,726				1,448				1,536				1,548
Income before federal income taxes		1,686				4,344				4,723				7,580
Provision for federal income taxes		(550		)		(1,398		)		(1,527		)		(2,545		)
Net income attributable to Fannie Mae		1,136				2,946				3,196				5,035
Dividends distributed or available for distribution to senior preferred stockholder		(919		)		(2,869		)		(2,977		)		(5,471		)
Net income (loss) attributable to common stockholders (Note 11)		$	217			$	77			$	219			$	(436	)
Earnings (loss) per share:
Basic		$	0.04			$	0.01			$	0.04			$	(0.08	)
Diluted		0.04				0.01				0.04				(0.08		)
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,893				5,762



	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		$	0.02			$	0.05			$	(0.04	)		$	(0.07	)
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