8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 13, 2014

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

(Exact name of registrant as specified in its charter)

Federally chartered instrumentality of the United States	001-14951	52-1578738
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1999 K Street, N.W., 4th Floor, Washington D.C.		20006
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (202) 872-7700

No change

(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02    Results of Operations and Financial Condition.

On March 13, 2014, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce (1) its financial results for 2013 and (2) a conference call to discuss those results and Farmer Mac’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such filing.

Item 7.01Regulation FD Disclosure.

On March 13, 2014, Farmer Mac posted an investor slide presentation for its equity investors to its website at www.farmermac.com under the tab “Investors - Events and Presentations.” Farmer Mac expects to use the slide presentation in connection with future investor presentations to analysts and investors. The slide presentation is attached to this Current Report on Form 8-K as Exhibit 99.2 and in incorporated herein by reference. Information appearing on Farmer Mac’s website is not incorporated into this Current Report on Form 8-K.

The information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

99.1    Press Release, dated March 13, 2014

99.2    Equity investor slide presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION                    

By: /s/ Stephen P. Mullery            

Name: Stephen P. Mullery

Title: Senior Vice President – General Counsel

Dated: March 13, 2014

EX-99.1

NEWS

FOR IMMEDIATE RELEASE	CONTACTS
March 13, 2014	Robert Owens
	(Investor Inquiries)
	Chris Bohanon
	(Media Inquiries)
	202-872-7700

Farmer Mac Reports 2013 Year End Results

–Highlights Include Sustained Business Volume Growth and High Credit Quality–

Washington, DC - The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the year ended December 31, 2013, which included new highs in outstanding business volume and core earnings. Total outstanding business volume grew $935.1 million to reach just under $14 billion by year-end. Business growth was driven by a diversified mix of new business at attractive margins, including strong growth in Farm & Ranch loan purchases. Farmer Mac's core earnings, a non-GAAP measure, were $54.9 million, or $4.90 per diluted share in 2013, a 9 percent increase on a per share basis compared to $49.6 million, or $4.51 per diluted share in 2012. This increase was a result of net business volume growth, gains from the sale of certain securities, lower operating expenses, and strong credit performance.

During fourth quarter 2013, core earnings increased $3.7 million to $15.3 million, from $11.6 million in fourth quarter 2012. This increase was primarily attributable to a $1.5 million ($1.0 million after tax) reduction in operating expenses, a $1.1 million ($0.7 million after tax) increase in

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net effective spread and guarantee fees, as well as a reduction in net credit expenses due to continued strong credit quality. Farmer Mac also recognized a $2.1 million federal income tax benefit in fourth quarter 2013, as capital loss carryforwards offset certain capital gains.

Farmer Mac's GAAP net income for 2013 was $71.8 million or $6.41 per diluted common share, compared to $43.9 million or $3.98 per diluted common share for 2012. Net income for fourth quarter 2013 was $12.5 million, compared to $9.6 million for the same period in 2012. The same factors that contributed to growth in core earnings contributed to both the annual and quarter-over-quarter growth in GAAP net income. In addition, a $22.0 million change in unrealized gains on interest rate swaps not designated in hedge accounting relationships was primarily responsible for the sharp annual increase.

Outstanding business volume increased to just under $14 billion as of December 31, 2013, compared to $13.0 billion as of December 31, 2012, which represented a 7 percent year-over-year growth rate. New business volume for 2013 was $3.1 billion, including purchases of $824.9 million of Farm & Ranch loans, $820.0 million in new Rural Utilities AgVantage securities, and $540.8 million of long-term standby purchase commitments ("LTSPCs").

Farmer Mac's President and Chief Executive Officer Timothy Buzby stated, "2013 was an excellent year for Farmer Mac. For the second consecutive year, we achieved all-time highs in both core earnings and outstanding business volume. Credit quality also continued to be very strong, with low levels of delinquencies and charge-offs. Farmer Mac remains focused on the fundamentals that drive long-term value for stockholders. Our marketing, customer service, and product innovation efforts have helped to drive growth in business volume, and our diligence with credit underwriting and pricing have combined to help us achieve record core earnings in 2013. We continue to innovate for our customers as we strive to provide an efficient and competitive secondary market to lenders for the benefit of rural borrowers in fulfillment of our mission while also building stockholder value."

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Revenue

Net effective spread for 2013 was $105.3 million (86 basis points), compared to $106.6 million (95 basis points) for 2012. This decrease was primarily a result of tightening new business spreads in the first half of 2013 and dilution from the run-off of existing higher spread business during the year. Net effective spread for fourth quarter 2013 was $27.1 million (85 basis points), compared to $26.5 million (91 basis points) in fourth quarter 2012, and $25.8 million (83 basis points) in third quarter 2013. This growth was primarily a result of new business spread stabilization, net outstanding business volume growth, and decreased business run-off in fourth quarter 2013. Net effective spread by business segment for 2013 was $66.6 million (130 basis points) for Farm & Ranch, $11.2 million (69 basis points) for USDA Guarantees, and $11.1 million (44 basis points) for Rural Utilities.

Guarantee and commitment fees, which compensate Farmer Mac for assuming the credit risk on loans underlying Farmer Mac Guaranteed Securities and LTSPCs, were $27.0 million for 2013, compared to $25.0 million for 2012, driven by a net increase of $427.5 million of AgVantage securities.

Business Volume

Farmer Mac added $3.1 billion of new business volume during 2013, with contributions from all business lines and products. Specifically, Farmer Mac:

• purchased $824.9 million of newly originated Farm & Ranch loans;

• added $540.8 million of Farm & Ranch loans under LTSPCs;

• purchased $453.5 million of Farm & Ranch AgVantage securities;

• purchased $361.9 million of USDA Securities;

• purchased $87.0 million of Rural Utilities loans; and

• purchased $820.0 million of Rural Utilities AgVantage securities.

Total principal paydowns and maturities in 2013 were $2.1 billion, including $593.0 million of repayments related to Rural Utilities AgVantage securities and $435.0 million related to Farm & Ranch loans under LTSPCs.

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Farmer Mac's outstanding business volume was just under $14 billion as of December 31, 2013, an increase of $935.1 million from December 31, 2012, as new volume exceeded maturities and principal paydowns on existing business volume. Demand has continued to remain strong for Farmer Mac's longer-term, fixed-rate loan products in the Farm & Ranch line of business, which drove a 45 percent increase in Farm & Ranch loan purchases in 2013 compared to 2012. The trend toward longer-term fixed-rate mortgage financing by farmland owners continues, driven by expectations for increasing rates in the future. Over the longer term, Farmer Mac believes demand for its secondary market tools should also increase as rural lenders make more loans and adapt to a changing regulatory environment.

Credit Quality

The loans in Farmer Mac's three lines of business continued to perform well during 2013. In the Farm & Ranch portfolio, 90-day delinquencies were $28.3 million (0.55 percent of the non-AgVantage Farm & Ranch portfolio) as of December 31, 2013, down from $33.3 million (0.70 percent) as of December 31, 2012. Farmer Mac recorded net provisions of $0.4 million to the allowance for losses during 2013, compared to net provisions of $1.9 million for 2012. Charge-offs were $0.1 million in fourth quarter 2013 and $4.0 million for the year, resulting in a $3.6 million decrease in the overall allowance for losses to $13.3 million as of December 31, 2013.

When analyzing the overall risk profile of its portfolio, Farmer Mac takes into account more than the Farm & Ranch loan delinquency percentages provided above. Total business volume also includes AgVantage securities and rural utilities loans, neither of which currently have any delinquencies, and USDA Securities, which are backed by the full faith and credit of the United States. Across Farmer Mac's three lines of business, 90-day delinquencies represented 0.20 percent of total volume as of December 31, 2013, compared to 0.26 percent as of December 31, 2012.

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Capital and Liquidity

Farmer Mac is required to hold capital at the higher of its statutory minimum capital requirement and the amount required by the risk-based capital stress test prescribed by Farm Credit Administration ("FCA") regulations. As of December 31, 2013, Farmer Mac's core capital totaled $590.7 million and exceeded the statutory minimum capital requirement of $398.5 million by $192.2 million, or 48 percent. As of December 31, 2013, Farmer Mac's risk-based capital stress test generated a risk-based capital requirement of $90.8 million. Farmer Mac's regulatory capital of $604.0 million exceeded that amount by approximately $513.2 million. Under FCA's rule on capital planning effective January 3, 2014, Farmer Mac must develop and submit to its regulator for approval annually a capital plan that assesses Farmer Mac's overall capital adequacy and incorporates a Farmer Mac board-approved policy on capital adequacy. Farmer Mac does not expect its compliance with the final rule on capital planning to materially affect Farmer Mac's operations or financial condition.

As of December 31, 2013, total equity was $574.5 million, compared to $593.0 million as of December 31, 2012, as a $90.2 million decrease in accumulated other comprehensive income (AOCI) was partially offset by a $66.6 million increase in retained earnings. The change in AOCI resulted primarily from reductions in unrealized gains on available-for-sale securities due to increases in interest rates in 2013.

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As prescribed by FCA regulations, Farmer Mac is currently required to maintain a minimum of 60 days of liquidity. As of December 31, 2013, Farmer Mac had 134 days of liquidity, as calculated in accordance with the applicable FCA regulations currently in effect.  FCA recently approved a final rule to revise the current regulations governing the management of liquidity risk at Farmer Mac, which is expected to become effective during second quarter 2014. These new regulations will require Farmer Mac to hold a minimum of 90 days of liquidity and will revise the methodology for determining Farmer Mac's liquidity reserve. Farmer Mac does not expect its compliance with the final regulation to materially affect its operations or financial condition.

Reconciliation of Core and GAAP Earnings

Farmer Mac uses core earnings, a non-GAAP financial measure, to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends. Core earnings principally differs from GAAP net income by excluding the effects of fair value accounting guidance, which are not expected to have a cumulative net impact on GAAP earnings if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from GAAP net income by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This non-GAAP financial measure may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of this non-GAAP measure is intended to be supplemental in nature, and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

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A reconciliation of Farmer Mac's GAAP net income attributable to common stockholders to core earnings is presented in the following tables:

Reconciliation of GAAP Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	December 31, 2013			December 31, 2012
	(in thousands, except per share amounts)
GAAP net income attributable to common stockholders	$	12,485		$	9,601
Less the after-tax effects of:
Unrealized gains on financial derivatives and hedging activities	8,003			4,719
Unrealized (losses)/gains on trading assets	(50		)	1,778
Amortization of premiums and deferred gains on assets consolidated at fair value (1)	(10,864		)	(4,534		)
Net effects of settlements on agency forward contracts	114			(102		)
Lower of cost or fair value adjustment on loans held for sale	—			(3,863		)
Sub-total	(2,797		)	(2,002		)
Core earnings	$	15,282		$	11,603
Composition of Core Earnings:
Revenues:
Net effective spread	$	27,144		$	26,460
Guarantee and commitment fees	7,130			6,764
Other	427			393
Total revenues	34,701			33,617
Credit related (income)/expenses:
Provisions for losses	12			1,157
REO operating expenses	3			47
Gains on sale of REO	(26		)	(629		)
Total credit related (income)/expenses	(11		)	575
Operating expenses:
Compensation & employee benefits	4,025			5,752
General & Administrative	3,104			2,913
Regulatory fees	594			594
Total operating expenses	7,723			9,259
Net earnings	26,989			23,783
Income taxes	5,279			5,914
Non-controlling interest	5,546			5,546
Preferred stock dividends	882			720
Core earnings	$	15,282		$	11,603
Core earnings per share:
Basic	$	1.41		$	1.10
Diluted	1.36			1.05
(1) Includes $10.3 million related to the acceleration of premium amortization in fourth quarter 2013 due to significant refinancing activity in the Rural Utilities line of business

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Reconciliation of GAAP Net Income Attributable to Common Stockholders to Core Earnings
	For the Year Ended
	December 31, 2013			December 31, 2012
	(in thousands, except per share amounts)
GAAP net income attributable to common stockholders	$	71,833		$	43,894
Less the after-tax effects of:
Unrealized gains on financial derivatives and hedging activities	29,368			4,325
Unrealized (losses)/gains on trading assets	(533		)	200
Amortization of premiums and deferred gains on assets consolidated at fair value (1)	(12,467		)	(7,266		)
Net effects of settlements on agency forward contracts	573			856
Lower of cost or fair value adjustment on loans held for sale	—			(3,863		)
Sub-total	16,941			(5,748		)
Core earnings	$	54,892		$	49,642
Composition of Core Earnings:
Revenues:
Net effective spread	$	105,251		$	106,557
Guarantee and commitment fees	27,922			26,622
Other	3,421			501
Total revenues	136,594			133,680
Credit related (income)/expenses:
Provisions for losses	448			1,875
REO operating expenses	423			134
Gains on sale of REO	(1,236		)	(878		)
Total credit related (income)/expenses	(365		)	1,131
Operating expenses:
Compensation & employee benefits	17,817			19,186
General & Administrative	11,563			11,123
Regulatory fees	2,375			2,281
Total operating expenses	31,755			32,590
Net earnings	105,204			99,959
Income taxes	24,630			25,251
Non-controlling interest	22,187			22,187
Preferred stock dividends	3,495			2,879
Core earnings	$	54,892		$	49,642
Basic	$	5.07		$	4.74
Diluted	4.90			4.51
(1) Includes $10.3 million related to the acceleration of premium amortization in fourth quarter 2013 due to significant refinancing activity in the Rural Utilities line of business

More complete information about Farmer Mac's performance for 2013 is set forth in Farmer Mac's Annual Report on Form 10-K filed earlier today with the Securities and Exchange Commission (SEC).

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Forward-Looking Statements

In addition to historical information, this release includes forward-looking statements that reflect management's current expectations for Farmer Mac's future financial results, business prospects, and business developments. Management's expectations for Farmer Mac's future necessarily involve a number of assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements, including uncertainties regarding:

• the availability to Farmer Mac and Farmer Mac II LLC of debt financing and, if available, the reasonableness of rates and terms;

• legislative or regulatory developments that could affect Farmer Mac or its sources of business, including but not limited to:

◦ developments related to the implementation of agricultural policies and programs resulting from the recently enacted Agricultural Act of 2014 (referred to as the 2014 Farm Bill), including the elimination of direct payments to agricultural producers by the USDA and increased federal subsidies for enhanced crop insurance programs; and

◦ changes in policies related to renewable fuel standards and the use of ethanol as a blending agent;

• fluctuations in the fair value of assets held by Farmer Mac and Farmer Mac II LLC;

• the rate and direction of development of the secondary market for agricultural mortgage and rural utilities loans, including lender interest in Farmer Mac credit products and the secondary market provided by Farmer Mac;

• the general rate of growth in agricultural mortgage and rural utilities indebtedness;

• the impact of economic conditions, including the effects of weather-related conditions and fluctuations in agricultural real estate values, on agricultural mortgage lending and borrower repayment capacity;

• developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving GSEs, including Farmer Mac;

• changes in the level and direction of interest rates, which could, among other things, affect the value of collateral securing Farmer Mac's agricultural mortgage loan assets; and

• volatility in commodity prices relative to costs of production and/or export demand for U.S. agricultural products.

Other risk factors are discussed in Farmer Mac's Annual Report on Form 10‑K for the year ended December 31, 2013, as filed with the SEC earlier today. In light of these potential risks and uncertainties,

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no undue reliance should be placed on any forward-looking statements expressed in this release.  The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as the SEC otherwise requires. 

Farmer Mac is a stockholder-owned instrumentality of the United States chartered by Congress to help increase the availability of credit in rural America through the operation of a secondary market for eligible loans to agricultural and rural borrowers. Farmer Mac's Class C non-voting and Class A voting common stocks are listed on the New York Stock Exchange under the symbols AGM and AGM.A, respectively. Additional information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on Farmer Mac's website at www.farmermac.com. Farmer Mac II LLC is a subsidiary of Farmer Mac that operates the USDA Guarantees line of business of purchasing and holding USDA-guaranteed loans. Information about Farmer Mac II LLC is available on its website at www.farmermac2.com.

The conference call to discuss Farmer Mac's 2013 financial results and Form 10-K will be webcast on Farmer Mac's website beginning at 11:00 a.m. eastern time on Friday, March 14, 2013. An audio recording of that call will be available on Farmer Mac's website for two weeks after the call.

* * * *

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FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	December 31, 2013			December 31, 2012
	(in thousands)
Cash and cash equivalents	$	749,313		$	785,564
Investment securities	2,484,075			2,499,629
Farmer Mac Guaranteed Securities	5,091,600			4,766,258
USDA Securities	1,612,013			1,590,783
Loans:
Loans	2,570,125			2,177,550
Loans held in consolidated trusts	629,989			563,575
Allowance for loan losses	(6,866		)	(11,351		)
Total loans, net of allowance	3,193,248			2,729,774
Other assets	231,531			250,193
Total Assets	$	13,361,780		$	12,622,201
Notes Payable:
Due within one year	$	7,338,781		$	6,567,366
Due after one year	5,001,169			5,034,739
Total notes payable	12,339,950			11,602,105
Debt securities of consolidated trusts held by third parties	261,760			167,621
Reserve for losses	6,468			5,539
Other liabilities	179,133			253,974
Total Liabilities	12,787,311			12,029,239
Preferred stock	58,333			57,578
Common stock	10,886			10,702
Additional paid-in capital	110,722			106,617
Accumulated other comprehensive (loss)/income	(16,202		)	73,969
Retained earnings	168,877			102,243
Non-controlling interest - preferred stock	241,853			241,853
Total Equity	574,469			592,962
Total Liabilities and Equity	$	13,361,780		$	12,622,201

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FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the Three Months Ended						For the Year Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
	(in thousands, except per share amounts)
Interest income:
Net interest income	$	13,403		$	22,793		$	98,122		$	121,980
(Provision for)/release of loan losses	(117		)	(4,354		)	481			(3,691		)
Net interest income after provision for loan losses	13,286			18,439			98,603			118,289
Non-interest income:
Guarantee and commitment fees	6,768			6,568			26,958			24,963
Gains/(losses) on financial derivatives and hedging activities	9,263			3,505			31,764			(19,829		)
(Losses)/gains on trading assets	(76		)	2,735			(819		)	307
(Losses)/gains on sale of available-for-sale investment securities	(960		)	(10		)	2,113			18
Gains on repurchase of debt	1,462			—			1,462			—
Gains on sale of real estate owned	26			629			1,236			878
Lower of cost or fair value adjustment on loans held for sale	—			(5,943		)	—			(5,943		)
Other income	539			890			3,057			3,341
Non-interest income	17,022			8,374			65,771			3,735
Non-interest expense:
Compensation and employee benefits	4,025			5,752			17,817			19,186
General and administrative	3,104			2,913			11,563			11,123
(Release of)/provision for losses	(105		)	(3,197		)	929			(1,816		)
Other non-interest expense	597			641			2,798			2,415
Non-interest expense	7,621			6,109			33,107			30,908
Income before income taxes	22,687			20,704			131,267			91,116
Income tax expense	3,774			4,837			33,752			22,156
Net income	18,913			15,867			97,515			68,960
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,546		)	(5,546		)	(22,187		)	(22,187		)
Net income attributable to Farmer Mac	13,367			10,321			75,328			46,773
Preferred stock dividends	(882		)	(720		)	(3,495		)	(2,879		)
Net income attributable to common stockholders	$	12,485		$	9,601		$	71,833		$	43,894
Earnings per common share and dividends:
Basic earnings per common share	$	1.14		$	0.91		$	6.64		$	4.19
Diluted earnings per common share	$	1.11		$	0.87		$	6.41		$	3.98
Common stock dividends per common share	$	0.12		$	0.10		$	0.48		$	0.40

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The following table sets forth information regarding outstanding volume in each of Farmer Mac's three lines of business as of the dates indicated:

Outstanding Balance of Loans, Loans Underlying Non-AgVantage Farmer Mac
Guaranteed Securities and LTSPCs, AgVantage Securities, and USDA Guaranteed Securities
	December 31, 2013		December 31, 2012
	(in thousands)
On-balance sheet:
Farm & Ranch:
Loans	$	1,875,958	$	1,519,415
Loans held in trusts:
Beneficial interests owned by Farmer Mac	—		39
Beneficial interests owned by third party investors	259,509		160,397
AgVantage Securities	3,539,650		3,339,200
USDA Guarantees:
USDA Securities	1,645,806		1,559,683
Farmer Mac Guaranteed USDA Securities	21,089		26,238
Rural Utilities:
Loans	698,010		663,097
Loans held in trusts:
Beneficial interests owned by Farmer Mac	354,241		368,848
AgVantage Securities	1,527,205		1,298,506
Total on-balance sheet	$	9,921,468	$	8,935,423
Off-balance sheet:
Farm & Ranch:
AgVantage Securities	$	970,000	$	970,000
LTSPCs	2,261,862		2,156,068
Guaranteed Securities	765,751		911,370
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	20,222		29,658
Rural Utilities:
AgVantage Securities	11,009		12,669
Total off-balance sheet	$	4,028,844	$	4,079,765
Total	$	13,950,312	$	13,015,188

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The following table presents the quarterly net effective spread by business segment for fourth quarter 2013 and the previous eight quarters:

	Net Effective Spread by Business Segment
	Farm & Ranch				USDA Guarantees				Rural Utilities				Corporate				Net Effective Spread
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
For the quarter ended:
December 31, 2013 (1)	$	18,080	1.34	%	$	2,708	0.65	%	$	2,047	0.32	%	$	4,309	0.56	%	$	27,144	0.85	%
September 30, 2013	16,174		1.23	%	2,831		0.68	%	2,985		0.46	%	3,791		0.52	%	25,781		0.83	%
June 30, 2013	16,325		1.30	%	2,738		0.68	%	3,033		0.46	%	3,967		0.58	%	26,063		0.87	%
March 31, 2013	16,049		1.32	%	2,933		0.73	%	3,014		0.51	%	4,267		0.59	%	26,263		0.90	%
December 31, 2012	16,133		1.36	%	2,869		0.74	%	3,155		0.55	%	4,303		0.56	%	26,460		0.91	%
September 30, 2012	16,839		1.46	%	2,830		0.73	%	3,109		0.57	%	4,478		0.57	%	27,256		0.95	%
June 30, 2012	16,749		1.54	%	2,790		0.74	%	3,006		0.55	%	4,664		0.64	%	27,209		0.99	%
March 31, 2012	14,874		1.45	%	2,766		0.75	%	3,177		0.54	%	4,815		0.66	%	25,632		0.94	%
December 31, 2011	15,442		1.57	%	2,693		0.74	%	3,152		0.54	%	4,735		0.71	%	26,022		1.00	%
(1) Fourth quarter 2013 includes the impact in Farm & Ranch net effective spread of one-time adjustments for recovered buyout interest and yield maintenance (14 basis points in aggregate) and the impact in Rural Utilities net effective spread of the refinancing of loans at lower rates (11 basis points).

14

The following table presents quarterly core earnings reconciled to GAAP net income available to common stockholders for fourth quarter 2013 and each of the previous eight quarters:

Core Earnings by Quarter Ended
	December 2013			September 2013			June 2013			March 2013			December 2012			September 2012			June 2012			March 2012			December 2011
	(in thousands)
Revenues:
Net effective spread	$	27,144		$	25,781		$	26,063		$	26,263		$	26,460		$	27,256		$	27,209		$	25,632		$	26,022
Guarantee and commitment fees	7,130			7,046			6,954			6,792			6,764			6,591			6,607			6,660			6,740
Other	427			(466		)	3,274			187			393			384			(294		)	18			55
Total revenues	34,701			32,361			36,291			33,242			33,617			34,231			33,522			32,310			32,817
Credit related (income)/expenses:
Provisions for/(release of) losses	12			(36		)	(704		)	1,176			1,157			94			174			450			(118		)
REO operating expenses	3			35			259			126			47			66			15			6			82
(Gains)/losses on sale of REO	(26		)	(39		)	(1,124		)	(47		)	(629		)	13			(262		)	—			(254		)
Total credit related (income)/expenses	(11		)	(40		)	(1,569		)	1,255			575			173			(73		)	456			(290		)
Operating expenses:
Compensation & employee benefits	4,025			4,523			4,571			4,698			5,752			4,375			4,574			4,485			3,916
General & Administrative	3,104			2,827			2,715			2,917			2,913			2,788			2,664			2,758			2,315
Regulatory fees	594			593			594			594			594			562			562			563			563
Total operating expenses	7,723			7,943			7,880			8,209			9,259			7,725			7,800			7,806			6,794
Net earnings	26,989			24,458			29,980			23,777			23,783			26,333			25,795			24,048			26,313
Income taxes	5,279			6,263			7,007			6,081			5,914			6,682			6,627			6,028			7,471
Non-controlling interest	5,546			5,547			5,547			5,547			5,546			5,547			5,547			5,547			5,546
Preferred stock dividends	882			881			881			851			720			719			720			720			720
Core earnings	$	15,282		$	11,767		$	16,545		$	11,298		$	11,603		$	13,385		$	12,901		$	11,753		$	12,576
Reconciling items (after-tax effects):
Unrealized gains/(losses) on financial derivatives and hedging activities	8,003			4,632			11,021			5,712			4,719			3,456			(14,035		)	10,185			386
Unrealized (losses)/gains on trading assets	(50		)	(407		)	(212		)	136			1,778			(286		)	(2,006		)	714			2,476
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value	(10,864		)	(421		)	(564		)	(618		)	(4,534		)	(873		)	(901		)	(958		)	(1,875		)
Net effects of settlements on agency forwards	114			(158		)	955			(338		)	(102		)	699			(250		)	509			(240		)
Lower of cost or fair value adjustments on loans held for sale	—			—			—			—			(3,863		)	—			—			—			—
GAAP net income/(loss) attributable to common stockholders	$	12,485		$	15,413		$	27,745		$	16,190		$	9,601		$	16,381		$	(4,291	)	$	22,203		$	13,323

15

EX-99.2

Equity Investor Presentation December 31, 2013

Forward-Looking Statements In addition to historical information, this presentation includes forward-looking statements that reflect management’s current expectations for Farmer Mac’s future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Management’s expectations for Farmer Mac’s future necessarily involve a number of assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events could cause Farmer Mac’s actual results to differ materially from the expectations as expressed or implied by the forward-looking statements. Some of these factors are identified and discussed in Farmer Mac’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 13, 2014, which is also available on Farmer Mac’s website (www.farmermac.com). In light of these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this presentation. Any forward-looking statements made in this presentation are current only as of December 31, 2013. Farmer Mac undertakes no obligation to release publicly the results of revisions to any such forward-looking statements to reflect any future events or circumstances, except as otherwise mandated by the SEC. This presentation is for general informational purposes only, is current only as of December 31, 2013, and should be read in conjunction with Farmer Mac’s above-referenced Annual Report on Form 10-K. Farmer Mac uses core earnings, a non-GAAP financial measure, to measure corporate economic performance and develop financial plans because, in management’s view, core earnings is a useful alternative measure in understanding Farmer Mac’s economic performance, transaction economics, and business trends. Core earnings principally differs from GAAP net income by excluding the effects of fair value accounting guidance, which are not expected to have a cumulative net impact on GAAP earnings if the financial instruments are held to maturity, as is generally expected. Core earnings also differs from GAAP net income by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac’s core business. This non-GAAP financial measure may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of this non-GAAP measure is intended to be supplemental in nature, and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP. No Offer or Solicitation of Securities This presentation does not constitute an offer to sell or a solicitation of an offer to buy any Farmer Mac security. Farmer Mac securities are offered only in jurisdictions where permissible by offering documents available through qualified securities dealers. Any investor who is considering purchasing a Farmer Mac security should consult the applicable offering documents for the security and their own financial and legal advisors for information about and analysis of the security, the risks associated with the security, and the suitability of the investment for the investor’s particular circumstances. Copyright © 2014 by Farmer Mac. No part of this document may be duplicated, reproduced, distributed, or displayed in public in any manner or by any means without the written permission of Farmer Mac. 2

 Overview and Highlights.................................4  Business and Products....................................11  Portfolio and Lines of Business......................14  Financial Performance...................................21  Funding and Risk Management.....................25  Appendix......................................................29 3

Overview and Highlights 4

 Created in the 1980s to help prevent future agricultural credit crises – Provide a secondary market for agricultural and rural utilities loans – Broaden access and drive more efficient loan pricing – Reduce agricultural credit market volatility  Provide diverse product suite to lenders – Loan purchases – Loan guarantees or purchase commitments (Standbys) – Loan financing products  Well-established and unique brand in agricultural and rural lending  25-year track record – Low credit losses – Steady core earnings growth 5 TIMELINE 1987 – Farmer Mac initially chartered by Congress as an instrumentality of the United States 1996 – First major charter revision and expansion of authority (e.g., direct loan purchases) 1999 – First listed on NYSE (AGM) 2008 – Second major charter revision and expansion of authority (Rural Utilities)

6  Finance asset purchases through issuance of low-cost debt  Issue at narrow, GSE spreads to U.S. Treasuries  Robust worldwide demand for agricultural products  Strong profitability within agricultural sector  Expected future increases in rural utilities capital investment  Rigorous underwriting standards  Modest delinquencies  Low cumulative historical credit losses  Overhead / outstanding business volume ~ 24 bps  Outstanding business volume / total employees ~ $200 million per employee Funding Advantage Growth Prospects Quality Assets Operational Efficiency Consistent Returns  Steady core earnings growth  Core earnings return on equity ~ 20% to 25%

7 $5.4 $9.1 $11.7 $11.3 $5.3 $10.0 $12.9 $16.5 $7.9 $11.2 $13.4 $11.8 $6.8 $12.6 $11.6 $15.3 $0 $10 $20 $30 $40 $50 $60 2010 2011 2012 2013 Mil lion s Q4 Q3 Q2 Q1 $25.4 $42.9 $49.6 $54.9

8 $8.2 $8.1 $9.1 $9.7 $1.4 $1.5 $1.6 $1.7 $2.6 $2.3 $2.3 $2.6 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2010 2011 2012 2013 B il li o n s Rural Utilities USDA Guarantees Farm & Ranch $13.0 $14.0 Note: Includes on- and off-balance sheet outstanding business volume $12.2 $11.9

9 $70.2 $40.6 $33.3 $28.3 1.63% 0.93% 0.70% 0.55% 0.58% 0.34% 0.26% 0.20% 0.00% 0.50% 1.00% 1.50% 2.00% $0 $20 $40 $60 $80 $100 2010 2011 2012 2013 M il li o n s 90-day Delinquencies (Left Axis) % of Farm & Ranch Only (Right Axis) % of Total Portfolio (Right Axis)

$461 $475 $519 $591 $160 $127 $145 $192 $0 $50 $100 $150 $200 $250 $0 $100 $200 $300 $400 $500 $600 2010 2011 2012 2013 Mil lion s M il li o n s Core Capital (Left Axis) Excess Statutory Capital (Right Axis) (1) (2) 10 (1) Core Capital defined as total equity less accumulated other comprehensive income (2) Excess Statutory Capital defined as Core Capital less statutory minimum capital

Business and Products 11

12 Mortgage Lenders: • Community Banks • Farm Credit System • Mortgage Companies • Commercial Banks • Insurance Companies • Credit Unions Rural Utility Cooperative Lenders: • National Rural Utilities CFC • CoBank Farmers & Ranchers Rural Utility Cooperatives BORROWERS LOAN ORIGINATORS FARMER MAC Farm & Ranch: Loans $2.2B AgVantage $4.5B Standbys / AMBS(1) Guar. $3.0B Total $9.7B USDA Guarantees: USDA guaranteed portions $1.7B of loans Rural Utilities: Loans $1.1B AgVantage $1.5B Total $2.6B 69% of Total 19% of Total 12% of Total (1) Agricultural mortgage-backed securities (AMBS)

13 • Originator bank sells loans that are not good fit with its funding sources • Originator maintains field servicing • Frees capital for originator • Reduce capital risk weightings • Originator maintains borrower relationships Loan Purchases Loan Guarantees: • Standbys • AMBS Guarantees PRODUCT TYPE FEATURES LINES OF BUSINESS F & R USDA RU Total $2.2B $1.7B $1.1B $5.0B 15% 12% 8% 35% $4.5B -- $1.5B $6.0B 32% 11% 43% $0.8B -- -- $0.8B 6% 6% $2.2B -- -- $2.2B 16% 16% Loan Financing: • AgVantage • AMBS • AgVantage: Originator retains loans; issues AgVantage securities • AMBS: Securitize loans; FM or the originator buys the AMBS Common Features: • Attractive funding rates • Reduce capital risk weightings • Originator maintains borrower relationships Total $9.7B $1.7B $2.6B $14.0B

Portfolio and Lines of Business 14

 $14.0 billion total business volume – 8% annual growth  Lines of business ($ and annual growth) – Farm & Ranch – $9.7B; +7% – USDA – $1.7B; +6% – Rural Utilities – $2.6B; +13%  Product types – Loan purchases » USDA Guaranteed portions of loans are a distinct line of business – Loan financing » AgVantage bonds » AMBS – Loan guarantees » Standbys » AMBS Guarantees 15 $2.9 $2.7 $3.3 $5.1 $5.6 $6.0 $2.4 $3.1 $3.0 $1.5 $1.6 $1.7 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Q4 2011 Q4 2012 Q4 2013 B ill io n s Loans AgVantage Standbys / Guar. USDA Guarantees (1) (2) Product Type (1) Includes loans underlying consolidated AMBS (2) Includes off-balance sheet Farmer Mac Guaranteed AMBS $11.9 $13.0 $14.0

 Purchase or guarantee first mortgages on agricultural real estate – Loans (spread) » Purchase and retain eligible whole loans » Higher spreads; underwriting standards mitigate direct credit risk – Standbys / Guarantees (fees) » Issue purchase commitments (Standbys) for eligible loans » Guarantee scheduled payments on off-balance sheet AMBS – AgVantage (spread and fees) » Buy general obligation securities issued by loan originators » Secured by pools of eligible loans 16 $2.0 $1.7 $2.2 $2.4 $3.1 $3.0 $3.7 $4.3 $4.5 $0 $2 $4 $6 $8 $10 $12 Q4 2011 Q4 2012 Q4 2013 B ill io n s Loans Standbys / Guarantees AgVantage (1) (2) $8.1 $9.1 $9.7 Farm & Ranch by Product Type (1) Includes loans underlying consolidated AMBS (2) Includes off-balance sheet Farmer Mac Guaranteed AMBS Direct Credit Risk Portfolio

17 Crops 52% Permanent Plantings 18% Livestock 24% Part-time Farm / Housing 3% AgStorage/ Processing 3% Northwest 10% Southwest 34% Mid-North 33% Mid-South 12% Northeast 4% Southeast 7% December 31, 2013 Commodity Type Geography

 Work with rural utility cooperative lenders (two eligible)  Rural utility borrowers are local monopolies – Represent ~10% of U.S. electricity sales and retail customers – Have cost-plus pricing – Loans secured by a first lien on all assets, future revenues  Product types similar to Farm & Ranch (no Standbys at this time) 18 $0.9 $1.0 $1.1 $1.4 $1.3 $1.5 $0 $2 $4 Q4 2011 Q4 2012 Q4 2013 B ill io n s Loans AgVantage (1) Rural Utilities by Product Type (1) Includes loans underlying consolidated Rural Utilities Guaranteed Securities $2.3 $2.3 $2.6

 U.S. Department of Agriculture guarantee on private sector loans – Full faith and credit of U.S. government  Loan collateral – Farm real estate (FO) – Farm equipment (OL) – Rural business assets (BI) – Community facilities (CF) 19 Note: OL = operating line, FO = farm ownership, CF = community facility, BI = business & industry $0.2 $0.2 $0.2 $0.1 $0.1 $0.1 $1.1 $1.2 $1.3 $0.1 $0.1 $0.1 $0 $1 $2 Q4 2011 Q4 2012 Q4 2013 B ill io n s BI CF FO OL USDA Guarantees by Loan Type $1.5 $1.6 $1.7

 Rural Utilities has not had any delinquencies, nor any credit losses  USDA Guarantees has not had any credit losses  Farm & Ranch has cumulative losses of 0.16%, or approximately 1bp/year – Cumulative losses of $31 million – On $18.8 billion of cumulative originations 20 -$2 $0 $2 $4 $6 $8 $10 $12 N et L o ss / (Gai n ) Mil lion s Loan Origination Year Part Time Farm / Rural Housing Permanent Plantings Livestock Crops Ag Storage & Processing

Financial Performance 21

 Core earnings of $54.9 million ($4.90 per diluted common share) – Strong credit performance and continued portfolio growth – Stabilization of spreads in second half of 2013  Total new business volume of $3.1 billion – Purchases of $1.3 billion of AgVantage securities – Purchases of $825 million of Farm & Ranch loans (up 45% vs 2012) – Net total business volume growth of $1.0 billion after repayments  Credit quality reflects the strength of the agricultural and rural utility sectors – 90-day delinquencies of $28.3 million (0.55% of Farm & Ranch loans), down from $33.3 million (0.70% of Farm & Ranch loans) in 2012  Regulatory capital level exceeds statutory minimum capital levels by $192 million, or 48% 22

December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 (in millions) Cash and cash equivalents $ 749.3 $ 785.6 $ 817.0 $ 729.9 $ 654.8 Investment securities 2,484.1 2,499.6 2,184.5 1,763.3 1,131.9 Farmer Mac guaranteed securities 5,091.6 4,766.3 4,289.3 2,907.3 3,399.0 USDA guaranteed securities 1,612.0 1,590.8 1,491.9 1,317.4 - Total loans 3,200.1 2,741.2 2,904.4 2,568.4 760.0 Allowance for loan losses (6.9) (11.4) (10.2) (9.8) (6.3) Total loans, net of allowance 3,193.2 2,729.8 2,894.2 2,558.6 753.7 Other assets 231.6 250.1 206.6 203.4 199.4 Total assets $ 13,361.8 $ 12,622.2 $ 11,883.5 $ 9,479.9 $ 6,138.8 Notes payable $ 12,340.0 $ 11,602.1 $ 10,192.8 $ 7,940.1 $ 5,571.6 Reserve for losses 6.5 5.5 7.4 10.3 7.9 Other liabilities 440.8 421.6 1,128.8 1,050.6 218.9 Total liabilities 12,787.3 12,029.2 11,329.0 $9,001.0 5,798.4 Total stockholders’ equity (1) 332.6 351.1 312.6 237.0 340.4 Non-controlling interest - preferred stock 241.9 241.9 241.9 241.9 - Total equity 574.5 593.0 554.5 478.9 340.4 Total liabilities and equity $ 13,361.8 $ 12,622.2 $ 11,883.5 $ 9,479.9 $ 6,138.8 23 (1) Includes $144.2 million of mezzanine equity for December 31, 2009

24 2013 2012 2011 2010 Net effective spread: (in millions) Interest income $ 255.8 $ 274.9 $ 281.4 $ 243.3 Interest expense 150.5 168.3 192.0 176.8 Net effective spread 105.3 106.6 89.4 66.5 Non-interest income: Guarantee and commitment fees 27.9 26.6 28.1 28.7 Other income 3.4 1.4 1.2 2.0 Non-interest income 31.3 28.0 29.3 30.7 Non-interest expenses: (Release of)/provision for losses (0.4) 1.9 (2.3) 4.3 Compensation and employee benefits 17.8 19.2 17.9 17.2 General and administrative 11.6 11.1 9.7 8.6 Other non-interest expenses 2.4 2.4 3.9 4.4 Non-interest expense 31.4 34.6 29.2 34.5 Core earnings before income taxes 105.2 100.0 89.5 62.7 Income tax expense 24.6 25.3 21.5 12.5 Core earnings before preferred stock dividends 80.6 74.7 68.0 50.2 Preferred stock dividends (25.7) (25.1) (25.1) (24.8) Core earnings $ 54.9 $ 49.6 $ 42.9 $ 25.4

Funding and Risk Management 25

 Finance asset purchases with proceeds of debt issuances – 20+ dealers – Match funding effectively locks in net spread  Debt securities trade at narrow spreads to comparable maturity Treasuries * As of February 28, 2014  Farmer Mac’s debt securities carry privileges for certain holders – 20% capital risk weighting – Eligible collateral for Fed advances – Legal investments for federally supervised financial institutions 26 Maturity (Years) 1 3 5 10 Spread to Treasury* 6 bps 12 bps 23 bps 70 bps

 Match funding asset purchases with liabilities that have similar interest rate characteristics – Duration and convexity matching – Coupon type – Reset frequency  Manage prepayment risk on mortgages – Callable debt and bullet issuance across spectrum of maturities – Can adjust effective asset and debt coupon and duration characteristics through the use of interest rate swaps  Perform regular stress testing and disclose a variety of sensitivity measures – Duration Gap – Market Value of Equity (MVE) Sensitivity – Net Interest Income (NII) Sensitivity 27

 Farmer Mac maintains an investment portfolio to provide a back-up source of liquidity in excess of regulatory requirements – A minimum of 60 days of liquidity required by regulation  $3.2 billion investment portfolio at quarter-end – Cash and highly-rated investment securities – Conservative portfolio goals » Minimize exposure to market volatility » Preservation of capital » Ready access to cash – Provided 134 days of liquidity at year-end  Farmer Mac also has a $1.5 billion line of credit with the U.S. Treasury – Supports Farmer Mac guarantee obligations – Farmer Mac has never used this line of credit 28 Cash & Equiv. 23% Guar. by GSEs and other U.S. Gov't. Agencies 65% Corporate Debt Securities 6% Asset- Backed Securities 6% Liquidity Portfolio

Appendix 29

30 2013 2012 2011 2010 (dollars in thousands, except per share amounts) Core Earnings $54,892 $49,642 $42,907 $25,365 Core Earnings per Diluted Share $4.90 $4.51 $3.97 $2.39 Net Effective Spread ($) $105,251 $106,557 $89,419 $66,478 Net Effective Spread (%) 0.86% 0.95% 0.96% 1.06% Guarantee & Commitment Fees $27,922 $26,622 $28,090 $28,718 Excess Regulatory Capital $192,200 $145,000 $126,500 $159,600 Common Stock Dividends per Share $0.48 $0.40 $0.20 $0.20 Outstanding Business Volume $13,950,312 $13,015,188 $11,913,302 $12,216,709 90-Day Delinquencies – Farm & Ranch 0.55% 0.70% 0.93% 1.63% Charge-Offs $4,004 $2,501 $252 $605 Book Value per Share $25.20 $27.43 $24.63 $17.45 Core Earnings Return on Equity 22% 25% 25% 17%

31 2013 2012 2011 2010 Core earnings $54,892 $49,642 $42,907 $25,365 Reconciling items (after-tax effects): Unrealized gains/(losses) on financial derivatives and hedging activities 29,368 4,325 (30,930) 13,046 Unrealized (losses)/gains on trading assets (533) 200 2,246 3,426 Amortization of premiums/discounts and deferred gains on assets consolidated at fair value (12,467) (7,266) (3,692) (7,617) Net effects of settlements on agency forwards 573 856 (2,523) (670) Lower of cost or fair value adjustments on loans held for sale - (3,863) 5,776 (5,686) Issuance costs on the retirement of preferred stock - - - (5,784) GAAP net income attributable to common stockholders $71,833 $43,894 $13,784 $22,080 (in thousands) Core Earnings by Year-Ended

32 Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield For the quarter ended: December 31, 2013 18,080$ 1.34% 2,708$ 0.65% 2,047$ 0.32% 4,309$ 0.56% 27,144$ 0.85% September 30, 2013 16,174 1.23% 2,831 0.68% 2,985 0.46% 3,791 0.52% 25,781 0.83% June 30, 2013 16,325 1.30% 2,738 0.68% 3,033 0.46% 3,967 0.58% 26,063 0.87% March 31, 2013 16,049 1.32% 2,933 0.73% 3,014 0.51% 4,267 0.59% 26,263 0.90% December 31, 2012 16,133 1.36% 2,869 0.74% 3,155 0.55% 4,303 0.56% 26,460 0.91% September 30, 2012 16,839 1.46% 2,830 0.73% 3,109 0.57% 4,478 0.57% 27,256 0.95% June 30, 2012 16,749 1.54% 2,790 0.74% 3,006 0.55% 4,664 0.64% 27,209 0.99% March 31, 2012 14,874 1.45% 2,766 0.75% 3,177 0.54% 4,815 0.66% 25,632 0.94% December 31, 2011 15,442 1.57% 2,693 0.74% 3,152 0.54% 4,735 0.71% 26,022 1.00% Fourth quarter 2013 includes the impact in Farm & Ranch net effective spread of one-time adjustments for recovered buyout interest and yield maintenance (14 basis points in aggregate) and the impact in Rural Utilities of spread compression from the early refinancing of loans and AgVantage securities (11 basis points). (dollars in thousands) Farm & Ranch USDA Guarantees Rural Utilities Corporate Net Effective Spread (1) (1)

33 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Revenues: Net effective spread 27,144$ 25,781$ 26,063$ 26,263$ 26,460$ 27,256$ 27,209$ 25,632$ 26,022$ Guarantee and commitment fees 7,130 7,047 6,954 6,792 6,764 6,591 6,607 6,660 6,740 Other 427 (466) 3,274 187 393 384 (294) 18 55 Total revenues 34,701 32,361 36,291 33,242 33,617 34,231 33,522 32,310 32,817 Credit related expenses: (Release of)/provisions for losses 12 (36) (704) 1,176 1,157 94 174 450 (118) REO operating expenses 3 35 259 126 47 66 15 6 82 (Gains)/losses on sale of REO (26) (39) (1,124) (47) (629) 13 (262) - (254) Total credit related expenses (11) (40) (1,569) 1,255 575 173 (73) 456 (290) Operating expenses: Compensation & employee benefits 4,025 4,523 4,571 4,698 5,752 4,375 4,574 4,485 3,916 General & Administrative 3,104 2,827 2,715 2,917 2,913 2,788 2,664 2,758 2,315 Regulatory fees 594 593 594 594 594 562 562 563 563 Total operating expenses 7,723 7,943 7,880 8,209 9,259 7,725 7,800 7,806 6,794 Net earnings 26,989 24,458 29,980 23,777 23,783 26,333 25,795 24,048 26,313 Income taxes 5,279 6,263 7,007 6,081 5,914 6,682 6,627 6,028 7,471 Non-controlling interest 5,546 5,547 5,547 5,547 5,546 5,547 5,547 5,547 5,546 Preferred stock dividends 882 881 881 851 720 719 720 720 720 Core earnings 15,282 $11,767 $16,545 $11,298 $11,603 $13,385 $12,901 $11,753 $12,576 (in thousands)

34 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Core earnings $15,282 $11,767 $16,545 $11,298 $11,603 $13,385 $12,901 $11,753 $12,576 Reconciling items (after-tax effects): Unrealized gains/(losses) on financial derivatives and hedging activities 8,003 4,632 11,021 5,712 4,719 3,456 (14,035) 10,185 386 Unrealized (losses)/gains on trading assets (50) (407) (212) 136 1,778 (286) (2,006) 714 2,476 Amortization of premiums/discounts and deferred gains on assets consolidated at fair value (10,864) (421) (564) (618) (4,534) (873) (901) (958) (1,875) Net effects of settlements on agency forwards 114 (158) 955 (338) (102) 699 (250) 509 (240) Lower of cost or fair value adjustments on loans held for sale - - - - (3,863) - - - - GAAP net income/(loss) attributable to common stockholders 12,485$ 15,413$ 27,745$ 16,190$ 9,601$ 16,381$ (4,291)$ 22,203$ 13,323$ (in thousands) Core Earnings by Quarter Ended

 SEC regulation under federal securities laws since initial charter  Subject to NYSE rules and regulations since 1999  Regulated by the Farm Credit Administration (FCA) through its Office of Secondary Market Oversight (see www.fca.gov for more information)  Congressional oversight through Congressional committees – Agriculture-related committees in House and Senate 35

 Class A Voting Common Stock 1.0 million – NYSE traded “AGM.A” – Ownership restricted to Financial Institutions  Class B Voting Common Stock 0.5 million – Not publicly traded – Ownership restricted to Farm Credit System Institutions  Class C Non-Voting Common Stock 9.4 million – NYSE traded “AGM” – No ownership restrictions 36 Number of Shares

Source: http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1446 Agricultural Land Values 37 0 500 1000 1500 2000 2500 3000 3500 4000 4500 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 A v er a g e V a lu e P er Ac re Cropland Values All Farm Real Estate

2014 Forecast as of 2/20/14 Source: USDA Farm Sector & Household Income Real Net Farm Income Debt-to-asset Ratio  Agricultural sector using favorable conditions to reduce leverage  Conditions have remained favorable due to high levels of net cash income over the past several years  Real 2014 net farm income is expected to be $88 billion 38 0 20 40 60 80 100 120 140 $ B ill io n s 5% 10% 15% 20% 25% 30 yr. average 10 yr. average