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    [Appendix]
    [Government-Sponsored Enterprises]
    [From the U.S. Government Printing Office, www.gpo.gov]

             <h1>GOVERNMENT-SPONSORED ENTERPRISES

             </h1>

          GOVERNMENT-SPONSORED ENTERPRISES

             This chapter contains descriptions of the data on the Government-sponsored enterprises listed below. These enterprises were
                established and chartered by the Federal Government for public policy purposes. They are not included in the Federal Budget
                because they are private companies, and their securities are not backed by the full faith and credit of the Federal Government.
                However, because of their public purpose, detailed statements of financial condition are presented, to the extent such information
                is available, on a basis that is as consistent as practicable with the basis for the budget data of Government agencies.

             —The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation provide assistance to the secondary
                market for residential mortgages.

             —The Federal Home Loan Banks assist thrift institutions, banks, insurance companies, and credit unions in providing financing
                for housing and community development.

             —Institutions of the Farm Credit System, which include the Agricultural Credit Bank and Farm Credit Banks, provide financial
                assistance to agriculture. They are regulated by the Farm Credit Administration.

             —The Federal Agricultural Mortgage Corporation, also a Farm Credit System institution under the regulation of the Farm Credit
                Administration, provides a secondary market for agricultural real estate, rural housing loans, and certain rural utility loans,
                as well as for farm and business loans guaranteed by the U.S. Department of Agriculture.

          Federal National Mortgage Association

          Federal Funds
             Portfolio Programs

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4986–0–4–371
                      2012 actual
                      2013 CR
                      2014 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      722,158
                      654,269
                      552,500

                      1251
                      Repayments: Repayments and prepayments
                      –67,889
                      –101,769
                      –82,875

                      1290
                      Outstanding, end of year
                      654,269
                      552,500
                      469,625

             The Federal National Mortgage Association (Fannie Mae) is a Government-sponsored enterprise (GSE) in the housing finance market.
                As a housing GSE, Fannie Mae is a federally chartered, privately owned company with a public mission to provide stability
                in and to increase the liquidity of the residential mortgage market and to help increase the availability of mortgage credit
                to low- and moderate-income families and in underserved areas.  Fannie Mae engages primarily in two forms of business: guaranteeing
                residential mortgage securities and investing in portfolios of residential mortgages.

             Fannie Mae was established in 1938 to assist private markets in providing a steady supply of funds for housing. Fannie Mae
                was originally a subsidiary of the Reconstruction Finance Corporation and was permitted to purchase only loans insured by
                the Federal Housing Administration (FHA). In 1954, Fannie Mae was restructured as a mixed ownership (part government, part
                private) corporation. Legislation directed the sale of the Government's remaining interest in Fannie Mae in 1968 and completed
                the transformation to private shareholder ownership in 1970.

             Stress in the mortgage markets has eliminated Fannie Mae's stockholder equity, and required ongoing assistance from Treasury
                under authority provided by the Congress in the Housing and Economic Recovery Act (HERA) of 2008. HERA strengthened housing
                GSE regulation by creating the Federal Housing Finance Agency (FHFA), a new independent regulator, and provided temporary
                authority for the U.S. Department of the Treasury to purchase obligations of the housing GSEs.  In September 2008, FHFA put
                Fannie Mae under Federal conservatorship and the U.S. Department of the Treasury entered into a Senior Preferred Stock Purchase
                Agreement (PSPA) with Fannie Mae to make investments of up to $100 billion in senior preferred stock as required to maintain
                positive equity.  In May 2009, Treasury increased the funding commitments for the PSPA to $200 billion and in December 2009,
                Treasury modified the funding commitments in the PSPA to the greater of $200 billion or $200 billion plus cumulative net worth
                deficits experienced during 2010–2012, less any surplus remaining as of December 31, 2012. As of December 31, 2012, Fannie
                Mae had received $116.1 billion under the PSPA and made $31.4 billion in dividend payments to Treasury.  The Budget continues
                to reflect the GSEs as non-budgetary entities, though their status will continue to be reviewed.  All of the current federal
                assistance being provided to Fannie Mae, including the PSPA, is shown on-budget.  For additional discussion and analyses of
                Fannie Mae, please see the Analytical Perspectives volume of the Budget documents.

          Balance Sheet (in millions of dollars)

                      Identification code 39–4986–0–4–371
                      2011 actual
                      2012 actual

                      ASSETS:

                      Federal assets: Investments in US securities:

                      1102
                      Treasury securities, par
                      40,755
                      19,897

                      1201
                      Non-Federal assets: Investments in other securities, net
                      38,415
                      45,500

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      421,760
                      389,519

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      2,583,699
                      2,642,354

                      1604
                      Direct loans and interest receivable, net
                      3,005,459
                      3,031,873

                      1606
                      Acquired Property, net
                      12,195
                      10,278

                      1699
                      Value of assets related to direct loans
                      3,017,654
                      3,042,151

                      1801
                      Other Federal assets: Cash and other monetary assets
                      117,053
                      118,702

                      1999
                      Total assets
                      3,213,877
                      3,226,250

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      12,928
                      11,732

                      2203
                      Debt
                      744,803
                      652,971

                      2203
                      Debt - Consolidated Trusts
                      2,446,973
                      2,543,739

                      2207
                      Other
                      16,964
                      15,396

                      2999
                      Total liabilities
                      3,221,668
                      3,223,838

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      104,787
                      117,149

                      3300
                      Private Equity
                      –112,640
                      –114,790

                      3300
                      Noncontrolling Interest
                      62
                      53

                      3999
                      Total net position
                      –7,791
                      2,412

                      4999
                      Total liabilities and net position
                      3,213,877
                      3,226,250

             Mortgage-backed Securities

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4987–0–4–371
                      2012 actual
                      2013 CR
                      2014 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      2,650,633
                      2,694,799
                      2,694,799

                      1231
                      Disbursements: Direct loan disbursements
                      820,509

                      1251
                      Repayments: Repayments and prepayments
                      –776,343

                      1290
                      Outstanding, end of year
                      2,694,799
                      2,694,799
                      2,694,799

             Prior to January 1, 2010 the mortgages in the pools of loans supporting the mortgage-backed securities guaranteed by Fannie
                Mae were considered to be owned by the holders of these securities according to the accounting standards for private corporations.
                Consequently, on the books of Fannie Mae, these mortgages were not considered assets and the securities outstanding were not
                considered liabilities.  New accounting standards implemented on January 1, 2010 require consolidation of many, but not all,
                of these securities in Fannie Mae's financial statements. For the purposes of this document they are presented as direct loans
                for mortgage-backed securities. "Disbursements" and "Repayments" are budgetary terms.  These items are reported by Fannie
                Mae as "Issuances" and "Liquidations" respectively.

          Federal Home Loan Mortgage Corporation

          Federal Funds
             Portfolio Programs

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4988–0–4–371
                      2012 actual
                      2013 CR
                      2014 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      679,133
                      567,966
                      552,500

                      1251
                      Repayments: Repayments and prepayments
                      –111,167
                      –15,466
                      –82,875

                      1290
                      Outstanding, end of year
                      567,966
                      552,500
                      469,625

             The Federal Home Loan Mortgage Corporation (Freddie Mac) is a Government-sponsored enterprise (GSE) in the housing finance
                market. As a housing GSE, Freddie Mac is a federally chartered, shareholder-owned, private company with a public mission to
                provide stability in and increase the liquidity of the residential mortgage market, and to help increase the availability
                of mortgage credit to low- and moderate-income families and in underserved areas.  Freddie Mac engages primarily in two forms
                of business: guaranteeing residential mortgage securities and investing in portfolios of residential mortgages.

             Freddie Mac was established in 1970 under the Emergency Home Finance Act. The Congress chartered Freddie Mac to provide mortgage
                lenders with an organized national secondary market enabling them to manage their conventional mortgage portfolio more effectively
                and gain indirect access to a ready source of additional funds to meet new demands for mortgages. Freddie Mac serves as a
                conduit facilitating the flow of investment dollars from the capital markets to mortgage lenders, and ultimately, to homebuyers.

              Stress in the mortgage markets has eliminated Freddie Mac's stockholder equity, and required ongoing assistance from Treasury
                under authority provided by Congress in the Housing and Economic Recovery Act (HERA) of 2008. HERA strengthened housing GSE
                regulation by creating the Federal Housing Finance Agency (FHFA), a new independent regulator, and provided temporary authority
                for the U.S. Department of the Treasury to purchase obligations of the housing GSEs.  In September 2008, FHFA put Freddie
                Mac under Federal conservatorship and the U.S. Department of the Treasury entered into a Senior Preferred Stock Purchase Agreement
                (PSPA) with Freddie Mac to make investments of up to $100 billion in senior preferred stock as required to maintain positive
                equity.  In May 2009, Treasury increased the funding commitments for the PSPA to $200 billion and in December 2009, Treasury
                modified the funding commitments in the PSPA to the greater of $200 billion or $200 billion plus cumulative net worth deficits
                experienced during 2010–2012, less any surplus remaining as of December 31, 2012. As of December 31, 2012, Freddie Mac had
                received $71.3 billion under the PSPA and made $23.8 billion in dividend payments to Treasury.  The Budget continues to reflect
                the GSEs as non-budgetary entities, though their status will continue to be reviewed. All of the current federal assistance
                being provided to Freddie Mac, including the PSPA, is shown on-budget.  For additional discussion and analyses of Freddie
                Mac, please see the Analytical Perspectives volume of the Budget documents.

          Balance Sheet (in millions of dollars)

                      Identification code 39–4988–0–4–371
                      2011 actual
                      2012 actual

                      ASSETS:

                      Federal assets: Investments in US securities:

                      1102
                      Treasury securities, par
                      18,159
                      21,554

                      1201
                      Non-Federal assets: Investments in other securities, net
                      13,305
                      47,660

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      456,671
                      399,450

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      1,611,580
                      1,505,576

                      1604
                      Direct loans and interest receivable, net
                      2,068,251
                      1,905,026

                      1606
                      Acquired property, net
                      5,630
                      4,502

                      1699
                      Value of assets related to direct loans
                      2,073,881
                      1,909,528

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      63,082
                      36,210

                      1901
                      Other assets
                      3,909
                      1,551

                      1999
                      Total assets
                      2,172,336
                      2,016,503

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      8,603
                      7,528

                      2203
                      Debt
                      674,421
                      565,036

                      2203
                      Debt - Consolidated Trusts
                      1,488,036
                      1,432,632

                      2207
                      Other
                      7,267
                      6,400

                      2999
                      Total liabilities
                      2,178,327
                      2,011,596

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      66,179
                      72,336

                      3300
                      Private Equity
                      –72,170
                      –67,429

                      3999
                      Total net position
                      –5,991
                      4,907

                      4999
                      Total liabilities and net position
                      2,172,336
                      2,016,503

             Mortgage-backed Securities

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4989–0–4–371
                      2012 actual
                      2013 CR
                      2014 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      1,689,091
                      1,591,666
                      1,591,666

                      1231
                      Disbursements: Direct loan disbursements
                      413,062

                      1251
                      Repayments: Repayments and prepayments
                      –510,487

                      1290
                      Outstanding, end of year
                      1,591,666
                      1,591,666
                      1,591,666

             Prior to January 1, 2010 the mortgages in the pools of loans supporting the mortgage-backed securities guaranteed by Freddie
                Mac were considered to be owned by the holders of these securities according to the accounting standards for private corporations.
                Consequently, on the books of Freddie Mac, these mortgages were not considered assets and the securities outstanding were
                not considered liabilities.  New accounting standards implemented on January 1, 2010 require consolidation of many, but not
                all, of these securities in Freddie Mac's financial statements. For the purposes of this document, they are presented as direct
                loans for mortgage-backed securities. "Disbursements'' and "Repayments'' are budgetary terms.  These items are reported by
                Freddie Mac as "Issuances" and "Liquidations" respectively.

          Federal Home Loan Bank System

          Federal Funds
             Federal Home Loan Banks

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4990–0–4–371
                      2012 actual
                      2013 CR
                      2014 est.

                      Position with respect to appropriations act limitation on obligations:

                      1131
                      Direct loan obligations
                      2,654,585
                      2,654,585
                      2,654,585

                      1150
                      Total direct loan obligations
                      2,654,585
                      2,654,585
                      2,654,585

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      470,665
                      463,076
                      463,076

                      1231
                      Disbursements: Direct loan disbursements
                      2,654,585
                      2,654,585
                      2,654,585

                      1251
                      Repayments: Repayments and prepayments
                      –2,659,771
                      –2,654,585
                      –2,654,585

                      1264
                      Write-offs for default: Other adjustments, net (+ or -)
                      –2,403

                      1290
                      Outstanding, end of year
                      463,076
                      463,076
                      463,076

             The Federal Home Loan Bank System is a Government-sponsored enterprise (GSE) in the housing finance market. The Federal Home
                Loan Banks were chartered by the Federal Home Loan Bank Board under the authority of the Federal Home Loan Bank Act of 1932
                (Act). The 12 Federal Home Loan Banks (FHLBanks) are under the supervision of the Federal Housing Finance Agency (FHFA), established
                by the Congress in 2008. The common mission of FHLBanks is to facilitate the extension of credit through their members. To
                accomplish this mission, FHLBanks make loans, called "advances", and provide other credit products and services to their over
                7,700 member commercial banks, savings associations, insurance companies, and credit unions. Advances and letters of credit
                must be fully secured by eligible collateral, and long-term advances may be made only for the purpose of providing funds for
                residential housing finance. However, "community financial institutions'' may also use long-term advances to finance small
                businesses, small farms, and small agribusinesses. Additionally, specialized advance programs provide funds for community
                reinvestment and affordable housing programs. All regulated financial depositories, certified community development financial
                institutions, and insurance companies engaged in residential housing finance are eligible for membership. Each FHLBank operates
                in a geographic district and together FHLBanks cover all of the United States, as well as the District of Columbia, Puerto
                Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands. The principal source of funds for the lending
                operation is the sale of consolidated obligations to the public. The consolidated obligations are not guaranteed by the U.S.
                Government as to principal or interest. Other sources of lendable funds include members' deposits and capital. Funds not immediately
                needed for advances to members are invested. The capital stock of the Federal Home Loan Banks is owned entirely by the members.
                Initially the U.S. Government purchased stock of the banks in the amount of $125 million. The banks had repurchased the Government's
                investment in full by mid-1951. The Act, as amended in 1989, requires each FHLBank to operate an Affordable Housing Program
                (AHP). Each FHLBank provides subsidies in the form of direct grants or below-market rate advances for members that use the
                funds for qualifying affordable housing projects. Each of the FHLBanks must set aside annually 10 percent of its previous
                year's net earnings, subject to an aggregate minimum of $100 million, for the AHP. The Act, as amended in 1999, also required
                that FHLBanks contribute 20 percent of net earnings annually to assist in the payment of interest on bonds issued by the Resolution
                Funding Corporation until such time as the total payments are equivalent to a $300 million annual annuity with a final maturity
                date of April 15, 2030. The FHBLs fulfilled this obligation on August 5, 2011.  A rule issued on June 23, 2004 required each
                FHLBank to register a class of its stock with the Securities and Exchange Commission. All of the Federal Home Loan Banks complied
                by 2006. For additional discussion and analyses of the FHLBanks, please see the Analytical Perspectives volume of the Budget.

          Balance Sheet (in millions of dollars)

                      Identification code 39–4990–0–4–371
                      2011 actual
                      2012 actual

                      ASSETS:

                      Federal assets: Investments in US securities:

                      1102
                      Treasury securities, par
                      1,452
                      2,169

                      Non-Federal assets:

                      1201
                      Investments in other securities, net
                      289,022
                      275,025

                      1206
                      Accounts receivable
                      1,614
                      1,454

                      1401
                      Net value of assets related to direct loans receivable: Direct loans receivable, gross
                      470,548
                      462,939

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      14,251
                      4,040

                      1803
                      Property, plant and equipment, net
                      220
                      202

                      1901
                      Other assets
                      1,372
                      3,153

                      1999
                      Total assets
                      778,479
                      748,982

                      LIABILITIES:

                      2101
                      Federal liabilities: REFCORP and Affordable Housing Program
                      724
                      743

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      2,418
                      1,864

                      2203
                      Debt
                      702,798
                      679,710

                      2207
                      Deposit funds and other borrowing
                      17,481
                      12,579

                      2207
                      Other
                      14,815
                      12,566

                      2999
                      Total liabilities
                      738,236
                      707,462

                      NET POSITION:

                      3100
                      Invested capital
                      40,243
                      41,520

                      4999
                      Total liabilities and net position
                      778,479
                      748,982

          Farm Credit System

             The Farm Credit System (System) is a Government-sponsored enterprise that provides privately financed credit to agricultural
                and rural communities. The major functional entities of the System are (1) the Agricultural Credit Bank (ACB); (2) the Farm
                Credit Banks (FCBs); and (3) the direct-lender associations.  Farmer Mac, which is also an institution of the System, is discussed
                separately below. The history and specific functions of the bank entities are discussed after the presentation of financial
                schedules for each bank entity. As part of the System, these entities are regulated and examined by the Farm Credit Administration
                (FCA), an independent Federal agency. The administrative costs of FCA are financed by assessments of System institutions,
                including Farmer Mac. System banks finance loans primarily from sales of bonds to the public and their own capital funds.
                The System bonds issued by the banks are not guaranteed by the U.S. Government as to either principal or interest. The bonds
                are backed by an insurance fund, administered by the Farm Credit System Insurance Corporation (FCSIC), an independent Federal
                agency that collects insurance premiums from member banks to pay its administrative expenses and fund insurance reserves.
                All of the banks' current operating expenses are paid from their own income and do not require budgetary resources from the
                Federal Government.

          Federal Funds
             Agricultural Credit Bank

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4991–0–4–351
                      2012 actual
                      2013 CR
                      2014 est.

                      Position with respect to appropriations act limitation on obligations:

                      1131
                      Direct loan obligations
                      317,273
                      323,593
                      330,065

                      1150
                      Total direct loan obligations
                      317,273
                      323,593
                      330,065

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      45,028
                      69,945
                      69,226

                      1231
                      Disbursements: Direct loan disbursements
                      317,248
                      323,593
                      330,065

                      1251
                      Repayments: Repayments and prepayments
                      –292,319
                      –324,250
                      –328,220

                      1263
                      Write-offs for default: Direct loans
                      –12
                      –62
                      –56

                      1290
                      Outstanding, end of year
                      69,945
                      69,226
                      71,015

             CoBank, ACB, which is headquartered outside Denver, Colorado, serves eligible cooperatives nationwide and provides funding
                to Agricultural Credit Associations (ACAs) and Federal Land Credit Associations (FLCAs) in its chartered district. CoBank,
                ACB, is the only Agricultural Credit Bank (ACB) in the Farm Credit System. The ACB operates under statutory authority that
                combines the authorities of a Farm Credit Bank (FCB) and a Bank for Cooperatives (BC). In exercising its FCB authority, CoBank's
                charter limits its lending to 27 ACAs and two FLCAs located in the northeast, central and western regions of the country.
                As an entity lending to cooperatives, CoBank is chartered to provide credit and related services nationwide to eligible cooperatives
                primarily engaged in farm supply, grain, marketing, and processing (including sugar, dairy, and ethanol). CoBank also makes
                loans to rural utilities, including telecommunications companies, and it provides international loans for the financing of
                agricultural exports.

             Statement of Changes in Net Worth   (in thousands of dollars)

                         2011 act.
                         2012 act.
                         2013 est.
                         2014 est.

                         Beginning balance of net worth
                         4,371,376
                         4,855,255
                         6,361,670
                         6,623,771

                         Capital stock and participations issued
                         2,422
                         5,326
                         417,250
                         6,462

                         Capital stock and participations retired
                         29,900
                         34,124
                         394,750
                         32,200

                         Net income
                         725,484
                         844,422
                         699,640
                         727,701

                         Cash/Dividends/Patronage Distributions
                         –293,420
                         –358,491
                         –395,378
                         –406,012

                         Other, net
                         79,273
                         1,049,282
                         –64,661
                         –17,487

                         Ending balance of net worth
                         4,855,255
                         6,361,670
                         6,623,771
                         6,902,235

             Financing Activities   (in thousands of dollars)

                         2011 act.
                         2012 act.
                         2013 est.
                         2014 est.

                         Beginning balance of outstanding system obligations
                         50,414,059
                         52,767,035
                         79,079,791
                         80,250,323

                         Consolidated systemwide and other bank bonds issued
                         18,731,232
                         29,144,296
                         29,727,182
                         30,321,726

                         Consolidated systemwide and other bank bonds retired
                         17,118,758
                         26,020,538
                         28,900,900
                         26,538,355

                         Consolidated systemwide notes, net
                         740,502
                         –865,056
                         500,000
                         500,000

                         Other (Net)
                         0
                         24,054,054
                         –155,750
                         –98,000

                         Ending balance of outstanding system obligations
                         52,767,035
                         79,079,791
                         80,250,323
                         84,435,694

          Balance Sheet (in millions of dollars)

                      Identification code 39–4991–0–4–351
                      2011 actual
                      2012 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      16,015
                      18,835

                      1206
                      Accrued interest receivable on loans
                      332
                      395

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Direct loans, gross
                      45,028
                      69,945

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –391
                      –375

                      1699
                      Value of assets related to direct loans
                      44,637
                      69,570

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      1,351
                      1,456

                      1999
                      Total assets
                      62,335
                      90,256

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable
                      872
                      1,133

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      52,767
                      79,080

                      2201
                      Notes payable and other interest-bearing liabilities
                      3,528
                      3,340

                      2202
                      Accrued interest payable
                      313
                      341

                      2999
                      Total liabilities
                      57,480
                      83,894

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      4,855
                      6,362

                      4999
                      Total liabilities and net position
                      62,335
                      90,256

             Farm Credit Banks

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4992–0–4–371
                      2012 actual
                      2013 CR
                      2014 est.

                      Position with respect to appropriations act limitation on obligations:

                      1131
                      Direct loan obligations
                      210,249
                      192,466
                      203,241

                      1150
                      Total direct loan obligations
                      210,249
                      192,466
                      203,241

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      109,777
                      97,404
                      101,652

                      1231
                      Disbursements: Direct loan disbursements
                      220,860
                      194,251
                      205,425

                      1251
                      Repayments: Repayments and prepayments
                      –233,160
                      –189,910
                      –199,477

                      1263
                      Write-offs for default: Direct loans
                      –73
                      –93
                      –81

                      1290
                      Outstanding, end of year
                      97,404
                      101,652
                      107,519

             The Agricultural Credit Act of 1987 (1987 Act) required the Federal Land Banks (FLBs) and Federal Intermediate Credit Banks
                (FICBs) to merge into a Farm Credit Bank (FCB) in each of the 12 Farm Credit districts. FCBs operate under statutory authority
                that combines the prior authorities of an FLB and of an FICB. No merger occurred in the Jackson district in 1988 because the
                FLB of Jackson was in receivership. Pursuant to section 410(e) of the 1987 Act, as amended by the Farm Credit Banks Safety
                and Soundness Act of 1992, FICB of Jackson merged with FCB of Columbia on October 1, 1993. Mergers and consolidations of FCBs
                across district lines, which began in 1992, have continued to date. As a result of this restructuring activity, three FCBs,
                headquartered in the following cities, remain as of October 1, 2012: AgFirst Farm Credit Bank, Columbia, South Carolina; AgriBank,
                FCB, St. Paul, Minnesota; and FCB of Texas, Austin, Texas.

             FCBs serve as discount banks and, as of October 1, 2012, provided funds to one Federal Land Credit Association (FLCA) and
                52 Agricultural Credit Associations (ACAs). These direct-lender associations, in turn, primarily make short- and intermediate-term
                production loans and long-term real estate loans to eligible farmers and ranchers, farm-related businesses, and rural homeowners.
                FCBs can also lend to other financing institutions, including commercial banks, as authorized by the Farm Credit Act of 1971,
                as amended.

             All the capital stock of FICBs, from their organization in 1923 to December 31, 1956, was held by the U.S. Government. The
                Farm Credit Act of 1956 provided a long-range plan for the eventual ownership of the FICBs by the production credit associations
                and the gradual retirement of the Government's investment in the banks. This retirement was accomplished in full on December
                31, 1968. The last of the Government capital that had been invested in FLBs was repaid in 1947.

             Statement of Changes in Net Worth (in thousands of dollars)

                         2011 act.
                         2012 act.
                         2013 est.
                         2014 est.

                         Beginning balance of net worth
                         8,129,468
                         8,594,783
                         7,825,826
                         8,302,874

                         Capital stock and participations issued
                         154,288
                         176,055
                         179,972
                         188,613

                         Capital stock and participations retired
                         180,529
                         263,410
                         268,884
                         274,166

                         Surplus Retired
                         –600
                         –307
                         0
                         0

                         Net income
                         1,201,132
                         1,167,718
                         977,137
                         943,017

                         Cash/Dividends/Patronage Distributions
                         –710,466
                         –640,319
                         –427,938
                         –404,562

                         Other, net
                         290
                         –1,209,308
                         16,761
                         141,371

                         Ending balance of net worth
                         8,594,783
                         7,825,826
                         8,302,874
                         8,897,147

             Financing Activities (in thousands of dollars)

                         2011 act.
                         2012 act.
                         2013 est.
                         2014 est.

                         Beginning balance of outstanding system obligations
                         126,924,149
                         129,243,811
                         112,291,707
                         118,173,338

                         Consolidated systemwide and other bank bonds issued
                         330,460,324
                         607,228,549
                         224,109,096
                         236,006,530

                         Consolidated systemwide and other bank bonds retired
                         328,912,956
                         622,551,322
                         218,227,465
                         229,562,264

                         Consolidated systemwide notes, net
                         772,294
                         –1,629,331
                         0
                         0

                         Other (Net)
                         0
                         0
                         0
                         0

                         Ending balance of outstanding system obligations
                         129,243,811
                         112,291,707
                         118,173,338
                         124,617,604

          Balance Sheet (in millions of dollars)

                      Identification code 39–4992–0–4–371
                      2011 actual
                      2012 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      29,355
                      23,990

                      1206
                      Accrued Interest Receivable
                      698
                      537

                      Net value of assets related to direct loans receivable and acquired defaulted guaranteed loans receivable:

                      1601
                      Direct loans, gross
                      109,778
                      97,404

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –74
                      –72

                      1699
                      Value of assets related to direct loans
                      109,704
                      97,332

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      779
                      594

                      1999
                      Total assets
                      140,536
                      122,453

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable
                      506
                      321

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      129,244
                      112,292

                      2201
                      Notes payable and other interest-bearing liabilities
                      1,735
                      1,587

                      2202
                      Accrued interest payable
                      456
                      312

                      2999
                      Total liabilities
                      131,941
                      114,512

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      8,595
                      7,941

                      4999
                      Total liabilities and net position
                      140,536
                      122,453

             Federal Agricultural Mortgage Corporation

             Status of Guaranteed Loans (in millions of dollars)

                      Identification code 39–4993–0–4–351
                      2012 actual
                      2013 CR
                      2014 est.

                      Position with respect to appropriations act limitation on commitments:

                      2131
                      Guaranteed loan commitments
                      2,453

                      2150
                      Total guaranteed loan commitments
                      2,453

                      Cumulative balance of guaranteed loans outstanding:

                      2210
                      Outstanding, start of year
                      11,841
                      12,468
                      12,468

                      2231
                      Disbursements of new guaranteed loans
                      2,453

                      2251
                      Repayments and prepayments
                      –1,826

                      2290
                      Outstanding, end of year
                      12,468
                      12,468
                      12,468

                      Memorandum:

                      2299
                      Guaranteed amount of guaranteed loans outstanding, end of year
                      1,599

                Farmer MacFarmer Mac is authorized under the Farm Credit Act of 1971, as amended by the Agricultural Credit Act of 1987 (Act), to create
                a secondary market for agricultural real estate and rural home mortgages. The Farmer Mac title of the Act was amended by the
                1990 farm bill to authorize Farmer Mac to purchase, pool, and securitize the guaranteed portions of farmer program, rural
                business, and community development loans guaranteed by the U.S. Department of Agriculture (USDA). The Farmer Mac title was
                amended in 1991 to clarify Farmer Mac's authority to issue debt obligations, provide for the establishment of minimum capital
                standards, establish the Office of Secondary Market Oversight at the Farm Credit Administration (FCA), and expand the Agency's
                rulemaking authority. The Farm Credit System Reform Act of 1996 (1996 Act) amended the Farmer Mac title to allow Farmer Mac
                to purchase loans directly from lenders and to issue and guarantee mortgage-backed securities without requiring that a minimum
                cash reserve or subordinated (first loss) interest be maintained by poolers as had been required under its original authority.
                The 1996 Act expanded FCA's regulatory authority to include provisions for establishing a conservatorship or receivership,
                if necessary, and provided for increased core capital requirements at Farmer Mac phased in over three years. Most recently,
                the 2008 Farm Bill, the Food, Conservation and Energy Act of 2008, amended the Farmer Mac title to authorize the financing
                of rural electric and telephone cooperatives.

             Farmer Mac operates through several programs: "Farmer Mac I," which involves mortgage loans secured by first liens on agricultural
                real estate, rural utility cooperative real estate, or rural housing (qualified loans), and "Farmer Mac II," which involves
                the guaranteed portions of USDA-guaranteed loans. Farmer Mac operates by (1) purchasing, or committing to purchase, newly
                originated or existing qualified loans or guaranteed portions from lenders; (2) purchasing or guaranteeing "AgVantage'' bonds
                backed by qualified loans or guaranteed portions from lenders; and (3) exchanging qualified loans or guaranteed portions for
                guaranteed securities. Loans purchased by Farmer Mac may be aggregated into pools that back Farmer Mac guaranteed securities,
                which are held by Farmer Mac or sold into the capital markets. Farmer Mac is intended to attract new capital for financing
                qualified loans and guaranteed portions of loans; foster increased long-term, fixed-rate lending; and provide greater liquidity
                to agricultural and rural lenders.

             Farmer Mac is governed by a 15-member Board of Directors. Ten board members are elected by stockholders, including five by
                the Farm Credit System and five by commercial lenders. Five are appointed by the President, subject to Senate confirmation.

                FinancingFinancial support and funding for Farmer Mac's operations come from several sources: sale of common and preferred stock, issuance
                of debt obligations, and net income. Under procedures specified in the Act, Farmer Mac may issue obligations to the U.S. Treasury
                in a cumulative amount not to exceed $1.5 billion to fulfill its guarantee obligations.

             As of September 30, 2012, Farmer Mac's core capital exceeded statutory requirements. Additionally, Farmer Mac's regulatory
                capital (core capital plus the allowance for loan losses) exceeded the amount of required regulatory capital as determined
                by the risk-based capital rule.

                GuaranteesFarmer Mac provides a guarantee of timely payment of principal and interest on securities backed by qualified loans or pools
                of qualified loans. These securities are not guaranteed by the United States and are not "Government securities."

             Farmer Mac is subject to reporting requirements under securities laws, and its guaranteed mortgage-backed securities are subject
                to registration with the Securities and Exchange Commission under the 1933 and 1934 Securities Acts.

                RegulationFarmer Mac is federally regulated by FCA, acting through its Office of Secondary Market Oversight (OSMO). FCA is responsible
                for the supervision of, examination of, and rulemaking for Farmer Mac.

          Balance Sheet (in millions of dollars)

                      Identification code 39–4993–0–4–351
                      2011 actual
                      2012 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Investment in securities
                      1,913
                      2,636

                      1206
                      Receivables, net
                      79
                      128

                      Net value of assets related to direct loans receivable:

                      1401
                      Direct loans receivable, gross
                      8,534
                      8,798

                      1402
                      Interest receivable
                      80
                      70

                      1499
                      Net present value of assets related to direct loans
                      8,614
                      8,868

                      1801
                      Other Federal assets: Cash and other monetary assets
                      825
                      870

                      1999
                      Total assets
                      11,431
                      12,502

                      LIABILITIES:

                      Non-Federal liabilities:

                      2201
                      Accounts payable
                      195
                      184

                      2202
                      Interest payable
                      49
                      35

                      2203
                      Debt
                      10,606
                      11,640

                      2204
                      Liabilities for loan guarantees
                      34
                      43

                      2999
                      Total liabilities
                      10,884
                      11,902

                      NET POSITION:

                      3300
                      Invested capital
                      547
                      600

                      4999
                      Total liabilities and net position
                      11,431
                      12,502