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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
                      2013 actual
                      2014 est.
                      2015 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      654,269
                      516,259
                      469,625

                      1251
                      Repayments: Net repayments and prepayments
                      –138,010
                      –46,634
                      –70,444

                      1290
                      Outstanding, end of year
                      516,259
                      469,625
                      399,181

             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.

             The Housing and Economic Recovery Act (HERA) of 2008 strengthened housing GSE regulation by creating the Federal Housing Finance
                Agency (FHFA), a new independent regulator, and providing temporary authority for the U.S. Department of the Treasury to purchase
                obligations of the housing GSEs. On September 6, 2008, FHFA put Fannie Mae under Federal conservatorship to avoid a possible
                collapse of the housing finance market and further risks to the broader financial market. On the following day, 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. Based on the financial results reported by Fannie Mae as of December 31, 2012 and under
                the terms of the PSPA, the cumulative funding commitment cap for Fannie Mae was set at $233.7 billion. As of December 31,
                2013, Fannie Mae had received $116.1 billion under the PSPA and made a total of $113.9 billion in dividend payments to Treasury
                on the senior preferred stock. 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
                      2012 actual
                      2013 actual

                      ASSETS:

                      Federal assets: Investments in US securities:

                      1102
                      Treasury securities, par
                      19,897
                      16,396

                      1201
                      Non-Federal assets: Investments in other securities, net
                      45,500
                      56,764

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

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      389,519
                      310,096

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      2,642,354
                      2,744,084

                      1604
                      Direct loans and interest receivable, net
                      3,031,873
                      3,054,180

                      1606
                      Acquired Property, net
                      10,278
                      11,380

                      1699
                      Value of assets related to direct loans
                      3,042,151
                      3,065,560

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      118,702
                      94,246

                      1901
                      Other assets

                      48,256

                      1999
                      Total assets
                      3,226,250
                      3,281,222

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      11,732
                      10,769

                      2203
                      Debt
                      652,971
                      565,110

                      2203
                      Debt - Consolidated Trusts
                      2,543,739
                      2,675,011

                      2207
                      Other
                      15,396
                      18,715

                      2999
                      Total liabilities
                      3,223,838
                      3,269,605

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      117,149
                      117,149

                      3300
                      Private Equity
                      –114,790
                      –105,581

                      3300
                      Noncontrolling Interest
                      53
                      49

                      3999
                      Total net position
                      2,412
                      11,617

                      4999
                      Total liabilities and net position
                      3,226,250
                      3,281,222

             Mortgage-backed Securities

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4987–0–4–371
                      2013 actual
                      2014 est.
                      2015 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      2,694,799
                      2,752,813
                      2,752,813

                      1231
                      Disbursements: Direct loan disbursements
                      876,999

                      1251
                      Repayments: Repayments and prepayments
                      –818,985

                      1290
                      Outstanding, end of year
                      2,752,813
                      2,752,813
                      2,752,813

             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
                      2013 actual
                      2014 est.
                      2015 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      567,966
                      497,814
                      469,625

                      1251
                      Repayments: Repayments and prepayments
                      –70,152
                      –28,189
                      –70,444

                      1290
                      Outstanding, end of year
                      497,814
                      469,625
                      399,181

             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.

             The Housing and Economic Recovery Act (HERA) of 2008 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. On September 6, 2008, FHFA put Freddie Mac under Federal conservatorship to avoid a possible
                collapse of the housing finance market and further risks to the broader financial market. On the following day, 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. Based on the financial results reported by Fannie Mae as of December 31, 2012 and under
                the terms of the PSPA, the cumulative funding commitment cap for Freddie Mac was set at $211.8 billion. As of December 31,
                2012, Freddie Mac had received $71.3 billion under the PSPA and made a total of $71.3 billion in dividend payments to Treasury
                on the senior preferred stock. 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
                      2012 actual
                      2013 actual

                      ASSETS:

                      Federal assets: Investments in US securities:

                      1102
                      Treasury securities, par
                      21,554
                      31,641

                      1201
                      Non-Federal assets: Investments in other securities, net
                      47,660
                      41,023

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

                      1601
                      Mortgage Loans and Mortgage Related Securities
                      399,450
                      324,228

                      1601
                      Mortgage Loans and Mortgage Related Securities - Consolidated Trusts
                      1,505,576
                      1,526,070

                      1604
                      Direct loans and interest receivable, net
                      1,905,026
                      1,850,298

                      1606
                      Acquired property, net
                      4,502
                      4,368

                      1699
                      Value of assets related to direct loans
                      1,909,528
                      1,854,666

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      36,210
                      30,525

                      1901
                      Other assets
                      1,551
                      23,930

                      1999
                      Total assets
                      2,016,503
                      1,981,785

                      LIABILITIES:

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      7,528
                      6,504

                      2203
                      Debt
                      565,036
                      515,668

                      2203
                      Debt - Consolidated Trusts
                      1,432,632
                      1,419,909

                      2207
                      Other
                      6,400
                      6,268

                      2999
                      Total liabilities
                      2,011,596
                      1,948,349

                      NET POSITION:

                      3300
                      Senior Preferred Stock
                      72,336
                      72,336

                      3300
                      Private Equity
                      –67,429
                      –38,900

                      3999
                      Total net position
                      4,907
                      33,436

                      4999
                      Total liabilities and net position
                      2,016,503
                      1,981,785

             Mortgage-backed Securities

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4989–0–4–371
                      2013 actual
                      2014 est.
                      2015 est.

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      1,591,666
                      1,612,858
                      1,612,858

                      1231
                      Disbursements: Direct loan disbursements
                      523,548

                      1251
                      Repayments: Repayments and prepayments
                      –502,356

                      1290
                      Outstanding, end of year
                      1,612,858
                      1,612,858
                      1,612,858

             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
                      2013 actual
                      2014 est.
                      2015 est.

                      Position with respect to appropriations act limitation on obligations:

                      1131
                      Direct loan obligations
                      3,257,971
                      2,654,585
                      2,654,585

                      1150
                      Total direct loan obligations
                      3,257,971
                      2,654,585
                      2,654,585

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      463,076
                      510,383
                      510,383

                      1231
                      Disbursements: Direct loan disbursements
                      3,257,971
                      3,257,971
                      3,257,971

                      1251
                      Repayments: Repayments and prepayments
                      –3,204,149
                      –3,257,971
                      –3,257,971

                      1264
                      Write-offs for default: Other adjustments, net (+ or -)
                      –6,515

                      1290
                      Outstanding, end of year
                      510,383
                      510,383
                      510,383

             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
                7,500 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
                      2012 actual
                      2013 actual

                      ASSETS:

                      Federal assets: Investments in US securities:

                      1102
                      Treasury securities, par
                      2,169
                      1,038

                      Non-Federal assets:

                      1201
                      Investments in other securities, net
                      275,025
                      208,564

                      1206
                      Accounts receivable
                      1,454
                      1,144

                      1401
                      Net value of assets related to direct loans receivable: Direct loans receivable, gross
                      462,939
                      510,383

                      Other Federal assets:

                      1801
                      Cash and other monetary assets
                      4,040
                      34,093

                      1803
                      Property, plant and equipment, net
                      202
                      220

                      1901
                      Other assets
                      3,153
                      34,006

                      1999
                      Total assets
                      748,982
                      789,448

                      LIABILITIES:

                      2101
                      Federal liabilities: REFCORP and Affordable Housing Program
                      743
                      772

                      Non-Federal liabilities:

                      2202
                      Interest payable
                      1,864
                      1,625

                      2203
                      Debt
                      679,710
                      722,162

                      2207
                      Deposit funds and other borrowing
                      12,579
                      11,278

                      2207
                      Other
                      12,566
                      10,466

                      2999
                      Total liabilities
                      707,462
                      746,303

                      NET POSITION:

                      3100
                      Invested capital
                      41,520
                      43,145

                      4999
                      Total liabilities and net position
                      748,982
                      789,448

          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
                      2013 actual
                      2014 est.
                      2015 est.

                      Position with respect to appropriations act limitation on obligations:

                      1131
                      Direct loan obligations
                      248,974
                      256,392
                      265,366

                      1150
                      Total direct loan obligations
                      248,974
                      256,392
                      265,366

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      69,945
                      70,377
                      74,388

                      1231
                      Disbursements: Direct loan disbursements
                      248,925
                      256,393
                      265,366

                      1251
                      Repayments: Repayments and prepayments
                      –248,498
                      –252,345
                      –263,942

                      Write-offs for default:

                      1263
                      Direct loans

                      –37
                      –50

                      1264
                      Other adjustments, net (+ or -)
                      5

                      1290
                      Outstanding, end of year
                      70,377
                      74,388
                      75,762

             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.

                         2012 act.
                         2013 act.
                         2014 est.
                         2015 est.

                         Beginning balance of net worth
                         4,855,255
                         6,361,670
                         6,609,288
                         6,970,114

                         Capital stock and participations issued
                         5,326
                         627,023
                         3,066
                         200,604

                         Capital stock and participations retired
                         34,124
                         594,864
                         32,900
                         168,950

                         Net income
                         844,422
                         782,279
                         784,863
                         792,172

                         Cash/Dividends/Patronage Distributions
                         –358,491
                         –19,738
                         –407,200
                         –420,108

                         Other, net
                         1,049,282
                         –547,082
                         12,997
                         –17,322

                         Ending balance of net worth
                         6,361,670
                         6,609,288
                         6,970,114
                         7,356,510

                         2012 act.
                         2013 act.
                         2014 est.
                         2015 est.

                         Beginning balance of outstanding system obligations
                         52,767,035
                         79,079,791
                         82,111,600
                         84,871,162

                         Consolidated systemwide and other bank bonds issued
                         29,144,296
                         24,071,306
                         24,793,445
                         25,661,216

                         Consolidated systemwide and other bank bonds retired
                         26,020,538
                         24,497,790
                         22,435,883
                         23,149,652

                         Consolidated systemwide notes, net
                         –865,056
                         3,624,102
                         500,000
                         500,000

                         Other (Net)
                         24,054,054
                         –165,809
                         –98,000
                         –68,500

                         Ending balance of outstanding system obligations
                         79,079,791
                         82,111,600
                         84,871,162
                         87,814,226

          Balance Sheet (in millions of dollars)

                      Identification code 39–4991–0–4–351
                      2012 actual
                      2013 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      18,835
                      22,727

                      1206
                      Accrued interest receivable on loans
                      395
                      367

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

                      1601
                      Direct loans, gross
                      69,945
                      70,377

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –375
                      –450

                      1699
                      Value of assets related to direct loans
                      69,570
                      69,927

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      1,456
                      1,106

                      1999
                      Total assets
                      90,256
                      94,127

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable
                      1,133
                      1,068

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      79,080
                      82,111

                      2201
                      Notes payable and other interest-bearing liabilities
                      3,340
                      4,033

                      2202
                      Accrued interest payable
                      341
                      306

                      2999
                      Total liabilities
                      83,894
                      87,518

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      6,362
                      6,609

                      4999
                      Total liabilities and net position
                      90,256
                      94,127

             Farm Credit Banks

             Status of Direct Loans (in millions of dollars)

                      Identification code 39–4992–0–4–371
                      2013 actual
                      2014 est.
                      2015 est.

                      Position with respect to appropriations act limitation on obligations:

                      1131
                      Direct loan obligations
                      183,518
                      192,750
                      201,791

                      1150
                      Total direct loan obligations
                      183,518
                      192,750
                      201,791

                      Cumulative balance of direct loans outstanding:

                      1210
                      Outstanding, start of year
                      97,404
                      103,071
                      108,005

                      1231
                      Disbursements: Direct loan disbursements
                      183,511
                      192,087
                      202,992

                      1251
                      Repayments: Repayments and prepayments
                      –177,821
                      –187,122
                      –195,588

                      1263
                      Write-offs for default: Direct loans
                      –23
                      –31
                      –26

                      1290
                      Outstanding, end of year
                      103,071
                      108,005
                      115,383

             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, 2013: 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, 2013, 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)

                         2012 act.
                         2013 act.
                         2014 est.
                         2015 est.

                         Beginning balance of net worth
                         8,594,783
                         7,940,682
                         8,615,024
                         8,860,009

                         Capital stock and participations issued
                         173,947
                         462,635
                         180,104
                         232,505

                         Capital stock and participations retired
                         263,410
                         354,071
                         298,982
                         115,407

                         Surplus Retired
                         –307
                         –6
                         0
                         0

                         Net income
                         1,128,466
                         1,195,769
                         1,018,146
                         1,010,835

                         Cash/Dividends/Patronage Distributions
                         –557,716
                         –540,706
                         –596,649
                         –527,610

                         Other, net
                         –1,250,551
                         –89,291
                         –57,634
                         7,964

                         Ending balance of net worth
                         7,940,682
                         8,615,024
                         8,860,009
                         9,468,296

             Financing Activities (in thousands of dollars)

                         2012 act.
                         2013 act.
                         2014 est.
                         2015 est.

                         Beginning balance of outstanding system obligations
                         129,243,811
                         112,291,707
                         118,125,324
                         125,304,036

                         Consolidated systemwide and other bank bonds issued
                         604,654,487
                         283,823,221
                         280,270,571
                         286,994,292

                         Consolidated systemwide and other bank bonds retired
                         596,798,388
                         278,179,850
                         273,275,604
                         279,229,315

                         Consolidated systemwide notes, net
                         –1,849,535
                         190,246
                         183,745
                         913,137

                         Other (Net)
                         –22,958,668
                         0
                         0
                         0

                         Ending balance of outstanding system obligations
                         112,291,707
                         118,125,324
                         125,304,036
                         133,982,150

          Balance Sheet (in millions of dollars)

                      Identification code 39–4992–0–4–371
                      2012 actual
                      2013 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Cash and investment securities
                      23,990
                      24,994

                      1206
                      Accrued Interest Receivable
                      537
                      486

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

                      1601
                      Direct loans, gross
                      97,404
                      103,071

                      1603
                      Allowance for estimated uncollectible loans and interest (-)
                      –72
                      –53

                      1699
                      Value of assets related to direct loans
                      97,332
                      103,018

                      1803
                      Other Federal assets: Property, plant and equipment, net
                      594
                      569

                      1999
                      Total assets
                      122,453
                      129,067

                      LIABILITIES:

                      2104
                      Federal liabilities: Resources payable
                      321
                      315

                      Non-Federal liabilities:

                      2201
                      Consolidated systemwide and other bank bonds
                      112,292
                      118,125

                      2201
                      Notes payable and other interest-bearing liabilities
                      1,587
                      1,720

                      2202
                      Accrued interest payable
                      312
                      292

                      2999
                      Total liabilities
                      114,512
                      120,452

                      NET POSITION:

                      3300
                      Cumulative results of operations
                      7,941
                      8,615

                      4999
                      Total liabilities and net position
                      122,453
                      129,067

             Federal Agricultural Mortgage Corporation

             Status of Guaranteed Loans (in millions of dollars)

                      Identification code 39–4993–0–4–351
                      2013 actual
                      2014 est.
                      2015 est.

                      Position with respect to appropriations act limitation on commitments:

                      2131
                      Guaranteed loan commitments
                      3,224

                      2150
                      Total guaranteed loan commitments
                      3,224

                      Cumulative balance of guaranteed loans outstanding:

                      2210
                      Outstanding, start of year
                      12,468
                      13,786
                      13,786

                      2231
                      Disbursements of new guaranteed loans
                      3,224

                      2251
                      Repayments and prepayments
                      –1,906

                      2290
                      Outstanding, end of year
                      13,786
                      13,786
                      13,786

                      Memorandum:

                      2299
                      Guaranteed amount of guaranteed loans outstanding, end of year
                      1,677

                Farmer Mac
             Farmer 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: the "Farm & Ranch" program involves mortgage loans secured by first liens on
                agricultural real estate, or rural housing (qualified loans); the "USDA guarantees" program involves the guaranteed portions
                of certain USDA-guaranteed loans; and the "Rural Utilities" program involves rural electric and telephone 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; 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 governed by a 15-member Board of Directors. Ten board members are elected by stockholders, including five by
                stockholders that are Farm Credit System (FCS) institutions and five by stockholders that are non-FCS financial services firms.
                Five are appointed by the President, subject to Senate confirmation.

                Financing
             Financial support and funding for Farmer Mac's operations come from several sources: sale of common and preferred stock, issuance
                of debt obligations, and 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 Farmer Mac's guarantee obligations.

             As of September 30, 2013, 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
                      2012 actual
                      2013 actual

                      ASSETS:

                      Non-Federal assets:

                      1201
                      Investment in securities
                      2,636
                      2,503

                      1206
                      Receivables, net
                      128
                      92

                      Net value of assets related to direct loans receivable:

                      1401
                      Direct loans receivable, gross
                      8,798
                      9,767

                      1402
                      Interest receivable
                      70
                      71

                      1499
                      Net present value of assets related to direct loans
                      8,868
                      9,838

                      1801
                      Other Federal assets: Cash and other monetary assets
                      870
                      652

                      1999
                      Total assets
                      12,502
                      13,085

                      LIABILITIES:

                      Non-Federal liabilities:

                      2201
                      Accounts payable
                      184
                      159

                      2202
                      Interest payable
                      35
                      37

                      2203
                      Debt
                      11,640
                      12,237

                      2204
                      Liabilities for loan guarantees
                      43
                      47

                      2999
                      Total liabilities
                      11,902
                      12,480

                      NET POSITION:

                      3300
                      Invested capital
                      600
                      605

                      4999
                      Total liabilities and net position
                      12,502
                      13,085