a421exhibit992

2021 Financial Supplement 2© 2022 Fannie Mae DRAFT ▪ Some of the terms and other information in this presentation are defined and discussed more fully in Fannie Mae's Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). This presentation should be reviewed together with the 2021 Form 10-K, which is available at www.fanniemae.com in the “About Us—Investor Relations—SEC Filings” section. Information on or available through the company's website is not part of this supplement. ▪ Some of the information in this presentation is based upon information from third-party sources such as sellers and servicers of mortgage loans. Although Fannie Mae generally considers this information reliable, Fannie Mae does not independently verify all reported information. ▪ Due to rounding, amounts reported in this presentation may not sum to totals indicated (i.e. 100%), or amounts shown as 100% may not reflect the entire population. ▪ Unless otherwise indicated data is as of December 31, 2021 or for the full year indicated. Data for prior years is as of December 31 or for the full year indicated. ▪ Note references are to endnotes, appearing on pages 24 to 27. ▪ Terms used in presentation CAS: Connecticut Avenue Securities® CIRT™: Credit Insurance Risk Transfer™ CRT: Credit risk transfer DSCR: Weighted-average debt service coverage ratio DTI ratio: Debt-to-income (“DTI”) ratio refers to the ratio of a borrower’s outstanding debt obligations (including both mortgage debt and certain other long-term and significant short-term debts) to that borrower’s reported or calculated monthly income, to the extent the income is used to qualify for the mortgage DUS®: Fannie Mae’s Delegated Underwriting and Servicing program FHFA: The Federal Housing Finance Agency HARP®: Home Affordable Refinance Program®, registered trademarks of the Federal Housing Finance Agency, which allowed eligible Fannie Mae borrowers with high LTV ratio loans to refinance into more sustainable loans LTV ratio: Loan-to-value ratio MSA: Metropolitan statistical area MTMLTV ratio: Mark-to-market loan-to-value ratio, which refers to the current unpaid principal balance of a loan at period end, divided by the estimated current home price at period end OLTV ratio: Origination loan-to-value ratio, which refers to the unpaid principal balance of a loan at the time of origination of the loan, divided by the home price or property value at origination of the loan Refi Plus™: Refi Plus initiative, which offered refinancing flexibility to eligible Fannie Mae borrowers REO: Real estate owned by Fannie Mae because it has foreclosed on the property or obtained the property through a deed-in-lieu of foreclosure TCCA fees: Refers to revenues generated by the 10 basis point guaranty fee increase the company implemented on single-family residential mortgages pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) and as extended by the Infrastructure Investment and Jobs Act the incremental revenue from which is remitted to Treasury and not retained by the company. UPB: Unpaid principal balance

2021 Financial Supplement 3© 2022 Fannie Mae DRAFTTable of Contents Overview Corporate Financial Highlights 5 Selected Financial Data 6 Guaranty Book of Business Highlights 7 Portfolio and Liquidity Management 8 Key Market Economic Indicators 9 Single-Family Business Single-Family Highlights 11 Credit Characteristics of Single-Family Conventional Loan Acquisitions 12 Credit Characteristics of Single-Family Conventional Guaranty Book of Business 13 Single-Family Credit Risk Transfer 14 Single-Family Conventional Guaranty Book of Business in Forbearance 15 Single-Family Problem Loan Statistics 16 Single-Family Cumulative Default Rates 17 Multifamily Business Multifamily Highlights 19 Credit Characteristics of Multifamily Loan Acquisitions 20 Credit Characteristics of Multifamily Guaranty Book of Business 21 Multifamily Serious Delinquency, Credit Loss and Forbearance Rates 22 Endnotes Endnotes 24

2021 Financial Supplement 5© 2022 Fannie Mae DRAFTCorporate Financial Highlights (Dollars in millions) 2021 2020 Variance Q4 2021 Q3 2021 Variance Net interest income $29,587 $24,866 $4,721 $7,587 $6,972 $615 Fee and other income 361 462 (101) 60 111 (51) Net revenues 29,948 25,328 4,620 7,647 7,083 564 Investment gains, net 1,352 907 445 418 243 175 Fair value gains (losses), net 155 (2,501) 2,656 (166) (17) (149) Administrative expenses (3,065) (3,068) 3 (826) (745) (81) Credit-related income (expense) 5,097 (855) 5,952 912 868 44 TCCA fees (3,071) (2,673) (398) (801) (781) (20) Other expenses, net(1) (2,467) (2,259) (208) (692) (543) (149) Income before federal income taxes 27,949 14,879 13,070 6,492 6,108 384 Provision for federal income taxes (5,773) (3,074) (2,699) (1,303) (1,266) (37) Net income $22,176 $11,805 $10,371 $5,189 $4,842 $347 Total comprehensive income $22,098 $11,790 $10,308 $5,184 $4,828 $356 Net worth $47,357 $25,259 $22,098 $47,357 $42,173 $5,184 Net worth ratio(2) 1.1 % 0.6 % 1.1 % 1.0 % Summary of 2021 and Q4 2021 Financial Results 2021 Key Highlights $22.2 billion net income in 2021, with net worth reaching $47.4 billion as of December 31, 2021 Net income increased $10.4 billion in 2021 compared with 2020 primarily driven by: Credit-related income (expense) • $5.1 billion income in 2021 compared with $855 million expense in 2020 driven primarily by strong actual and forecasted home price growth, an increase in the volume of loan redesignations, and a reduction in the company’s estimate of losses it expects to incur as a result of the COVID-19 pandemic, partially offset by increases in interest rates. Net interest income • Increased $4.7 billion in 2021 compared with 2020, driven primarily by higher base guaranty fee income and higher amortization income. An increase in the size of the guaranty book of business combined with an increase in average charged guaranty fees led to higher base guaranty fee income. Fair value gains (losses) • $155 million of fair value gains in 2021, compared with fair value losses of $2.5 billion in 2020. Fair value gains in 2021 were primarily driven by declines in the fair value of risk management derivatives and trading securities, offset by the impact of hedge accounting. Fair value losses in 2020, before the company implemented hedge accounting, were primarily driven by declines in the fair value of commitments to sell mortgage-related securities as prices increased during the commitment period.

2021 Financial Supplement 6© 2022 Fannie Mae DRAFTSelected Financial Data Selected Financial Data (Dollars in millions) As of December 31, 2021 2020 2019 2018 2017 Cash and cash equivalents $ 42,448 $ 38,337 $ 21,184 $ 25,557 $ 32,110 Restricted cash and cash equivalents 66,183 77,286 40,223 23,866 28,150 Investments in securities 89,043 138,239 50,527 45,296 39,522 Mortgage loans, net of allowance 3,968,242 3,653,892 3,334,162 3,249,395 3,178,525 Total assets $ 4,229,166 $ 3,985,749 $ 3,503,319 $ 3,418,318 $ 3,345,529 Short-term debt 2,795 12,173 26,662 24,896 33,756 Long-term debt 4,155,396 3,923,563 3,440,724 3,367,024 3,296,298 Total liabilities $ 4,181,809 $ 3,960,490 $ 3,488,711 $ 3,412,078 $ 3,349,215 Total Fannie Mae stockholders' equity (deficit) $ 47,357 $ 25,259 $ 14,608 $ 6,240 $ (3,686) Loss reserves(3) $ (5,774) $ (10,798) $ (9,047) $ (14,252) $ (19,400) Loss reserves as a percentage of guaranty book of business: Single-family(4) 0.15 % 0.30 % 0.30 % 0.49 % 0.65 % Multifamily(5) 0.17 % 0.32 % 0.08 % 0.08 % 0.09 % For the Year Ended December 31, 2021 2020 2019 2018 2017 Net income $ 22,176 $ 11,805 $ 14,160 $ 15,959 $ 2,463 Return on assets(6) 0.54 % 0.32 % 0.41 % 0.47 % 0.07 %

2021 Financial Supplement 7© 2022 Fannie Mae DRAFT U P B (D ol la rs in tr ill io ns ) $3.2 $3.2 $3.3 $3.6 $3.9 $0.3 $0.3 $0.3 $0.4 $0.4 $2.9 $2.9 $3.0 $3.2 $3.5 2017 2018 2019 2020 2021 $0.0 $1.0 $2.0 $3.0 $4.0 Guaranty Book of Business Highlights Outstanding Guaranty Book of Business at Period End Guaranty Book in a CRT U P B (D ol la rs in b ill io ns ) R efinancings as a % of S F A cquisitions $570 $512 $666 $1,435 $1,424 $66 $65 $70 $76 $69 $223 $156 $283 $948 $904 $281 $291 $313 $411 $451 2017 2018 2019 2020 2021 $0 $500 $1,000 $1,500 30% 45% 60% 75% 90% Single-Family Home Purchases Multifamily Rental Units Single-Family Refinancings Refinancings as % of SF Acquisitions Market Liquidity Provided Total liquidity provided in the fourth quarter of 2021 was over $305 billion Unpaid Principal Balance Units $107.2B 351K Single-Family Home Purchases $177.6B 669K Single-Family Refinancings $20.7B 183K Multifamily Rental Units U P B (D ol la rs in b ill io ns ) $944 $1,180 $1,425 $1,056 $862 $84 $101 $112 $927 $1,143 $1,341 $955 $750 2017 2018 2019 2020 2021 $0 $500 $1,000 Outstanding UPB of single-family loans in a CRT transaction(27) Outstanding UPB of multifamily loans in a CRT transaction UPB outstanding of single-family conventional guaranty book of business(7) UPB outstanding of multifamily guaranty book of business(8)

2021 Financial Supplement 8© 2022 Fannie Mae DRAFTPortfolio and Liquidity Management Sources of Net Interest Income and Retained Mortgage Portfolio Balance Net Worth of Fannie Mae Aggregate Indebtedness of Fannie Mae(14) Other Investments Portfolio ("OIP") % N et In te re st In co m e R etained M ortgage P ortfolio (D ollars in billions) 79% 79% 85% 92% 97%21% 21% 15% 8% 3% $230.8 $179.2 $153.6 $162.7 $109.2 2017 2018 2019 2020 2021 0% 25% 50% 75% 100% $0 $200 $400 % Net interest income from guaranty book of business(12) % Net interest income from portfolios(13) Retained mortgage portfolio, at end of period (D ol la rs in b ill io ns ) $277.8 $272.2 $250.4 $228.1 $199.7 $290.0 $275.1 $252.7 $236.1 $202.5 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $50 $100 $150 $200 $250 $300 (D ol la rs in b ill io ns ) $38.3 $26.5 $48.8 $67.3 $42.4 $28.2 $14.1 $26.1 $130.5 $105.6 $89.7 $92.2 $83.6 $197.0 $146.2 $164.6 $160.0 $133.2 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $50 $100 $150 $200 Cash and cash equivalents(15) Securities purchased under agreements to resell or similar arrangements U.S. Treasury securities Short-term debt Long-term debt Treasury Debt Limit $300 (D ol la rs in b ill io ns ) $(3.7) $6.2 $14.6 $25.3 $47.4 2017 2018 2019 2020 2021

2021 Financial Supplement 9© 2022 Fannie Mae DRAFT R at e (a s of p er io d en d) 4.1% 3.9% 3.6% 6.7% 3.9%2.7% 2.3% 2.6% (2.3)% 5.5% 2017 2018 2019 2020 2021 -10% -5% 0% 5% 10% Key Market Economic Indicators 2.68% 1.92% 0.91% 1.51% 3.50% 2.71% 1.34% 2.07% 4.55% 3.74% 2.67% 3.11% 12/31/2018 12/31/2019 12/31/2020 12/31/2021 Top 10 States by UPB(18) State One Year Home Price Growth Rate Q4 2021 Share of Single-Family Conventional Guaranty Book CA 20.2% 19% TX 21.7% 7% FL 28.5% 6% NY 13.1% 5% WA 22.8% 4% NJ 17.3% 3% CO 21.2% 3% IL 13.8% 3% VA 14.4% 3% NC 24.0% 3% H om e P ric e G ro w th 5.7% 5.0% 4.4% 10.4% 19.0% 2017 2018 2019 2020 2021 0% 5% 10% 15% 20% Benchmark Interest Rates U.S. GDP Growth (Decline) Rate and Unemployment Rate(17) One Year Home Price Growth Rate Q4 2021(18) United States 19.0% Single-Family Home Price Growth Rate(18) Growth (decline) in GDP, annualized change U.S. unemployment rate30-year FRM rate(16) 10-year Treasury rate 30-year Fannie Mae MBS par coupon rate State Growth Rate: 0.0% to 9.99% 10.0% to 14.99% 15.0% to 19.99% 20.0% and above

2021 Financial Supplement 11© 2022 Fannie Mae DRAFT Fannie Mae 38% Freddie Mac 34% Ginnie Mae 24% Private-label securities 4% U P B (D ol la rs in b ill io ns ) $3,161 $3,237 $3,325 $3,400 $3,453 44.5 44.9 45.2 45.4 45.5 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $1,000 $2,000 $3,000 $4,000 0 10 20 30 40 50 U P B (D ol la rs in b ill io ns ) $125 $99 $130 $115 $107 $301 $301 $244 $181 $178 45.8 48.0 47.9 47.3 47.1 $426 $400 $374 $296 $285 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $250 $500 0 10 20 30 40 50 Single-Family Highlights 2021 $25,429M Net interest income $1,392M Investment gains, net $167M Fair value gains, net $4,586M Credit-related income $19,127M Net income Single-Family Conventional Loan Acquisitions(7) Single-Family Conventional Guaranty Book of Business(7) 2021 Single-Family Mortgage-Related Securities Share of Issuances Highlights Refinance Purchase Average charged guaranty fee on new single-family conventional acquisitions, net of TCCA fees (bps)(19) Average single-family conventional guaranty book Average charged guaranty fee on single-family conventional guaranty book, net of TCCA fees (bps)(19) • Single-family conventional acquisition volume was $1.4 trillion in 2021. Purchase acquisition volume was $451.3 billion in 2021, the highest on record, of which nearly 50% were for first-time homebuyers. Refinance acquisition volume was $903.7 billion in 2021, a decline from $947.8 billion in 2020, the highest on record. Both purchase and refinance volumes remained elevated due to the continued low interest-rate environment. • The average single-family conventional guaranty book of business in 2021 increased from 2020 by 9.5%. • Single-family serious delinquency rate decreased to 1.25% as of December 31, 2021, from 1.62% as of September 30, 2021 and 2.87% as of December 31, 2020, due primarily to the on-going economic recovery and the decline in the number of the company’s single-family loans in a COVID-19 forbearance plan.

2021 Financial Supplement 12© 2022 Fannie Mae DRAFT S ha re o f A cq ui si tio ns 56% 65% 52% 30% 33% 20% 12% 28% 51% 43% 22% 22% 20% 19% 24% 2017 2018 2019 2020 2021 0% 25% 50% 75% 100% W ei gh te d- A ve ra ge F IC O C re di t S co re FIC O C redit S core < 680 745 743 749 760 756 10.6% 11.2% 7.3% 4.0% 6.0% 2017 2018 2019 2020 2021 0 200 400 600 800 0% 5% 10% 15% 20% 25% Credit Characteristics of Single-Family Conventional Loan Acquisitions Certain Credit Characteristics of Single-Family Conventional Loans by Acquisition Period 2021 Acquisition Credit Profile by Certain Loan Features Categories are not mutually exclusive Q4 2020 Full Year 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Full Year 2021 OLTV Ratio >95% Home- Ready®(21) FICO Credit Score < 680(10) DTI Ratio > 43%(20) Total UPB (Dollars in billions) $425.6 $1,358.8 $400.5 $373.3 $296.4 $284.5 $1,354.7 $40.1 $38.9 $86.0 $305.9 Weighted-Average OLTV Ratio 70% 71% 68% 70% 70% 70% 69% 97% 83% 71% 72% OLTV Ratio > 95% 2% 2% 2% 2% 4% 4% 3% 100% 28% 1% 3% Weighted-Average FICO® Credit Score(10) 762 760 761 757 753 751 756 746 746 657 747 FICO Credit Score < 680(10) 4% 4% 4% 6% 8% 8% 6% 3% 8% 100% 8% DTI Ratio > 43%(20) 20% 21% 20% 22% 24% 25% 23% 25% 40% 28% 100% Fixed-rate 100% 100% 100% 99% 99% 99% 99% 100% 100% 100% 100% Primary Residence 91% 92% 91% 93% 95% 91% 92% 100% 100% 97% 91% HomeReady®(21) 3% 2% 3% 3% 3% 3% 3% 27% 100% 3% 5% W ei gh te d- A ve ra ge O LT V R at io O rigination LTV > 95% 75% 77% 76% 71% 69% 4.9% 7.5% 6.6% 2.0% 3.0% 2017 2018 2019 2020 2021 0% 20% 40% 60% 80% 100% 0% 5% 10% 15% 20% 25% Origination Loan-to-Value Ratio FICO Credit Score(10) Acquisitions by Loan Purpose Weighted-Average OLTV Ratio % OLTV > 95% Weighted-Average FICO Credit Score % FICO Credit Score < 680 Refi Plus(22) including HARP Other Refinance Cash-out Refinance Purchase

2021 Financial Supplement 13© 2022 Fannie Mae DRAFT S er io us D el in qu en cy R at e (% ) 1.24% 2.87% 1.25% 1.24% 0.76% 0.66% 0.66% 0.81% 2017 2018 2019 2020 2021 0% 1% 2% 3% 4% 5% Certain Credit Characteristics of Single-Family Conventional Guaranty Book of Business by Origination Year and Loan Features(7)(23) As of December 31, 2021 Origination Year Certain Loan Features Categories are not mutually exclusive Overall Book 2008 & Earlier 2009- 2017 2018 2019 2020 2021 OLTV Ratio > 95% Home- Ready®(21) FICO Credit Score < 680(10) Refi Plus Including HARP(22) DTI Ratio > 43%(20) Total UPB (Dollars in billions) $3,483.1 $94.3 $864.7 $98.7 $203.5 $1,043.5 $1,178.4 $160.9 $102.0 $281.6 $152.5 $785.2 Average UPB $198,865 $81,777 $133,323 $168,770 $205,592 $258,943 $275,860 $164,262 $179,526 $152,487 $108,426 $212,703 Share of Single-Family Conventional Guaranty Book 100% 3% 24% 3% 6% 30% 34% 5% 3% 8% 4% 23% Loans in Forbearance by UPB(24) 0.7% 2.5% 1.0% 2.3% 1.5% 0.5% 0.2% 1.6% 1.4% 2.3% 1.2% 1.2% Share of Loans with Credit Enhancement(25) 34% 10% 46% 74% 56% 33% 26% 82% 79% 36% 41% 40% Serious Delinquency Rate(11) 1.25% 4.59% 1.53% 3.76% 2.23% 0.45% 0.09% 2.82% 1.95% 4.25% 1.86% 2.10% Weighted-Average OLTV Ratio 72% 75% 74% 77% 76% 71% 69% 104% 86% 75% 85% 74% OLTV Ratio > 95% 5% 9% 7% 10% 8% 3% 3% 100% 34% 8% 28% 6% Amortized OLTV Ratio(26) 72% 137% 76% 71% 72% 68% 68% 93% 83% 88% 112% 79% Weighted-Average Mark-to-Market LTV Ratio(9) 54% 35% 37% 52% 55% 57% 64% 68% 70% 52% 36% 55% Weighted-Average FICO Credit Score(10) 753 697 748 732 746 761 756 732 742 651 727 741 FICO Credit Score < 680(10) 8% 38% 11% 17% 9% 4% 7% 14% 9% 100% 22% 11% Credit Characteristics of Single-Family Conventional Guaranty Book of Business W ei gh te d- A ve ra ge F IC O C re di t S co re FIC O C redit S core < 680 745 746 746 750 753 11.8% 11.5% 10.5% 9.0% 8.1% 2017 2018 2019 2020 2021 0 200 400 600 800 0% 5% 10% 15% 20% 25% W ei gh te d- A ve ra ge M TM LT V M TM LTV >100% 58% 57% 57% 58% 54% 1.0% 0.4% 0.3% 0.1% 0.3% 2017 2018 2019 2020 2021 0% 10% 20% 30% 40% 50% 60% 70% 0% 2.5% 5% 7.5% 10% Mark-to-Market Loan-to-Value (MTMLTV) Ratio(9) FICO Credit Score(10) SDQ Rate(11) % MTMLTV > 100% Weighted-Average MTMLTV % FICO Credit Score < 680 Weighted-Average FICO Credit Score SDQ Rate SDQ Rate Excluding Loans in Forbearance

2021 Financial Supplement 14© 2022 Fannie Mae DRAFT U P B (D ol la rs in b ill io ns ) $40 $76 $102 $86 $82 $67 $63 $189 $240 $265 $206 $290 $58 $142 $44 $45 $73 $57 $239 $331 $410 $338 $445 $182 $205 2015 2016 2017 2018 2019 2020 2021 $0 $200 $400 $600 Single-Family Credit Risk Transfer U P B (D ol la rs in b ill io ns ) $955 $822 $698 $616 $750 30% 25% 21% 18% 21% Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $500 $1,000 $1,500 0% 10% 20% 30% 40% 2019 2020 2021 Credit Enhancement Outstanding UPB (dollars in billions) Outstanding UPB % of Book(30) Outstanding Outstanding UPB % of Book(30) Outstanding Outstanding UPB % of Book(30) Outstanding Primary mortgage insurance & other(28) $653 22% $681 21% $697 20% Connecticut Avenue Securities(29) $919 31% $608 19% $512 14% Credit Insurance Risk Transfer(27) $275 10% $216 7% $168 5% Lender risk-sharing(29) $147 5% $131 4% $70 2% (Less: loans covered by multiple credit enhancements) ($438) (15)% ($304) (9)% ($253) (7)% Total single-family loans with credit enhancement $1,556 53% $1,332 42% $1,194 34% Single-Family Credit Risk Transfer Issuance Single-Family Credit Risk Transfer Single-Family Loans with Credit Enhancement % Single-family conventional guaranty book in a CRT transaction Outstanding UPB of single-family loans in a CRT transaction(27) Lender risk-sharing Connecticut Avenue Securities Credit Insurance Risk Transfer

2021 Financial Supplement 15© 2022 Fannie Mae DRAFTSingle-Family Conventional Guaranty Book of Business in Forbearance Delinquency Status of Loans in Forbearance(33) as of December 31, 2021 Single-Family Loan Forbearance Status(34) As of December 31, 2021 Certain Credit Characteristics of Single-Family Loans in Forbearance(31) As of December 31, 2021 Origination Year Categories are not mutually exclusive Total 2008 & Earlier 2009- 2017 2018 2019 2020 2021 Total UPB (Dollars in billions) $23.6 $2.4 $8.7 $2.3 $3.1 $5.1 $2.0 Average UPB $200,826 $122,521 $173,512 $206,411 $240,064 $289,722 $315,550 Share of Single-Family Conventional Guaranty Book based on Loan Count 0.7% 0.1% 0.3% 0.1% 0.1% 0.1% 0.0% Share of Single-Family Conventional Guaranty Book based on UPB(32) 0.7% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% MTMLTV Ratio > 80% without Mortgage Insurance 0.5% 0.3% 0.1% 0.0% 0.0% 0.1% 0.0% DTI Ratio > 43%(20) 39.7% 4.1% 13.2% 5.0% 5.8% 8.3% 3.3% FICO Credit Score < 680(10) 27.8% 5.2% 10.6% 3.3% 3.1% 3.8% 1.8% OLTV Ratio > 95% 11.1% 1.1% 4.5% 1.7% 1.9% 1.4% 0.5% U P B (D ol la rs in b ill io ns ) N um ber of Loans $3.8 $2.0 $1.9 $5.6 $10.3 20K 10K 10K 28K 50K Current 30 to 59 days DLQ 60 to 89 days DLQ 90 to 180 days DLQ 180+ days DLQ $0.0 $5.0 $10.0 0K 30K 60K 8.4% 4.4% 35.1% 20.6% 26.9% 4.6% Active forbearance Delinquent at Exit or Other(35) Paid off Reinstated(37) Payment Deferral Modification(36) 1,414,289 Total Loans that have received a forbearance

2021 Financial Supplement 16© 2022 Fannie Mae DRAFT U P B (D ol la rs in b ill io ns ) N um ber of Loan W orkouts $13.8 $16.6 $7.7 $5.3 $8.4 $56.0 $62.1100.6K 118.1K 56.3K 299.2K 342.7K 2017 2018 2019 2020 2021 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 0K 50K 100K 150K 200K 250K 300K 350K R E O E nd in g In ve nt or y (U ni ts in th ou sa nd s) 26 20 18 8 7 2017 2018 2019 2020 2021 0 10 20 30 Single-Family Problem Loan Statistics State Serious Delinquency Rate(11) Average Months to Foreclosure(38) CA 1.01% 30 TX 1.48% 29 FL 1.59% 43 NY 2.24% 65 WA 0.85% 38 NJ 1.90% 42 CO 0.82% 30 IL 1.55% 25 VA 1.11% 17 NC 1.03% 26 State SDQ Rate: Single-Family Serious Delinquency Rate by State as of December 31, 2021(11) Top 10 States by UPB Single-Family Loan Workouts Single-Family REO Ending Inventory 0.51% to 0.99% 1.00% to 1.99% 2.00% to 2.99% 3.00% and above Other(39) Total Loan Workouts Modifications(40) Payment Deferrals $9.3 $19.0$16.7 $62.9 $71.4

2021 Financial Supplement 17© 2022 Fannie Mae DRAFT Time Since Beginning of Origination Year C um ul at iv e D ef au lt R at e 2004* 2005* 2006* 2007* 2008* 2009** 2010** 2011** 2012** 2013** 2014** 2015** 2016** 2017** 2018** 2019** 2020** 2021** Y r1 Y r2 Y r3 Y r4 Y r5 Y r6 Y r7 Y r8 Y r9 Y r1 0 Y r1 1 Y r1 2 Y r1 3 Y r1 4 Y r 1 5 Y r 1 6 Y r 1 7 Y r 1 8 0% 2% 4% 6% 8% 10% 12% 14% 16% Single-Family Cumulative Default Rates Cumulative Default Rates of Single-Family Conventional Guaranty Book of Business by Origination Year(55) 2007 2009 2006 201020112012 * Loans originated prior to 2009 represent only 3% of the single-family conventional guaranty book of business as of December 31, 2021. **As of December 31, 2021, cumulative default rates on the loans originated in each individual year from 2009-2021 were less than 1%. 2004 2008 2005

2021 Financial Supplement 19© 2022 Fannie Mae DRAFT U P B (D ol la rs in b ill io ns ) $384.5 $399.1 $401.9 $408.1 $413.1 74.5 75.9 76.8 77.5 78.4 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $100 $200 $300 $400 0 10 20 30 40 50 60 70 80 90 U P B (D ol la rs in b ill io ns ) $27.1 $21.5 $10.9 $16.4 $20.7 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $5 $10 $15 $20 $25 $30 Multifamily Highlights • New multifamily business volume was $69.5 billion in 2021, of which more than 50% was mission-driven business. This met the requirements established by the Federal Housing Finance Agency (FHFA) for 2021 volumes, including a multifamily volume cap of $70 billion. • The multifamily guaranty book of business grew by 7% in 2021 to $413.1 billion. The average charged guaranty fee on the multifamily book increased from 74.5 basis points as of December 31, 2020 to 78.4 basis points as of December 31, 2021. • As of December 31, 2021, nearly 90% of the loans in the company’s multifamily guaranty book of business that had received a forbearance, measured by unpaid principal balance, were in a repayment plan or reinstated. Less than 0.1% of the multifamily book, or $363 million in unpaid principal balance, was still in active forbearance. 2021 $4,158M Net interest income $92M Fee and other income $(12)M Fair value losses, net $511M Credit-related income $3,049M Net income Multifamily New Business Volume Multifamily Guaranty Book of Business(8) Multifamily Credit Risk Transfer Highlights U P B (D ol la rs in b ill io ns ) $29.0 $28.7 $28.6 $28.2 $27.1 $72.1 $71.3 $70.0 $68.3 $84.9 26% 25% 25% 24% 27% $101.1 $100.0 $98.6 $96.5 $112.0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $0 $25 $50 $75 $100 10% 15% 20% 25% 30% 35% 40% Average charged guaranty fee on multifamily guaranty book of business (in bps) at period end UPB outstanding of multifamily guaranty book of business UPB outstanding of multifamily loans in a Multifamily Connecticut Avenue SecuritiesTM transaction % Multifamily guaranty book in a Multifamily CRT transaction UPB outstanding of multifamily loans in a Multifamily CIRT transaction

2021 Financial Supplement 20© 2022 Fannie Mae DRAFT S ha re o f A cq ui si tio ns 80% 89% 93% 93% 89% 20% 11% 7% 7% 11% 2017 2018 2019 2020 2021 0% 20% 40% 60% 80% 100% Credit Characteristics of Multifamily Loan Acquisitions Certain Credit Characteristics of Multifamily Loans by Acquisition Period(8) Categories are not mutually exclusive 2017 2018 2019 2020 2021 Total UPB (Dollars in billions) $67.1 $65.4 $70.2 $76.0 $69.5 Weighted-Average OLTV Ratio 67% 65% 66% 64% 65% Loan Count 3,861 3,723 4,113 5,051 4,203 % Lender Recourse(41) 100% 100% 100% 99% 100% % DUS(42) 98% 99% 100% 99% 99% % Full Interest-Only 26% 33% 33% 38% 40% Weighted-Average OLTV Ratio on Full Interest-Only Acquisitions 58% 58% 59% 58% 59% Weighted-Average OLTV Ratio on Non-Full Interest-Only Acquisitions 70% 68% 69% 68% 68% % Partial Interest-Only(43) 57% 53% 56% 50% 50% S ha re o f A cq ui si tio ns 41% 32% 33% 29% 27% 59% 68% 66% 70% 72% 2017 2018 2019 2020 2021 0% 20% 40% 60% 80% 100% $5.5B $3.6B $3.6B$2.5B $2.0B $1.9B $1.7B $1.6B $1.5B $1.4B Share of Acquisitions: 36% Total UPB: $25.3B Origination Loan-to-Value Ratio(8) Top 10 MSAs by 2021 Acquisition UPB(8) Acquisitions by Note Type(8) % OLTV ratio less than or equal to 70% % OLTV ratio greater than 70% and less than or equal to 80% % OLTV ratio greater than 80% New York Chicago Los Angeles Phoenix Dallas Denver Washington D.C Houston Atlanta San Diego Variable-rate Fixed-rate

2021 Financial Supplement 21© 2022 Fannie Mae DRAFT Certain Credit Characteristics of Multifamily Guaranty Book of Business by Acquisition Year, Asset Class, or Targeted Affordable Segment(8) As of December 31, 2021 Acquisition Year Asset Class or Targeted Affordable Segment Categories are not mutually exclusive Overall Book 2008 & Earlier 2009-2016 2017 2018 2019 2020 2021 Conventional /Co-op(44) Seniors Housing(44) Student Housing(44) Manufactured Housing(44) Privately Owned with Subsidy(48) Total UPB (Dollars in billions) $413.1 $7.0 $87.6 $51.9 $56.3 $66.9 $74.2 $69.2 $363.5 $16.8 $14.6 $18.2 $47.2 % of Multifamily Guaranty Book 100% 2% 21% 12% 14% 16% 18% 17% 88% 4% 4% 4% 11% Loan Count 28,856 2,784 7,169 2,788 3,147 3,818 4,958 4,192 25,977 629 641 1,609 3,838 Average UPB (Dollars in millions) $14.3 $2.5 $12.2 $18.6 $17.9 $17.5 $15.0 $16.5 $14.0 $26.6 $22.8 $11.3 $12.3 Weighted-Average OLTV Ratio 65% 69% 66% 66% 65% 66% 64% 65% 65% 66% 66% 65% 68% Weighted-Average DSCR(46) 2.1 3.1 1.9 2.0 1.9 1.9 2.4 2.3 2.1 1.8 1.8 2.2 2.2 % Fixed rate 91% 25% 92% 88% 93% 94% 94% 89% 92% 62% 82% 93% 85% % Full Interest-Only 33% 28% 23% 31% 35% 34% 38% 40% 35% 13% 30% 25% 25% % Partial Interest-Only(43) 51% 19% 48% 54% 53% 56% 50% 50% 50% 59% 63% 58% 44% % Small Balance Loans(45) 42% 91% 50% 31% 28% 35% 36% 26% 42% 14% 24% 50% 48% % DUS(8) 99% 91% 99% 98% 100% 100% 99% 99% 99% 98% 100% 100% 98% Serious Delinquency Rate(47) 0.42% 0.03% 0.80% 0.90% 0.47% 0.36% 0.08% 0.00% 0.30% 1.30% 2.87% 0.06% 0.13% Credit Characteristics of Multifamily Guaranty Book of Business $36.4B $26.8B $17.7B$17.4B $11.8B $10.8B $10.7B $10.7B $10.4B $10.1B Share of Book of Business: 39.4% Total Top 10 UPB: $162.8B $5.5B $10.9B $15.3B $22.4B $38.3B$320.7B Total UPB: $413.1B UPB by Maturity Year As of December 31, 2021(8) Top 10 MSAs by UPB As of December 31, 2021(8) Certain Credit Characteristics of Guaranty Book New York Houston Los Angeles Chicago Dallas Phoenix Washington D.C. Seattle Atlanta San Francisco 2022 2025 2023 2026 2024 Other W ei gh te d- A ve ra ge D S C R W eighted-A verage O LTV R atio 2.1 2.0 1.9 2.0 2.1 67% 66% 66% 66% 65% 2017 2018 2019 2020 2021 0.0 1.0 2.0 0 10 20 30 40 50 60 70 Weighted-Average DSCR(46) Weighted-Average OLTV Ratio

2021 Financial Supplement 22© 2022 Fannie Mae DRAFT S er io us D el in qu en cy R at e 0.63% 0.71% 0.59% 0.24% 0.10% 0.05% 0.07% 0.05% 0.11% 0.06% 0.04% 0.98% 0.42% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% Multifamily Serious Delinquency, Credit Loss and Forbearance Rates 0.7% 1.1% 0.9% 0.3% 0.1% —% —% 0.1% —% 0.1% —% 0.1% —% —% —% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0% 0.5% 1% 1.5% 2% Serious Delinquency Rates(47) Multifamily Loan Forbearance Status as of December 31, 2021(50) Cumulative Total Credit Loss Rate, Net by Acquisition Year Through 2021(49) $5.7B UPB in Forbearance Active Forbearance(51) Defaulted(52) Liquidations, Including Foreclosures(54)Reinstated(53) Repayment Plan 6.4% 3.3% 16.7% 54.8% 18.8%

2021 Financial Supplement 24© 2022 Fannie Mae DRAFT (1) Other expenses, net are comprised of credit enhancement expense, change in expected credit enhancement recoveries, debt extinguishment gains and losses, housing trust fund expenses, loan subservicing costs, servicer fees paid in connection with certain loss mitigation activities, and gains and losses from partnership investments. (2) Calculated based upon net worth divided by total assets outstanding at the end of the period. (3) Consists of the company's allowance for loan losses and reserve for guaranty losses. The measurement of loss reserves was impacted upon the adoption of the CECL standard on January 1, 2020, prospectively. See “Note 1, Summary of Significant Accounting Policies” in the Company's 2021 Form 10K for more information about its adoption of the CECL standard. (4) Calculated based on single-family conventional guaranty book of business. (5) Prior to the company's adoption of the CECL standard on January 1, 2020, benefits for freestanding credit enhancements were netted against multifamily loss reserves. As of January 1, 2020, these credit enhancements are recorded in “Other assets” in the company's consolidated balance sheet. (6) Calculated based on net income for the reporting period divided by average total assets during the period, expressed as a percentage. Average balances for purposes of ratio calculations are based on balances at the beginning of the year and at the end of each quarter for each year shown. (7) Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae; (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized; and (c) other credit enhancements that Fannie Mae provided on single- family mortgage assets, such as long-term standby commitments. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. (8) The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Data reflects the latest available information as of December 31, 2021. (9) The average estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property at period end, which the company calculates using an internal valuation model that estimates periodic changes in home value. Excludes loans for which this information is not readily available. (10) FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. (11) Single-family SDQ rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company’s single-family conventional guaranty book of business, based on loan count. Single-family SDQ rate for loans in a particular category refers to SDQ loans in the applicable category, divided by the number of loans in the single-family conventional guaranty book of business in that category. (12) Net interest income from guaranty book of business includes the impact of a 10 basis point guaranty fee increase implemented in 2012 pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 and as extended by the Infrastructure Investment and Jobs Act, the incremental revenue from which is remitted to Treasury and not retained by the company. (13) Includes interest income from assets held in the company’s retained mortgage portfolio and other investments portfolio, as well as other assets used to generate lender liquidity. Also includes interest expense on the company’s outstanding corporate debt and Connecticut Avenue Securities® debt. (14) Reflects the company's aggregate indebtedness at the end of each period presented measured in unpaid principal balance and excludes effects of debt basis adjustments and debt of consolidated trusts. . Endnotes

2021 Financial Supplement 25© 2022 Fannie Mae DRAFT Endnotes (15) Cash equivalents are comprised of overnight repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. (16) Refers to the U.S. weekly average fixed-rate mortgage rate according to Freddie Mac's Primary Mortgage Market Survey®. These rates are reported using the latest available data for a given period. (17) U.S. Gross Domestic Product ("GDP") annual growth (decline) rate are based on the annual "percentage change from fourth quarter to fourth quarter one year ago" calculated by the Bureau of Economic Analysis and are subject to revision. (18) Home price estimates are based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of December 2021. Including subsequent data may lead to materially different results. Home price growth rate is not seasonally adjusted. UPB estimates are based on data available through the end of December 2021, and the top 10 states are reported by UPB in descending order. One-year home price growth rate is for the 12-month period ending December 31, 2021. (19) Represents, on an annualized basis, the sum of the base guaranty fees charged during the period for the company's single-family conventional guaranty arrangements plus the recognition of any upfront cash payments relating to these guaranty arrangements based on an estimated average life at the time of acquisition. Excludes the impact of a 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by the company. (20) Excludes loans for which this information is not readily available. From time to time, the company revises its guidelines for determining a borrower’s DTI ratio. The amount of income reported by a borrower and used to qualify for a mortgage may not represent the borrower’s total income; therefore, the DTI ratios reported may be higher than borrowers' actual DTI ratios. (21) Refers to HomeReady® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans acquired or in the single-family conventional guaranty book of business for the periods shown. See the “OLTV Ratio > 95%” category for information on the single-family loans acquired or in the single-family conventional guaranty book of business with origination LTV ratios greater than 95%. (22) "Refi Plus" refers to loans acquired under Fannie Mae's Refi Plus initiative, which offered refinancing flexibility to eligible Fannie Mae borrowers who were current on their loans and who applied prior to the initiative’s December 31, 2018 sunset date. Refi Plus had no limits on maximum LTV ratio and provided mortgage insurance flexibilities for loans with LTV ratios greater than 80%. (23) Calculated based on the aggregate unpaid principal balance of single-family loans for each category divided by the aggregate unpaid principal balance of loans in the single-family conventional guaranty book of business. Loans with multiple product features are included in all applicable categories. (24) Consists of loans that are in an active forbearance as of December 31, 2021. (25) Percentage of loans in the single-family conventional guaranty book of business, measured by unpaid principal balance, included in an agreement used to reduce credit risk by requiring collateral, letters of credit, mortgage insurance, corporate guarantees, inclusion in a credit risk transfer transaction reference pool, or other agreement that provides for Fannie Mae's compensation to some degree in the event of a financial loss relating to the loan. (26) Amortized origination loan-to-value ratio is calculated based on the current UPB of a loan at period end, divided by the home price at origination of the loan. (27) Includes mortgage pool insurance transactions covering loans with an unpaid principal balance of approximately $1.5 billion outstanding as of December 31, 2021. (28) Refers to loans included in an agreement used to reduce credit risk by requiring primary mortgage insurance, collateral, letters of credit, corporate guarantees, or other agreements to provide an entity with some assurance that it will be compensated to some degree in the event of a financial loss. Excludes loans covered by credit risk transfer transactions unless such loans are also covered by primary mortgage insurance.

2021 Financial Supplement 26© 2022 Fannie Mae DRAFT (29) Outstanding unpaid principal balance represents the underlying loan balance, which is different from the reference pool balance for CAS and some lender risk-sharing. (30) Based on the unpaid principal balance of the single-family conventional guaranty book of business as of period end. (31) Calculated based on the unpaid principal balance of loans in forbearance with the specific credit characteristic and vintage divided by the total unpaid principal balance of loans in forbearance in that origination year at period end. (32) Share of single-family conventional guaranty book based on UPB was calculated based upon the unpaid principal balance of loans in forbearance by vintage divided by the total unpaid principal balance of the single-family conventional guaranty book of business at period end. (33) Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of the company's disclosures regarding delinquency status, loans receiving COVID-19-related payment forbearance are reported as delinquent according to the contractual terms of the loan. (34) As a part of the company's relief programs and pursuant to the CARES Act, the company has authorized servicers to permit payment forbearance to borrowers experiencing a COVID-19-related financial hardship for up to 12 months without regard to the delinquency status of the loan, and for borrowers already in forbearance as of February 28, 2021, for a total of up to 18 months, provided that the forbearance does not result in the loan becoming greater than 18 months delinquent. The company estimates that, through December 31, 2021, approximately 8% of the single-family loans, based on loan count, in the single-family conventional guaranty book of business as of March 31, 2020 have been in a COVID-19-related forbearance at some point between then and December 31, 2021. (35) Consists of 60,638 loans that were delinquent upon the expiration of the forbearance arrangement and 2,431 loans that exited forbearance through a repayment plan. (36) Includes loans that are in trial modifications. (37) Represents single-family loans that are no longer in forbearance but are current according to the original terms of the loan. Also includes loans that remained current throughout the forbearance arrangement and continue to perform. (38) Measured from the borrowers’ last paid installment on their mortgages to when the related properties were added to the company's REO inventory for foreclosures completed during the twelve months ended December 31, 2021. Home Equity Conversion Mortgages insured by the Department of Housing and Urban Development are excluded from this calculation. (39) Includes repayment plans and foreclosure alternatives. Repayment plans reflect only those plans associated with loans that were 60 days or more delinquent. Beginning with the year ended December 31, 2020, completed forbearance arrangements are excluded. (40) There were approximately 39,100 loans in a trial modification period that was not complete as of December 31, 2021. (41) Represents the percentage of loans with lender risk-sharing agreements in place, measured by unpaid principal balance. (42) Under the Delegated Underwriting and Servicing ("DUS") program, Fannie Mae acquires individual, newly originated mortgages from specially approved DUS lenders using DUS underwriting standards and/or DUS loan documents. Because DUS lenders generally share the risk of loss with Fannie Mae, they are able to originate, underwrite, close and service most loans without a pre-review by the company. (43) Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. Endnotes

2021 Financial Supplement 27© 2022 Fannie Mae DRAFT Endnotes (44) See https://multifamily.fanniemae.com/financing-options/products for definitions. Loans with multiple product features are included in all applicable categories. (45) Small balance loans refers to multifamily loans with an original unpaid balance of up to $6 million nationwide. (46) Weighted-average debt service coverage ratio, or "DSCR", is calculated using the latest available income information from annual statements for these properties. When operating statement information is not available, the DSCR at the time of acquisition is used. If both are unavailable, the underwritten DSCR is used. Although the company uses the most recently available results from their multifamily borrowers, there is a lag in reporting, which typically can range from three to six months, but in some cases may be longer. Accordingly, the financial information Fannie Mae has received from borrowers may not reflect the most recent impacts of the COVID-19 pandemic. Co-op loans are excluded from this metric. (47) Multifamily SDQ rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business, based on unpaid principal balance. Multifamily SDQ rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to SDQ loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. (48) The Multifamily Affordable Business Channel focuses on financing properties that are under an agreement that provides long-term affordability, such as properties with rent subsidies or income restrictions. The parameters to qualify under Privately Owned with Subsidy were expanded in Q3 2021, resulting in an increase in properties classified as targeted affordable volume. (49) Cumulative net credit loss rate is the cumulative net credit losses (gains) through December 31, 2021 on the multifamily loans that were acquired in the applicable period, as a percentage of the total acquired unpaid principal balance of multifamily loans in the applicable period. Net credit losses include expected benefit of freestanding loss-sharing benefit, primarily multifamily DUS lender-risk sharing transactions. (50) Displays the status and percentage of UPB as of current period end of the multifamily loans in the guaranty book of business that have received a forbearance since the onset of the COVID-19 pandemic, including $124.3 million of active non-COVID related forbearance, as well as loans that liquidated prior to period end. Since the COVID-19 pandemic was declared a national emergency in March 2020, Fannie Mae has broadly offered forbearance to affected multifamily borrowers. Nearly all of the multifamily loans that received forbearance were associated with a COVID-19-related financial hardship. (51) Includes loans that are in the process of extending their forbearance. (52) Includes loans that are no longer in forbearance and are not on a repayment plan. Loans in this population may proceed to other loss mitigation activities, such as foreclosure or modification. (53) Represents multifamily loans that are no longer in forbearance but are current according to the original terms of the loan. (54) Of the $957 million in loans that liquidated prior to December 31, 2021, $238 million went to foreclosure prior to that date, largely as a result of the foreclosure of loans within a seniors housing portfolio. (55) Defaults include loan foreclosures, short sales, sales to third parties at the time of foreclosure and deeds-in-lieu of foreclosure. Cumulative Default Rate is the total number of single- family conventional loans in the guaranty book of business originated in the identified year that have defaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the identified year. Data as of December 31, 2021 is not necessarily indicative of the ultimate performance of the loans and performance may change, perhaps materially, in future periods.