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Cautionary Note Regarding Certain Previously Reported Financial Reports

Investors and others should not rely on annual or quarterly financial information published prior to December 2004. For financial information for 2002, 2003 and 2004, investors and others should instead review and rely on Fannie Mae's 2004 Form 10-K as filed with the SEC on December 6, 2006.

Prior to Fannie Mae's voluntary registration of its common stock with the SEC on March 31st, 2003, Fannie Mae did not file financial reports with the SEC and instead prepared Annual Information Statements and Quarterly Supplements in lieu of Forms 10-K and 10-Q, respectively.