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Press Release

Fannie Mae Announces Benchmark Bonds Buyback Results

December 19, 2003


WASHINGTON, DC -- Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced that it has repurchased the following amounts of outstanding noncallable Benchmark Securities® issues.


Coupon Maturity Date CUSIP Settlement Date of Repurchase Amount Repurchased Current Amount Outstanding
6.625% September 15, 2009 31359MEY5 December 19, 2003 $0.050 Billion $7.950 Billion
7.250% January 15, 2010 31359MFG3 December 19, 2003 $0.159 Billion $8.433 Billion
7.125% June 15, 2010 31359MFS7 December 19, 2003 $0.500 Billion $5.000 Billion
6.625% November 15, 2010 31359MGJ6 December 19, 2003 $0.500 Billion $5.574 Billon
6.000% May 15, 2011 31359MJH7 December 19, 2003 $0.550 Billion $8.500 Billion
      Total Repurchased $1.759 Billion  


Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided over $5.7 trillion of mortgage financing for more than 58 million families.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae's Offering Circular dated January 23, 2003, and that no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

Benchmark Bonds is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."