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Press Release

Fannie Mae Announces Benchmark Buyback Results

May 29, 2002


Jason Lobo


Janis Smith


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 SecuritiesSM issues.


Coupon Maturity Date CUSIP Settlement Date of Repurchase Amount Repurchased Current Amount Outstanding
7.125% February 15, 2005 31359MFH1 May 30, 2002 0 $5.925 billion
7.000% July 15, 2005 31359MFV0 May 30, 2002 0 $9.200 billion
6.000% December 15, 2005 31359MGM9 May 30, 2002 $179 million $5.146 billion
5.250% June 15, 2006 31359MJX2 May 30, 2002 $1,750 million $7.250 billion
      Total Repurchased $1,929 million  

Fannie Mae delayed this morning's scheduled Benchmark Buyback by a few hours due to technical difficulties with new Web-based technology. "By employing tested backup procedures, we conducted a successful buyback of $1.9 billion at 2:00 p.m.," said Linda Knight, senior vice president and treasurer of Fannie Mae. "We expect to employ the new technology for future buybacks."

This announcement is provided only for informational purposes and is neither an offer to buy nor a solicitation of offers to sell any of these securities.

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 more than $3.8 trillion of mortgage financing for 44 million families.

Benchmark Securities is a service 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 "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."