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Press Release

Fannie Mae Announces Benchmark Buyback Results

March 20, 2003


Jason Lobo


WASHINGTON, DC – Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced that it would begin repurchasing the following outstanding Noncallable Benchmark Securities® issues on Thursday, March 20, 2003. There is no guarantee that any security identified for this buyback transaction will be repurchased. Minimum outstanding size after all repurchases for Benchmark Securities with maturities of 10 years or less will be $4 billion.


Coupon Maturity Date CUSIP Settlement Date of Repurchase Amount Repurchased Current Amount Outstanding
3.500% September 15, 2004 31359MKW2 March 21, 2003 $0.350 billion $6.650 billion
7.125% February 15, 2005 31359MFH1 March 21, 2003 $0.275 billion $5.650 billion
3.875% March 15, 2005 31359MMG5 March 21, 2003 $0.000 billion $6.000 billion
7.000% July 15, 2005 31359MFV0 March 21, 2003 $0.000 billion $9.200 billion
5.500% February 15, 2006 31359MHB2 March 21, 2003 $0.000 billion $10.500 billion
5.250% January 15, 2009 31359MEK5 March 21, 2003 $0.150 billion $6.850 billion
6.375% June 15, 2009 31359MEV1 March 21, 2003 $0.175 billion $7.196 billion
6.625% September 15, 2009 31359MEY5 March 21, 2003 $0.150 billion $8.290 billion
      Total Repurchased $1.100 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 $4.5 trillion of mortgage financing for more than 49 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 28, 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 Notes and Benchmark Securities are registered marks of Fannie Mae. Unauthorized use of these marks 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."