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Press Release

Fannie Mae Announces Benchmark Notes and Benchmark Bonds Buyback Results

December 20, 2002

Janis Smith

202-752-6673

Fannie Mae Announces Benchmark Notes® and Benchmark Bonds® Buyback Results

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

6.125%

 March 15, 2012 31359MMQ3 December 23, 2002 $0.675 billion $4.800 billion

6.375%

 June 15, 2009 31359MEV1 December 23, 2002 $0.000 billion $7.371 billion

6.625%

 September 15, 2009 31359MEY5 December 23, 2002 $0.000 billion $8.440 billion

7.125%

 June 15, 2010 31359MFS7 December 23, 2002 $0.025 billion $6.600 billion

7.125%

 January 15, 2030 31359MFJ7 December 23, 2002 $0.100 billion $3.558 billion

7.250%

 May 15, 2030 31359MFP3 December 23, 2002 $0.100 billion $3.925 billion

7.250%

 January 15, 2010 31359MFG3 December 23, 2002 $0.109 billion $8.891 billion
      Total Repurchased $1.009 billion  

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 $4 trillion of mortgage financing for 47 million families.

Benchmark Notes and Benchmark Bonds are registered marks and Benchmark Securities is a trademark 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."