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Press Release

Fannie Mae Announces Initial Dividend for Preferred Stock Series T

May 20, 2008


Jason Lobo


WASHINGTON, DC -- The Board of Directors of Fannie Mae (FNM/NYSE) today declared an initial dividend of $0.23490 per share on the company's preferred stock Series T. The dividend payment for preferred stock Series T will be paid on June 30, 2008, to registered stock holders, as shown on the books of the corporation at the close of business on June 16, 2008, for the period from and including May 19, 2008, to but excluding June 30, 2008.

This preferred stock dividend was declared in accordance with the Certificate of Designation of Terms for our preferred stock Series T, which is available in the preferred stock offering circulars page on the company's Web site,

Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. In 2008, we mark our 70th year of service to America's housing market. Our job is to help those who house America.

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 applicable offering documents, 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.