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Press Release

Fannie Mae Announces Third Quarter Common and Preferred Stock Dividends

August 8, 2008

Jason Lobo


Latressa Cox


WASHINGTON, DC -- The Board of Directors of Fannie Mae (FNM/NYSE) yesterday declared a third quarter dividend on the company's common stock of five cents ($0.05) per share, down from thirty-five cents ($0.35) per share in the previous quarter. The common stock dividend has been reduced to preserve $1.9 billion in capital through 2009.

The dividend payment on the common stock will be made to registered holders of common stock as shown on the books of the corporation at the close of business on August 18, 2008, and will be paid on August 29, 2008.

The Board also declared dividend payments for the following series of preferred stock:

Outstanding Preferred Stock Dividend Payment Per Share
Series D $0.65625
Series E $0.63750
Series F $0.1700
Series G $0.5738
Series H $0.7263
Series I $0.6719
Series L $0.6406
Series M $0.5938
Series N $0.6875
Series O $0.8750
Series P $0.2875
Series Q $0.4219
Series R $0.4766
Series S $0.5156
Series T $0.51563
Convertible Series 2004-1 $1,343.75
Convertible Series 2008-1 $1.6528

Dividend payments for the preferred stock will be paid on September 30, 2008, to registered stock holders, as shown on the books of the corporation at the close of business on September 15, 2008, for the period from and including June 30, 2008 (or, May 14, 2008 in the case of Convertible Series 2008-1 Preferred Stock), to but excluding September 30, 2008.

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.

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 enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America's housing market. Our job is to help those who house America.