Fannie Mae Announces Scheduled April 2002 Benchmark Notes and Bonds

Business Wire, April 15, 2002

Business Editors

WASHINGTON--(BUSINESS WIRE)--April 15, 2002

New Issue 2-year Benchmark Notes due April 15, 2004 and Reopening

6.625 Percent 30-year Benchmark Bonds due November 15, 2030

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                           2-Year                 30-Year (reopening)
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Settlement Date            April 22, 2002         April 22, 2002
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Original Term              2 years                30 years
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Maturity Date              April 15, 2004         November 15, 2030
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Current Outstanding Size   N/A                    $3.75 billion USD
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Issue Size                 $5.0-6.0 billion USD   N/A
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Reopening Amount           N/A                    $250 million USD
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Payment Dates              Each April 15th and    Each May 15th and
                           October 15th,          November 15th,
                           Beginning October      Beginning November
                           15th, 2001             15th, 2001
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Pricing Date               April 18, 2002         April 18, 2002
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CUSIP                      31359MMU4              31359MGK3
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Listing                    Luxembourg Stock       Luxembourg Stock
                           Exchange               Exchange
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Bear, Stearns & Co. Inc., Credit Suisse First Boston Corporation, and Goldman, Sachs & Co. are the joint lead managers. The co-managers include Countrywide Securities Corporation, Deutsche Bank Securities Inc., Greenwich Capital, Lehman Brothers Inc., Merrill Lynch & Co. Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co., Salomon Smith Barney Inc., and UBS Warburg, LLC.

There is a designated selling group comprised of 11 additional dealers. There is no syndicate group for this 30-year reopening.

Fannie Mae's Universal Debt Facility Offering Circular is used for all of our debt securities settling upon original issuance on or after February 1, 2002.

This offering document may be accessed via Fannie Mae's Web site at http://www.fanniemae.com/markets/debt/debt_tools_resources/ offering_circulars.jhtml.(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field).

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 $3.6 trillion of mortgage financing for nearly 43 million families.

More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.

Benchmark Notes is a registered mark and Benchmark Bonds is a service 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."