William Maloni to Become Fannie Mae's Senior Advisor; Duane Duncan Named Senior Vice President for Government and Industry Relations

Business Wire, May 1, 2002

Business Editors

WASHINGTON--(BUSINESS WIRE)--May 1, 2002

Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages, today announced that William Maloni will become senior advisor to the company and also announced its intention to promote Duane Duncan to senior vice president for government and industry relations.

"Since Bill arrived in 1983, he has been an extraordinary contributor to the company's success. From helping to turn around the company in the mid-1980s to his integral work on the 1992 legislation and his efforts to respond to policy issues, Bill has been at the helm of the outstanding government relations' program at Fannie Mae. I am delighted that he will continue to provide his strategic advice," said Franklin D. Raines, Fannie Mae's Chairman and Chief Executive Officer. "We also are pleased to announce that Duane will become our new head of government and industry relations. Duane brings years of experience along with a broad knowledge of and strong relationships on Capitol Hill and throughout the financial and housing communities."

As senior vice president, Duncan will have overall responsibility for the company's legislative, as well as industry, and government relations, and will serve on the Company's Operating Committee. This promotion is subject to approval by the Board of Directors.

Duncan joined the company in 1995 as director of government and industry relations and was promoted to vice president in 1996 with responsibility for the development of relationships with key members of the House of Representatives, the Senate and their staff. Prior to joining Fannie Mae, he was chief of staff for U.S. Representative Richard Baker (R-LA).

In this capacity, he coordinated and directed congressional and legislative activities, and served as counsel to Rep. Baker on all matters before the House Banking, Finance & Urban Affairs Committee. Duncan received a juris doctorate from George Mason University School of Law and a bachelor of arts degree from Randolph-Macon College.

Maloni joined the company in 1983 as director of congressional relations. He was elected vice president in 1984 and subsequently became senior vice president for government relations in 1987. In March of 1989, Maloni assumed his current position of senior vice president of government and industry relations.

Prior to joining Fannie Mae, Maloni was special assistant to the Board of Governors of the Federal Reserve Board, where he was the senior congressional liaison for the nation's central bank. In 1980 and 1981, he was director of congressional relations for the Federal Home Loan Bank Board.

He also served for 12 years as special assistant to U.S. Representative William S. Moorhead (D-PA), a member of the House Banking Committee. Maloni completed a Graduate Fellowship at the Washington Journalism Center and received a bachelor of arts degree from Duquesne University.

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 $3.8 trillion of mortgage financing for nearly 44 million families.

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

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."