Fannie Mae Announces 2008 Benchmark Securities(R) Calendar

WASHINGTON, August 31 /PRNewswire/ --

Fannie Mae (NYSE: FNM) today announced its calendar for issuing Benchmark
Securities(R) in 2008. The calendar is designed to assist investors and other
market participants in incorporating Fannie Mae Benchmark Securities(R) into
their ongoing investing, trading, hedging, and financing strategies. The
following is a description of the 2008 Benchmark Bills(R) and Benchmark
Notes(R) program.

Fannie Mae will continue to auction three- and six-month Benchmark Bills
on a weekly basis. The one-year bill will be issued no more frequently than
once a month and will not be reopened through the auction format. The auction
size of the three-month, six-month, and one-year bills will be announced on
Monday mornings eastern time. If Monday is a holiday, announcement will
typically be made on the previous business day. Auctions will be open for
bidding on Wednesdays between 9:00 a.m. and 9:45 a.m. eastern time. The
minimum issue size for the 3-month, 6-month, and 1-year maturities will be
US$1.0 billion. Benchmark Bills will continue to be issued through either
cash or regular settlement.

Fannie Mae will continue to utilize a calendar with pre-defined monthly
calendar dates for the announcement of Benchmark Notes. (These monthly dates
are identified on the attached calendar.) On each announcement date, Fannie
Mae will provide market participants with the maturity date of the issue, the
dealer syndicate, and an indication of deal size. Benchmark Notes
transactions are generally expected to price within three business days of
the announcement date and will generally settle two business days after the
pricing of the issue. Benchmark Notes will continue to be issued in
two-, three-, five- and ten-year maturities and will be noncallable.
Minimum new issue sizes will remain at US$3 billion.

Fannie Mae may forego any scheduled Benchmark Bills or Benchmark Notes
issuance. If Fannie Mae elects not to issue a scheduled Benchmark offering,
it will provide notice of its election either prior to or on the scheduled
announcement date.

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. 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 Circular, 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. Benchmark Securities, Benchmark Notes and Benchmark Bills
are registered marks of Fannie Mae. Unauthorized use of these marks is
prohibited.

Year 2008 Benchmark Securities(R) Issuance Calendar

January  February  March    April
    Auction      Weekly   Weekly    Weekly   Weekly   3/6  Month Bills
    Auction      Monthly  Monthly   Monthly  Monthly  One-Year Bills
    Announcement  7th     1st       3rd      7th      Benchmark Notes

                 May      June      July     August
    Auction      Weekly   Weekly    Weekly   Weekly   3/6 Month Bills
    Auction      Monthly  Monthly   Monthly  Monthly  One-Year Bills
    Announcement  13th    2nd       7th      12th     Benchmark Notes

                September October   November December
    Auction      Weekly   Weekly    Weekly   Weekly   3/6 Month Bills
    Auction      Monthly  Monthly   Monthly  Monthly  One-Year Bills
    Announcement   8th    20th      17th      8th     Benchmark Notes

    Benchmark Bills(R)
    -- Three- and six-month Benchmark Bills are auctioned on a weekly basis,
       and one-year Benchmark Bills are auctioned no more than once a month.
    -- Minimum new issue size for Benchmark Bills is US$1.0 billion for the
       three-month, six-month, and one-year maturities.

    Benchmark Notes(R)
    -- Minimum new issue size for noncallable Benchmark Notes (2 to 10 years
       in maturity) is US$3.0 billion.
    -- On each announcement date, Fannie Mae will provide to market
       participants the maturity date of the issue, the dealer
    -- The Benchmark Notes transactions are expected to price within three
       business days of the announcement date and will generally settle two
       business days after the pricing of the issue.



Web site: http://www.fanniemae.com