Related Party Transactions and Outside Related Director Information

Fannie Mae (FNM)

4/23/2004 Proxy Information

Mr. Duberstein is Chairman and Chief Executive Officer of The Duberstein Group, an independent strategic planning and consulting company, and is a nominee for election to the Board of Directors. The firm has provided services to Fannie Mae since 1991. During 2003, the firm provided services on an annual fixed-fee basis of $375,000 and will continue to provide similar services during 2004.

Mr. SwygertÕs son is employed by Fannie Mae as a non-officer employee in Fannie MaeÕs eBusiness Marketing area. Mr. Swygert is an independent director under Fannie MaeÕs Corporate Governance Guidelines and the director independence standards of the NYSE.

During 2003, Fannie Mae utilized GSD&M of Austin, Texas; Public Strategies Inc. of Austin, Texas; and The Glover Park Group of Washington, DC to provide advertising and public advisory services to the corporation. Mr. DonilonÕs brother had an approximately 15 percent interest in The Glover Park Group during 2003. Fees and commissions paid to The Glover Park Group in 2003 (net of amounts passed through to other service providers) were approximately $429,000. As of December 31, 2003, Mr. DonilonÕs brother no longer retained any interest in The Glover Park Group.

Mr. LevinÕs sister is employed by Fannie Mae as a non-officer employee in Fannie MaeÕs Enterprise Systems Operations division.

4/17/2003 Proxy Information

No related party transactions or special relationships reported for this company. Director relationships marked "Outside Related" at this firm will most often be former executives of the company. Additional information regarding these relationships will be added during our regular updates.