ADVISORY/A Conversation with Franklin D. Raines, Chairman and Chief Executive Officer, Fannie Mae.

News Editors/Assignment Desks

ADVISORY...for Wednesday (July 30)

--(BUSINESS WIRE)

Fannie Mae (NYSE:FNM
FNM Free National Movement (Bahamas)
FNM Foot and Mouth )

WHO:    Franklin D. Raines
        Fannie Mae

WHAT:   Chairman and CEO of Fannie Mae (NYSE:FNM), the nation's
        largest source of home mortgage funds will take questions from
        reporters on a host of subjects.

WHERE:  Fannie Mae
        3900 Wisconsin Avenue, NW
        Executive Meeting Room
        Washington, D.C.

        Fannie Mae is providing a listen-only call-in line.  To hear
        this event live, please call 1-888-273-9893, confirmation code
        693933.

WHEN:   Wednesday, July 30, 2003
        11:30 a.m. - 1:00 p.m.
        Press briefing with light refreshments to follow

RSVP:   Jason Lobo: 202-752-1692
        [e-mail]

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 $4.8 trillion of mortgage financing for more than 52 million families. More information about Fannie Mae can be found on the Internet at www.fanniemae.com. Organizations are asked to refer to the company exclusively as "Fannie Mae."