Fannie Mae Announces Live Webcast of 2003 Annual Shareholders Meeting.

Business Editors

WASHINGTON--(BUSINESS WIRE)--May 14, 2003

As part of its continuing effort to be best-in-class in corporate governance and transparency, Fannie Mae, (NYSE:FNM
FNM Free National Movement (Bahamas)
FNM Foot and Mouth ), the nation's largest source of financing for home mortgages, today announced that the Annual Meeting of Shareholders on Tuesday, May 20, 2003, will be webcast live on the company's Web site, http://www.fanniemae.com.

The Annual Meeting will begin promptly at 10:00 a.m. MDT (12 noon EDT). Please log onto Fannie Mae's Web site at least ten minutes prior to the start of the event and follow the instructions. Pre-registration is not required. Franklin D. Raines, Chairman and Chief Executive Officer of Fannie Mae, will lead the meeting.

Shareholders will not be able to vote during the live webcast, but may vote by telephone or on the Internet before the Annual Meeting by following the instructions set forth on their proxy card.

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 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."