Banc of America Securities, Goldman Sachs & Co., and UBS Securities LLC
are the joint lead managers. The co-managers include Citigroup Global
Markets Inc., FTN Financial Capital Markets, Loop Capital Markets, J.P.
Morgan & Co., Nomura Securities International Inc., and Samuel A. Ramirez & Co., Inc.

Fannie Mae exists 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
enhance the liquidity of the mortgage market by providing funds to mortgage
bankers and other lenders so that they may lend to home buyers. 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 light of your circumstances and financial position.
If you are in any doubt you should consult an appropriately qualified
financial advisor.

Benchmark Notes is a registered mark of Fannie Mae. Unauthorized use of
this mark is prohibited.
The following is being issued by Fannie Mae (NYSE: FNM):

Pricing Date        June 3, 2010
Settlement Date       June 7, 2010
Maturity Date         July 30, 2012
Issue Size            TBD
Coupon                TBD
Payment Dates         Each July 30th and January 30th, beginning
July 30, 2010
CUSIP                 31398AT77
A listing Application will be made to list the securities on
the EuroMTF market of the Luxembourg Stock Exchange

CONTACT: Katherine Constantinou, Fannie Mae, +1-202-752-5403