EXHIBIT 99.1

FANNIE MAE DEBT OUTSTANDING

Debt Outstanding ($ in millions)	12/31/2002		12/31/2003		12/31/2004		4/30/2005
Discount Notes	$	134,312	$	137,528	$	143,455	$	116,972
Benchmark Bills		156,750		191,315		157,501		130,000
FX Discount Notes		—		1,540		7,630		6,932
Other Short Term		12,735		15,622		11,737		7,738
Total Short Term	$	303,797	$	346,005	$	320,323	$	261,642
Short term debt average maturity (in days)		76		100		61		68
Benchmark Notes & Bonds	$	287,418	$	282,602	$	267,091	$	266,381
Callable Benchmark Notes		33,750		44,250		31,250		28,500
Subordinated Benchmark Notes		8,500		12,500		12,500		12,500
Final Maturity Amortizing Notes		—		—		750		2,035
Other Callable & Noncallable Notes & Bonds		211,063		270,800		312,724		315,915
Total Long Term	$	540,731	$	610,152	$	624,315	$	625,331
Long term debt average maturity (in months)		58		54		47		47
Total Debt Outstanding	$	844,528	$	956,157	$	944,638	$	886,973
Total debt average maturity (in months)		40		36		32		34

Notes: Other Short Term includes coupon bearing short term notes, dollar rolls, o/n fed funds, Benchmark repos, investment agreements, and LIP security lending. Other Callable & Noncallable Notes & Bonds includes all long-term nonBenchmark Securities such as debentures, global, zero-coupon securities, medium-term notes, and other long term securities.

Amounts reflect redemption value, which excludes the effect of currency adjustments, debt basis adjustments, and amortization of discounts, premiums, issuance costs, and hedging results.