EXHIBIT 99.2

Fannie Mae Debt Outstanding 1/
2002 through July 31, 2005

Debt Outstanding ($ in millions)	12/31/2002		12/31/2003		12/31/2004		7/31/2005
Discount Notes	$	134,312	$	137,528	$	143,455	$	70,155
Benchmark Bills		156,750		191,315		157,501		117,000
FX Disount Notes		—		1,540		7,630		2,858
Other Short Term 2/		12,735		15,622		11,737		5,120
Total Short Term	$	303,797	$	346,005	$	320,323	$	195,133
Short term debt average maturity (in days)		76		100		61		68
Benchmark Notes & Bonds	$	287,418	$	282,602	$	267,091	$	264,316
Callable Benchmark Notes		33,750		44,250		31,250		24,500
Subordinated Benchmark Notes		8,500		12,500		12,500		12,500
Final Maturity Amortizing Notes		—		—		750		1,918
Other Callable & Noncallable Notes & Bonds 3/		211,063		270,800		312,724		318,880
Total Long Term	$	540,731	$	610,152	$	624,315	$	622,114
Long term debt average maturity (in months)		58		54		47		47
Total Debt Outstanding	$	844,528	$	956,157	$	944,638	$	817,247
Total debt average maturity (in months)		40		36		32		36

Notes:

1/	Amounts reflect redemption value, which excludes the effect of currency adjustments, debt basis adjustments, and amortization of discounts, premiums, issuance costs, and hedging results.
2/	Other Short Term includes coupon bearing short term notes, dollar rolls, overnight Fed funds, Benchmark repos, investment agreements, and LIP security lending.
3/	Other Callable & Noncallable Notes & Bonds includes all long-term non-Benchmark Securities such as globals, zero-coupon securities, medium-term notes, and other long-term debt securities.