Federal National Mortgage Association (FNMA) 8-K Regulation FD Disclosure

EXHIBIT 99.1

Fannie Mae Debt Outstanding¹
2003 through February 28, 2006

Debt Outstanding (in millions)			12/31/03		12/31/04		12/31/05		2/28/06
	Discount Notes	$	137,528	$	143,455	$	92,924	$	77,760
	Benchmark Bills		191,315		157,501		75,000		70,500
	FX Discount Notes		1,540		7,630		1,818		945
	Other Short Term2		15,622		11,737		2,799		3,986
	Total Short Term	$	346,005	$	320,323	$	172,541	$	153,191
	Short term debt average maturity (in days)		100		61		66		68
	Benchmark Notes & Bonds	$	282,602	$	267,091	$	266,295	$	259,906
	Callable Benchmark Notes		44,250		31,250		22,370		22,370
	Subordinated Benchmark Notes		12,500		12,500		12,500		12,500
	Other Callable & Noncallable Notes & Bonds3, 4		281,601		323,863		292,538		305,340
	Total Long Term	$	620,953	$	634,704	$	593,703	$	600,116
	Long term debt average maturity (in months)		54		47		48		50
	Total Debt Outstanding	$	966,958	$	955,027	$	766,244	$	753,307
	Total debt average maturity (in months)		36		32		38		40

Numbers presented in this report may change as a result of the pending reaudit and restatement of Fannie Mae’s previously published financial statements. More information regarding the re-audit and restatement may be found in Form 8-Ks Fannie Mae filed with the Securities and Exchange Commission on December 22, 2004, March 18, 2005, May 11, 2005, August 9, 2005, November 10, 2005 and March 13, 2006.

Notes:

1	Reported amounts represent the unpaid principal balance at each reporting period or, in the case of the long-term zero coupon bonds, at maturity. Unpaid principal balance does not reflect the effect of currency adjustments, debt basis adjustments, and amortization of discounts, premiums, and issuance costs. Previously reported amounts have been revised to conform to the current period presentation.
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, Final Maturity Amortizing Notes, and other long-term debt securities.
4	Unamortized discounts and issuance costs of long-term zero coupon bonds are approximately $10.8 billion at December 31, 2003, $10.4 billion at December 31, 2004, $9.9 billion at December 31, 2005, and $9.8 billion at February 28, 2006.