Federal National Mortgage Association (FNMA) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Fannie Mae Debt Outstanding 1/
2003 through March 31, 2006

Debt Outstanding (in millions)	12/31/03		12/31/04		12/31/05		3/31/06
Discount Notes	$	137,528	$	143,455	$	92,924	$	86,765
Benchmark Bills		191,315		157,501		75,000		66,500
FX Discount Notes		1,540		7,630		1,818		1,012
Other Short Term 2/		15,622		11,737		2,799		2,116
Total Short Term	$	346,005	$	320,323	$	172,541	$	156,393
Short term debt average maturity (in days)		100		61		66		71
Benchmark Notes & Bonds	$	282,602	$	267,091	$	266,295	$	263,906
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 & Bonds 3, 4/		281,601		323,863		292,538		312,931
Total Long Term	$	620,953	$	634,704	$	593,703	$	611,707
Long term debt average maturity (in months)		54		47		48		50
Total Debt Outstanding	$	966,958	$	955,027	$	766,244	$	768,100
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 March 31, 2006.