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

EXHIBIT 99.1

Fannie Mae Debt Outstanding¹
2003 through June 30, 2006

Debt Outstanding (in millions)_________	12/31/03		12/31/04		12/31/05		6/30/06
Discount Notes	$	137,528	$	143,455	$	92,924	$	96,409
Benchmark Bills		191,315		157,501		75,000		75,500
FX Discount Notes		1,540		7,630		1,818		2,005
Other Short Term 2		15,622		11,737		2,799		1,415
Total Short Term	$	346,005	$	320,323	$	172,541	$	175,329
Short term debt average maturity (in days)		100		61		66		69
Benchmark Notes & Bonds	$	282,602	$	267,091	$	266,295	$	255,781
Callable Benchmark Notes		44,250		31,250		22,370		20,370
Subordinated Benchmark Notes		12,500		12,500		12,500		11,000
Other Callable & Noncallable Notes & Bonds 3, 4		281,601		323,863		292,538		329,225
Total Long Term	$	620,953	$	634,704	$	593,703	$	616,376
Long term debt average maturity (in months)		54		47		48		51
Total Debt Outstanding	$	966,958	$	955,027	$	766,244	$	791,705
Total debt average maturity (in months)		36		32		38		40

Numbers presented in this report are subject to change as a result of the ongoing re-audit and restatement of Fannie Mae’s financial statements for 2003 and 2004 and the preparation and completion of Fannie Mae’s 2005 and 2006 financial statements and the required audits.

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 $10.6 billion at June 30, 2006.