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http://www.fanniemae.com/newsreleases/2003/2340.jhtml?p=Media
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January 10, 2003

Fannie Mae's Vice Chair Jamie Gorelick to Step Down in July; CFO Timothy Howard to Become Vice Chairman
WASHINGTON, DC -- Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced that Vice Chair Jamie Gorelick has advised the company she will step down on July 1, 2003, to devote substantial time to the bipartisan national commission investigating the attacks of September 11, 2001 and to pursue other interests. The company also announced that its Executive Vice President and Chief Financial Officer, Timothy Howard, will succeed Gorelick as Vice Chair, and will be nominated to be elected to the Board of Directors at the annual meeting in May.

"Jamie Gorelick's leadership is a big reason why Fannie Mae is a great company that achieves its mission of bringing the American Dream to all Americans," said Fannie Mae's Chairman and CEO Franklin D. Raines. "Jamie's unwavering focus on our corporate responsibility has made Fannie Mae the market leader in serving minority and lower-income families, a model corporate citizen, and one of America's best places to work."
"All of us at Fannie Mae are extremely proud of Jamie's commitment and service to the company and her devotion to the American Dream business," Raines said. "But we are also proud of her lifelong devotion to public service and her commitment -- and the unique contributions she will make -- to helping our nation understand and learn from the events that led to the searing tragedy of September 11th. We appreciate her dedication to the company and to our nation, and we will deeply miss her presence at Fannie Mae."

Gorelick joined the company in May 1997 as Vice Chair. As a member of the Office of the Chairman, she has shared responsibility for the overall management of the company, directed its efforts to reach underserved markets and has overseen Fannie Mae's external relationships, legal and regulatory affairs.