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Fannie Mae, Variable Rate Non-Cumulative Preferred Stock, Series P

Ticker: FNMAH

Parent Ticker:

OTC Grey Market Temporary Ticker:

Issuance Date: 09/25/2007

1st Call Date: 09/30/2012

Maturity Date: None

Shares Issued: 0

Overallotment Shares: 0

Coupon:

Face Value: $25.00

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount:

Payment Months: MAR, JUN, SEP, DEC

Payment Day: 31

S&P Rating: D

III Rating (In Regards to Dividend Safety Only):

Moody Rating: Ca

Fitch Rating: NR