0000950133-04-003576 Sample Contracts

September 17, 2004 Mr. J. Timothy Howard Vice Chairman and Chief Financial Officer Fannie Mae 3900 Wisconsin Avenue, NW Washington, DC 20016 Dear Tim:
Federal National Mortgage Association Fannie Mae • September 23rd, 2004 • Federal & federally-sponsored credit agencies

The Fannie Mae Board of Directors proposes that the following amendments be made to your Employment Agreement, executed by Fannie Mae in April 2004 and previously amended on June 30, 2004:

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September 17, 2004 Mr. Daniel H. Mudd Vice Chairman and Chief Operating Officer Fannie Mae 3900 Wisconsin Avenue, NW Washington, DC 20016 Dear Dan:
Federal National Mortgage Association Fannie Mae • September 23rd, 2004 • Federal & federally-sponsored credit agencies

The Fannie Mae Board of Directors proposes that the following amendments be made to your Employment Agreement, executed by Fannie Mae in April 2004 and previously amended on June 30, 2004:

September 17, 2004 Mr. Frank D. Raines Chairman and Chief Executive Officer Fannie Mae 3900 Wisconsin Avenue, NW Washington, DC 20016 Dear Frank:
Federal National Mortgage Association Fannie Mae • September 23rd, 2004 • Federal & federally-sponsored credit agencies

The Fannie Mae Board of Directors proposes that the following amendments be made to your Employment Agreement, executed by Fannie Mae in April 2004 and previously amended on June 30, 2004:

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