Minutes of the Meeting of the Board of Directors of Fannie Mae 2-21-2006

Present at this meeting were the following members of Fannie Mae\u27s Board of Directors: Mr. Stephen Ashley, Mr. Kenneth Duberstein, Mr. Thomas Gerrity, Ms. Ann Korologos, Ms.Bridget Macaskill, Mr. Daniel Mudd, Mr. Joe Pickett, Ms. Leslie Rahl, Mr. Greory Smith, Mr. Patrick Swygert, and Mr. John Wulff. Ms. Wilkinson and Messrs. Levin, Williams, Blakely,· Weber, and Greener of Fannie Mae were also present. Messrs. Brame and Joffe of Cravath, Swaine & Moore LLP, who served as legal counsel for non-management members of the Fannie Mae Board was also present during this meeting