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Fannie Reports Management Shakeup

August 28, 2008

A management shakeup at Fannie Mae has placed Peter Niculescu in charge of the single-family business and capital markets and named David Hisey, the new chief financial officer.

Fannie president and chief executive Daniel Mudd said the restructuring is needed to meet the company's goals of conserving capital and controlling credit losses. Niculescu, executive vice president for capital markets, will replace company veteran and chief business officer Robert Levin, who is retiring.

Hisey will replace CFO Stephen Swad, and Michael Shaw will be the new credit risk officer, replacing Enrico Dallavecchia. "Rob, Steve, and Enrico have all offered to advise and provide any assistance possible to their successors and teams as we put this restructuring in place," Mudd said.

Fannie can be found on the Web at http://www.fanniemae.com./

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