EXECUTIVE PENSION PLAN
OF THE FEDERAL NATIONAL MORTGAGE ASSOCIATION
Pursuant to Section 20 of the Executive Pension Plan of The Federal National Mortgage Association (the
“Plan”), as authorized by the Conservator of Fannie Mae (the Federal Housing Finance Agency) and in
accordance with the authority delegated to the Vice President & Deputy General Counsel for Tax & Benefits to
approve amendments to benefit plans to the extent necessary to comply with Internal Revenue Code
Section 409A, the Plan is hereby amended as follows, effective as of January 1, 2009 or, as to any provision
hereof required under Section 409A to be effective January 1, 2008, as of January 1, 2008, except as otherwise
1. Section 2 is hereby amended by adding the following definitions:
““Actuarial Equivalent” means a benefit which is of equal value to a benefit otherwise payable in a different
form or commencing at a different time under the Plan, based on the applicable mortality tables and interest
factors (or other reduction factors) set forth in the Qualified Plan.
“Separation from Service” means and correlative terms mean a “separation from service” (as that term is
defined at Section 1.409A-1(h) of the Treasury Regulations) from the Corporation and from all other
corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the
Corporation under Section 1.409A-1(h)(3) of the Treasury Regulations. Subject to the applicable limitations
under Section 409A of the Code (“Section 409A”), any of the special elective rules prescribed in Section
1.409A-1(h) of the Treasury Regulations for purposes of determining whether a “separation from service” has
occurred may, but need not, elect in writing. Any such written election shall be deemed part of the Plan.
Whenever appearing in the Plan, references to a “termination of employment” and similar terms shall be
construed to require a Separation from Service.