July 11, 1986

The President today announced his intention to appoint Vance C. Miller to be a member of the Board of Directors of the Federal National Mortgage Association for a term ending on the date of the annual meeting of the stockholders in 1987. He would succeed Merrill Butler.

Mr. Miller is chairman of the board of Henry S. Miller Co., a position he has held since 1980. He began with the company in 1959 as a salesman, and in 1970 he was named president. Mr. Miller has served as president of the Institute of Real Estate Management of the National Association of Realtors. He currently serves as a director of the National Association of Realtors and Texas Association of Realtors.

Mr. Miller graduated from Southern Methodist University (B.B.A., 1956). He is married, has four children, and resides in Dallas, TX. Mr. Miller was born October 19, 1933, in Seminole, OK.