Document:

EX-4.30

Exhibit 4.30

AMENDMENT AGREEMENT

This Amendment Agreement is entered into as of August 14, 2007 by and among Ener1, Inc. (the
“Company”), Cofis Compagnie Fiduciaire S.A. (“Cofis”) and Ener1 Group, Inc. (“Ener1
Group” and together with Cofis, the “Investors”).

WHEREAS, the Investors currently own all of the outstanding shares of the Company’s Series B
Convertible Preferred Stock, par value $0.01 per share (the “Series B Stock”);

WHEREAS, the consent of the holders of the Series B Stock is required for any amendment to the
terms of the Series B Stock; and

WHEREAS, the Investors and the Company desire that the Certificate of Designations of Series B
Preferred Stock of the Company (the “Certificate of Designations”) be amended to provide that (a)
the Series B Stock may be converted at the option of the holder thereof into shares of common
stock, par value $0.01 per share, of the Company (the “Common Stock”) and (b) the Company may elect
to cause the conversion of the Series B Stock into Common Stock as of 11:59 p.m. on December 31,
2007.

NOW, THEREFORE, in consideration of the premises, mutual covenants and agreements hereinafter
contained and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Investors and the Company agree as follows:

1. Approval of Amendment of Certificate of Designations. The Investors hereby consent
to the amendment of the Certificate of Designations to replace Section 6 thereof in its entirety
with the following:

“6 Conversion

(a) Subject to Sections 6(h) and (i) below, the holder of any share or shares of Series B
Preferred Stock shall have the right, at its option, exercisable at any time, to convert any such
shares of Series B Preferred Stock and any portion of any accrued and unpaid dividends on such
Series B Preferred Stock, into such number of fully paid and nonassessable shares of Common Stock
of the Corporation as is obtained by (i) multiplying the number of shares of Series B Preferred
Stock so to be converted by the Liquidation Value, and (ii) dividing the result by $0.40 (the
“Conversion Price”). Such rights of conversion shall be exercised by the holder thereof by giving
written notice to the Corporation (the “Conversion Notice”) that the holder elects to convert a
stated number of shares of Series B Preferred Stock into Common Stock and by surrender of a
certificate or certificates for the shares so to be converted to the Corporation at its principal
office (or such other office or agency of the Corporation as the Corporation may designate by
notice in writing to the holders of the Series B Preferred Stock) at any time during its usual
business hours on the date set forth in such notice, together with a statement of the name or names
(with address) in which the certificate or certificates for shares of Common Stock shall be issued.

(b) The Corporation may elect at any time prior to December 31, 2007, by giving written notice
thereof to the holders of Series B Preferred Stock, that each share of Series B Preferred Stock
outstanding as of 11:59 p.m. on December 31, 2007, as well as all accrued and unpaid dividends on
such Series B Preferred Stock, shall automatically be converted (an “Automatic Conversion”) as of
11:59 p.m. on December 31, 2007, without the requirement for any action by a holder of Series B
Preferred Stock or the Corporation, into shares of Common Stock at the Conversion Price.
Notwithstanding the Corporation’s election to cause an Automatic Conversion, if a holder of Series
B Preferred Stock delivers a Conversion Notice to the Corporation before December 31, 2007, the
shares of Series B Preferred Stock subject to such Conversion Notice shall be converted in
accordance with such Conversion Notice.

(c) Promptly after the delivery of a Conversion Notice and surrender of the certificate or
certificates for the shares of Series B Preferred Stock to be converted (or, if any such
certificate has been lost or destroyed, delivery to the Corporation of evidence of such loss or
destruction and indemnity or security reasonably satisfactory to it), the Corporation shall issue
and deliver, or cause to be issued and delivered, to the holder, registered in such name or names
as such holder may direct, a certificate or certificates for the number of whole shares of Common
Stock issuable upon the conversion of such shares of Series B Preferred Stock. To the extent
permitted by law, such conversion shall be deemed to have been effected on the date on which such
Conversion Notice shall have been delivered to the Corporation and the certificate or certificates
for such share or shares shall have been surrendered as aforesaid (or, with respect to a lost or
destroyed certificate, such evidence and indemnity or security shall have been delivered) (the
“Conversion Date”), and at such time the rights of the holder of such shares of Series B Preferred
Stock shall cease, and the Person or Persons in whose name or names any certificate or certificates
for shares of Common Stock shall be issuable upon such conversion shall be deemed to have become
the holder or holders of record of the shares represented thereby. In the event of an Automatic
Conversion, the Conversion Date shall be December 31, 2007.

(d) In case the number of shares of Series B Preferred Stock represented by the certificate or
certificates surrendered for conversion pursuant hereto exceeds the number of shares converted, the
Corporation shall, upon such conversion, execute and deliver to the holder, at the expense of the
Corporation, a new certificate or certificates for the number of shares of Series B Preferred Stock
represented by the certificate or certificates surrendered which are not to be converted.

(e) No fractional shares shall be issued upon conversion of Series B Preferred Stock and/or
any accrued and unpaid dividends thereon into Common Stock. If any fractional share of Common
Stock would, except for the provisions of the first sentence of this paragraph, be delivered upon
such conversion, the Corporation, in lieu of delivering such fractional share, shall pay to the
holder surrendering the Series B Preferred Stock for conversion an amount in cash equal to the
market price of such fractional share on the date such conversion is effected as determined in good
faith by the Board of Directors of the Corporation.

(f) In case the Corporation shall at any time subdivide (by any stock split, stock dividend or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Conversion
Price in effect immediately prior to such subdivision shall be proportionately reduced, and,
conversely, in case the outstanding shares of Common Stock shall be combined into a smaller number
of shares, the Conversion Price in effect immediately prior to such combination shall be
proportionately increased.

(g) If any capital reorganization, reclassification, recapitalization, consolidation, merger,
sale of all or substantially all of the Corporation’s assets or other similar transaction (any such
transaction being referred to herein as an “Organic Change”) shall be effected in such a way that
holders of Common Stock shall be entitled to receive (either directly or upon subsequent
liquidation) stock, securities or assets with respect to or in exchange for Common Stock, then, as
a condition of such Organic Change, lawful and adequate provisions shall be made whereby each
holder of a share or shares of Series B Preferred Stock shall thereupon have the right to receive,
upon the basis and upon the terms and conditions specified herein and in lieu of or in addition to,
as the case may be, the shares of Common Stock immediately theretofore receivable upon the
conversion of such share or shares of Series B Preferred Stock, such shares of stock, securities or
assets as may be issued or payable with respect to or in exchange for a number of outstanding
shares of such Common Stock equal to the number of shares of such Common Stock immediately
theretofore receivable upon such conversion had such Organic Change not taken place, and in any
case of a reorganization or reclassification only, appropriate provisions shall be made with
respect to the rights and interests of such holder to the end that the provisions hereof shall
thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or
assets thereafter deliverable upon the exercise of such conversion rights.

(h) Notwithstanding anything herein to the contrary, a holder of Series B Preferred Stock
shall not be entitled to submit a Conversion Notice and elect to convert shares of Series B
Preferred Stock into Common Stock unless the holder has elected to convert either (a) all of the
shares of Series B Preferred Stock then held by such holder or (b) a number of shares of Series B
Preferred Stock with an aggregate Liquidation Value of $3,000,000 or more.

(i) In no event shall a holder of Series B Preferred Stock be permitted to convert any shares
of Series B Preferred Stock if, upon such conversion, (x) the number of shares of Common Stock to
be issued pursuant to such conversion plus (y) the number of shares of Common Stock
beneficially owned by such holder would exceed 4.99% of the number of shares of Common Stock then
issued and outstanding, it being the intent of the Corporation and the holders of Series B
Preferred Stock that no holder of Series B Preferred Stock shall be deemed at any time to have the
power to vote or dispose of greater than 4.99% of the number of shares of Common Stock issued and
outstanding at any time. As used herein, “beneficial ownership” shall be determined in accordance
with Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended. To the extent that the
limitation contained in this Section 6(i) applies (and without limiting any rights the Corporation
may otherwise have), the Corporation may rely on a holder’s determination of whether shares of
Series B Preferred Stock are convertible pursuant to the terms hereof and the Corporation shall
have no obligation whatsoever to verify or confirm the accuracy of such determination. The holders
of Common Stock are to be deemed third-party beneficiaries of the limitation imposed hereby and,
accordingly, this Section 6(i) may not be amended without the consent of the holders of a majority
of the shares of Common Stock then outstanding; provided, however, that (i) each holder of Series B
Preferred Stock shall have the right, upon sixty (60) days’ prior written notice to the
Corporation, to waive the provisions of this Section 6(i) as to all or any part of the Series B
Preferred Stock held by such holder and (ii) the provisions of this Section 6(i) shall cease to
apply in the event of an Automatic Conversion, in either such case without obtaining such consent.”

2. Agreement to Amend Warrants.

(a) The Company and Cofis agree that subject to Section 2(f) below at the time(s) described in
Section 2(d), (i) the warrants issued by the Company to Cofis to purchase 4,166,000 shares of
Common Stock with an exercise price of $1.25 per share (the “Original $1.25 Warrants”) shall be
amended to enable the holder thereof to purchase 18,371,507 shares of Common Stock at an exercise
price of $0.40 per share and (ii) the terms of the warrants issued by the Company to Cofis to
purchase 4,166,000 shares of Common Stock with an exercise price of $1.50 per share (the “Original
$1.50 Warrants” and, together with the Original $1.25 Warrants, the “Original Warrants”) shall be
amended to enable the holder thereof to purchase 18,371,507 shares at an exercise price of $0.40
per share. The term of the warrants shall also be extended to the date that is five years from the
date of the amendment.

(b) The Company and Ener1 Group agree that subject to Section 2(f) below at the time(s)
described in Section 2(d), (i) the Original $1.25 Warrants currently held by Ener1 Group to
purchase 69,445 shares of Common Stock shall be amended to enable the holder thereof to purchase
306,192 shares of Common Stock at an exercise price of $0.40 per share and (ii) the Original $1.50
Warrants currently held by Ener1 Group to purchase 69,445 shares of Common Stock shall be amended
to enable the holder thereof to purchase 306,192 shares at an exercise price of $0.40 per share.
The term of the warrants shall also be extended to the date that is five years from the date of the
amendment.

(c) It is expressly understood and acknowledged that the amendments to the Original Warrants
shall be effected in accordance with the terms of this Agreement regardless of whether such
warrants are held by an Investor or by a transferee of such Investor.

(d) The Original Warrants shall be amended pursuant to Sections 2(a) and 2(b) when shares of
Series B Preferred Stock currently held by Cofis or Ener1 Group, as applicable, are converted into
Common Stock (including pursuant to an Automatic Conversion) on a pro rata basis. For purposes of
illustrating the intent of the foregoing sentence, when 50% of the Series B Preferred Stock
currently held by an Investor has been converted into Common Stock, 50% of the Original $1.25
Warrants and 50% of the Original $1.50 Warrants held by such Investor (or by a subsequent holder of
such Warrants) shall have been amended, and when all of the Series B Preferred Stock currently held
by an Investor has been converted into Common Stock, all of the Original Warrants held by such
Investor (or by a subsequent holder of such Warrants) shall be amended.

(e) In order to amend the Original Warrants as described in Sections 2(a), 2(b) and 2(c), the
holder of such Warrants must surrender a certificate or certificates for the Original Warrants to
be amended (or, if any such certificate has been lost or destroyed, must deliver to the Company
evidence of such loss or destruction and indemnity or security reasonably satisfactory to it) to
the Company at its principal office (or such other office or agency of the Company as the Company
may designate by notice in writing to such holder) at any time during its usual business hours on
or prior to a Conversion Date; provided, however, that the failure by a holder of the Original
Warrants to surrender any such certificate on or prior to a Conversion Date shall not impair its
right to have the Original Warrants amended on such date as such holder surrenders such certificate
(or, with respect to a lost or destroyed certificate, delivers such evidence and indemnity or
security). Upon receipt of a certificate for an Original Warrant (or such evidence and indemnity or
security), the Company shall issue a new warrant to the holder (each, a “New Warrant” and, together
with the Original Warrants, the “Warrants”) with the amended exercise price and number of shares
into which it is exercisable as provided herein.

(f) In no event shall a holder of any New Warrants be permitted to exercise any of such New
Warrants if, upon such exercise, (x) the number of shares of Common Stock to be issued pursuant to
such exercise plus (y) the number of shares of Common Stock beneficially owned by such
holder would exceed 4.99% of the number of shares of Common Stock then issued and outstanding, it
being the intent of the Company and the holders of the New Warrants that no holder of any New
Warrants be deemed at any time to have the power to vote or dispose of greater than 4.99% of the
number of shares of Common Stock issued and outstanding at any time. To the extent that the
limitation contained in this Section 2(f) applies, the Company may rely on a holder’s determination
of whether the New Warrants are exercisable pursuant to the terms hereof and the Company shall have
no obligation whatsoever to verify or confirm the accuracy of such determination; provided,
however, that each holder of the New Warrants shall have the right, upon sixty (60) days’ prior
written notice to the Company, to waive the provisions of this Section 2(f) as to all or any part
of the New Warrants held by such holder.”

3.       Additional Warrants. In the event that any Triggering Event (as defined
below) occurs, the Company shall issue to the Investors (pro rata in proportion to the amount of
Series B Stock held by each investor), on or before December 7, 2007, warrants to purchase an
aggregate of 15,362,100 shares of Common Stock (the “Additional Warrants”).  The Additional
Warrants will have an exercise price of $0.001 per share, will expire at 5:00 p.m. (New York time)
on January 1, 2008, will be exercisable on any date prior to the date of their expiration, and will
have all other terms identical to the terms of the Original Warrants (as amended pursuant hereto).
“Triggering Event” means the occurrence of either or both of the following events prior to December
1, 2007: (i) the Company fails to sell, in one or more transactions to one or more non-affiliates,
Common Stock (or Common Stock Equivalents) with gross proceeds of at least $10 million dollars at a
price per share equal to at least $0.40 and warrant coverage (if any) not greater than 60% of the
aggregate investment amount exercisable and with an exercise price of not less than $0.40 per
share; provided, however, that, with respect to sales of Common Stock Equivalents, the cost of
capital to the Company must be the same as or less than the cost of capital to the Company that
applies to the sale by the Company of Common Stock at $.40 or greater (it being agreed that, in the
event of a dispute between the parties as to the cost of capital with respect to a particular
transaction, such cost will be determined by an internationally-recognized investment bank selected
by and reasonably acceptable to the parties); or (ii) the volume weighted average price of the
Common Stock (“VWAP”) on the principal market or exchange on which the Common Stock is then listed
on any Trading Day following the date of this Agreement is less than $0.30 and, during the period
of either (a) ten (10) consecutive Trading Days immediately following such Trading Day, or (b)
fifteen Trading Days (whether or not consecutive) following such Trading Day but prior to December
1, 2007, the daily VWAP on each such day is less than $0.33; provided, however, that any Trading
Day that occurs during the period of five (5) Trading Days immediately following the public
announcement of this Agreement by the Company shall not be included in the foregoing calculations.
The share prices expressed in this paragraph 3 shall be adjusted accordingly in the event of a
stock split, stock dividend or similar event. “Common Stock Equivalents” means any securities of
the Company which would entitle the holder thereof to acquire at any time Common Stock, including
without limitation, any debt, preferred stock, rights, options, warrants or other instrument that
is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock. “Trading Day” means any day on which the Common Stock is purchased and sold
on the principal market on which the Common Stock is then listed.

4. Consents. Notwithstanding anything to the contrary herein, the Company shall not
be obligated to amend the Certificate of Designations as set forth in Section 1 above, or amend the
terms of the Original Warrants as set forth in Section 2 above, until such time as such actions
would not constitute or cause a default under or breach of any agreement to which the Company is a
party, or to which Ener1 Group is a party. Ener1 Group shall notify the Company when Ener1 Group
has obtained all consents required such that the actions described in the preceding sentence would
not cause a default under or breach of any agreement to which Ener1 Group is a party.

5. Legends. The New Warrants and the shares of Common Stock issued upon conversion of
Series B Preferred Stock shall be stamped or imprinted with a legend in substantially the following
form on the face thereof:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.

6. Transfers.

(a) Each Investor agrees not to offer, sell, contract to sell, hypothecate, pledge or
otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be
expected to, result in the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) (collectively, “Transfer”) any of the shares of
Series B Preferred Stock or Original Warrants held by such Investor unless the transferee agrees,
in a writing satisfactory to the Company, to be bound by the provisions of this Agreement
applicable to an Investor.

(b) Each Investor agrees that for a period of six (6) months after any Conversion Date as of
which shares of Series B Preferred Stock held by such Investor are converted into Common Stock,
such Investor will not Transfer any of the shares of Common Stock into which shares of Series B
Preferred Stock were converted as of such Conversion Date with the exception of gratuitous
transfers and transfers to non-U.S. persons outside the U.S. who agree to be bound by such six
month limitation.

7. Representations and Warranties. Each Investor hereby represents and warrants to
the Company as follows: The Investor has all requisite power and authority to execute, deliver and
perform this Agreement and to consummate the transactions contemplated hereby. The execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby and thereby, have been duly and validly authorized by all necessary action on the part of
the Investor. This Agreement has been duly executed and delivered by the Investor and constitutes
its legal, valid and binding obligation, enforceable against the investor in accordance with its
terms, except as the enforceability hereof may be limited by bankruptcy, insolvency or other
similar laws affecting the enforceability of creditors’ rights in general or by general principles
of equity.

8. Further Assurances. Each of the Company and the Investors shall use their
commercially reasonable efforts to take, or cause to be taken, all action, and do, or cause to be
done, all things necessary, proper or advisable under applicable law and regulations to consummate
and make effective the transactions contemplated by this Agreement, including, without limitation,
obtaining all consents and approvals which are necessary to the consummation of the transactions
contemplated by this Agreement.

9. Expenses. Each party to this Agreement shall bear its own fees and expenses in
connection with the transactions contemplated by this Agreement.

10. Binding Agreement. This Agreement and all the provisions hereof shall be binding
upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns.

11. Governing Law. The laws of the State of Florida shall govern the interpretation,
validity and performance of the terms of this Agreement, regardless of the law that might be
applied under principles of conflicts of law.

12. Descriptive Headings. The section and other headings contained in this Agreement
are for convenience of reference only and shall not affect the meaning or interpretation of this
Agreement.

13. Counterparts. This Agreement may be executed in two or more counterparts, each of
which when so executed and delivered shall be deemed to be an original and all of which together
shall be deemed to be one and the same agreement.

1

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

ENER1, INC.

By:

Name:

Title:

ENER1 GROUP, INC.

By:

Name:

Title:

COFIS COMPAGNIE FIDUCIAIRE S.A.

By:

Name:

Title:

2EX-4.1

CERTIFICATE OF DESIGNATION OF TERMS OF

6.75% NON-CUMULATIVE PREFERRED STOCK, SERIES Q

CUSIP Number: 313586778

	1.	 	Designation, Par Value and Number of Shares.

The designation of the series of preferred stock of the Federal National Mortgage Association
(“Fannie Mae”) created by this resolution shall be “6.75% Non-Cumulative Preferred Stock, Series Q”
(the “Series Q Preferred Stock”), and the number of shares initially constituting the Series Q
Preferred Stock is 15,000,000. Shares of Series Q Preferred Stock will have no par value and a
stated value of $25 per share. Shares of Series Q Preferred Stock will have no stated maturity
date, and, subject to Section 3 below, will be perpetual. The Board of Directors of Fannie Mae, or
a duly authorized committee thereof, in its sole discretion, may reduce the number of shares of
Series Q Preferred Stock, provided such reduction is not below the number of shares of Series Q
Preferred Stock then outstanding.

	2.	 	Dividends.

(a) Holders of record of Series Q Preferred Stock (each individually a “Holder”, or
collectively the “Holders”) will be entitled to receive, when, as and if declared by the Board of
Directors of Fannie Mae, or a duly authorized committee thereof, in its sole discretion out of
funds legally available therefor, non-cumulative quarterly dividends which will accrue from and
including the date of issuance and will be payable on March 31, June 30, September 30 and
December 31 of each year (each, a “Dividend Payment Date”), commencing December 31, 2007, at the
annual rate of 6.75% of the stated value of $25 per share. If a Dividend Payment Date is not a
Business Day, the related dividend (if declared) will be paid on the next succeeding Business Day
with the same force and effect as though paid on the Dividend Payment Date, without any increase to
account for the period from such Dividend Payment Date through the date of actual payment. A
“Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking
institutions in New York, New York are authorized or required by law to close. Dividends will be
paid to Holders on the record date fixed by the Board of Directors or a duly authorized committee
thereof, which will be no earlier than 45 days or later than 10 days prior to the applicable
Dividend Payment Date.

If declared, the initial dividend, which will be for the period from and including the date of
issuance to but excluding December 31, 2007, will be $ 0.4078 per share and will be payable on
December 31, 2007. Thereafter, if declared, quarterly dividends will be $0.4219 per share. The
“Dividend Period” relating to a Dividend Payment Date will be the period from and including the
preceding Dividend Payment Date (or, in the case of the initial dividend, October 4, 2007) to but
excluding such Dividend Payment Date. Dividends payable on the Series Q Preferred Stock for any
period less than a full Dividend Period will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Dividends payable on the Preferred Stock for each full Dividend Period
will be computed by dividing the per annum dividend rate by four, and multiplying the result by the
stated value per share of $25, the product of which will be rounded to the fourth digit after the
decimal point. (If the fifth digit to the right of the decimal point is five or greater, the fourth
digit will be rounded up by one.) If Fannie Mae redeems the Series Q Preferred Stock, the dividend
that would otherwise be payable for the then-current quarterly Dividend Period will be included in
the redemption price of the shares redeemed and will not be separately payable.

(b) No dividend (other than dividends or distributions paid in shares of, or options, warrants
or rights to subscribe for or purchase shares of, the common stock of Fannie Mae or any other stock
of Fannie Mae ranking, as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of Fannie Mae, junior to the Series Q Preferred Stock) may
be declared or paid or set apart for payment on Fannie Mae’s common stock (or on any other stock of
Fannie Mae ranking, as to the payment of dividends, junior to the Series Q Preferred Stock) unless
dividends have been declared and paid or set apart (or ordered to be set apart) on the Series Q
Preferred Stock for the then-current quarterly Dividend Period; provided, however, that the
foregoing dividend preference shall not be cumulative and shall not in any way create any claim or
right in favor of the Holders of Series Q Preferred Stock in the event that dividends have not been
declared or paid or set apart (or ordered to be set apart) on the Series Q Preferred Stock in
respect of any prior Dividend Period. If the full dividend on the Series Q Preferred Stock is not
paid for any quarterly Dividend Period (including a dividend that is not paid because regulatory
approval is not granted), the Holders of Series Q Preferred Stock will have no claim in respect of
the unpaid amount so long as no dividend (other than those referred to above) is paid on Fannie
Mae’s common stock (or any other stock of Fannie Mae ranking, as to the payment of dividends,
junior to the Series Q Preferred Stock) for such Dividend Period.

(c) The Board of Directors of Fannie Mae, or a duly authorized committee thereof, may, in its
discretion, choose to pay dividends on the Series Q Preferred Stock without the payment of any
dividends on Fannie Mae’s common stock (or any other stock of Fannie Mae ranking, as to the payment
of dividends, junior to the Series Q Preferred Stock).

(d) No full dividends shall be declared or paid or set apart for payment on any stock of
Fannie Mae ranking, as to the payment of dividends, on a parity with the Series Q Preferred Stock
for any period unless full dividends have been declared and paid or set apart for payment on the
Series Q Preferred Stock for the then-current quarterly Dividend Period. When dividends are not
paid in full upon the Series Q Preferred Stock and all other classes or series of stock of Fannie
Mae, if any, ranking, as to the payment of dividends, on a parity with the Series Q Preferred
Stock, all dividends declared upon shares of Series Q Preferred Stock and all such other stock of
Fannie Mae will be declared pro rata so that the amount of dividends declared per share of Series Q
Preferred Stock and all such other stock will in all cases bear to each other the same ratio that
accrued dividends per share of Series Q Preferred Stock (but without, in the case of any
noncumulative preferred stock, accumulation of unpaid dividends for prior Dividend Periods) and
such other stock bear to each other.

(e) No dividends may be declared or paid or set apart for payment on any shares of Series Q
Preferred Stock if at the same time any arrears exist or default exists in the payment of dividends
on any outstanding class or series of stock of Fannie Mae ranking, as to the payment of dividends,
prior to the Series Q Preferred Stock.

(f) Holders of Series Q Preferred Stock will not be entitled to any dividends, whether payable
in cash or property, other than as herein provided and will not be entitled to interest, or any sum
in lieu of interest, in respect of any dividend payment.

	3.	 	Optional Redemption.

(a) The Series Q Preferred Stock shall not be redeemable prior to September 30, 2010. On and
after that date, subject to (x) the notice provisions set forth in Section 3(b) below, (y) the
receipt of any required regulatory approvals and (z) any further limitations which may be imposed
by law, Fannie Mae may redeem the Series Q Preferred Stock, in whole or in part, at any time or
from time to time, out of funds legally available therefor, at the redemption price of $25 per
share plus an amount equal to the amount of the dividend (whether or not declared) for the
then-current quarterly Dividend Period accrued to but excluding the date of such redemption, but
without accumulation of unpaid dividends on the Series Q Preferred Stock for prior Dividend
Periods. The amount of dividends per share payable at redemption will be rounded to the fourth
digit after the decimal point (if the fifth digit to the right of the decimal point is five or
greater, the fourth digit will be rounded up by one). If less than all of the outstanding shares of
Series Q Preferred Stock are to be redeemed, Fannie Mae will select the shares to be redeemed from
the outstanding shares not previously called for redemption by lot or pro rata (as nearly as
possible) or by any other method that the Board of Directors of Fannie Mae, or a duly authorized
committee thereof, in its sole discretion deems equitable.

(b) In the event Fannie Mae shall redeem any or all of the Series Q Preferred Stock as
aforesaid, Fannie Mae will give written or electronic notice of any such redemption to Holders of
Series Q Preferred Stock not less than 30 days prior to the date fixed by the Board of Directors of
Fannie Mae, or duly authorized committee thereof, for such redemption. Each such notice will state:
(1) the number of shares of Series Q Preferred Stock to be redeemed and, if fewer than all of the
shares of Series Q Preferred Stock held by a Holder are to be redeemed, the number of shares to be
redeemed from such Holder; (2) the redemption price; (3) the redemption date; and (4) the place at
which a Holder’s certificate(s) representing shares of Series Q Preferred Stock must be presented
upon such redemption. Failure to give notice, or any defect in the notice, to any Holder of Series
Q Preferred Stock shall not affect the validity of the proceedings for the redemption of shares of
any other Holder of Series Q Preferred Stock being redeemed.

(c) Notice having been given as herein provided, from and after the redemption date, dividends
on the Series Q Preferred Stock called for redemption shall cease to accrue and such Series Q
Preferred Stock called for redemption will no longer be deemed outstanding, and all rights of the
Holders thereof as registered holders of such shares of Series Q Preferred Stock will cease. Upon
surrender in accordance with said notice of the certificate(s) representing shares of Series Q
Preferred Stock so redeemed (properly endorsed or assigned for transfer, if the Board of Directors
of Fannie Mae, or a duly authorized committee thereof, shall so require and the notice shall so
state), such shares shall be redeemed by Fannie Mae at the redemption price aforesaid. Any shares
of Series Q Preferred Stock that shall at any time have been redeemed shall, after such redemption,
be cancelled and not reissued. In case fewer than all the shares represented by any such
certificate are redeemed, a new certificate shall be issued representing the unredeemed shares
without cost to the Holder thereof.

(d) The Series Q Preferred Stock will not be subject to any mandatory redemption, sinking fund
or other similar provisions. In addition, Holders of Series Q Preferred Stock will have no right to
require redemption of any shares of Series Q Preferred Stock.

	4.	 	Liquidation Rights.

(a) Upon any voluntary or involuntary dissolution, liquidation or winding up of Fannie Mae,
after payment or provision for the liabilities of Fannie Mae and the expenses of such dissolution,
liquidation or winding up, the Holders of outstanding shares of the Series Q Preferred Stock will
be entitled to receive out of the assets of Fannie Mae or proceeds thereof available for
distribution to stockholders, before any payment or distribution of assets is made to holders of
Fannie Mae’s common stock (or any other stock of Fannie Mae ranking, as to the distribution of
assets upon dissolution, liquidation or winding up of Fannie Mae, junior to the Series Q Preferred
Stock), the amount of $25 per share plus an amount, determined in accordance with Section 2 above,
equal to the dividend (whether or not declared) for the then-current quarterly Dividend Period
accrued to but excluding the date of such liquidation payment, but without accumulation of unpaid
dividends on the Series Q Preferred Stock for prior Dividend Periods.

(b) If the assets of Fannie Mae available for distribution in such event are insufficient to
pay in full the aggregate amount payable to Holders of Series Q Preferred Stock and holders of all
other classes or series of stock of Fannie Mae, if any, ranking, as to the distribution of assets
upon dissolution, liquidation or winding up of Fannie Mae, on a parity with the Series Q Preferred
Stock, the assets will be distributed to the Holders of Series Q Preferred Stock and holders of all
such other stock pro rata, based on the full respective preferential amounts to which they are
entitled (but without, in the case of any noncumulative preferred stock, accumulation of unpaid
dividends for prior Dividend Periods).

(c) Notwithstanding the foregoing, Holders of Series Q Preferred Stock will not be entitled to
be paid any amount in respect of a dissolution, liquidation or winding up of Fannie Mae until
holders of any classes or series of stock of Fannie Mae ranking, as to the distribution of assets
upon dissolution, liquidation or winding up of Fannie Mae, prior to the Series Q Preferred Stock
have been paid all amounts to which such classes or series are entitled.

(d) Neither the sale, lease or exchange (for cash, shares of stock, securities or other
consideration) of all or substantially all of the property and assets of Fannie Mae, nor the
merger, consolidation or combination of Fannie Mae into or with any other entity or the merger,
consolidation or combination of any other entity into or with Fannie Mae, shall be deemed to be a
dissolution, liquidation or winding up, voluntary or involuntary, for the purposes of this Section
4.

(e) After payment of the full amount of the distribution of assets upon dissolution,
liquidation or winding up of Fannie Mae to which they are entitled pursuant to paragraphs (a), (b)
and (c) of this Section 4, the Holders of Series Q Preferred Stock will not be entitled to any
further participation in any distribution of assets by Fannie Mae.

	5.	 	No Conversion or Exchange Rights.

The Holders of shares of Series Q Preferred Stock will not have any rights to convert such
shares into or exchange such shares for shares of any other class or classes, or of any other
series of any class or classes, of stock or obligations of Fannie Mae.

	6.	 	No Pre-Emptive Rights.

No Holder of Series Q Preferred Stock shall be entitled as a matter of right to subscribe for
or purchase, or have any pre-emptive right with respect to, any part of any new or additional issue
of stock of any class whatsoever, or of securities convertible into any stock of any class
whatsoever, or any other shares, rights, options or other securities of any class whatsoever,
whether now or hereafter authorized and whether issued for cash or other consideration or by way of
dividend.

	7.	 	Voting Rights; Amendments.

(a) Except as provided below, the Holders of Series Q Preferred Stock will not be entitled to
any voting rights, either general or special.

(b) Without the consent of the Holders of Series Q Preferred Stock, Fannie Mae will have the
right to amend, alter, supplement or repeal any terms of this Certificate or the Series Q Preferred
Stock (1) to cure any ambiguity, or to cure, correct or supplement any provision contained in this
Certificate of Designation that may be defective or inconsistent with any other provision herein or
(2) to make any other provision with respect to matters or questions arising with respect to the
Series Q Preferred Stock that is not inconsistent with the provisions of this Certificate of
Designation so long as such action does not materially and adversely affect the interests of the
Holders of Series Q Preferred Stock; provided, however, that any increase in the amount of
authorized or issued Series Q Preferred Stock or the creation and issuance, or an increase in the
authorized or issued amount, of any other class or series of stock of Fannie Mae, whether ranking
prior to, on a parity with or junior to the Series Q Preferred Stock, as to the payment of
dividends or the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae,
or otherwise, will not be deemed to materially and adversely affect the interests of the Holders of
Series Q Preferred Stock.

(c) Except as set forth in paragraph (b) of this Section 7, the terms of this Certificate or
the Series Q Preferred Stock may be amended, altered, supplemented, or repealed only with the
consent of the Holders of at least two-thirds of the shares of Series Q Preferred Stock then
outstanding, given in person or by proxy, either in writing or at a meeting of stockholders at
which the Holders of Series Q Preferred Stock shall vote separately as a class. On matters
requiring their consent, Holders of Series Q Preferred Stock will be entitled to one vote per
share.

(d) The rules and procedures for calling and conducting any meeting of Holders (including,
without limitation, the fixing of a record date in connection therewith), the solicitation and use
of proxies at such a meeting, the obtaining of written consents, and any other aspect or matter
with regard to such a meeting or such consents shall be governed by any rules that the Board of
Directors of Fannie Mae, or a duly authorized committee thereof, in its discretion, may adopt from
time to time, which rules and procedures shall conform to the requirements of any national
securities exchange on which the Series Q Preferred Stock are listed at the time (if so listed).

	8.	 	Additional Classes or Series of Stock.

The Board of Directors of Fannie Mae, or a duly authorized committee thereof, shall have the
right at any time in the future to authorize, create and issue, by resolution or resolutions, one
or more additional classes or series of stock of Fannie Mae, and to determine and fix the
distinguishing characteristics and the relative rights, preferences, privileges and other terms of
the shares thereof. Any such class or series of stock may rank prior to, on a parity with or junior
to the Series Q Preferred Stock as to the payment of dividends or the distribution of assets upon
dissolution, liquidation or winding up of Fannie Mae, or otherwise.

	9.	 	Priority.

For purposes of this Certificate of Designation, any stock of any class or series of Fannie
Mae shall be deemed to rank:

(a) Prior to the shares of Series Q Preferred Stock, either as to the payment of dividends or
the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae, if the
holders of such class or series shall be entitled to the receipt of dividends or of amounts
distributable upon dissolution, liquidation or winding up of Fannie Mae, as the case may be, in
preference or priority to the Holders of shares of Series Q Preferred Stock.

(b) On a parity with shares of Series Q Preferred Stock, either as to the payment of dividends
or the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae, whether or
not the dividend rates or amounts, dividend payment dates or redemption or liquidation prices per
share, if any, be different from those of the Series Q Preferred Stock, if the holders of such
class or series shall be entitled to the receipt of dividends or of amounts distributable upon
dissolution, liquidation or winding up of Fannie Mae, as the case may be, in proportion to their
respective dividend rates or amounts or liquidation prices, without preference or priority, one
over the other, as between the holders of such class or series and the Holders of shares of Series
Q Preferred Stock.

(c) Junior to shares of Series Q Preferred Stock, either as to the payment of dividends or the
distribution of assets upon dissolution, liquidation or winding up of Fannie Mae, if such class
shall be common stock of Fannie Mae or if the Holders of shares of Series Q Preferred Stock shall
be entitled to the receipt of dividends or of amounts distributable upon dissolution, liquidation
or winding up of Fannie Mae, as the case may be, in preference or priority over the holders of such
class or series.

(d) The shares of Preferred Stock of Fannie Mae designated “5.25% Non-Cumulative Preferred
Stock, Series D” (the “Series D Preferred Stock”), “5.10% Non-Cumulative Preferred Stock, Series E”
(the “Series E Preferred Stock”), “Variable Rate Non-Cumulative Preferred Stock, Series F” (the
“Series F Preferred Stock”), “Variable Rate Non-Cumulative Preferred Stock, Series G” (the “Series
G Preferred Stock”), “5.81% Non-Cumulative Preferred Stock, Series H” (the “Series H Preferred
Stock”) , “5.375% Non-Cumulative Preferred Stock, Series I” (the “Series I Preferred Stock”),
“5.125% Non-Cumulative Preferred Stock, Series L” (the “Series L Preferred Stock”), “4.75%
Non-Cumulative Preferred Stock, Series M” (the “Series M Preferred Stock”), “5.50% Non-Cumulative
Preferred Stock, Series N” (the “Series N Preferred Stock”), “Non-Cumulative Preferred Stock,
Series O” (the “Series O Preferred Stock”), “Non-Cumulative Convertible Series 2004-1 Preferred
Stock” (the “Series 2004-1 Preferred Stock”), and “Variable Rate Non-Cumulative Preferred Stock,
Series P” (the “Series P Preferred Stock”) shall be deemed to rank on a parity with shares of
Series Q Preferred Stock as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of Fannie Mae. Accordingly, the holders of record of Series
D Preferred Stock, the holders of record of Series E Preferred Stock, the holders of record of
Series F Preferred Stock, the holders of record of Series G Preferred Stock, the holders of record
of Series H Preferred Stock, the holders of record of Series I Preferred Stock, the holders of
record of Series L Preferred Stock, the holders of record of Series M Preferred Stock, the holders
of record of Series N Preferred Stock, the holders of record of Series 2004-1 Preferred Stock, the
holders of record of Series O Preferred Stock, the holders of record of Series P Preferred Stock
and the Holders of the Series Q Preferred Stock shall be entitled to the receipt of dividends and
of amounts distributable upon dissolution, liquidation or winding up of Fannie Mae, as the case may
be, in proportion to their respective dividend rates or amounts or liquidation prices, without
preference or priority, one over the other.

	10.	 	Transfer Agent, Dividend Disbursing Agent and Registrar.

Fannie Mae hereby appoints Computershare Trust Company, N.A., as its initial transfer agent,
dividend disbursing agent and registrar for the Series Q Preferred Stock. Fannie Mae may at any
time designate an additional or substitute transfer agent, dividend disbursing agent and registrar
for the Series Q Preferred Stock.

	11.	 	Notices.

Any notice provided or permitted by this Certificate of Designation to be made upon, or given
or furnished to, the Holders of Series Q Preferred Stock by Fannie Mae shall be made by first-class
mail, postage prepaid, to the addresses of such Holders as they appear on the books and records of
Fannie Mae or by other written or electronic means to designated accounts of such Holders. Such
notice shall be deemed to have been sufficiently made upon deposit thereof in the United States
mail or electronic transmission to a designated account of the Holder. Notwithstanding anything to
the contrary contained herein, in the case of the suspension of regular mail service or by reason
of any other cause it shall be impracticable, in Fannie Mae’s judgment, to give notice by mail, or
if Fannie Mae has reason to believe other notification means would be ineffective, then such
notification may be made, in Fannie Mae’s discretion, by publication in a newspaper of general
circulation in The City of New York or by hand delivery to the addresses of Holders as they appear
on the books and records of Fannie Mae.

Receipt and acceptance of a share or shares of the Series Q Preferred Stock by or on behalf of
a Holder shall constitute the unconditional acceptance by such Holder (and all others having
beneficial ownership of such share or shares) of all of the terms and provisions of this
Certificate of Designation. No signature or other further manifestation of assent to the terms and
provisions of this Certificate of Designation shall be necessary for its operation or effect as
between Fannie Mae and the Holder (and all such others).

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