Fannie Mae has announced a dividend rate adjustment for its series K variable-rate noncumulative preferred stock.The new rate will be 6.304%, which is 1.33% above the swap rate (as defined in the series K certificate of designation). The new dividend rate will be in effect from March 18, 2007, to March 18, 2009. Fannie Mae can be found online at http://www.fanniemae.com.

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