Fannie Mae has priced $3 billion of 4.375%, 10-year Benchmark Notes due Oct. 15, 2015.The issue (CUSIP 31359MZC0) was priced at 99.295 to yield 4.463%, or 34.5 basis points more than the 4.250% U.S. Treasury notes due Aug. 15, 2015. Merrill Lynch & Co., Morgan Stanley & Co., and UBS Investment Bank are the joint lead managers for the Luxembourg-listed transaction. Fannie Mae can be found online at http://www.fanniemae.com.

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