Fannie Mae has priced $5 billion of two-year Benchmark Notes with a 2.5% coupon at 99.929.The joint lead managers for the issue (CUSIP 31359MVA8) were Credit Suisse First Boston Corp., Lehman Brothers Inc. and Morgan Stanley & Co. There were 10 co-managers and a designated selling group comprised of 12 additional dealers. The issue is due June 15, 2006 and yields 2.535% at a spread of 34.5 basis points over the 1.5% U.S. Treasury due March 31, 2006. Settlement is scheduled for April 23, and coupon payments will be made each June 15 and Dec. 15, beginning in June of 2004. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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