Fannie Mae has priced $4 billion of 5.250% two-year Benchmark Notes and $3 billion of 5.375% 10-year Benchmark Notes.The two-year note (CUSIP 31359MS53) was priced at 99.963 to yield 5.27% at a spread of 26.5 basis points over the 4.875% Treasury due in May 2008. The 10-year note (CUSIP 31359MS61) was priced at 99.974 to yield 5.379% at a spread of 40.5 bps over the 5.125% Treasury due in May 2020. The joint lead managers for the two-year issue are Barclays Capital Inc., HSBC Securities (USA) Inc., and Morgan Stanley & Co. The joint lead managers for the 10-year issue are Lehman Brothers Inc., Merrill Lynch Government Securities, and J.P. Morgan Securities Inc. Fannie Mae can be found online at http://www.fanniemae.com.

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