Fannie Mae has priced $4 billion of 2.625% three-year Benchmark Notes at 99.748.The issue (CUSIP 31359MTN3), due Nov. 15, 2006, yields 2.711% at a spread of 43.5 basis points over the 2.375% Treasury due Aug. 15, 2006. The settlement date is Oct. 24. The joint lead managers are Goldman, Sachs & Co., Lehman Brothers Inc., and UBS Warburg LLC. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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