Fannie Mae has priced $4 billion of 3.375% five-year Benchmark Notes at 99.467.The issue (CUSIP 31359MTR4), due Dec. 15, 2008, yields 3.491% at a spread of 37.5 basis points over the 3.375% Treasury due Nov. 15, 2008. The settlement date is Nov. 21. The joint lead managers are Credit Suisse First Boston Corp., HSBC Securities Inc., and Lehman Brothers Inc. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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