Fannie Mae has priced $4 billion of 3.250% five-year Benchmark Notes at 99.601.The issue (CUSIP: 31359MTZ6), due Feb. 15, 2009, yields 3.336% at a spread of 35 basis points over the 3.250% Treasury due Jan. 15, 2009. The settlement date is Jan. 23. The joint lead managers are Lehman Brothers Inc., Morgan Stanley & Co., and UBS Investment Bank. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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