Fannie Mae has priced $5 billion of 2.375% three-year Benchmark Notes at 99.806.The issue (CUSIP 31359MUE1), due Feb. 15, 2007, yields 2.443% at a spread of 22 basis points over the 2.250% Treasury due Feb. 15, 2007. The settlement date is Feb. 20. The joint lead managers are Deutsche Banc Securities Inc., HSBC Securities Inc., and Merrill Lynch & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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