Fannie Mae has priced $4 billion of 4.250% five-year Benchmark Notes at 99.486.The issue (CUSIP: 31359MVE0), due May 15, 2009, yields 4.366% at a spread of 46 basis points over the 3.875% Treasury due May 15, 2009. The settlement date is May 21. The joint lead managers are Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and UBS Investment Bank. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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