Fannie Mae has priced $4 billion of 3.125% three-year Benchmark Notes at 99.991.The issue (CUSIP 31359MWQ2), due Dec. 15, 2007, yields 3.129% at a spread of 38 basis points over the 2.750% Treasury due Aug. 15, 2007. The settlement date is Oct. 22. The joint lead managers are Goldman, Sachs & Co, Merrill Lynch & Co., and UBS Investment Bank. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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