Fannie Mae has priced $3 billion of 3.875% five-year Benchmark Notes at 99.519.The issue (CUSIP: 31359MXH1), due Feb. 15, 2010, yields 3.981% at a spread of 29 basis points over the 3.625% Treasury due Jan. 15, 2010. The settlement date is Jan. 14. The joint lead managers are Credit Suisse First Boston Corp., Merrill Lynch & Co., and Morgan Stanley & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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