Fannie Mae has priced a $3 billion issue of two-year, 3.875% Benchmark Notes at 100.000.The issue (CUSIP: 31359MB44), due May 15, 2007, yields 3.875% at a spread of 28.5 basis points over the 3.750% Treasury due March 31, 2007. The settlement date is April 22. The joint lead managers for the issue are Bear, Stearns & Co., HSBC Securities, and Morgan Stanley & Co. Fannie Mae can be found online at http://www.fanniemae.com.

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