Fannie Mae has priced $3 billion of 3.875% three-year Benchmark Notes at 99.885.The issue (CUSIP 31359ME41), due July 15, 2008, yields 3.916% at a spread of 23 basis points over the 3.750% Treasury due May 15, 2008. The settlement date is June 24. The joint lead managers are Deutsche Banc Securities Inc., Goldman, Sachs & Co., and UBS Investment Bank. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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