Fannie Mae has priced $3 billion of 4.500% three-year Benchmark Notes at 99.844.The issue (CUSIP 31359MZH9), due Oct. 15, 2008, yields 4.556% at a spread of 28.5 basis points over the 4.125% Treasury due Aug. 15, 2008. The settlement date is Oct. 14. The joint lead managers are HSBC Securities Inc., J.P. Morgan Securities Inc., and Morgan Stanley & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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