Fannie Mae has priced $3 billion of 4.875% three-year Benchmark Notes at 99.657.The issue (CUSIP 31359MK69), due April 15, 2009, yields 4.998% at a spread of 28.5 basis points over the 4.500% Treasury due Feb. 15, 2009. The settlement date is March 17. The joint lead managers are HSBC Securities (USA), J.P. Morgan Securities, and Merrill Lynch & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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