Fannie Mae has priced $4 billion of 5.125% five-year Benchmark Notes at 99.481.The five-year issue (CUSIP: 31359MM26), due April 15, 2011, yields 5.245% at a spread of 34.5 basis points over the 4.750% Treasury due March 31, 2011. The settlement date is April 21. The joint lead managers are Barclays Capital Inc., Citigroup Global Markets Inc., and Lehman Brothers Inc. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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