Fannie Mae has priced $3 billion of 5.375% three-year Benchmark Notes at 99.853.The issue (CUSIP 31359MU68), due Aug. 15, 2009, yields 5.429% at a spread of 32.5 basis points over the 4.875% Treasury due May 15, 2009. The settlement date is July 20. The joint lead managers are Bear, Stearns & Co. Inc., Citigroup Global Markets Inc., and Goldman, Sachs & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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