Fannie Mae has priced $4 billion of 5.000% two-year Benchmark Notes at 99.912.The issue (CUSIP 31359MX40), due Sept. 15, 2008, yields 5.047% at a spread of 24.5 basis points over the 4.875% Treasury note due Aug. 31, 2008. The settlement date is Sept. 15. The joint lead managers are Banc of America Securities LLC, Barclays Capital Inc., and J.P. Morgan Securities. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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