Fannie Mae has priced $3 billion of 4.625% three-year Benchmark Notes at 99.722.The issue (CUSIP 31359M2S1), due Dec. 15, 2009, yields 4.726% at a spread of 19.5 basis points over the 4.625% Treasury due Nov. 15, 2009. The settlement date is Dec. 19. The joint lead managers are Banc of America Securities LLC; Bear, Stearns & Co.; and Morgan Stanley & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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