Fannie Mae has priced $4 billion of 5.125% two-year Benchmark Notes at 99.910.The issue (CUSIP 31398AFA5), due July 13, 2009, yields 5.173% at a spread of 32.0 basis points over the 4.875% Treasury note due June 30, 2009. The settlement date is July 13. The joint lead managers are Barclays Capital Inc.; Goldman, Sachs & Co.; and Merrill Lynch Government Securities Inc. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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