Fannie Mae has priced a $2 billion issue of five-year, 3.875% Callable Benchmark Notes due Nov. 17, 2008.The issue (CUSIP: 31359MTQ6) was priced at 99.772 with a yield to maturity of 3.926%. It is noncallable for the first two years, with a one-time call date of Nov. 17, 2005. The joint lead managers for the issue are FTN Financial Capital Markets; Goldman, Sachs & Co.; and UBS Investment Bank. Fannie Mae can be found online at http://www.fanniemae.com.

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