Fannie Mae has priced a $2.5 billion issue of three-year, 2.625% Callable Benchmark Notes due Jan. 19, 2007.The issue (CUSIP: 31359MTX1) was priced at 99.830 with a yield to maturity of 2.684%. It is noncallable for the first year, with a one-time call date of Jan. 19, 2005. The joint lead managers for the issue are Bear, Stearns & Co.; FTN Financial Capital Markets; and Goldman, Sachs & Co. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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