Amherst Securities LP
Amherst Securities Group Underwrites New Issue Deal for FNMA

2.5-year; non-call 3-month; Step-Rate
Pricing Date

March 23, 2006

Settlement Date April 21, 2006
Structure 2.5-year; non-call 3-month
First Call Date

July 21, 2007 and quarterly thereafter

Maturity

October 21, 2008

Payment Dates Every October 21st and April 21st beginning October 2006
First Coupon 5.0%
Coupon Structure

5.00% to October 2006; 5.50% to October 2007; 6.0% thereafter

Size $15 million
Issuer Federal National Mortgage Association
CUSIP 3136F7XL6
Currency USD