Amherst Securities LP
Amherst Securities Group Underwrites New Issue Deal for FNMA
10-year; non-call 3-month Canary
Pricing Date

January 10, 2008

Settlement Date January 22, 2008
Structure 10-year; non-call 3-month Canary
First Call Date

April 22, 2008 and quarterly thereafter

Maturity Date January 22, 2018
Payment Dates

Every July 22nd and January 22nd beginning July 2008

First Coupon 5.00%
Coupon Structure 5.00% to December 2013; 6.00% thereafter
Size $15 million
Issuer Federal National Mortgage Corporation
CUSIP 3136F8E92
Currency USD