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

5-Year Step; 3 Month Call
Pricing Date April 27, 2009
Settlement Date May 21, 2009
Structure

5 Year Step; 3 Month Call

First Call Date August 21, 2009, Quarterly Calls
Maturity Date May 21, 2016
Payment Dates Every November 21th and May 21th beginning November 2009
First Coupon 2.0%
Coupon Structure 2.0% to May 2010; The Steps Annually @ 2.5%; 3.25%; 4.25; 5.25% thereafter
Size $25 million
Issuer Federal National Mortgage Association
CUSIP 3136FHPY5
Currency USD