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

10-Year Step; 3 Month Call
Pricing Date May 13, 2009
Settlement Date May 28, 2009
Structure

10 Year Step; 3 Month Call

First Call Date August 28, 2009, Quarterly Calls
Maturity Date May 28, 2019
Payment Dates Every November 28th and May 28th beginning November 2009
First Coupon 3.25%
Coupon Structure 3.25% to May 2012; 4.25% to May 2015; 5.5% to May 2017; 6.5% thereafter
Size $25 million
Issuer Federal National Mortgage Association
CUSIP 3136FHVP7
Currency USD