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

15-Year Canary Step; 3 Month Call
Pricing Date June 4, 2009
Settlement Date June 25, 2009
Structure

15 Year Canary Step; 3 Month Call

First Call Date September 25, 2009, Quarterly Calls until June 2014
Maturity Date June 25, 2024
Payment Dates Every December 25th and June 25th beginning December 2009
First Coupon 5%
Coupon Structure 5% to June 2014; 5.5% Bullet thereafter
Size $25 million
Issuer Federal National Mortgage Association
CUSIP 3136FHD85
Currency USD