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Press Release

Fannie Mae Prices $2.0 billion of Benchmark REMIC Trust 2006-B1

June 20, 2006


Jason Lobo


Washington, DC -- Fannie Mae today announced that it priced $2.0 billion of Benchmark REMIC Trust 2006-B1, Class AB, CUSIP 31395NPD3, a Guaranteed Maturity Class (GMC) with a class coupon of 6.000 percent and a final maturity date of June 25, 2016. The GMC issue was priced at 99.5781 to yield 6.082 percent, or +94 basis points over the interpolated Treasury curve. Settlement is scheduled for Monday, June 26, 2006.

Bear Stearns & Co. Inc., Lehman Brothers Inc. and UBS Securities LLC served as the lead underwriters for Benchmark REMIC Trust 2006-B1 AB. Co-managers of the transaction were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs and Co., Greenwich Capital Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, JP Morgan Securities Inc., and Morgan Stanley & Co. Incorporated. The transaction also involved a selling group. Information about the Benchmark REMIC Trust 2006-B1, of which the GMC is a part, is available in the prospectus supplement on the Prospectus and Related Documents page of the company's Web site at:

Fannie Mae is a New York Stock Exchange Company. It operates pursuant to a federal charter. Fannie Mae has pledged through its American Dream Commitment to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae's Offering Circular dated October 17, 2005, and that no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

Benchmark Notes is a registered mark and Benchmark REMIC is a trademark of Fannie Mae. Unauthorized use of these marks is prohibited.