We report the observation of the quantized Hall effect in suspended graphene probed with a two-terminal lead geometry. The failure of earlier Hall-bar measurements is discussed and attributed to the placement of voltage probes in mesoscopic samples. New quantized states are found at integer Landau level fillings outside the sequence 2,6,10.., as well as at a fractional filling \nu=1/3. Their presence is revealed by plateaus in the two-terminal conductance which appear in magnetic fields as low

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... s 2 Tesla at low temperatures and persist up to 20 Kelvin in 12 Tesla. The excitation gaps, extracted from the data with the help of a theoretical model, are found to be significantly larger than in GaAs based electron systems.