Pershing Square Activist Presentation Deck
Fannie Mae ("FNMA") and Freddie Mac ("FMCC")
We believe Fannie and Freddie are firmly on a path towards
exiting conservatorship
Fannie Mae
Freddie
Mac
Major progress achieved over the last twelve months
New FHFA Director Mark Calabria appointed April 4th for a five-year term
Treasury Housing Finance Reform plan released September 5th
Net worth sweep effectively suspended September 27th, allowing the
entities to build capital through retained earnings
Favorable decisions in both the Fifth Circuit and Court of Federal Claims
Houlihan Lokey hired as financial advisor to FHFA earlier this week
Several important catalysts on the horizon prior to the election
Re-proposal and finalization of GSE capital rule
► Negotiation of Fourth PSPA(1) amendment, including possible settlement
of shareholder litigation
We expect substantial additional share price appreciation as key steps are taken towards
ending the conservatorships
(1) Preferred Stock Purchase Agreement.
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