This is from series "O", read carefully.
6. No Pre-Emptive Rights.
No Holder of Series O Preferred Stock shall be entitled as a matter of right to subscribe for or purchase, or
have any pre-emptive right with respect to, any part of any new or additional issue of stock of any class whatsoever,
or of securities convertible into any stock of any class whatsoever, or any other shares, rights, options or other
securities of any class whatsoever, whether now or hereafter authorized and whether issued for cash or other
consideration or by way of dividend.
7.
(b) Without the consent of the Holders of Series O Preferred Stock, Fannie Mae will have the right to
amend, alter, supplement or repeal any terms of this Certificate or the Series O Preferred Stock (1) to cure any
ambiguity, or to cure, correct or supplement any provision contained in this Certificate of Designation that may be
defective or inconsistent with any other provision herein or (2) to make any other provision with respect to matters
or questions arising with respect to the Series O Preferred Stock that is not inconsistent with the provisions of this
Certificate of Designation so long as such action does not materially and adversely affect the interests of the Holders
of Series O Preferred Stock; provided, however, that any increase in the amount of authorized or issued Series O
Preferred Stock or the creation and issuance, or an increase in the authorized or issued amount, of any other class or
series of stock of Fannie Mae, whether ranking prior to, on a parity with or junior to the Series O Preferred Stock, as
to the payment of dividends or the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae,
8. Additional Classes or Series of Stock.
The Board of Directors of Fannie Mae, or a duly authorized committee thereof, shall have the right at any
time in the future to authorize, create and issue, by resolution or resolutions, one or more additional classes or series
of stock of Fannie Mae, and to determine and fix the distinguishing characteristics and the relative rights,
preferences, privileges and other terms of the shares thereof. Any such class or series of stock may rank prior to, on
a parity with or junior to the Series O Preferred Stock as to the payment of dividends or the distribution of assets
upon dissolution, liquidation or winding up of Fannie Mae, or otherwise.
“If liberty means anything at all, it means the right to tell people what they do not want to hear.” “I disapprove of what you say, but I will defend to the death your right to say it.”
