Fannie Mae-No Politics (FNMA)

[Hvp123]

My email to [e-mail]

Dear Mr. Ackman and team,

Thanks again for answering my questions last time, this is the same guy who retired in 40s because of your hard work and confidence in GGP.

Please let me know your comments on Fannie & Freddie:

1) Whats stopping them to re list stock on NYSE? Are you trying to help them do that?

2) Are you restricted from buying more shares than 10%? Why you not buying 25% stake like you did in GGP if this is similar opportunity in your opinion? Just curious

3) Do you ever foresee opportunity of gaining a board seat at Fannie and Freddie?

4) Why you did not request judge Sweeney to participate in depositions?

5) We look forward to another 100 slides on how to recap, release and re-list fannie & freddie, will we see that? If yes, timeframe for that?

Thru me, you have a huge fan following, among my friends and family, hope you score another home run in fannie & freddie just like you did in GGP. Personally, I never ever doubt you.

Thanks,