Fannie Mae-No Politics (FNMA)

[FOFreddie]

Commons should get warrants also if there is a conversion. UST has 4 times as many shares as us under the warrant agreement so it would be easy to allocate warrants to common. We need representation at the settlement negotiations. Even if Nomura is correct and we start at $5 - one warrant would take us to $10 before stock starts trading up as index funds and institutions start making purchases. Institutions and index funds should end up owning majority of shares since it will be one of the largest financial instutions listed and become significant capitalization weighted components of various stock, ETF and sector indicies.