Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

Bruce Berkowitz today:

"July 29, 2023

Dear Fellow Shareholders:

Since the inception of The Fairholme Fund, cumulative performance with dividends reinvested and after expenses was more than twice the
cumulative performance of the S&P 500 Index. Fund assets totaled $1.2 billion. Cash and equivalents are 12% of assets. I and affiliates own 33%
of Fund shares.

Mark Twain was right when he said “buy land, they’re not making it anymore.” St. Joe’s land and entitlements are about or surround one of the
hottest residential markets in Florida, Scenic Highway 30A on the Gulf of Mexico.1 The company’s earnings per share in the first half of this year
increased by 48% from the first half of last year - with no extraordinary profits and while finishing five new hotel complexes.

Vaclav Smil’s How the World Really Works3 discusses the four pillars of modern civilization: fertilizer, steel, cement, plastics and petrochemicals, and
how each depends on crude oil, natural gas, and/or natural gas liquids. Enterprise Product Partners supplies midstream energy services that link
domestic drillers to global consumers of these critical building blocks. Their system of pipes, tanks, and process facilities is irreplaceable in today’s
world.

I recommend reading the news releases and shareholder reports of St. Joe4 and Enterprise Products Partners, L.P.5
to better understand their
progress and prospects.

Respectfully submitted,
Bruce R. Berkowitz
Chief Investment Officer"

BB's FMV of Fannie Mae and Freddie Mac holdings 0.7% of $1.2B = $8.4m