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Re: HappyAlways post# 771809

Monday, 10/23/2023 9:24:27 AM

Monday, October 23, 2023 9:24:27 AM

Post# of 795053
https://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/FNM/warrant/Fannie-Mae-Warrant.pdf

These terms. Review them and acknowledge the truth of their existence and their power to dilute pre conservatorship common equity in any and every forward outcome and Treasury’s direct benefit in doing so.

Warrants will be exercised. Common lack dilution protection against SPSPA being converted.. Common thus have no security. Preferred will be made whole.