Fannie Mae-No Politics (FNMA)

[LuLeVan]

Neither share class has garnered anything special or special treatment wise, and that is how I see this at release.

At recap/release you will see that the "treatment" will be different. Commons will be diluted while JPS cannot be diluted because they are contractually protected. If you are lucky and only the warrants are exercised, the dilution will be 5 to 1. In the case of a SPS-to-common-conversion, the dilution could be between 100 to 1 and 1000 to 1.

Of course, all this couldn't and can't be seen yet because recap/release is a future event. So the fact that you haven't seen anything in the past does not preclude that you won't see anything in the future.