Fannie Mae Preferred S (FNMAS)

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The PSPAs do not allow for dividends to reduce prior draws. However, for illustrative purposes, if dividend payments were subtracted from the projected cumulative draws, the net combined amounts for both Enterprises could reach $67 billion under Scenario 1, $76 billion under Scenario 2, and $132 billion under Scenario 3. Prior to 2012, most dividends have been paid from funds acquired with additional draws. Given the changes to the PSPAs, after 2012 all future dividends are projected to be paid out of comprehensive income.