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bradford86

10/23/23 9:24 AM

#771812 RE: HappyAlways #771809

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.