{ "docId": "019dd923-622c-750b-8b9c-0d3bacbcba4d", "docSlug": "dd661d7cb833", "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-01-16 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 2, "pageCount": 104, "prevPage": 1, "nextPage": 3, "slideType": "disclaimer", "function": "other", "density": "dense", "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/2", "deckHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-2", "components": [ { "bbox": { "h": 0.15, "w": 0.914, "x": 0.043, "y": 0.565 }, "kind": "disclaimer", "text": "Funds managed by Pershing Square and its affiliates own shares, predominantly common stock, of Federal National Mortgage Association (\"Fannie Mae\") and Federal Home Loan Mortgage Corporation (\"Freddie Mac\"). Pershing Square manages funds that are in the business of trading – buying and selling – securities and financial instruments. It is possible that there will be developments in the future that cause Pershing Square to change its position regarding Fannie Mae and Freddie Mac. Pershing Square may buy, sell, cover or otherwise change the form of its investment in Fannie Mae and Freddie Mac for any or no reason. This presentation speaks only as of the date it is made. The information presented or contained herein is subject to change without notice. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of any Pershing Square investment.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "02c6997f-c8dd-4c6c-86d1-77b01a38c939", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.914, "x": 0.043, "y": 0.32 }, "kind": "disclaimer", "text": "The analyses provided may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. Actual results may vary materially from the estimates and projected results contained herein. The information contained in this presentation may not contain all of the information required in order to evaluate Fannie Mae or Freddie Mac and the proposal described in the presentation. The opinions, analyses, conclusions and proposals presented herein represent the views of Pershing Square and not those of any third party.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2a2dd7c9-3886-4f54-aa31-639dfd0b7e55", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.914, "x": 0.043, "y": 0.74 }, "kind": "disclaimer", "text": "This presentation contains a high-level overview that reflects our subjective beliefs, assumptions, and assessments regarding Fannie Mae and Freddie Mac. There can be no assurance that Fannie Mae and Freddie Mac will be able to implement a particular strategy or achieve particular results. The \"Framework for Ending Conservatorship\" and \"Illustrative GSE Restructuring\" sections of this presentation contain frameworks, projections, and models for illustrative purposes only. They are calculated based on certain inputs and underlying assumptions, which may not prove to be correct, which may not reflect all considerations, and are subject to various risks and inherent limitations. Although Pershing Square believes the calculations and models described herein are based on reasonable assumptions, the use of different assumptions would produce different results.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "48263724-c9a3-469d-aba9-9da4fbce4ee3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.914, "x": 0.043, "y": 0.188 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square Capital Management, L.P. (\"Pershing Square\") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential or otherwise nonpublic information in the possession of the companies discussed in this presentation that could lead these companies and others to disagree with Pershing Square's analyses, conclusions and opinions. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. All investments involve risk, including the loss of principal.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f107d54e-ddf8-4650-8341-57410904f6b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.175, "x": 0.043, "y": 0.095 }, "kind": "title", "text": "Disclaimer", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f924f6d-e343-4be3-985f-8f716831dead", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }