Pershing Square Activist Presentation Deck
FNMA and FMCC Performance Since Inception
FNMA and FMCC share prices declined 66% and 64%, respectively, in 2021
and both increased 5% year-to-date in 2022(1)
FNMA and FMCC share price performance from 10/7/2013 to 2/8/2022:
Share price
$6
$5
$4
9
333
$1
5/5/14: Pershing Square
presents investment thesis
at Ira Sohn conference
$0
Oct-2013
11/8/16: Donald Trump
wins presidential election
9/30/14: US District
Court ruling in Perry
litigation
Oct-2014
Oct-2015
1/18/19: Press reports
re. FHFA plan to end
conservatorships
2/21/17 US Court of
Appeals ruling in
Perry litigation
Oct-2016
Oct-2017
FNMA
-
9/6/19: Fifth Circuit
ruling in Collins
litigation that net
worth sweep was
beyond FHFA's
statutory authority
Oct-2018
FMCC
12/13/19: Court of
Federal Claims
denies government's
motion to dismiss
Oct-2019
6/23/21: Supreme Court issues
opinion in Collins appeal, largely
siding with the government against
shareholders
MAM
1/14/21: Letter agreements
suspending net worth sweep
Oct-2020
Oct-2021
$2.29*
$2.14*
$0.87
$0.86
Note: The performance of FNMA's and FMCC's share prices is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date of $2.29 for FNMA and $2.14 for FMCC. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/8/2022.
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