Pershing Square Investor Presentation Deck

Fannie Mae ("FNMA") and Freddie Mac (“"FMCC") Fannie Mae Freddie Mac Fannie and Freddie are building capital through retained earnings as shareholders await a pivotal Supreme Court ruling Progress during Trump administration fell short of articulated goals Capital rule finalized in November 2020 at 4.0% of assets and guarantees PSPA¹ modification announced in January 2021 was a mixed bag ✓ Net worth sweep suspended until required capital is reached, increasing maximum capital retention from $45bn to over $300bn * No recognition that Treasury's Senior Preferred investment has been repaid * Balance due to Treasury continues to increase for every dollar of capital retained Upcoming Supreme Court decision could be a game-changer Oral arguments held December 9th with decision expected by June 2021 Courtexpected to rule on the lawfulness of the net worth sweep and the legality of FHFA's structure We continue to view Fannie and Freddie as valuable perpetual options on their eventual exit from conservatorship due to their widely acknowledged irreplaceable role in U.S. housing finance (1) Preferred Stock Purchase Agreement. 52

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