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Philip A. Laskawy, Chairman, Fannie Mae

March 2, 2014

Andrew Wilson


Fairholme Capital Management sent a letter dated February 28 to Fannie Mae's Board of Directors calling on the Board to take a number of actions related to the ongoing conservatorship, payment of dividends, and the management of the company.

The Board and our management team remain focused on building a better housing finance system by strengthening our business, providing liquidity to all segments of the market, and improving the safety and soundness of our company.

As legislated by Congress, with conservatorship, the Federal Housing Finance Agency as Conservator assumed by law all of the rights, powers, and privileges of the company, including those of the board of directors, which provides appropriate governance in accordance with FHFA's limited delegation of authority.

I am confident that the Board is doing the job it has been given.  FHFA has retained certain authorities for its exclusive determination and control, as provided by federal statute, including all decisions relating to the declaration and payment of dividends to the United States Treasury.  Our Board and management will continue to perform their duties, as provided by federal statute and delegated by FHFA, diligently and to the best of their abilities.