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SC 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. )*

FEDERAL NATIONAL MORTGAGE ASSOCIATION

(Name of Issuer)

Common Stock

(Title of Class of Securities)

313586109

(CUSIP Number)

Roy J. Katzovicz, Esq.

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

212-813-3700

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

November 15, 2013

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 313586109


1	NAMES OF REPORTING PERSONS Pershing Square Capital Management, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER - 0 -
		8	SHARED VOTING POWER 115,569,796
		9	SOLE DISPOSITIVE POWER - 0 -
		10	SHARED DISPOSITIVE POWER 115,569,796
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,569,796
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.98%¹
14	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA

¹	This calculation is based on 1,158,080,657 shares of common stock, of Federal National Mortgage Association (the “Issuer”) outstanding as of September 30, 2013 as reported in its quarterly report on Form 10-Q for the quarter ended September 30, 2013 (the “9/30/13 10-Q”).


CUSIP No. 313586109


1	NAMES OF REPORTING PERSONS PS Management GP, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER -0-
		8	SHARED VOTING POWER 115,569,796
		9	SOLE DISPOSITIVE POWER -0-
		10	SHARED DISPOSITIVE POWER 115,569,796
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,569,796
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.98%²
14	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO

²	This calculation is based on 1,158,080,657 shares of common stock outstanding as of September 30, 2013 as reported in the 9/30/13 10-Q.


CUSIP No. 313586109


1	NAMES OF REPORTING PERSONS Pershing Square GP, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER -0-
		8	SHARED VOTING POWER 40,114,044
		9	SOLE DISPOSITIVE POWER -0-
		10	SHARED DISPOSITIVE POWER 40,114,044
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 40,114,044
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.46%³
14	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA

³	This calculation is based on 1,158,080,657 shares of common stock outstanding as of September 30, 2013 as reported in the 9/30/13 10-Q.


CUSIP No. 313586109


1	NAMES OF REPORTING PERSONS William A. Ackman
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A.
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER -0-
		8	SHARED VOTING POWER 115,569,796
		9	SOLE DISPOSITIVE POWER -0-
		10	SHARED DISPOSITIVE POWER 115,569,796
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,569,796
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.98%⁴
14	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN

⁴	This calculation is based on 1,158,080,657 shares of common stock outstanding as of September 30, 2013 as reported in the 9/30/13 10-Q.

ITEM 1. SECURITY AND ISSUER

This statement on Schedule 13D relates to the common stock of Federal National Mortgage Association, a federally chartered corporation (the “Issuer”). The principal executive offices of the Issuer are located at: 3900 Wisconsin Avenue, NW, Washington, DC, 20016 - 2892.

As of November 15, 2013, the Reporting Persons (defined below) beneficially owned an aggregate of 115,569,796 shares of common stock, representing approximately 9.98% of the outstanding shares of common stock of the Issuer.

ITEM 2. IDENTITY AND BACKGROUND


(a), (f)		This statement is being filed by:

(i)		Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”);

(ii)		PS Management GP, LLC, a Delaware limited liability company (“PS Management”);

(iii)		Pershing Square GP, LLC, a Delaware limited liability company (“Pershing Square GP”); and

(iv)		William A. Ackman, a citizen of the United States of America (together with Pershing Square, PS Management and Pershing Square GP , the “Reporting Persons”).

The Reporting Persons have entered into a joint filing agreement, date as of November 15, 2013, a copy of which is attached hereto as Exhibit 99.1.

(b)

The address of the principal business and principal office of each of the Reporting Persons is 888 Seventh Avenue, 42nd Floor, New York, New York 10019.

(c)

Pershing Square’s principal business is serving as investment advisor to certain affiliated funds.

PS Management’s principal business is serving as the sole general partner of Pershing Square.

Pershing Square GP’s principal business is serving as the sole general partner of Pershing Square, L.P., a Delaware limited partnership (“PS”) and Pershing Square II, L.P., a Delaware limited partnership (“PS II”).

The principal occupation of William A. Ackman is serving as the Chief Executive Officer of Pershing Square and the managing member of each of PS Management and Pershing Square GP.

(d), (e)

During the last five years, none of the Reporting Persons (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Pershing Square advises the accounts of PS, PS II, Pershing Square International, Ltd., a Cayman Islands exempted company (“Pershing Square International”) and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey (“PSH”) (collectively, PS, PS II, Pershing Square International and PSH, the “Pershing Square Funds”). Pershing Square purchased for the accounts of the Pershing Square Funds an aggregate of 115,569,796 shares of the common stock for total consideration (including brokerage commissions) of $264,981,966. The source of funding for such transactions was derived from the respective capital of the Pershing Square Funds.

ITEM 4. PURPOSE OF TRANSACTION

The Reporting Persons believe that the Issuer’s common stock is undervalued and is an attractive investment.

In light of the proposed Fairholme transaction on behalf of certain holders of preferred stock of the Issuer which was reported in the financial press, the Reporting Persons have determined that they may engage in discussions with management, the board, other stockholders of the Issuer, representatives of the Federal government, and other relevant parties concerning the business, assets, capitalization, financial condition, operations, governance, management, strategy and future plans of the Issuer, which discussions may include proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the board, price levels of shares of the common stock, other investment opportunities available to the Reporting Persons, concentration of positions in the portfolios managed by the Reporting Persons, market conditions and general economic and industry conditions, the Reporting Persons may take such actions with respect to their investments in the Issuer as they deem appropriate, including, without limitation, purchasing additional shares of the common stock or other financial instruments related to the Issuer or selling some or all of their beneficial or economic holdings, engaging in hedging or similar transactions with respect to the securities relating to the Issuer and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER

(a), (b)

Based upon the Issuer’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2013, there were 1,158,080,657 shares of the common stock outstanding as of September 30, 2013.

Based on the foregoing, the 115,569,796 shares of the common stock (the “Subject Shares”) beneficially owned by the Reporting Persons represent approximately 9.98% of the shares of the common stock issued and outstanding.

Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. As the general partner of Pershing Square, PS Management may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. As the general partner of PS and PS II, Pershing Square GP may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the 39,293,197 shares of the common stock held for the account of PS and the 820,847 shares of common stock held for the account of PS II. By virtue of William A. Ackman’s position as the Chief Executive Officer of Pershing Square and managing member of each of PS Management and Pershing Square GP, William A. Ackman may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares and, therefore, William A. Ackman may be deemed to be the beneficial owner of the Subject Shares.

The Reporting Persons are responsible for the completeness and accuracy of the information concerning the Reporting Persons contained herein.

As of the date hereof, none of the Reporting Persons own any shares of the common stock other than the Subject Shares covered in this Statement.

(c)

Exhibit 99.2, which is incorporated by reference into this Item 5(c) as if restated in full, describes all of the transactions in shares of common stock that were effected in the past sixty days by the Reporting Persons for the benefit of the Pershing Square Funds. Except as set forth in Exhibit 99.2 attached hereto, within the last 60 days, no reportable transactions were effected by any Reporting Person.

(d)

No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of the common stock covered by this Schedule 13D, except that dividends from, and proceeds from the sale of, the shares of the common stock held for the accounts managed by Pershing Square may be delivered to such accounts.

(e) Not applicable.

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

Except for the matters described herein, the Reporting Persons do not have any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to the securities of the Issuer.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS


Exhibit 99.1		Joint Filing Agreement, dated as of November 15, 2013, among Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP and William A. Ackman.

Exhibit 99.2		Trading data.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Date: November 15, 2013	PERSHING SQUARE CAPITAL MANAGEMENT, L.P. By: PS Management GP, LLC, its General Partner

	By:	/s/ William A. Ackman
		William A. Ackman
		Managing Member

	PS MANAGEMENT GP, LLC

	By:	/s/ William A. Ackman
		William A. Ackman
		Managing Member

	PERSHING SQUARE GP, LLC

	By:	/s/ William A. Ackman
		William A. Ackman
		Managing Member

	/s/ William A. Ackman
	William A. Ackman

EXHIBIT INDEX


Exhibit		Description

99.1		Joint Filing Agreement, dated as of November 15, 2013, among Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP and William A. Ackman.

99.2		Trading data.

EX-99.1

Exhibit 99.1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing, along with all other such undersigned, on behalf of the Reporting Persons (as defined in the joint filing), of a statement on Schedule 13D (including amendments thereto) with respect to the common stock of Federal National Mortgage Association, and that this agreement be included as an Exhibit 99.1 to such joint filing. This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.

IN WITNESS WHEREOF, each of the undersigned hereby executes this agreement as of this 15th day of November, 2013.


PERSHING SQUARE CAPITAL MANAGEMENT, L.P.

By:		PS Management GP, LLC,
		its General Partner

By:		/s/ William A. Ackman
		William A. Ackman
		Managing Member

PS MANAGEMENT GP, LLC

By:		/s/ William A. Ackman
		William A. Ackman
		Managing Member

PERSHING SQUARE GP, LLC

By:		/s/ William A. Ackman
		William A. Ackman
		Managing Member

/s/ William A. Ackman
WILLIAM A. ACKMAN

EX-99.2

Exhibit 99.2

TRADING DATA


Name	Trade Date	Buy/Sell		No. of Shares / Quantity		Unit Cost		Strike Price	Trade Amount		Security	Expiration Date
Pershing Square, L.P.	October 7, 2013		Buy		396,912	$	1.54	N/A	$	611,165	Common Stock	N/A
Pershing Square, L.P.	October 8, 2013		Buy		624,362	$	1.61	N/A	$	1,005,223	Common Stock	N/A
Pershing Square, L.P.	October 9, 2013		Buy		414,241	$	1.57	N/A	$	649,820	Common Stock	N/A
Pershing Square, L.P.	October 10, 2013		Buy		579,868	$	1.60	N/A	$	927,731	Common Stock	N/A
Pershing Square, L.P.	October 11, 2013		Buy		436,992	$	1.62	N/A	$	708,539	Common Stock	N/A
Pershing Square, L.P.	October 14, 2013		Buy		219,733	$	1.62	N/A	$	355,704	Common Stock	N/A
Pershing Square, L.P.	October 15, 2013		Buy		221,776	$	1.63	N/A	$	362,559	Common Stock	N/A
Pershing Square, L.P.	October 16, 2013		Buy		545,760	$	1.60	N/A	$	875,181	Common Stock	N/A
Pershing Square, L.P.	October 17, 2013		Buy		495,315	$	1.55	N/A	$	770,017	Common Stock	N/A
Pershing Square, L.P.	October 18, 2013		Buy		245,520	$	1.53	N/A	$	376,603	Common Stock	N/A
Pershing Square, L.P.	October 21, 2013		Buy		853,250	$	1.62	N/A	$	1,379,449	Common Stock	N/A
Pershing Square, L.P.	October 22, 2013		Buy		1,364,800	$	1.73	N/A	$	2,364,516	Common Stock	N/A
Pershing Square, L.P.	October 23, 2013		Buy		2,984,514	$	2.01	N/A	$	6,009,916	Common Stock	N/A
Pershing Square, L.P.	October 24, 2013		Buy		2,167,986	$	2.14	N/A	$	4,631,902	Common Stock	N/A
Pershing Square, L.P.	October 25, 2013		Buy		1,723,565	$	2.10	N/A	$	3,618,108	Common Stock	N/A
Pershing Square, L.P.	October 28, 2013		Buy		2,047,797	$	2.35	N/A	$	4,817,238	Common Stock	N/A
Pershing Square, L.P.	October 29, 2013		Buy		2,534,152	$	2.38	N/A	$	6,036,857	Common Stock	N/A
Pershing Square, L.P.	October 30, 2013		Buy		2,023,382	$	2.31	N/A	$	4,672,191	Common Stock	N/A
Pershing Square, L.P.	October 31, 2013		Buy		1,365,525	$	2.27	N/A	$	3,095,645	Common Stock	N/A
Pershing Square, L.P.	November 1, 2013		Buy		1,631,520	$	2.41	N/A	$	3,937,837	Common Stock	N/A
Pershing Square, L.P.	November 4, 2013		Buy		881,322	$	2.38	N/A	$	2,100,014	Common Stock	N/A
Pershing Square, L.P.	November 5, 2013		Buy		1,407,661	$	2.34	N/A	$	3,298,291	Common Stock	N/A
Pershing Square, L.P.	November 6, 2013		Buy		1,500,507	$	2.27	N/A	$	3,407,952	Common Stock	N/A
Pershing Square, L.P.	November 7, 2013		Buy		864,129	$	2.38	N/A	$	2,059,565	Common Stock	N/A
Pershing Square, L.P.	November 8, 2013		Buy		1,155,382	$	2.35	N/A	$	2,713,530	Common Stock	N/A
Pershing Square, L.P.	November 11, 2013		Buy		851,000	$	2.35	N/A	$	2,001,127	Common Stock	N/A
Pershing Square, L.P.	November 12, 2013		Buy		985,709	$	2.40	N/A	$	2,368,659	Common Stock	N/A
Pershing Square, L.P.	November 13, 2013		Buy		2,067,268	$	2.53	N/A	$	5,227,294	Common Stock	N/A
Pershing Square, L.P.	November 14, 2013		Buy		6,703,249	$	2.94	N/A	$	19,693,527	Common Stock	N/A



Name	Trade Date	Buy/Sell		No. of Shares / Quantity		Unit Cost		Strike Price	Trade Amount		Security	Expiration Date
Pershing Square International, Ltd.	October 7, 2013		Buy		507,548	$	1.54	N/A	$	781,522	Common Stock	N/A
Pershing Square International, Ltd.	October 8, 2013		Buy		798,808	$	1.61	N/A	$	1,286,081	Common Stock	N/A
Pershing Square International, Ltd.	October 9, 2013		Buy		529,707	$	1.57	N/A	$	830,951	Common Stock	N/A
Pershing Square International, Ltd.	October 10, 2013		Buy		742,048	$	1.60	N/A	$	1,187,203	Common Stock	N/A
Pershing Square International, Ltd.	October 11, 2013		Buy		558,335	$	1.62	N/A	$	905,284	Common Stock	N/A
Pershing Square International, Ltd.	October 14, 2013		Buy		280,750	$	1.62	N/A	$	454,478	Common Stock	N/A
Pershing Square International, Ltd.	October 15, 2013		Buy		283,595	$	1.63	N/A	$	463,621	Common Stock	N/A
Pershing Square International, Ltd.	October 16, 2013		Buy		698,240	$	1.60	N/A	$	1,119,698	Common Stock	N/A
Pershing Square International, Ltd.	October 17, 2013		Buy		632,200	$	1.55	N/A	$	982,818	Common Stock	N/A
Pershing Square International, Ltd.	October 18, 2013		Buy		314,424	$	1.53	N/A	$	482,295	Common Stock	N/A
Pershing Square International, Ltd.	October 21, 2013		Buy		1,091,000	$	1.62	N/A	$	1,763,820	Common Stock	N/A
Pershing Square International, Ltd.	October 22, 2013		Buy		1,745,200	$	1.73	N/A	$	3,023,559	Common Stock	N/A
Pershing Square International, Ltd.	October 23, 2013		Buy		3,815,247	$	2.01	N/A	$	7,682,763	Common Stock	N/A
Pershing Square International, Ltd.	October 24, 2013		Buy		2,771,702	$	2.14	N/A	$	5,921,741	Common Stock	N/A
Pershing Square International, Ltd.	October 25, 2013		Buy		2,203,315	$	2.10	N/A	$	4,625,199	Common Stock	N/A
Pershing Square International, Ltd.	October 28, 2013		Buy		2,617,797	$	2.35	N/A	$	6,158,106	Common Stock	N/A
Pershing Square International, Ltd.	October 29, 2013		Buy		3,239,527	$	2.38	N/A	$	7,717,201	Common Stock	N/A
Pershing Square International, Ltd.	October 30, 2013		Buy		2,587,179	$	2.31	N/A	$	5,974,055	Common Stock	N/A
Pershing Square International, Ltd.	October 31, 2013		Buy		1,989,850	$	2.27	N/A	$	4,510,990	Common Stock	N/A
Pershing Square International, Ltd.	November 1, 2013		Buy		2,104,320	$	2.41	N/A	$	5,078,987	Common Stock	N/A
Pershing Square International, Ltd.	November 4, 2013		Buy		1,135,200	$	2.38	N/A	$	2,704,955	Common Stock	N/A
Pershing Square International, Ltd.	November 5, 2013		Buy		1,811,155	$	2.34	N/A	$	4,243,717	Common Stock	N/A
Pershing Square International, Ltd.	November 6, 2013		Buy		1,935,783	$	2.27	N/A	$	4,396,550	Common Stock	N/A
Pershing Square International, Ltd.	November 7, 2013		Buy		1,111,387	$	2.38	N/A	$	2,648,880	Common Stock	N/A
Pershing Square International, Ltd.	November 8, 2013		Buy		1,494,439	$	2.35	N/A	$	3,509,839	Common Stock	N/A
Pershing Square International, Ltd.	November 11, 2013		Buy		1,095,500	$	2.35	N/A	$	2,576,068	Common Stock	N/A
Pershing Square International, Ltd.	November 12, 2013		Buy		1,271,649	$	2.40	N/A	$	3,055,773	Common Stock	N/A
Pershing Square International, Ltd.	November 13, 2013		Buy		2,666,168	$	2.53	N/A	$	6,741,672	Common Stock	N/A
Pershing Square International, Ltd.	November 14, 2013		Buy		8,640,709	$	2.94	N/A	$	25,385,606	Common Stock	N/A



Name	Trade Date	Buy/Sell		No. of Shares /Quantity		Unit Cost		Strike Price	Trade Amount		Security	Expiration Date
Pershing Square Holdings, Ltd.	October 7, 2013		Buy		250,581	$	1.54	N/A	$	385,845	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 8, 2013		Buy		394,100	$	1.61	N/A	$	634,501	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 9, 2013		Buy		261,535	$	1.57	N/A	$	410,270	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 10, 2013		Buy		366,012	$	1.60	N/A	$	585,583	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 11, 2013		Buy		275,457	$	1.62	N/A	$	446,626	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 14, 2013		Buy		138,574	$	1.62	N/A	$	224,324	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 15, 2013		Buy		139,949	$	1.63	N/A	$	228,789	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 16, 2013		Buy		344,640	$	1.60	N/A	$	552,665	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 17, 2013		Buy		312,045	$	1.55	N/A	$	485,105	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 18, 2013		Buy		154,944	$	1.53	N/A	$	237,669	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 21, 2013		Buy		538,000	$	1.62	N/A	$	869,785	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 22, 2013		Buy		861,200	$	1.73	N/A	$	1,492,029	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 23, 2013		Buy		1,882,702	$	2.01	N/A	$	3,791,197	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 24, 2013		Buy		1,363,665	$	2.14	N/A	$	2,913,470	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 25, 2013		Buy		1,086,760	$	2.10	N/A	$	2,281,327	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 28, 2013		Buy		1,291,803	$	2.35	N/A	$	3,038,837	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 29, 2013		Buy		1,597,861	$	2.38	N/A	$	3,806,424	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 30, 2013		Buy		1,275,805	$	2.31	N/A	$	2,945,961	Common Stock	N/A
Pershing Square Holdings, Ltd.	October 31, 2013		Buy		866,575	$	2.27	N/A	$	1,964,526	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 1, 2013		Buy		1,030,080	$	2.41	N/A	$	2,486,201	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 4, 2013		Buy		555,686	$	2.38	N/A	$	1,324,089	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 5, 2013		Buy		885,946	$	2.34	N/A	$	2,075,860	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 6, 2013		Buy		946,925	$	2.27	N/A	$	2,150,656	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 7, 2013		Buy		544,778	$	2.38	N/A	$	1,298,424	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 8, 2013		Buy		730,200	$	2.35	N/A	$	1,714,948	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 11, 2013		Buy		535,750	$	2.35	N/A	$	1,259,816	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 12, 2013		Buy		622,051	$	2.40	N/A	$	1,494,789	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 13, 2013		Buy		1,303,596	$	2.53	N/A	$	3,296,273	Common Stock	N/A
Pershing Square Holdings, Ltd.	November 14, 2013		Buy		4,225,750	$	2.94	N/A	$	12,414,864	Common Stock	N/A



Name	Trade Date	Buy/Sell		No. of Shares / Quantity		Unit Cost		Strike Price	Trade Amount		Security	Expiration Date
Pershing Square II, L.P.	October 7, 2013		Buy		8,259	$	1.54	N/A	$	12,717	Common Stock	N/A
Pershing Square II, L.P.	October 8, 2013		Buy		13,180	$	1.61	N/A	$	21,220	Common Stock	N/A
Pershing Square II, L.P.	October 9, 2013		Buy		8,617	$	1.57	N/A	$	13,517	Common Stock	N/A
Pershing Square II, L.P.	October 10, 2013		Buy		12,072	$	1.60	N/A	$	19,314	Common Stock	N/A
Pershing Square II, L.P.	October 11, 2013		Buy		9,216	$	1.62	N/A	$	14,943	Common Stock	N/A
Pershing Square II, L.P.	October 14, 2013		Buy		4,569	$	1.62	N/A	$	7,396	Common Stock	N/A
Pershing Square II, L.P.	October 15, 2013		Buy		4,680	$	1.63	N/A	$	7,651	Common Stock	N/A
Pershing Square II, L.P.	October 16, 2013		Buy		11,360	$	1.60	N/A	$	18,217	Common Stock	N/A
Pershing Square II, L.P.	October 17, 2013		Buy		10,440	$	1.55	N/A	$	16,230	Common Stock	N/A
Pershing Square II, L.P.	October 18, 2013		Buy		5,112	$	1.53	N/A	$	7,841	Common Stock	N/A
Pershing Square II, L.P.	October 21, 2013		Buy		17,750	$	1.62	N/A	$	28,696	Common Stock	N/A
Pershing Square II, L.P.	October 22, 2013		Buy		28,800	$	1.73	N/A	$	49,896	Common Stock	N/A
Pershing Square II, L.P.	October 23, 2013		Buy		62,087	$	2.01	N/A	$	125,025	Common Stock	N/A
Pershing Square II, L.P.	October 24, 2013		Buy		45,073	$	2.14	N/A	$	96,298	Common Stock	N/A
Pershing Square II, L.P.	October 25, 2013		Buy		36,360	$	2.10	N/A	$	76,327	Common Stock	N/A
Pershing Square II, L.P.	October 28, 2013		Buy		42,603	$	2.35	N/A	$	100,219	Common Stock	N/A
Pershing Square II, L.P.	October 29, 2013		Buy		53,460	$	2.38	N/A	$	127,352	Common Stock	N/A
Pershing Square II, L.P.	October 30, 2013		Buy		42,092	$	2.31	N/A	$	97,195	Common Stock	N/A
Pershing Square II, L.P.	October 31, 2013		Buy		28,050	$	2.27	N/A	$	63,589	Common Stock	N/A
Pershing Square II, L.P.	November 1, 2013		Buy		34,080	$	2.41	N/A	$	82,255	Common Stock	N/A
Pershing Square II, L.P.	November 4, 2013		Buy		18,392	$	2.38	N/A	$	43,824	Common Stock	N/A
Pershing Square II, L.P.	November 5, 2013		Buy		29,353	$	2.34	N/A	$	68,777	Common Stock	N/A
Pershing Square II, L.P.	November 6, 2013		Buy		31,345	$	2.27	N/A	$	71,191	Common Stock	N/A
Pershing Square II, L.P.	November 7, 2013		Buy		18,278	$	2.38	N/A	$	43,564	Common Stock	N/A
Pershing Square II, L.P.	November 8, 2013		Buy		24,169	$	2.35	N/A	$	56,763	Common Stock	N/A
Pershing Square II, L.P.	November 11, 2013		Buy		17,750	$	2.35	N/A	$	41,739	Common Stock	N/A
Pershing Square II, L.P.	November 12, 2013		Buy		20,591	$	2.40	N/A	$	49,480	Common Stock	N/A
Pershing Square II, L.P.	November 13, 2013		Buy		43,169	$	2.53	N/A	$	109,157	Common Stock	N/A
Pershing Square II, L.P.	November 14, 2013		Buy		139,940	$	2.94	N/A	$	411,131	Common Stock	N/A