Investor Presentaiton

Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Sample Q-Deal Structures The sponsor transfer loans from their balance sheet(s) in exchange for certificates through our flexible structures Last First Senior & Subordinate Bond (A/B)1 Loss Payment 100% Guaranteed with Reimbursement Agreement¹ Loss Position Cash Flow Class A 75-85%2 Class B 15-25%2 Class X Guaranteed Classes Non-Guaranteed Classes Interest-Only Classes • First Last Loss Payment The subordinate certificate(s) can be retained by the sponsor or sold to third parties Sponsor may elect to create unguaranteed mezzanine classes above first-loss tranche • The Class X is an interest-only class and offered if there is excess interest available Q-Deal Program Freddie Mac Multifamily • Class A 100% Reimbursement Agreement Freddie Mac and Sponsor Single class of guaranteed certificates. Sponsor retains a first-loss position with a reimbursement obligation • A reimbursement agreement between sponsor and Freddie Mac for any losses up to a certain percentage of the pool's UPB • Acceptable pledged collateral for the reimbursement agreement are securities (rated and marked-to-market), letter of credit (except in certain structures) or cash 1 These structures represent typical fixed deal structures; alternative structures may be issued. Please refer to Offering Circular for specifics related to each deal 2 For illustrative purposes only, class size do not reflect actual bond offering 5

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