Investor Presentaiton

SLST Subordinate Certificates Auction Process (i) Offering (ii) Auction (iii) Collateral Administrator Formation & Terms(1) (iv) Final Population (v) Senior Syndication (vi) Settlement . • . • Each Bidder will be required to submit a price for the Class SUB Certificates (the "Subordinate Certificates Price") as a percentage of the Class SUB Class Principal Amount, based on the Initial Disclosure Date (8/31/2023) tape The Binding Trade Confirmation, including the Subordinate Certificates Price, must be submitted with the bid The Subordinate Certificates Price provided by the winning Bidder will be applied to the Class Principal Amount of the Class SUB Certificates, based on the final population in the Cut-Off Date (9/30/2023) tape, to calculate purchase proceeds The Cut-Off Date tape will consist of a subset of loans from the Initial Disclosure Date tape with removal of Mortgage Loans that are: о 120 or 150 days delinquent, with AVM LTV greater than 60% о 180+ days delinquent о In foreclosure, have completed a short sale, or become an REO property, or О Paid in full (1) The Purchaser must appoint a Collateral Administrator no later than 60 days after closing the transaction CONFIDENTIAL 14 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets

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