Investor Presentaiton

Performance Triggers and Structural Features Terms/Structural Features Description Non-Current Mortgage Loan Percentage Trigger Minimum Credit Enhancement Features Mandatory Guarantor Repurchase Obligation Optional Redemption For any Distribution Date if the Non-Current Mortgage Loan Percentage exceeds 300% of the current Credit Enhancement, the trigger is breached The Subordinate Certificates will not receive distributions of principal while the Credit Enhancement (initially 7.50%) is below the target Credit Enhancement of 12.50%. Prior to paying interest to the Subordinate Certificates, principal is paid to the Class AF(1) Certificates to maintain Credit Enhancement at the greater of (i) 7.50% and (ii) the highest Credit Enhancement achieved on any prior or the current Distribution Date (capped at 12.50%) The obligation of the Guarantor to purchase the Class AF Certificates at the Mandatory Guarantor Repurchase Price if the Majority Representative does not exercise its Optional Redemption Right on or before the Distribution Date in October 2033. The amount paid by the Guarantor will be used to pay the remaining Class Principal Amounts and any accrued and unpaid interest of the Class AF, or Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4, Class A-1-5 and Class A-2 Certificates, as applicable The Majority Representative, upon at least sixty (60) days prior written notice to the Guarantor, may exercise its Optional Redemption Right and redeem, after all distributions for such Distribution Date, the Class AF Certificates, the Class MI Certificate and the Subordinate Certificates on the Distribution Date in October 2028, and on any Distribution Date thereafter, at a price equal to the sum (i) 100% of the Class Principal Amount of the Class AF Certificates plus any accrued and unpaid interest for the Class AF Certificates; of: (ii) the Class MI Fair Market Value Price; and (iii) 100% of the aggregate Class Principal Amount of the Subordinate Certificates plus any accrued and unpaid Current Interest due for such Distribution Date The Majority Representative will additionally be required to pay any unreimbursed Servicing Advances, Pre-Existing Servicing Advances and any unpaid fees or expenses without regard to the applicable Expense Cap. Clean-Up Call 10% Clean-Up Call may be exercised by the Majority Representative or jointly by the Servicers (1) Principal payments distributed to the Class AF Certificates will be allocated sequentially to the Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4, Class A-1-5 and Class A-2 Certificates, if no Guarantor Nonpayment Event exists, and pro rata (based on their respective outstanding Class Principal Amounts) if a Guarantor Nonpayment Event exists Note: See Term Sheet for definitions and further details CONFIDENTIAL SLST 2023-1 20 Prepared by Investments and Capital © Freddie Mac Markets

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