offering circular supplement $478,498,805 freddie macoffering circular supplement (to offering...

Offering Circular Supplement(To Offering CircularDated June 1, 2010)

$478,498,805

Freddie MacMulticlass Certificates, Series 4287

Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix AOffering Terms: The underwriter named below is offering the Classes in negotiated transactions at varying

prices; we have agreed to purchase $159,816,551 of AIClosing Date: December 30, 2013

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber Final Payment Date

Group 1A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $217,931,661 GMC/PT 1.75% FIX 3137B6ZG9 December 15, 2026AI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,080,940 NTL(GMC/PT) 7.5 FIX/IO 3137B6ZH7 December 15, 2026AX(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,931,661 PT 7.5 FIX 3137B6XK2 December 15, 2043

Group 2B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,541,474 PAC 1.75 FIX 3137B6XL0 February 15, 2033BF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,982,526 PAC (3) FLT 3137B6XR7 February 15, 2033BS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,982,526 NTL(PAC) (3) INV/IO 3137B6XX4 February 15, 2033BY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774,000 PAC 3.5 FIX 3137B6XY2 December 15, 2033BZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 SUP 3.5 FIX/Z 3137B6XZ9 December 15, 2033EF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,783,526 PAC (3) FLT 3137B6YE5 November 15, 2033ES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,783,526 NTL(PAC) (3) INV/IO 3137B6YK1 November 15, 2033GU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,057,474 PAC 1.75 FIX 3137B6 Y P 0 November 15, 2033TB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,871,000 TAC 3.5 FIX 3137B6 Z 6 1 December 15, 2033

Group 3C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,213,000 SC/PAC 3.5 FIX 3137B6 Y 2 1 July 15, 2041CB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,756,000 SC/PAC 2.5 FIX 3137B6 Y 4 7 July 15, 2041CI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,945,777 SC/NTL(PAC) 4.5 FIX/IO 3137B6 Y 7 0 July 15, 2041TC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,190,000 SC/TAC 3.5 FIX 3137B6 Z 7 9 July 15, 2041ZC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,247,504 SC/SUP 3.5 FIX/Z 3137B6 Z E 4 July 15, 2041

Group 4V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,635,000 SC/SEQ/PAC 4.5 FIX 3137B6 Z 8 7 October 15, 2026Z . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,025,640 SC/SEQ/PAC 4.5 FIX/Z 3137B6ZD6 May 15, 2041

Group 5GB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,780,000 SEQ 2.5 FIX 3137B6YM7 July 15, 2035GI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,463,333 NTL(SEQ) 3.0 FIX/IO 3137B6YN5 July 15, 2035GY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,220,000 SEQ 3.0 FIX 3137B6YQ8 December 15, 2043

Group 6KA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,254,000 SEQ 2.0 FIX 3137B6YR6 February 15, 2028KG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,514,000 SEQ 2.5 FIX 3137B6YW5 February 15, 2028KI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,503,666 NTL(SEQ) 3.0 FIX/IO 3137B6YX3 February 15, 2028KY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,732,000 SEQ 3.0 FIX 3137B6YY1 December 15, 2028

ResidualR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137B6YZ8 December 15, 2043RA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137B6 Z J 3 December 15, 2026RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137B6 Z 2 0 December 15, 2028RS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137B6 Z 3 8 December 15, 2043RT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137B6 Z 4 6 December 15, 2028

(1) See Appendix II to the Offering Circular.(2) This Class backs the Guaranteed Maturity Classes and will not be offered initially. See General Information — Structure of Transaction.(3) See Terms Sheet — Interest.

The Certificates may not be suitable investments for you. You should not purchase Certificates unless you havecarefully considered and are able to bear the associated prepayment, interest rate, yield and market risks ofinvesting in them. Certain Risk Considerations on page S-2 highlights some of these risks.

You should purchase Certificates only if you have read and understood this Supplement, the attached OfferingCircular and the documents identified under Available Information.

We guarantee principal and interest payments on the Certificates. These payments are not guaranteed by, andare not debts or obligations of, the United States or any federal agency or instrumentality other than FreddieMac. The Certificates are not tax-exempt. Because of applicable securities law exemptions, we have notregistered the Certificates with any federal or state securities commission. No securities commission hasreviewed this Supplement.

Deutsche Bank SecuritiesDecember 3, 2013

CERTAIN RISK CONSIDERATIONS

Although we guarantee the payments on the Certificates, and so bear the associated credit risk, asan investor you will bear the other risks of owning mortgage securities. This section highlights some ofthese risks. You should also read Risk Factors and Prepayment, Yield and Suitability Considerations inthe Offering Circular for further discussions of these risks.

The Certificates May Not be Suitable Investments for You. The Certificates are complexsecurities. You should not purchase Certificates unless you are able to understand and bear theassociated prepayment, interest rate, yield and market risks.

In particular, the Interest Only, Inverse Floating Rate, Accrual, Support and Residual Classes havespecial risks and are not suitable for all investors.

Prepayments Can Reduce Your Yield. The yield on your Certificates could be lower than youexpect if:

• You buy your Certificates at a premium over their principal amount and principalpayments are faster than you expect.

• You buy your Certificates at a discount to their principal amount and principal paymentsare slower than you expect.

If you buy an Interest Only Class or any other Class at a significant premium and prepayments are fast,you may not even recover your investment.

LIBOR Levels Can Reduce Your Yield if You Own a Floating Rate or Inverse Floating RateClass. The yield on your Certificates could be lower than you expect if:

• You buy a Floating Rate Class and LIBOR levels are lower than you expect.

• You buy an Inverse Floating Rate Class and LIBOR levels are higher than you expect.

If you buy an Inverse Floating Rate Class, you may not even recover your investment if LIBOR levelsare high or prepayments are fast.

The Certificates are Subject to Market Risks. You will bear all of the market risks of yourinvestment. The market value of your Certificates will vary over time, primarily in response to changesin prevailing interest rates. If you sell your Certificates when their market value is low, you mayexperience significant losses. The underwriter named on the front cover (the “Underwriter”) intendsto make a market for the purchase and sale of the Certificates after they are issued, but has noobligation to do so. A secondary market may not develop. Even if one does develop, it may not beliquid enough to allow you to sell your Certificates easily or at your desired price.

Our Multiclass Certificates Offering Circular dated June 1, 2010 (the “Offering Circular”),attached to this Supplement, defines many of the terms we use in this Supplement.

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TERMS SHEET

This Terms Sheet contains selected information about this Series. You should refer to theremainder of this Supplement for further information.

In this Supplement, we refer to Classes only by their letter designations. For example, “R” refersto the R Class of this Series.

Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in January 2014.

Form of Classes

Regular and MACR Classes: Book-entry on Fed System

Residual Classes: Certificated

Interest

The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover andAppendix A.

The Floating Rate and Inverse Floating Rate Classes bear interest as shown in the following table.The initial Class Coupons apply only to the first Accrual Period. We determine LIBOR using the BBAMethod.

ClassInitial Class

Coupon Class Coupon FormulaClass Coupon Subject to

Minimum Rate Maximum Rate

BF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.42% LIBOR + 0.25% 0.25% 6.5%BS . . . . . . . . . . . . . . . . . . . . . . . . . . 6.08 6.25% � LIBOR 0 6.25EF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.42 LIBOR + 0.25% 0.25 6.5ES . . . . . . . . . . . . . . . . . . . . . . . . . . 6.08 6.25% � LIBOR 0 6.25FB* . . . . . . . . . . . . . . . . . . . . . . . . . 0.42 LIBOR + 0.25% 0.25 6.5SB* . . . . . . . . . . . . . . . . . . . . . . . . . 6.08 6.25% � LIBOR 0 6.25

* MACR Class.

See Appendix V to the Offering Circular and Payments — Interest.

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Notional Classes

ClassOriginal NotionalPrincipal Amount Reduces Proportionately With

Group 1AI $167,080,940 A (GMC/PT)

Group 2BS $ 25,982,526 BF (PAC)ES 1,783,526 EF (PAC)SB* 27,766,052 BF and EF, as a whole (PAC)

Group 3CI $ 5,945,777 CB (SC/PAC)

Group 4VI* $ 3,878,333 V (SC/SEQ/PAC)

Group 5GI $ 6,463,333 GB (SEQ)

Group 6KI $ 9,503,666 KG (SEQ)

* MACR Class.

See Payments — Interest — Notional Classes.

MACR Classes

This Series includes MACR Classes. Appendix A shows the characteristics of the MACR Classesand the Combinations of REMIC and MACR Classes.

See Appendix III to the Offering Circular for a description of MACR Certificates and exchangeprocedures and fees.

Principal

REMIC Classes

On each Payment Date, we pay:

Group 1

Pass-Through ⎧⎨⎩• The Group 1 Asset Principal Amount to AX, until retired

GMC/Pass-Through

⎧⎨⎩•• On each Payment Date, principal payments allocated to AX, as described above, will be

distributed to A, while outstanding

Group 2

TAC andAccrual ⎧⎨⎩• The BZ Accrual Amount to TB, until reduced to its Targeted Balance, and then to BZ

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• The Group 2 Asset Principal Amount in the following order of priority:

PAC

⎧⎪⎪⎪⎨⎪⎪⎪⎩

1. To the PAC Classes, until reduced to their Aggregate Targeted Balance, allocatedas follows:

a. To B and BF, pro rata, while outstanding

b. To EF and GU, pro rata, while outstanding

c. To BY, while outstanding

TAC ⎧⎨⎩ 2. To TB, until reduced to its Targeted Balance

Support ⎧⎨⎩ 3. To BZ, until retired

TAC ⎧⎨⎩ 4. To TB, until retired

PAC ⎧⎨⎩5. To the PAC Classes, as described in step 1 above, but without regard to their

Aggregate Targeted Balance, until retired

Group 3

SC/TACand Accrual ⎧⎨⎩• The ZC Accrual Amount to TC, until reduced to its Targeted Balance, and then to ZC


SC/PAC ⎧⎨⎩ 1. To C and CB, in that order, until reduced to their Aggregate Targeted Balance

SC/TAC ⎧⎨⎩ 2. To TC, until reduced to its Targeted Balance

SC/Support ⎧⎨⎩ 3. To ZC, until retired

SC/TAC ⎧⎨⎩ 4. To TC, until retired

SC/PAC ⎧⎨⎩ 5. To C and CB, in that order, until retired

Group 4

SC/SequentialPay/PAC

⎧⎨⎩• The Z Accrual Amount and the Group 4 Asset Principal Amount to V and Z, in that

order, until retired

Group 5

SequentialPay ⎧⎨⎩• The Group 5 Asset Principal Amount to GB and GY, in that order, until retired

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Group 6

SequentialPay

⎧⎪⎪⎨⎪⎪⎩


1. To KA and KG, pro rata, until retired

2. To KY, until retired

The “Aggregate Targeted Balances” and “Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges and Rates.

Structuring Range or Rate

Group 2PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% PSA - 250% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110% PSA

Group 3PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115% PSA - 250% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126% PSA

See Payments — Principal and Prepayment and Yield Analysis.

MACR Classes

On each Payment Date when any outstanding MACR Certificates are entitled to principalpayments, we allocate such payments from the applicable REMIC Certificates to those MACRCertificates, as described under MACR Certificates in the Offering Circular.

REMIC Status

We will form two Upper-Tier REMIC Pools, two Lower-Tier REMIC Pools and a GuaranteedMaturity REMIC Pool for this Series. We will elect to treat each REMIC Pool as a REMIC under theCode. R, RA, RB, RS and RT will be “Residual Classes” and the other Classes shown on the frontcover will be “Regular Classes.” The Residual Classes will be subject to transfer restrictions. SeeCertain Federal Income Tax Consequences in this Supplement and the Offering Circular.

S-6

Weighted Average Lives (in years)*

Group 1PSA Prepayment Assumption

0% 100% 307% 500% 700%

A, AB, AC, AD, AE, AG, AI and AU . . . . . . . . . . . . 12.2 5.8 3.5 2.4 1.7AX and Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . 21.6 5.8 3.5 2.4 1.7


0% 100% 150% 250% 400%

B, BA, BC, BD, BE, BF, BG, BK, BM,BP and BS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 4.6 4.6 4.6 3.3

BL, EF, ES and GU . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6 13.9 13.9 13.9 10.5BY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2 17.1 17.1 17.1 15.1BZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 17.5 0.2 0.1 0.0EA, EB, EC, ED, EG, EJ, EK, EP, FB and SB . . . . . . . 9.9 5.2 5.2 5.2 3.7TB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1 12.3 8.7 1.8 0.7Group 2 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 7.0 6.0 4.5 3.1


0% 115% 150% 250% 400%

C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 0.3 0.3 0.3 0.3CA, CB, CD, CE, CI and CP . . . . . . . . . . . . . . . . . . . 12.7 5.8 5.8 5.8 3.9CN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1 10.7 9.7 1.8 0.7TC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1 13.5 12.3 2.2 0.8ZC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.6 20.1 1.3 0.2 0.1Group 3 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4 7.9 6.7 4.5 2.9


0% 100% 200% 300% 400%

V, VB, VC, VD and VI . . . . . . . . . . . . . . . . . . . . . . . 7.0 6.9 6.3 6.2 5.3Z . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0 13.4 11.5 11.2 8.6Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0 13.3 11.1 10.8 8.2


0% 100% 158% 300% 400%

GB and GI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 5.7 4.4 2.8 2.2GY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1 17.1 14.8 10.3 8.2Group 5 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 8.2 6.7 4.4 3.5


0% 100% 208% 350% 500%

KA, KB, KC, KD, KE, KG and KI . . . . . . . . . . . . . . . 8.0 5.4 4.1 3.1 2.4KY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6 13.3 12.3 10.4 8.4Group 6 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 6.1 4.8 3.7 2.9

* We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actualweighted average lives are likely to differ from those shown, perhaps significantly.

S-7

The Assets

The Group 1, 2, 5 and 6 Assets (the “PC Assets”) consist of Freddie Mac PCs with the followingcharacteristics:

Group Principal BalanceOriginal Term

(in years) Interest Rate

1 $217,931,661 30 7.5%2 99,000,000 20 3.55 50,000,000 20 and 30 3.06* 46,500,000 15 3.0

* Backed by High LTV Mortgages. See General Information — The Mortgages.

The Group 3 and 4 Assets (the “Multiclass Assets”) consist of:

Group Class

Percentage ofClass in

This SeriesBalance inThis Series

Class Factorfor Month ofClosing Date

ClassCoupon

Principal /Interest Type

Final PaymentDate

3 3954-PL(1) 18.8823419254% $38,406,504 0.68018250 3.5% PAC/FIX(2) July 15, 20414 3946-QL(1) 66.4787552364 26,660,640 1.00000000 4.5 PAC I/FIX May 15, 2041

(1) MACR Class.(2) This Class now behaves as a Sequential Pay Class.

We have agreed to sell the Group 1 Assets to the Underwriter for inclusion in this Series.

See General Information — Structure of Transaction and Exhibits I and II.

We will publish a Supplemental Statement applicable to this Series shortly after the Closing Date.The Supplemental Statement will contain a schedule of the Assets and other information. See AvailableInformation.

Mortgage Characteristics (as of December 1, 2013)

PC Assets — Assumed Mortgage Characteristics

GroupPrincipalBalance

Remaining Termto Maturity(in months)

Loan Age(in months)

Per AnnumInterest Rate


of Related PCs

1 $217,931,661 155 189 8.014% 7.5%2 99,000,000 215 23 4.019 3.5

5⎧⎪⎨⎪⎩

$ 25,595,541 228 11 3.642 3.024,404,459 299 14 3.715 3.0

$ 50,000,000 263* 12* 3.678*

6 $ 46,500,000 172 7 3.488 3.0

* Weighted average by principal balance.

Multiclass Assets — Mortgage Characteristics

Group Series

Weighted AverageRemaining Term

to Maturity(in months)

Weighted AverageLoan Age

(in months)

Weighted AveragePer Annum

Interest Rate


of Related PCs

3 3954 297 53 4.915% 4.5%4 3946 323 31 4.858 4.5

The actual characteristics of the Mortgages differ from those shown, in some cases significantly.

See General Information — The Mortgages.

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AVAILABLE INFORMATION

We incorporate by reference in this Supplement the Incorporated Documents listed underAdditional Information in the Offering Circular. For purposes of this Supplement, the “IncorporatedDocuments” also include, if you are investing in a Group 3 or 4 Class, our Offering CircularSupplement for the related Multiclass Assets (each, a “Multiclass Asset Offering Circular”), thefront covers, Terms Sheets and MACR tables from which are in Exhibits I and II.

When we incorporate documents by reference, that means we are disclosing information to you byreferring to those documents rather than by providing you with separate copies. The IncorporatedDocuments are considered part of this Supplement. You should purchase Certificates only if you haveread and understood this Supplement, the Offering Circular and the Incorporated Documents.Information that we incorporate by reference will automatically update information in this Supplement.We will also publish a Supplemental Statement applicable to this Series shortly after the Closing Date.The Supplemental Statement will contain a schedule of the Assets and other information. You shouldrely only on the most current information provided or incorporated by reference in this Supplement andany applicable Supplemental Statement.

You may read and copy any document we file with the SEC at the SEC’s public reference room at100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for furtherinformation on the public reference room. The SEC also maintains a website at http://www.sec.govthat contains reports, proxy and information statements, and other information regarding companiesthat file electronically with the SEC.

You can obtain, without charge, copies of the Incorporated Documents, any documents wesubsequently file with the SEC, the Trust Agreement and current information concerning the Assetsand Certificates, as well as the disclosure documents and current information for any other securitieswe issue, from our Investor Inquiry Department or our internet website as described on page 7 of theOffering Circular. You can also obtain the documents listed above from the Underwriter at:

Deutsche Bank Securities Inc.Attn: Syndication Operations

100 Plaza One, Floor 2Jersey City, New Jersey 07311-3901

(800) [email protected]

GENERAL INFORMATION

The Trust Agreement

We will form a trust fund to hold the Assets and to issue the Certificates, each pursuant to theMulticlass Certificates Master Trust Agreement dated June 1, 2010 and a Terms Supplement dated theClosing Date (together, the “Trust Agreement”). We will act as Trustee and Administrator under theTrust Agreement.

You should refer to the Trust Agreement for a complete description of your rights and obligationsand those of Freddie Mac. You will acquire your Certificates subject to the terms and conditions of theTrust Agreement, including the Terms Supplement.

S-9

Form of Certificates

The Regular and MACR Classes are issued, held and transferable on the Fed System. TheResidual Classes are issued and held in certificated form and are transferable at the office of theRegistrar.

Only a Fed Participant can be a Holder of a Regular or MACR Class. As an investor inCertificates, you are not necessarily the Holder.

See Description of Certificates — Form, Holders and Payment Procedures in the OfferingCircular.

Denominations of Certificates

See Description of Certificates — Form, Holders and Payment Procedures in the OfferingCircular for the minimum denominations of the Classes.

Structure of Transaction

General

This Series has five REMIC Pools, structured as follows:REMIC Pool Classes Issued from REMIC Pool REMIC Pool Assets

Upper-Tier REMIC Pool A Group 1, 2, 3, 4 and 5Regular Classes

(other than A and AI) and R

All Lower-Tier REMIC Pool Aregular interests

Lower-Tier REMIC Pool A RS Group 1, 2, 3, 4 and 5 AssetsUpper-Tier REMIC Pool B Group 6 Regular Classes

and RBAll Lower-Tier REMIC Pool B

regular interestsLower-Tier REMIC Pool B RT Group 6 AssetsGuaranteed Maturity A, AI and RA AX*

* Underlying REMIC Class. See Description of Certificates — Payments — Final Payment Dates — Guaranteed MaturityClasses in the Offering Circular.

See Description of Certificates — REMIC Pool Structures in the Offering Circular.

The PC Assets

The PC Assets are Gold PCs and/or Gold Giant PCs.

The Multiclass Assets

The Multiclass Assets consist of previously issued Freddie Mac MACR Certificates, whichrepresent interests in their underlying PCs.

For additional information about the Multiclass Assets, see the Multiclass Asset OfferingCirculars and other related information on our internet website. We have attached the front covers,Terms Sheets and MACR tables from the Multiclass Asset Offering Circulars as Exhibits to thisSupplement.

There may have been material changes since we prepared the Multiclass Asset Offering Circulars,including changes in prepayment rates, prevailing interest rates and other economic factors. Thesechanges may limit the usefulness of, and be inconsistent with the assumptions used in preparing, theMulticlass Asset Offering Circulars.

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The Mortgages

The Mortgages underlying the Assets (the “Mortgages”) are fixed-rate, first lien residentialmortgages and mortgage participations.

For purposes of this Supplement, we have made certain assumptions regarding the Mortgagesunderlying the PC Assets, as shown under Terms Sheet — Mortgage Characteristics. The weightedaverage remaining terms to maturity, weighted average loan ages and weighted average interest ratesof the Mortgages underlying the Multiclass Assets, as of December 1, 2013, are shown under TermsSheet — Mortgage Characteristics. However, the actual characteristics of most of the Mortgages differfrom those assumed or shown, perhaps significantly. This is the case even if the weighted averagecharacteristics of the Mortgages are the same as those of mortgages having the characteristics assumedor shown.

The Group 6 Assets are backed by High LTV Mortgages. A “High LTV Mortgage” is aMortgage that has a loan-to-value ratio at origination of greater than 105% and equal to or lower than125% and may be a fixed-rate Relief Refinance Mortgage originated under our Home AffordableRefinance Program. We pool High LTV Mortgages separately from our other Mortgages.

We will furnish some of the Assets from our own portfolio. Assets from our portfolio, or fromother sources, may emphasize specific Mortgage characteristics, such as loan purpose, source oforigination, geographic distribution or loan size, or specific borrower characteristics, such as creditscore or equity in the property. You can obtain information about the underlying Mortgagecharacteristics for the Assets from our internet website.

PAYMENTS

Payment Dates; Record Dates

We make payments of principal and interest on the Certificates on each Payment Date, beginningin the month following the Closing Date. A “Payment Date” is the 15th of each month or, if the 15this not a Business Day, the next Business Day.

On each Payment Date, any payment on a Certificate is made to the Holder of record as of the endof the preceding calendar month.

Method of Payment

You will receive payments on your Certificates in the manner described under Description ofCertificates — Form, Holders and Payment Procedures in the Offering Circular.

Categories of Classes

For purposes of principal and interest payments, we have categorized the Classes as shown under“Principal Type” and “Interest Type” on the front cover and Appendix A. Appendix II to the OfferingCircular explains the abbreviations used for categories of Classes.

Interest

We pay 30 days’ interest on each Payment Date to the Holders of each Class on which interest hasaccrued, except that the Accrual Classes receive payments as described below. We calculate eachinterest payment on the outstanding balance of the Class immediately before the Payment Date and onthe basis of a 360-day year of twelve 30-day months.

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Accrual Period

The “Accrual Period” for each Payment Date is:

• For Fixed Rate Classes — the preceding calendar month.

• For Floating Rate and Inverse Floating Rate Classes — from the 15th of the precedingmonth to the 15th of the month of that Payment Date.

Fixed Rate Classes

The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover andAppendix A.

Notional Classes

The Notional Classes do not receive principal payments. For calculating interest payments, theNotional Classes have notional principal amounts that will reduce as shown under Terms Sheet —Notional Classes.

Floating Rate and Inverse Floating Rate Classes

The Floating Rate and Inverse Floating Rate Classes bear interest as shown under Terms Sheet —Interest. Their Class Coupons are based on one-month LIBOR.

We determine LIBOR and calculate the Class Coupons for the Floating Rate and Inverse FloatingRate Classes as described in Appendix V to the Offering Circular.

Accrual Classes

BZ, Z and ZC are Accrual Classes. The Accrual Classes do not receive interest payments; rather,interest accrued on an Accrual Class during each Accrual Period is added to its principal amount on therelated Payment Date. We pay principal on each Accrual Class, including accrued interest that hasbeen added to its principal amount, as described under Terms Sheet — Principal.

Principal

We pay principal on each Payment Date to the Holders of the Classes on which principal is thendue. Holders receive principal payments on a pro rata basis among the Certificates of their Class.

Amount of Payments

The principal payments on the Certificates on each Payment Date equal:

• The amount of interest accrued on each Accrual Class during the related Accrual Periodand not payable as interest on that Payment Date (the “BZ Accrual Amount,” the“Z Accrual Amount” and the “ZC Accrual Amount”).

• The amount of principal required to be paid in the same month on the Assets of eachGroup (the “Group 1 Asset Principal Amount,” the “Group 2 Asset PrincipalAmount” and so forth).

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Allocation of Payments

On each Payment Date, we pay the Accrual Amounts and the Asset Principal Amounts for thatPayment Date as described under Terms Sheet — Principal. Principal allocable to the Classes receivingpayments from a particular Asset Group will be allocated only to those Classes and will not beavailable for Classes receiving payments from the other Asset Groups.

Class Factors

General

We make Class Factors available on or about the fifth business day of each month after theClosing Date. See Description of Certificates — Payments — Class Factors in the Offering Circular.

Use of Factors

You can calculate principal and interest payments by using the Class Factors.

For example, the reduction (or for an Accrual Class, the increase) in the balance of a Certificate inFebruary will equal its original balance times the difference between its January and February ClassFactors. The amount of interest to be paid on (or for an Accrual Class, added to the principal balanceof) a Certificate in February will equal 30 days’ interest at its Class Coupon, accrued during the relatedAccrual Period, on the balance of that Certificate determined by its January Class Factor.

Guarantees

We guarantee to each Holder of a Certificate the timely payment of interest at its Class Couponand the payment of its principal amount as described in this Supplement. See Description ofCertificates — Payments — Guarantees in the Offering Circular.

1% Clean-up Call

We have a separate 1% Clean-up Call Right as to each Lower-Tier REMIC Pool. If we exerciseeither such right, all of the related Classes then outstanding will be paid in full and will retire. TheMulticlass Assets may become subject to the similar 1% Clean-up Call Rights in their Series. SeeDescription of Certificates — Payments — 1% Clean-up Call in the Offering Circular.

Residual Proceeds

Upon surrender of their Certificates to the Registrar, the Holders of each Residual Class willreceive the proceeds of any remaining assets of the related REMIC Pool after all required principal andinterest payments on the Classes have been made. Any remaining assets are likely to be insignificant.See Description of Certificates — Payments — Residual Classes in the Offering Circular.

PREPAYMENT AND YIELD ANALYSIS

General

Mortgage Prepayments

The rates of principal payments on the Assets and the Certificates will depend on the rates ofprincipal payments, including prepayments, on the underlying Mortgages. The Mortgages are subjectto prepayment at any time without penalty. Mortgage prepayment rates fluctuate continuously and, in

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some market conditions, substantially. See Prepayment, Yield and Suitability Considerations —Prepayments in the Offering Circular for a discussion of Mortgage prepayment considerations andrisks.

High LTV Mortgages may have different prepayment and default characteristics than othermortgages. High loan-to-value ratios are frequently associated with a lower likelihood of voluntaryprepayment and a greater risk of default. However, at this time, we do not have sufficient informationto determine whether or how the prepayment and default characteristics of High LTV Mortgages willcompare with those of other mortgages over an extended period of time.

Yield

As an investor in the Certificates, your yield will depend on:

• Your purchase price.

• The rate of principal payments on the underlying Mortgages.

• The actual characteristics of the underlying Mortgages.

• If you own a Floating Rate or Inverse Floating Rate Class, the level of LIBOR.

• If you own a Fixed Rate Class, the delay between its Accrual Period and the relatedPayment Date.

• If you own a Group 3 or 4 Class, the payment characteristics of the related MulticlassAssets in their own Series, as described in the Terms Sheet of the related Multiclass AssetOffering Circular.

See Prepayment, Yield and Suitability Considerations — Yields in the Offering Circular for adiscussion of yield considerations and risks.

Suitability

The Certificates may not be suitable investments for you. See Prepayment, Yield and SuitabilityConsiderations — Suitability in the Offering Circular for a discussion of suitability considerations andrisks.

Modeling Assumptions

To prepare the tables in this Supplement, we have made several assumptions. Unless otherwisenoted, each table employs the following assumptions (the “Modeling Assumptions”), among others:

• The Mortgages underlying the PC Assets have the characteristics shown under TermsSheet — Mortgage Characteristics.

• As of December 1, 2013, each Mortgage underlying the Multiclass Assets has a remainingterm to maturity equal to the weighted average remaining term to maturity, a loan ageequal to the weighted average loan age and an interest rate equal to the weighted averageinterest rate, of all the Mortgages underlying the same PC.

• As of the Closing Date, the Assets have the balances shown under Terms Sheet — TheAssets.

• The Multiclass Assets receive payments as described in the Multiclass Asset OfferingCirculars.

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• The Classes and Assets always receive payments on the 15th of the month, whether or nota Business Day.

• We do not exercise our 1% Clean-up Call Right.

• Each Class is outstanding from the Closing Date to retirement and no exchanges occur.

The Modeling Assumptions, like any other stated assumptions, are likely to differ from actualexperience in many cases. For example, the Mortgages have characteristics more diverse than thoseassumed, many Payment Dates will occur on a Business Day after the dates assumed and we mayexercise our 1% Clean-up Call Right. Moreover, Mortgage prepayment rates will differ from thepercentages of PSA shown in the tables. These differences will affect the actual payment behavior,weighted average lives and yields of the Classes, perhaps significantly.

See Prepayment, Yield and Suitability Considerations — Tabular Information in Supplements inthe Offering Circular for descriptions of weighted average life and yield calculations and the PSAprepayment model.

Prepayment and Weighted Average Life Considerations

PAC and TAC Classes

The following discussion relates to the Group 2 and 3 PAC and TAC Classes. We have classifiedthe Group 4 Classes as PAC Classes because their underlying Assets consist of a PAC Class with acurrent Effective Range consistent with that classification. See The Multiclass Assets below.

Principal payments on the PAC and TAC Classes should be more stable than would be the case ifthey did not receive such payments, to the extent of available principal, in accordance with theirschedules. Moreover, they will have cumulative priorities for future payments if they fall behind theirschedules. Based on the Modeling Assumptions, each of these Classes has a range of constantMortgage prepayment rates (an “Effective Range”) or a single constant Mortgage prepayment rate (an“Effective Rate”) at which it would receive scheduled payments. The Effective Range or Rate at anytime depends on the actual or assumed characteristics of the underlying Mortgages at that time. Basedon the Modeling Assumptions, each PAC or TAC Class would receive scheduled payments untilretirement if the underlying Mortgages were to prepay at any constant percentage of PSA within itsinitial Effective Range, or at its initial Effective Rate, shown in the following table.

Initial Effective Ranges and RatesClass Range or Rate

Group 2PAC

B, BA, BC, BD, BE, BF, BG, BK, BM, BP, EA, EB, EC, ED, EG,EJ, EK, EP and FB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% PSA - 250% PSA

BL, EF and GU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46% PSA - 250% PSABY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0% PSA - 250% PSA

TACTB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110% PSA

Group 3PAC

C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115% PSA - 717% PSACA, CB, CD, CE and CP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115% PSA - 250% PSA

TACTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126% PSA

TAC/PACCN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126% PSA

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The initial Effective Ranges, if calculated using the actual characteristics of the Mortgages, coulddiffer from those shown in the table. Even if the Mortgages were to prepay at a constant rate within theinitial Effective Range shown for any Class, but near the upper or lower end of that Effective Range,that Class might not receive scheduled payments. Moreover, there may not be any constant prepaymentrate, based on the actual characteristics of the Mortgages, at which a TAC Class would receivescheduled payments.

Non-constant prepayment rates can cause any Class not to receive scheduled payments, even ifsuch rates remain within its initial Effective Range, if any, shown above. The Effective Ranges cannarrow or “drift” upward or downward over time. Under many scenarios the Classes shown in thetable, especially the TAC Classes, would not receive scheduled payments.

The following discussion relates to the REMIC Classes that are PAC, TAC and Support Classes.The principal payment behavior of the MACR Classes reflects the principal payment behavior oftheir related REMIC Classes. See MACR Classes below.

Other Classes support the principal payment stability of the PAC and TAC Classes, as shownbelow. When its supporting Classes all retire, any outstanding PAC or TAC Class will become moresensitive to Mortgage prepayments and its Effective Range, if any, will no longer exist. If a TAC Classsupports any other Class at that time, its principal payment behavior will become similar to that of aSupport Class, as described below.

Supporting ClassesClasses Supported by

Group 2PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TAC and SupportTAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Support

Group 3PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TAC and SupportTAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Support

If the underlying Mortgages prepay at rates that are generally below the Effective Range or Ratefor any Class, the available principal may be insufficient to produce scheduled payments on that Classand its weighted average life may extend, perhaps significantly. If the underlying Mortgages prepay atrates that are generally above the Effective Range of Rate for any Class, its weighted average life mayshorten, perhaps significantly. However, the weighted average life of any PAC or TAC Class couldextend (or shorten) under some scenarios, including “whipsaw” scenarios, involving Mortgageprepayments at rates that, on average, are above (or below) its Effective Range or Rate.

We distribute all available principal monthly on each Payment Date and do not retain it fordistribution on subsequent Payment Dates. As a result, the likelihood that the PAC and TAC Classeswill receive scheduled payments will not benefit from averaging high and low principal payments indifferent months.

Support Classes

The Support Classes support the principal payment stability of the PAC and TAC Classes asdescribed above. As a result, each Support Class is likely to be much more sensitive to Mortgageprepayments than is any Class it supports. The Support Classes may receive no principal payments forextended periods of time, and their principal payment rates may vary widely from month to month.

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Relatively fast Mortgage prepayments may significantly shorten, and relatively slow Mortgageprepayments may significantly extend, the weighted average lives of the Support Classes.

Sequential Pay Classes

The Sequential Pay Classes receive principal payments from their related Assets in a prescribedsequence.

Pass-Through Classes

Each Pass-Through Class receives all of the principal payments made on the Group 1 Assets. Thesensitivity of each Pass-Through Class to prepayments on the underlying Mortgages is the same as thatof the Group 1 Assets.

The Multiclass Assets

The Group 3 Multiclass Assets consist of a PAC Class that now behaves as a Sequential PayClass. This Class receives principal payments from its related Assets in a prescribed sequence withother Classes in its Series.

The Group 4 Assets consist of a PAC Class. This Class was structured to receive principalpayments in accordance with a schedule. Based on the Modeling Assumptions for this Series, theGroup 4 Assets currently have an Effective Range of 161% PSA through 246% PSA. We cannotpredict whether or for how long this Class might receive scheduled payments.

See Prepayment and Yield Analysis in the Multiclass Asset Offering Circulars.

MACR Classes

The payment characteristics of the MACR Classes reflect the payment characteristics of theirrelated REMIC Classes.

Declining Balances Table

The following table shows:

• Percentages of original balances (as of the Closing Date) that would be outstanding aftereach of the Payment Dates shown at various percentages of PSA.

• Corresponding weighted average lives.

We have prepared this table using the Modeling Assumptions. However, for 0% PSA we haveassumed that each Mortgage underlying the PC Assets has (a) an interest rate 2.5% higher than that ofthe related PCs and (b) a remaining term to maturity of 180, 240 or 360 months, as applicable, and aloan age of 0 months. We have calculated weighted average lives for each Notional Class assumingthat a reduction in its notional principal amount is a reduction in principal balance.

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Percentages of Original Balances Outstanding* and Weighted Average Lives

Group 1

A, AB, AC, AD, AE, AG, AI and AU AX and Group 1 AssetsPSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 307% 500% 700% 0% 100% 307% 500% 700%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 90 78 67 55 99 90 78 67 55December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 80 60 44 30 99 80 60 44 30December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 71 46 29 17 98 71 46 29 17December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 62 35 19 9 97 62 35 19 9December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 53 26 12 5 97 53 26 12 5December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 45 19 8 3 96 45 19 8 3December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 38 14 5 1 95 38 14 5 1December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 31 10 3 1 94 31 10 3 1December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 24 7 2 0 92 24 7 2 0December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 17 4 1 0 91 17 4 1 0December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 11 2 0 0 89 11 2 0 0December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 5 1 0 0 88 5 1 0 0December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 86 0 0 0 0December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 84 0 0 0 0December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 82 0 0 0 0December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 79 0 0 0 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 76 0 0 0 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 73 0 0 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 70 0 0 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 66 0 0 0 0December 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 62 0 0 0 0December 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 58 0 0 0 0December 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 53 0 0 0 0December 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 47 0 0 0 0December 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 41 0 0 0 0December 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 35 0 0 0 0December 15, 2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 27 0 0 0 0December 15, 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 19 0 0 0 0December 15, 2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 10 0 0 0 0December 15, 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 5.8 3.5 2.4 1.7 21.6 5.8 3.5 2.4 1.7

Group 2

B, BA, BC, BD, BE, BF, BG, BK,BM, BP and BS BL, EF, ES and GU BY

PSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 150% 250% 400% 0% 100% 150% 250% 400% 0% 100% 150% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 96 87 87 87 87 100 100 100 100 100 100 100 100 100 100December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 92 74 74 74 68 100 100 100 100 100 100 100 100 100 100December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 88 62 62 62 47 100 100 100 100 100 100 100 100 100 100December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 84 51 51 51 32 100 100 100 100 100 100 100 100 100 100December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 79 41 41 41 21 100 100 100 100 100 100 100 100 100 100December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 74 32 32 32 12 100 100 100 100 100 100 100 100 100 100December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 68 23 23 23 7 100 100 100 100 100 100 100 100 100 100December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 63 17 17 17 2 100 100 100 100 100 100 100 100 100 100December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 57 11 11 11 0 100 100 100 100 87 100 100 100 100 100December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 50 7 7 7 0 100 100 100 100 55 100 100 100 100 100December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 43 3 3 3 0 100 100 100 100 32 100 100 100 100 100December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 36 0 0 0 0 100 100 100 100 16 100 100 100 100 100December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 28 0 0 0 0 100 71 71 71 5 100 100 100 100 100December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 20 0 0 0 0 100 44 44 44 0 100 100 100 100 79December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 12 0 0 0 0 100 23 23 23 0 100 100 100 100 46December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 0 0 100 6 6 6 0 100 100 100 100 23December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 59 57 57 57 9December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 4.6 4.6 4.6 3.3 16.6 13.9 13.9 13.9 10.5 17.2 17.1 17.1 17.1 15.1

* Rounded to nearest whole percentage.

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BZEA, EB, EC, ED, EG, EJ, EK, EP,

FB and SB TBPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 150% 250% 400% 0% 100% 150% 250% 400% 0% 100% 150% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 104 104 0 0 0 96 88 88 88 88 100 100 92 68 31December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 107 107 0 0 0 93 76 76 76 70 100 100 82 39 0December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 111 111 0 0 0 89 65 65 65 51 99 99 74 20 0December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 115 115 0 0 0 85 55 55 55 36 99 99 69 8 0December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 119 119 0 0 0 80 45 45 45 26 99 99 66 2 0December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 123 123 0 0 0 75 36 36 36 18 99 99 64 0 0December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 128 128 0 0 0 70 28 28 28 13 99 97 61 0 0December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 132 132 0 0 0 65 22 22 22 9 99 92 57 0 0December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 137 137 0 0 0 59 17 17 17 6 98 84 52 0 0December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 142 142 0 0 0 53 13 13 13 4 98 76 46 0 0December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 147 147 0 0 0 47 9 9 9 2 98 66 40 0 0December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 152 152 0 0 0 40 7 7 7 1 98 55 34 0 0December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 158 158 0 0 0 33 5 5 5 0 97 45 27 0 0December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 163 163 0 0 0 25 3 3 3 0 97 33 21 0 0December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 169 169 0 0 0 17 1 1 1 0 97 22 15 0 0December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 175 175 0 0 0 9 0 0 0 0 97 12 10 0 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 181 181 0 0 0 0 0 0 0 0 96 1 4 0 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 188 0 0 0 0 0 0 0 0 0 65 0 0 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . 194 0 0 0 0 0 0 0 0 0 29 0 0 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


Group 2 AssetsPSA Prepayment Assumption

Date 0% 100% 150% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 91 88 83 74December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 82 77 67 54December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 73 67 54 39December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 65 58 44 28December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 58 50 35 20December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 51 42 28 15December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 45 36 22 10December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 39 30 18 7December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 34 25 14 5December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 29 21 11 3December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 24 17 8 2December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 20 13 6 2December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 16 10 4 1December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 12 8 3 1December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 9 5 2 0December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 5 3 1 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2 1 0 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 0 0 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0 0 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 7.0 6.0 4.5 3.1

S-19

Group 3

C CA, CB, CD, CE, CI and CP CNPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 115% 150% 250% 400% 0% 115% 150% 250% 400% 0% 115% 150% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 62 0 0 0 0 100 95 95 95 95 91 78 76 60 26December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 21 0 0 0 0 100 83 83 83 77 82 78 73 38 0December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 98 71 71 71 55 77 77 71 22 0December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 95 61 61 61 39 77 77 68 11 0December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 91 51 51 51 28 76 76 65 4 0December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 87 42 42 42 19 76 76 63 1 0December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 82 34 34 34 12 75 75 62 0 0December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 78 27 27 27 7 75 73 60 0 0December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 73 21 21 21 4 74 70 58 0 0December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 68 16 16 16 1 74 65 54 0 0December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 63 12 12 12 0 73 60 50 0 0December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 58 8 8 8 0 72 53 46 0 0December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 52 5 5 5 0 72 47 41 0 0December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 46 3 3 3 0 71 40 37 0 0December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 39 1 1 1 0 70 33 32 0 0December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 33 0 0 0 0 70 25 27 0 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 26 0 0 0 0 69 14 20 0 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 19 0 0 0 0 68 5 13 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 11 0 0 0 0 67 0 7 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 3 0 0 0 0 67 0 2 0 0December 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 51 0 0 0 0December 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 27 0 0 0 0December 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 2 0 0 0 0December 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0December 15, 2038 and after . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


TC ZC Group 3 AssetsPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 115% 150% 250% 400% 0% 115% 150% 250% 400% 0% 115% 150% 250% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 99 99 96 77 34 104 104 58 0 0 98 91 89 83 73December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 99 99 93 48 0 107 107 26 0 0 95 82 78 68 53December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 98 98 91 27 0 111 111 2 0 0 93 74 69 56 39December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 98 98 86 14 0 115 115 0 0 0 90 67 61 45 27December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 97 97 83 5 0 119 119 0 0 0 88 60 53 37 19December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 96 96 80 1 0 123 123 0 0 0 85 54 46 30 13December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 96 96 79 0 0 128 128 0 0 0 82 48 40 24 9December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 95 93 77 0 0 132 132 0 0 0 79 43 35 19 5December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 94 89 73 0 0 137 137 0 0 0 76 38 30 14 3December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 94 83 69 0 0 142 142 0 0 0 72 33 26 11 1December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 93 76 64 0 0 147 147 0 0 0 68 29 22 8 0December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 92 68 58 0 0 152 152 0 0 0 65 25 18 6 0December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 91 59 52 0 0 158 158 0 0 0 61 22 15 4 0December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 90 50 47 0 0 163 163 0 0 0 56 18 12 2 0December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 90 41 41 0 0 169 169 0 0 0 52 15 10 1 0December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 89 31 34 0 0 175 175 0 0 0 47 12 7 0 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 88 18 25 0 0 181 181 0 0 0 43 10 5 0 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 87 6 17 0 0 188 188 0 0 0 37 7 4 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . 86 0 9 0 0 194 162 0 0 0 32 5 2 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . 85 0 3 0 0 201 101 0 0 0 26 3 1 0 0December 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . 65 0 0 0 0 208 45 0 0 0 21 1 0 0 0December 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . 35 0 0 0 0 216 0 0 0 0 14 0 0 0 0December 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . 3 0 0 0 0 223 0 0 0 0 8 0 0 0 0December 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 31 0 0 0 0 1 0 0 0 0December 15, 2038 and after . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1 13.5 12.3 2.2 0.8 23.6 20.1 1.3 0.2 0.1 14.4 7.9 6.7 4.5 2.9

S-20

Group 4

V, VB, VC, VD and VI Z Group 4 AssetsPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 200% 300% 400% 0% 100% 200% 300% 400% 0% 100% 200% 300% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 94 94 94 94 94 105 105 105 105 105 100 100 100 100 100December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 88 88 88 88 88 109 109 109 109 109 100 100 100 100 100December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 81 81 81 81 81 114 114 114 114 114 100 100 100 100 100December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 75 75 75 75 75 120 120 120 120 120 100 100 100 100 100December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 67 67 67 67 67 125 125 125 125 125 100 100 100 100 100December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 60 60 60 60 60 131 131 131 131 131 100 100 100 100 100December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 52 52 52 52 1 137 137 137 137 137 100 100 100 100 78December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 44 44 44 44 0 143 143 143 143 86 100 100 100 100 49December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 36 36 28 3 0 150 150 150 150 48 100 100 96 86 27December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 27 27 0 0 0 157 157 123 108 19 100 100 69 61 11December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 17 17 0 0 0 164 164 85 73 0 100 100 48 41 0December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 8 0 0 0 0 171 160 54 44 0 100 90 30 25 0December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 104 29 22 0 100 59 17 12 0December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 52 10 4 0 100 30 6 2 0December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 4 0 0 0 100 2 0 0 0December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 0 0 0 0 100 0 0 0 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 0 0 0 0 100 0 0 0 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 0 0 0 0 100 0 0 0 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 0 0 0 0 100 0 0 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 177 0 0 0 0 100 0 0 0 0December 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 167 0 0 0 0 94 0 0 0 0December 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 85 0 0 0 0 48 0 0 0 0December 15, 2036 and after . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


Group 5

GB and GI GY Group 5 AssetsPSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 158% 300% 400% 0% 100% 158% 300% 400% 0% 100% 158% 300% 400%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 97 91 88 82 77 100 100 100 100 100 98 93 91 86 82December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 94 81 74 59 50 100 100 100 100 100 96 85 80 69 61December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 91 70 61 41 29 100 100 100 100 100 93 77 70 54 45December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 88 61 49 26 13 100 100 100 100 100 91 70 61 43 33December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 85 52 39 14 2 100 100 100 100 100 88 63 53 34 24December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 81 44 30 5 0 100 100 100 100 77 85 56 46 26 17December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 77 36 22 0 0 100 100 100 91 56 83 50 39 21 12December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 73 29 14 0 0 100 100 100 71 40 79 45 34 16 9December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 69 22 8 0 0 100 100 100 55 29 76 40 29 12 6December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 65 16 2 0 0 100 100 100 42 20 73 35 24 9 5December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 60 10 0 0 0 100 100 91 32 14 69 30 20 7 3December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 55 5 0 0 0 100 100 76 24 10 65 26 17 5 2December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 50 0 0 0 0 100 100 62 18 7 61 22 14 4 2December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 44 0 0 0 0 100 85 51 13 5 57 19 11 3 1December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 39 0 0 0 0 100 70 40 10 3 52 16 9 2 1December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 32 0 0 0 0 100 57 31 7 2 48 13 7 2 0December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 26 0 0 0 0 100 44 24 5 1 42 10 5 1 0December 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 19 0 0 0 0 100 33 17 3 1 37 7 4 1 0December 15, 2032 . . . . . . . . . . . . . . . . . . . . . . . . 12 0 0 0 0 100 22 11 2 0 32 5 2 0 0December 15, 2033 . . . . . . . . . . . . . . . . . . . . . . . . 4 0 0 0 0 100 18 8 1 0 26 4 2 0 0December 15, 2034 . . . . . . . . . . . . . . . . . . . . . . . . 1 0 0 0 0 100 14 6 1 0 24 3 1 0 0December 15, 2035 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 96 10 4 1 0 21 2 1 0 0December 15, 2036 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 86 6 3 0 0 19 1 1 0 0December 15, 2037 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 76 3 1 0 0 17 1 0 0 0December 15, 2038 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 65 0 0 0 0 15 0 0 0 0December 15, 2039 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 53 0 0 0 0 12 0 0 0 0December 15, 2040 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 41 0 0 0 0 9 0 0 0 0December 15, 2041 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 28 0 0 0 0 6 0 0 0 0December 15, 2042 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 14 0 0 0 0 3 0 0 0 0December 15, 2043 . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted AverageLife (Years) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 5.7 4.4 2.8 2.2 26.1 17.1 14.8 10.3 8.2 15.3 8.2 6.7 4.4 3.5

S-21

Group 6

KA, KB, KC, KD, KE,KG and KI KY Group 6 Assets

PSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption

Date 0% 100% 208% 350% 500% 0% 100% 208% 350% 500% 0% 100% 208% 350% 500%

Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . 95 91 88 84 80 100 100 100 100 100 96 92 89 86 82December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . 90 80 73 63 53 100 100 100 100 100 91 82 75 66 57December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . 85 70 58 44 32 100 100 100 100 100 86 72 61 49 37December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . 79 60 45 30 18 100 100 100 100 100 81 63 50 36 24December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . 73 50 35 19 8 100 100 100 100 100 75 54 40 26 16December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . 67 42 26 11 2 100 100 100 100 100 69 46 32 19 10December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . 60 34 18 6 0 100 100 100 100 77 63 39 25 13 6December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . 53 26 12 1 0 100 100 100 100 48 57 32 19 9 4December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . 46 19 7 0 0 100 100 100 77 29 50 26 14 6 2December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . 38 13 3 0 0 100 100 100 50 16 43 20 10 4 1December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . 29 7 0 0 0 100 100 88 31 9 35 15 7 2 1December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . 21 2 0 0 0 100 100 55 17 5 27 10 4 1 0December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . 11 0 0 0 0 100 67 28 8 2 19 5 2 1 0December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 0 0 100 16 6 2 0 10 1 1 0 0December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


S-22

Yield Tables

The following tables show pre-tax yields to maturity (corporate bond equivalent) of specifiedClasses at various percentages of PSA and levels of LIBOR, if applicable. We have prepared thesetables using the Modeling Assumptions and the assumed prices in the table captions, plus accruedinterest. Actual sales will not necessarily occur at the assumed prices.

Pre-Tax YieldsGroup 1

AI Class(Assumed Price: 23.640625%)

100% PSA 307% PSA 351% PSA 500% PSA 700% PSA

18.0% 3.3% 0.0% (11.5)% (28.2)%

Group 2

BS Class(Assumed Price: 17.375%)

LIBOR 50% PSA

100% PSAthrough

250% PSA 400% PSA

0.1666% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.9% 16.9% 5.9%1.1666 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8 9.8 (2.0)3.7083 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.1) (10.1) (24.6)6.2500 and Higher . . . . . . . . . . . . . . . . . . . . . . . . * * *

ES Class(Assumed Price: 28.0625%)

LIBOR 25% PSA

46% PSAthrough

250% PSA 400% PSA

0.1666% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3% 21.2% 19.1%1.1666 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8 16.7 14.13.7083 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 3.5 (0.9)6.2500 and Higher . . . . . . . . . . . . . . . . . . . . . . . . . . * * *

SB Class(Assumed Price: 18.0625%)

LIBOR 50% PSA

100% PSAthrough

250% PSA 400% PSA

0.1666% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.7% 17.6% 8.7%1.1666 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.9 11.1 1.73.7083 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.7) (6.8) (17.5)6.2500 and Higher . . . . . . . . . . . . . . . . . . . . . . . . . * * *

* Less than (99.9)%.

S-23

Group 3

CI Class(Assumed Price: 21.0%)

50% PSA

115% PSAthrough

250% PSA 327% PSA 400% PSA

13.3% 5.4% 0.0% (6.6)%

Group 4

VI Class(Assumed Price: 24.5%)

100% PSA

161% PSAthrough

246% PSA 300% PSA 376% PSA 400% PSA

5.7% 3.9% 3.4% 0.0% (1.3)%

Group 5

GI Class(Assumed Price: 11.265625%)


11.5% 4.8% 0.0% (14.2)% (28.6)%

Group 6

KI Class(Assumed Price: 11.875%)


8.9% 1.1% 0.0% (10.4)% (23.6)%

S-24

FINAL PAYMENT DATES

The Final Payment Date for each Class is the latest date by which it will be paid in full and willretire. Except in the case of the Guaranteed Maturity Classes, we calculate Final Payment Dates usinghighly conservative assumptions. The actual retirement of each Class may occur earlier than its FinalPayment Date.

CERTAIN FEDERAL INCOME TAX CONSEQUENCES

General

Any discussion of tax matters herein and in the Offering Circular was not intended or written tobe used, and cannot be used, by any person for the purpose of avoiding tax penalties that may beimposed on such person. Such discussion was written to support the promotion and marketing of theCertificates. Investors should consult their own independent tax advisors regarding the Certificates andeach investor’s particular circumstances.

Subject to the assumptions described under Certain Federal Income Tax Consequences — REMICElection in the Offering Circular, the REMIC Pools will each qualify as a REMIC for federal incometax purposes.

Regular Classes

The Regular Classes are “regular interests” in the related Upper-Tier REMIC Pool or theGuaranteed Maturity REMIC Pool, as applicable. See General Information — Structure ofTransaction. They are treated as debt instruments for federal income tax purposes and may be issuedwith original issue discount (“OID”) or at a premium. Based in part on (a) the level of LIBOR as ofthe date of this Supplement and (b) information provided by the Underwriter regarding the initialprices at which it would have expected to sell or will sell substantial portions of the Regular Classes,we expect to report income to the Internal Revenue Service and to Holders of the Regular Classes(other than the Underlying REMIC Class) assuming they are issued as follows:

• OID: AI, B, BS, BY, BZ, CI, ES, GI, GU, GY, KA, KI, KY, Z and ZC.

• De Minimis OID: A, CB, EF, TB and TC.

• Premium: C, GB, KG and V.

OID generally results in recognition of taxable income in advance of the receipt of cashattributable to that income. The Pricing Speeds used for OID and premium calculations are:

• Group 1 — 307% PSA

• Groups 2 and 3 — 150% PSA




For purposes of OID and premium calculations with respect to the Guaranteed Maturity Classes,however, we will also take into account the mandatory retirement of those Classes on their Final

S-25

Payment Date. See Certain Federal Income Tax Consequences — Taxation of Regular Classes —Original Issue Discount and — Premium in the Offering Circular. Mortgage prepayment rates willdiffer, perhaps significantly, from the Pricing Speeds shown above.

The Group 6 Assets are backed by High LTV Mortgages. Special tax considerations may apply toa real estate investment trust (“REIT”) that holds Regular Classes backed by High LTV Mortgagesand we may be obligated to provide additional information, pursuant to regulations under Code Section6049, on such Regular Classes. See Certain Federal Income Tax Consequences — Status of REMICCertificates in the Offering Circular.

Residual Classes

Each Residual Class is the “residual interest” in its related REMIC Pool. See GeneralInformation — Structure of Transaction. Special tax considerations apply to the Residual Classes. Thetaxation of the Residual Classes can produce a significantly less favorable after-tax return than if(a) the Residual Classes were taxable as debt instruments or (b) no portion of the taxable income on theResidual Classes were treated as “excess inclusions.” In certain periods, taxable income and theresulting tax liability on a Residual Class may exceed any payments on that Class. See Certain FederalIncome Tax Consequences — Taxation of Residual Classes in the Offering Circular.

A substantial tax may be imposed on certain transferors of a Residual Class and certain beneficialowners of a Residual Class that are “pass-through entities.” See Certain Federal Income TaxConsequences — Transfers of Interests in a Residual Class — Disqualified Organizations in theOffering Circular. You should not purchase a Residual Class before consulting your tax advisor.

We will report with respect to the Guaranteed Maturity REMIC Pool assuming that such REMICPool owns an undivided interest in the Underlying REMIC Class and that the basis of such REMICPool in the Underlying REMIC Class includes any value associated with Freddie Mac’s obligation tomake a contribution to that REMIC Pool on the Final Payment Date for the Guaranteed MaturityClasses pursuant to Freddie Mac’s guarantee. We do not expect the Holders of RA to have anymaterial adverse tax consequences as a result of this treatment, but investors should consult their taxadvisors regarding this matter.

We intend to report accruals of OID and market discount and to amortize premium with respect tothe Multiclass Assets using the applicable Pricing Speeds shown above, regardless of the PricingSpeeds used in their Series.

Certain Transfers of Residual Classes

The REMIC Regulations disregard:

1. A transfer of a “noneconomic residual interest” unless no significant purpose of the transfer isto impede the assessment or collection of tax.

2. Except in certain cases, a transfer of a residual interest to a foreign investor or a transfer of aresidual interest from a foreign investor to a U.S. investor. Accordingly, the Trust Agreementprohibits the transfer of an interest in a Residual Class to or from a foreign investor without ourwritten consent.

See Certain Federal Income Tax Consequences — Transfers of Interests in a Residual Class —Additional Transfer Restrictions in the Offering Circular. In the case of a transfer that is disregarded,

S-26

the transferor would continue to be treated as the owner of the residual interest and thus wouldcontinue to be subject to tax on its allocable portion of the net income of the REMIC.

MACR Classes

The arrangement under which the MACR Classes are created (the “MACR Pool”) will beclassified as a grantor trust under subpart E, part I of subchapter J of the Code. The interests in theRegular Classes that have been exchanged for the MACR Classes, including any exchanges effectiveon the Closing Date, will be the assets of the MACR Pool and the MACR Classes will representbeneficial ownership of these assets.

The Group 6 Assets are backed by High LTV Mortgages. Special tax considerations may apply toa REIT that holds MACR Classes where the related REMIC Pool is backed by High LTV Mortgages.See Certain Federal Income Tax Consequences — Taxation of MACR Classes — Tax Status in theOffering Circular.

For a discussion of certain federal income tax consequences applicable to the MACR Classes, seeCertain Federal Income Tax Consequences — Taxation of MACR Classes, — Exchanges of MACRClasses and Regular Classes and — Taxation of Certain Foreign Investors in the Offering Circular.

Foreign Account Tax Compliance Act

Investors should be aware that under legislation enacted in 2010 and related administrativeguidance (commonly known as “FATCA”), certain payments in respect of Regular and MACRClasses after June 30, 2014 and payments of the gross proceeds from the sale or other disposition ofsuch Classes after December 31, 2016 received by a non-U.S. entity may be subject to withholding ofU.S. federal income tax at a rate of 30 percent if such non-U.S. entity fails to take the required steps toprovide certain information regarding its “United States accounts” or its direct or indirect “substantialU.S. owners.” The required steps and the information to be provided will depend on whether the non-U.S. entity is considered a “foreign financial institution” for this purpose, and if an intergovernmentalagreement exists between the United States and an applicable foreign country that may modify theapplicable requirements.

FATCA applies to debt instruments that are treated, for U.S. federal income tax purposes, asissued after June 30, 2014. For example, MACR Classes that are treated as stripped bonds or couponsunder Code Section 1286 may be considered newly issued when purchased by an investor. Investorsshould consult their tax advisors regarding the potential application and impact of the FATCAwithholding rules based on their particular circumstances, including the applicability of anyintergovernmental agreement modifying these rules and the grandfathering rules for debt instruments.

ERISA CONSIDERATIONS

Fiduciaries of employee benefit plans should review ERISA Considerations in the OfferingCircular.

ACCOUNTING CONSIDERATIONS

You should consult your accountant for advice on the appropriate accounting treatment for yourCertificates. See Accounting Considerations in the Offering Circular.

S-27

LEGAL INVESTMENT CONSIDERATIONS

You should consult your legal advisor to determine whether the Certificates are a legal investmentfor you and whether you can use the Certificates as collateral for borrowings. See Legal InvestmentConsiderations in the Offering Circular.

PLAN OF DISTRIBUTION

Under an agreement with the Underwriter, we have agreed to sell all of the REMIC Certificates tothe Underwriter in exchange for the Assets. We have agreed to buy $159,816,551 of AI from theUnderwriter.

The Underwriter intends to:

• Redeliver the Underlying REMIC Class to us for inclusion in the Guaranteed MaturityREMIC Pool.

• Offer the other REMIC and MACR Classes to the public in negotiated transactions atvarying prices to be determined at the time of sale, plus accrued interest on each interest-bearing Class from the first day of its initial Accrual Period.

The Underwriter is offering the Certificates subject to their issuance by us and subject to theUnderwriter’s right to reject any order. The Underwriter may make sales to or through securitiesdealers. The dealers may receive compensation in the form of discounts, concessions or commissionsfrom the Underwriter and commissions from any purchasers for which they act as agents.

Our agreement with the Underwriter provides that we will indemnify it against certain liabilities.

LEGAL MATTERS

Our General Counsel or one of our Deputy General Counsels will render an opinion on thelegality of the Certificates. Bingham McCutchen LLP is representing the Underwriter on legal mattersconcerning the Certificates.

S-28

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A-4

Appendix B

Balances Schedules

Payment Date

Group 2PAC

(Aggregate)

Group 2TB

TAC

Group 3PAC

(Aggregate)

Group 3TC

TAC

Initial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,139,000.00 $21,871,000.00 $28,969,000.00 $8,190,000.00January 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,420,763.80 21,826,112.88 28,663,468.20 8,162,106.15February 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . 74,687,998.78 21,780,655.68 28,359,128.82 8,135,332.10March 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,941,648.77 21,734,071.71 28,056,725.87 8,108,918.22April 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,182,054.66 21,686,414.64 27,756,247.62 8,082,860.73May 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,409,563.33 21,637,739.26 27,457,682.39 8,057,155.91June 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,624,527.46 21,588,101.26 27,161,018.57 8,031,800.05July 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,827,305.23 21,537,557.27 26,866,244.65 8,006,789.45August 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,034,746.89 21,487,861.24 26,573,349.14 7,982,120.50September 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . 69,246,827.42 21,439,005.15 26,282,320.65 7,957,789.58October 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . 68,463,521.95 21,390,981.02 25,993,147.86 7,933,793.10November 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . 67,684,805.73 21,343,780.91 25,705,819.51 7,910,127.51December 15, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . 66,910,654.15 21,297,396.96 25,420,324.40 7,886,789.29January 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,141,042.71 21,251,821.37 25,136,651.40 7,863,774.95February 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . 65,375,947.05 21,207,046.41 24,854,789.45 7,841,081.03March 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,615,342.94 21,163,064.39 24,574,727.57 7,818,704.09April 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,859,206.27 21,119,867.67 24,296,454.82 7,796,640.74May 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,107,513.06 21,077,448.69 24,019,960.35 7,774,887.58June 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,360,239.45 21,035,799.94 23,745,233.34 7,753,441.30July 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,617,361.70 20,994,913.98 23,472,263.08 7,732,298.56August 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,878,856.21 20,954,783.40 23,201,038.89 7,711,456.07September 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . 60,144,699.50 20,915,400.85 22,931,550.17 7,690,910.57October 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . 59,414,868.19 20,876,759.07 22,663,786.37 7,670,658.84November 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . 58,689,339.06 20,838,850.80 22,397,737.02 7,650,697.66December 15, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . 57,968,088.97 20,801,668.90 22,133,391.70 7,631,023.86January 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,251,094.93 20,765,206.23 21,870,740.05 7,611,634.29February 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . 56,538,334.07 20,729,455.73 21,609,771.80 7,592,525.81March 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,829,783.61 20,694,410.40 21,350,476.69 7,573,695.34April 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,125,420.93 20,660,063.26 21,092,844.58 7,555,139.80May 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,425,223.49 20,626,407.44 20,836,865.35 7,536,856.14June 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,729,168.90 20,593,436.06 20,582,528.94 7,518,841.37July 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,037,234.87 20,561,142.32 20,329,825.39 7,501,092.45August 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,349,399.21 20,529,519.51 20,078,744.74 7,483,606.46September 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . 51,665,639.89 20,498,560.91 19,829,277.15 7,466,380.42October 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . 50,985,934.96 20,468,259.87 19,581,412.80 7,449,411.44November 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . 50,310,262.59 20,438,609.82 19,335,141.93 7,432,696.61December 15, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . 49,638,601.07 20,409,604.20 19,090,454.86 7,416,233.08January 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,970,928.80 20,381,236.54 18,847,341.96 7,400,017.99February 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . 48,307,224.30 20,353,500.39 18,605,793.64 7,384,048.53March 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,647,466.19 20,326,389.36 18,365,800.39 7,368,321.91April 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,991,633.22 20,299,897.09 18,127,352.74 7,352,835.36May 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,339,704.22 20,274,017.33 17,890,441.29 7,337,586.14June 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,691,658.17 20,248,743.80 17,655,056.69 7,322,571.51July 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,047,474.13 20,224,070.32 17,421,189.65 7,307,788.78August 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,407,131.28 20,199,990.74 17,188,830.93 7,293,235.28September 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 43,770,608.92 20,176,498.96 16,957,971.34 7,278,908.35October 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . 43,137,886.42 20,153,588.93 16,728,601.76 7,264,805.38November 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . 42,508,943.31 20,131,254.64 16,500,713.12 7,250,923.73December 15, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . 41,883,759.19 20,109,490.14 16,274,296.40 7,237,260.84January 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,262,313.78 20,088,289.50 16,049,342.63 7,223,814.14February 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . 40,644,586.90 20,067,646.88 15,825,842.90 7,210,581.10March 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,030,558.48 20,047,556.44 15,603,788.35 7,197,559.20April 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,420,208.56 20,028,012.42 15,383,170.19 7,184,745.93May 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,813,517.28 20,009,009.06 15,163,979.65 7,172,138.84June 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,210,464.87 19,990,540.71 14,946,208.05 7,159,735.44July 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,611,031.69 19,972,601.71 14,729,846.72 7,147,533.35August 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,015,198.18 19,955,186.46 14,514,887.08 7,135,530.12September 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . 36,422,944.89 19,938,289.42 14,301,320.58 7,123,723.37October 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . 35,834,252.48 19,921,905.07 14,089,138.74 7,112,110.73November 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . 35,249,101.70 19,906,027.94 13,878,333.10 7,100,689.87December 15, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . 34,667,473.41 19,890,652.61 13,668,895.27 7,089,458.45

B-1

Payment Date

Group 2PAC

(Aggregate)continued

Group 2TB

TACcontinued

Group 3PAC


Group 3TC

TACcontinued

January 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . $34,089,348.55 $19,875,773.71 $13,460,816.92 $7,078,414.16February 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . 33,514,708.19 19,861,385.89 13,254,089.76 7,067,554.70March 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,943,533.47 19,847,483.85 13,048,705.53 7,056,877.84April 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,375,805.65 19,834,062.35 12,844,656.06 7,046,381.30May 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,811,506.09 19,821,116.14 12,641,933.19 7,036,062.87June 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,250,616.21 19,808,640.10 12,440,528.83 7,025,920.33July 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,693,117.58 19,796,629.05 12,240,434.94 7,015,951.50August 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,138,991.83 19,785,077.93 12,041,643.51 7,006,154.22September 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 29,588,220.71 19,773,981.66 11,844,146.61 6,996,526.31October 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . 29,040,786.03 19,763,335.26 11,647,936.32 6,987,065.67November 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . 28,496,669.74 19,753,133.73 11,453,004.79 6,977,770.16December 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . 27,961,090.63 19,738,135.37 11,259,344.22 6,968,637.70January 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,434,261.05 19,718,105.06 11,066,946.83 6,959,666.22February 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 26,916,047.61 19,693,153.54 10,875,804.93 6,950,853.65March 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,406,318.90 19,663,389.71 10,685,910.83 6,942,197.95April 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,904,945.41 19,628,920.69 10,497,256.92 6,933,697.11May 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,411,799.55 19,589,851.84 10,309,835.63 6,925,349.11June 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,926,755.59 19,546,286.74 10,123,639.41 6,917,151.97July 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,449,689.64 19,498,327.30 9,938,660.78 6,909,103.74August 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,980,479.64 19,446,073.71 9,754,892.31 6,901,202.43September 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . 23,519,005.31 19,389,624.52 9,572,326.59 6,893,446.14October 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 23,065,148.15 19,329,076.61 9,390,956.27 6,885,832.94November 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . 22,618,791.38 19,264,525.27 9,212,287.08 6,876,847.89December 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . 22,179,819.95 19,196,064.20 9,036,317.90 6,866,482.97January 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,748,120.50 19,123,785.52 8,863,009.59 6,854,768.23February 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 21,323,581.34 19,047,779.79 8,692,323.62 6,841,733.17March 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,906,092.41 18,968,136.10 8,524,221.95 6,827,406.86April 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,495,545.29 18,884,941.99 8,358,667.13 6,811,817.84May 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,091,833.14 18,798,283.56 8,195,622.19 6,794,994.23June 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,694,850.70 18,708,245.44 8,035,050.72 6,776,963.65July 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,304,494.26 18,614,910.83 7,876,916.80 6,757,753.28August 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,920,661.64 18,518,361.53 7,721,185.04 6,737,389.84September 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . 18,543,252.16 18,418,677.94 7,567,820.53 6,715,899.61October 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 18,172,166.64 18,315,939.10 7,416,788.86 6,693,308.45November 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . 17,807,307.35 18,210,222.71 7,268,056.12 6,669,641.75December 15, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . 17,448,578.02 18,101,605.11 7,121,588.86 6,644,924.51January 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,095,883.77 17,990,161.39 6,977,354.12 6,619,181.30February 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 16,749,131.16 17,875,965.31 6,835,319.39 6,592,436.29March 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,408,228.11 17,759,089.37 6,695,452.65 6,564,713.22April 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,073,083.90 17,639,604.83 6,557,722.30 6,536,035.44May 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,743,609.17 17,517,581.71 6,422,097.20 6,506,425.93June 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,419,715.86 17,393,088.85 6,288,546.67 6,475,907.24July 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,101,317.23 17,266,193.86 6,157,040.43 6,444,501.58August 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,788,327.83 17,136,963.19 6,027,548.66 6,412,230.76September 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . 14,480,663.45 17,005,462.15 5,900,041.95 6,379,116.22October 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . 14,178,241.15 16,871,754.89 5,774,491.30 6,345,179.05November 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . 13,880,979.23 16,735,904.44 5,650,868.14 6,310,439.96December 15, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . 13,588,797.18 16,597,972.74 5,529,144.30 6,274,919.32January 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,301,615.70 16,458,020.63 5,409,292.00 6,238,637.15February 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 13,019,356.65 16,316,107.90 5,291,283.86 6,201,613.12March 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,741,943.08 16,172,293.26 5,175,092.89 6,163,866.56April 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,469,299.16 16,026,634.38 5,060,692.49 6,125,416.49May 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,201,350.19 15,879,187.96 4,948,056.42 6,086,281.57June 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,938,022.61 15,730,009.60 4,837,158.83 6,046,480.16July 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,679,243.91 15,579,154.01 4,727,974.24 6,006,030.28August 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,424,942.70 15,426,674.85 4,620,477.52 5,964,949.66September 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . 11,175,048.62 15,272,624.86 4,514,643.90 5,923,255.70October 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 10,929,492.40 15,117,055.81 4,410,448.96 5,880,965.53November 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . 10,688,205.76 14,960,018.56 4,307,868.65 5,838,095.92December 15, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . 10,451,121.47 14,801,563.04 4,206,879.23 5,794,663.42January 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,218,173.29 14,641,738.27 4,107,457.32 5,750,684.22February 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 9,989,295.98 14,480,592.38 4,009,579.87 5,706,174.26March 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,764,425.25 14,318,172.67 3,913,224.15 5,661,149.21April 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,543,497.80 14,154,525.51 3,818,367.76 5,615,624.43May 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,326,451.27 13,989,696.47 3,724,988.62 5,569,615.04June 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,113,224.23 13,823,730.25 3,633,064.97 5,523,135.84July 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,903,756.16 13,656,670.77 3,542,575.35 5,476,201.43

B-2

Payment Date

Group 2PAC


Group 2TB

TACcontinued

Group 3PAC


Group 3TC

TACcontinued

August 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,697,987.46 $13,488,561.10 $ 3,453,498.61 $5,428,826.10September 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 8,495,859.43 13,319,443.52 3,365,813.91 5,381,023.90October 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 8,297,314.22 13,149,359.57 3,279,500.68 5,332,808.65November 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . 8,102,294.88 12,978,349.95 3,194,538.69 5,284,193.86December 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . 7,910,745.31 12,806,454.64 3,110,907.96 5,235,192.86January 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,722,610.24 12,633,712.86 3,028,588.82 5,185,818.70February 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 7,537,835.23 12,460,163.11 2,947,561.86 5,136,084.21March 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,356,366.67 12,285,843.14 2,867,807.95 5,086,001.99April 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,178,151.75 12,110,790.01 2,789,308.27 5,035,584.36May 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,003,138.47 11,935,040.03 2,712,044.21 4,984,843.49June 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,831,275.58 11,758,628.89 2,635,997.48 4,933,791.26July 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,662,512.63 11,581,591.54 2,561,150.03 4,882,439.37August 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,496,799.93 11,403,962.29 2,487,484.05 4,830,799.30September 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 6,334,088.52 11,225,774.78 2,414,982.01 4,778,882.30October 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 6,174,330.20 11,047,061.99 2,343,626.64 4,726,699.40November 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . 6,017,477.49 10,867,856.29 2,273,400.89 4,674,261.46December 15, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . 5,863,483.62 10,688,189.40 2,204,287.96 4,621,579.12January 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,712,302.54 10,508,092.42 2,136,271.31 4,568,662.80February 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,563,888.89 10,327,595.84 2,069,334.62 4,515,522.75March 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,418,197.99 10,146,729.57 2,003,461.81 4,462,169.01April 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,275,185.84 9,965,522.91 1,938,637.03 4,408,611.44May 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,134,809.13 9,784,004.58 1,874,844.67 4,354,859.69June 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,997,025.16 9,602,202.75 1,812,069.31 4,300,923.27July 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,861,791.93 9,420,144.99 1,750,295.79 4,246,811.45August 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,729,068.03 9,237,858.35 1,689,509.15 4,192,533.35September 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . 4,598,812.72 9,055,369.32 1,629,694.65 4,138,097.91October 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,470,985.85 8,872,703.86 1,570,837.75 4,083,513.92November 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . 4,345,547.89 8,689,887.39 1,512,924.13 4,028,789.96December 15, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . 4,222,459.91 8,506,944.84 1,455,939.69 3,973,934.44January 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,101,683.57 8,323,900.60 1,399,870.50 3,918,955.65February 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,983,181.14 8,140,778.56 1,344,702.85 3,863,861.69March 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,866,915.42 7,957,602.14 1,290,423.24 3,808,660.47April 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,752,849.81 7,774,394.24 1,237,018.34 3,753,359.78May 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,640,948.25 7,591,177.33 1,184,475.02 3,697,967.26June 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,531,175.26 7,407,973.34 1,132,780.36 3,642,490.36July 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,423,495.86 7,224,803.80 1,081,921.59 3,586,936.41August 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,317,875.64 7,041,689.75 1,031,886.15 3,531,312.58September 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . 3,214,280.70 6,858,651.79 982,661.66 3,475,625.89October 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,112,677.66 6,675,710.08 934,235.91 3,419,883.22November 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . 3,013,033.66 6,492,884.35 886,596.87 3,364,091.32December 15, 2027 . . . . . . . . . . . . . . . . . . . . . . . . . 2,915,316.32 6,310,193.91 839,732.68 3,308,256.78January 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,819,493.79 6,127,657.62 793,631.66 3,252,386.08February 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,725,534.69 5,945,293.96 748,282.29 3,196,485.54March 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,633,408.12 5,763,120.98 703,673.23 3,140,561.35April 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,543,083.65 5,581,156.36 659,793.29 3,084,619.57May 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,454,531.34 5,399,417.35 616,631.44 3,028,666.17June 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,367,721.70 5,217,920.84 574,176.83 2,972,706.93July 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,282,625.68 5,036,683.32 532,418.76 2,916,747.54August 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,199,214.69 4,855,720.94 491,346.66 2,860,793.58September 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . 2,117,460.59 4,675,049.44 450,950.14 2,804,850.49October 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,037,335.66 4,494,684.22 411,218.96 2,748,923.59November 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . 1,958,812.60 4,314,640.34 372,143.02 2,693,018.09December 15, 2028 . . . . . . . . . . . . . . . . . . . . . . . . . 1,881,864.56 4,134,932.47 333,712.37 2,637,139.09January 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,806,465.09 3,955,574.96 295,917.20 2,581,291.57February 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,732,588.13 3,776,581.84 258,747.84 2,525,480.41March 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,660,208.06 3,597,966.77 222,194.79 2,469,710.35April 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,589,299.63 3,419,743.11 186,248.64 2,413,986.07May 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,519,837.99 3,241,923.89 150,900.15 2,358,312.11June 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451,798.68 3,064,521.81 116,140.21 2,302,692.92July 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,385,157.61 2,887,549.28 81,959.84 2,247,132.83August 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,319,891.07 2,711,018.40 48,350.19 2,191,636.10September 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . 1,255,975.72 2,534,940.97 15,302.53 2,136,206.87October 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,193,388.59 2,359,328.47 0.01 2,063,657.44November 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . 1,132,107.04 2,184,192.13 0.00 1,976,425.95December 15, 2029 . . . . . . . . . . . . . . . . . . . . . . . . . 1,072,108.83 2,009,542.86 0.00 1,889,810.38January 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013,372.01 1,835,391.32 0.00 1,803,806.31February 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 955,875.02 1,661,747.86 0.00 1,718,409.30

B-3

Payment Date

Group 2PAC


Group 2TB

TACcontinued

Group 3PAC


Group 3TC

TACcontinued

March 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 899,596.61 $ 1,488,622.58 $ 0.00 $1,633,614.94April 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844,515.87 1,316,025.33 0.00 1,549,418.88May 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790,612.23 1,143,965.64 0.00 1,465,816.77June 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 737,865.42 972,452.85 0.00 1,382,804.30July 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686,255.49 801,496.02 0.00 1,300,377.18August 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,762.82 631,103.94 0.00 1,218,531.15September 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . 586,368.09 461,285.18 0.00 1,137,261.99October 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 538,052.28 292,048.07 0.00 1,056,565.50November 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . 490,796.67 123,400.68 0.00 976,437.50December 15, 2030 . . . . . . . . . . . . . . . . . . . . . . . . . 444,582.83 0.00 0.00 896,873.84January 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,392.62 0.00 0.00 817,870.41February 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . 355,208.21 0.00 0.00 739,423.12March 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,012.02 0.00 0.00 661,527.90April 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,786.76 0.00 0.00 584,180.71May 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,515.42 0.00 0.00 507,377.54June 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,181.24 0.00 0.00 431,114.40July 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,767.75 0.00 0.00 355,387.33August 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,258.72 0.00 0.00 280,192.41September 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . 72,638.18 0.00 0.00 205,525.72October 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . 35,890.43 0.00 0.00 131,383.38November 15, 2031 . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00 57,761.53December 15, 2031

and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00 0.00

B-4

Offering Circular Supplement(To Offering Circular

Dated June 1, 2010)

$1,220,029,731


Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix AOffering Terms: The underwriter named below is offering the Classes in negotiated transactions at varying

pricesClosing Date: November 30, 2011

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 1FL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,517,393 PT (2) FLT 3137AHYS1 November 15, 2041FM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,809,146 SUP (2) FLT 3137AHYT9 November 15, 2041LA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,405,000 TAC 3.5% FIX 3137AJ 2 B 9 November 15, 2041LB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605,000 PAC II 3.5 FIX 3137AJ 2 C 7 November 15, 2041MA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,427,000 PAC I 3.5 FIX 3137AJ 2 W 3 July 15, 2040MY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,979,000 PAC I 3.5 FIX 3137AJ 2 X 1 November 15, 2041SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,517,393 NTL(PT) (2) INV/IO 3137AJ 4 M 3 November 15, 2041SM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,292,248 SUP (2) INV/S 3137AJ 4 N 1 November 15, 2041Group 2AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 SUP/RTL 3.5 FIX 3137AHXT0 July 15, 2041EA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,349,511 SUP 3.5 FIX 3137AHYH5 July 15, 2041EB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,180,000 SUP 3.5 FIX 3137AH Y J 1 October 15, 2041EC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881,000 SUP 3.5 FIX 3137AHYK8 November 15, 2041ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,094,000 PAC II 3.5 FIX 3137AHYL6 November 15, 2041GF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,643,511 PT (2) FLT 3137AHYZ5 November 15, 2041GS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,643,511 NTL(PT) (2) INV/IO 3137AH Z 7 6 November 15, 2041NA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,137,000 PAC I 3.5 FIX 3137AJ 2 Y 9 June 15, 2040NY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,502,000 PAC I 3.5 FIX 3137AJ 3 Q 5 November 15, 2041Group 3BA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,866,000 PAC 3.0 FIX 3137AHXU7 November 15, 2026BG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 SCH 3.0 FIX 3137AHXZ6 November 15, 2026BT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,819,000 SUP 3.0 FIX 3137AHY85 November 15, 2026Group 4CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 SEQ 2.25 FIX 3137AHYB8 December 15, 2029CT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,357,143 SEQ 7.0 FIX 3137AHYD4 December 15, 2029CW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,794,572 SEQ 3.5 FIX 3137AHYE2 November 15, 2031HE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 SEQ 2.25 FIX 3137AH Z 9 2 May 15, 2029HG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 SEQ 2.5 FIX 3137AHZA9 May 15, 2029HK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 SEQ 3.0 FIX 3137AHZB7 May 15, 2029HT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,285,714 SEQ 7.0 FIX 3137AHZC5 May 15, 2029HU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 SEQ 4.0 FIX 3137AHZD3 May 15, 2029HY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,571,428 SEQ 3.5 FIX 3137AHZ F8 November 15, 2031JI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,390,143 NTL(SEQ) 3.5 FIX/IO 3137AHZR2 August 15, 2029JO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,390,143 SEQ 0.0 PO 3137AHZW1 August 15, 2029JY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,623,922 SEQ 3.5 FIX 3137AJ 2 A 1 November 15, 2031Group 5BF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,305,200 PAC (2) FLT 3137AHXY9 November 15, 2041BS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,305,200 NTL(PAC) (2) INV/IO 3137AHY77 November 15, 2041FI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,022,153 NTL(PAC) (2) FLT/IO 3137AHYR3 July 15, 2041GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,344,000 PAC 4.0 FIX 3137AHYV4 September 15, 2020GJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 PAC 4.0 FIX 3137AH Z 4 3 July 15, 2040GY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,639,800 PAC 4.0 FIX 3137AH Z 8 4 November 15, 2041PO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,036,000 PAC 0.0 PO 3137AJ 4 F 8 July 15, 2041PS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,022,153 NTL(PAC) (2) INV/IO 3137AJ 4 G 6 July 15, 2041PY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,201,000 PAC 4.0 FIX 3137AJ 4 J 0 November 15, 2041ZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,474,000 SUP 4.5 FIX/Z 3137AJ 5 H 3 November 15, 2041ResidualR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137AJ 4 K 7 November 15, 2041RS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 NPR 0.0 NPR 3137AJ 4 L 5 November 15, 2041

(1) See Appendix II to the Offering Circular.(2) See Terms Sheet — Interest.

The Certificates may not be suitable investments for you. You should not purchase Certificates unless you havecarefully considered and are able to bear the associated prepayment, interest rate, yield and market risks ofinvesting in them. Certain Risk Considerations on page S-2 highlights some of these risks.You should purchase Certificates only if you have read and understood this Supplement, the attached OfferingCircular and the documents identified under Available Information.We guarantee principal and interest payments on the Certificates. These payments are not guaranteed by, and arenot debts or obligations of, the United States or any federal agency or instrumentality other than Freddie Mac. TheCertificates are not tax-exempt. Because of applicable securities law exemptions, we have not registered theCertificates with any federal or state securities commission. No securities commission has reviewed thisSupplement.

BofA Merrill LynchOctober 19, 2011

I-1

Exhibit I ─ Series 3954 Front Cover, Terms Sheet and MACR Table

TERMS SHEET


In this Supplement, we refer to Classes only by their letter designations. For example, “R” refers tothe R Class of this Series.

Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in December 2011.

Form of Classes

Regular (non-Retail) and MACR Classes: Book-entry on Fed System

Retail Class: Book-entry on DTC System; issued and paid in $1,000 Retail Class Units


Interest

The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and Appendix A.

The following Classes are Principal Only Classes and do not bear interest:Group Class

2 LO*, ON* and UO*3 OB*4 JO5 OG* and PO

* MACR Class.

I-2


ClassInitial Class

Coupon Class Coupon Formula Minimum Rate Maximum RateClass Coupon Subject to

Group 1FL. . . . . . . . . . . 0.748% LIBOR + 0.5% 0.5% 6.5%FM . . . . . . . . . . 1.348 LIBOR + 1.1% 1.1 6.0SL. . . . . . . . . . . 5.752 6.0% � LIBOR 0 6.0SM . . . . . . . . . . 6.512798 6.85999777% � (LIBOR � 1.39999907) 0 6.85999777Group 2GF . . . . . . . . . . 0.748 LIBOR + 0.5% 0.5 6.5GS . . . . . . . . . . 5.752 6.0% � LIBOR 0 6.0Group 4FW* . . . . . . . . . 0.59 LIBOR + 0.35% 0.35 7.0JF* . . . . . . . . . . 0.59 LIBOR + 0.35% 0.35 7.0JS* . . . . . . . . . . 6.41 6.65% � LIBOR 0 6.65SW* . . . . . . . . . 6.41 6.65% � LIBOR 0 6.65Group 5BF . . . . . . . . . . 0.74 LIBOR + 0.5% 0.5 6.5BS . . . . . . . . . . 5.76 6.0% � LIBOR 0 6.0CS* . . . . . . . . . 5.76 6.0% � LIBOR 0 6.0FI . . . . . . . . . . . 0.74 LIBOR + 0.5% 0.5 6.5PF* . . . . . . . . . . 0.74 LIBOR + 0.5% 0.5 6.5PS. . . . . . . . . . . 5.76 6.0% � LIBOR 0 6.0

* MACR Class.


Notional Classes


Group 1SL $ 73,517,393 FL (PT)

Group 2GS $ 72,643,511 GF (PT)LI* 38,947,300 NA and NY, as a whole (PAC I)NI* 34,395,900 NA (PAC I)UI* 4,551,400 NY (PAC I)

Group 3IB* $ 86,866,000 BA (PAC)

Group 4FW* $ 58,695,071 JO (SEQ)JI 117,390,143 JO (SEQ)JS* 58,695,071 JO (SEQ)SW* 58,695,071 JO (SEQ)

Group 5BS $ 83,305,200 BF (PAC)CS* 175,714,571 BF and PO, as a whole (PAC)FI 184,022,153 PO (PAC)GI* 17,777,777 GJ (PAC)PS 184,022,153 PO (PAC)

* MACR Class.


I-3

MACR Classes



Principal

REMIC Classes


Group 1

• 50.0000003401% of the Group 1 Asset Principal Amount in the following order of priority:

1. To MA and MY, in that order, until reduced their Aggregate Targeted BalanceType I PAC

2. To LB, until reduced to its Targeted BalanceType II PAC

3. To LA, until reduced to its Targeted BalanceTAC

4. To FM and SM, pro rata, until retiredSupport

5. To LA, until retiredTAC

6. To LB, until retiredType II PAC

7. To MA and MY, in that order, until retiredType I PAC

• 49.9999996599% of the Group 1 Asset Principal Amount to FL, until retiredPass-Through

Group 2

• 50% of the Group 2 Asset Principal Amount in the following order of priority:

1. To NA and NY, in that order, until reduced to their Aggregate Targeted BalanceType I PAC

2. To ED, until reduced to its Targeted BalanceType II PAC

3. To AA and EA, pro rata, until retired

4. To EB and EC, in that order, until retiredSupport

5. To ED, until retiredType II PAC

6. To NA and NY, in that order, until retiredType I PAC

• 50% of the Group 2 Asset Principal Amount to GF, until retiredPass-Through

Group 3


1. To BA, until reduced to its Targeted BalancePAC

2. To BG, until reduced to its Targeted BalanceScheduled

MACR Classes



Principal

REMIC Classes


Group 1


1. To MA and MY, in that order, until reduced their Aggregate Targeted Balance��Type I PAC

2. To LB, until reduced to its Targeted Balance��Type II PAC

3. To LA, until reduced to its Targeted Balance��TAC

4. To FM and SM, pro rata, until retired��Support

5. To LA, until retired��TAC

6. To LB, until retired��Type II PAC

7. To MA and MY, in that order, until retired��Type I PAC

• 49.9999996599% of the Group 1 Asset Principal Amount to FL, until retired��

Pass-Through

Group 2

• 50% of the Group 2 Asset Principal Amount in the following order of priority:

1. To NA and NY, in that order, until reduced to their Aggregate Targeted Balance��Type I PAC

2. To ED, until reduced to its Targeted Balance��Type II PAC

3. To AA and EA, pro rata, until retired

4. To EB and EC, in that order, until retired

��

Support

5. To ED, until retired��Type II PAC

6. To NA and NY, in that order, until retired��Type I PAC

• 50% of the Group 2 Asset Principal Amount to GF, until retired��

Pass-Through

Group 3


1. To BA, until reduced to its Targeted Balance��PAC

2. To BG, until reduced to its Targeted Balance��Scheduled

I-4

3. To BT, until retiredSupport

4. To BG, until retiredScheduled

5. To BA, until retiredPAC

Group 4


1. To HE, HG, HK, HT and HU, pro rata, until retired

2. To HY, until retired


1. To CA and CT, pro rata, until retired

2. To CW, until retired

• 44.8609912659% of the Group 4 Asset Principal Amount to JO and JY, in that order, untilretired

SequentialPay

Group 5

• The Accrual Amount and the Group 5 Asset Principal Amount in the following order ofpriority:

1. To the PAC Classes, until reduced to their Aggregate Targeted Balance, allocatedconcurrently:

a. 73.7617819776% to PO and PY, in that order, while outstanding

b. 6.2382180224% to GA, GJ and GY, in that order, while outstanding

c. 20% to BF, while outstanding

PAC

2. To ZA, until retiredSupport

3. To the PAC Classes, as described in step 1 above, but without regard to their AggregateTargeted Balance, until retired

PAC

The “Targeted Balances” and “Aggregate Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges and Rate.


Group 1Type I PAC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 250% PSAType II PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130% PSA - 250% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275% PSA

Group 2Type I PAC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 250% PSAType II PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140% PSA - 250% PSA

Group 3PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% PSA - 250% PSAScheduled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163% PSA - 200% PSA

Group 5PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150% PSA - 250% PSA


3. To BT, until retired��Support

4. To BG, until retired��Scheduled

5. To BA, until retired��PAC

Group 4


1. To HE, HG, HK, HT and HU, pro rata, until retired

2. To HY, until retired


1. To CA and CT, pro rata, until retired

2. To CW, until retired

• 44.8609912659% of the Group 4 Asset Principal Amount to JO and JY, in that order, untilretired

��

SequentialPay

Group 5

• The Accrual Amount and the Group 5 Asset Principal Amount in the following order ofpriority:

1. To the PAC Classes, until reduced to their Aggregate Targeted Balance, allocatedconcurrently:

a. 73.7617819776% to PO and PY, in that order, while outstanding

b. 6.2382180224% to GA, GJ and GY, in that order, while outstanding

c. 20% to BF, while outstanding

��

PAC

2. To ZA, until retired��Support


��

PAC

The “Targeted Balances” and “Aggregate Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges and Rate.


Group 1Type I PAC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 250% PSAType II PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130% PSA - 250% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275% PSA


Group 3PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% PSA - 250% PSAScheduled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163% PSA - 200% PSA

Group 5PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150% PSA - 250% PSA


I-5

MACR Classes

On each Payment Date when any outstanding MACR Certificates are entitled to principal payments,we allocate such payments from the applicable REMIC Certificates to those MACR Certificates, asdescribed under MACR Certificates in the Offering Circular.

Retail Class

AA is a Retail Class. If you own the Retail Class, you will receive principal payments in $1,000Retail Class Units, as described in Appendix IV to the Offering Circular.

See Prepayment and Yield Analysis — Prepayment and Weighted Average Life Considerations —Retail Class.

REMIC Status

We will form an Upper-Tier REMIC Pool and a Lower-Tier REMIC Pool for this Series. We willelect to treat each REMIC Pool as a REMIC under the Code. R and RS will be “Residual Classes” andthe other Classes shown on the front cover will be “Regular Classes.” The Residual Classes will besubject to transfer restrictions. See Certain Federal Income Tax Consequences in this Supplement and theOffering Circular.

Weighted Average Lives (in years)(1)

Group 1

0% 120% 200% 250% 400% 500%PSA Prepayment Assumption

CY(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.2 17.8 17.8 17.8 12.2 9.8FL, SL and Group 1 Assets . . . . . . . . . . . . . 20.2 9.5 6.9 5.9 4.0 3.3FM and SM . . . . . . . . . . . . . . . . . . . . . . . . . 29.7 26.0 20.0 5.2 0.6 0.4LA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.4 17.4 4.5 2.0 1.4 1.1LB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.0 10.0 3.0 3.0 1.9 1.5MA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6 5.6 5.6 5.6 3.9 3.3MY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.3 17.9 17.9 17.9 12.3 9.9

Group 2


AA(3) and EA . . . . . . . . . . . . . . . . . . . . . . . 28.6 19.0 5.9 2.2 1.1 0.8EB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.8 26.6 20.0 5.0 1.9 1.5EC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.9 28.2 25.3 6.4 2.1 1.6ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2 11.1 3.0 3.0 1.9 1.6GF, GS and Group 2 Assets . . . . . . . . . . . . . 20.2 9.7 7.1 6.0 4.1 3.3LC, LD, LE, LG, LH, LI, LJ, LK, LM, LN,

LO, LP, LQ, LT, LU, LW and LY . . . . . . 17.7 7.0 7.0 7.0 4.9 4.0NA, NB, NC, ND, NE, NG, NH, NI, NJ,

NK, NL, NM, NP, NT, NU,NW and ON . . . . . . . . . . . . . . . . . . . . . . . 16.5 5.5 5.5 5.5 3.9 3.3

NY, UA, UB, UC, UD, UE, UG, UH, UI,UJ, UK, UL, UM, UN, UO,UP and UT . . . . . . . . . . . . . . . . . . . . . . . . 26.2 17.8 17.8 17.8 12.1 9.7

(1) We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actualweighted average lives are likely to differ from those shown, perhaps significantly.

(2) MACR Class formed from Classes in Groups 1 and 2.(3) The weighted average lives for the Retail Class apply to that Class as a whole. The weighted average lives of Retail Class Units

will vary among different investors.

I-6

Group 3


BA, BC, BD, BE, BH, BK, BL, BN, BP,BU, BW, EM, EN, EP, EU, IB and OB . . 7.3 5.2 5.2 5.2 4.2 3.7

BG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 10.4 5.7 2.9 1.7 1.5BT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8 13.7 8.1 1.3 0.7 0.6Group 3 Assets. . . . . . . . . . . . . . . . . . . . . . . 8.5 6.3 5.4 4.7 3.7 3.2

Group 4

0% 100% 300% 450% 600%PSA Prepayment Assumption

CA and CT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 6.4 3.6 2.8 2.3CW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0 17.0 11.7 8.8 6.9FW, JA, JB, JC, JD, JE, JF, JG, JH, JI, JK, JL, JM,

JN, JO, JP, JS, JT and SW . . . . . . . . . . . . . . . . . . 10.4 6.2 3.5 2.7 2.3HE, HG, HK, HT and HU . . . . . . . . . . . . . . . . . . . . 10.2 6.0 3.4 2.6 2.2HW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 16.4 11.0 8.3 6.5HY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 16.3 10.9 8.2 6.4JY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 16.5 11.1 8.4 6.6TN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 6.2 3.5 2.7 2.3Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 8.1 4.9 3.7 3.1

Group 5


BF and BS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.8 5.9 5.9 5.9 3.9CS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7 5.7 5.7 5.7 3.8DY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.8 20.4 20.4 20.4 14.4FI, PA, PD, PE, PF, PG, PH, PJ, PK, PL, PM, PN,

PO, PS and PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 5.5 5.5 5.5 3.6GA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 0.5 0.5 0.5 0.5GC, GD, GE, GH, GI, GJ, GL, GM and OG . . . . . . 14.6 5.4 5.4 5.4 3.5GY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.1 16.9 16.9 16.9 11.4PY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.0 21.5 21.5 21.5 15.4ZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.6 16.3 8.0 1.9 0.5Group 5 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 7.7 6.3 5.2 3.4

The Assets

The “Assets” consist of Freddie Mac PCs with the following characteristics:



1 $147,034,787 30 5.0%2 145,287,022 30 5.03 106,685,000 15 3.04 321,022,922 20 3.55 500,000,000 30 4.5

The assets of this Series also include a $999.99 Retail Rounding Account, which we will use forprincipal payments on the Retail Class as described in Appendix IV to the Offering Circular.

See General Information — Structure of Transaction.

I-7


Assumed Mortgage Characteristics (as of November 1, 2011)

Group Principal Balance


Loan Age(in months)



of Related PCs

1 $147,034,787 340 8 5.363% 5.0%2 145,287,022 348 7 5.354 5.03 106,685,000 177 1 3.390 3.04 321,022,922 239 1 3.950 3.55 500,000,000 323 29 4.950 4.5



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I-13

Offering Circular Supplement(To Offering Circular

Dated June 1, 2010)

$1,408,882,904


Offered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A

Offering Terms: The underwriter named below is offering the Classes in negotiated transactions at varying prices

Closing Date: October 28, 2011

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 1CA . . . . . . . . $200,000,000 SEQ 3.5% FIX 3137AGHG8 July 15, 2030CY . . . . . . . . 23,370,000 SEQ 3.5 FIX 3137AGHP8 October 15, 2031FK . . . . . . . . 22,222,222 SEQ (2) FLT 3137AGJM3 November 15, 2029KA . . . . . . . . 20,000,000 SEQ 2.5 FIX 3137AG L 5 7 November 15, 2029KB . . . . . . . . 60,000,000 SEQ 3.0 FIX 3137AG L 6 5 November 15, 2029KC . . . . . . . . 11,111,111 SEQ 1.0 FIX 3137AG L 7 3 November 15, 2029SK . . . . . . . . 22,222,222 NTL(SEQ) (2) INV/IO 3137AGNR7 November 15, 2029YK . . . . . . . . 20,866,007 SEQ 3.5 FIX 3137AG P S 3 October 15, 2031

Group 2AH . . . . . . . . 3,090,000 SUP 3.0 FIX 3137AGGV6 October 15, 2026BF . . . . . . . . 4,834,666 PAC (2) FLT 3137AGH3 7 October 15, 2026BS . . . . . . . . 4,834,666 NTL(PAC) (2) INV/IO 3137AGHA1 October 15, 2026BX . . . . . . . . 9,669,334 PAC 1.0 FIX 3137AGHE3 October 15, 2026BY . . . . . . . . 252,000 PAC 3.0 FIX 3137AGHF0 October 15, 2026HA . . . . . . . . 25,000,000 TAC 3.0 FIX 3137AGKB5 October 15, 2026JA . . . . . . . . 57,020,667 PAC 1.0 FIX 3137AGKP4 April 15, 2025JF . . . . . . . . 28,510,333 PAC (2) FLT 3137AGKU3 April 15, 2025JS . . . . . . . . 28,510,333 NTL(PAC) (2) INV/IO 3137AG L 3 2 April 15, 2025

Group 3FL . . . . . . . . 64,948,916 PAC I (2) FLT 3137AG J N 1 April 15, 2041FW . . . . . . . . 5,000,000 SUP (2) FLT 3137AG J Q 4 October 15, 2041HS . . . . . . . . 1,000,000 SUP (2) INV/S 3137AG K J 8 October 15, 2041IA . . . . . . . . 920,444 NTL(PAC II) 4.5 FIX/IO 3137AGKK5 October 15, 2041LA . . . . . . . . 46,392,084 PAC I 1.0 FIX 3137AGLK4 April 15, 2041LY . . . . . . . . 5,113,000 PAC I 4.5 FIX 3137AGM64 October 15, 2041SL . . . . . . . . 64,948,916 NTL(PAC I) (2) INV/IO 3137AGNS5 April 15, 2041SW . . . . . . . . 5,000,000 SUP (2) INV 3137AGNX4 October 15, 2041TH . . . . . . . . 1,000,000 NTL(SUP) (2) INV/IO 3137AG P 2 0 October 15, 2041TW . . . . . . . . 9,439,673 NTL(SUP) (2) INV/IO 3137AG P 7 9 October 15, 2041UF . . . . . . . . 28,319,017 SUP (2) FLT 3137AG P 9 5 October 15, 2041WF . . . . . . . . 3,000,000 SUP (2) FLT 3137AG P E 4 October 15, 2041WI . . . . . . . . 1,111,111 NTL(SUP) 4.5 FIX/IO 3137AGPG9 October 15, 2041WS . . . . . . . . 9,439,673 SUP (2) INV/S 3137AG P J 3 October 15, 2041YA . . . . . . . . 8,284,000 PAC II 4.0 FIX 3137AG P L 8 October 15, 2041

REMICClasses

OriginalBalance

PrincipalType(1)

ClassCoupon

InterestType(1)

CUSIPNumber

Final PaymentDate

Group 4FG . . . . . . . . $171,476,666 PAC I (2) FLT 3137AG J L 5 October 15, 2039GA . . . . . . . . 122,483,334 PAC I 1.0% FIX 3137AG J S 0 October 15, 2039IB . . . . . . . . 2,746,111 NTL(PAC II) 4.5 FIX/IO 3137AGKL3 October 15, 2041ML . . . . . . . . 13,346,652 PAC I 4.5 FIX 3137AGMG2 October 15, 2041NF . . . . . . . . 23,394,000 PAC I (2) FLT 3137AGMX5 May 15, 2041NS . . . . . . . . 23,394,000 NTL(PAC I) (2) INV/IO 3137AGN7 1 May 15, 2041NX . . . . . . . . 16,710,000 PAC I 1.0 FIX 3137AGNB2 May 15, 2041SG . . . . . . . . 171,476,666 NTL(PAC I) (2) INV/IO 3137AGNQ9 October 15, 2039TY . . . . . . . . 38,619,496 NTL(SUP) (2) INV/IO 3137AG P 8 7 October 15, 2041YB . . . . . . . . 24,715,000 PAC II 4.0 FIX 3137AGPM6 October 15, 2041YF . . . . . . . . 115,395,054 TAC (2) FLT 3137AGPR 5 October 15, 2041YS . . . . . . . . 38,619,496 SUP (2) INV/S 3137AGPU8 October 15, 2041ZF . . . . . . . . 463,433 SUP (2) FLT/Z 3137AGPV6 October 15, 2041

Group 5EA . . . . . . . . 34,301,667 PAC I 1.0 FIX 3137AGHY9 February 15, 2041EY . . . . . . . . 4,815,000 PAC I 4.5 FIX 3137AG J G 6 October 15, 2041FE . . . . . . . . 48,022,333 PAC I (2) FLT 3137AG J K 7 February 15, 2041FY . . . . . . . . 28,944,555 SUP (2) FLT 3137AG J R 2 October 15, 2041IC . . . . . . . . 686,666 NTL(PAC II) 4.5 FIX/IO 3137AGKM1 October 15, 2041SE . . . . . . . . 48,022,333 NTL(PAC I) (2) INV/IO 3137AGNP1 February 15, 2041SY . . . . . . . . 9,648,185 SUP (2) INV/S 3137AGNY2 October 15, 2041TS . . . . . . . . 9,648,185 NTL(SUP) (2) INV/IO 3137AG P 5 3 October 15, 2041YC . . . . . . . . 6,180,000 PAC II 4.0 FIX 3137AGPN4 October 15, 2041

Group 6FD . . . . . . . . 32,348,750 PAC I (2) FLT 3137AG J J 0 April 15, 2041ID . . . . . . . . 458,777 NTL(PAC II) 4.5 FIX/IO 3137AGKN9 October 15, 2041LF . . . . . . . . 19,341,374 SUP (2) FLT 3137AGLQ1 October 15, 2041LS . . . . . . . . 6,447,125 SUP (2) INV/S 3137AGL Z 1 October 15, 2041MA . . . . . . . . 23,106,250 PAC I 1.0 FIX 3137AGM72 April 15, 2041MN . . . . . . . . 2,552,000 PAC I 4.5 FIX 3137AGMH0 October 15, 2041SD . . . . . . . . 32,348,750 NTL(PAC I) (2) INV/IO 3137AGNN6 April 15, 2041TL . . . . . . . . 6,447,125 NTL(SUP) (2) INV/IO 3137AG P 3 8 October 15, 2041YD . . . . . . . . 4,129,000 PAC II 4.0 FIX 3137AG P P 9 October 15, 2041

ResidualR . . . . . . . . 0 NPR 0.0 NPR 3137AGNK2 October 15, 2041RS . . . . . . . . 0 NPR 0.0 NPR 3137AGNL0 October 15, 2041

(1) See Appendix II to the Offering Circular.(2) See Terms Sheet — Interest.

The Certificates may not be suitable investments for you. You should not purchase Certificates unless you have carefullyconsidered and are able to bear the associated prepayment, interest rate, yield and market risks of investing in them.Certain Risk Considerations on page S-2 highlights some of these risks.

You should purchase Certificates only if you have read and understood this Supplement, the attached Offering Circularand the documents identified under Available Information.

We guarantee principal and interest payments on the Certificates. These payments are not guaranteed by, and are not debtsor obligations of, the United States or any federal agency or instrumentality other than Freddie Mac. The Certificates arenot tax-exempt. Because of applicable securities law exemptions, we have not registered the Certificates with any federalor state securities commission. No securities commission has reviewed this Supplement.

Deutsche Bank Securities

October 3, 2011

II-1

Exhibit II ─ Series 3946 Front Cover, Terms Sheet and MACR Table

TERMS SHEET


In this Supplement, we refer to Classes only by their letter designations. For example, “R” refers tothe R Class of this Series.

Payment Dates

We make payments of principal and interest on the Certificates on each monthly Payment Datebeginning in November 2011.

Form of Classes

Regular and MACR Classes: Book-entry on Fed System


Interest

The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and Appendix A.

II-2


ClassInitial Class

Coupon Class Coupon Formula Minimum Rate Maximum RateClass Coupon Subject to

Group 1FK . . . . . . . . . . . . . . . . . . . . . . . . . . 0.52% LIBOR + 0.3% 0.3% 7.0%SK . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 6.7% � LIBOR 0 6.7Group 2BF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.47 LIBOR + 0.25% 0.25 7.0BS . . . . . . . . . . . . . . . . . . . . . . . . . . 6.53 6.75% � LIBOR 0 6.75FB(1) . . . . . . . . . . . . . . . . . . . . . . . . 0.47 LIBOR + 0.25% 0.25 7.0JF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.47 LIBOR + 0.25% 0.25 7.0JS . . . . . . . . . . . . . . . . . . . . . . . . . . 6.53 6.75% � LIBOR 0 6.75SB(1) . . . . . . . . . . . . . . . . . . . . . . . . 6.53 6.75% � LIBOR 0 6.75Group 3FL . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 LIBOR + 0.35% 0.35 7.0FW . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0HF(2) . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0HS . . . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8MS(2) . . . . . . . . . . . . . . . . . . . . . . . 11.7 12.25% � (LIBOR � 2.5) 0 12.25QS(2) . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8SL . . . . . . . . . . . . . . . . . . . . . . . . . . 6.43 6.65% � LIBOR 0 6.65SM(2) . . . . . . . . . . . . . . . . . . . . . . . 14.04 14.7% � (LIBOR � 3.0) 0 14.7SU(3) . . . . . . . . . . . . . . . . . . . . . . . . 14.04 14.7% � (LIBOR � 3.0) 0 14.7SW . . . . . . . . . . . . . . . . . . . . . . . . . 6.68 6.9% � LIBOR 2.0 6.9TH . . . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9TU(3) . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9TW . . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9UF . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0WF . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0WS . . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8Group 4FG . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 LIBOR + 0.35% 0.35 7.0FN(1) . . . . . . . . . . . . . . . . . . . . . . . . 0.57 LIBOR + 0.35% 0.35 7.0NF . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 LIBOR + 0.35% 0.35 7.0NS . . . . . . . . . . . . . . . . . . . . . . . . . . 6.43 6.65% � LIBOR 0 6.65SG . . . . . . . . . . . . . . . . . . . . . . . . . . 6.43 6.65% � LIBOR 0 6.65SN(1) . . . . . . . . . . . . . . . . . . . . . . . . 6.43 6.65% � LIBOR 0 6.65SQ(4) . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8TY . . . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9YF . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0YS . . . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8ZF . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0Group 5FE . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 LIBOR + 0.35% 0.35 7.0FY . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0SE . . . . . . . . . . . . . . . . . . . . . . . . . . 6.43 6.65% � LIBOR 0 6.65SY . . . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8TQ(5) . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9TS . . . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9US(5) . . . . . . . . . . . . . . . . . . . . . . . . 14.04 14.7% � (LIBOR � 3.0) 0 14.7Group 6FD . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57 LIBOR + 0.35% 0.35 7.0LF . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 LIBOR + 1.1% 1.1 6.0LS . . . . . . . . . . . . . . . . . . . . . . . . . . 9.36 9.8% � (LIBOR � 2.0) 0 9.8SD . . . . . . . . . . . . . . . . . . . . . . . . . . 6.43 6.65% � LIBOR 0 6.65TL . . . . . . . . . . . . . . . . . . . . . . . . . . 4.68 4.9% � LIBOR 0 4.9

(1) MACR Class.(2) MACR Class formed from Classes in Groups 3, 4, 5 and 6.(3) MACR Class formed from Classes in Groups 3 and 4.(4) MACR Class formed from Classes in Groups 4, 5 and 6.(5) MACR Class formed from Classes in Groups 5 and 6.


II-3

Notional Classes


Group 1SK $ 22,222,222 FK (SEQ)

Group 2BS $ 4,834,666 BF (PAC)JS 28,510,333 JF (PAC)SB(1) 33,344,999 BF and JF, as a whole (PAC)

Group 3IA $ 920,444 YA (PAC II)SL 64,948,916 FL (PAC I)TH 1,000,000 HS (SUP)TU(2) 48,059,169 WS and YS, as a whole (SUP)TW 9,439,673 WS (SUP)WI 1,111,111 FW and SW (SUP)

Group 4IB $ 2,746,111 YB (PAC II)NS 23,394,000 NF (PAC I)SG 171,476,666 FG (PAC I)SN(1) 194,870,666 FG and NF (PAC I)TY 38,619,496 YS (SUP)

Group 5IC $ 686,666 YC (PAC II)SE 48,022,333 FE (PAC I)TQ(3) 16,095,310 LS and SY, as a whole (SUP)TS 9,648,185 SY (SUP)

Group 6ID $ 458,777 YD (PAC II)SD 32,348,750 FD (PAC I)TL 6,447,125 LS (SUP)

(1) MACR Class.(2) MACR Class formed from Classes in Groups 3 and 4.(3) MACR Class formed from Classes in Groups 5 and 6.


MACR Classes



II-4

Principal

REMIC Classes


Group 1

• 62.4690025157% of the Group 1 Asset Principal Amount to CA and CY, in that order, untilretired


1. To FK, KA, KB and KC, pro rata, until retired

2. To YK, until retired

SequentialPay

Group 2


1. To the PAC Classes, until reduced to their Aggregate Targeted Balance, allocated asfollows:

a. To JA and JF, pro rata, while outstanding

b. To BF and BX, pro rata, while outstanding


PAC

2. To HA, until reduced to its Targeted BalanceTAC

3. To AH, until retiredSupport

4. To HA, until retiredTAC


PAC

Group 3


1. To the Type I PAC Classes, until reduced to their Aggregate Targeted Balance, allocatedas follows:

a. To FL and LA, pro rata, while outstanding

b. To LY, while outstanding

Type I PAC

2. To YA, until reduced to its Targeted BalanceType II PAC

3. To FW, HS, SW, UF, WF and WS, pro rata, until retiredSupport

4. To YA, until retiredType II PAC

5. To the Type I PAC Classes, as described in step 1 above, but without regard to theirAggregate Targeted Balance, until retired

Type I PAC

Principal

REMIC Classes


Group 1

• 62.4690025157% of the Group 1 Asset Principal Amount to CA and CY, in that order, untilretired


1. To FK, KA, KB and KC, pro rata, until retired

2. To YK, until retired

��

SequentialPay

Group 2


1. To the PAC Classes, until reduced to their Aggregate Targeted Balance, allocated asfollows:

a. To JA and JF, pro rata, while outstanding

b. To BF and BX, pro rata, while outstanding


��

PAC

2. To HA, until reduced to its Targeted Balance��TAC

3. To AH, until retired��Support

4. To HA, until retired��TAC


��

PAC

Group 3



a. To FL and LA, pro rata, while outstanding

b. To LY, while outstanding

��

Type I PAC

2. To YA, until reduced to its Targeted Balance��Type II PAC

3. To FW, HS, SW, UF, WF and WS, pro rata, until retired��Support

4. To YA, until retired��Type II PAC


��

Type I PAC

II-5

Group 4

• The Accrual Amount to YF, until reduced to its Targeted Balance, and then to ZFTAC andAccrual



a. To FG and GA, pro rata, while outstanding

b. To NF and NX, pro rata, while outstanding

c. To ML, while outstanding

Type I PAC

2. To YB, until reduced to its Targeted BalanceType II PAC

3. Concurrently:

a. 74.9999998382% as follows:

i. To YF, until reduced to its Targeted BalanceTAC

ii. To ZF, until retiredSupport

iii. To YF, until retiredTAC

b. 25.0000001618% to YS, until retiredSupport

4. To YB, until retiredType II PAC


Type I PAC

Group 5



a. To EA and FE, pro rata, while outstanding

b. To EY, while outstanding

Type I PAC

2. To YC, until reduced to its Targeted BalanceType II PAC

3. To FY and SY, pro rata, until retiredSupport

4. To YC, until retiredType II PAC


Type I PAC

Group 4

• The Accrual Amount to YF, until reduced to its Targeted Balance, and then to ZF��TAC and

Accrual



a. To FG and GA, pro rata, while outstanding

b. To NF and NX, pro rata, while outstanding

c. To ML, while outstanding

��

Type I PAC

2. To YB, until reduced to its Targeted Balance��Type II PAC

3. Concurrently:

a. 74.9999998382% as follows:

i. To YF, until reduced to its Targeted Balance��TAC

ii. To ZF, until retired��Support

iii. To YF, until retired��TAC

b. 25.0000001618% to YS, until retired��Support

4. To YB, until retired��Type II PAC


��

Type I PAC

Group 5



a. To EA and FE, pro rata, while outstanding

b. To EY, while outstanding

��

Type I PAC

2. To YC, until reduced to its Targeted Balance��Type II PAC

3. To FY and SY, pro rata, until retired��Support

4. To YC, until retired��Type II PAC


��

Type I PAC

II-6

Group 6



a. To FD and MA, pro rata, while outstanding

b. To MN, while outstanding

Type I PAC

2. To YD, until reduced to its Targeted BalanceType II PAC

3. To LF and LS, pro rata, until retiredSupport

4. To YD, until retiredType II PAC


Type I PAC

The “Targeted Balances” and “Aggregate Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges and Rates.


Group 2PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104% PSA - 288% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154% PSA


Group 4Type I PAC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% PSA - 300% PSAType II PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 300% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350% PSA*



* Assumes LIBOR equals 0.24333% at all times.


MACR Classes


REMIC Status


Group 6



a. To FD and MA, pro rata, while outstanding

b. To MN, while outstanding

��

Type I PAC

2. To YD, until reduced to its Targeted Balance��Type II PAC

3. To LF and LS, pro rata, until retired��Support

4. To YD, until retired��Type II PAC


��

Type I PAC

The “Targeted Balances” and “Aggregate Targeted Balances” are in Appendix B. They werecalculated using the following Structuring Ranges and Rates.


Group 2PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104% PSA - 288% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154% PSA


Group 4Type I PAC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% PSA - 300% PSAType II PAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120% PSA - 300% PSATAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350% PSA*



* Assumes LIBOR equals 0.24333% at all times.


MACR Classes


REMIC Status


II-7

Weighted Average Lives (in years)(1)

Group 1


AY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.3 17.7 16.5 12.6 10.5CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1 7.0 5.9 4.0 3.3CK, EK, FK, GK, JK, KA, KB, KC, KD, KE, KG,

KJ, KM, KN, KP, KQ, KT, KU, KW, LK,MK and SK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 6.5 5.4 3.7 3.0

CY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4 17.9 16.8 12.9 10.7YK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1 17.0 15.7 11.7 9.7Group 1 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 8.1 7.0 4.9 4.1

Group 2


AH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9 14.5 14.2 0.7 0.4AJ, CJ, DJ, EJ, GJ, JA, JB, JC, JD, JE, JF, JG, JH,

JM, JP, JS, JW, LJ and QJ . . . . . . . . . . . . . . . . . . 6.2 4.0 4.0 4.0 3.0BF, BS, BX and JL . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 10.9 10.9 10.9 8.0BG, BK, BL, BM, BN, BQ, BT, BU, BW, DB, DE,

DH, DK, DM, DT, DW, FB and SB . . . . . . . . . . . 7.0 5.0 5.0 5.0 3.8BY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8 14.8 14.8 14.8 13.9HA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 10.8 7.7 2.6 1.5Group 2 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 6.4 5.8 4.5 3.3

Group 3


AL, CL, EL, FL, GL, HL, LA, LB, LC, LD, LE,LG, LH, LM, LN, LP, LQ, LT, LU, LW,LX and SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5 6.0 6.0 6.0 4.1

FW, HS, SW, TH, TW, UF, WF, WI and WS . . . . . . 28.0 19.9 12.9 2.6 1.4HF (LIBOR at 0.24333%)(2) . . . . . . . . . . . . . . . . . . 28.0 19.9 12.8 2.6 1.4HF (LIBOR at 1.24333%)(2) . . . . . . . . . . . . . . . . . . 27.9 19.9 12.8 2.6 1.4HF (LIBOR at 3.07167%)(2) . . . . . . . . . . . . . . . . . . 27.9 19.8 12.8 2.6 1.4HF (LIBOR at 4.90000% and Higher)(2) . . . . . . . . . 27.8 19.8 12.7 2.6 1.4IA and YA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 10.5 3.4 3.4 2.1LY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8 19.8 19.8 19.8 12.7MS(2), QS(2) and SM(2) . . . . . . . . . . . . . . . . . . . . . 28.0 19.9 12.9 2.6 1.4MY(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8 19.9 19.9 19.9 12.8PM(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 10.5 3.3 3.3 2.1SU(3) and TU(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 19.9 12.8 2.6 1.3Group 3 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 10.7 8.3 5.3 3.4

(1) We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actualweighted average lives are likely to differ from those shown, perhaps significantly.

(2) MACR Class formed from Classes in Groups 3, 4, 5 and 6.(3) MACR Class formed from Classes in Groups 3 and 4.

II-8

Group 4


AG, CG, EG, FG, GA, GB, GC, GD, GE, GH, GM,GP, GQ, GT, GU, GW, GX, HG, QG, SG,UG and WG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4 5.0 5.0 5.0 3.5

AN, EN, FN, GN, HN, NA, NB, NC, ND, NE, NG,NH, NJ, NK, NL, NM, NQ, NT, NU,NW and SN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6 6.0 6.0 6.0 4.1

IB and YB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 10.4 3.3 3.3 2.1ML . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.9 20.2 20.2 20.2 13.0NF, NS, NX and QL . . . . . . . . . . . . . . . . . . . . . . . . . 23.7 13.3 13.3 13.3 8.3SQ(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 19.9 12.9 2.6 1.4TY and YS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 19.8 12.8 2.6 1.3YF (LIBOR at 0.24333%) . . . . . . . . . . . . . . . . . . . . 27.9 19.8 12.7 2.6 1.3YF (LIBOR at 1.24333%) . . . . . . . . . . . . . . . . . . . . 27.9 19.8 12.7 2.6 1.3YF (LIBOR at 3.07167%) . . . . . . . . . . . . . . . . . . . . 27.8 19.7 12.6 2.6 1.3YF (LIBOR at 4.90000% and Higher) . . . . . . . . . . . 27.8 19.6 12.6 2.6 1.3ZF (LIBOR at 0.24333%) . . . . . . . . . . . . . . . . . . . . . 30.0 29.3 29.2 6.9 0.0ZF (LIBOR at 1.24333%) . . . . . . . . . . . . . . . . . . . . . 30.0 29.3 29.1 6.9 0.0ZF (LIBOR at 3.07167%) . . . . . . . . . . . . . . . . . . . . . 30.0 29.2 28.9 6.9 0.0ZF (LIBOR at 4.90000% and Higher) . . . . . . . . . . . 30.0 29.1 28.6 6.9 0.0Group 4 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 10.6 8.2 5.2 3.4

Group 5


AE, CE, EA, EB, EC, ED, EH, EM, EP, EQ, ET,EU, EX, FE, HE, ME, QE, SE, TE, WE,XE and YE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 6.0 6.0 6.0 4.1

EY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.7 19.1 19.1 19.1 12.3FY, SY and TS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 20.1 13.0 2.8 1.5IC and YC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 10.6 3.5 3.5 2.3TQ(5) and US(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 20.0 13.0 2.7 1.5Group 5 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 10.8 8.4 5.4 3.6

Group 6


AM, CM, FD, HM, MA, MB, MC, MD, MG, MH,MJ, MP, MQ, MT, MU, MW, MX, QM, SD,UM, WM and YM . . . . . . . . . . . . . . . . . . . . . . . . 15.5 6.0 6.0 6.0 4.1

ID and YD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 10.5 3.4 3.4 2.1LF, LS and TL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 20.0 12.9 2.6 1.4MN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8 19.8 19.8 19.8 12.7Group 6 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 10.7 8.3 5.3 3.4

(4) MACR Class formed from Classes in Groups 4, 5 and 6.(5) MACR Class formed from Classes in Groups 5 and 6.

II-9

The Assets

The “Assets” consist of Freddie Mac PCs with the following characteristics:



1 $357,569,340 20 3.5%2 128,377,000 15 3.03 176,496,690 30 4.54 526,603,635 30 4.55 131,911,740 30 4.56 87,924,499 30 4.5

See General Information — Structure of Transaction.


Assumed Mortgage Characteristics (as of October 1, 2011)

Group Principal Balance


Loan Age(in months)



of Related PCs

1 $357,569,340 239 1 4.05% 3.5%2 128,377,000 179 1 3.54 3.03 176,496,690 354 5 4.88 4.54 526,603,635 353 6 4.85 4.55 131,911,740 356 3 4.87 4.56 87,924,499 355 5 4.85 4.5



II-10

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II-26

If you intend to purchase Certificates, you shouldrely only on the information in this Supplementand the Offering Circular, including theinformation in the Incorporated Documents. Wehave not authorized anyone to provide you withdifferent information.

This Supplement, the Offering Circular and theIncorporated Documents may not be correctafter their dates.

We are not offering the Certificates in anyjurisdiction that prohibits their offer.

TABLE OF CONTENTSDescription Page

Offering Circular SupplementCertain Risk Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-2Terms Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-3Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9

The Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Form of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Denominations of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . S-10Structure of Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10The Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11

Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Payment Dates; Record Dates . . . . . . . . . . . . . . . . . . . . . . . . . S-11Method of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Categories of Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Class Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-131% Clean-up Call . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Residual Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13

Prepayment and Yield Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Prepayment and Weighted Average Life Considerations . . . . . . S-15Declining Balances Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-17Yield Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-23

Final Payment Dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-25Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . S-25

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-25Regular Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-25Residual Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-26MACR Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-27Foreign Account Tax Compliance Act . . . . . . . . . . . . . . . . . . . S-27

ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-27Accounting Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-27Legal Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . S-28Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-28Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-28Appendix A — Available Combinations — Series 4287 . . . . . . . . . A-1Appendix B — Balances Schedules . . . . . . . . . . . . . . . . . . . . . . . . B-1Exhibit I — Series 3954 Front Cover, Terms Sheet and MACR

Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1Exhibit II — Series 3946 Front Cover, Terms Sheet and MACR

Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1Offering Circular

Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Application of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Description of Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20MACR Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Prepayment, Yield and Suitability Considerations . . . . . . . . . . . . . . 33The Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . 44ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Accounting Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Legal Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . 61Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Increase in Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Appendix I — Index of Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1Appendix II — Standard Definitions and Abbreviations for

Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1Appendix III — MACR Certificate Exchanges . . . . . . . . . . . . . . . . III-1Appendix IV — Retail Class Principal Payments . . . . . . . . . . . . . . . IV-1Appendix V — Interest Rate Indices . . . . . . . . . . . . . . . . . . . . . . . . V-1

$478,498,805

Freddie Mac

Multiclass Certificates,Series 4287

Deutsche Bank Securities

December 3, 2013