$1,695,371,230. Freddie Mac. Multiclass CertiÑcates, Series 3291

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1 OÅering Circular Supplement $1,695,371,230 (To OÅering Circular ated January 1, 2007) Freddie Mac Multiclass CertiÑcates, Series 3291 OÅered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A OÅering Terms: The underwriter named below is oåering the Classes in negotiated transactions at varying prices; we have agreed to purchase all of JP Closing ate: March 30, 2007 REMIC Original Principal Class Interest CUSIP Final Payment REMIC Original Principal Class Interest CUSIP Final Payment Classes Balance Type(1) Coupon Type(1) Number ate Classes Balance Type(1) Coupon Type(1) Number ate Group 1 B ÏÏÏÏÏÏÏÏ $ 41,680,000 PAC I 6.0% FIX 31397FWM0 August 15, 2031 FA ÏÏÏÏÏÏÏÏ $ 70,000,000 PT (2) FLT 31397F X 6 4 March 15, 2037 C ÏÏÏÏÏÏÏÏ 129,820,000 PAC I 6.0 FIX 31397FWT5 April 15, 2035 SA ÏÏÏÏÏÏÏÏ 70,000,000 NTL(PT) (2) INV/IO 31397F Y F 3 March 15, 2037 E ÏÏÏÏÏÏÏÏ 40,170,000 PAC I 6.0 FIX 31397FWZ1 March 15, 2036 EF ÏÏÏÏÏÏÏÏ 200,182,285 TAC I (2) FLT/INV/T 31397F X 2 3 March 15, 2037 Group 2 ES ÏÏÏÏÏÏÏÏ 200,182,285 NTL(TAC I) (2) INV/IO 31397F X 3 1 March 15, 2037 CP ÏÏÏÏÏÏÏÏ 21,327,000 PAC II 5.5% FIX 31397FWV0 March 15, 2037 ET ÏÏÏÏÏÏÏÏ 200,182,285 NTL(TAC I) (2) FLT/IO/T 31397F X 4 9 March 15, 2037 F ÏÏÏÏÏÏÏÏ 45,000,000 TAC I (2) FLT/INV/T 31397FWW8 March 15, 2037 EZ ÏÏÏÏÏÏÏÏ 1,000 TAC I 6.0 FIX/Z 31397F X 5 6 March 15, 2037 T ÏÏÏÏÏÏÏÏ 45,000,000 NTL(TAC I) (2) FLT/IO/T 31397FWY4 March 15, 2037 G ÏÏÏÏÏÏÏÏ 50,038,000 PAC I 6.0 FIX 31397F X 7 2 March 15, 2037 IC ÏÏÏÏÏÏÏÏ 52,571,000 NTL(PAC I) 5.5 FIX/IO 31397F X 9 8 April 15, 2033 IK ÏÏÏÏÏÏÏÏ 5,883,916 NTL(PAC II) 6.0 FIX/IO 31397FX9 March 15, 2037 I ÏÏÏÏÏÏÏÏ 36,917,000 NTL(PAC I) 5.5 FIX/IO 31397FXA5 April 15, 2035 KI ÏÏÏÏÏÏÏÏ 5,000,000 NTL(PAC II) 6.0 FIX/IO 31397F X J 6 March 15, 2037 IE ÏÏÏÏÏÏÏÏ 43,003,000 NTL(PAC I) 5.5 FIX/IO 31397F X B 3 March 15, 2037 KM ÏÏÏÏÏÏÏÏ 30,000,000 PAC II 5.0 FIX 31397FXK3 March 15, 2037 NA ÏÏÏÏÏÏÏÏ 112,263,000 PAC I 5.5 FIX 31397FXX5 October 15, 2027 KN ÏÏÏÏÏÏÏÏ 70,607,000 PAC II 5.5 FIX 31397F X L 1 March 15, 2037 NB ÏÏÏÏÏÏÏÏ 23,325,000 PAC I 5.5 FIX 31397FXY3 October 15, 2029 KZ ÏÏÏÏÏÏÏÏ 1,000 PAC II 6.0 FIX/Z 31397FXM9 March 15, 2037 OC ÏÏÏÏÏÏÏÏ 52,571,000 PAC I 0.0 PO 31397F Y 4 8 April 15, 2033 LZ ÏÏÏÏÏÏÏÏ 15,968,000 TAC II 6.0 FIX/Z 31397FXR8 March 15, 2037 O ÏÏÏÏÏÏÏÏ 36,917,000 PAC I 0.0 PO 31397F Y 5 5 April 15, 2035 OJ ÏÏÏÏÏÏÏÏ 33,363,715 TAC I 0.0 PO 31397F Y 7 1 March 15, 2037 OE ÏÏÏÏÏÏÏÏ 43,003,000 PAC I 0.0 PO 31397F Y 6 3 March 15, 2037 ZL ÏÏÏÏÏÏÏÏ 12,323,000 SUP 6.0 FIX/Z 31397F Y P 1 March 15, 2037 PC ÏÏÏÏÏÏÏÏ 13,000,000 PAC II 5.5 FIX 31397F Y 9 7 March 15, 2037 PO ÏÏÏÏÏÏÏÏ 12,272,728 TAC I 0.0 PO 31397F Y B 2 March 15, 2037 Group 5 TS ÏÏÏÏÏÏÏÏ 45,000,000 NTL(TAC I) (2) INV/IO 31397FYH9 March 15, 2037 BA ÏÏÏÏÏÏÏÏ 200,000,000 SEQ 4.5 FIX 31397FWL2 October 15, 2020 TZ ÏÏÏÏÏÏÏÏ 5,889,000 TAC III 5.5 FIX/Z 31397F Y J 5 March 15, 2037 BY ÏÏÏÏÏÏÏÏ 35,314,000 SEQ 4.5 FIX 31397F W S 7 March 15, 2022 ZT ÏÏÏÏÏÏÏÏ 5,438,000 SUP 5.5 FIX/Z 31397FYQ9 March 15, 2037 ZX ÏÏÏÏÏÏÏÏ 5,836,272 TAC II 5.5 FIX/Z 31397FY R 7 March 15, 2037 Group 6 MB ÏÏÏÏÏÏÏÏ 50,000,000 SC/GMC/PT 5.5 FIX 31397F X T 4 ecember 15, 2020 Group 3 MX(3) ÏÏÏÏÏ 50,000,000 SC/PT 5.5 FIX 31397F X V 9 February 15, 2033 AB ÏÏÏÏÏÏÏÏ 50,000,000 SEQ 5.5 FIX 31397FW0 August 15, 2034 AY ÏÏÏÏÏÏÏÏ 13,215,230 SEQ 5.5 FIX 31397FWK4 March 15, 2037 Residual R ÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31397F Y C 0 March 15, 2037 Group 4 RA ÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31397FY8 ecember 15, 2020 A ÏÏÏÏÏÏÏÏ 275,846,000 PAC I 6.0 FIX 31397FWE8 March 15, 2030 RS ÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31397F Y E 6 March 15, 2037 (1) See Appendix II to the OÅering Circular. (2) See Terms Sheet Ì Interest. (3) This Class backs the Guaranteed Maturity Class and will not be oåered initially. See General Information Ì Structure of Transaction. The CertiÑcates may not be suitable investments for you. You should not purchase CertiÑcates unless you have carefully considered 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 CertiÑcates only if you have read and understood this Supplement, the attached OÅering Circular and the documents listed under Available Information. We guarantee principal and interest payments on the CertiÑcates. These payments are not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie Mac. The CertiÑcates are not tax-exempt. Because of applicable securities law exemptions, we have not registered the CertiÑcates with any federal or state securities commission. No securities commission has reviewed this Supplement. Credit Suisse February 23, 2007

2 CERTAIN RISK CONSIERATIONS Although we guarantee the payments on the CertiÑcates, and so bear the associated credit risk, as an investor you will bear the other risks of owning mortgage securities. This section highlights some of these risks. You should also read Risk Factors and Prepayment, Yield and Suitability Considerations in the OÅering Circular for further discussions of these risks. The CertiÑcates May Not be Suitable Investments for You. The CertiÑcates are complex securities. You should not purchase CertiÑcates unless you are able to understand and bear the associated prepayment, interest rate, yield and market risks. In particular, the Interest Only, Principal Only, Inverse Floating Rate, Toggle, Support, Accrual and Residual Classes have special risks and are not suitable for all investors. Prepayments Can Reduce Your Yield. expect if: The yield on your CertiÑcates could be lower than you You buy your CertiÑcates at a premium over their principal amount and principal payments are faster than you expect. You buy your CertiÑcates at a discount to their principal amount and principal payments are slower than you expect. This is especially true for a Principal Only Class. If you buy an Interest Only Class 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 Rate Class. The yield on your CertiÑcates could be lower than you expect if: You buy a Floating Rate Class (including F, EF or S) and LIBOR levels are lower than you expect. You buy an Inverse Floating Rate Class (including F, EF or S) and LIBOR levels are higher than you expect. If you buy an Interest Only Inverse Floating Rate Class, you may not even recover your investment if LIBOR levels are high or prepayments are fast. If you buy an Interest Only Floating Rate Class, you may not even recover your investment if LIBOR levels are low or prepayments are fast. The CertiÑcates are Subject to Market Risks. You will bear all of the market risks of your investment. The market value of your CertiÑcates will vary over time, primarily in response to changes in prevailing interest rates. If you sell your CertiÑcates when their market value is low, you may experience signiñcant losses. The underwriter named on the front cover (the ""Underwriter'') intends to make a market for the purchase and sale of the CertiÑcates after they are issued, but has no obligation to do so. A secondary market may not develop. Even if one does develop, it may not be liquid enough to allow you to sell your CertiÑcates easily or at your desired price. Our Multiclass CertiÑcates OÅering Circular dated January 1, 2007 (the ""OÅering Circular''), attached to this Supplement, deñnes many of the terms we use in this Supplement. S-2

3 TERMS SHEET This Terms Sheet contains selected information about this Series. You should refer to the remainder of this Supplement for further information. In this Supplement, we refer to Classes only by their letter designations. For example, ""R'' refers to the R Class of this Series. Payment ates We make payments of principal and interest on the CertiÑcates on each monthly Payment ate beginning in April Form of Classes Interest Regular and MACR Classes: Residual Classes: CertiÑcated Book-entry on Fed System 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(es) 2 OC, O, OE and PO 4 OJ For trading purposes only, OC, O and OE will be treated as elay Classes and OJ and PO will be treated as non-elay Classes. S-3

4 The Floating Rate and Inverse Floating Rate Classes bear interest as shown in the following table. The initial Class Coupons apply only to the Ñrst Accrual Period. We determine LIBOR using the BBA Method. Initial Class Class Coupon Subject to Class Coupon Class Coupon Formula Minimum Rate Maximum Rate Group 1 FA ÏÏÏÏÏÏ 5.71% LIBOR 0.39% 0.39% 6.5% SA ÏÏÏÏÏÏ % LIBOR Group 2 F ÏÏÏÏÏÏ 6.42 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: LIBOR 1.1% If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: 0.0% T ÏÏÏÏÏÏ 0.0 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: 0.0% If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: 7.0% TSÏÏÏÏÏÏÏ % LIBOR XA* ÏÏÏÏÏ 0.0 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: 0.0% If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: % XB* ÏÏÏÏÏ % (LIBOR ) Group 4 EFÏÏÏÏÏÏÏ 6.42 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: LIBOR 1.1% If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: 0.0% ESÏÏÏÏÏÏÏ % LIBOR ET ÏÏÏÏÏÏ 0.0 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: 0.0% If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: 7.0% S* ÏÏÏÏÏ 3.48 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: % (LIBOR ) If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: % XC* ÏÏÏÏÏ 0.0 If LIBOR is less than or equal to 7.25% or the Payment ate is in or before March 2012: 0.0% If LIBOR is greater than 7.25% and the Payment ate is later than March 2012: % X* ÏÏÏÏÏ % (LIBOR ) * MACR Class. See Appendix V to the OÅering Circular and Payments Ì Interest. S-4

5 Notional Classes Original Notional Class Principal Amount Reduces Proportionately With Group 1 SA $ 70,000,000 Group 1 Assets Group 2 AI* $ 10,205,727 NA (PAC I) BI* 2,120,454 NB (PAC I) T 45,000,000 F (TAC I) IC 52,571,000 OC (PAC I) I 36,917,000 O (PAC I) IE 43,003,000 OE (PAC I) PI* 12,326,181 NA and NB, as a whole (PAC I) TS 45,000,000 F (TAC I) Group 4 IG* 45,974,333 A (PAC I) IK 5,883,916 KN (PAC II) KI 5,000,000 KM (PAC II) ES ET $200,182, ,182,285 EF (TAC I) EF (TAC I) * MACR Class. See Payments Ì Interest Ì Notional Classes. MACR Classes This Series includes MACR Classes. Appendix A shows the characteristics of the MACR Classes and the Combinations of REMIC and MACR Classes. See Appendix III to the OÅering Circular for a description of MACR CertiÑcates and exchange procedures and fees. Principal REMIC Classes On each Payment ate, we pay: Pass- Through Group 1 A B The Group 1 Asset Principal Amount to FA, until retired Group 2 The TZ Accrual Amount in the following order of priority: 1. To the Type II PAC, Type I TAC and Type II TAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: A Type II PAC B a. To CP and PC, pro rata, until reduced to their Aggregate Targeted Balance A Type I TAC B b. To F and PO, pro rata, until reduced to their Aggregate Targeted Balance A Type II TAC B c. To ZX, while outstanding A Type I TAC B d. To F and PO, pro rata, while outstanding S-5

6 A Type II PAC B e. To CP and PC, pro rata, while outstanding Accrual A B 2. To TZ A Type I The ZX Accrual Amount to F and PO, pro rata, until reduced to their Aggregate and Accrual TAC B Targeted Balance, and then to ZX The Group 2 Asset Principal Amount and, beginning in step 2, the ZT Accrual Amount in the following order of priority: A 1. To NA, NB, OC, O and OE, in that order, until reduced to their Aggregate Type I PAC B Targeted Balance 2. To the Type II PAC, Type I TAC, Type II TAC and Type III TAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: a. To the Type II PAC, Type I TAC and Type II TAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: A Type II PAC B i. To CP and PC, pro rata, until reduced to their Aggregate Targeted Balance A Type I TAC B ii. To F and PO, pro rata, until reduced to their Aggregate Targeted Balance A Type II TAC B iii. To ZX, while outstanding A Type I TAC B iv. To F and PO, pro rata, while outstanding A Type II PAC B v. To CP and PC, pro rata, while outstanding A Type III TACB b. To TZ, while outstanding A Type II PAC, c. To the Type II PAC, Type I TAC and Type II TAC Classes as described in Type I and TAC B step 2.a. above, but without regard to the Aggregate Targeted Balance for all such Type II TAC Classes, while outstanding Support A B 3. To ZT, until retired Type II PAC, A 4. To the Type II PAC, Type I TAC, Type II TAC and Type III TAC Classes as Type I TAC, Type II TAC B described in step 2. above, but without regard to the Aggregate Targeted Balance for and Type III TAC all such Classes, until retired A Type I PAC B 5. To NA, NB, OC, O and OE, in that order, until retired Sequential Pay Group 3 A B The Group 3 Asset Principal Amount to AB and AY, in that order, until retired S-6

7 Type I TAC Group 4 The LZ Accrual Amount in the following order of priority: A 1. To the Type I TAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: B a. To EF and OJ, pro rata, while outstanding b. To EZ, while outstanding Accrual A B 2. To LZ Type I A and Accrual TAC B The EZ Accrual Amount to EF and OJ, pro rata, until retired, and then to EZ Type II A and Accrual PAC B The KZ Accrual Amount to KM and KN, pro rata, until retired, and then to KZ The Group 4 Asset Principal Amount and, beginning in step 2, the ZL Accrual Amount in the following order of priority: A 1. To A, B, C, E and G, in that order, until reduced to their Aggregate Type I PAC B Targeted Balance 2. To the Type II PAC, Type I TAC and Type II TAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: A a. To the Type II PAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: Type II PAC B i. To KM and KN, pro rata, while outstanding Type I TAC A B ii. To KZ, while outstanding b. To the Type I TAC Classes, until reduced to their Aggregate Targeted Balance, allocated as follows: i. To EF and OJ, pro rata, while outstanding ii. To EZ, while outstanding A Type II TAC B c. To LZ, while outstanding A d. To the Type I TAC Classes as described in step 2.b. above, but without regard to Type I TAC B their Aggregate Targeted Balance, while outstanding A e. To the Type II PAC Classes as described in step 2.a. above, but without regard to Type II PAC B their Aggregate Targeted Balance, while outstanding Support A B 3. To ZL, until retired A Type II PAC, 4. To the Type II PAC, Type I TAC and Type II TAC Classes as described in step 2. Type I and TAC B above, but without regard to the Aggregate Targeted Balance for all such Classes, Type II TAC until retired A Type I PAC B 5. To A, B, C, E and G, in that order, until retired Sequential Pay Group 5 A B The Group 5 Asset Principal Amount to BA and BY, in that order, until retired S-7

8 Group 6 SC/Pass- A Through B The Group 6 Asset Principal Amount to MX, until retired SC/GMC/ A On each Payment ate, principal payments allocated to MX, as described above, will Pass- B Through be distributed to MB, while outstanding The ""Aggregate Targeted Balances'' are in Appendix B. They were calculated using the following Structuring Ranges and Rates. Group 2 Type I PAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type I TAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC, Type I TAC and Type II TAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC, Type I TAC, Type II TAC and Type III TAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 4 Type I PAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type I TAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC, Type I TAC and Type II TAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Structuring Range or Rate 100% PSA - 250% PSA 129% PSA - 216% PSA 141% PSA 250% PSA 250% PSA 100% PSA - 350% PSA 140% PSA - 317% PSA 141% PSA 350% PSA See Payments Ì Principal and Prepayment and Yield Analysis. MACR Classes On each Payment ate when MACR CertiÑcates are outstanding, we allocate principal payments from the applicable REMIC CertiÑcates to the related MACR CertiÑcates that are entitled to principal, as described under MACR CertiÑcates in the OÅering Circular. REMIC Status We will form an Upper-Tier REMIC Pool, a Lower-Tier REMIC Pool and a Guaranteed Maturity REMIC Pool for this Series. We will elect to treat each REMIC Pool as a REMIC under the Code. R, RA and RS will be ""Residual Classes'' and the other Classes shown on the front cover will be ""Regular Classes.'' The Residual Classes will be subject to transfer restrictions. See Certain Federal Income Tax Consequences in this Supplement and the OÅering Circular. Weighted Average Lives (in years)* Group 1 PSA Prepayment Assumption 0% 100% 350% 606% 950% 1,300% FA, SA and Group 1 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ * We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actual weighted average lives are likely to diåer from those shown, perhaps signiñcantly. S-8

9 Group 2 PSA Prepayment Assumption 0% 100% 185% 250% 400% AI, AM, AN and NA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ BI, BM, BN and NB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CP and PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F, T, PO, TS, XA and XB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ IC, NC and OC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ I, N and O ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ IE, NE and OE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ LA, MA, PA and PI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ TZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ ZT ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ ZX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 2 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 3 PSA Prepayment Assumption 0% 100% 227% 350% 500% AB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ AY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 3 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 4 PSA Prepayment Assumption 0% 100% 275% 350% 600% A, AG, BG, CG, G and IG ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ B ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ C ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ E ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ EF, ES, ET, OJ, S, XC and X ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ EZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ G ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ HC, IK, KC, K, KI, KM, KN, LC, L and MC ÏÏ JM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ JP ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ KZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ LZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ ZL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 4 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 5 PSA Prepayment Assumption 0% 100% 156% 300% 400% BA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ BY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 5 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 6 PSA Prepayment Assumption 0% 100% 227% 350% 500% MB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ MX and Group 6 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9

10 The Assets The Group 1, 2, 3, 4 and 5 Assets (the ""PC Assets'') consist of Freddie Mac PCs with the following characteristics: Original Term Group Principal Balance (in years) Interest Rate 1 $ 70,000, % 2 376,842, ,215, (1) 900,000, ,314, (1) Approximately 25% of the Group 4 Assets are backed by Reduced Servicing Fee Mortgages. See General Information Ì The Mortgages. We have agreed to sell the Group 4 Assets to the Underwriter for inclusion in this Series. The Group 6 Assets (the ""Multiclass Assets'') consist of: Percentage of Class Factor Class in This Balance in for Month of Class Principal/ Class Series This Series Closing ate Coupon Interest Type Final Payment ate R003-BA 10% $50,000, % SEQ/FIX February 15, 2033 See General Information Ì Structure of Transaction and Exhibit I. We will publish a Supplemental Statement applicable to this Series shortly after the Closing ate. The Supplemental Statement will contain a schedule of the Assets and other information. See Available Information. Mortgage Characteristics (as of March 1, 2007) PC Assets Ì Assumed Mortgage Characteristics Remaining Term Per Annum to Maturity Loan Age Per Annum Interest Rate Group Principal Balance (in months) (in months) Interest Rate of Related PCs 1 $ 70,000, % 6.5% 2 376,842, ,215, A $675,000, B 225,000,000(1) $900,000, (2) 4(2) 6.445(2) 5 $235,314, (1) Reduced Servicing Fee Mortgages. (2) Weighted average by principal balance. Multiclass Assets Ì Mortgage Characteristics Weighted Average Remaining Term Weighted Average Weighted Average Per Annum to Maturity Loan Age Per Annum Interest Rate Series (in months) (in months) Interest Rate of Related PCs R % 5.5% The actual characteristics of the Mortgages diåer from those shown, in some cases signiñcantly. See General Information Ì The Mortgages. S-10

11 AVAILABLE INFORMATION You should purchase CertiÑcates only if you have read and understood this Supplement, the OÅering Circular and the following documents: Our Mortgage Participation CertiÑcates OÅering Circular dated March 19, 2007, which describes Gold PCs generally. Our Giant and Other Pass-Through CertiÑcates OÅering Circular dated February 1, 2007, which describes Gold Giant PCs generally. If you are investing in a Group 6 Class, our OÅering Circular Supplement for the Multiclass Assets (the ""Multiclass Asset OÅering Circular''), the front cover and Terms Sheet from which are in Exhibit I. Our Information Statement dated March 23, 2007 and any subsequent Information Statement and Information Statement Supplements published through the time of purchase. This Supplement incorporates by reference the documents listed above. We will also publish a Supplemental Statement applicable to this Series shortly after the Closing ate. The Supplemental Statement will contain a schedule of the Assets and other information. You should rely only on the most current information provided or incorporated by reference in this Supplement and any applicable Supplemental Statement. You can obtain the documents listed above, the Agreement and current information concerning the Assets and the CertiÑcates from our Investor Inquiry epartment or our Internet web-site as described on page 4 of the OÅering Circular. You can also obtain the documents listed above from the Underwriter at: Credit Suisse Securities (USA) LLC Prospectus epartment 11 Madison Avenue New York, New York (212) The Agreement GENERAL INFORMATION We will create the CertiÑcates under the Multiclass CertiÑcates Agreement dated January 1, 2007 and a Terms Supplement dated the Closing ate (together, the ""Agreement''). You should refer to the Agreement for a complete description of your rights and obligations and those of Freddie Mac. You will acquire your CertiÑcates subject to the terms and conditions of the Agreement, including the Terms Supplement. Form of CertiÑcates The Regular and MACR Classes are issued, held and transferable on the Fed System. The Residual Classes are issued and held in certiñcated form and are transferable at the oçce of the Registrar. S-11

12 Only a Fed Participant can be a Holder of a Regular or MACR Class. As an investor in CertiÑcates, you are not necessarily the Holder. See escription of CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering Circular. enominations of CertiÑcates See escription of CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering Circular for the minimum denominations of the Classes. Structure of Transaction General This Series has three REMIC Pools as follows: REMIC Pool Interests Issued from REMIC Pool REMIC Pool Assets Upper-Tier All Regular Classes (other than MB) All Lower-Tier REMIC Pool and R regular interests Lower-Tier Multiple regular interests and RS The Assets Guaranteed Maturity MB and RA MX* * Underlying REMIC Class. See escription of CertiÑcates Ì Payments Ì Final Payment ates Ì Guaranteed Maturity Classes in the OÅering Circular. See escription of CertiÑcates Ì REMIC Pool Structures in the OÅering 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 REMIC CertiÑcates, which represent interests in their underlying PCs. For additional information about the Multiclass Assets, see the Multiclass Asset OÅering Circular and other related information on our Internet web-site. We have attached the front cover and Terms Sheet from the Multiclass Asset OÅering Circular as an Exhibit to this Supplement. There may have been material changes since we prepared the Multiclass Asset OÅering Circular, including changes in prepayment rates, prevailing interest rates and other economic factors. These changes may limit the usefulness of, and be inconsistent with the assumptions used in preparing, the Multiclass Asset OÅering Circular. The Mortgages The Mortgages underlying the Assets (the ""Mortgages'') are Ñxed-rate, Ñrst lien residential mortgages and mortgage participations. For purposes of this Supplement, we have made certain assumptions regarding the Mortgages underlying the PC Assets, as shown under Terms Sheet Ì Mortgage Characteristics. The weighted average remaining term to maturity, weighted average loan age and weighted average interest rate of S-12

13 the Mortgages underlying the Multiclass Assets, as of March 1, 2007, are shown under Terms Sheet Ì Mortgage Characteristics. However, the actual characteristics of most of the Mortgages diåer from those assumed or shown, perhaps signiñcantly. This is the case even if the weighted average characteristics of the Mortgages are the same as those of mortgages having the characteristics assumed or shown. Approximately 25% of the Group 4 Assets are backed by Reduced Servicing Fee Mortgages. On account of arrangements between the sellers of these Mortgages and us, ""Reduced Servicing Fee Mortgages'' have minimum servicing fee levels that are below 0.25% per annum of the principal balances of such Mortgages, which is the prevailing minimum servicing fee level for Mortgages we acquire. The Reduced Servicing Fee Mortgages generally have a minimum servicing fee of less than 0.125% per annum. We will furnish some of the Assets from our own portfolio. Assets from our portfolio, or from other sources, may emphasize speciñc Mortgage characteristics, such as loan purpose, source of origination, geographic distribution or loan size, or speciñc borrower characteristics, such as credit rating or equity in the property. You can obtain information about the underlying Mortgage characteristics for the Assets from our Internet web-site. Payment ates; Record ates PAYMENTS We make payments of principal and interest on the CertiÑcates on each Payment ate, beginning in the month following the Closing ate. A ""Payment ate'' is the 15th of each month or, if the 15th is not a Business ay, the next Business ay. On each Payment ate, any payment on a CertiÑcate is made to the Holder of record as of the end of the preceding calendar month (a ""Record ate''). Method of Payment You will receive payments on your CertiÑcates in the manner described under escription of CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering 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 OÅering Circular explains the abbreviations used for categories of Classes. Interest We pay 30 days' interest on each Payment ate to the Holders of each Class on which interest has accrued, except that the Accrual Classes receive payments as described below. We calculate each interest payment on the outstanding balance of the Class as of the related Record ate and on the basis of a 360-day year of twelve 30-day months. S-13

14 Accrual Period The ""Accrual Period'' for each Payment ate is: For Fixed Rate Classes Ì the preceding calendar month. For Floating Rate and Inverse Floating Rate Classes Ì from the 15th of the preceding month to the 15th of the month of that Payment ate. Fixed Rate Classes The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and Appendix A. Principal Only Classes The Principal Only Classes are shown under Terms Sheet Ì Interest. They do not bear interest. Notional Classes The Notional Classes do not receive principal payments. For calculating interest payments, the Notional Classes have notional principal amounts that will reduce as shown under Terms Sheet Ì Notional Classes. Floating Rate and Inverse Floating Rate Classes The Floating Rate and Inverse Floating Rate Classes bear interest as shown under Terms Sheet Ì Interest. Their Class Coupons are based on one-month LIBOR. We determine LIBOR and calculate the Class Coupons for the Floating Rate and Inverse Floating Rate Classes as described in Appendix V to the OÅering Circular. Accrual Class EZ, KZ, LZ, TZ, ZL, ZT and ZX are Accrual Classes. They do not receive interest payments; rather, interest accrued on each Accrual Class during each Accrual Period is added to its principal amount on the related Payment ate. We pay principal on each Accrual Class, including accrued interest that has been added to its principal amount, as described under Terms Sheet Ì Principal. Principal We pay principal on each Payment ate to the Holders of the Classes on which principal is then due. Holders receive principal payments on a pro rata basis among the CertiÑcates of their Class. Amount of Payments The principal payments on the CertiÑcates on each Payment ate equal: The amount of interest accrued on each Accrual Class during the related Accrual Period and not payable as interest on that Payment ate (the ""EZ Accrual Amount,'' the ""KZ Accrual Amount'' and so forth). S-14

15 The amount of principal required to be paid in the same month on the Assets of each Group (the ""Group 1 Asset Principal Amount,'' the ""Group 2 Asset Principal Amount'' and so forth). Allocation of Payments On each Payment ate, we pay the Accrual Amounts and the Asset Principal Amounts for that Payment ate as described under Terms Sheet Ì Principal. Principal allocable to the Classes receiving payments from a particular Asset Group will be allocated only to those Classes and will not be available for Classes receiving payments from the other Asset Groups. Class Factors General We make Class Factors available on or about the Ñfth business day of each month after the Closing ate. See escription of CertiÑcates Ì Payments Ì Class Factors in the OÅering 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 CertiÑcate in February will equal its original balance times the diåerence between its January and February Class Factors. The amount of interest to be paid on (or for an Accrual Class, added to the principal amount of) a CertiÑcate in February will equal 30 days' interest at its Class Coupon, accrued during the related Accrual Period, on the balance of that CertiÑcate determined by its January Class Factor. Guarantees We guarantee to each Holder of a CertiÑcate the timely payment of interest at its Class Coupon and the payment of its principal amount as described in this Supplement. See escription of CertiÑcates Ì Payments Ì Guarantees in the OÅering Circular. 1% Clean-up Call We have a 1% Clean-up Call Right as to the Lower-Tier REMIC Pool. If we exercise this right, all of the Classes then outstanding will be paid in full and will retire. The Multiclass Assets will not become subject to the similar 1% Clean-up Call Right in their Series. See escription of CertiÑcates Ì Payments Ì 1% Clean-up Call in the OÅering Circular. Residual Proceeds Upon surrender of their CertiÑcates to the Registrar, the Holders of each Residual Class will receive the proceeds of any remaining assets of the related REMIC Pool after all required principal and interest payments on the Classes have been made. Any remaining assets are likely to be insigniñcant. See escription of CertiÑcates Ì Payments Ì Residual Classes in the OÅering Circular. S-15

16 General Mortgage Prepayments PREPAYMENT AN YIEL ANALYSIS The rates of principal payments on the Assets and the CertiÑcates will depend on the rates of principal payments, including prepayments, on the underlying Mortgages. The Mortgages are subject to prepayment at any time without penalty. Mortgage prepayment rates Öuctuate continuously and, in some market conditions, substantially. See Prepayment, Yield and Suitability Considerations Ì Prepayments in the OÅering Circular for a discussion of Mortgage prepayment considerations and risks. Approximately 25% of the Group 4 Assets are backed by Reduced Servicing Fee Mortgages. These Mortgages may experience diåerent prepayment rates than Mortgages to which our prevailing minimum servicing fee level applies and which have similar interest rates or are included in PCs with similar pass-through rates. Yield As an investor in the CertiÑcates, 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 related Payment ate. If you own a Group 6 Class, the payment priority of the Multiclass Assets in their own Series, as described in the Terms Sheet of the Multiclass Asset OÅering Circular. See Prepayment, Yield and Suitability Considerations Ì Yields in the OÅering Circular for a discussion of yield considerations and risks. Suitability The CertiÑcates may not be suitable investments for you. See Prepayment, Yield and Suitability Considerations Ì Suitability in the OÅering Circular for a discussion of suitability considerations and risks. Modeling Assumptions To prepare the tables in this Supplement, we have made several assumptions. Unless otherwise noted, each table employs the following assumptions (the ""Modeling Assumptions''), among others: The Mortgages underlying the PC Assets have the characteristics shown under Terms Sheet Ì Assumed Mortgage Characteristics. S-16

17 As of March 1, 2007, each Mortgage underlying the Multiclass Assets has a remaining term to maturity equal to the weighted average remaining term to maturity, a loan age equal to the weighted average loan age, and an interest rate equal to the weighted average interest rate, of all the Mortgages underlying the same PC. As of the Closing ate, the Assets have the balances shown under Terms Sheet Ì The Assets. The Multiclass Assets receive payments as described in the Multiclass Asset OÅering Circular. The Classes and Assets always receive payments on the 15th of the month, whether or not a Business ay. We do not exercise our 1% Clean-up Call Right. Each Class is outstanding from the Closing ate to retirement and no exchanges occur. The Modeling Assumptions, like any other stated assumptions, are likely to diåer from actual experience in many cases. For example, the Mortgages have characteristics more diverse than those assumed, many Payment ates will occur on a Business ay after the dates assumed and we may exercise our 1% Clean-up Call Right. Moreover, Mortgage prepayment rates will diåer from the percentages of PSA shown in the tables. These diåerences will aåect the actual payment behavior, weighted average lives and yields of the Classes, perhaps signiñcantly. See Prepayment, Yield and Suitability Considerations Ì Tabular Information in Supplements in the OÅering Circular for descriptions of weighted average life and yield calculations and the PSA prepayment model. Prepayment and Weighted Average Life Considerations PAC and TAC Classes Principal payments on the PAC and TAC Classes should be more stable than would be the case if they did not receive such payments, to the extent of available principal, in accordance with their schedules. Moreover, they will have cumulative priorities for future payments if they fall behind their schedules. Based on the Modeling Assumptions, each of these Classes has a range of constant Mortgage prepayment rates (an ""EÅective Range'') or a single constant Mortgage prepayment rate (an ""EÅective Rate'') at which it would receive scheduled payments. The EÅective Range or Rate at any time depends on the actual or assumed characteristics of the underlying Mortgages at that time. Based on the Modeling Assumptions, each PAC or TAC Class would receive scheduled payments until retirement if the underlying Mortgages were to prepay at any constant percentage of PSA within its initial EÅective Range, or at its initial EÅective Rate, shown in the following table. S-17

18 Class Initial EÅective Ranges and Rates Group 2 Type I PAC AM, AN and NA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ BM, BN, LA, MA, NB and PA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ NC, N, OC and OÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ NE and OE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC CP and PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CP and PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type I TAC F, PO, XA and XBÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F, PO, XA and XBÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II TAC ZX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type III TAC TZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 4 Type I PAC A, AG, BG, CG and GÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ B and JMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ C and JP ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ E ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ GÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC HC, KC, K, KM, KN, LC, L and MC ÏÏÏÏÏÏÏÏÏÏÏ HC, KC, K, KM, KN, LC, L and MC ÏÏÏÏÏÏÏÏÏÏÏ KZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ KZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type I TAC EF, EZ, OJ, S, XC and X ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ EF, OJ, S, XC and X ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ EZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II TAC LZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Range or Rate 100% PSA - 277% PSA 100% PSA - 261% PSA 100% PSA - 250% PSA 90% PSA - 250% PSA 129% PSA - 216% PSA(1) 250% PSA - 264% PSA(2)(3) 141% PSA(4) 250% PSA - 281% PSA(2)(3) 250% PSA - 470% PSA(2)(3) 250% PSA(3) 100% PSA - 371% PSA 100% PSA - 355% PSA 100% PSA - 350% PSA 93% PSA - 350% PSA 79% PSA - 350% PSA 140% PSA - 317% PSA(1) 350% PSA(2) 131% PSA - 317% PSA(1) 350% PSA - 358% PSA(2) 141% PSA(4) 350% PSA(2) 350% PSA - 358% PSA(2) 350% PSA - 532% PSA(2) (1) Relates to the Aggregate Targeted Balances schedule for the Type II PAC Classes of the applicable Group. (2) Relates to the Aggregate Targeted Balances schedule for the Type II PAC, Type I TAC and Type II TAC Classes of the applicable Group. (3) Relates to the Aggregate Targeted Balances schedule for the Group 2 Type II PAC, Type I TAC, Type II TAC and Type III TAC Classes. (4) Relates to the Aggregate Targeted Balances schedule for the Type I TAC Classes of the applicable Group. The initial EÅective Ranges, if calculated using the actual characteristics of the Mortgages, could diåer from those shown in the table. Even if the Mortgages were to prepay at a constant rate within the initial EÅective Range shown for any Class, but near the upper or lower end of that EÅective Range, that Class might not receive scheduled payments. Moreover, there may not be any constant prepayment rate, based on the actual characteristics of the Mortgages, at which a TAC Class shown with an EÅective Rate would receive scheduled payments. Non-constant prepayment rates can cause any Class not to receive scheduled payments, even if such rates remain within its EÅective Range, if any, shown above. The EÅective Ranges can narrow or ""drift'' upward or downward over time. Under many scenarios, the Classes shown in the table, especially the TAC Classes, would not receive scheduled payments. S-18

19 Other Classes support the principal payment stability of the PAC and TAC Classes, as shown below. When its supporting Classes all retire, any outstanding PAC or TAC Class will become more sensitive to Mortgage prepayments and its EÅective Range, if any, will no longer exist. If a TAC Class supports any other Class at that time, its principal payment behavior will become similar to that of a Support Class, as described below. Classes Group 2 Type I PACÏÏÏÏÏÏÏÏÏ Type II PAC ÏÏÏÏÏÏÏÏ Type I TACÏÏÏÏÏÏÏÏÏ Type II TAC ÏÏÏÏÏÏÏÏ Type III TAC ÏÏÏÏÏÏÏ Group 4 Type I PACÏÏÏÏÏÏÏÏÏ Type II PAC ÏÏÏÏÏÏÏÏ Type I TACÏÏÏÏÏÏÏÏÏ Type II TAC ÏÏÏÏÏÏÏÏ Supporting Classes Supported by Type II PAC, Type I TAC, Type II TAC and Type III TAC and Support Type I TAC, Type II TAC, Type III TAC and Support Type II TAC, Type III TAC and Support Type III TAC and Support Support Type II PAC, Type I TAC, Type II TAC and Support Type I TAC, Type II TAC and Support Type II TAC and Support Support If the underlying Mortgages prepay at rates that are generally below the EÅective Range or Rate for any Class, the available principal may be insuçcient to produce scheduled payments on that Class and its weighted average life may extend, perhaps signiñcantly. If the underlying Mortgages prepay at rates that are generally above the EÅective Range or Rate for any Class, its weighted average life may shorten, perhaps signiñcantly. However, the weighted average life of any PAC or TAC Class could extend (or shorten) under some scenarios, including ""whipsaw'' scenarios, involving Mortgage prepayments at rates that, on average, are above (or below) its EÅective Range or Rate. We distribute all available principal monthly on each Payment ate and do not retain it for distribution on subsequent Payment ates. As a result, the likelihood that the PAC and TAC Classes will receive scheduled payments will not beneñt from averaging high and low principal payments in diåerent months. Support Classes The Support Classes support the principal payment stability of the PAC and TAC Classes as described above. As a result, each Support Class is likely to be much more sensitive to Mortgage prepayments than is any Class it supports. The Support Classes may receive no principal payments for extended periods of time, and their principal payment rates may vary widely from month to month. Relatively fast Mortgage prepayments may signiñcantly shorten, and relatively slow Mortgage prepayments may signiñcantly extend, the weighted average lives of the Support Classes. The Multiclass Assets The Group 6 Assets consist of a Sequential Pay Class, which receives principal payments in a prescribed sequence with other Classes in its Series. See Prepayment and Yield Analysis in the Multiclass Asset OÅering Circular. S-19

20 Sequential Pay Classes The Sequential Pay Classes receive principal payments from their related Assets in a prescribed sequence. Pass-Through Classes Each Pass-Through Class receives all or a speciñed portion of the principal payments made on its related Assets. The sensitivity of each Pass-Through Class to prepayments on the underlying Mortgages is the same as that of its related Assets. MACR Classes The payment characteristics of the MACR Classes reöect the payment characteristics of their related REMIC Classes. eclining Balances Table The following table shows: Percentages of original balances (as of the Closing ate) that would be outstanding after each of the Payment ates shown at various percentages of PSA. Corresponding weighted average lives. We have prepared this table using the Modeling Assumptions. However, for 0% PSA we have assumed that each Mortgage underlying the PC Assets (a) has an interest rate 2.5% higher than that of the related PCs and (b) has a remaining term to maturity of 180 or 360 months, as applicable, and a loan age of 0 months. We have calculated weighted average lives for each Notional Class assuming that a reduction in its notional principal amount is a reduction in principal balance. S-20

21 Percentages of Original Balances Outstanding* and Weighted Average Lives Group 1 FA, SA and Group 1 Assets PSA Prepayment Assumption ate 0% 100% 350% 606% 950% 1,300% Closing ateïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïï March 15, 2008 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2009 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2010 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2011 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2012 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2013 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2014 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2015 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2016 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2017 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2018 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2019 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2020 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2021 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2022 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2023 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2024 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2025 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2026 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2027 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2028 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2029 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2030 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2031 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2032 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2033 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2034 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2035 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2036 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2037 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Weighted Average Life (Years) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Group 2 F, T, PO, TS, XA AI, AM, AN and NA BI, BM, BN and NB CP and PC and XB PSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption PSA Prepayment Assumption ate 0% 100% 185% 250% 400% 0% 100% 185% 250% 400% 0% 100% 185% 250% 400% 0% 100% 185% 250% 400% Closing ate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2008 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2009 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2010 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2011 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2012 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2013 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2014 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2015 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2016 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2017 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2018 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2019 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2020 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2021 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2022 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2023 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2024 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2025 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2026 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2027 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2028 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2029 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2030 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2031 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2032 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2033 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2034 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2035 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2036 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 15, 2037 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Weighted Average Life (Years)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ * Rounded to nearest whole percentage. S-21