b e r k e l e y p o i n t

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2 Property Type Conventional Multifamily Multifamily Affordable Housing Student Housing Manufactured Housing Seniors Housing Products Fixed and Adjustable Rate Loans Early Rate Lock Interest-Only and Fully Amortizing Negotiated Transactions, Credit Facilities, REMIC Tax-Exempt Bond Credit Enhancements Low Income Housing Tax Credits (LIHTC) Rehab Loans Preservation Transaction (Section 8) Forward Commitments for New Construction or Substantial Rehab, Funded & Unfunded Purpose Acquisition Refinance Second Mortgage Streamline Refinance Single Asset Substitution continued on back /2014 Product Details Subject To Change

3 description Berkeley Point Capital offers competitive, assumable, long-term fixed rate loans through the Fannie Mae DUS loan program. The loans are available for refinance, purchase or construction take-out of quality, well-located multifamily properties. benefits / features Competitive risk-based pricing from a reliable source of capital Versatile terms, yield maintenance and amortization schedules loan structure Loan Amount Loan to Value Debt Service Coverage Loan Term Amortization Recourse Rates $5 million (minimum) 80% (maximum) 1.25x (minimum) 5, 7, 10, 15, 18, 25 and 30 years 30 years for most properties; Interest-only available Loans are non-recourse with standard carve-outs Competitive rates priced daily optional features Early Rate Lock Supplemental Financing Prepayment Assumability Extended Maturity Available for qualified transactions up to 12 months (special pricing applies for early rate locks beyond 120 days) DUS supplemental mortgage available after one year, subject to approval Yield maintenance or Graduated Prepayment options available Fully assumable with Lender s consent and upon payment of 1% fee Available for qualified transactions with 5, 7, 9, 10 or 15 year terms that use Fixed + 1 or Execution /2014 Product Details Subject To Change

4 description Berkeley Point Capital offers very competitive short-term interest rate and a simple execution under Fannie Mae s Structured ARM Product. A Structured ARM may be used for standard DUS loans including Conventional Multifamily, Manufactured Housing Communities, Seniors Housing, and Student Housing. Moderate Rehabilitation loans may be eligible on a case-by-case basis. This product may not be used for Multifamily Affordable Housing loans, bond credit enhancements, new construction, and substantial rehabilitation. benefits / features Attractive low-cost financing: Significantly better pricing due to characteristics that are appealing to investors, such as a 1 day look back for rate changes, no delay in remittances, and no caps Simple, par-based execution: Interest accruals and rate adjustments like any standard ARM; no need to estimate discounts or sell a security every 3 months Convertibility from variable-rate to fixed-rate: Ability to convert to a fixed-rate loan at any rate change date after the first 3 months Improved cash flow: Higher cash flow than standard ARMs in the early years due to amortization based on a fixed rate loan structure Loan Amount Loan Term Debt Service Coverage Loan to Value Amortization Recourse Rates Interest Rate Cap Single Assets: $25 MM (minimum); Multiple Assets: $50 MM (minimum) 5, 7, or 10 years are available DSCR is calculated based on a variable underwriting rate equal to the index, plus margin, plus interest rate cap escrow (if cap term shorter than loan term), plus 3%, converted to an amortizing constant The minimum DSCR depends on the LTV and other risk characteristics of the loan and may be as low as 1.00x at the Variable Underwriting Rate (Tier 2) 75% (maximum) Up to 30 years; Interest Only options available Loans are non-recourse with standard carve-outs Structured ARMs may be indexed to 1-month or 3-month LIBOR; Competitive rates priced daily call for quote Borrower must purchase an interest rate cap from an approved third-party cap provider; the term of the cap need not be equal to the term of the loan, but must be for at least 5 years If the loan term is longer than the cap term, the borrower must escrow monthly for the purchase of the next cap at 125% of estimated cap costs continued on back /2014 Product Details Subject To Change

5 optional features Early Rate Lock Supplemental Financing Prepayment Assumability Available for qualified transactions Both fixed- and adjustable-rate DUS Supplemental Loans are permitted Option 1: One-year lock-out, then declining prepayment premium; 4% second year, 3% third year, 2% fourth year, 1% thereafter Option 2: One-year lock-out followed by a 1% prepayment premium thereafter; No prepayment premium during the last 3 months of the loan term Loans are assumable, subject to review and approval by Lender and Fannie Mae conversion to fixed rate loan Borrower can elect to convert the loan to a 7- or 10-year fixed rate loan beginning on the first day of the second loan year and ending on the first day of the third month prior to maturity 7-year loan with either a 5-year or a 6.5-year yield maintenance period 10-year loan with either a 7-year or a 9.5-year yield maintenance period 7- through 10-year Extended Maturity loan (cash only, no MBS) No prepayment premium is charged at the time that the loan converts Conversion requires minimal re-underwriting; lender determines that current NOI can support the new fixed rate loan There is no increase in the loan amount; however, the borrower may request a Supplemental Mortgage Loan, subject to meeting eligibility criteria There is no change in guaranty or servicing fees when the loan converts /2014 Product Details Subject To Change

6 description Berkeley Point Capital offers competitive, assumable, short- and long-term adjustable rates under the Fannie Mae DUS loan program. The loans are available for refinance, purchase or construction take-out of quality, welllocated multifamily properties. benefits / features Starting interest rates lower than those of comparable fixed-rate loans; a choice of 1-month or 3-month LIBOR Convertible to a Fannie Mae fixed-rate loan with streamlined underwriting and only minor changes to loan documents Two options for prepaying the loan Lifetime interest rate caps ranging from 2% to 6% over the initial start rate Less costly exit fees than a fixed rate conversion to fixed rate loan Borrower may elect a convertible or non-convertible loan; Election is made at the time of rate lock Loan may convert to a 7- or 10-year fixed rate loan beginning on the first day of the second loan year and ending on the first day of the third month prior to maturity 7-year loan with either a 5-year or a 6.5-year yield maintenance period 10-year loan with either a 7-year or a 9.5-year yield maintenance period 7- through 10-year Extended Maturity loan (cash only, no MBS) No prepayment premium is charged at the time that the loan converts Conversion requires minimal re-underwriting; lender determines that current NOI can support the new fixed rate loan There is no increase in the loan amount; however, the borrower may request a Supplemental Mortgage Loan, subject to meeting eligibility criteria There is no change in guaranty or servicing fees when the loan converts continued on back /2014 Product Details Subject To Change

7 loan structure Loan Amount Loan to Value Debt Service Coverage $3 million (minimum) 80% (maximum) 1.00x (minimum) at capped interest rate; for loans with lifetime rate caps of 2.0% or 2.5% a 3% lifetime cap must be used for underwriting; loan amount shall not exceed that of a fixed-rate loan with similar terms Loan Term 5, 7, and 10 years (max LTV for 5 years is 75%) Amortization Recourse Rates Rate / Payment Adjustment Lifetime Cap Interest Rate Cap 30 years for most properties; Amortization schedule is based on the current fixed-rate for a comparable maturity; Interest only available Loans are non-recourse with standard carve-outs Competitive rates priced daily, call for quote 1 or 3 months 2% - 6% are available If built-in interest rate cap option is not chosen, Borrower must purchase an interest rate cap at no less than 300 basis points above the underwritten interest rate The cap must be assigned to Fannie Mae and the term must at least two years The third party cap provider must be approved by Fannie Mae optional features Supplemental Financing Prepayment Assumability DUS supplemental mortgage available after one year, subject to Lender s approval Option 1: One-year lock-out, then declining prepayment premium; 4% second year, 3% third year, 2% fourth year, 1% thereafter Option 2: One-year lock-out followed by a 1% prepayment premium thereafter; No prepayment premium during the last 3 months of the loan term; Choice of prepayment schedule, after 1 year lockout; (i) declining scale or (ii) 1% per year Fully assumable with Lender s consent and upon payment of 1% fee /2014 Product Details Subject To Change

8 description Berkeley Point Capital provides financing options for residential real estate developments where the Borrower owns the Manufactured Housing Community (MHC) sites and associated common amenities and infrastructure. Eligibility includes: Existing stabilized high quality, professionally managed MHC, with or without age restrictions, having a minimum of 50 pad sites At least one Key Principal of the Borrower should have experience in operating MHC Lenders experienced in financing MHC and approved by Fannie Mae for participation benefits / features Competitive risk-based pricing from a reliable source of capital Flexible financing Customized solutions Certainty and speed of execution loan structure Loan Term Amortization 5 to 30 years Up to 30 years for age restricted communities. Up to 25 years for all age (family) communities Maximum LTV 80% Minimum DSCR 1.25x Recourse Minimum Underwritten Vacancy/Collection Loss Third Party Reports Rates Non-recourse. Standard carve-outs for bad acts such as fraud and bankruptcy are required Minimum 5% economic vacancy assumption; 10% on allowable commercial income Standard DUS third-party reports Appraisal, Phase I Environmental Assessment, and a Physical Needs Assessment are required. Fixed and variable rate options are available continued on back /2014 Product Details Subject To Change

9 optional features Supplemental Financing Rate Lock Prepayment Escrows Assumability Supplemental Loans are available 30 to 90-day commitments. An early rate lock feature is available allowing the borrower to lock a rate 45 to 180 days in advance of closing Yield maintenance and other graduated prepayment options are available Standard DUS escrow requirements for taxes and insurance. Replacement Reserves are required at a minimum of $25 per site per annum (but may be waived) Loans are typically assumable, subject to review and approval of the new borrower s financial capacity and experience. requirements The ratio of tenant-occupied homes to owner-occupied homes cannot exceed 5% Generally, homes should conform to applicable Manufactured Housing HUD Code standards Leases cannot contain the option to purchase pad sites /2014 Product Details Subject To Change

10 description Berkeley Point Capital provides negotiated financing for multiple asset transactions. Eligible loans include refinance, acquisition and moderate rehabilitation of large loans or a portfolio of loans for garden, mid-rise and high-rise apartments and cooperative properties. Other property types include seniors housing and assisted living properties. Although each transaction varies depending on pool size, data quality, and uniformity of loans, you can expect the entire process from initial due diligence to funding to take about eight to twelve weeks. financing options Fixed Rate and Variable Rate Mortgages (including Fannie Mae s DMBS product line) Interest-only balloon and fully amortizing mortgages MBS and Cash Executions Available benefits / features A strategic approach to managing real estate debt capital at the portfolio level; Take advantage of balance sheet restructuring by strategically considering sales of loan pools or swaps of loans in overall mortgage portfolio management strategies Improve the liquidity of your portfolio with our ability to structure seasoned loan transactions Manage and mitigate your concentration risks, be they credit, geographic, or borrower, by selling or securitizing your loans Improve asset value relative to whole loans when you securitize your loans with mortgage-backed securities (MBS) Preferred pricing Greater underwriting flexibility; pre-negotiated loan documents Maximizes cash flow Streamlined approval process continued on back /2014 Product Details Subject To Change

11 loan structure Loan Amount Loan to Value Debt Service Coverage Loan Term Amortization Recourse Rates $100 million (minimum) 80% (maximum); but higher may be acceptable with additional credit support, subject to Fannie Mae approval. 1.10x (minimum combined DSCR) 1.25x (minimum), but lower DSCs may be acceptable with additional credit support subject to Fannie Mae approval 30 years (maximum), interest-only option available Loans are non-recourse with standard carve-out provisions Competitive rates priced daily; call for quote optional features Collateral Substitution Supplemental Financing Prepayment Assumability Borrower has the ability to substitute assets within the pool with minimum fees and underwriting requirements Fannie Mae second mortgage may be allowed subject to Lender approval; additional financing may be allowed on a case-by-case basis Yield maintenance but other structures of prepayment may also be available Loans are assumable, subject to review and approval /2014 Product Details Subject To Change

12 description Berkeley Point Capital offers very competitive, long-term fixed or variable rate loans under Fannie Mae s Dedicated Student Housing Product. Eligible properties include: Existing stabilized properties that, because of construction or location, specifically cater to a student tenant base and are not readily convertible to conventional multifamily housing Properties that have undergraduate or graduate students comprising at least 80% of their tenant base and may have been either specifically constructed as a student property or have been built as a conventional multifamily asset and function as dedicated student housing Properties located at a university with at least 10,000 students, the majority of which are full time, and should be located within two miles of campus or on a university sanctioned bus line Properties that have operated for at least one (1) full school year (August/September through April/May) and be leased for the beginning of the second (2nd) full school year Properties may not be located on college/university-owned land not offer food service benefits / features Recognition of the unique nature: A customized product that takes into account the specialized nature of the student housing market Flexible financing terms: The full range of Fannie Mae s financing solutions, including Supplemental Loans and Structured Transactions loan structure Loan Amount Loan Term Debt Service Coverage Loan to Value Amortization Recourse Rates $3 million (minimum) Up to 30 years 1.30x (minimum) 75% (maximum) 30 years for most properties Loans are non-recourse with standard carve-outs Fixed and variable rates are available; Competitive rates priced daily; Call for quote continued on back /2014 Product Details Subject To Change

13 optional features Extended Rate Lock Supplemental Financing Available for qualified transactions DUS Supplemental Loans are available requirements Minimum vacancy and collection loss of 10% 12 month leases are required with parental guarantee or equivalent credit for employed students /2014 Product Details Subject To Change

14 description Berkeley Point Capital offers Supplemental Mortgages under the Fannie Mae DUS loan program, allowing borrowers with an existing Fannie Mae loan to obtain additional loan proceeds. Standard DUS fixed-rate or ARM loans, Multifamily Affordable Housing, Seniors Housing, Student Housing, and Manufactured Housing Community loans are eligible for Supplemental Loans. Bond Credit Enhancement transactions are eligible with the prior approval of Fannie Mae. benefits / features Greater access to capital before maturity of first mortgage: Only one supplemental loan is permitted except for the following: (i) one additional supplemental loan is permitted in connection with a sale and assumption of the property to an unrelated new Borrower (i.e. a total of two supplemental loans), (ii) a supplemental loan utilized to refinance an existing mezzanine loan done under Fannie Mae s CI Mezz-Moderate Rehabilitation or DUS Plus transaction Maximum proceeds: Combined debt service coverage as low as 1.30x Choice of interest rate options: Ability to place a fixed-rate or adjustable-rate Supplemental Loan regardless of the rate structure of the pre-existing Fannie Mae mortgage Streamlined documentation: Ability to use either an updated database search in lieu of new Phase I Environmental Assessment and potential reduced Borrower Credit Review; Borrower Certification that there has been no change to organizational documents is accepted in lieu of updated organizational documents loan structure Loan Amount Loan to Value Debt Service Coverage Loan Term Amortization Recourse Rates First Lien Seasoning $1 million (minimum) 75% (maximum) 1.25x (minimum) 5 to 30 years 30 years for most properties; Interest only available Loans are non-recourse with standard carve-outs Fixed-rate or adjustable-rate options available regardless of the pre-existing rate structure Competitive rates priced daily, call for quote A Supplemental loan may be placed no earlier than 12 months after the closing of any previous lien * The maximum LTV and minimum DSCR listed above apply only to Cash Neutral Coterminous Supplemental Loans. Adjustments to these parameters are required for Cash Out and/or Non-Coterminous Supplemental Loans. Please call to confirm the required LTV and DSCR for Cash Out and/or Non-Coterminous Supplemental Loans. continued on back /2014 Product Details Subject To Change

15 optional features Early Rate Lock Supplemental Financing Prepayment Assumability Maturity Available for qualified transactions (up to days in advance of closing) DUS supplemental mortgage available after one year, subject to Lender s approval Yield maintenance and other graduated prepayment options are available Fully assumable with Lender s consent and upon payment of 1% fee Coterminous loans may mature at the same time as the first mortgage or no more than two years beyond the earlier of the maturity date or prepayment period end date of the first mortgage Non-coterminous loans must mature at least two years after the maturity date of the first mortgage /2014 Product Details Subject To Change

16 freddie mac program plus capital markets execution CME description Berkeley Point Capital LLC offers very competitive fixed and adjustable rates under the Freddie Mac Capital Markets Execution (CME) to provide a financing vehicle that connects Borrowers to the capital markets via a securitization. Freddie Mac will aggregate multifamily loans for sale or hold them in their portfolio. Loans for sale will go to a specified institutional investor(s), whom will securitize the loans and sell them to a qualified Special Purpose Entity (SPE). The SPE will then issue securitized bonds backed by the multifamily whole loans, and an investor with the appropriate risk appetite can then purchase each bond. Freddie Mac intends to guarantee or purchase the senior bonds of each issuance. Targeted Property Types: Multifamily, age-restricted multifamily, purposebuilt student housing, multifamily with student concentration, cooperating housing, Section 8 HAP benefits / features Typically provides lower interest rates over a portfolio execution; fixed and adjustable rates now available A Freddie Mac supplemental loan is available after the first mortgage has seasoned for 12 months If the appraisal for the property is less than anticipated and such difference results in a reduced loan amount that is no greater than 5 percent of the rate-locked loan amount, Freddie Mac will still purchase the mortgage at the lower loan amount and no breakage fees will be due for the 5 percent difference loan structure Loan Amount Loan to Value Debt Service Coverage Loan Term Amortization Interest Accrual Recourse Rates $5 to $100 million (minimum) 80% (maximum) 1.25x (minimum) 5, 7, and 10 years 30 years for most properties; Interest-only option may also be available A/360 standard; 30/360 available Loans are non-recourse with standard carve-outs Fixed and adjustable rate executions available; competitive rates priced daily, call for quote For adjustable rates, an interest rate cap is required; if built-in interest rate cap option is not chosen, Borrower must purchase an interest rate cap; the cap must be assigned to Freddie Mac and cap term must be equal to the loan term; the third party cap provider must be approved by Freddie Mac continued on back /2014 Product Details Subject To Change

17 freddie mac program plus capital markets execution CME optional features Early Rate Lock Supplemental Financing Prepayment Assumability Escrows Borrower Structure Available for qualified transactions Yes, available no sooner than 12 months after closing only with a Freddie Mac Supplemental Mortgage. Maximum LTV: same as first mortgage. Minimum DCR: 5-<7 years: 1.35x; 7 to 10 years: 1.30x Fixed rate and adjustable rate prepayment options are available, speak with a loan officer Fully assumable with Lender s consent and upon payment of applicable fees Replacement Reserves, Tax Escrows and Insurance Escrows are generally required Borrowers must be a SPE if the loan is $5 million or more; additional requirements may apply based on loan amount /2014 Product Details Subject To Change

18 freddie mac program plus standard and capped adjustable rate mortgage description Berkeley Point Capital LLC offers very competitive, convertible, adjustable rates under the Freddie Mac Program Plus loan program. Rates can be set over LIBOR or the Freddie Mac Reference Bill. The loan documents allow for a simple conversion process to a fixed rate loan, utilizing the streamline refinance program. Standard ARM: Borrowers who choose Freddie Mac s Standard ARM must purchase an interest-rate cap from a third-party cap provider. Capped ARM: Allows for a floating-rate for the full term with an established maximum interest rate. The cost of purchasing the cap is financed by Freddie Mac as part of the spread. Since Freddie Mac provides the cap protection, the purchase of a third-party interest-rate cap is not required, which eliminates third-party transaction fees, agreements and negotiations. Uncapped ARM: No cap necessary for loans less than 60% loan to value benefits / features Choice of indices: 1-month or 3-month Freddie Mac Reference Bill index or a 1-month or 3-month London Interbank Offered Rate (LIBOR) index Built-in Interest rate Cap available Refinance to a Freddie Mac fixed-rate loan (after lockout) with possible prepayment waived on existing ARM loan loan structure Loan Amount Loan to Value Debt Service Coverage Loan Term Amortization Recourse Rates Rate/Payment Adjustment $3 million (minimum) Up to 80% (maximum) 1.05x (minimum) underwritten at the max note 5, 7, or 10 year loan terms (shorter terms will affect minimum sizing requirements) 30-year amortization for most properties, partial interest only and full term interest only options available in some instances Loans are non-recourse with standard carve-outs Competitive rates priced daily, call for quote 1 or 3 months Interest Accrual A/360 Interest Rate Cap If built-in interest rate cap option is not chosen, Borrower must purchase an interest rate cap; the cap must be assigned to Freddie Mac and cap term must be equal to the loan term; the third party cap provider must be approved by Freddie Mac continued on back /2014 Product Details Subject To Change

19 optional features Early Rate Lock Supplemental Financing Assumability Prepayment Option One: Available for qualified transactions Fixed or variable rate supplemental mortgage available after one year, subject to Lender s approval. Standard ARM: Generally not assumable Capped ARM: Fully assumable with Lender s consent and upon payment of 1% fee 1-year lockout period 1% prepayment premium if paid off after the lockout period No prepayment premium for last 90 days of loan term Starting in year two, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed-rate loan Option Two: Year Prepayment Premium 1 3% 2 2% 3 and beyond 1% No prepayment premium for last 90 days of loan term Starting in year 4, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed rate loan Option Three: Year Prepayment Premium 1 5% 2 4% 3 3% 4 2% 5 and beyond 1% No prepayment premium for last 90 days of loan term Starting in year 6, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed rate loan Option Four: Year Prepayment Premium 1 7% 2 6% 3 5% 4 4% 5 3% 6 2% 7 and beyond 1% No prepayment premium for last 90 days of loan term Starting in year 8, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed rate loan Pricing Loans using prepayment option two, three or four will have lower spreads than option one /2014 Product Details Subject To Change

20 Key Benefits Ability to lock credit terms and spreads prior to identifying properties Pre-negotiated loan documents provide efficient execution Certainty of execution and continuous access to capital Excellent financing vehicle for transitional assets Product Summary Product Description Collateral Facility Amount Facility Term Pricing Minimum DCR/ Maximum LTV Amortization Cross collateralization Release of Collateral Assumptions Interest Rate Cap Secured line-of-credit; On Book/Portfolio Bridge-like product Conventional first lien mortgages (multifamily, seniors housing and/or student housing, except for cooperatives) for acquisition rehabilitation/upgrade, acquisition, or refinance No minimum occupancy per property requirement Initial commitment of $100 million or more (lower commitment amount permitted on a negotiated basis) Subsequent commitment amount can be expanded or contracted at the Borrower s discretion 5 years. The facility will have a 1-year extension option at the Borrower s discretion Floating rate; the Facility will be indexed to 1mo or 3mo LIBOR Spreads locked for life of facility for three DCR levels and one LTV level Minimum DCR: 1.45x IO / Maximum LTV: 75%. See next page for details None. Full Term Interest Only Under one or more notes, assets will be cross-collateralized and cross-defaulted (uncrossed Facility will be considered on a case by case basis) Permitted, subject to the Facility being in compliance with sublimits. If the property is financed through Freddie Mac s CME Program, no fees will apply Non-assumable at the mortgage level Available through third-parties but not required /2014 Product Details Subject To Change

21 Product Summary Annual Valuation Fees Each property value and NOI will be updated on or about the facility anniversary Transaction Fee: 5 bps of the entire Facility Commitment Amount Loan Application Fee: 10 bps on each loan that goes into the Facility Unused Capacity Fee: 100 bps on the unused portion of the funding capacity amount Unused Commitment Fee: 10 bps per annum payable monthly on unused Commitment Amount Seasoning Fee: 25 bps per annum for each property that remains in the facility >2 years /2014 Product Details Subject To Change

22 Loan-to-Value (LTV) Ratio & Interest-Only Debt Coverage Ratio (DCR) Collateral Type Maximum LTV/ Minimum DCR 1 Multifamily Housing 75% / 1.45x Student Housing 75% / 1.50x Seniors Housing Independent Living 75% / 1.50x Seniors Housing Assisted Living 2 75% / 1.60x 1 Underwriting rate will be subject to an index floor of 1.50%, and a stress rate of 1.25%. 2 With no skilled nursing beds. Indicative Pricing Grid Interest Only DCR Spread Over 30-Day LIBOR* 1.45 to TBD 1.65 to TBD TBD *Servicing Fee of bps not included in spreads Revolving Credit Facility Illustration Facility Commitment Amount $ 100,000,000 Funding Capacity (supported by the assets) $ 75,000,000 Funded Amount $ 70,000,000 Gross Note Rate 2.72% Annual Interest Payment $ 1,904,000 Annual Unused Capacity Fee (paid monthly) $ 50,000 Payments LIBOR (6/24/2013 ) 0.27% Net Spread 2.40% Servicing 0.05% Gross Note Rate 2.72% Actual Interest Pmt $ 1,904,000 Actual DCR 2.77 Underwriting Sublimits LIBOR Floor 1.50% Net Spread 2.40% Servicing 0.05% Underwriting Stress 1.25% Underwriting Rate 5.20% Underwriting DS $ 3,640,000 Underwriting DCR 1.45 Unused Capacity Fee Calculation Seasoning Fee $ 75,000,000Funding Capacity Property Loan Amount times: (70,000,000) Funded Amount Year 3 25 bps $ 5,000,000 Unused Capacity Year 4 50 bps 1.00% Unused Fee of 100 bps* Year 5 75 bps $ 50,000 Funded Amount * An annual Unused Commitment Fee of 10 bps (paid monthly) will be applied on the unused portion of the commitment amount (difference between total funding capacity and total commitment amount) /2014 Product Details Subject To Change

23 Freddie Mac Fast Track Early Rate-Lock Program Highlights Freddie Mac Fast Track Early Rate-Lock Program Highlights Description Eligibility Purpose Requirements Allows qualified borrowers the opportunity to rate-lock the entire coupon, establish the mortgage amount, and set all key provisions with reduced documentation and no breakage fees. Repeat borrowers who have had a Capital Markets Execution loan purchased within the last two years Applies to conventional cash (fixed or floatingrate) refinance transactions only (no acquisitions) 2% good faith deposit / 2% termination fee -5% / +0.05x inside policy-defined LTV and DSCR Must pass Refinance Test Tier 5 Markets or better Policy-compliant interest only Loans of limited complexity Loan Amount Capped at $50M Benefits Elimination of coupon risk Lock of both the Treasury Index and spread No breakage fees Simple, streamlined legal agreement and process No changes to underwriting requirements or standards Borrower principal certification replaces previously required forms Transaction terms, structure, and delivery are set at rate-lock 122-9/2013 requirements are subject to change

24 Freddie Mac Index Lock Program Highlights Freddie Mac Index Lock Program Highlights Description Benefits Eligibility Purpose Loan Amount Property Breakage Fee Variance Allows borrowers to lock Treasury rate any time (at quote or during underwriting) with less documentation and faster execution than traditional lock process Allows borrowers to mitigate risk, reduce loan coupon volatility, and avoid potential proceeds cuts Repeat Freddie Mac borrowers who have done a CME deal in the past 18 months Acquisitions & Refinances $50M or less All types, but must be single asset (No Pools) Varies based on stage of ERL or Standard Delivery Up to 10% (+ / -) without triggering breakage. Proceeds greater than 110% of the Index Locked UPB will be locked at the then current Treasury Index creating a blended rate Proceeds less than 90% result in breakage costs on the difference between Index Lock UPB and final UPB Lock 90-day lock term Can process as an ERL or standard delivery 2% GFD requirements are subject to change.