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You should refer to the Pass-Through Trust Agreement for a complete description of your rights andobligations and those of Freddie Mac. You will acquire your SPCs subject to the terms and conditions ofthe Pass-Through Trust Agreement, including the Terms Supplement.Form of SPCsThe SPCs are issued, held and transferable on the DTC System. DTC or its nominee is the Holder ofeach Class. As an investor in SPCs, you are not the Holder. See Description of Pass-ThroughCertificates — Form of Pass-Through Certificates, Holders and Payment Procedures in the OfferingCircular.Denominations of SPCsA-1 and A-2 will be issued, and may be held and transferred, in minimum original principal amountsof 1,000 and additional increments of 1. X1 and X2 will be issued, and may be held and transferred, inminimum original notional principal amounts of 100,000 and additional increments of 1.Structure of TransactionGeneralEach Class of SPCs represents the entire interest in a pass-through pool consisting of its corresponding Underlying Class. Each Underlying Class represents an interest in the Underlying Trust formedby the Underlying Depositor. The Underlying Trust consists primarily of the Mortgages described underDescription of the Underlying Mortgage Loans in the Information Circular. Each Class of SPCs receivesthe payments of principal and/or interest required to be made on its corresponding Underlying Class.In addition to the Underlying Classes, the Underlying Trust is issuing five other classes which aresubordinate to the Underlying Classes to the extent described in the Information Circular. Theseadditional classes will not be assets underlying the Classes of SPCs offered hereby. The pooling andservicing agreement for the Underlying Trust (the “Pooling Agreement”) governs the UnderlyingClasses and these additional classes.Each Underlying Class will bear interest at the same rate, and at all times will have the sameprincipal balance or notional amount, as its corresponding Class of SPCs. On the Closing Date, we willacquire the Underlying Classes from the Underlying Depositor. We will hold the Underlying Classes incertificated form on behalf of investors in the SPCs.See Description of Pass-Through Certificates — Structured Pass-Through Certificates in the Offering Circular.Credit Enhancement Features of the Underlying TrustThe Underlying Classes will have a payment priority over the subordinated classes issued by theUnderlying Trust to the extent described in the Information Circular. Subordination is designed toprovide the holders of the Underlying Classes with protection against most losses realized when theremaining unpaid amount on a Mortgage exceeds the amount of net proceeds recovered upon theliquidation of that Mortgage. In general, this is accomplished by allocating the Realized Losses amongsubordinated certificates as described in the Information Circular. See Description of theSeries 2011-KAIV Certificates — Distributions — Subordination in the Information Circular.Underlying Classes A-1 and A-2, in that order, will receive all of the principal payments on theMortgages until they are retired. Thereafter, the series 2011-KAIV class B, class C, class D and class Ecertificates, in that order, will be entitled to such principal payments. Because of losses on the Mortgagesand/or default-related or other unanticipated expenses of the Underlying Trust, the total principal balanceS-6

of the series 2011-KAIV class B, class C, class D and class E certificates could be reduced to zero at atime when both Underlying Classes A-1 and A-2 remain outstanding. Under those circumstances, anyprincipal payments to Underlying Classes A-1 and A-2 will be made on a pro rata basis in accordancewith the then-outstanding total principal balances of those classes. See Description of theSeries 2011-KAIV Certificates — Distributions — Principal Distributions and — Priority of Distributions in the Information Circular.Private Rating of Certain Underlying ClassesWithout taking into account our guarantee, the Rating Agency has determined that as of, and onlyas of, their date of issuance, Underlying Classes A-1, A-2 and X1 issued by the Underlying Trust (andwhich back A-1, A-2 and X1 offered hereby) would each carry a rating of “AAA.” Underlying Class X2issued by the Underlying Trust (and which backs X2 offered hereby) will not be rated. The ratingsassigned to Underlying Classes A-1, A-2 and X1 will not be subject to on-going monitoring, upgrades ordowngrades or any further assessment by any rating agency after the date of issuance of such UnderlyingClasses.See Ratings in the Information Circular, which further describes the ratings of UnderlyingClasses A-1, A-2 and X1 and the series 2011-KAIV class B, class C and class D certificates.The MortgagesThe Mortgages consist of 19 fixed-rate mortgage loans, secured by 19 multifamily properties. TheMortgages have an initial mortgage pool balance of approximately 672,342,988 as of June 1, 2011. Allof the Mortgages are balloon mortgage loans.All of the Mortgages permit the borrowers to defease such Mortgages, if certain conditions are met.Mortgages representing 67.7% of the initial mortgage pool balance permit the related borrower tosubstitute another multifamily property for the related mortgaged real property, if certain conditions aremet. See Description of the Underlying Mortgage Loans — Certain Terms and Conditions of theUnderlying Mortgage Loans — Release of Property Through Substitution, Defeasance or Prepaymentin the Information Circular.Description of the Underlying Mortgage Loans and Exhibits A-1, A-2 and A-3 in the InformationCircular further describe the Mortgages.PAYMENTSPayment Dates; Record DatesWe make payments of principal and interest on the SPCs on each Payment Date, beginning inJuly 2011. A “Payment Date” is the 25th of each month or, if the 25th is not a Business Day, the nextBusiness Day.On each Payment Date, DTC credits payments to the DTC Participants that were owners of record atthe close of business on the last Business Day of the related Accrual Period.Method of PaymentThe Registrar makes payments to DTC in immediately available funds. DTC credits payments to theaccounts of DTC Participants in accordance with its normal procedures. Each DTC Participant, and eachother financial intermediary, is responsible for remitting payments to its customers.S-7

InterestGeneralWe pay interest on each Payment Date on each Class of SPCs. The Classes bear interest as describedunder Terms Sheet — Interest in this Supplement.Accrual PeriodThe “Accrual Period” for each Payment Date is the preceding calendar month.We calculate interest based on a 360-day year of twelve 30-day months.PrincipalWe pay principal on each Payment Date on each of A-1 and A-2 to the extent principal is payable onits corresponding Underlying Class. Investors receive principal payments on a pro rata basis among theSPCs of their Class.See Terms Sheet — Principal in this Supplement and Description of the Series 2011-KAIVCertificates — Priority of Distributions and — Distributions — Principal Distributions in the Information Circular.Class FactorsGeneralWe make Class Factors for the Classes of SPCs available on or prior to each Payment Date. SeeDescription of Pass-Through Certificates — Payments — Class Factors in the Offering Circular.Use of FactorsYou can calculate principal and interest payments by using the Class Factors.For example, the reduction in the balance of a Class in February will equal its original balance timesthe difference between its January and February Class Factors. The amount of interest to be paid on aClass in February will equal interest at its Class Coupon, accrued during the related Accrual Period, on itsbalance determined by its January Class Factor.GuaranteesWe guarantee to each Holder of each Class of SPCs (a) the timely payment of interest at its ClassCoupon; (b) the payment of principal on A-1 and A-2, on or before the Payment Date immediatelyfollowing the maturity date of each Mortgage (to the extent of principal on such Class of SPCs that wouldhave been payable from such Mortgage); (c) the reimbursement of any Realized Losses and anyAdditional Issuing Entity Expenses allocated to each Class of SPCs; and (d) the ultimate payment ofprincipal on A-1 and A-2 by the Final Payment Date of such Class. Our guarantee does not cover any lossof yield on X1 or X2 following a reduction of its notional amount due to a write-down of any UnderlyingClasses or of the series 2011-KAIV class B, class C, class D or class E certificates, nor does it cover thepayment of any prepayment premiums related to the Mortgages. See Description of Pass-ThroughCertificates — Guarantees in the Offering Circular and Description of the Series 2011-KAIV Certificates — Distributions — Freddie Mac Guarantee in the Information Circular.Optional Termination; RedemptionThe Directing Certificateholder for the Underlying Trust, the Underlying Special Servicer and theUnderlying Master Servicer each will have the option, in a prescribed order, to purchase the MortgagesS-8

and other trust property and terminate the Underlying Trust on any Payment Date on which the totalStated Principal Balance of the Mortgages is less than 1% of the initial mortgage pool balance. Inaddition, after the principal balances of Underlying Classes A-1 and A-2 and the series 2011-KAIVclass B, class C and class D certificates have been reduced to zero, the Sole Certificateholder for theUnderlying Trust (excluding Freddie Mac) will have the right, with the consent of the Underlying MasterServicer, to exchange all of its series 2011-KAIV certificates for all of the Mortgages and each REOProperty remaining in the Underlying Trust, resulting in the liquidation of the Underlying Trust. Finally,after the principal balances of the Underlying Classes A-1 and A-2 and the series 2011-KAIV class Bcertificates have been reduced to zero, the Initial Directing Certificateholder will have the right, if it isthe holder of 100% of the then outstanding series 2011-KAIV class C, class D and class E certificates, toexchange all of its series 2011-KAIV certificates for all of the Mortgages and each REO Propertyremaining in the Underlying Trust. See The Series 2011-KAIV Pooling and Servicing Agreement —Termination in the Information Circular.If a termination of the Underlying Trust occurs, each Class of SPCs will receive its unpaid principalbalance, if any, plus interest for the related Accrual Period. We will give notice of termination to Holdersnot later than the fifth Business Day of the month in which the termination will occur, and each ClassFactor we publish in that month will equal zero.In addition, we will have the right to redeem the outstanding SPCs on any Payment Date when theaggregate remaining principal balance of A-1 and A-2 would be less than 1% of their aggregate originalprincipal balance. We will give notice of any exercise of this right to Holders 30 to 60 days before theredemption date. We will pay a redemption price equal to the unpaid principal balance, if any, of eachClass redeemed plus interest for the related Accrual Period.PREPAYMENT AND YIELD ANALYSISMortgage PrepaymentsThe rates of principal payments on the Classes will depend primarily on the rates of principalpayments, including prepayments, on the related Mortgages. Each Mortgage may be prepaid, subject to aprepayment lock-out and defeasance period, during which voluntary prepayments are prohibited(although, for a portion of that period, beginning no sooner than the second anniversary of the dateof issuance of the SPCs, the related Mortgage may be defeased), followed by an open period during whichvoluntary prepayments may be made without any restriction or prepayment consideration.See Prepayment, Yield and Suitability Considerations — Prepayments in the Offering Circular for adiscussion of mortgage prepayment considerations and risks. Risk Factors, Description of the UnderlyingMortgage Loans and Yield and Maturity Considerations in the Information Circular discuss prepaymentconsiderations for the Underlying Classes.YieldAs an investor in SPCs, your yield will depend on: Your purchase price. The rate of principal payments on the underlying Mortgages. Whether an optional termination of the Underlying Trust occurs or the SPCs are redeemed. The actual characteristics of the underlying Mortgages.S-9

In the case of X1 or X2, the extent to which its Class Coupon formula results in reductions orincreases in its Class Coupon. The delay between each Accrual Period and the related Payment Date.See Prepayment, Yield and Suitability Considerations — Yields in the Offering Circular for adiscussion of yield considerations and risks.SuitabilityThe SPCs may not be suitable investments for you. See Prepayment, Yield and SuitabilityConsiderations — Suitability in the Offering Circular for a discussion of suitability considerationsand risks.FINAL PAYMENT DATESThe Final Payment Date for each Class of SPCs is the latest date by which it will be paid in full andwill retire. The Final Payment Dates generally reflect the maturity dates of the Mortgages (except that theX2 Final Payment Date is based on the latest date to which the maturity date of a Mortgage may bemodified under the terms of the Pooling Agreement) and assume, among other things, no prepayments ordefaults on the Mortgages. The actual retirement of each Class may occur earlier than its Final PaymentDate.CERTAIN FEDERAL INCOME TAX CONSEQUENCESGeneralAny discussion of tax matters herein and in the Offering Circular was not intended or written to beused, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed onsuch person. Such discussion was written to support the promotion and marketing of the SPCs. Investorsshould consult their own independent tax advisors regarding the SPCs and each investor’s particularcircumstances.The following is a general discussion of federal income tax consequences of the purchase,ownership and disposition of the Classes of SPCs. It does not address all federal income tax consequencesthat may apply to particular categories of investors, some of which may be subject to special rules. Thetax laws and other authorities for this discussion are subject to change or differing interpretations, and anychange or interpretation could apply retroactively. You should consult your tax advisor to determine thefederal, state, local and any other tax consequences that may be relevant to you.Neither the SPCs nor the income derived from them is exempt from federal income, estate or gifttaxes under the Code by virtue of the status of Freddie Mac as a government-sponsored enterprise.Neither the Code nor the Freddie Mac Act contains an exemption from taxation of the SPCs or the incomederived from them by any state, any possession of the United States or any local taxing authority.Classification of Investment ArrangementThe arrangement under which each Class of SPCs is created and sold and the related pass-throughpool is administered will be classified as a grantor trust under subpart E, part I of subchapter J of theCode. As an investor in SPCs, you will be treated for federal income tax purposes as the owner of a prorata undivided interest in the related Underlying Class.S-10

Status of ClassesUpon the issuance of the Underlying Classes, Cadwalader, Wickersham & Taft LLP, counsel for theUnderlying Depositor, will deliver its opinion generally to the effect that, assuming compliance with allthe provisions of the Pooling Agreement and certain other documents: Specified portions of the assets of the Underlying Trust will qualify as multiple REMICsunder the Code. Each Underlying Class will represent ownership of a “regular interest” in one of thoseREMICs.Accordingly, an investor in a Class of SPCs will be treated as owning a REMIC regular interest.For information regarding the federal income tax consequences of investing in an Underlying Class,see Certain Federal Income Tax Consequences in the Information Circular.Information ReportingWe will provide each Holder of each Class of SPCs, within a reasonable time after the end of eachcalendar year, information to assist beneficial owners in preparing their federal income tax returns, or toenable the Holder to make such information available to investors or financial intermediaries for whichthe Holder holds the SPCs as nominee.LEGAL INVESTMENT CONSIDERATIONSYou should consult your legal advisor to determine whether the SPCs are a legal investment for youand whether you can use the SPCs as collateral for borrowings. See Legal Investment Considerations inthe Offering Circular.ACCOUNTING CONSIDERATIONSYou should consult your accountant for advice on the appropriate accounting treatment for yourSPCs. See Accounting Considerations in the Offering Circular.ERISA CONSIDERATIONSFiduciaries of employee benefit plans should review ERISA Considerations in the Offering Circular.PLAN OF DISTRIBUTIONUnder an agreement with the Placement Agents, they have agreed to purchase all of the SPCs notplaced with third parties for resale to us.Our agreement with the Placement Agents provides that we will indemnify them against certainliabilities.LEGAL MATTERSOur General Counsel or one of our Deputy General Counsels will render an opinion on the legalityof the SPCs. Cadwalader, Wickersham & Taft LLP is representing the Underlying Depositor and thePlacement Agents on legal matters concerning the SPCs. That firm is also rendering certain legal servicesto us with respect to the SPCs.S-11

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Freddie MacGiant and Other Pass-Through CertificatesGiant CertificatesStripped Giant CertificatesStripped Interest CertificatesCallable Pass-Through Cer

BofA Merrill Lynch J.P. Morgan Co-Managers Barclays Capital Jefferies June 2, 2011. . You may read and copy any document we file with the SEC at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further