Base Offering Circular – Multifamily 14 subcombination, or any one of the last three subcombinations shown for any other such subcombination.  Numerous subcombinations are possible. Subcombinations Subcombination Class Original Class Principal Balance or original Class Notional Balance Interest Rate Interest Entitlement 1 AB $10,000,000 7.00% $700,000 2 WI $10,000,000 (notional) 7.00% $700,000 WP 10,000,000 0.00 0 $10,000,000 $700,000 3 WI $ 1,428,571  (notional) 7.00% $100,000 WA 10,000,000 6.00 600,000 $10,000,000 700,000 4 WB $ 1,600,000    6.25% $100,000 WH 7,500,000 8.00   600,000 WP 900,000 0.00 0 $10,000,000 $700,000 5 WF $ 5,000,000     7.50% $375,000 6 WH $ 4,687,500     8.00% $375,000 WP 312,500 0.00 0 $ 5,000,000 $375,000 7 WA $ 2,500,000     6.00% $150,000 WB 2,500,000 6.25 156,250 WI 982,143   (notional) 7.00 68,750 $ 5,000,000 $375,000 At any given time, a Beneficial Owner’s ability to exchange REMIC Securities for MX Securities, MX Securities for REMIC Securities or MX Securities for other MX Securities will be limited by a number of factors.  A Beneficial Owner must, at the time of the proposed exchange, own the appropriate Classes in the appropriate proportions in order to effect a desired exchange.  A Beneficial Owner that does not own the appropriate Classes or the appropriate proportions of such Classes may not be able to obtain the necessary Class or Classes of REMIC Securities or MX Securities.  The Beneficial Owner of a needed Class may refuse or be unable to sell at a reasonable price or any price, or certain Classes may have been purchased and placed into other financial structures.  Principal distributions will, over time, diminish the amounts available for exchange.  Only the combinations shown in the Available Combinations Schedule in each Offering Circular Supplement are permitted.  In addition, REMIC Securities (which may include Increased Minimum Denomination Classes) issued in exchange for the related MX Securities may be issued only in denominations not less than the minimum denominations specified in each Offering Circular Supplement.