DBRS Confirms All Classes of Freddie Mac Structured Pass-Through Certificates, Series K-022

DBRS Limited (DBRS) confirmed the ratings of the Structured Pass-Through Certificates, Series K-022 (the SPCs) issued by Freddie Mac Structured Pass-Through Certificates, Series K-022 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X1 at AAA (sf)

All trends are Stable.

The SPCs represent a pass-through interest in certificates issued by FREMF 2012-K22 Mortgage Trust, Series
2012-K22. For more information regarding the underlying certificates, please see DBRS’s press release on FREMF 2012-K22 Mortgage Trust, Series 2012-K22 dated September 21, 2018.

Freddie Mac guarantees (1) timely payment of interest; (2) payment of related principal on the distribution date
following the maturity date of each mortgage loan, to the extent such principal would have been distributed to
the underlying Class A-1 and Class A-2 certificates; (3) reimbursement of any realized losses and additional
trust fund expenses allocated to the underlying guaranteed certificates; and (4) ultimate payment of principal
by the assumed final distribution date for the underlying Class A-1 and Class A-2 certificates. The ratings
assigned by DBRS are based exclusively on the credit provided by the transaction structure and underlying
assets of FREMF 2012-K22 Mortgage Trust, Series 2012-K22 without regard to the Freddie Mac guarantee.
DBRS may take the Freddie Mac guarantee into consideration for future rating actions.

Class X1 is an interest-only (IO) certificate that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All ratings will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

Notes:
The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.