Morgan Stanley Dean Witter October 2, 2000
Securitized Products Group
Morgan Stanley Dean Witter
CMBS New Issue
PNC Mortgage Acceptance Corp.
Series 2000-C2
Preliminary Term Sheet
-----------------------------
Expected Pricing Date: October [ ], 2000
-----------------------------
$925,607,000
(Approximate)
Midland Loan Services, Inc.
CIBC Inc.
Morgan Stanley Dean Witter Mortgage Capital Inc.
as Sellers
Midland Loan Services, Inc.,
as Master Servicer and as Special Servicer
Commercial Mortgage Pass-Through Certificates
-----------------------------
MORGAN STANLEY DEAN WITTER PNC CAPITAL MARKETS
CIBC WORLD MARKETS CORP. DEUTSCHE BANC ALEX. BROWN
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Transaction Highlights
>> Contributors:
--------------------------------------------------------------
Sellers No. of Cut-Off Date Balance
Loans % of Pool
--------------------------------------------------------------
--------------------------------------------------------------
Midland 119 $446,060,133 41.4
CIBC 43 $411,442,994 38.2
MSDWMC 28 $218,785,231 20.3
--------------------------------------------------------------
Total: 190 $1,076,288,358 100.0%
--------------------------------------------------------------
>> Loan Pool:
o Average Loan Balance: $5.7 million o Five Largest Loans: $224.0 million
(0.5% of Pool) (20.8% of Pool)
o Largest Loan Balance: $59.9 million o Thirteen Largest Loans: $430.8
(5.6% of Pool million (40.0% of Pool)
>> Credit Statistics:
o Weighted average debt service o Weighted average cut-off date
coverage ratio of 1.35x loan-to-value ratio of 71.2%
>> Property Types:
o Retail, office, industrial & multifamily properties comprise 88.9% of Pool
Retail 32.6%
Office 29.0%
Multifamily 18.5%
Hospitality 8.8%
Industrial 8.8%
Manufactured Housing 1.1%
Self-Storage 0.8%
Other 0.4%
>> Call Protection:
o Lockout period followed by defeasance: 81.4% of Pool
o Lockout period followed by yield maintenance or the greater of yield mainten-
ance and 1%, 3% or 5% of the principal amount prepaid: 18.6% of Pool
>> Collateral Terms: The Pool has a weighted average mortgage rate of
8.208% and a weighted average remaining term of 115 months
>> Collateral Information: Updated loan information will be part of the monthly
remittance report available from the Trustee in addition to detailed payment
and delinquency information. Updated property operating and occupancy
information, to the extent delivered by borrowers, will be available to
Certificateholders from the Master Servicer
>> Bond Information: Cash flows are expected to be modeled by TREPP, CONQUEST
and INTEX and are expected to be available on BLOOMBERG
>> It is expected that this transaction will be included as a part of the Lehman
Aggregate Bond Index
T-2
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
OFFERED CERTIFICATES
--------------------
-----------------------------------------------------------------------------
Rating Average Initial
Subordination (S&P/ Life Principal Pass-Through
Class Amount(1) Levels Moody's) (years) Window(3) Rate(4)
(2) (5)
-----------------------------------------------------------------------------
A-1 $200,612,000 23.75% AAA/Aaa 5.70 11/00 - 09/08 [ ]
-----------------------------------------------------------------------------
A-2 $620,057,000 23.75% AAA/Aaa 9.40 09/08 - 09/10 [ ]
-----------------------------------------------------------------------------
B $43,052,000 19.75% AA/Aa2 9.89 09/10 - 09/10 [ ]
-----------------------------------------------------------------------------
C $48,433,000 15.25% A/A2 9.89 09/10 - 09/10 [ ]
-----------------------------------------------------------------------------
D $13,453,000 14.00% A-/A3 9.97 09/10 - 10/10 [ ]
-----------------------------------------------------------------------------
PRIVATE CERTIFICATES (6)
------------------------
-----------------------------------------------------------------------------
Rating Average Initial
Subordination (S&P/ Life Principal Pass-Through
Class Amount(1) Levels Moody's) (years)(2) Window(3) Rate(4)
(5) (7)
-----------------------------------------------------------------------------
X $1,076,288,358 -- AAA/Aaa 9.03 -- [ ]
-----------------------------------------------------------------------------
E-O $150,681,358 -- -- -- -- --
-----------------------------------------------------------------------------
Notes: (1) In the case of each such Class, subject to a permitted variance
of plus or minus 5%. The Class X Notional Amount is equal to the
sum of all Certificate Balances outstanding from time to time.
(2) Based on Maturity Assumptions and a 0% CPR as described in the
Prospectus Supplement.
(3) Principal Window is the period during which distributions of
principal are expected to be made to the holders of each
designated Class in accordance with the Maturity Assumptions and
a 0% CPR as described in the Prospectus Supplement.
(4) Other than the Class E, Class F, Class G and Class X of the
private certificates, each Class of Certificates will accrue
interest generally at a fixed rate of interest subject to a WAC
cap.
(5) The Pass-Through Rates on each of the Classes will be determined
at pricing.
(6) Certificates to be offered privately pursuant to Rule 144A and
are not offered hereby.
(7) The Pass-Through Rate on the Class X Certificates on each
Distribution Date will equal, in general, the NWAC Rate minus
the weighted average of the Pass-Through Rates of the classes
of certificates that are entitled to distributions of principal.
T-3
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
I. Issue Characteristics
---------------------
Issue Type: Public: Class A-1, A-2, B, C and D (the "Offered
Certificates")
Private (Rule 144A): Class X, E, F, G, H, J, K, L, M, N and
O (not offered hereby)
Securities Five monthly pay, multi-class fixed-rate principal and
Offered: interest sequential pay commercial mortgage REMIC
Pass-Through Certificates
Collateral: The collateral consists of a $1,076,288,358 pool of
fixed-rate commercial and multifamily Mortgage Loans
Sellers: Midland Loan Services, Inc., CIBC Inc. and Morgan Stanley
Dean Witter Mortgage Capital Inc.
Book-Running
Manager: Morgan Stanley & Co. Incorporated
Co-Lead
Managers: Morgan Stanley & Co. Incorporated and PNC Capital Markets,
Inc.
Co-Managers: CIBC World Markets Corp. and Deutsche Bank Securities Inc.
Master
Servicer: Midland Loan Services, Inc.
Special
Servicer: Midland Loan Services, Inc.
Trustee/Fiscal
Agent: LaSalle Bank National Association / ABN AMRO Bank N.V.
Pricing Date: On or about October [ ], 2000
Closing Date: On or about October [ ], 2000
Distribution The 15th of each month, or if the 15th is not a business
Dates: day, the next business day beginning in November, 2000
Cut-Off Date: October 1, 2000
Minimum
Denominations: $25,000 for Class A Certificates; $50,000 for Class B, C and
D Certificates
Settlement
Terms: DTC, Euroclear and Clearstream, same day funds, with accrued
interest
Legal/ Class A-1 and A-2 Certificates are expected to be eligible
Regulatory for exemptive relief under ERISA. No Class of Certificates
Status: is SMMEA eligible
Risk Factors: THE CERTIFICATES INVOLVE A DEGREE OF RISK AND MAY NOT BE
SUITABLE FOR ALL INVESTORS. SEE THE "RISK FACTORS" SECTION
OF THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS
T-4
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
II. Structure Characteristics
-------------------------
Class A-1, A-2, B, C and D certificates are fixed-rate, monthly pay,
multi-class, sequential pay REMIC Pass-Through Certificates. The Class E, F
and G Certificates are weighted average coupon REMIC Pass-Through
Certificates. The Class X Certificates are variable rate interest only
REMIC Pass-Through Certificates. All Classes of Certificates derive their
cash flows from the entire pool of Mortgage Loans.
Class X (1)(2)
Class A-1 AAA/Aaa [ ]% $200.6 MM
Class A-2 AAA/Aaa [ ]% $620.1 MM
Class B AA/Aa2 [ ]% $43.1 MM
Class C A/A2 [ ]% $48.4 MM
Class D A-/A3 [ ]% $13.5 MM
Class E (2) BBB+/Baa1 $13.5 MM
NWAC - [ ]%
Class F (2) BBB/Baa2 $18.8 MM
NWAC - [ ]%
Class G (2) BBB-/Baa3 $16.1 MM
NWAC
Classes H-O (2) [ ]% $102.2 MM
Note: (1) Class X is entitled to interest (on a notional amount equal to
the aggregate pool balance) at an annual rate generally equal to
the difference between the weighted average of the net mortgage
rates over the weighted average of the pass-through rates for the
classes of Principal Balance Certificates.
(2) To be placed privately pursuant to Rule 144A and not offered
hereby.
T-5
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Interest Each Class of Certificates (other than the Class V and Class
Distributions: R Certificates) will be entitled on each Distribution Date
to interest accrued at its Pass-Through Rate on the
outstanding Certificate Balance or Notional Amount of such
Class, as applicable.
Pass-Through
Rates: Class A-1: [ ]
Class A-2: [ ]
Class B: [ ]
Class C: [ ]
Class D: [ ]
Classes E-O: --
Class X: See Note on page T-2
The Pass-Through Rate for each class of Principal Balance
Certificates for any Distribution Date will not exceed the
weighted average net mortgage rate ("NWAC") for such
Distribution Date.
Principal Principal will be distributed on each Distribution Date to
Distributions: the most senior Class (i.e., the Class with the earliest
alphabetical/numerical Class designation) of the Principal
Balance Certificates outstanding, until its Certificate
Balance is reduced to zero (sequential order). If, due to
losses, the Certificate Balances of the Class B through
Class O Certificates are reduced to zero, payments of
principal to the Class A-1 and A-2 Certificates will be made
on a pro rata basis.
T-6
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Prepayment Any Prepayment Premium collected with respect to a Mortgage
Premium Loan during any particular Collection Period will be
Allocation: distributed to the holders of each Class of Principal
Balance Certificates (other than an excluded class as
defined below) then entitled to distributions of principal
on such distribution date. Such class will be entitled to an
aggregate amount (allocable on a pro rata basis based on
principal payments if there is more than one Class of
Principal Balance Certificates entitled to a distribution of
principal) equal to the lesser of (a) such Prepayment
Premium Payment and (b) such Prepayment Premium Payment
multiplied by a fraction, the numerator of which is equal to
the excess, if any, of the Pass-Through Rate applicable to
the most senior of such Classes of Principal Balance
Certificates then outstanding (or, in the case of two
Classes of Class A Certificates, the one with the earlier
payment priority), over the relevant Discount Rate (as
defined in the Prospectus Supplement), and the denominator
of which is equal to the excess, if any, of the Mortgage
Rate of the Mortgage Loan that prepaid, over the relevant
Discount Rate.
The portion, if any, of the Prepayment Premium remaining
after such payments to the holders of the Principal Balance
Certificates will be distributed to the holders of the Class
X Certificates. For the purposes of the foregoing, the
classes H, J, K, L, M, N and O are the excluded classes. The
following is an example of the Prepayment Premium Allocation
under (b) above based on the information contained herein
and the following assumptions:
o Two Classes of Certificates: Class A-1 and X
o The characteristics of the Mortgage Loan being prepaid
are as follows
- Loan Balance: $10,000,000
- Mortgage Rate: 8.00%
- Maturity Date: 10 years (October 1, 2010)
o The Discount Rate is equal to 5.75%
o The Class A-1 Pass Through Rate is equal to 7.00%
Class A-1 Class X
Method Certificates Certificates
------------------------------------------- --------------- -----------------
(Class A-1 Pass Through Rate-Discount Rate) (7.00% - 5.75%) (100.00% -55.56%)
------------------------------------------- ---------------
(Mortgage Rate - Discount Rate) (8.00% - 5.75%)
--------------- -----------------
Prepayment Premium Allocation 55.56% 44.44%
T-7
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Credit Each Class of Certificates (other than Classes A-1, A-2 and
Enhancement: X) will be subordinate to all other Classes with an earlier
alphabetical Class designation.
Advancing: The Master Servicer, the Trustee and the Fiscal Agent (in
that order) will each be obligated to make P&I Advances and
Servicing Advances, including delinquent property taxes and
insurance (and the Special Servicer will be obligated to
make emergency Servicing Advances), but only to the extent
that such Advances are deemed recoverable.
Realized Losses Realized Losses and Expense Losses, if any, will be
and Expense allocated to the Class O, Class N, Class M, Class L, Class
Losses: K, Class J, Class H, Class G, Class F, Class E, Class D,
Class C and Class B Certificates, in that order, and then to
Classes A-1 and A-2, pro rata, in each case reducing amounts
payable thereto. Any interest shortfall of any Class of
Certificates will result in unpaid interest for such Class
which will be payable, without interest, in subsequent
periods, subject to available funds.
Prepayment/ For any Distribution Date, any Net Aggregate Prepayment
Balloon Interest Shortfall not offset by the Master Servicing Fee
Interest (but not to exceed 0.02% per annum per loan), will generally
Shortfalls: be allocated pro rata to each Class of Certificates in
proportion to its entitlement to interest.
Appraisal An appraisal reduction generally will be created in the
Reductions: amount, if any, by which the Principal Balance of a
Specially Serviced Mortgage Loan (plus other amounts overdue
in connection with such loan) exceeds 90% of the appraised
value of the related Mortgaged Property, plus reserves for
escrows (other than taxes and insurance) that are pledged as
collateral for the loan. The Appraisal Reduction Amount will
reduce proportionately the amount of delinquent interest
advanced for such loan, which reduction will result, in
general, in a reduction of interest distributable to the
most subordinate Class of Principal Balance Certificate
outstanding.
An Appraisal Reduction will be reduced to zero as of the
date the related Mortgage Loan has become a corrected
mortgage loan, as defined in the Prospectus Supplement.
T-8
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Operating The Operating Adviser, which may be appointed by the
Adviser: Controlling Class, will have the right to advise the Special
Servicer with respect to certain actions regarding Specially
Serviced Mortgage Loans. Examples include the right to make
certain modifications, foreclose, sell, bring an REO
Property into environmental compliance or accept substitute
or additional collateral. In addition, subject to the
satisfaction of certain conditions, the Operating Adviser
will have the right to direct the Trustee to remove the
Special Servicer and appoint a successor Special Servicer
that must be acceptable to each Rating Agency.
Controlling The Controlling Class will generally be the most subordinate
Class: Class of Certificates outstanding at any time or, if the
Certificate Balance of such Class is less than 25% of the
initial Certificate Balance of such Class, the next most
subordinate Class of Principal Balance Certificates still
outstanding will be the controlling class.
Special In general, the Special Servicer has the right to modify the
Servicer: terms of a Specially Serviced Mortgage Loan if it determines
that the related borrower is in default or default is
reasonably foreseeable and such modification would increase
the net present value of the proceeds to the Trust, provided
that the Special Servicer generally may not extend the
maturity date of a Mortgage Loan beyond two years prior to
the Rated Final Distribution Date.
Optional The majority holders of the Controlling Class, then the
Termination: Master Servicer, then the Special Servicer and then the
holder of a majority of the R-I Certificates will have the
option to purchase, in whole but not in part, the remaining
assets of the Trust on or after the Distribution Date on
which the current aggregate stated principal balance of the
Mortgage Loans is less than or equal to 1% of the initial
aggregate stated principal balance of the Mortgage Loans.
Such purchase price will generally be at a price equal to
the sum of (1) the unpaid aggregate Scheduled Principal
Balance of the Mortgage Loans, plus accrued and unpaid
interest, (2) unreimbursed Advances and interest thereon and
(3) the appraised value of any REO property.
T-9
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Reports to The Trustee will prepare and make available electronically
Certificate- (or, upon request, provide by first class mail) a monthly
holders: report to Certificateholders. The Trustee's monthly report
and the reports and files comprising the Commercial Mortgage
Securities Association Investor Reporting Package will be
available electronically on the Trustee's internet website
at www.lnbabs.com. Information regarding the Mortgage Loans
will also be available through Midland's internet-based
investor reporting system, CMBS Investor Insightsm, at
www.midlandls.com.
T-10
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
III. SELLERS Midland Loan Services, Inc.
------- ---------------------------
The Mortgage Pool includes 119 Mortgage Loans, representing
approximately 41.4% of the Initial Pool Balance, which were
originated by or on behalf of PNC Bank N.A. or Midland Loan
Services, Inc. ("MLS").
MLS is a wholly owned subsidiary of PNC Bank, National
Association. MLS is a real estate financial services company
engaged in the servicing and origination of commercial and
multifamily mortgage loans. PNC Capital Markets is an
affiliate of MLS.
CIBC Inc.
---------
The Mortgage Pool includes 43 Mortgage Loans, representing
approximately 38.2% of the Initial Pool Balance, which were
either acquired or originated by or on behalf of CIBC Inc.
CIBC Inc. is a majority owned subsidiary of Canadian
Imperial Holdings Inc. and is incorporated under the laws of
Delaware. Canadian Imperial Holdings Inc. is a wholly owned
subsidiary of CIBC Delaware Holdings Inc., also a Delaware
corporation, which is a subsidiary of Canadian Imperial Bank
of Commerce, a bank chartered under the Bank Act of Canada.
CIBC Inc. is a commercial finance company that originates
commercial and multifamily real estate loans, purchases
participations in loans from third-party lenders and
otherwise extends credit to Fortune 1000 companies. CIBC
Inc. is an affiliate of CIBC World Markets Corp., formerly
known as CIBC Oppenheimer Corp.
Morgan Stanley Dean Witter Mortgage Capital, Inc. ("MSDWMC")
------------------------------------------------------------
The Mortgage Pool includes 28 Mortgage Loans, representing
approximately 20.3% of the Initial Pool Balance, that were
originated on behalf of MSDWMC.
MSDWMC is a subsidiary of Morgan Stanley & Co. Incorporated
and was formed to originate and purchase mortgage loans
secured by commercial and multifamily real estate.
T-11
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
IV. Collateral Description
----------------------
Summary: The Mortgage Pool consists of a $1,076,288,358 pool of 190
fixed-rate, mortgage loans secured by liens on commercial
and multifamily properties located throughout 36
jurisdictions. As of the Cut-Off Date, the Mortgage Loans
have a weighted average mortgage rate of 8.208% and a
weighted average remaining term to maturity of 115 months.
See the Appendices to the Prospectus Supplement for more
detailed collateral information.
Seismic For loans originated by Midland, PNC Bank, N.A., CIBC or
Review MSDWMC, all loan requests secured by properties in
Process: California are subject to a third party seismic report.
Generally, any proposed loan originated by Midland, PNC
Bank, N.A., CIBC or MSDWMC as to which the property was
estimated to have a PML in excess of 20% of the estimated
replacement cost would either be subject to a lower
loan-to-value limit at origination, be conditioned on
seismic upgrading, be conditioned on satisfactory earthquake
insurance or be declined.
T-12
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
<TABLE>
<CAPTION>
Significant Mortgage Loans
Percent
of Units/ Current Balloon
Property Current Total Square Loan to Loan to
Property Name City State Type Balance Balance Feet DSCR Value Value
----------------------------- -------------- ----- -------- ----------- ------- --------- ---- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
475 Park Avenue South New York NY Office $59,946,195 5.6% 408,517 1.36 63.8% 58.1%
Camino Real Marketplace Goleta CA Retail $49,000,000 4.6% 497,474 1.33 74.6% 68.4%
Courtyard by Marriott New York NY Hotel $45,000,000 4.2% 244 1.49 67.2% 56.6%
AppleTree Business Park Cheektowaga NY Office $37,227,201 3.5% 434,593 1.31 72.3% 65.3%
Bozzuto's Warehouse and Cheshire CT Industrial $32,843,136 3.1% 986,565 1.39 67.0% 64.0%
Distribution Facility
500 North Capitol Washington DC Office $29,539,428 2.7% 175,698 1.25 74.6% 67.6%
Arcadia Crossing Power Center Phoenix AZ Retail $29,367,163 2.7% 446,433 1.20 74.3% 67.2%
Sweetheart Cup Distribution Hampstead MD Industrial $27,000,000 2.5% 1,034,470 1.36 73.7% 66.5%
Center
Triangle Plaza II College Point NY Retail $26,286,819 2.4% 137,984 1.32 79.7% 69.8%
Solana Beach Town Centre Solana Beach CA Retail $25,983,319 2.4% 251,272 1.26 74.9% 67.4%
Continental Teves Building Auburn Hills MI Office $24,093,491 2.2% 236,770 1.26 75.3% 68.5%
Discovery Creative & Silver Springs MD Office $23,581,086 2.2% 148,530 1.30 73.7% 67.0%
Technology Center
Springfield Gardens Shopping Springfield NY Retail $20,948,014 1.9% 96,018 1.23 74.8% 67.6%
Center Gardens
------------ --------
Total $430,815,852 40.0%
</TABLE>
T-13
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
GEOGRAPHIC DISTRIBUTION
New York 25.14%
California 16.44%
Maryland 5.11%
Arizona 5.02%
Texas 4.94%
Michigan 4.63%
Virginia 4.19%
Connecticut 3.44%
Pennsylvania 3.28%
Tennessee 2.92%
District of Columbia 2.85%
Florida 2.83%
New Jersey 2.53%
Ohio 2.40%
Mississippi 1.70%
Washington 1.65%
Oregon 1.40%
Massachusetts 1.37%
Missouri 1.15%
Georgia 1.07%
North Carolina 0.87%
Kansas 0.85%
Illinois 0.55%
Kentucky 0.49%
Oklahoma 0.48%
Nevada 0.47%
Colorado 0.37%
Minnesota 0.35%
Nebraska 0.34%
New Hampshire 0.26%
Indiana 0.25%
Iowa 0.16%
Alabama 0.15%
Utah 0.15%
Idaho 0.11%
Delaware 0.10%
T-14
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Sellers
-----------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-----------------------------------------------------
CIBC 43 411,442,994 38.23
MSDWMC 28 218,785,231 20.33
Midland 119 446,060,133 41.44
-----------------------------------------------------
Total: 190 1,076,288,358 100.00
-----------------------------------------------------
Current Balances
-----------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-----------------------------------------------------
1 - 1,000,000 5 4,207,801 0.39
1,000,001 - 2,000,000 55 84,667,978 7.87
2,000,001 - 3,000,000 49 119,713,531 11.12
3,000,001 - 4,000,000 24 80,370,846 7.47
4,000,001 - 5,000,000 9 40,583,899 3.77
5,000,001 - 6,000,000 7 39,879,292 3.71
6,000,001 - 7,000,000 4 25,256,353 2.35
7,000,001 - 8,000,000 5 37,869,977 3.52
8,000,001 - 9,000,000 7 59,919,942 5.57
9,000,001 - 3 28,688,011 2.67
10,000,000
10,000,001 - 7 90,574,577 8.42
15,000,000
15,000,001 - 2 33,740,300 3.13
20,000,000
20,000,001 - 3 68,622,592 6.38
25,000,000
25,000,001 >= 10 362,193,261 33.65
-----------------------------------------------------
Total: 190 1,076,288,358 100.00
-----------------------------------------------------
Min: 696,932 Max: 59,946,195 Average: 5,664,676
-----------------------------------------------------
States
-----------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-----------------------------------------------------
New York 18 270,576,060 25.14
California 28 176,921,724 16.44
Maryland 4 54,962,134 5.11
Arizona 9 54,021,553 5.02
Texas 14 53,185,982 4.94
Michigan 6 49,885,326 4.63
Other 111 416,735,579 38.72
-----------------------------------------------------
Total: 190 1,076,288,358 100.00
-----------------------------------------------------
Property Type
-----------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-----------------------------------------------------
Retail 48 350,997,309 32.61
Office 38 312,393,723 29.03
Multifamily 63 199,108,395 18.5
Hospitality 15 94,734,571 8.80
Industrial 17 94,180,584 8.75
Manufactured Housing 4 11,734,482 1.09
Self Storage 3 8,692,479 0.81
Other 2 4,446,815 0.41
-----------------------------------------------------
Total: 190 1,076,288,358 100.00
-----------------------------------------------------
Mortgage Rates (%)
-----------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-----------------------------------------------------
5.501 - 6.000 3 6,520,642 0.61
6.001 - 6.500 22 47,622,598 4.42
6.501 - 7.000 26 75,280,986 6.99
7.001 - 7.500 13 57,008,525 5.30
7.501 - 8.000 6 44,059,570 4.09
8.001 - 8.500 64 473,132,180 43.96
8.501 - 9.000 46 319,898,568 29.72
9.001 - 9.500 7 47,197,561 4.39
9.501 - 10.000 3 5,567,727 0.52
-----------------------------------------------------
Total: 190 1,076,288,358 100.00
-----------------------------------------------------
Min: 5.930 Max: 9.660 Wtd. Avg: 8.208
-----------------------------------------------------
Original Terms to Stated Maturity (mos.)
------------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
------------------------------------------------------
61 - 120 172 989,171,733 91.91
121 - 180 15 79,642,031 7.40
181 - 240 3 7,474,594 0.69
------------------------------------------------------
Total: 190 1,076,288,358 100.00
------------------------------------------------------
Min: 66 Max: 240 Wtd. Avg.: 122
------------------------------------------------------
Remaining Terms to Stated Maturity (mos.)
------------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
------------------------------------------------------
1 - 60 1 1,178,311 0.11
61 - 120 170 915,844,931 85.09
121 - 180 16 151,790,521 14.10
181 - 240 3 7,474,594 0.69
------------------------------------------------------
Total: 190 1,076,288,358 100.00
------------------------------------------------------
Min: 52 Max: 239 Wtd. Avg.: 115
------------------------------------------------------
Balloon Loans
------------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
------------------------------------------------------
Yes 185 1,064,348,272 98.9
No 5 11,940,086 1.1
------------------------------------------------------
Total: 190 1,076,288,358 100.00
------------------------------------------------------
Debt Service Coverage Ratios (x)
-------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-------------------------------------------------
1.16 - 1.25 49 265,708,556 24.69
1.26 - 1.35 58 419,566,651 38.98
1.36 - 1.50 44 301,936,926 28.05
1.51 - 1.75 28 67,111,108 6.24
1.76 - 2.00 7 12,024,448 1.12
2.01 >= 4 9,940,668 0.92
-------------------------------------------------
Total: 190 1,076,288,358 100.00
-------------------------------------------------
Min: 1.16 Max: 2.81 Wtd. Avg.: 1.35
-------------------------------------------------
Current Loan-to-Value Ratios (%)
-------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-------------------------------------------------
20.1 - 30.0 1 4,417,257 0.41
30.1 - 40.0 1 1,899,896 0.18
40.1 - 50.0 7 13,278,646 1.23
50.1 - 60.0 15 44,391,585 4.12
60.1 - 70.0 50 296,301,800 27.53
70.1 - 80.0 114 693,517,503 64.44
80.1 - 90.0 2 22,481,671 2.09
-------------------------------------------------
Total: 190 1,076,288,358 100.00
-------------------------------------------------
Min: 27.5 Max: 83.8 Wtd. Avg.: 71.2
-------------------------------------------------
Balloon Loan-to-Value Ratios (%)
-------------------------------------------------
No. Aggregate %
of Cut-off Date of
Loans Balance Pool
-------------------------------------------------
0.1 - 10.0 5 11,940,086 1.11
10.1 - 20.0 1 4,417,257 0.41
20.1 - 30.0 1 1,899,896 0.18
30.1 - 40.0 7 21,529,048 2.00
40.1 - 50.0 15 40,016,981 3.72
50.1 - 60.0 48 231,397,469 21.50
60.1 - 70.0 99 685,373,598 63.68
70.1 - 80.0 14 79,714,022 7.41
-------------------------------------------------
Total: 190 1,076,288,358 100.00
-------------------------------------------------
Min: 1.3 Max: 72.7 Wtd. Avg.: 62.3
-------------------------------------------------
T-15
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$925,607,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C2
Prepayment Protection Analysis
Percentage of Collateral by Prepayment Restriction
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Restrictions October 2000 October 2001 October 2002 October 2003 October 2004 October 2005
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Locked Out 100.00% 98.59% 94.13% 86.80% 86.09% 82.04%
Yield Maintenance Total 0.00% 1.41% 5.87% 13.20% 13.81% 17.18%
Open 0.00% 0.00% 0.00% 0.00% 0.10% 0.78%
------------------------------------------------------------------------------------------------------------------------------------
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------------------------------------------------
Pool Balance Outstanding $1,076,288,358 $1,066,944,505 $1,056,818,645 $1,045,628,995 $1,033,512,677 $1,019,134,814
% Initial Pool Balance 100.00% 99.13% 98.19% 97.15% 96.03% 94.69%
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Prepayment Restrictions October 2006 October 2007 October 2008 October 2009 October 2010
---------------------------------------------------------------------------------------------------------------------
Locked Out 79.00% 81.84% 89.08% 79.32% 69.11%
Yield Maintenance Total 17.67% 17.28% 5.99% 6.25% 8.66%
Open 3.33% 0.88% 4.92% 14.43% 22.23%
---------------------------------------------------------------------------------------------------------------------
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00%
---------------------------------------------------------------------------------------------------------------------
Pool Balance Outstanding $996,812,485 $946,414,106 $830,573,100 $776,385,667 $61,088,047
% Initial Pool Balance 92.62% 87.93% 77.17% 72.14% 5.68%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (1) The above analysis is based on Maturity Assumptions and a 0%
CPR as discussed in the Prospectus Supplement.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
--------------------------------------------------------------------------------
