<PAGE>
ANNEX C
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$808,143,000 (APPROXIMATE) SEPTEMBER 7, 2000
COMM 2000-C1
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
APPROXIMATE SECURITIES STRUCTURE:
<TABLE>
<CAPTION>
APPROXIMATE EXPECTED CREDIT EXPECTED EXPECTED
EXPECTED RATING FACE/NOTIONAL SUPPORT WEIGHTED AVERAGE PAYMENT
CLASS (A) S&P/FITCH AMOUNT (MM) (% OF UPB) LIFE (YEARS) (B) WINDOW
------------------------------------------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
<S> <C> <C> <C> <C> <C> <C>
A-1 AAA/AAA $148,498,000 23.000% 5.60 10/00 - 09/08
A-2 AAA/AAA 542,915,000 23.000 9.07 09/08 - 04/10
B AA/AA 38,162,000 18.750 9.57 04/10 - 04/10
C A/A 39,284,000 14.375 9.67 04/10 - 06/10
D A-/A- 13,469,000 12.875 9.74 06/10 - 06/10
E BBB/BBB 25,815,000 10.000 9.74 06/10 - 06/10
PRIVATELY OFFERED CLASSES (D)
------------------------------------------------------------------------------------------------------
F BBB-/BBB- 11,224,000 8.750 N/A N/A
G BB+/BB+ 26,938,000 5.750 N/A N/A
H BB/BB 6,734,000 5.000 N/A N/A
J BB-/BB- 6,734,000 4.250 N/A N/A
K B+/B+ 10,101,000 3.125 N/A N/A
L B/B 7,856,000 2.250 N/A N/A
M B-/B- 6,734,000 1.500 N/A N/A
N CCC/CCC 4,489,000 1.000 N/A N/A
O NR/NR 8,987,215 0.000 N/A N/A
X AAA/AAA $897,940,215 (c) N/A N/A N/A
TOTAL SECURITIES: $897,940,215
------------------------------------------------------------------------------------------------------
</TABLE>
(a) Class A-1 is expected to have a fixed pass-through rate. Classes A-2, B, C
and D are expected to have a fixed pass-through rate subject to a WAC cap.
Class E is expected to have a variable pass-through rate equal to WAC.
(b) Calculated at 0% CPR, assuming no balloon payment extension and that ARD
Loans pay in full on Anticipated Repayment Dates.
(c) Notional amount on interest only class.
(d) Not offered hereby.
KEY FEATURES:
<TABLE>
<CAPTION>
<S> <C>
Co-Lead Managers: Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
Bookrunner: Deutsche Bank Securities Inc.
Co-Manager: Chase Securities Inc.
Mortgage Loan Sellers: German American Capital Corporation (a)
Morgan Guaranty Trust Company of New York (b)
LaSalle Bank National Association
Servicer/ Special Servicer: ORIX Real Estate Capital Markets, LLC.
Trustee: Wells Fargo Bank Minnesota, N.A
Bond Administrator: LaSalle Bank National Association
Launch: September 2000
Pricing: September 2000
Closing: September 2000
Cut-Off Date: September 1st, 2000, except for 3 loans
Distribution Date: 15th of each month, or following business day (commencing October,
2000)
Payment Delay: 14 days
ERISA Eligible: Classes A-1 and A-2 are expected to be ERISA eligible subject to
certain conditions for eligibility. The Department of Labor has
proposed amendments to the Underwriter Exemption that, if
finalized in current form, also would permit Plans to purchase the
Class B, Class C, Class D and Class E Certificates. It is not
certain if and when these amendments will be issued or whether
they will contain the same relief as is currently proposed.
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: Distribution Date in August 2033
Clean up Call: 1%
Minimum Denominations: Publicly Offered Classes: Class A-1 & A-2 $10,000 & $1; Classes B,
C, D and E $25,000 & $1.
Delivery: DTC, Clearstream, Euroclear
</TABLE>
(a) A wholly owned subsidiary of Deutsche Bank Alex. Brown. (b) A wholly owned
subsidiary of J.P. Morgan & Co.
COLLATERAL FACTS (A):
Initial Pool Balance: $897,940,215
Number of Mortgage Loans: 112
Number of Mortgaged Properties: 126
Average Cut-Off Date Balance: $8,017,323
Weighted Average Current Mortgage Rate: 8.203%
Weighted Average U/W DSCR: 1.49x
Weighted Average Cut-Off Date LTV Ratio: 65.68%
Weighted Average Remaining Term to Maturity (months): 112.0
Weighted Average Remaining Amortization Term (months): 331.9
Weighted Average Seasoning (months): 10.1
Balloon Loans as % of Total (b): 99.74%
Single Largest Loan as % of Total: 10.20%
Five Largest Loans as % of Total: 28.43%
Ten Largest Loans as % of Total: 42.22%
(a) For purposes of calculating Weighted Average DSCR and Weighted Average LTV
throughout the Structural and Collateral Term Sheet, one credit tenant
lease Loan was excluded.
(b) Includes 21 ARD loans totaling $361.0 MM and 40.2% of the Initial Pool
Balance.
TEN LARGEST LOANS
<TABLE>
<CAPTION>
CURRENT
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Crowne Plaza Manhattan $91,611,396 10.20% 41.64% 2.21x Hotel
Alliance TP Portfolio 59,954,121 6.68 65.78 1.48 Multifamily
Crystal Park One 41,970,321 4.67 49.96 2.13 Office
Radisson Mart Plaza Hotel 31,785,637 3.54 54.80 1.61 Hotel
Hampton Village Center 29,978,012 3.34 64.33 1.55 Anchored Retail
Detroit Mac 29,810,151 3.32 73.06 1.22 Industrial
105 East 17th Street 25,139,203 2.80 75.27 1.31 Office
Douglas Development Portfolio 24,430,501 2.72 55.52 1.32 Office/Unanchored Retail
Village Hillcrest 22,774,663 2.54 69.01 1.48 Mixed Use
Fairgrounds Square Mall 21,636,722 2.41 74.35 1.48 Anchored Retail
---------- ----
TOTAL/WTD. AVG. $379,090,728 42.22% 58.38% 1.70X
------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED ---------------------------------------------
MORTGAGE LOAN SELLERS LOANS (MM) % BY UPB
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
German American Capital Corporation 29 $419,980,474 46.77%
Morgan Guaranty Trust Co of NY 47 249,914,693 27.83
LaSalle Bank National Association 36 228,045,048 25.40
-- ----------- -----
TOTAL/WTD. AVG. 112 $897,940,215 100.00%
------------------------------------------------------------------------------------------------------------
</TABLE>
SELECTED LOAN DATA:
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED --------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION PROPERTIES (MM) % BY UPB WA. LTV WA. DSCR
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Michigan 23 $182,477,010 20.32% 70.27% 1.37x
New York 12 149,393,217 16.64 53.14 1.87
California 24 124,448,407 13.86 70.45 1.33
Florida 12 68,276,570 7.60 62.29 1.45
Illinois 7 67,509,186 7.52 71.81 1.34
Virginia 2 46,348,775 5.16 50.49 2.06
Other 46 259,487,051 28.90 69.68 1.38
-- ----------- -----
TOTAL/WTD. AVG. 126 $897,940,215 100.00% 65.68 1.49X
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED --------------------------------------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY UPB WA. LTV WA. DSCR
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Multifamily 53 $254,425,526 28.33% 70.48% 1.36x
Conventional 37 183,696,292 20.46 71.96 1.36
Mobile Home Park 15 53,746,678 5.99 68.43 1.35
Suites 1 16,982,556 1.89 61.09 1.35
Retail 33 203,635,030 22.68 69.29 1.41
Anchored Retail 18 163,107,590 18.16 70.23 1.42
Unanchored Retail 15 40,527,440 4.51 65.80 1.37
Office 18 161,478,524 17.98 64.16 1.53
Hotel 4 149,154,410 16.61 49.05 1.95
Industrial 9 84,178,875 9.37 72.97 1.24
Mixed Use 2 26,771,522 2.98 68.74 1.47
Self Storage 7 18,296,328 2.04 71.97 1.31
- ------------ ----
TOTAL/WTD. AVG. 126 $897,940,215 100.00% 65.68% 1.49X
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED --------------------------------------------------------------
PREPAYMENT RESTRICTIONS LOANS (MM) % BY UPB WA. LTV WA. DSCR
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Lockout/Defeasance 107 $806,719,302 89.84% 65.79% 1.49x
Lockout/YM/Defeasance 2 76,936,677 8.57 64.74 1.45
Lockout/Greater of 1% or YM 2 8,793,210 0.98 73.35 1.22
YM/Defeasance 1 5,491,025 0.61 49.47 1.99
- --------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% 65.68% 1.49X
-------------------------------------------------------------------------------------------------------------
</TABLE>
DEUTSCHE BANC ALEX. BROWN J.P. MORGAN & CO.
CHASE SECURITIES INC.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
MORTGAGE LOAN SELLERS OVERVIEW
-------------------------------------------------------------------------------
o GERMAN AMERICAN CAPITAL CORPORATION (GACC) - 29 Mortgage Loans, which
represent security for 46.77% of the Initial Outstanding Pool Balance, will
be sold to the Depositor by GACC. GACC is a wholly owned subsidiary of
Deutsche Bank Americas Holding Corp., which in turn is a wholly-owned
subsidiary of Deutsche Bank AG, a German corporation, which carries ratings
of Aa3/AA/AA from Moody's, S&P, and Fitch, respectively. GACC is also an
affiliate of Deutsche Bank Securities Inc., one of the Underwriters. GACC
engages primarily in the business of origination, purchasing and holding
mortgage loans pending securitization, repackaging or other disposition.
o MORGAN GUARANTY TRUST COMPANY OF NEW YORK (MGT) - 47 Mortgage Loans, which
represent security for 27.83% of the Initial Outstanding Pool Balance, will
be sold to the Depositor by MGT. MGT is a wholly owned subsidiary and the
principal asset of J.P. Morgan & Co. Incorporated. MGT carries ratings of
Aa3/AA/AA from Moody's, S&P, and Fitch, respectively. MGT is also an
affiliate of J.P. Morgan Securities Inc., one of the Underwriters. MGT is a
commercial bank offering a wide range of banking services to its customers
both domestically and internationally.
o LASALLE BANK NATIONAL ASSOCIATION (LASALLE) - 36 Mortgage Loans, which
represent security for 25.40% of the Initial Outstanding Pool Balance, will
be sold to the Depositor by LaSalle. LaSalle is a commercial bank with
principal offices in Chicago, Illinois. LaSalle is a subsidiary of LaSalle
National Corporation, which is a subsidiary of ABN AMRO Bank N.A., a bank
organized under the laws of The Netherlands. LaSalle Bank National
Association carries ratings of Aa3/AA- from Moody's and S&P, respectively.
LaSalle is a commercial bank offering a wide range of banking services to
customers in the United States.
[PIE CHART]
GERMAN AMERICAN CAPITAL CORPORATION 46.77%
MORGAN GUARANTY TRUST COMPANY OF NEW YORK 27.83%
LASALLE BANK NATIONAL ASSOCIATION 25.40%
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
--------------------------------------------------------------------------------
o For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the Class A-1,
A-2, B, C, D, E, F, G, H, J, K, L, M, N and O certificates.
-- In case the principal balance of Classes O, N, M, L, K, J, H, G, F, E,
D, C, B, in that order, have been reduced to zero due to the allocation
of principal losses, then A-1 and A-2 will be allocated principal pro
rata.
o Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A-1 and
A-2 certificates each month.
o Each Class will be subordinate to the Class A-1, A-2, and X and to each
Class with an earlier alphabetic designation than such Class. Each of the
Class A-1, A-2, and X Certificates will be of equal priority.
o All Classes will pay interest on a 30/360 basis.
o Principal Losses will be allocated in reverse alphabetical order to Class
O, N, M, L, K, J, H, G, F, E, D, C, B, and then pro rata to Class A-1 and
A-2.
o The Master Servicer will cover net prepayment interest shortfalls on loans
that are not specially serviced, provided that with respect to any loans
with due dates on or preceding the related determination date the Master
Servicer will only cover net prepayment interest shortfalls up to the
Master Servicing fee on the principal balance of such loans. Net prepayment
interest shortfalls (after application of prepayment interest excesses and
other Servicer coverage from the Master Servicing Fee) will be allocated
pro-rata (based on interest entitlements) to all regular Certificates.
o Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes of
outstanding regular Certificates other than to the Class X.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF PROPERTY TYPES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 53 $254,425,526 28.33% $4,800,482 1.36x 7.930% 105.1 70.48%
Conventional 37 183,696,292 20.46 4,964,765 1.36 7.856 104.3 71.96
Mobile Home Park 15 53,746,678 5.99 3,583,112 1.35 8.226 112.9 68.43
Suites 1 16,982,556 1.89 16,982,556 1.35 7.790 90.0 61.09
Retail 33 203,635,030 22.68 6,170,758 1.41 8.327 122.9 69.29
Anchored Retail 18 163,107,590 18.16 9,061,533 1.42 8.268 126.2 70.23
Unanchored Retail 15 40,527,440 4.51 2,701,829 1.37 8.565 109.8 65.80
Office 18 161,478,524 17.98 8,971,029 1.53 8.243 110.0 64.16
Hotel 4 149,154,410 16.61 37,288,603 1.95 8.548 114.5 49.05
Industrial 9 84,178,875 9.37 9,353,208 1.24 8.226 110.7 72.97
Mixed Use 2 26,771,522 2.98 13,385,761 1.47 7.433 98.4 68.74
Self Storage 7 18,296,328 2.04 2,613,761 1.31 8.453 108.2 71.97
- -------------- ----
TOTAL/WTD. AVG. 126 $897,940,215 100.00% $7,126,510 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Includes Conventional, Mobile Home Park, and Suites.
(b) Includes Anchored and Unanchored.
[PIE CHART]
OTHER 5.0%
INDUSTRIAL 9.4%
HOTEL 16.6%
OFFICE 18.0%
RETAIL (B) 22.7%
MULTIFAMILY (A) 28.3%
(a) Includes Conventional, Mobile Home Park, and Suites.
(b) Includes Anchored and Unanchored.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
-------------------------------------------------------------------------------
CA 13.86%
NV 3.31%
AZ 0.80%
CO 0.30%
NM 0.12%
TX 2.23%
OK 0.25%
MN 0.47%
MO 0.32%
WI 0.81%
IL 7.52%
MS 0.48%
MI 20.32%
IN 0.31%
OH 2.96%
KY 0.83%
WV 0.90%
AL 0.12%
GA 0.14%
FL 7.60%
NY 16.64%
PA 2.41%
VA 5.16%
NC 0.59%
SC 2.11%
ME 1.20%
MA 2.81%
CT 0.61%
NJ 0.99%
MD 3.82%
[PIE CHART]
ILLINOIS 7.5%
FLORIDA 7.6%
CALIFORNIA 13.9%
NEW YORK 16.6%
MICHIGAN 20.3%
OTHER (A) 34.1%
(a) Includes 25 states
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE (A)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
STATE LOAN BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Michigan 23 $182,477,010 20.32% $7,933,783 1.37x 8.043% 109.9 70.27%
New York 12 149,393,217 16.64 12,449,435 1.87 8.460 113.1 53.14
California 24 124,448,407 13.86 5,185,350 1.33 8.196 107.7 70.45
Florida 12 68,276,570 7.60 5,689,714 1.45 8.446 111.2 62.29
Illinois 7 67,509,186 7.52 9,644,169 1.34 7.765 132.6 71.81
Virginia 2 46,348,775 5.16 23,174,387 2.06 7.831 108.1 50.49
Maryland 6 34,311,458 3.82 5,718,576 1.33 8.105 107.5 60.37
Nevada 2 29,746,796 3.31 14,873,398 1.31 8.069 100.3 66.87
Ohio 4 26,605,882 2.96 6,651,471 1.37 8.179 106.7 68.68
Massachusetts 2 25,200,343 2.81 12,600,171 1.38 8.605 115.1 68.49
Pennsylvania 1 21,636,722 2.41 21,636,722 1.48 7.990 107.0 74.35
Texas 8 20,007,717 2.23 2,500,965 1.38 8.644 110.6 71.31
South Carolina 1 18,969,964 2.11 18,969,964 1.24 8.000 117.0 77.43
Maine 1 10,786,711 1.20 10,786,711 1.20 8.800 117.0 72.88
New Jersey 3 8,890,643 0.99 2,963,548 1.41 8.694 117.4 72.34
West Virginia 1 8,038,842 0.90 8,038,842 2.35 7.960 107.0 70.52
Kentucky 1 7,494,864 0.83 7,494,864 1.21 8.690 118.0 74.95
Wisconsin 1 7,246,520 0.81 7,246,520 1.20 8.570 114.0 78.77
Arizona 2 7,138,790 0.80 3,569,395 1.31 8.184 107.4 71.71
Connecticut 1 5,491,025 0.61 5,491,025 1.99 7.170 94.0 49.47
North Carolina 1 5,292,532 0.59 5,292,532 1.24 8.380 117.0 78.18
Mississippi 1 4,294,620 0.48 4,294,620 1.23 8.750 117.0 79.53
Minnesota 1 4,264,651 0.47 4,264,651 1.25 8.880 114.0 77.54
Missouri 2 2,873,337 0.32 1,436,669 1.25 8.453 114.5 77.10
Indiana 1 2,785,590 0.31 2,785,590 1.25 8.430 110.0 79.36
Colorado 1 2,696,711 0.30 2,696,711 1.46 8.830 117.0 62.71
Oklahoma 2 2,279,375 0.25 1,139,687 1.60 7.690 177.0 49.02
Georgia 1 1,249,185 0.14 1,249,185 1.45 8.800 118.0 71.38
Alabama 1 1,107,508 0.12 1,107,508 1.40 8.390 103.0 73.34
New Mexico 1 1,077,264 0.12 1,077,264 1.36 8.750 106.0 66.91
- --------- ----
TOTAL/WTD. AVG. 126 $897,940,215 100.00% $7,126,510 1.49X 8.203% 112.0 65.68%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) If a Mortgage Loan is secured by properties in multiple states, it is
treated as multiple Mortgage Loans each of which is allocated a cut-off
balance based on the allocated loan amount.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIOS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF DEBT NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
SERVICE COVERAGE MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
RATIOS LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.100 - 1.199x 1 $1,599,510 0.18% $1,599,510 1.15x 8.260% 108.0 69.85%
1.200 - 1.299 53 310,926,171 34.63 5,866,532 1.24 8.346 110.6 74.05
1.300 - 1.399 29 209,369,240 23.32 7,219,629 1.35 8.245 108.7 67.52
1.400 - 1.499 15 137,448,660 15.31 9,163,244 1.47 7.733 102.2 68.60
1.500 - 1.599 4 35,517,211 3.96 8,879,303 1.55 8.478 121.3 64.12
1.600 - 1.699 2 33,619,490 3.74 16,809,745 1.61 8.643 110.9 55.22
1.700 - 1.799 2 5,997,929 0.67 2,998,965 1.77 8.015 112.0 62.60
1.900 - 1.999 2 8,985,245 1.00 4,492,623 1.97 7.434 102.9 48.85
2.100 - 2.399 3 141,620,560 15.77 47,206,853 2.20 8.257 112.8 45.75
CTL 1 12,856,200 1.43 12,856,200 1.00 7.160 280.0 96.88
- ---------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE RATIOS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
LOAN TO VALUE RATIOS PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
40.0 - 44.9% 1 $91,611,396 10.20% 91,611,396 2.21x 8.473% 115.0 41.64%
45.0 - 49.9 5 54,520,856 6.07 10,904,171 2.06 7.796 110.8 49.73
50.0 - 54.9 2 34,776,282 3.87 17,388,141 1.63 8.656 112.2 54.66
55.0 - 59.9 3 27,781,471 3.09 9,260,490 1.33 7.933 101.7 55.77
60.0 - 64.9 12 85,709,043 9.55 7,142,420 1.43 8.303 109.1 62.98
65.0 - 69.9 24 189,710,078 21.13 7,904,587 1.40 7.942 105.7 67.17
70.0 - 74.9 37 235,631,770 26.24 6,368,426 1.34 8.390 111.6 72.78
75.0 - 79.9 26 163,916,987 18.25 6,304,500 1.26 8.193 108.6 77.73
85.0 - 89.9 1 1,426,131 0.16 1,426,131 1.22 8.730 113.0 85.40
CTL 1 12,856,200 1.43 12,856,200 1.00 7.160 280.0 96.88
- ------------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
BALANCES LOANS BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0 - 999,999 1 $988,841 0.11% $988,841 1.26x 8.620% 107.0 65.92%
1,000,000 - 1,999,999 19 27,807,975 3.10 1,463,578 1.35 8.543 109.1 69.30
2,000,000 - 2,999,999 21 54,487,389 6.07 2,594,638 1.38 8.390 115.1 69.10
3,000,000 - 3,999,999 16 56,721,924 6.32 3,545,120 1.35 8.308 113.3 71.27
4,000,000 - 4,999,999 10 44,931,689 5.00 4,493,169 1.30 8.363 111.6 72.36
5,000,000 - 5,999,999 7 38,129,672 4.25 5,447,096 1.40 8.203 110.3 71.03
6,000,000 - 6,999,999 4 24,879,860 2.77 6,219,965 1.32 8.607 113.2 71.06
7,000,000 - 7,999,999 4 29,421,717 3.28 7,355,429 1.26 8.546 113.3 73.67
8,000,000 - 8,999,999 6 50,639,044 5.64 8,439,841 1.43 8.166 109.0 69.63
9,000,000 - 9,999,999 3 27,744,883 3.09 9,248,294 1.26 8.557 115.3 76.10
10,000,000 - 12,999,999 6 71,076,065 7.92 11,846,011 1.29 8.089 142.5 70.62
15,000,000 - 18,999,999 3 51,230,134 5.71 17,076,711 1.26 7.862 94.9 72.35
20,000,000 - 24,999,999 5 109,632,180 12.21 21,926,436 1.39 8.029 106.1 67.34
25,000,000 - 31,999,999 4 116,713,003 13.00 29,178,251 1.43 8.429 112.6 66.32
41,000,000 - 92,000,000 3 193,535,839 21.55 64,511,946 1.97 7.979 107.8 50.92
- ----------- -----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.7501 - 7.0000% 1 $4,313,496 0.48% $4,313,496 1.35x 6.970% 95.0 77.03%
7.0001 - 7.2500 2 18,347,225 2.04 9,173,613 1.99 7.163 224.3 49.47
7.2501 - 7.5000 3 84,562,638 9.42 28,187,546 1.48 7.310 95.6 66.57
7.5001 - 7.7500 2 26,709,876 2.97 13,354,938 1.35 7.745 106.6 54.97
7.7501 - 8.0000 19 205,792,306 22.92 10,831,174 1.53 7.893 104.9 67.50
8.0001 - 8.2500 20 104,848,564 11.68 5,242,428 1.31 8.199 112.3 71.76
8.2501 - 8.5000 24 181,592,208 20.22 7,566,342 1.76 8.425 113.9 56.42
8.5001 - 8.7500 23 204,454,220 22.77 8,889,314 1.38 8.617 113.9 68.78
8.7501 - 9.0000 10 50,680,239 5.64 5,068,024 1.29 8.877 115.6 72.02
9.0001 - 9.2500 3 6,324,700 0.70 2,108,233 1.31 9.105 113.0 62.63
9.2501 - 9.5000 5 10,314,743 1.15 2,062,949 1.45 9.280 115.7 63.85
- ------------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
TO MATURITY (MOS) LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
84 2 $16,768,576 1.87% $8,384,288 1.21x 7.803% 73.0 78.16%
120 107 863,675,027 96.18 8,071,729 1.50 8.228 110.1 65.44
126 1 2,361,037 0.26 2,361,037 1.27 7.910 100.0 78.70
180 1 2,279,375 0.25 2,279,375 1.60 7.690 177.0 49.02
304 (CTL) 1 12,856,200 1.43 12,856,200 1.00 7.160 280.0 96.88
- ----------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF REMAINING TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
TO MATURITY (MOS) LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
72-83 2 $16,768,576 1.87% $8,384,288 1.21x 7.803% 73.0 78.16%
84-95 5 51,395,594 5.72 10,279,119 1.49 7.414 93.1 64.74
96-107 12 143,174,963 15.94 11,931,247 1.47 7.707 100.6 65.57
108-119 91 671,465,507 74.78 7,378,742 1.50 8.400 113.4 65.52
168-179 1 2,279,375 0.25 2,279,375 1.60 7.690 177.0 49.02
276-287 (CTL) 1 12,856,200 1.43 12,856,200 1.00 7.160 280.0 96.88
- ----------------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
(MOS) LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
170-189 1 $2,279,375 0.25% $2,279,375 1.60x 7.690% 177.0 49.02%
210-229 2 25,507,765 2.84 12,753,883 1.33 7.792 100.3 56.00
270-289 8 34,546,543 3.85 4,318,318 1.35 8.058 97.4 64.86
290-309 10 164,797,862 18.35 16,479,786 1.89 8.575 114.3 50.88
310-329 1 59,954,121 6.68 59,954,121 1.48 7.320 96.0 65.78
330-349 27 241,350,148 26.88 8,938,894 1.52 7.859 113.2 67.62
350-360 63 369,504,400 41.15 5,865,149 1.32 8.449 114.5 71.90
-- ------------ -----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 90 $534,645,444 59.54% $5,940,505 1.35x 8.287% 113.9 69.74%
Hyperamortizing 21 361,015,396 40.20 17,191,209 1.69 8.081 108.7 59.91
Fully Amortizing 1 2,279,375 0.25 2,279,375 1.60 7.690 177.0 49.02
- --------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 107 $806,719,302 89.84% $7,539,433 1.49x 8.279% 113.7 65.79%
Lockout/YM/Defeasance 2 76,936,677 8.57 38,468,339 1.45 7.424 94.7 64.74
Lockout/Greater of 1% or YM 2 8,793,210 0.98 4,396,605 1.22 8.691 117.9 73.35
YM/Defeasance 1 5,491,025 0.61 5,491,025 1.99 7.170 94.0 49.47
- --------- ----
TOTAL/WTD. AVG. 112 $897,940,215 100.00% $8,017,323 1.49X 8.203% 112.0 65.68%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS (I)
--------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS:
Prepayment premiums and yield maintenance amounts with respect to all loans will
be allocated between the related Certificates then entitled to principal
distributions and the Class X Certificates as follows:
o A percentage of all prepayment premiums and yield maintenance amounts with
respect to all loans will be allocated first, between the Class A-1, A-2,
B, C, D and E certificates then entitled to principal distributions and the
Class X certificates until the certificate balances of those classes have
been reduced to zero; second, between the Class F certificates and the
Class X certificates until the certificate balance of the Class F
certificates has been reduced to zero; and third, 100% to the Class X
certificates. The percentage will be equal to the product of (a) the
percentage of the total principal distribution that such Class receives,
and (b) a percentage (which can be no greater than 100%), the numerator of
which is the excess, if any, of the Pass-Through Rate of the Class of the
Certificates currently receiving principal over the relevant Discount Rate,
and the denominator of which is the excess, if any, of the Mortgage Rate of
the related Mortgage Loan over the Discount Rate.
------------------------------------------------------------------
Prepayment (Pass-Through Rate - Discount Rate )
Premium Allocation = ---------------------------------------
Percentage (Mortgage Rate - Discount Rate)
------------------------------------------------------------------
o The remaining percentage of such prepayment premiums and yield maintenance
amounts will be allocated to the Class X Certificates.
o In general, this formula provides for an increase in the allocation of
prepayment premiums and yield maintenance premiums to the Class A-1, A-2,
B, C, D, E and F Certificates then entitled to principal distributions
relative to the Class X Certificates as Discount Rates decrease and a
decrease in the allocation to such Classes as Discount Rates rise.
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
Bond Class Rate = 6%
Treasury Rate = 5%
% of Principal Distributed to Class = 100%
BOND CLASS ALLOCATION CLASS X ALLOCATION
---------------------------------------------------------------------------
6% - 5% x 100% = 33 1/3% Receives excess premiums = 66 2/3% thereof
-------
8% - 5%
(i) For further information regarding the allocation of prepayment premiums,
refer to the Prospectus Supplement.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PREPAYMENT PROFILE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT OF PRINCIPAL (A) (B)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 2000 2001 2002 2003 2004 2005
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Locked out/Defeasance 99.39% 97.51% 100.00% 100.00% 100.00% 99.15%
Yield Maintenance 0.61% 2.49% 0.00% 0.00% 0.00% 0.85%
------------------------------------------------------------------------------------------------------------------------------------
Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) $897.94 $889.72 $880.79 $871.09 $860.76 $849.35
% OF INITIAL UPB 100.00% 99.08% 98.09% 97.01% 95.86% 94.59%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 2006 2007 2008 2009 2010 2011
------------------------------------------------------------------------------------------------------------------------------------
Locked out/Defeasance 97.11% 98.97% 95.90% 57.60% 100.00% 100.00%
Yield Maintenance 1.00% 1.03% 1.18% 1.35% 0.00% 0.00%
------------------------------------------------------------------------------------------------------------------------------------
Open 1.88% 0.00% 2.92% 41.05% 0.00% 0.00%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) $836.96 $807.96 $696.27 $599.01 $12.06 $11.57
% OF INITIAL UPB 93.21% 89.98% 77.54% 66.71% 1.34% 1.29%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
--------------------------------------------------------------------------------
AVERAGE LIFE TABLE (IN YEARS)
(PREPAYMENTS LOCKED OUT THROUGH LOCK OUT PERIOD, DEFEASANCE, YIELD MAINTENANCE
AND PENALTY PERIOD THEN RUN AT THE INDICATED CPRS)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PREPAYMENT ASSUMPTIONS (CPR)
0% CPR 25% CPR 50% CPR 75% CPR 100% CPR
--------------------------------------------------------------------------------
A-1 5.60 5.59 5.57 5.55 5.48
A-2 9.07 9.06 9.04 9.02 8.82
B 9.57 9.57 9.57 9.57 9.49
C 9.67 9.64 9.62 9.59 9.52
D 9.74 9.74 9.70 9.65 9.57
E 9.74 9.74 9.74 9.71 9.57
--------------------------------------------------------------------------------
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CROWNE PLAZA MANHATTAN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Information
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $92,000,000 $91,611,396
% OF POOL BY UPB 10.20%
ORIGINATOR: German American Capital Corporation
NOTE DATE: March 8, 2000
INTEREST RATE: 8.473%
AMORTIZATION: 25 years
MATURITY DATE: April 1, 2025
ARD DATE: April 1, 2010
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity sponsored by Kumagai Gumi Co.,
Ltd. (the "Sponsor"), a Japanese
corporation. Recent news reports indicate
that the Sponsor, a construction company, is
asking creditors to forgive the equivalent of
approximately $4.2 billion of its loans,
which is approximately 40% of its total
debt. Neither the Sponsor nor its lenders
have yet released official statements other
than confirming that they are discussing
various business matters. The Sponsor has
only guaranteed the non-recourse obligations
of the Crowne Plaza Loan. If the Sponsor
becomes insolvent or otherwise defaults on
its obligations under its guaranty, such
event would constitute a technical default
under the Crowne Plaza Loan.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: At closing, an affiliate of a pension advisor and
a state retirement fund provided a $28.0 million
companion loan secured by the first mortgage on
the property and a $25.0 million mezzanine loan
secured solely by partnership interests.
CASH MANAGEMENT: Hard Lockbox
MONTHLY RESERVES: Tax & Insurance Escrows - 1/12 estimated
annual tax and insurance bills FF&E Reserve - 5%
Gross Income from hotel operations for the second
month prior
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Property Information
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Hotel with Office
LOCATION: New York, NY
YEAR BUILT / RENOVATED: 1989 / 1998
THE COLLATERAL: A full service hotel and office building
located in Midtown Manhattan, consisting
of 770 rooms, 178,944 square feet of
office space, 42,738 sq. ft. of retail
and restaurant space, 159 parking garage
spaces, and 30,714 sq. ft. of meeting
and banquet facilities.
PROPERTY MANAGEMENT: Town Park Hotel Corporation, a
wholly-owned subsidiary of Bass Hotels
and Resorts.
CURRENT OCCUPANCY (05/31/00): 87.2% (Hotel)/100% (Office)
UNDERWRITTEN NET CASH FLOW: $19,632,794
APPRAISED VALUE: $220,000,000
APPRAISAL DATE: September 15, 1999
CUT-OFF DATE LOAN/ROOM: $118,976
CUT-OFF DATE LTV: 41.64%
BALLOON LTV: 34.93%
UWNCF DSCR: 2.21x
--------------------------------------------------------------------------------
OPERATING HISTORY
----------------- ------------ ---------- ---------------------- ------------
1998 1999 2000 (T-12, 05/31) UW
----------------- ------------ ---------- ---------------------- ------------
Occupancy: 86.5% 86.3% 87.2% 84.0%
----------------- ------------ ---------- ---------------------- ------------
ADR: $206.5 $217.5 $221.5 $221.5
----------------- ------------ ---------- ---------------------- ------------
RevPAR: $178.6 $187.1 $193.3 $186.1
----------------- ------------ ---------- ---------------------- ------------
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CROWNE PLAZA MANHATTAN
--------------------------------------------------------------------------------
[PICTURE] [PICTURE]
o THE PROPERTY IS LOCATED IN THE CENTER OF TIMES SQUARE AT THE CORNER OF 49TH
STREET AND BROADWAY IN MIDTOWN MANHATTAN.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ALLIANCE TP PORTFOLIO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Information
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $61,128,954 $59,954,121
% OF POOL BY UPB 6.68%
ORIGINATOR: German American Capital Corporation
NOTE DATE: July 29, 1998
INTEREST RATE: 7.32%
AMORTIZATION: 29 years
MATURITY DATE: September 1, 2028
ARD DATE: September 1, 2008
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity sponsored by Alliance Capital, LLC,
a privately owned real estate investment company.
CALL PROTECTION: Prepayment lockout; Yield maintenance; U.S.
Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: A companion loan in the amount of $15.6
million (approximate) secured by the first
mortgage on the property, as well as a $11.8
million (approximate) mezzanine loan secured
solely by partnership interests in the borrower.
CASH MANAGEMENT: Soft Lockbox
MONTHLY RESERVES: Tax & Insurance Escrows - 1/12 estimated
annual tax and insurance bills
Replacement Reserves - $51,817
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Property Information
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Multifamily
LOCATION: Michigan, Illinois, Ohio
YEAR BUILT / RENOVATED: 1968, 1971-1975/1999
THE COLLATERAL: Eight garden-style multifamily
properties containing a total of 2,248
units located in three states.
PROPERTY MANAGEMENT: Alliance Residential Management, LLC.
(an affiliate of the Borrower)
CURRENT OCCUPANCY (05/01/00): 95%
UNDERWRITTEN NET CASH FLOW: $7,506,378
APPRAISED VALUE: $91,150,000
APPRAISAL DATE: July 15, 1998
CUT-OFF DATE LOAN/UNIT: $26,670
CUT-OFF DATE LTV: 65.78%
BALLOON LTV: 58.17%
UWNCF DSCR: 1.48x
--------------------------------------------------------------------------------
COLLATERAL DETAIL
<TABLE>
<CAPTION>
----------------------------------------- ------------------------------------------------------------------------------------------
Property City State Number of Units Current Occupancy Allocated Cut-Off Date Percentage of Cut-Off
Loan Amount Date Loan Amount
----------------------------------------- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Scenictree Apartments Palos Hills IL 448 97% $12,774,409 21.31%
----------------------------------------- ------------------------------------------------------------------------------------------
Woodsfield Apartments Fairfield OH 392 94% $12,181,781 20.32%
----------------------------------------- ------------------------------------------------------------------------------------------
Appletree Apartments Ypsilanti MI 382 98% $11,391,612 19.00%
----------------------------------------- ------------------------------------------------------------------------------------------
Peachtree Apartments Clinton Township MI 306 95% $9,514,960 15.87%
----------------------------------------- ------------------------------------------------------------------------------------------
Clovertree Apartments Flint MI 252 93% $5,004,408 8.35%
----------------------------------------- ------------------------------------------------------------------------------------------
Arrowtree Apartments Okemos MI 114 92% $3,489,916 5.82%
----------------------------------------- ------------------------------------------------------------------------------------------
Goldentree Apartments Portage MI 180 87% $2,897,289 4.83%
----------------------------------------- ------------------------------------------------------------------------------------------
Sugartree Apartments Mount Morris MI 174 96% $2,699,746 4.50%
----------------------------------------- ------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ALLIANCE TP PORTFOLIO
--------------------------------------------------------------------------------
[MAP]
o DIVERSIFIED MULTIFAMILY PORTFOLIO LOCATED IN 3 STATES.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CRYSTAL PARK ONE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Information
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $42,286,048 $41,970,321
% OF POOL BY UPB 4.67%
ORIGINATOR: German American Capital Corporation
NOTE DATE: October 1, 1999
INTEREST RATE: 7.84%
AMORTIZATION: 30 years
MATURITY DATE: October 1, 2029
ARD DATE: October 1, 2009
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity sponsored by Charles E. Smith
Commercial Realty.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: A companion loan in the amount of $13.6
million (approximate) secured by the first
mortgage on the property.
CASH MANAGEMENT: Hard Lockbox
MONTHLY RESERVES: Tax & Insurance Escrows - 1/12 estimated
annual tax and insurance bills
Replacement Reserves - $9,547
TI/LC Reserves - $31,406 (non-PTO space)
OTHER RESERVES: $6MM PTO rollover reserve established ($3MM
Letter of Credit at closing, $150K/monthly
beginning at closing for 19 months) to offset
the TI/LC costs associated with potential PTO
roll in 2001 and 2004.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Property Information
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Arlington, VA
YEAR BUILT: 1984-1985
THE COLLATERAL: The property is an 11-story, Class A
office property located in Arlington,
Virginia comprised of 411,563 sf of
office space, 3,380 sf of retail space
(located on the first floor), 1,581 sf
of storage space, and 703 parking spaces
in a three-level underground garage.
PROPERTY MANAGEMENT: Charles E. Smith Management Inc. (an
affiliate of the Borrower)
CURRENT OCCUPANCY (07/12/00): 99.3%
UNDERWRITTEN NET CASH FLOW: $7,778,003
APPRAISED VALUE: $84,000,000
APPRAISAL DATE: August 13, 1999
CUT-OFF DATE LOAN/UNIT: $100.76
CUT-OFF DATE LTV: 49.96%
BALLOON LTV: 44.26%
UWNCF DSCR: 2.13x
--------------------------------------------------------------------------------
FOUR LARGEST TENANTS
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Square Percentage of Date of
Tenant Footage Leased Total Leaseable Area Type Lease Expiration
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GSA: Patent and Trade Office (US Government) 255,849 61.42% 05/01 - 02/04
---------------------------------------------------------------------------------------------------------------------
GSA: Other (US Government) 63,646 15.28% 10/00 - 12/05
---------------------------------------------------------------------------------------------------------------------
KPMG 22,472 5.40% 10/15/2003
---------------------------------------------------------------------------------------------------------------------
Syscon Corporation 19,812 4.76% 05/31/2001
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CRYSTAL PARK ONE
--------------------------------------------------------------------------------
[PICTURE]
[PICTURE]
o LOCATED ADJACENT TO THE REAGAN NATIONAL AIRPORT.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
RADISSON MART PLAZA HOTEL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Information
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $32,000,000 $31,785,637
% OF POOL BY UPB 3.54%
ORIGINATOR: Morgan Guaranty Trust Company
NOTE DATE: December 17, 1999
INTEREST RATE: 8.71%
AMORTIZATION: 25 years
MATURITY DATE: January 1, 2010
BORROWER: The Borrower, South Florida Hotel, Inc., is a
single purpose, bankruptcy remote entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: Mezzanine debt of $4.0MM secured by a pledge
of the sole stockholders' interest in the
Borrower.
CASH MANAGEMENT: Hard Lockbox
MONTHLY RESERVES: Tax & Insurance Escrows - 1/12 estimated
annual tax and insurance bills
Replacement Reserves - $17,333
TI/LC Reserves - $25,000 ($300K Cap)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Property Information
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Hotel
LOCATION: Miami, FL
YEAR BUILT / RENOVATED: 1975/1999
THE COLLATERAL: The property is located in Miami,
Florida and consists of i) a 12-story,
full-service hotel comprised of 334
units, ii) the 291,558 sf. Miami
International Merchandise Mart and iii)
a 106,272 sf. convention center. The
appraisal allocates 49.14% of the value
to the hotel and 50.86% to the Mart and
Hall.
PROPERTY MANAGEMENT: Florida Hotel Management, LLC. (an
affiliate of the Borrower)
CURRENT OCCUPANCY (03/31/00): 71.52%
UNDERWRITTEN NET CASH FLOW: $5,076,940
APPRAISED VALUE: $58,000,000
APPRAISAL DATE: September 29, 1999
ALLOCATED CUT-OFF DATE LOAN /ROOM $46,765
(HOTEL):
ALLOCATED CUT-OFF DATE LOAN /SF $40.64
(MART AND CONVENTION):
CUT-OFF DATE LTV: 54.80%
BALLOON LTV: 46.39%
UWNCF DSCR: 1.61x
--------------------------------------------------------------------------------
OPERATING HISTORY
----------------------------------------------------------------------------
1998 1999 2000 (T-12, 6/30) UW
----------------------------------------------------------------------------
Occupancy: 76.3% 70.6% 75.1% 70.0%
----------------------------------------------------------------------------
ADR: $89.5 $91.6 $89.3 $90.0
----------------------------------------------------------------------------
RevPAR: $68.3 $64.7 $67.1 $63.0
----------------------------------------------------------------------------
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
RADISSON MART PLAZA HOTEL
--------------------------------------------------------------------------------
[PICTURE]
[PICTURE]
o LOCATED ADJACENT TO THE MIAMI INTERNATIONAL AIRPORT.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
HAMPTON VILLAGE CENTER
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Information
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $30,000,000 $29,978,012
% OF POOL BY UPB 3.34%
ORIGINATOR: German American Capital Corporation
NOTE DATE: June 29, 2000
INTEREST RATE: 8.53%
AMORTIZATION: 30 years
MATURITY DATE: July 1, 2030
ARD DATE: July 1, 2010
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity sponsored by New Plan Excel Realty
Trust. New Plan Excel (NYSE:NXL) is a publicly
traded real estate investment trust (Moody's,
Baa1; S&P, BBB+).
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
CASH MANAGEMENT: Hard Lockbox
MONTHLY RESERVES: Tax & Insurance Escrows - 1/12 estimated
annual tax and insurance bills
Replacement Reserves - $6,137
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Property Information
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail
LOCATION: Rochester Hills, MI
YEAR BUILT / RENOVATED: 1989,1991/1997
THE COLLATERAL: The property is an outdoor, anchored
shopping center situated on 74.5 acres.
The property has a total of 460,268
square feet of NRA.
PROPERTY MANAGEMENT: New Plan Excel Realty Trust, Inc.
CURRENT OCCUPANCY (06/12/00): 99.5%
UNDERWRITTEN NET CASH FLOW: $4,288,869
APPRAISED VALUE: $46,600,000
APPRAISAL DATE: May 24, 2000
CUT-OFF DATE LOAN/UNITS: $65.13
CUT-OFF DATE LTV: 64.33%
BALLOON LTV: 58.29%
UWNCF DSCR: 1.55x
--------------------------------------------------------------------------------
FIVE LARGEST TENANTS
<TABLE>
<CAPTION>
------------------------------------------ --------------------------------- ---------------------
Square Percentage of Date of
Tenant Footage Leased Total Leaseable Area Type Lease Expiration
------------------------------------------ --------------------------------- ---------------------
<S> <C> <C> <C>
Kohl's 80,160 17.42% 06/30/2016
------------------------------------------ --------------------------------- ---------------------
Farmer Jack (a) 57,162 12.42% 01/31/2011
------------------------------------------ --------------------------------- ---------------------
Loews Star Theater 47,884 10.40% 12/31/2009
------------------------------------------ --------------------------------- ---------------------
TJ Maxx 25,090 5.45% 01/31/2005
------------------------------------------ --------------------------------- ---------------------
Office Max 23,300 5.06% 01/31/2009
------------------------------------------ --------------------------------- ---------------------
(a) Subsidiary of The Great Atlantic & Pacific Tea Company.
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
HAMPTON VILLAGE CENTER
--------------------------------------------------------------------------------
[PICTURE]
[PICTURE]
o LOCATED IN AN UPSCALE URBAN COMMUNITY OFF OF ROCHESTER ROAD (STATE
HIGHWAY 150), THE MAJOR THOROUGHFARE IN ROCHESTER HILLS.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
DETROIT MAC
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Information
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $30,000,000 $29,810,151
% OF POOL BY UPB 3.32%
ORIGINATOR: LaSalle Bank National Association
NOTE DATE: September 8, 1999
INTEREST RATE: 7.96%
AMORTIZATION: 30 years
MATURITY DATE: October 1, 2009
BORROWER/SPONSOR: The Borrower, IAC Metro L.L.C., is a single
purpose, bankruptcy remote entity sponsored
by International Airport Centers II LLC. (IAC
II). IAC II's sole business revolves around
the purchasing and managing of
warehouse/freight distribution properties
located near major gateway airports across
the country.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
CASH MANAGEMENT: N/A
MONTHLY RESERVES: Tax Escrow - 1/12 estimated annual tax and
insurance bills
Replacement Reserves - $7,455
TI/LC Reserves - $12,922
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Property Information
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Industrial
LOCATION: Romulus, MI
YEAR BUILT: 1989-1996
THE COLLATERAL: The property is an industrial park
consisting of 10 warehouse/freight
distribution buildings and 2 one-story
office buildings with a total of 596,392
NRA. The property is an authorized
foreign trade zone and is located along
the access road into the Airport Air
Cargo area of the Detroit Metropolitan
Airport.
PROPERTY MANAGEMENT: International Airport Centers LLC. (an
affiliate of the Borrower)
CURRENT OCCUPANCY (05/01/00): 95.75%
UNDERWRITTEN NET CASH FLOW: $3,204,542
APPRAISED VALUE: $40,800,000
APPRAISAL DATE: July 22, 1999
CUT-OFF DATE LOAN/UNITS: $49.98
CUT-OFF DATE LTV: 73.06%
BALLOON LTV: 65.71%
UWNCF DSCR: 1.22x
--------------------------------------------------------------------------------
FIVE LARGEST TENANTS
<TABLE>
<CAPTION>
------------------------------- -------------------- -------------------------------- ---------------------
Square Percentage of Date of
Tenant Footage Leased Total Leaseable Area Type Lease Expiration
------------------------------- -------------------- -------------------------------- ---------------------
<S> <C> <C> <C>
Nippon Express USA 92,786 15.56% 05/04/2001
------------------------------- -------------------- -------------------------------- ---------------------
Thyssen Haniel Logistics 80,640 13.52% 11/00 - 06/03
------------------------------- -------------------- -------------------------------- ---------------------
Federal Express 56,000 9.39% 01/31/2004
------------------------------- -------------------- -------------------------------- ---------------------
Panalpina Inc. 33,937 5.69% 05/31/2002
------------------------------- -------------------- -------------------------------- ---------------------
Spirit Airlines 32,000 5.37% 01/23/2010
------------------------------- -------------------- -------------------------------- ---------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
DETROIT MAC
--------------------------------------------------------------------------------
[PICTURE]
[MAP]
o LOCATED ADJACENT TO THE DETROIT METROPOLITAN AIRPORT.
Additional information is available upon request. Information herein is believed
to be reliable but Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
and Chase Securities Inc. (the "Underwriters") do not warrant its completeness
or accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise, supersedes
any previous such information delivered to you and will be superseded by any
such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have been
provided to you for information purposes only and may not be relied upon by you
in evaluating the merits of investing in the securities. Any investment decision
with respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. The underwriters and/or their affiliates and employees may
hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as underwriter, placement agent, advisor or
lender to such issuer. The Underwriters are members of SIPC.
