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| MORGAN STANLEY DEAN WITTER | [MORGAN STANLEY | September 7, 2000 |
| Securitized Products Group | DEAN WITTER LOGO] | |
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CMBS NEW ISSUE
TERM SHEET
--------------------------
EXPECTED PRICING DATE: SEPTEMBER 14, 2000
--------------------------
$557,621,000
(APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
AS DEPOSITOR
PRINCIPAL LIFE INSURANCE COMPANY
AS MORTGAGE LOAN SELLER
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
--------------------------
MORGAN STANLEY DEAN WITTER GOLDMAN, SACHS & CO.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
TRANSACTION FEATURES
--------------------
>> Seller:
--------------------------------------------------------------------------
NO. OF CUT-OFF DATE % OF
LOANS BALANCE POOL
--------------------------------------------------------------------------
Principal Life Insurance Company 102 $597,985,115 100.0%
--------------------------------------------------------------------------
>> Loan Pool:
o Average Cut-off Date Balance: $5,862,599
o Largest loan by Cut-off Date Balance: $30,500,000 (5.1% of pool)
o Five largest and ten largest loans (including crossed loans): 19.5% and
32.3% of pool, respectively
>> Seasoning:
o Weighted average seasoning of 45 months. The seasoning ranges from 9 to
144 months
>> Credit Statistics:
o Weighted average Debt Service Coverage Ratio of 1.50x at an actual
constant of 9.61%
o Weighted average Implied Debt Service Coverage Ratio of 1.74x at a
constant of 9.00%
o Weighted average Cut-off Date Loan-To-Value Ratio of 57.5%; weighted
average Balloon Loan-To-Value Ratio of 21.6%
o Fully amortizing loans: 49.9%; Balloon loans: 50.1%
>> Property Types:
o Retail, industrial, office and other (leased fee) properties comprise
100.0% of pool
[PIE CHART]
Other 2.9%
Office 25.0%
Industrial 27.0%
Retail 45.1%
(Anchored Retail 38.9%/
Single Tenant Retail 6.2%)
>> Call Protection:
o Lockout and/or yield maintenance: 100.0%
>> Collateral Information Updates: Updated loan information is expected to be
part of the monthly Certificateholder Reports available from the trustee in
addition to detailed payment and delinquency information. Information
provided by the trustee is expected to be available at www.lnbabs.com.
Updated property operating and occupancy information, to the extent
delivered by borrowers, is expected to be available to Certificateholders
from the master servicer
>> Bond Information: Cash flows are expected to be modeled by TREPP, CONQUEST
and INTEX and are expected to be available on BLOOMBERG
T-2
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
OFFERED CERTIFICATES
--------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
INITIAL EXPECTED FINAL INITIAL
CERTIFICATE SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION PASS-THROUGH
CLASS BALANCE(1) LEVELS (S&P/MOODY'S) LIFE(2) WINDOW(2)(3) DATE(2) RATE(4)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1(6) $56,100,000 13.00% AAA/Aaa 2.99 1-67 4/23/06 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
A-2(6) $160,600,000 13.00% AAA/Aaa 5.69 1-104 5/23/09 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
A-3(6) $104,500,000 13.00% AAA/Aaa 7.14 67-104 5/23/09 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
A-4(6) $199,047,000 13.00% AAA/Aaa 10.66 104-172 1/23/15 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
B $17,939,000 10.00% AA/Aa2 14.76 172-183 12/23/15 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
C $19,435,000 6.75% A/A3 15.84 183-198 3/23/17 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
PRIVATE CERTIFICATES (7)
------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
INITIAL AGGREGATE
CERTIFICATE EXPECTED FINAL INITIAL
BALANCE OR SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION PASS-THROUGH
CLASS NOTIONAL AMOUNT(1) LEVELS (S&P/MOODY'S) LIFE(2) WINDOW(2)(3) DATE(2) RATE(4)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
D $10,464,000 5.00% BBB/Baa2 16.95 198-207 12/23/17 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
E $4,485,000 4.25% BBB-/Baa3 17.24 207-207 12/23/17 TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
F-M $25,415,115 --- --- --- --- --- TBD(5)
---------------------------------------------------------------------------------------------------------------------------------
X $597,985,115(8) --- AAA/Aaa --- --- 7/23/23 Variable(9)
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (1) As of September 1, 2000. In the case of each such Class, subject
to a permitted variance of plus or minus 5%.
(2) Based on the Structuring Assumptions described in the Prospectus
Supplement (including a settlement date of September 26, 2000) and
assuming 0% CPR.
(3) Principal window is the period (expressed in terms of months and
commencing in October 2000) during which distributions of
principal are expected to be made to the holders of each
designated Class in accordance with the Structuring Assumptions,
assuming 0% CPR.
(4) The Class A-1, A-2, A-3, A-4, F, G, H, J, K, L and M Certificates
will accrue interest at a fixed rate. The Class B, C, D, E and X
Certificates will accrue interest at a variable rate.
(5) The Pass-Through Rates on the Class A-1, A-2, A-3, A-4, B, C, D,
E, F, G, H, J, K, L and M Certificates will be determined at
pricing.
(6) The final Certificate Balance of the Class A-1, A-2, A-3 and A-4
Certificates offered will be determined by relative demand for
each such Class.
(7) Certificates are not offered hereby and are to be placed privately
pursuant to Rule 144A.
(8) Class X Notional Amount is equal to the sum of all Principal
Balance Certificates outstanding from time to time.
(9) The Pass-Through Rate on the Class X Certificates on each
Distribution Date will equal, in general, the Weighted Average Net
Mortgage Rate ("NWAC") minus the weighted average of the
Pass-Through Rates of the Classes of Certificates that have
principal amounts.
T-3
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
I. ISSUE CHARACTERISTICS
---------------------
Issue Type: Public: Class A-1, A-2, A-3, A-4, B and C (the
"Offered Certificates")
Private (Rule 144A): Class X, D, E, F, G, H, J, K,
L and M
Securities Offered: $557,621,000 monthly pay, multi-class,
sequential pay commercial mortgage REMIC
Pass-Through Certificates, including four
fixed-rate principal and interest classes (A-1,
A-2, A-3 and A-4) and two variable-rate principal
and interest classes (B and C)
Collateral: The collateral consists of a $597,985,115 pool of
102 fixed-rate, seasoned commercial Mortgage Loans
Seller: Principal Life Insurance Company
Lead Manager: Morgan Stanley & Co. Incorporated
Co-Manager: Goldman, Sachs & Co.
Master Servicer: Wells Fargo Bank, National Association
Primary Servicer: Principal Capital Management, LLC
Special Servicer: Principal Capital Management, LLC
Trustee/Fiscal Agent: LaSalle Bank National Association/ABN AMRO Bank
N.V.
Pricing Date: On or about September 14, 2000
Closing Date: On or about September 26, 2000
Distribution Dates: The 23rd of each month, commencing October 23, 2000
Cut-off Date: September 1, 2000 for any Mortgage Loan that has a
due date on the first day of each month. The
Cut-off date for any Mortgage Loan that has a due
date on a date other than the first day of each
month shall be deemed to be September 1, 2000. For
purposes of the information contained in this Term
Sheet we present those loans as if their scheduled
payments due in September 2000 were due on
September 1, 2000, not the actual day which such
scheduled payments were due.
Minimum Denominations: $25,000 for Class A Certificates; $100,000 for all
other Certificates (other than the Class R
Certificates)
Settlement Terms: DTC, Euroclear and Clearstream, same day funds,
with accrued interest
Legal/Regulatory Status: Class A-1, A-2, A-3 and A-4 Certificates are
expected to be eligible for exemptive relief under
ERISA. The Class A-1, A-2, A-3, A-4 and B
Certificates are SMMEA eligible
Risk Factors: THE CERTIFICATES INVOLVE A DEGREE OF RISK AND MAY
NOT BE SUITABLE FOR ALL INVESTORS. SEE THE "RISK
FACTORS" SECTION OF THE PROSPECTUS SUPPLEMENT AND
THE "RISK FACTORS" SECTION OF THE PROSPECTUS
T-4
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
II. STRUCTURE CHARACTERISTICS
-------------------------
The Class A-1, A-2, A-3 and A-4 Certificates are fixed-rate, monthly pay,
multi-class, sequential pay REMIC Pass-Through Certificates. The Class B and C
Certificates are variable rate, monthly pay, multi-class, sequential pay REMIC
Pass-Through Certificates. All Classes of Certificates derive their cash flows
from the entire pool of Mortgage Loans.
[BAR GRAPH]
Notes: (1) Class X is entitled to interest (on a notional amount equal to the
aggregate pool balance) at the weighted average Class X Strip
Rates for the respective classes of Principal Balance
Certificates. The Class X Strip Rate for each such class for any
Distribution Date is equal to the NWAC minus the Pass-Through Rate
for such class and such Distribution Date.
(2) To be offered privately pursuant to Rule 144A.
(3) The final Certificate Balance of the Class A-1, A-2, A-3 and A-4
Certificates offered will be determined by relative demand for
each such Class.
T-5
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
[BAR GRAPH]
Notes: (1) The Class A-1, A-2, A-3, A-4 and X Certificates will be paid
interest on a pro rata basis.
(2) The above analysis is based on the Structuring Assumptions and a
0% CPR as described in the Prospectus Supplement.
T-6
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
Interest Distributions: Each Class of Certificates (other than the Class R-I
and Class R-II Certificates) will be entitled on each
Distribution Date to interest accrued at its
Pass-Through Rate on the outstanding Certificate
Balance of such Class, as applicable.
Principal Distributions: Principal will be distributed on each Distribution
Date, together to the Class A-1 and A-3 Certificates,
and to the Class A-2 Certificates, pro rata. The pro
rata principal distribution to the Class A-1 and A-3
Certificates (determined in the preceding sentence)
will be paid entirely to the Class A-1 Certificates
until reduced to zero and then entirely to the Class
A-3 Certificates until reduced to zero. The Class A-4
certificates will be distributed principal once the
Class A-1, A-2 and A-3 Certificate Balances have been
reduced to zero. Each remaining Class of Principal
Balance Certificates will be paid in sequential
order. If, due to losses, the Certificate Balances of
the Class B through Class M Certificates are reduced
to zero or Appraisal Reductions exceed the aggregate
Certificate Balance of the Subordinate Certificates,
payments of principal to the Class A-1, A-2, A-3 and
A-4 Certificates will be made on a pro rata basis.
T-7
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
Yield Maintenance
Allocation: Any yield maintenance collected with respect to a Mortgage
Loan during any particular Collection Period will be
distributed to the holders of each Class of Principal
Balance Certificates (other than an excluded class as
defined below) then entitled to distributions of principal
on such distribution date (allocable on a pro rata basis
based on principal payments if there is more than one
Class of Principal Balance Certificates entitled to a
distribution of principal) in an amount equal to the
lesser of (a) such yield maintenance payment and (b) the
yield maintenance payment multiplied by a fraction, the
numerator of which is equal to the excess, if any, of the
Pass-Through Rate applicable to the most senior of such
Classes of Principal Balance Certificates then outstanding
(or, in the case of four Classes of Class A Certificates,
the one with the earlier payment priority), over the
relevant Discount Rate (as defined in the Prospectus
Supplement), and the denominator of which is equal to the
excess, if any, of the Mortgage Rate of the Mortgage Loan
that prepaid, over the relevant Discount Rate.
The portion, if any, of the yield maintenance remaining
after such payments to the holders of the Principal
Balance Certificates will be distributed to the holders of
the Class X Certificates. For the purposes of the
foregoing, the Class E Certificates and below are the
excluded classes.
The following is an example of the yield maintenance
allocation under (b) above based on the information
contained herein and the following assumptions:
o Two Classes of Certificates: Class A-1 and X
o The characteristics of the Mortgage Loan being prepaid
are as follows:
- Loan Balance: $10,000,000
- Mortgage Rate: 8.00%
- Maturity Date: 10 years (September 1, 2010)
o The Discount Rate is equal to 5.75%
o The Class A-1 Pass-Through Rate is equal to 7.00%
CLASS A-1 CLASS X
METHOD CERTIFICATES CERTIFICATES
--------------------------------------------- ------------- ----------------
(Class A-1 Pass Through Rate - Discount Rate) (7.00%-5.75%) (100.00%-55.56%)
--------------------------------------------- -------------
(Mortgage Rate - Discount Rate) (8.00%-5.75%)
------------- ----------------
Yield Maintenance Allocation 55.56% 44.44%
Credit Enhancement: Each Class of Certificates (other than Classes A-1, A-2,
A-3, A-4 and X) will be subordinate to all other Classes
with an earlier alphabetical Class designation.
Advancing: The master servicer, the trustee and the fiscal agent (in
that order) will each be obligated to make P&I Advances
and Servicing Advances, including delinquent property
taxes and insurance, but only to the extent that such
Advances are deemed recoverable.
T-8
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
Special Advancing: Payments on 31 of the mortgage loans, after expiration of
grace periods, are due after the Determination Date in
each month. The master servicer will advance the scheduled
payment for each of those loans on the Master Servicer
Remittance Date, but only to the extent deemed
recoverable; however, the master servicer will not be
entitled to receive interest on any such advance until the
related payment is delinquent.
Realized Losses and
Expense Losses: Realized Losses and Expense Losses, if any, will be
allocated to Class M, Class L, Class K, Class J, Class H,
Class G, Class F, Class E, Class D, Class C and Class B
Certificates, in that order, and then pro rata to Classes
A-1, A-2, A-3 and A-4 and, with respect to losses
allocated to interest, Class X Certificates, pro rata, in
each case reducing amounts payable thereto. Any interest
shortfall of any Class of Certificates will result in
unpaid interest for such Class which, together with
interest thereon compounded monthly at one-twelfth the
applicable Pass-Through Rate for such Class, will be
payable in subsequent periods, subject to available funds.
Prepayment Interest
Shortfalls: For any Distribution Date, any Net Aggregate Prepayment
Interest Shortfall not offset by the Master Servicing Fee
will generally be allocated pro rata to each Class of
Certificates in proportion to its entitlement to interest.
Appraisal Reductions: An appraisal reduction generally will be created in the
amount, if any, by which the Principal Balance of a
Specially Serviced Mortgage Loan (plus other amounts
overdue in connection with such loan) exceeds 90% of the
appraised value of the related Mortgaged Property
("Appraisal Reduction Amount"). The Appraisal Reduction
Amount will reduce proportionately the amount of advances
for such loan, which reduction will result, in general, in
a reduction of interest distributable to the most
subordinate Class of Principal Balance Certificates
outstanding.
An Appraisal Reduction Amount will be reduced to zero as
of the date the related Mortgage Loan has been brought
current for at least three consecutive months, paid in
full, liquidated, repurchased or otherwise disposed of.
Operating Adviser: The Operating Adviser, which may be appointed by the
Controlling Class, will have the right to receive notice
from the special servicer with respect to certain actions
regarding Specially Serviced Mortgage Loans. Examples
include the right to make certain modifications,
foreclose, sell, bring an REO Property into environmental
compliance or accept substitute or additional collateral.
Controlling Class: The Controlling Class will generally be the most
subordinate Class of Certificates outstanding at any time
or, if the Certificate Balance of such Class is less than
25% of the initial Certificate Balance of such Class, the
next most subordinate Class of Principal Balance
Certificates.
T-9
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
Special Servicer: In general, the special servicer has the right to modify
the terms of a Specially Serviced Mortgage Loan if it
determines that such modification would increase the net
present value of the proceeds to the Trust, provided that
the special servicer generally may not (i) extend the
maturity date of a Mortgage Loan beyond two years prior to
the Final Rated Distribution Date or (ii) if the Specially
Serviced Mortgage Loan is secured by a ground lease,
extend the maturity date beyond a date which is twenty
(20) years prior to the expiration of the ground lease.
Optional Termination: The seller, the special servicer, the Primary Servicer,
the master servicer, the depositor, and the holder of the
majority interest in the Class R-I Certificates, in that
order, will have the option to purchase, in whole but not
in part, the Mortgage Loans and any other property
remaining in the Trust Fund on any Distribution Date on or
after the Distribution Date on which the aggregate
Certificate Balance of all Classes of Principal Balance
Certificates then outstanding is less than or equal to 1%
of the Initial Pool Balance. The purchase price for any
such purchase will be 100% of the aggregate unpaid
principal balances of the Mortgage Loans, other than any
Mortgage Loans as to which the master servicer has
determined that all payments or recoveries with respect
thereto have been made, plus accrued and unpaid interest
at the Mortgage Rate - or the Mortgage Rates less the
Master Servicing Fee Rate if the master servicer is the
purchaser - to the Due Date for each Mortgage Loan ending
in the Collection Period with respect to which such
purchase occurs, plus un-reimbursed Advances, with
interest thereon at the Advance Rate and the fair market
value of any other property remaining in the Trust Fund.
Reports to
Certificateholders: The trustee will prepare and deliver monthly
Certificateholder Reports. The special servicer will
prepare and deliver to the trustee a monthly Special
Servicer Report summarizing the status of each Specially
Serviced Mortgage Loan. The master servicer and the
special servicer will prepare and deliver to the trustee
an annual report setting forth, among other things, the
debt service coverage ratios for each Mortgage Loan, as
available. Each of the reports will be available to the
Certificateholders. A report containing information
regarding the Mortgage Loans is expected to be available
electronically at www.lnbabs.com.
The foregoing terms and structural characteristics of the Certificates are in
all respects subject to the more detailed description thereof in the Prospectus,
Prospectus Supplement and Pooling and Servicing Agreement.
T-10
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
III. SELLER Principal Life Insurance Company ("Principal Life")
------ ---------------------------------------------------
The Mortgage Pool consists of 102 Mortgage Loans, which were
originated and underwritten by Principal Life and/or its
affiliates.
Principal Life had 1999 statutory assets of $76 billion.
Principal Life and its affiliates have been originating
commercial mortgages since the 1950s and currently have over
$20 billion in commercial real estate debt and equity assets
under management. Principal Life is the flagship and largest
member of Principal Financial Group, a diversified family of
companies offering a wide range of financial products and
services for businesses, groups and individuals. The
Principal Financial Group currently has more than $117
billion in assets under management. Principal Life is
headquartered at 801 Grand Street, in Des Moines, Iowa 50392.
Principal Life's phone number is (515) 248-3944.
IV. COLLATERAL DESCRIPTION
----------------------
Summary: The Mortgage Pool consists of a $597,985,115 pool of 102
fixed-rate, seasoned mortgage loans secured by first liens on
commercial properties located throughout 23 states. As of the
Cut-off Date, the Mortgage Loans have a weighted average
mortgage rate of 7.856% and a weighted average remaining term
to maturity of 151 months. See the Appendices to the
Prospectus Supplement for more detailed collateral
information.
V. CERTAIN DEFINED TERMS
---------------------
DEBT SERVICE COVERAGE RATIO is calculated based on a loan's
actual mortgage constant.
IMPLIED DEBT SERVICE COVERAGE RATIO is calculated based on an
assumed mortgage loan constant of 9.0%. CUT-OFF DATE
LOAN-TO-VALUE RATIO(1) is calculated based upon a loan's
underwritten net operating income, a capitalization rate
determined by a third party market study or internal property
valuation and the loan balance as of the Cut-off Date.
BALLOON LOAN-TO-VALUE RATIO(1) is calculated based upon a
loan's underwritten net operating income, a capitalization
rate determined by a third party market study or internal
property valuation and the loan balance as of the loan's
maturity date.
The foregoing terms are in all respects subject to the more detailed description
thereof in the Prospectus Supplement.
Note: (1) One Mortgage Loan's Cut-off Date Loan-To-Value Ratio and Balloon
Loan-To-Value Ratio is calculated based on the estimate of value
from a third party appraisal.
T-11
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
TEN LARGEST LOANS
-----------------
<TABLE>
<CAPTION>
PROPERTY CUT-OFF DATE
LOAN NO. PROPERTY NAME CITY STATE TYPE BALANCE
-------- ------------- ---- ----- ---- -------
<S> <C> <C> <C> <C> <C>
1 Lighton Plaza Tower, I, & II Overland Park KS Office $30,500,000
2 Woodmen Retail Colorado Springs CO Retail $23,662,833
3 7799 Leesburg Pike McLean VA Office $23,601,958
4 Liberty Square Shopping Center Burlington NJ Retail $20,184,323
5 1860-2159 Landings Drive Mountain View CA Office $18,675,046
6 3555 Monte Villa Parkway(1) Bothell WA Office $5,542,604
14520 NE 87th Street(1) Redmond WA Office $3,876,893
26755 SW 95th Avenue(1) Wilsonville OR Industrial $3,093,689
14500 NE 87th Street(1) Redmond WA Office $3,038,177
14560 NE 87th Street(1) Redmond WA Office $2,335,814
----------
SUBTOTAL $17,887,177
7 Sun Center Phase I Columbus OH Retail $16,410,896
8 North Point Village Center Reston VA Retail $15,203,993
9 461 Fifth Avenue New York NY Other $15,000,000
10 Bird Ludlam Shopping Center South Miami FL Retail $11,974,433
</TABLE>
<TABLE>
<CAPTION>
CUT-OFF
SQUARE LOAN PER ACTUAL IMPLIED DATE BALLOON
LOAN NO. FEET SF DSCR DSCR LTV LTV
-------- ---- -- ---- ---- --- ---
<S> <C> <C> <C> <C> <C> <C>
1 475,804 $64.10 2.22 1.78 45.7% 43.2%
2 284,427 $83.19 1.49 1.33 70.6% 61.4%
3 354,018 $66.67 2.07 2.23 35.9% 28.3%
4 346,338 $58.28 1.26 1.35 71.6% 28.7%
5 238,551 $78.29 2.37 2.72 33.9% 0.3%(2)
6 78,000 $71.06 1.16 1.88 46.0% 0.6%(2)
59,565 $65.09 1.16 1.88 46.0% 0.6%(2)
165,810 $18.66 1.16 1.88 46.0% 0.6%(2)
60,000 $50.64 1.16 1.88 46.0% 0.6%(2)
35,760 $65.32 1.16 1.88 46.0% 0.6%(2)
7 216,470 $75.81 1.24 1.42 71.0% 49.4%
8 131,504 $115.62 1.44 1.85 50.8% 0.5%(2)
9 201,152 $74.57 1.81 1.52 61.9% 61.9%
10 192,282 $62.28 1.57 2.01 49.5% 0.5%(2)
</TABLE>
Note: (1) These loans are cross-collateralized and cross-defaulted.
(2) Loans with less than one percent Balloon LTV are fully amortizing.
T-12
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
GEOGRAPHIC DISTRIBUTION
-----------------------
[MAP OF U.S.]
WA 3.8%
OR 1.2%
Northern CA 15.9%
Southern CA 8.7%
AZ 0.4%
CO 4.0%
KS 5.1%
TX 7.5%
MN 1.3%
IA 0.9%
MO 0.7%
IN 0.4%
TN 0.5%
OH 6.0%
NY 2.9%
PA 0.8%
VA 9.1%
NC 3.5%
GA 5.3%
FL 7.7%
MA 1.3%
CT 1.9%
NJ 8.7%
MD 2.4%
T-13
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
CUT-OFF DATE
BALANCE ($)
--------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
--------------------------------------------------------------
1,000,001 - 2,000,000 1 1,998,635 0.33
2,000,001 - 3,000,000 25 64,523,137 10.79
3,000,001 - 4,000,000 21 74,212,769 12.41
4,000,001 - 5,000,000 18 79,087,921 13.23
5,000,001 - 6,000,000 8 42,964,212 7.18
6,000,001 - 7,000,000 5 31,898,243 5.33
7,000,001 - 8,000,000 8 60,633,388 10.14
8,000,001 - 9,000,000 2 17,011,257 2.84
9,000,001 - 10,000,000 2 19,019,803 3.18
10,000,001 - 15,000,000 5 58,396,700 9.77
15,000,001 - 20,000,000 3 50,289,936 8.41
20,000,001 - 25,000,000 3 67,449,115 11.28
25,000,001 >= 1 30,500,000 5.10
--------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
--------------------------------------------------------------
Min: 1,998,635 Max: 30,500,000 Average: 5,862,599
--------------------------------------------------------------
STATE
-------------------------------------------------------------
AGGREGATE
NO. OF CUT-OFF
MORTGAGE DATE % OF
LOANS BALANCE ($) POOL
-------------------------------------------------------------
California 26 147,287,221 24.63
Virginia 6 54,293,690 9.08
New Jersey 9 51,840,182 8.67
Florida 9 45,850,005 7.67
Texas 9 45,128,538 7.55
Ohio 4 36,150,118 6.05
Georgia 9 31,537,703 5.27
Kansas 1 30,500,000 5.10
Colorado 1 23,662,833 3.96
Washington 6 22,629,089 3.78
Other 22 109,105,736 18.25
-------------------------------------------------------------
TOTAL: 102 $597,985,115 100.00
-------------------------------------------------------------
PROPERTY TYPE
--------------------------------------------------------------
AGGREGATE
NO. OF CUT-OFF
MORTGAGE DATE % OF
LOANS BALANCE ($) POOL
--------------------------------------------------------------
Retail 45 269,496,465 45.07
Industrial 36 161,606,800 27.03
Office 19 149,415,566 24.99
Other 2 17,466,284 2.92
--------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
--------------------------------------------------------------
SEASONING (MOS)
-------------------------------------------------------------
NUMBER AGGREGATE
OF CURRENT % OF
LOANS BALANCE POOL
-------------------------------------------------------------
1-12 2 13,105,024 2.19
13-24 16 98,085,710 16.40
25-36 14 118,477,322 19.81
37-48 31 191,053,646 31.95
49-60 14 67,593,764 11.30
61-84 19 82,083,088 13.73
85-120 2 12,007,206 2.01
121-180 4 15,579,357 2.61
-------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
-------------------------------------------------------------
Min: 9 Max: 144 Wtd Avg: 45
-------------------------------------------------------------
MORTGAGE RATE (%)
------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE %OF
LOANS BALANCE ($) POOL
------------------------------------------------------------
6.501 - 7.000 4 34,325,462 5.74
7.001 - 7.500 24 158,565,706 26.52
7.501 - 8.000 36 217,065,543 36.30
8.001 - 8.500 24 126,961,794 21.23
8.501 - 9.000 10 41,562,686 6.95
9.001 - 9.500 1 3,253,507 0.54
9.501 - 10.000 2 10,149,739 1.70
10.001 - 10.500 1 6,100,679 1.02
------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
------------------------------------------------------------
Min: 6.8 Max: 10.250 Wtd Avg: 7.856
------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY (MOS)
------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------------
61 - 120 18 158,083,884 26.44
121 - 180 26 131,147,524 21.93
181 - 240 47 237,353,354 39.69
241 - 300 11 71,400,353 11.94
------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
------------------------------------------------------------
Min: 105 Max: 300 Wtd Avg: 195
------------------------------------------------------------
REMAINING TERM TO STATED MATURITY (MOS)
------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------------
61 - 120 31 235,418,834 39.37
121 - 180 34 144,801,599 24.21
181 - 240 30 177,691,306 29.72
241 - 300 7 40,073,376 6.70
------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
------------------------------------------------------------
Min: 68 Max: 274 Wtd Avg: 151
------------------------------------------------------------
DEBT SERVICE COVERAGE RATIO (x)
------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------------
1.01 - 1.15 11 48,371,691 8.09
1.16 - 1.25 28 148,006,568 24.75
1.26 - 1.35 20 102,748,665 17.18
1.36 - 1.50 15 106,799,785 17.86
1.51 - 1.75 9 52,564,067 8.79
1.76 - 2.00 11 51,168,204 8.56
2.01 >= 8 88,326,136 14.77
------------------------------------------------------------
TOTAL: 102 597,985,115 100.00
------------------------------------------------------------
Min: 1.02 Max: 4.05 Wtd Avg: 1.50
------------------------------------------------------------
IMPLIED DEBT SERVICE COVERAGE RATIO (x)
---------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CURRENT % OF
LOANS BALANCE ($) POOL
---------------------------------------------------------
1.16 -1.25 5 33,066,859 5.53
1.26 - 1.35 6 66,954,096 11.20
1.36 - 1.50 25 136,136,256 22.77
1.51 - 1.75 24 123,847,832 20.71
1.76 - 2.00 22 121,333,744 20.29
2.01 >= 20 116,646,329 19.51
---------------------------------------------------------
TOTAL: 102 597,985,115 100.00
---------------------------------------------------------
Min: 1.18 Max: 5.12 Wtd Avg: 1.74
---------------------------------------------------------
*AT A 9% CONSTANT
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
---------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE %OF
LOANS BALANCE ($) POOL
---------------------------------------------------------
10.1 - 20.0 1 2,509,337 0.42
20.1 - 30.0 2 5,551,887 0.93
30.1 - 40.0 9 68,184,915 11.40
40.1 - 50.0 20 111,906,258 18.71
50.1 - 60.0 24 106,499,981 17.81
60.1 - 70.0 27 148,320,924 24.80
70.1 - 80.0 18 150,982,436 25.25
80.1 - 90.0 1 4,029,378 0.67
---------------------------------------------------------
TOTAL: 102 597,985,115 100.00
---------------------------------------------------------
Min: 18.6 Max: 80.6 Wtd Avg: 57.5
---------------------------------------------------------
BALLOON LOAN-TO-VALUE RATIO (%)
---------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
---------------------------------------------------------
=< 0.0 1 8,093,312 1.35
0.1 - 10.0 65 297,197,199 49.70
10.1 - 20.0 4 19,019,665 3.18
20.1 - 30.0 5 54,443,957 9.10
30.1 - 40.0 9 44,703,117 7.48
40.1 - 50.0 6 68,428,435 11.44
50.1 - 60.0 6 37,311,924 6.24
60.1 - 70.0 6 68,787,505 11.50
---------------------------------------------------------
TOTAL: 102 597,985,115 100.00
---------------------------------------------------------
Min: 0.0 Max: 64.1 Wtd Avg: 21.6
---------------------------------------------------------
ALL NUMERICAL INFORMATION CONCERNING THE MORTGAGE LOANS IS APPROXIMATE. ALL
WEIGHTED AVERAGE INFORMATION REGARDING THE MORTGAGE LOANS REFLECTS THE WEIGHTING
OF THE MORTGAGE LOANS BASED UPON THEIR OUTSTANDING PRINCIPAL BALANCES AS OF THE
CUT-OFF DATE. GENERALLY, FOR THE PURPOSES OF THE PRESENTATION OF MORTGAGE POOL
INFORMATION, CROSS-COLLATERALIZED AND CROSS-DEFAULTED LOANS ARE CALCULATED ON A
COMBINED BASIS.
T-14
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$557,621,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-PRIN
<TABLE>
<CAPTION>
PERCENTAGE OF MORTGAGE POOL BALANCE BY PREPAYMENT RESTRICTION (%)
----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT RESTRICTIONS SEP 00 SEP 01 SEP 02 SEP 03 SEP 04 SEP 05
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Locked Out 11.36% 9.50% 8.66% 8.75% 3.81% 3.82%
Yield Maintenance Total 88.64% 90.50% 91.34% 91.25% 96.19% 96.18%
Penalty Points:
5.00% and greater 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4.00% to 4.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.00% to 3.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.00% to 2.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.00% to 1.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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%
----------------------------------------------------------------------------------------------------------------------------------
Pool Balance Outstanding 597,985,115.14 581,280,737.04 562,996,122.08 543,096,011.17 521,548,562.67 498,216,401.86
% of Initial Pool Balance 100.00% 97.21% 94.15% 90.82% 87.22% 83.32%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE OF MORTGAGE POOL BALANCE BY PREPAYMENT RESTRICTION (%) - CONTINUED
-----------------------------------------------------------------------------------------------------------------
PREPAYMENT RESTRICTIONS SEP 06 SEP 07 SEP 08 SEP 09 SEP 10
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Locked Out 3.99% 1.07% 1.09% 1.49% 1.62%
Yield Maintenance Total 96.01% 98.93% 98.91% 98.51% 98.38%
Penalty Points:
5.00% and greater 0.00% 0.00% 0.00% 0.00% 0.00%
4.00% to 4.99% 0.00% 0.00% 0.00% 0.00% 0.00%
3.00% to 3.99% 0.00% 0.00% 0.00% 0.00% 0.00%
2.00% to 2.99% 0.00% 0.00% 0.00% 0.00% 0.00%
1.00% to 1.99% 0.00% 0.00% 0.00% 0.00% 0.00%
Open 0.00% 0.00% 0.00% 0.00% 0.00%
-----------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00%
-----------------------------------------------------------------------------------------------------------------
Pool Balance Outstanding 453,547,318.73 378,479,466.92 342,697,900.04 228,159,335.30 187,864,249.88
% of Initial Pool Balance 75.85% 63.29% 57.31% 38.15% 31.42%
-----------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (1) The above analysis is based on Structuring Assumptions and a 0%
CPR as discussed in the Prospectus Supplement.
(2) See Footnote No. 16 in Appendix II for a description of the yield
maintenance.
T-15
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co. (the "Underwriters") disclaim any and all liability relating to this
information, including without limitation any express or implied representations
and warranties for, statements contained in, and omissions from, this
information. Additional information is available upon request. The Underwriters
and others associated with them may have positions in, and may effect
transactions in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, and by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
Ltd. or Morgan Stanley Japan Ltd. representative about the investments
concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE
U.K. SECURITIES AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
<TABLE>
------------------- -----------------------------------------------------------------------------------------------------------
MSDWCI 2000-PRIN THE TRANSACTION
-----------------------------------------------------------------------------------------------------------
Single Tenant Concentrations
-----------------------------------------------------------------------------------------------------------
<CAPTION>
PROPERTY RATINGS (1) CUT-OFF DATE ASSUMED CUT-OFF DATE BALLOON %
TYPE TENANT STATE MOODY'S/S&P BALANCE ($) DSCR DSCR LTV (%) LTV (%) POOL
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Industrial General Mills, Inc. CA A2/A- 10,992,190 1.55 1.06 61.4 33.3 1.84
Schmalbach-Lubeca CA -/- 10,303,525 1.18 1.21 79.3 64.1 1.72
Viad Corporation CA Baa2/BBB 7,947,843 1.25 1.20 75.7 0.6 1.33
Room & Board, Inc. MN -/- 7,945,688 1.38 1.42 76.4 61.3 1.33
Sherwin Williams Co TX A2/A 7,368,502 1.88 1.59 49.8 0.4 1.23
PacifiCare CA Ba1/BB+ 7,082,284 1.39 1.28 62.7 0.5 1.18
Ventura Foods - Specialty Products CA -/- 6,956,551 1.20 1.23 77.3 62.5 1.16
Etienne Aigner Corp NJ -/- 6,461,697 1.56 1.44 60.7 51.7 1.08
Sohnen Enterprises CA -/- 4,918,908 1.20 1.24 79.3 63.7 0.82
Falcon Products CA -/- 4,278,050 1.40 1.25 67.9 0.6 0.72
The Bombay Company, Inc. TX -/- 3,913,233 1.63 1.08 54.4 0.6 0.65
Schucks (CSK Auto, Inc.) WA Ba3/BB- 3,712,876 1.67 1.50 53.8 35.9 0.62
Iron Mountain CA B2/B 3,586,980 1.59 1.24 62.9 0.6 0.60
Linden Warehouse & Distribution Co., Inc. NJ -/- 3,339,464 1.36 1.10 71.1 32.6 0.56
-----------------------------------------------------------------------------------------------------------------------------------
Hollywood Entertainment OR B3/B- 3,093,689 1.88 1.16 46.0 0.6 0.52
-----------------------------------------------------------------------------------------------------------------------------------
Sprint Spectrum Holding Co. TX Baa2/BBB+ 2,973,808 2.08 1.38 41.3 0.5 0.50
Daryl Flood Warehouse & Movers, Inc. TX -/- 2,723,248 1.64 1.08 55.6 0.6 0.46
R. Torre & Company CA -/- 2,101,638 1.50 1.02 55.3 0.6 0.35
Veeco Services NJ -/- 1,998,635 2.80 1.90 30.5 0.3 0.33
===================================================================================================================================
INDUSTRIAL TOTAL $101,698,809 1.50x 1.27x 64.8% 28.2% 17.01%
===================================================================================================================================
Office AT&T Wireless WA A1/AA-(2) 5,542,604 1.88 1.16 46.0 0.6 0.93
-----------------------------------------------------------------------------------------------------------------------------------
AT&T Wireless WA A1/AA-(2) 3,876,893 1.88 1.16 46.0 0.6 0.65
-----------------------------------------------------------------------------------------------------------------------------------
AT&T Wireless WA A1/AA-(2) 2,335,814 1.88 1.16 46.0 0.6 0.39
-----------------------------------------------------------------------------------------------------------------------------------
G.T.E. Products Corp. CA -/- 7,464,080 1.83 1.19 51.5 0.6 1.25
Viking Freight CA -/- 5,338,761 1.58 1.23 55.3 30.8 0.89
Candescent Technologies Corp. CA -/- 4,563,486 1.38 1.27 57.4 40.1 0.76
ICG Services, Inc. CA B3/B- 4,319,914 1.79 1.81 54.0 43.8 0.72
Telocity, Inc. CA -/- 4,100,034 3.09 2.69 30.1 21.6 0.69
Wireless Inc. CA -/- 3,875,980 2.06 1.89 46.1 32.3 0.65
-----------------------------------------------------------------------------------------------------------------------------------
SeaMED Corp (AT&T sublease) WA A1/AA-(2) 3,038,177 1.88 1.16 46.0 0.6 0.51
-----------------------------------------------------------------------------------------------------------------------------------
Kanisa, Inc. CA -/- 2,913,868 1.98 1.81 40.9 28.6 0.49
===================================================================================================================================
OFFICE TOTAL $ 47,369,611 1.91x 1.47x 48.1% 17.9% 7.92%
===================================================================================================================================
Retail Stop & Shop Supermarket CT -/- 9,163,808 1.49 1.42 61.9 16.1 1.53
Kroger Company GA Baa3/BBB- 2,965,684 1.81 1.32 57.0 6.2 0.50
Kroger Company IN Baa3/BBB- 2,352,449 1.45 1.20 67.2 30.1 0.39
Kroger Company GA Baa3/BBB- 2,056,427 1.91 1.23 52.7 19.5 0.34
Lowes OH A2/A 5,619,323 1.44 1.17 67.3 0.6 0.94
Lowe's Companies, Inc. IA A2/A 5,457,213 1.38 1.13 70.4 0.6 0.91
Circuit City Stores, Inc. OR -/- 3,860,927 1.45 1.30 62.3 19.1 0.65
Harris Teeter, Inc. NC -/- 2,853,253 2.08 1.56 47.6 0.5 0.48
Randall's Food Market, Inc. TX -/BBB 2,548,045 1.50 1.32 68.9 0.6 0.43
===================================================================================================================================
RETAIL TOTAL $ 36,877,129 1.55x 1.30x 62.8% 9.8% 6.17%
===================================================================================================================================
Other Home Depot NJ Aa3/AA- 2,466,284 2.48 1.90 36.3 0.4 0.41
===================================================================================================================================
TOTAL/ $188,411,833 1.62x 1.34x 59.8% 21.6% 31.5%
WEIGHTED
AVERAGE
===================================================================================================================================
</TABLE>
o Single tenant properties underwritten based on real estate fundamentals
o Amortization reduces balloon LTV to 22%
MORGAN STANLEY DEAN WITTER
Notes
1. Ratings obtained from Bloomberg.
2. Rating of parent company AT&T.
