<PAGE>
[Lehman Brothers Logo] [UBS Warburg Logo]
ANNEX B
LB-UBS COMMERCIAL MORTGAGE TRUST 2000-C4
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-C4
STRUCTURAL AND COLLATERAL TERM SHEET
$999,060,409
(APPROXIMATE)
INITIAL MORTGAGE POOL BALANCE
[GRAPHIC OF MAP]
% of Initial Pool by Cut-off Date Balance
Lehman Brothers UBS Warburg
Deutsche Banc Alex.Brown
Page 1 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
LB-UBS COMMERCIAL MORTGAGE TRUST 2000-C4
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-C4
CREDIT SUPPORT
---------------------------------------- -------------
21.00% CLASS A-1
----------------------------------------
CLASS A-2
----------------------------------------
16.75% CLASS B
----------------------------------------
12.75% CLASS C
----------------------------------------
11.50% CLASS D
----------------------------------------
10.75% CLASS E
----------------------------------------
9.00% CLASS F
----------------------------------------
7.75% CLASS G CLASS X
----------------------------------------
5.50% CLASS H
----------------------------------------
4.25% CLASS J
----------------------------------------
3.50% CLASS K
----------------------------------------
2.75% CLASS L
----------------------------------------
2.13% CLASS M
----------------------------------------
1.63% CLASS N
----------------------------------------
N/A CLASS P
---------------------------------------- -------------
<TABLE>
<CAPTION>
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
CLASS ORIGINAL FACE RATINGS COUPON INITIAL WTD AVG LIFE PRINCIPAL LEGAL
AMOUNT (S&P/MOODY'S) DESCRIPTION COUPON (YEARS) (1) WINDOW(1) STATUS
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $170,000,000 AAA/Aaa Fixed Rate 5.87 10/00-09/09 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
A-2 619,257,000 AAA/Aaa Fixed Rate 9.45 09/09-06/10 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
B 42,460,000 AA/Aa2 Fixed Rate 9.71 06/10-06/10 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
C 39,963,000 A/A2 Fixed Rate 9.71 06/10-06/10 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
D 12,488,000 A-/A3 Fixed Rate 9.71 06/10-06/10 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
E 7,493,000 BBB+/Baa1 Fixed Rate 9.75 06/10-07/10 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
F 17,483,000 BBB/Baa2 Fixed Rate 9.80 07/10-07/10 Public
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
G 12,489,000 BBB-/Baa3 Fixed Rate 9.80 07/10-07/10 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
H 22,479,000 (5) Fixed Rate 9.80 07/10-07/10 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
J 12,488,000 (5) Fixed Rate 10.75 07/10-05/13 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
K 7,493,000 (5) Fixed Rate 14.03 05/13-05/15 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
L 7,493,000 (5) Fixed Rate 14.63 05/15-05/15 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
M 6,244,000 (5) Fixed Rate 14.63 05/15-05/15 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
N 4,995,000 (5) Fixed Rate 14.63 05/15-05/15 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
P 16,235,409 (5) Fixed Rate 16.04 05/15-06/20 Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
X 999,060,409(2) (5) WAC I/O 9.14 (3) 10/00-06/20(4) Private 144A
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
TOTAL $999,060,409 -- -- -- -- -- --
---------- ---------------- ------------- --------------- ---------- --------------- ----------------- ----------------
</TABLE>
(1) Expected assuming among other things, 0% CPR, no losses and that ARD loans
pay off on their respective anticipated repayment dates.
(2) Represents notional amount of Class X.
(3) Represents weighted average life of notional amount of Class X.
(4) Represents period over which the notional amount of the Class X
Certificates will be reduced to zero.
(5) Not offered hereby.
Page 2 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
CERTAIN OFFERING POINTS
o NEWLY ORIGINATED COLLATERAL. The collateral consists of 167
mortgage loans (the "Mortgage Loans") with a principal balance, as
of September 11, 2000 (date used as the Cut-Off Date for the
purposes of, among other things, presenting statistical
information), of approximately $999.1 million. All of the Mortgage
Loans were originated by affiliates of Lehman Brothers Inc. and UBS
Warburg LLC, directly or through conduit correspondents.
o CALL PROTECTION. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut-Off Date, 100.0% of the Mortgage Loans
provide for an initial lockout period. The weighted average initial
lockout period for all loans is 3.4 years. Following their initial
lockout periods, 155 Mortgage Loans representing 80.60% of the
initial mortgage pool balance prohibit voluntary prepayments but
permit defeasance for some part of their remaining terms. The
Mortgage Loans are generally prepayable without penalty between
zero to six months from Mortgage Loan maturity or anticipated
repayment date ("ARD"), with a weighted average open period of two
months.
o WEIGHTED AVERAGE REMAINING LOCK-OUT AND TREASURY DEFEASANCE (FOR
DEFEASANCE LOANS ONLY) PERIOD OF 9.65 YEARS.
o NO LOAN IS DELINQUENT 30 DAYS OR MORE AS OF THE CUT-OFF DATE.
o $5,982,398 AVERAGE LOAN BALANCE AS OF THE CUT-OFF DATE.
o 1.40X WEIGHTED AVERAGE DEBT SERVICE COVERAGE RATIO ("DSCR"), BASED
ON UNDERWRITTEN NET CASH FLOW, AS OF THE CUT-OFF DATE (EXCLUDING
CTL LOANS).
o 67.7% WEIGHTED AVERAGE LOAN TO VALUE ("LTV") AS OF THE CUT-OFF DATE
(EXCLUDING CTL LOANS).
o 61.0% WEIGHTED AVERAGE LTV AT MATURITY OR ARD (EXCLUDING CTL
LOANS).
o THE TWO LOANS WHICH REPRESENT THE LARGEST BORROWER CONCENTRATION
ARE: 1) Westfield Shoppingtown South Shore Mall with a 48.4% LTV
and 1.65x DSCR, and 2) Westfield Shoppingtown Plaza Camino Real
with a 25.4% LTV and 3.47x DSCR. These loans have borrowers that
are indirectly owned by Westfield America, Inc. (together, the
"Westfield America Mortgage Loans"), one of the largest regional
mall REITS (as measured by gross leasable area owned). Both of
these Mortgage Loans have credit characteristics considered by S&P
and Moody's to be consistent with investment grade obligations.
o PROPERTY TYPE DIVERSIFICATION (BY BALANCE). 39.4% Retail (16.3%
Regional Mall, 18.0% Anchored, and 5.1% Unanchored), 24.8%
Multifamily (includes Senior Housing), 19.9% Office, 5.3%
Industrial/Warehouse, 4.5% Hotel, 2.1% Credit Tenant Lease ("CTL"),
1.5% Mobile Home Park, 1.3% Mixed Use, 0.8% Self Storage and 0.3%
Health Care.
o GEOGRAPHIC DISTRIBUTION (BY BALANCE). The properties are
distributed throughout 28 states: New York (19.2%); California
(14.5%); Florida (10.2%); Texas (9.2%); Virginia (6.6%); Tennessee
(4.7%); Pennsylvania (4.7%), Georgia (4.3%), all other states less
than 4.0% each.
o MONTHLY INVESTOR REPORTING. Updated collateral summary information
will be part of the monthly remittance report in addition to
detailed P&I payment and delinquency information. Quarterly NOI and
Occupancy information to the extent delivered by borrowers, will be
available to Certificateholders.
o CASH FLOWS WILL BE MODELED ON BLOOMBERG.
Except as otherwise indicated, percentages (%) represent the scheduled
principal balance of the subject loan or loans as of the Cut-Off Date (as
to each loan, the "Cut-Off Date Balance") compared to aggregate mortgage
pool balance as of the Cut-Off Date (the "Initial Pool Balance");
weighted averages are weighted using Cut-Off Date Balance; loans with
properties in multiple states have been allocated to certain states based
upon "allocated loan amounts" or appraisal amount if the loan did not
have allocated loan amounts.
Page 3 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
PRIORITY AND TIMING OF CASH FLOWS*
[GRAPHIC OMITTED]
*Assuming 0% CPR and No Losses
RATING AGENCIES: Moody's Investors Service, Inc. ("Moody's") and
Standard & Poor's Rating Services, a division of the
McGraw-Hill Companies, Inc. ("S&P")
TRUSTEE: LaSalle Bank, National Association
FISCAL AGENT: ABN AMRO Bank N.V.
MASTER SERVICER: ORIX Real Estate Capital Markets, LLC
SPECIAL SERVICER: ORIX Real Estate Capital Markets, LLC
CLOSING DATE: Week of September 25, 2000
CUT-OFF DATE: September 11, 2000
ERISA: Classes A-1 and A-2 are expected to be eligible for
each of the underwriters' individual prohibited
transaction exemptions. An amendment to those
prohibited transaction exemptions is pending that
would also allow Classes B, C, D, E, and F to be
eligible provided that such securities are rated in
one of the four highest rating categories.
DETERMINATION DATE: 11th day of each month or, if such day is not a
business day, then the following business day.
PAYMENT: Pays on the 4th business day after Determination Date
in each month, commencing in October 2000.
OPTIONAL CALL: 1% Clean-up call.
Page 4 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
MORTGAGE LOANS: All of the Mortgage Loans were originated by UBS Principal
Finance LLC, affiliates of UBS Principal Finance LLC or
affiliates of Lehman Brothers Inc. or by the approved
conduit correspondents of those affiliates. As of the
Cut-off Date, the Mortgage Loans have a weighted average
coupon ("WAC") of 8.425% and a weighted average remaining
term to maturity of 117 months (assuming that the ARD loans
mature on their ARD date).
See the Collateral Overview Tables at the end of this memo
for more Mortgage Loan details.
CREDIT ENHANCEMENT: Credit enhancement for each class of offered Certificates
will be provided by the classes of Certificates which are
subordinate in priority with respect to payments of interest
and principal.
DISTRIBUTIONS: Principal and interest payments will generally be made to
Certificateholders in the following order:
1) Interest to the A-1 Class, A-2 Class and X Class pro
rata,
2) Principal up to the Principal Distribution Amount to
the A-1 Class until such class is retired,*
3) After the A-1 Class is retired, Principal up to the
Principal Distribution Amount to the Class A-2 until
such Class is retired,*
4) Interest to Class B, and then, after the A-2 Class is
retired, Principal up to the Principal Distribution
Amount to Class B until such Class is retired,
5) Interest to Class C, and then, after the B Class is
retired, Principal up to the Principal Distribution
Amount to Class C until such Class is retired,
6) Interest to Class D, and then, after the C Class is
retired, Principal up to the Principal Distribution
Amount to Class D until such Class is retired,
7) Interest to Class E, and then, after the D Class is
retired, Principal up to the Principal Distribution
Amount to Class E until such Class is retired,
8) Interest to Class F, and then, after the E Class is
retired, Principal up to the Principal Distribution
Amount to Class F until such Class is retired,
9) Interest and, after the F Class is retired, Principal
up to the Principal Distribution Amount to the G, H, J,
K, L, M, N and P Classes, sequentially.
*A-1 and A-2 Classes are pro rata if Classes B through P are
retired.
REALIZED LOSSES: Realized Losses from any Mortgage Loan will be
allocated in reverse sequential order (i.e. Classes P, N, M,
L, K, J, H, G, F, E, D, C and B, in that order). If Classes
B through P have been retired by losses, Realized Losses
shall be applied to the then existing A Classes pro-rata.
APPRAISAL
REDUCTIONS: With respect to certain specially serviced Mortgage Loans as
to which an appraisal is required, including any Mortgage
Loan that becomes 60 days delinquent, an Appraisal Reduction
Amount may be created, generally in the amount, if any, by
which the Stated Principal Balance of such Mortgage Loan,
together with unadvanced interest, unreimbursed advances and
certain other items, exceeds approximately 90% of the
appraised value of the related Mortgaged Property. The
Appraisal Reduction Amount will reduce proportionately the
interest portion of the P&I Advance for that loan, which
reduction may result in a shortfall of interest to the most
subordinate class of interest-bearing certificates
outstanding. The Appraisal Reduction Amount will be reduced
to zero as of the date the related Mortgage Loan has been
brought current for a specified number of months, paid in
full, repurchased or otherwise liquidated, and any
shortfalls borne by the subordinate classes may be paid from
amounts recovered from the related borrower.
MINIMUM DENOMINATIONS:
MINIMUM INCREMENTS
CLASSES DENOMINATION THEREAFTER DELIVERY
-------------------------- ------------ ---------- --------
A-1, A-2, B, C, D, E AND F $10,000 $1 DTC
Page 5 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
PREPAYMENT RESTRICTION*
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT 9/00 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10
RESTRICTION
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LOCK-OUT / DEF. 100.0% 100.0% 100.0% 82.0% 80.4% 80.1% 80.0% 79.0% 79.1% 71.6% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
YIELD MAINTENANCE - - - 18.0% 19.6% 19.9% 20.0% 20.8% 20.9% 12.3% -
------------------------------------------------------------------------------------------------------------------------------------
SUB TOTAL: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 99.9% 100.0% 83.9% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT PREMIUM
------------------------------------------------------------------------------------------------------------------------------------
5% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
4% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
3% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
2% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
1% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
OPEN - - - - - - - 0.1% - 16.1% -
------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* % represents % of then outstanding balance as of the date shown, assuming
no prepayments or defaults.
OPEN PREPAYMENT PERIOD AT END OF LOAN (I.E. PRIOR TO MATURITY DATE OR ARD, AS
APPLICABLE):
----------------------------------------------------------------------------
OPEN PERIOD AT END NUMBER OF LOANS % OF INITIAL
OF LOAN* POOL BALANCE
----------------------------------------------------------------------------
NONE 45 21.28%
----------------------------------------------------------------------------
1 MONTH 46 26.15
----------------------------------------------------------------------------
2 MONTHS 12 10.59
----------------------------------------------------------------------------
3 MONTHS 62 41.12
----------------------------------------------------------------------------
6 MONTHS 2 0.86
----------------------------------------------------------------------------
TOTAL: 167 100.00%
----------------------------------------------------------------------------
* WEIGHTED AVERAGE OPEN PERIOD AT END OF LOAN IS 2 MONTHS.
Page 6 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
CREDIT TENANT
LEASE LOANS: Credit Tenant Lease Loans are secured by mortgages on
properties which are leased (each a "Credit Tenant Lease")
to a tenant which possesses, or whose parent or other
affiliate which guarantees the lease obligation possesses,
the rating indicated in the following table. Scheduled
monthly rent payments under the Credit Tenant Leases are
generally sufficient to pay in full and on a timely basis
all interest and principal scheduled to be paid with respect
to the related Credit Tenant Lease Loans.
The Credit Tenant Lease Loans generally provide that the
tenant is responsible for all costs and expenses incurred in
connection with the maintenance and operation of the related
Credit Tenant Lease property and that, in the event of a
casualty or condemnation of a material portion of the
related Mortgaged Property:
(i) the Tenant is obligated to continue making payments;
(ii) the Tenant must make an offer to purchase the
applicable property subject to the Credit Tenant Lease
for an amount not less than the unpaid principal
balance plus accrued interest on the related Credit
Tenant Lease Loan; or
(iii) the Trustee on behalf of the Certificateholders will
have the benefit of certain non-cancelable credit lease
enhancement policies obtained to cover certain casualty
and/or condemnation risks.
Approximately 2.1% of the Initial Pool Balance are Credit
Tenant Lease Loans.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
TENANT / GUARANTOR NUMBER CUT-OFF DATE LEASE TYPE(1) CREDIT RATING CREDIT RATING
OF LOANS BALANCE ($) (S&P) (MOODY'S)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Walgreens Company(2) 3 $10,069,545 NN A+ Aa3
----------------------------------------------------------------------------------------------------------------------------
CVS Corporation 4 $9,614,247 NNN / NN A A3
----------------------------------------------------------------------------------------------------------------------------
Mobil Corporation 1 $1,351,232 NNN AAA Aaa(3)
----------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: 8 $21,035,024 -- A+ A1
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) "Bond" means bondable lease, "NNN" means triple net lease and "NN" means
double net lease.
(2) Issuer Credit Rating.
(3) The tenant is the unrated operating subsidiary of the Mobil Corporation,
the rated parent. The tenant holds substantially all of the assets of the
Mobil Corporation.
RESERVES: The table below relates only to conventional conduit loans
and excludes: (i) all Credit Tenant Lease Loans; and (ii)
the Westfield America Mortgage Loans.
------------------------------ --------------------------------
RESERVES % OF CONDUIT LOANS
WITH ANNUAL ESCROWS
------------------------------ --------------------------------
Replacement Reserves 95.2%
------------------------------ --------------------------------
Taxes 99.8%
------------------------------ --------------------------------
Insurance 89.8%
------------------------------ --------------------------------
TI & LC Retail 85.9%
------------------------------ --------------------------------
TI & LC Industrial 85.9%
------------------------------ --------------------------------
TI & LC Office 85.4%
------------------------------ --------------------------------
CASH MANAGEMENT: Mortgage Loans representing 92.6% of the Initial Pool
Balance employ cash management systems.
------------------------------- --------------------------------
CASH MANAGEMENT SYSTEM MORTGAGE POOL
------------------------------- --------------------------------
Springing Lockbox 71.6% of Initial Pool Balance
------------------------------- --------------------------------
Hard Lockbox 21.1% of Initial Pool Balance
------------------------------- --------------------------------
Page 7 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
LARGEST SPONSOR CONCENTRATION:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN SOUTH SHORE LOAN
--------------------------------------------------------------------------------------------------------------------------------
<S> <C>
CUT-OFF DATE BALANCE: $85,932,282
----------------------------------- --------------------------------------------------------------------------------------------
COUPON: 8.177%
----------------------------------- --------------------------------------------------------------------------------------------
ANTICIPATED REPAYMENT DATE: December 11, 2009
----------------------------------- --------------------------------------------------------------------------------------------
TERM TO ARD: 10 years
----------------------------------- --------------------------------------------------------------------------------------------
AMORTIZATION: 30 years; hyper-amortization commencing after the ARD
----------------------------------- --------------------------------------------------------------------------------------------
SPONSOR: Westfield America, Inc.
----------------------------------- --------------------------------------------------------------------------------------------
ANCHORS: Macy's, Sears, JC Penney and Lord & Taylor
----------------------------------- --------------------------------------------------------------------------------------------
PROPERTY: 1,154,671 square foot regional shopping center
----------------------------------- --------------------------------------------------------------------------------------------
LOCATION: Bay Shore, New York
----------------------------------- --------------------------------------------------------------------------------------------
1999 IN-LINE SALES/SF: $393
----------------------------------- --------------------------------------------------------------------------------------------
IN-LINE COST OF OCCUPANCY: 15.3%
----------------------------------- --------------------------------------------------------------------------------------------
OCCUPANCY: 98.4%(1)
----------------------------------- --------------------------------------------------------------------------------------------
VALUE: $177.4 million
----------------------------------- --------------------------------------------------------------------------------------------
LTV : 48.4%
----------------------------------- --------------------------------------------------------------------------------------------
DSCR: 1.65x
----------------------------------- --------------------------------------------------------------------------------------------
RESERVES: Springing (if DSCR falls below 1.25x or an event of default occurs, lockbox will be
established for tenant improvements, leasing commissions, operating expenses and capital
expenditures)
----------------------------------- --------------------------------------------------------------------------------------------
LOCKBOX: Hard for debt service, tax and insurance; springing for reserves
----------------------------------- --------------------------------------------------------------------------------------------
</TABLE>
(1) BASED ON 5/1/00 RENT ROLL.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN PLAZA CAMINO REAL LOAN
--------------------------------------------------------------------------------------------------------------------------------
<S> <C>
CUT-OFF DATE BALANCE: $36,000,000
----------------------------------- --------------------------------------------------------------------------------------------
COUPON: 7.65%
----------------------------------- --------------------------------------------------------------------------------------------
ANTICIPATED REPAYMENT DATE: June 11, 2010
----------------------------------- --------------------------------------------------------------------------------------------
TERM TO ARD: 10 years
----------------------------------- --------------------------------------------------------------------------------------------
AMORTIZATION: Interest only to the ARD; hyper-amortization commencing after the ARD
----------------------------------- --------------------------------------------------------------------------------------------
SPONSOR: Westfield America, Inc.
----------------------------------- --------------------------------------------------------------------------------------------
ANCHORS: JC Penney, Macy's, Sears, Robinsons-May and Macy's Men & Home Store
----------------------------------- --------------------------------------------------------------------------------------------
PROPERTY: 1,148,028 square foot, fully enclosed, two-level, regional mall
----------------------------------- --------------------------------------------------------------------------------------------
LOCATION: Carlsbad, California
----------------------------------- --------------------------------------------------------------------------------------------
1999 IN-LINE SALES/SF: $320
----------------------------------- --------------------------------------------------------------------------------------------
IN-LINE COST OF OCCUPANCY: 13.1%
----------------------------------- --------------------------------------------------------------------------------------------
OCCUPANCY: 96.1%(1)
----------------------------------- --------------------------------------------------------------------------------------------
VALUE: $141.9 million
----------------------------------- --------------------------------------------------------------------------------------------
LTV : 25.4%
----------------------------------- --------------------------------------------------------------------------------------------
DSCR: 3.47x
----------------------------------- --------------------------------------------------------------------------------------------
RESERVES: Completion reserve account funded with
$94,375; Springing (if DSCR falls below
1.35x, if an event of default occurs,
or if borrower fails to repay the loan
in full by its ARD, lockbox will be
established for taxes and, if an event
of default occurs, for insurance)
----------------------------------- --------------------------------------------------------------------------------------------
LOCKBOX: Springing
----------------------------------- --------------------------------------------------------------------------------------------
</TABLE>
(1) BASED ON 4/1/00 RENT ROLL, UPDATED FOR NEW LEASING ACTIVITY THROUGH MAY
2000.
Page 8 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
PREPAYMENT PREMIUM
ALLOCATION EXAMPLE:
The yield maintenance charge due in connection with a
prepayment will generally be equal to the present value of
the reduction in interest payments as a result of the
prepayment through the maturity of the prepaid Mortgage
Loan, discounted at the yield, converting from semi-annual
to monthly pay, of a Treasury security of similar maturity
in most cases, assuming ARD loans mature on their
anticipated repayment dates.
A portion of any collected prepayment premium will be paid
on the Class of Certificates senior to the Class J
Certificates then receiving principal, if any, based on the
Discount Rate Fraction Methodology. The following example
reflects that method. The balance of the prepayment premium
will be distributed to the Class X Certificates.
DISCOUNT RATE FRACTION METHODOLOGY:
Mortgage Loan Characteristics of Mortgage Loan being
prepaid:
Balance $10,000,000
Coupon 7.75%
Maturity 10 years
Treasury Rate (monthly) 6.00%
Certificate Characteristics
Class A-1 Coupon 7.00%
Discount Rate Fraction Example:
<TABLE>
<CAPTION>
--------------------------------------------------- ------------------------- ----------------------------
CLASS A-1 CLASS X
CERTIFICATES CERTIFICATES
--------------------------------------------------- ------------------------- ----------------------------
<S> <C> <C>
PRINCIPAL PAYMENT $10,000,000 N/A
--------------------------------------------------- ------------------------- ----------------------------
DISCOUNT RATE FRACTION CALCULATION
(Class A-1 Coupon - Reinvestment Yield) / (7.00% - 6.00%) / (100.0% - 57.14%)-
(Gross Mortgage Rate - Reinvestment Yield) = (7.75% - 6.00%) = 42.86%
Discount Rate Fraction = 57.14%
--------------------------------------------------- ------------------------- ----------------------------
% OF PREMIUM ALLOCATED TO CLASSES: 57.14% 42.86%
--------------------------------------------------- ------------------------- ----------------------------
</TABLE>
ANTICIPATED
REPAYMENT
DATE LOANS: 22 Mortgage Loans representing 31.0% of the Initial Pool
Balance provided that if the unamortized principal amount
thereof is not repaid on a date (the "Anticipated Repayment
Date" or "ARD") prior to maturity set forth in the related
Mortgage Note, the Mortgage Loan will accrue additional
interest at the rate set forth therein and the borrower will
be required to apply excess monthly cash flow generated by
the Mortgaged Property, as determined in the related
Mortgage, to the repayment of principal outstanding on the
Mortgage Loan. With respect to such Mortgage Loans, no
prepayment consideration will be due in connection with any
principal prepayment on or after the Anticipated Repayment
Date. For purposes of analysis and presentation, such loans
are assumed to pay off at the ARD and are treated like
balloon loans that mature on the ARD.
Page 9 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
DETAILED MONTHLY
INVESTOR REPORTING: Updated collateral summary information will be a part of the
monthly remittance report in addition to detailed P&I
payment and delinquency information. Quarterly NOI and
Occupancy data, to the extent delivered by the borrowers,
will be available to Certificate holders through the
Trustee. The following is a list of all the reports that
will be available to Certificateholders:
<TABLE>
<CAPTION>
NAME OF REPORT DESCRIPTION (INFORMATION PROVIDED)
-------- ---------------------------------------- --------------------------------------------------------------------
<S> <C> <C>
1 Distribution Date Statement Principal and interest distributions, principal balances
-------- ---------------------------------------- --------------------------------------------------------------------
2 Mortgage Loan Status Report Portfolio stratifications
-------- ---------------------------------------- --------------------------------------------------------------------
3 Comparative Financial Status Report Revenue, NOI, DSCR to the extent available
-------- ---------------------------------------- --------------------------------------------------------------------
4 Delinquent Loan Status Report Listing of delinquent mortgage loans
-------- ---------------------------------------- --------------------------------------------------------------------
5 Historical Loan Modification Report Information on modified mortgage loans
-------- ---------------------------------------- --------------------------------------------------------------------
6 Historical Liquidation Report Net liquidation proceeds and realized losses
-------- ---------------------------------------- --------------------------------------------------------------------
7 REO Status Report NOI and value of REO
-------- ---------------------------------------- --------------------------------------------------------------------
8 Servicer Watch List Listing of loans in jeopardy of becoming Specially Serviced
-------- ---------------------------------------- --------------------------------------------------------------------
9 Loan Payoff Notification Report Listing of loans where borrower has requested a pay-off statement
</TABLE>
ADVANCING: The Master Servicer will be obligated to make advances of
scheduled principal and interest payments (excluding balloon
payments and subject to reduction for Appraisal Reduction
Amounts) and certain servicing expenses ("Advances"), to the
extent that such Advances are deemed to be recoverable out
of collections on the related Mortgage Loan. If the Master
Servicer fails to make a required Advance, the Trustee will
be obligated to make such advances.
CONTROLLING CLASS: The Controlling Class will generally be the most subordinate
class with a Certificate Balance outstanding that is at
least 25% of the initial Certificate Balance of such Class.
A majority of Certificateholders of the Controlling Class
will, subject to certain limitations, be entitled to replace
the Special Servicer. Such holders of the Controlling Class
will also have the right to select a representative that may
direct or advise the Special Servicer with respect to
special servicing actions subject to the servicing standards
set forth in the Pooling and Servicing Agreement.
Page 10 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
GENERAL CHARACTERISTICS PROPERTY TYPES
------------------------------------- ------------------ ---------------------------- ------------------------
% OF INITIAL POOL
CHARACTERISTICS PROPERTY TYPES BALANCE
------------------------------------- ------------------ ---------------------------- ------------------------
<S> <C> <C> <C>
Initial Pool Balance $999,060,409 Retail 39.4%
------------------------------------- ------------------ ---------------------------- ------------------------
Number of Loans 167 Multifamily* 24.8
------------------------------------- ------------------ ---------------------------- ------------------------
Gross WAC 8.425% Office 19.9
------------------------------------- ------------------ ---------------------------- ------------------------
Original WAM(1) 122 months Industrial/Warehouse 5.3
------------------------------------- ------------------ ---------------------------- ------------------------
Remaining WAM(1) 117 months Hotel 4.5
------------------------------------- ------------------ ---------------------------- ------------------------
Average Loan Balance $5,982,398 CTL 2.1
------------------------------------- ------------------ ---------------------------- ------------------------
Weighted Average DSCR(2) 1.40x Mobil Home Park 1.5
------------------------------------- ------------------ ---------------------------- ------------------------
WA Cut-Off Date LTV Ratio(2) 67.7% Mixed Use 1.3
------------------------------------- ------------------ ---------------------------- ------------------------
WA LTV at Maturity(2) 61.0% Self Storage 0.8
------------------------------------- ------------------ ---------------------------- ------------------------
Geographic Diversity 28 states Health Care 0.3
------------------------------------- ------------------ ---------------------------- ------------------------
Balloon or ARD Loans 97.9% TOTAL: 100.0%
------------------------------------- ------------------ ---------------------------- ------------------------
</TABLE>
(1) Assumes ARD loans mature on their respective * Includes Senior Housing.
Anticipated Repayment Dates.
(2) Excludes CTL loans.
<TABLE>
<CAPTION>
DEAL SUMMARY BY PROPERTY TYPE
------------------------------------------------------------------------------------------------------------------------------------
% OF
AGGREGATE INITIAL AVERAGE REM. WA
# OF CUT-OFF DATE POOL CUT-OFF DATE GROSS WAM WA WA OCCUPANCY BALLOON
PROPERTY TYPE LOANS BALANCE BALANCE BALANCE WAC (MOS)(1) LTV DSCR RATE %
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RETAIL 40 $393,941,831 39.4% $9,848,546 8.324% 114 63.13% 1.56X 95.94% 91.4%
------------------------------------------------------------------------------------------------------------------------------------
Anchored 23 $180,125,759 18.0% $7,831,555 8.463% 114 73.61% 1.27x 96.76% 90.7%
------------------------------------------------------------------------------------------------------------------------------------
Regional Mall 3 $162,874,332 16.3% $54,291,444 8.109% 114 49.13% 1.96x 94.53% 92.4%
------------------------------------------------------------------------------------------------------------------------------------
Unanchored 14 $50,941,739 5.1% $3,638,696 8.520% 114 70.85% 1.33x 97.51% 90.6%
------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY(4) 54 $247,616,446 24.8% $4,585,490 8.347% 106 75.65% 1.25X 95.97% 90.8%
------------------------------------------------------------------------------------------------------------------------------------
OFFICE 27 $199,131,368 19.9% $7,375,236 8.574% 123 68.12% 1.30X 97.33% 89.7%
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL/W'HOUSE 12 $52,807,191 5.3% $4,400,599 8.393% 110 64.93% 1.31X 96.69% 90.4%
------------------------------------------------------------------------------------------------------------------------------------
HOTEL 12 $45,297,374 4.5% $3,774,781 8.914% 124 62.81% 1.46X N/A 82.7%
------------------------------------------------------------------------------------------------------------------------------------
CTL 8 $21,035,024 2.1% $2,629,378 8.349% 232 N/A N/A 100.00% N/A
------------------------------------------------------------------------------------------------------------------------------------
MOBILE HOME PARK 7 $14,673,676 1.5% $2,096,239 8.297% 116 69.78% 1.37X 88.65% 86.6%
------------------------------------------------------------------------------------------------------------------------------------
MIXED USE 3 $13,351,431 1.3% $4,450,477 8.742% 124 72.44% 1.34X 99.33% 87.6%
------------------------------------------------------------------------------------------------------------------------------------
SELF STORAGE 3 $8,072,060 0.8% $2,690,687 8.870% 115 66.10% 1.34X 84.26% 84.7%
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE 1 $3,134,007 0.3% $3,134,007 10.000% 112 74.62% 2.09X 92.00% 87.4%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL/AVG/WTD.AVG: 167 $999,060,409 100.0% $5,982,398 8.425% 117 67.69%(2) 1.40X(2) 96.19%(3) 88.4%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assumes ARD loans mature on their respective Anticipated Repayment Dates.
(2) Excludes credit tenant lease loans.
(3) Excludes hotels.
(4) Includes Senior Housing.
Page 11 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
LOAN SIZE DISTRIBUTION GROSS RATE DISTRIBUTION
----------------------------------------------------------- ----------------------------------------------------------
CUT-OFF DATE BALANCE # OF % OF INITIAL GROSS RATE RANGES # OF % OF INITIAL
RANGES ($) LOANS POOL BALANCE (%) LOANS POOL BALANCE
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
<S> <C> <C> <C> <C> <C>
0 - 2,000,000 47 6.51% 7.251 - 7.500 1 0.33%
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
2,000,001 - 6,000,000 68 24.89 7.501 - 7.750 3 5.66
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
6,000,001 - 10,000,000 30 22.56 7.751 - 8.000 3 1.50
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
10,000,001 - 14,000,000 10 11.95 8.001 - 8.250 26 19.54
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
14,000,001 - 18,000,000 4 6.13 8.251 - 8.500 53 33.17
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
18,000,001 - 24,000,000 3 6.27 8.501 - 8.750 52 30.49
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
24,000,001 - 36,000,000 3 9.00 8.751 - 9.000 21 6.97
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
36,000,001 - 58,000,000 1 4.10 9.001 - 9.250 3 1.40
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
66,000,001 - 138,000,000 1 8.60 9.251 - 9.500 3 0.54
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
TOTAL: 167 100.00% 9.501 - 9.750 1 0.08
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
Min.: $497,470 9.751 - 10.000 1 0.31
Max.: $85,932,282 ----------------------------- --------- ------------------
Avg.: $5,982,398 TOTAL: 167 100.00%
----------------------------- --------- ------------------
Min.: 7.390%
Max.: 10.000%
Wtd. Avg.: 8.425%
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY(1) REMAINING AMORTIZATION TERM(1,2)
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
MONTHS # OF % OF INITIAL MONTHS # OF % OF INITIAL
LOANS POOL BALANCE LOANS POOL BALANCE
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
<S> <C> <C> <C> <C> <C>
37 - 60 4 1.64% 217 - 228 3 0.48%
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
61 - 84 8 3.82 229 - 240 7 1.99
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
85 - 96 1 0.14 265 - 276 4 1.29
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
97 - 108 5 3.68 277 - 288 1 0.81
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
109 - 120 133 84.70 289 - 300 20 6.61
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
133 - 144 1 0.28 313 - 324 1 0.29
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
169 - 180 7 3.65 337 - 348 7 3.84
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
217 - 228 3 0.46 349 - 360 123 84.69
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
229 - 240 5 1.64 TOTAL: 166 100.00%
-------------------------------- --------- ---------------- ----------------------------- --------- ------------------
TOTAL: 167 100.00% (1) Assumes ARD loans mature on their respective
-------------------------------- --------- ---------------- Anticipated Repayment Dates.
(1) Assumes ARD loans mature on their respective (2) Excludes a full term interest only loan.
Anticipated Repayment Dates. Min: 221 months
Min.: 46 months Max.: 360 months
Max.: 237 months Wtd. Avg.: 346 months
Wtd. Avg.: 117 months
</TABLE>
Page 12 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
DEBT SERVICE COVERAGE RATIOS (DSCR)(1) LOAN TO VALUE RATIOS (LTV)(1)
----------------------------------------------------------- ----------------------------------------------------------
CUT-OFF DATE # OF % OF INITIAL CUT-OFF DATE # OF % OF INITIAL
DSCR RANGES (X) LOANS POOL BALANCE LTV RANGES (%) LOANS POOL BALANCE
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
1.20 - 1.24 45 34.56% 25.001 - 30.000 1 3.68%
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
1.25 - 1.29 51 24.44 35.001 - 40.000 3 1.34
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
1.30 - 1.34 24 14.25 45.001 - 50.000 2 11.08
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
1.35 - 1.39 12 3.70 50.001 - 55.000 1 0.24
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
1.40 - 1.49 15 5.97 55.001 - 60.000 9 1.64
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
1.50 - 1.69 7 12.51 60.001 - 65.000 13 6.90
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
1.80 - 1.99 3 0.57 65.001 - 70.000 22 11.74
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
2.00 - 2.19 1 0.32 70.001 - 75.000 60 36.27
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
3.47 1 3.68 75.001 - 80.000 48 27.12
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
TOTAL: 159 100.00% TOTAL: 159 100.00%
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
(1) Excludes CTL loans. (1) Excludes CTL loans.
Min.: 1.20x Min.: 25.37%
Max.: 3.47x Max.: 79.94%
Wtd. Avg.: 1.40x Wtd. Avg.: 67.69%
</TABLE>
<TABLE>
<CAPTION>
OCCUPANCY RATES(1) MATURITY DATE/ARD LOAN TO VALUE(1)
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
CUT-OFF DATE OCCUPANCY # OF % OF INITIAL CUT-OFF DATE BALLOON # OF % OF INITIAL
RANGES (%) LOANS POOL BALANCE LTV RANGES (%) LOANS POOL BALANCE
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
65.01 - 70.00 1 0.24% 25.001 - 30.000 1 3.68%
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
75.01 - 80.00 1 0.61 30.001 - 40.000 3 1.34
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
80.01 - 85.00 5 1.14 40.001 - 50.000 10 13.24
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
85.01 - 90.00 8 2.16 50.001 - 55.000 10 2.52
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
90.01 - 95.00 37 34.95 55.001 - 60.000 21 11.63
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
95.01 - 100.00 103 60.90 60.001 - 65.000 28 16.74
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
TOTAL: 155 100.00% 65.001 - 70.000 50 29.60
------------------------------- ---------- ---------------- ----------------------------- ---------- -----------------
(1) Excludes hotels. 70.001 - 75.000 36 21.25
Min: 68.80% ----------------------------- ---------- -----------------
Max.: 100.00% TOTAL: 159 100.00%
Wtd. Avg.: 96.19% ----------------------------------------------------------
(1) Excludes CTL loans.
Min.: 25.37
Max.:74.94 %
Wtd. Avg.: 60.98%
</TABLE>
Page 13 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C4 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
STATE # OF % OF INITIAL STATE # OF % OF INITIAL
PROPERTIES POOL BALANCE PROPERTIES POOL BALANCE
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
<S> <C> <C> <C> <C> <C>
New York 17 19.23% Missouri 2 1.62
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
California 17 14.53 Maryland 1 1.56
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Florida 21 10.21 South Carolina 2 1.31
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Texas 20 9.23 Utah 2 1.20
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Virginia 8 6.57 Michigan 4 0.97
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Tennessee 3 4.74 Connecticut 4 0.96
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Pennsylvania 12 4.72 Washington 1 0.58
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Georgia 10 4.35 Colorado 1 0.51
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
North Carolina 8 3.13 Illinois 1 0.50
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
New Jersey 8 2.71 Arkansas 1 0.45
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Indiana 5 2.34 New Mexico 1 0.32
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Arizona 9 2.11 Alabama 1 0.25
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Ohio 3 2.07 Vermont 1 0.04
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Oklahoma 7 1.90 TOTAL: 181 100.00%
--------------------------- -------------- ---------------- -------------------------- ------------- -----------------
Massachusetts 11 1.90
--------------------------- -------------- ----------------
</TABLE>
<TABLE>
<CAPTION>
AMORTIZATION
-------------------------------------------- -------------- --------------------------
LOAN TYPE NUMBER % OF INITIAL
OF LOANS POOL BALANCE
--------------------------------------------- ------------- --------------------------
<S> <C> <C>
Amortizing Balloon 131 63.14%
--------------------------------------------- ------------- --------------------------
Hyperamortizing 21 27.35
--------------------------------------------- ------------- --------------------------
Interest Only..Amortizing Balloon 6 3.80
--------------------------------------------- ------------- --------------------------
Interest Only...Hyperamortizing Balloon 1 3.60
--------------------------------------------- ------------- --------------------------
Fully Amortizing 4 1.14
--------------------------------------------- ------------- --------------------------
Step 4 0.97
--------------------------------------------- ------------- --------------------------
TOTAL: 167 100.00%
--------------------------------------------- ------------- --------------------------
</TABLE>
Page 14 of 14
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
[Lehman Brothers Logo] [UBS Warburg Logo]
LB-UBS COMMERCIAL MORTGAGE TRUST 2000-C4
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-C4
INITIAL MORTGAGE POOL BALANCE
APPROXIMATELY $999.1 MILLION
LEHMAN BROTHERS UBS WARBURG
DEUTSCHE BANC ALEX.BROWN
<PAGE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE
ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND NOT BY THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION OR
WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING
ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES
ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
TRANSACTION HIGHLIGHTS
-----------------------------------------------------------------------------
Initial Mortgage Pool Balance: Approximately $999.1 million
Public Certificates: Approximately $909.1 million
Private Certificates: Approximately $89.9 million
Co-Lead Manager/Sole Book Runner: Lehman Brothers Inc.
Co-Lead Manager: UBS Warburg LLC
Co-Manager: Deutsche Bank Securities Inc.
Rating Agencies: Standard & Poor's Rating Services,
a division of the McGraw-Hill
Companies, Inc. ("S&P") & Moody's
Investors Service Inc. ("Moody's")
Trustee: LaSalle Bank National Association
Fiscal Agent: ABN AMRO Bank N.V.
Master Servicer: ORIX Real Estate Capital Markets, LLC
Special Servicer: ORIX Real Estate Capital Markets, LLC
1
<PAGE>
TRANSACTION HIGHLIGHTS
----------------------------------------------------------------------------
Determination Date: 11th day of each month or if such day is
not a business day, then the following
business day
Distribution Date: 4th business day after the Determination
Date of each month, commencing in
October 2000
Eligibility for Underwriters' Classes A-1 and A-2. There is currently
Prohibited Transaction pending a proposed amendment to the subject
for ERISA Purposes: prohibited transaction exemptions that would
make the remaining public certificates
eligible as well provided that such
securities are rated in one of the four
highest rating categories.
DTC: All public certificates
Bloomberg: Cashflows will be modeled on Bloomberg
Denominations: Class Minimum Denomination*
-----------------------------------------------------
A-1, A-2, B, $10,000
C, D, E and F
*Increments of $1 thereafter.
Lehman Brothers CMBS Index: All classes will be included in the
Lehman Brothers CMBS Index
2
<PAGE>
STRUCTURAL HIGHLIGHTS
------------------------------------------------------------------------------
CERTIFICATES*
---------------------------------------- -------------
CLASS A-1
----------------------------------------
CLASS A-2
----------------------------------------
CLASS B
----------------------------------------
CLASS C
----------------------------------------
CLASS D
----------------------------------------
CLASS E
----------------------------------------
CLASS F
----------------------------------------
CLASS G CLASS X
----------------------------------------
CLASS H
----------------------------------------
CLASS J
----------------------------------------
CLASS K
----------------------------------------
CLASS L
----------------------------------------
CLASS M
----------------------------------------
CLASS N
----------------------------------------
CLASS P
---------------------------------------- -------------
* Blue shaded classes indicate those certificates that are offered publicly. All
other classes of certificates are offered privately (144A).
3
<PAGE>
STRUCTURAL HIGHLIGHTS
-------------------------------------------------------------------------------
BOND STRUCTURE*
o Sequential pay structure.
o Interest and principal are paid to senior classes before subsequent classes
receive interest and principal.
o Credit enhancement for each class will be provided by the classes which are
subordinate to it.
o Losses allocated in reverse sequential order starting with the non-rated
principal balance class (Class P).
<TABLE>
<CAPTION>
Original Face Ratings Credit Wtd. Avg. Life Principal
Class Amount ($) (S&P/Moody's) Support Description (years) (1) Window (1) Status
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $170,000,000 AAA /Aaa 21.00% Fixed Rate 5.87 10/00-09/09 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
A-2 619,257,000 AAA /Aaa 21.00 Fixed Rate 9.45 09/09-06/10 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
B 42,460,000 AA/Aa2 16.75 Fixed Rate 9.71 06/10-06/10 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
C 39,963,000 A/A2 12.75 Fixed Rate 9.71 06/10-06/10 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
D 12,488,000 A-/A3 11.50 Fixed Rate 9.71 06/10-06/10 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
E 7,493,000 BBB+/Baa1 10.75 Fixed Rate 9.75 06/10-07/10 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
F 17,483,000 BBB/Baa2 9.00 Fixed Rate 9.80 07/10-07/10 Public
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
G 12,489,000 (5) 7.75 Fixed Rate 9.80 07/10-07/10 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
H 22,479,000 (5) 5.50 Fixed Rate 9.80 07/10-07/10 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
J 12,488,000 (5) 4.25 Fixed Rate 10.75 07/10-05/13 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
K 7,493,000 (5) 3.50 Fixed Rate 14.03 05/13-05/15 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
L 7,493,000 (5) 2.75 Fixed Rate 14.63 05/15-05/15 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
M 6,244,000 (5) 2.13 Fixed Rate 14.63 05/15-05/15 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
N 4,995,000 (5) 1.63 Fixed Rate 14.63 05/15-05/15 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
P 16,235,409 (5) N/A Fixed Rate 16.04 05/15-06/20 Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
X 999,060,409 (2) (5) N/A WAC I/O 9.14 (3) 10/10-06/20(4) Private 144A
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
TOTAL: $999,060,409 -- -- -- -- -- --
--------- ------------------- ------------ -------------- -------------- --------------------- --------------------- ---------------
</TABLE>
(1) Expected assuming among other things, 0% CPR, no losses and that ARD loans
pay off on their respective anticipated repayment dates.
(2) Represents notional amount on Class X.
(3) Represents weighted average life of notional amount on Class X.
(4) Represents period over which the notional amount of the Class X
Certificates will be reduced to zero.
(5) Not offered hereby.
4
<PAGE>
STRUCTURAL HIGHLIGHTS
------------------------------------------------------------------------------
CALL PROTECTION
Statistical Data
------------------------------ -----------------
Total Loans With Lock-Out 100.0% **
------------------------------ -----------------
Loans With Initial Lock-Out & 80.6%**
Defeasance Thereafter
------------------------------ -----------------
Loans With Initial Lock-Out & 19.4%**
Yield Maintenance Thereafter
------------------------------ -----------------
Weighted Average Remaining 9.65 years
Lock-Out and Defeasance*
------------------------------ -----------------
Weighted Average Open Period 2 months
------------------------------ -----------------
* For loans with defeasance only.
** % of initial mortgage pool balance.
-----------------------------------------------------
Open Period at Number of % of Initial Mortgage
End Of Loan Loans Pool Balance
-----------------------------------------------------
NONE 45 21.3%
-----------------------------------------------------
1 MONTH 46 26.2
-----------------------------------------------------
2 MONTHS 12 10.6
-----------------------------------------------------
3 MONTHS 62 41.1
-----------------------------------------------------
6 MONTHS 2 0.9
-----------------------------------------------------
TOTAL: 167 100.0%
-----------------------------------------------------
5
<PAGE>
STRUCTURAL HIGHLIGHTS
----------------------------------------------------------------------------
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT 9/00 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10
PREMIUM
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LOCK-OUT/DEF. 100.0% 100.0% 100.0% 82.0% 80.4% 80.1% 80.0% 79.0% 79.1% 71.6% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
YIELD MAINT. - - - 18.0% 19.6% 19.9% 20.0% 20.8% 20.9% 12.3% -
------------------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 99.9% 100.0% 83.9% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
5% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
4% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
3% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
2% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
1% - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
OPEN - - - - - - - 0.1% - 16.1% -
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* % represents % of then outstanding balance as of the date shown, assuming no
prepayments or defaults.
6
<PAGE>
STRUCTURAL HIGHLIGHTS
----------------------------------------------------------------------------
PREPAYMENT PREMIUM ALLOCATION EXAMPLE:
The yield maintenance charge due in connection with a prepayment will generally
be equal to the present value of the reduction in interest payments as a result
of the prepayment through the maturity of the prepaid Mortgage Loan, discounted
at the yield (converted from semi-annual to monthly pay) of a Treasury security
of similar maturity in most cases, assuming ARD loans mature on their respective
anticipated repayment dates.
A portion of any collected prepayment premium will be paid on the Class of
Principal Balance Certificates senior to the Class J Certificates then receiving
principal based on the Discount Rate Fraction Methodology. The following example
reflects that method. The balance of the prepayment premium will be distributed
to the Class X Certificates.
DISCOUNT RATE FRACTION METHODOLOGY:
Mortgage Loan Characteristics of Mortgage Loan being prepaid:
Balance: $10,000,000
Coupon: 7.75%
Maturity: 10 years
Treasury Rate (monthly): 6.00%
Certificate Characteristics:
Class A-1 Coupon: 7.00%
Discount Rate Fraction Example:
<TABLE>
<CAPTION>
CLASS A-1 CLASS X
CERTIFICATES CERTIFICATES
----------------------------------------------- ------------------ ---------------------
PRINCIPAL PAYMENT $10,000,000 N/A
----------------------------------------------- ------------------ ---------------------
<S> <C> <C>
DISCOUNT RATE FRACTION CALCULATION
(Class A-1 Coupon - Reinvestment Yield) / (7.00% - 6.00%) / (100.0% - 57.14%) =
(Gross Mortgage Rate - Reinvestment Yield) = (7.75% - 6.00%) = 42.86%
Discount Rate Fraction = 57.14%
----------------------------------------------- ------------------ ---------------------
% OF PREMIUM ALLOCATED TO CLASSES 57.14% 42.86%
----------------------------------------------- ------------------ ---------------------
</TABLE>
7
<PAGE>
POOL HIGHLIGHTS
------------------------------------------------------------------------------
General Pool Characteristics as of the Cut-Off Date, September 11, 2000
----------------------------------------------------------------------------
Size of Pool $999,060,409
------------------------------------------------------- --------------------
Contributor of Collateral Lehman 66.8%
UBS 33.2%
------------------------------------------------------- --------------------
Number of Loans 167
------------------------------------------------------- --------------------
Weighted Average Gross WAC 8.425%
------------------------------------------------------- --------------------
Weighted Average Original Term to Maturity 122 months
------------------------------------------------------- --------------------
Weighted Average Remaining Term to Maturity(1) 117 months
------------------------------------------------------- --------------------
Average Balance $5,982,398
------------------------------------------------------- --------------------
Largest Loan $85,932,282
------------------------------------------------------- --------------------
Largest Conduit Loan $40,942,051
------------------------------------------------------- --------------------
WA DSCR(2) 1.40x
------------------------------------------------------- --------------------
Min - Max DSCR(2) 1.20x - 3.47x
------------------------------------------------------- --------------------
WA LTV(2) 67.7%
------------------------------------------------------- --------------------
Min - Max LTV(2) 25.4% - 79.9%
------------------------------------------------------- --------------------
WA LTV at Maturity(2) 61.0%
------------------------------------------------------- --------------------
Geographic Diversity 28 states
------------------------------------------------------- --------------------
Balloon or ARD Loans 97.9%
----------------------------------------------------------------------------
(1) Assumes ARD loans mature on their respective anticipated repayment dates.
(2) Excludes CTL Loans but includes other fully amortizing loans.
8
<PAGE>
POOL HIGHLIGHTS
-----------------------------------------------------------------------------
ORIGINATION AND STRUCTURING
o Sponsors of properties securing loans in the LB-UBS 2000-C4 transaction
include the following:
-- Westfield America, Inc.
-- Glimcher Realty Trust
-- Konover Properties
-- DDR/DRA
-- B.F. Saul Company (Saul Centers, Inc. REIT)
-- Capital Senior Living
o Conduit Origination
-- UBS and Lehman re-underwrite loans not directly originated by UBS or
Lehman, respectively--no secondary market loan purchases.
-- Underwritten NCF either verified on conduit loans subject to a variance of
2.5% or re-underwritten by third party service providers (i.e., by Univest
for UBS and by Deloitte & Touche for Lehman).
-- All hospitality loans have "agreed upon procedures" performed by a "Big
Five" accounting firm to verify revenue and expense items.
-- Sponsor/principal due diligence performed for all loans using a combination
of either Lexis/Nexis, bank references, Equifax, TRW reports, litigation
searches or other types of credit history checks.
-- Appraisals are prepared in accordance with USPAP standards by approved
vendors (all FIRREA appraisals).
9
<PAGE>
POOL HIGHLIGHTS
----------------------------------------------------------------------------
ORIGINATION AND STRUCTURING (CONT'D)
o Conduit Origination (cont'd)
-- Substantially all borrowers are single asset entities.
-- Non-consolidation opinions
o Delivered for substantially all loans with principal balances
greater than $15 million
o Delivered for all hospitality loans
-- Cash management systems affecting approximately 92.6% of the initial
mortgage pool balance
o Springing lockbox - 71.6% of the initial mortgage pool balance.
o Hard lockbox - 21.1% of the initial mortgage pool balance.
10
<PAGE>
POOL HIGHLIGHTS
-------------------------------------------------------------------------------
ORIGINATION AND STRUCTURING (CONT'D)
-- Fully Funded Escrows:
% of Pool with Funded
Pool Escrow (1)
------------------------------ ---------------------
Replacement Reserves 95.2%
------------------------------ ---------------------
Taxes 99.8%
------------------------------ ---------------------
Insurance 89.8%
------------------------------ ---------------------
TI & LC (Retail) 85.9%
------------------------------ ---------------------
TI & LC (Industrial) 85.9%
------------------------------ ---------------------
TI & LC (Office) 85.4%
------------------------------ ---------------------
(1) Excludes CTL and Westfield Loans.
o Credit Tenant Lease ("CTL") Loans Origination and Structuring
-- All CTL loans are self-amortizing or have the benefit of a residual
value insurance policy.
-- All CTL loans have hard lockboxes.
-- All non "bond" type CTL loans have the benefit of lease enhancement
policies issued by Chubb Custom Insurance.
-- Weighted average credit rating of tenant or affiliate which guarantees
the lease of A+/A1 (no credit below A/A3) by S&P and Moody's,
respectively
-- 2.1% of the initial mortgage pool balance
11
<PAGE>
POOL HIGHLIGHTS
------------------------------------------------------------------------------
PROPERTY TYPE
o Multifamily(1) loans, Office loans, Industrial/Warehouse loans, Mobile Home
Parks loans, Anchored Retail loans and Regional Mall loans comprise
approximately 85.8% of the initial mortgage pool balance.
PROPERTY TYPE (AGGREGATE POOL)
RETAIL
39.4%
Anchored
Retail
18.0%
Regional
Mall
16.3%
MOBILE
HOME PARK
1.5%
MIXED
USE
1.3%
MULTIFAMILY(1)
24.8%
HEALTH
CARFE
0.3%
CTL
2.1%
HOTEL
4.5%
OFFICE
19.9%
SELF
STORAGE
0.8%
INDUSTRIAL/
WAREHOUSE
5.3%
(1) Includes Senior Housing.
12
<PAGE>
POOL HIGHLIGHTS
------------------------------------------------------------------------------
GEOGRAPHIC DIVERSITY
o Loans are secured by properties located in 28 separate states.
o The state with the largest concentration is New York (19.2% of the initial
mortgage pool balance, 8.6% of which is Westfield Shoppingtown South
Shore).
STATE DISTRIBUTION
OTHER*
26.5%
NY
19.2%
CA
14.5%
FL
10.2%
TX
9.2%
VA
6.6%
TN
4.7%
PA
4.7%
GA
4.3%
* All other individual states comprise less than 4% of the initial mortgage
pool balance.
13
<PAGE>
POOL HIGHLIGHTS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN SIZE DIVERSITY
o 167 mortgage loans
o Average loan size: $5,982,398
o Largest loan comprises 8.6% of the initial mortgage pool balance (Westfield
Shoppingtown South Shore).
Loan Size Distribution
<TABLE>
<CAPTION>
6.5% 24.9% 22.6% 12.0% 6.1% 6.3% 9.0% 4.1% 8.6%
--------------- ----- ------ ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ millions less than $2 $2-$6 $6-$10 $10-$14 $14-$18 $18-$24 $24-$36 $36-$58 $58-$86
# of Loans 47 68 30 10 4 3 3 1 1
</TABLE>
14
<PAGE>
POOL HIGHLIGHTS
-----------------------------------------------------------------------------
DEBT SERVICE COVERAGE RATIO(1)
o Weighted average debt service coverage of 1.40x(1)
Debt Service Coverage Ratio (1)
% of Inital
Mortgage
Property Type Pool Balance WA DSCR Min - Max DSCR
-------------------------- ------------ ---------------- --------------------
RETAIL 39.4% 1.56X 1.20X - 3.47X
-------------------------- ------------ ---------------- --------------------
Anchored 18.0% 1.27x 1.20x - 1.57x
-------------------------- ------------ ---------------- --------------------
Regional Mall 16.3% 1.96x 1.31x - 3.47x
-------------------------- ------------ ---------------- --------------------
Unanchored 5.1% 1.33x 1.25x - 1.95x
-------------------------- ------------ ---------------- --------------------
MULTIFAMILY(2) 24.8% 1.25X 1.20X - 1.46X
-------------------------- ------------ ---------------- --------------------
OFFICE 19.9% 1.30X 1.21X - 1.54X
-------------------------- ------------ ---------------- --------------------
INDUSTRIAL/WAREHOUSE 5.3% 1.31X 1.25X - 1.39X
-------------------------- ------------ ---------------- --------------------
HOTEL 4.5% 1.46X 1.40X - 1.64X
-------------------------- ------------ ---------------- --------------------
CTL 2.1% N/A N/A
-------------------------- ------------ ---------------- --------------------
MOBILE HOME PARK 1.5% 1.37X 1.24X - 1.86X
-------------------------- ------------ ---------------- --------------------
MIXED USE 1.3% 1.34X 1.22X - 1.49X
-------------------------- ------------ ---------------- --------------------
SELF STORAGE 0.8% 1.34X 1.26X - 1.43X
-------------------------- ------------ ---------------- --------------------
HEALTH CARE 0.3% 2.09X 2.09X - 2.09X
-------------------------- ------------ ---------------- --------------------
TOTAL: 100.0% 1.40X 1.20X - 3.47X
-------------------------- ------------ ---------------- --------------------
<TABLE>
<CAPTION>
34.6% 24.4% 14.3% 3.7% 6.0% 3.0% 14.1%
----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
1.20x-1.24x 1.25x-1.29x 1.30x-1.34x 1.35x-1.39x 1.40x-1.49x 1.50x-1.59x 1.60x-3.47x
# of Loans 45 51 24 12 15 4 8
</TABLE>
(1) Excludes CTL loans.
(2) Includes Senior Housing.
15
<PAGE>
POOL HIGHLIGHTS
-------------------------------------------------------------------------
LOAN TO VALUE RATIO(1)
o Weighted Average Loan to Value Ratio of 67.7%
o Weighted Average Loan to Value Ratio at Balloon or ARD of 61.0%
Loan to Value Ratio (1)
<TABLE>
<CAPTION>
3.7% 1.3% 11.1% 1.9% 6.9% 11.7% 36.3% 27.1%
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
25%-35% 35%-45% 45%-50% 50%-60% 60%-65% 65%-70% 70%-75% 75%-80%
# of Loans 1 3 2 10 13 22 60 48
</TABLE>
(1) Excludes CTL loans.
16
<PAGE>
POOL HIGHLIGHTS
----------------------------------------------------------------------------
CREDIT TENANT LEASE LOANS
o CTL loans comprise 2.1% of the initial mortgage pool balance and have an
approximate weighted average credit rating of A+/A1 (S&P/Moody's).
Summary of Credit Tenant Lease Loans
<TABLE>
<CAPTION>
Tenant/Guarantor # of Loans Current Balance S&P Rating Moody's Rating
-------------------------- ---------- ---------------- --------------------- ------------------
<S> <C> <C> <C> <C>
Walgreens Company(1) 3 $10,069,545 A+ Aa3
-------------------------- ---------- ---------------- --------------------- ------------------
CVS Corporation 4 $9,614,247 A A3
-------------------------- ---------- ---------------- --------------------- ------------------
Mobil Corporation 1 $1,351,232 AAA(2) Aaa(2)
-------------------------- ---------- ---------------- --------------------- ------------------
TOTAL / WEIGHTED AVG.: 8 $21,035,024 A+ A1
-------------------------- ---------- ---------------- --------------------- ------------------
</TABLE>
(1) Issuer credit rating
(2) The tenant is the unrated operating subsidiary of the Mobil Corporation,
the rated parent. The tenant holds substantially all of the assets of the
Mobil Corporation.
17
<PAGE>
LARGEST SPONSOR CONCENTRATION
------------------------------------------------------------------------------
WESTFIELD AMERICA, INC. MORTGAGE LOANS:
o Two loans representing 12.2% of the initial mortgage pool balance have
borrowers that are indirectly owned by Westfield America, Inc. (together,
the "Westfield America Mortgage Loans").
o Westfield America, Inc. is one of the largest regional mall REITs.
Westfield and its affiliates manage over 3.7 million square feet of retail
space in the United States.
<TABLE>
<CAPTION>
Property
Mortgage Loan Type Current Balance % of Deal LTV DSCR S&P/Moody's*
---------------------------------------- ----------- --------------- --------- ------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Westfield Shoppingtown Regional
South Shore Mall $ 85,932,282 8.6% 48.4% 1.65x A / A3
---------------------------------------- ----------- --------------- --------- ------- ------------- -------------
Westfield Shoppingtown Regional
Plaza Camino Real Mall $ 36,000,000 3.6% 25.4% 3.47x AAA / Aaa
---------------------------------------- ----------- --------------- --------- ------- ------------- -------------
TOTAL / WEIGHTED AVERAGE: $121,932,282 12.2% 41.6% 2.18X A+ / A1
---------------------------------------------------- --------------- --------- ------- ------------- -------------
</TABLE>
* The ratings indicated in this column reflect an assessment by S&P and Moody's
that the credit characteristics of the noted mortgage loan is consistent with
the obligations that are so rated.
18
<PAGE>
LARGEST SPONSOR CONCENTRATION
----------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN SOUTH SHORE; BAY SHORE, NEW YORK:
[Photo Omitted]
19
<PAGE>
LARGEST SPONSOR CONCENTRATION
-----------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN SOUTH SHORE; BAY SHORE, NEW YORK:
[Photo Omitted]
20
<PAGE>
LARGEST SPONSOR CONCENTRATION
------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN SOUTH SHORE; BAY SHORE, NEW YORK:
Principal Amount: $85,932,282
Interest Rate: 8.177%
Anticipated Repayment Date: December 11, 2009
Term to ARD: 10 years
Amortization: 30 years; hyper-amortization
commencing after the ARD
Sponsor: Westfield America, Inc.
Anchors: Macy's, Sears, JC Penney and
Lord & Taylor
Property: 1,154,671 square foot regional mall
Location: Bay Shore, New York
1999 In-Line Sales/SF: $393
In-Line Cost of Occupancy: 15.3%
Overall Occupancy(1): 98.4%
Value: $177.4 million
LTV Ratio: 48.4%
DSCR: 1.65x
Reserves: Springing (if DSCR falls below 1.25x
or an event of default occurs,
lockbox will be established for
tenant improvements, leasing
commissions, operating expenses
and capital expenditures)
Lockbox: Hard for debt service, taxes and
insurance; Springing for reserves
(1) Based on May 1, 2000 rent roll.
21
<PAGE>
LARGEST SPONSOR CONCENTRATION
----------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN PLAZA CAMINO REAL; CARLSBAD, CALIFORNIA:
[Photos Omitted]
22
<PAGE>
LARGEST SPONSOR CONCENTRATION
----------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN PLAZA CAMINO REAL; CARLSBAD, CALIFORNIA:
[Photos Omitted]
23
<PAGE>
LARGEST SPONSOR CONCENTRATION
------------------------------------------------------------------------------
WESTFIELD SHOPPINGTOWN PLAZA CAMINO REAL; CARLSBAD, CALIFORNIA:
Principal Amount: $36,000,000
Interest Rate: 7.65%
Anticipated Repayment Date: June 11, 2010
Term to ARD: 10 years
Amortization: Interest only to the ARD;
hyper-amortization commencing
after the ARD
Sponsor: Westfield America, Inc.
Anchors: JC Penney, Macy's, Sears,
Robinsons-May and Macy's Men's &
Home Store
Property: 1,148,028 square foot, fully enclosed,
two-level, regional mall
Location: Carlsbad, California
1999 In-Line Sales/SF: $320
In-Line Cost of Occupancy: 13.1%
Overall Occupancy(1): 96.1%
Value: $141.9 million
LTV Ratio: 25.4%
DSCR: 3.47x
Reserves: a) Completion reserve account funded
with $94,375
b) Springing (if DSCR falls
below 1.35x, if an event of
default occurs, or if
borrower fails to repay the
loan in full by its ARD,
lockbox will be established
for taxes and if an event of
default occurs, for
insurance)
Lockbox: Springing
(1) Based on 4/1/00 rent roll, updated for new leasing activity through May
2000.
24
<PAGE>
INVESTOR REPORTING
------------------------------------------------------------------------------
Updated collateral summary information will be a part of the monthly remittance
report in addition to detailed P&I payment and delinquency information.
Quarterly NOI and Occupancy data, to the extent delivered by the borrowers, will
be available to Certificateholders through the Trustee. The following is a list
of all the reports that will be available to Certificateholders.
<TABLE>
<CAPTION>
NAME OF REPORT DESCRIPTION (INFORMATION PROVIDED)
------------ ------------------------------------------------------- -------------------------------------------------------------
<S> <C> <C>
1 Distribution Date Statements principal and interest distributions, principal balances
------------ ------------------------------------------------------- -------------------------------------------------------------
2 Mortgage Loan Status Report portfolio stratifications
------------ ------------------------------------------------------- -------------------------------------------------------------
3 Comparative Financial Status Report revenue, NOI, DSCR to the extent available
------------ ------------------------------------------------------- -------------------------------------------------------------
4 Delinquent Loan Status Report listing of delinquent mortgage loans
------------ ------------------------------------------------------- -------------------------------------------------------------
5 Historical Loan Modification Report information on modified mortgage loans
------------ ------------------------------------------------------- -------------------------------------------------------------
6 Historical Liquidation Report net liquidation proceeds and realized losses
------------ ------------------------------------------------------- -------------------------------------------------------------
7 REO Status Report NOI and value of REO
------------ ------------------------------------------------------- -------------------------------------------------------------
8 Servicer Watch List listing of loans in jeopardy of becoming Specially Serviced
------------ ------------------------------------------------------- -------------------------------------------------------------
9 Loan Payoff Notification Report listing of loans that have given notice of intent to payoff
</TABLE>
25
<PAGE>
TIMELINE
----------------------------------------------------------------------------
DATE EVENT
------------------------------- -----------------------------------------------
Week of September 11, 2000 Structural & Collateral Term Sheets Available
Red Herrings Available
Road shows
------------------------------- -----------------------------------------------
Week of September 18, 2000 Road shows (cont'd)
Investor Calls
PRICING
------------------------------- -----------------------------------------------
Week of September 25, 2000 Closing
------------------------------- -----------------------------------------------
26
