<PAGE>
[UBS WARBURG LOGO]
LB-UBS COMMERCIAL MORTGAGE
TRUST 2000-C5
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-C5
INITIAL MORTGAGE POOL BALANCE
APPROXIMATELY $996 MILLION
[UBS WARBURG] LEHMAN BROTHERS
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ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT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. THIS MATERIAL SHOULD NOT BE COPIED
OR DISEMMINATED TO ANY OTHER PARTIES.
<PAGE>
TRANSACTION HIGHLIGHTS
================================================================================
Initial Mortgage Pool Balance: Approximately $996.0 million
Public Certificates: Approximately $926.3 million
Private Certificates: Approximately $69.7 million
Co-Lead Manager/Sole Book Runner: Lehman Brothers Inc.
Co-Lead Manager: UBS Warburg LLC
Co-Manager: Deutsche Bank Securities Inc.
Rating Agencies: Moody's Investors Service Inc.
("Moody's") and Standard & Poor's
Ratings 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: First Union National Bank
Special Servicer: Lennar Partners, Inc.
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 January 2001
Eligibility for Underwriters' Prohibited Classes A-1, A-2, B, C, D, E, F and G.
Transaction Exemption for ERISA
Purposes:
DTC: All public certificates
Bloomberg: Cash flows will be modeled on
Bloomberg
Denominations:
Class Minimum Denomination*
---------------------------- -----------------------
A-1,A-2, B, C, D, E, F, G $10,000
*Increments $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
Offered ----------------------------------------
Certificates CLASS C
----------------------------------------
CLASS D
----------------------------------------
CLASS E
----------------------------------------
CLASS F
----------------------------------------
CLASS G CLASS X(1)
----------------------------------------
----------------------------------------
CLASS H CLASS S(2)
----------------------------------------
CLASS J
----------------------------------------
Private CLASS K
144A ----------------------------------------
Certificates CLASS L
----------------------------------------
CLASS M
----------------------------------------
CLASS N
----------------------------------------
CLASS P
----------------------------------------
(1) The Class X certificates have the rights to the excess interest from the
underlying mortgage loans. The Class X certificates will be privately
placed.
(2) The Class S certificates have the rights to a fixed interest strip from the
Amsdell Portfolio mortgage loan in the trust. The Class S certificates will
be privately placed.
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>
------------------------------------------------------------------------------------------------------------------------------------
CLASS ORIGINAL FACE RATINGS CREDIT DESCRIPTION WTD. AVG. PRINCIPAL STATUS
AMOUNT ($) (MOODY'S/S&P) SUPPORT LIFE (YEARS) (1) WINDOW (1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $352,357,000 Aaa/AAA 20.50% Fixed Rate 5.87 01/01 - 01/10 Public
------------------------------------------------------------------------------------------------------------------------------------
A-2 $439,455,000 Aaa/AAA 20.50% Fixed Rate 9.71 01/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
B $44,820,000 Aa2/AA 16.00% Fixed Rate 9.90 11/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
C $44,820,000 A2/A 11.50% Fixed Rate 9.90 11/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
D $14,939,000 A3/A- 10.00% Fixed Rate 9.90 11/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
E $7,470,000 Baa1/BBB+ 9.25% Capped WAC(2) 9.90 11/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
F $12,450,000 Baa2/BBB 8.00% Capped WAC(2) 9.90 11/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
G $9,960,000 Baa3/BBB- 7.00% WAC(3) 9.90 11/10 - 11/10 Public
------------------------------------------------------------------------------------------------------------------------------------
H $19,920,000 (7) 5.00% Fixed Rate 9.97 11/10 - 12/10 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
J $9,960,000 (7) 4.00% Fixed Rate 9.98 12/10 - 12/10 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
K $4,980,000 (7) 3.50% Fixed Rate 9.98 12/10 - 12/10 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
L $7,470,000 (7) 2.75% Fixed Rate 9.98 12/10 - 12/10 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
M $4,980,000 (7) 2.25% Fixed Rate 9.98 12/10 - 12/10 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
N $4,980,000 (7) 1.75% Fixed Rate 9.98 12/10 - 12/10 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
P $17,430,067 (7) 0.00% Fixed Rate 10.85 12/10 - 10/20 Private 144A
------------------------------------------------------------------------------------------------------------------------------------
S $60,000,000(4)(8) (7) N/A Fixed I/O 5.63(5) 01/01 - 11/06(6) Private 144A
------------------------------------------------------------------------------------------------------------------------------------
X $995,991,067(4)(9) (7) N/A WAC I/O 8.41(5) 01/01 - 10/20(6) Private 144A
------------------------------------------------------------------------------------------------------------------------------------
TOTAL: $995,991,067 -- -- -- 8.41 01/01 - 10/20 --
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Expected assuming among other things, 0% CPR, no defaults or losses and
that ARD loans mature and pay off on their respective anticipated repayment
dates.
(2) "Capped WAC" describes a variable coupon equal to the lesser of the initial
coupon for the subject class and a weighted average of certain net mortgage
interest rates on the
underlying mortgage loans.
(3) "WAC" describes a variable coupon equal to the weighted average of certain
net mortgage interest rates on the underlying mortgage loans.
(4) Represents notional amount.
(5) Represents weighted average life of notional amount.
(6) Represents period over which the notional amount of the subject class of
certificates will be reduced to zero.
(7) Not offered hereby.
(8) The Class S certificates have rights to a fixed strip off the Amsdell
portfolio mortgage loan in the trust.
(9) The Class X certificates have rights to the excess interest off all the
underlying mortgage loans.
4
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
CALL PROTECTION STATISTICAL DATA
--------------------------------------------------------------------------------
Total Loans With Lock-Out 99.2%*
--------------------------------------------------------------------------------
Loans With Initial Lock-Out & 95.5%*
Defeasance Thereafter
--------------------------------------------------------------------------------
Loans With Initial Lock-Out & 3.7%*
Yield Maintenance Thereafter
--------------------------------------------------------------------------------
Weighted Average Remaining 8.8 years
Lock-Out and, if applicable, Defeasance Period
--------------------------------------------------------------------------------
Weighted Average Open Period 2 months
--------------------------------------------------------------------------------
* % of initial mortgage pool balance.
--------------------------------------------------------------------------------
OPEN PREPAYMENT NUMBER OF % OF INITIAL MORTGAGE
PERIOD AT END OF LOAN LOANS POOL BALANCE
--------------------------------------------------------------------------------
NONE 29 25.8%
--------------------------------------------------------------------------------
1 MONTH 30 26.6%
--------------------------------------------------------------------------------
2 MONTHS 5 2.3%
--------------------------------------------------------------------------------
3 MONTHS 36 27.6%
--------------------------------------------------------------------------------
4 MONTHS 5 11.0%
--------------------------------------------------------------------------------
6 MONTHS 4 6.8%
--------------------------------------------------------------------------------
TOTAL: 109 100.0%
--------------------------------------------------------------------------------
* Weighted average open period at the end of loan is 2 months.
5
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10
PREMIUM
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LOCK-OUT/DEF. 99.2% 99.2% 99.1% 96.6% 97.0% 97.2% 97.6% 97.8% 98.0% 97.9% 100.0%
---------------------------------------------------------------------------------------------------------------------------------
YIELD MAINT. 0.8% 0.8% 0.9% 3.4% 3.0% 2.8% 2.4% 2.2% 1.5% 1.5% -
---------------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 99.5% 99.4% 100.0%
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
5% - - - - - - - - - - -
---------------------------------------------------------------------------------------------------------------------------------
4% - - - - - - - - - - -
---------------------------------------------------------------------------------------------------------------------------------
3% - - - - - - - - - - -
---------------------------------------------------------------------------------------------------------------------------------
2% - - - - - - - - - -
---------------------------------------------------------------------------------------------------------------------------------
1% - - - - - - - - - -
---------------------------------------------------------------------------------------------------------------------------------
OPEN - - - - - - - - 0.5% 0.6% -
---------------------------------------------------------------------------------------------------------------------------------
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 and that ARD loans mature and payoff on their respective
anticipated repayment dates.
6
<PAGE>
POOL HIGHLIGHTS
================================================================================
o The pool is comprised of conventional conduit loans(1) and some larger
loans that, in the context of their inclusion in the trust, have credit
characteristics consistent with obligations which are rated investment
grade ("Investment Grade A Note Loans"):
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
NUMBER TOTAL PRINCIPAL BALANCE % OF TOTAL
OF LOANS AS OF CUT-OFF DATE MORTGAGE POOL
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Conduit 106 $815,991,067 81.9%
-----------------------------------------------------------------------------------------------
Investment Grade A Note Loans 3 $180,000,000 18.1%
-----------------------------------------------------------------------------------------------
TOTAL MORTGAGE POOL: 109 $995,991,067 100.0%
-----------------------------------------------------------------------------------------------
</TABLE>
(1) Includes two loans, representing 8.3% of the initial mortgage pool balance.
Moody's and S&P have confirmed to us that each of these loans have a shadow
rating or, in the context of their inclusion in a securitization trust,
credit characteristics consistent with an obligation rated investment grade
by Moody's and S&P.
The Investment Grade A Note Loans have been created by de-leveraging larger
balance loans utilizing the A/B structure that Lehman Brothers developed in
LBCMT 1999-C2.
A NOTE AA OR A- LB-UBS
INVESTMENT CASHFLOWS (2) 2000-C5
GRADE A NOTE LOAN
B NOTE AA- TO A- CASHLFOWS B NOTE TRUST
------------------- OR HOLDER
BBB+ TO BBB-
CASHFLOWS
(2) Moody's and S&P have indicated to the Depositor that the A Note proceeds
are expected to contribute to AAA, AA, A and A- cash flows of the LB-UBS
2000-C5 transaction.
o B Note receives no principal until the principal amount on the A Note has
been paid in full.
7
<PAGE>
POOL HIGHLIGHTS
================================================================================
o The A Note DSCR and LTV is set forth below:
--------------------------------------------------------------------------------
AMSDELL PORTFOLIO GALLERY AT HARBORPLACE PARK SQUARE
--------------------------------------------------------------------------------
DSCR(1) 2.03x(3) 1.84x(4) 1.84x
--------------------------------------------------------------------------------
LTV 47.6% 52.8%(5) 42.3%
--------------------------------------------------------------------------------
Moody's/S&P(2) Aa2/A- A2/A A2/A-
--------------------------------------------------------------------------------
(1) Based on underwritten net cash flow.
(2) Moody's and S&P have confirmed to us that the ratings in this row reflect
an assessment by Moody's and S&P that, in the context of the subject
mortgage loan's inclusion in the securitization trust, it's credit
characteristics are consistent with the obligations that are so rated.
(3) Calculated based on 8.16% interest rate. The weighted average interest rate
of the A1 and A2 interest rate components of the A Note are expected to be
greater than 8.16%.
(4) Calculated based on 7.89% interest rate. The weighted average interest rate
of the A1 and A2 interest rate components of the A Note are expected to be
greater than 7.89%.
(5) LTV reflects appraised value of $138,400,000 (based on a third party
appraisal report dated November 3, 2000) and further adjusted for
$24,768,977, which is the unpaid portion of the purchase price for the
parking facility under the installment purchase agreement with the City of
Baltimore.
o The combined A Note and B Note DSCR and LTV is set forth below:
--------------------------------------------------------------------------------
AMSDELL PORTFOLIO GALLERY AT HARBORPLACE PARK SQUARE
--------------------------------------------------------------------------------
DSCR(1) 1.78x(3) 1.59x(4) 1.60x
--------------------------------------------------------------------------------
LTV 55.5% 62.0%(5) 49.4%
--------------------------------------------------------------------------------
Moody's/S&P(2) A2/BBB Baa3/BBB Baa3/BBB-
--------------------------------------------------------------------------------
(1) Based on underwritten net cash flow.
(2) Moody's and S&P have confirmed to us that the ratings in this row reflect
an assessment by Moody's and S&P that, in the context of the subject
mortgage loan's inclusion in the securitization trust, it's credit
characteristics are consistent with the obligations that are so rated.
(3) Calculated based on 8.16% interest rate. The weighted average interest rate
of the A1 and A2 interest rate components of the A Note are expected to be
greater than 8.16%.
(4) Calculated based on 7.89% interest rate. The weighted average interest rate
of the A1 and A2 interest rate components of the A Note are expected to be
greater than 7.89%.
(5) LTV reflects appraised value of $138,400,000 (based on a third party
appraisal report dated November 3, 2000) and further adjusted for
$24,768,977, which is the unpaid portion of the purchase price for the
parking facility under the installment purchase agreement with the City of
Baltimore.
8
<PAGE>
POOL HIGHLIGHTS
================================================================================
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
GENERAL POOL CHARACTERISTICS AS OF THE CUT-OFF DATE, DECEMBER 11, 2000
----------------------------------------------------------------------------------------------------
<S> <C>
Size of Pool $995,991,067
----------------------------------------------------------------------------------------------------
Contributor of Collateral Lehman 46.9%
UBS 53.1%
----------------------------------------------------------------------------------------------------
Number of Loans 109
----------------------------------------------------------------------------------------------------
Weighted Average Gross WAC 8.216%
----------------------------------------------------------------------------------------------------
Weighted Average Original Term to Maturity(1) 110 months
----------------------------------------------------------------------------------------------------
Weighted Average Remaining Term to Maturity(1) 108 months
----------------------------------------------------------------------------------------------------
Average Balance $9,137,533
----------------------------------------------------------------------------------------------------
Largest Loan $60,000,000
----------------------------------------------------------------------------------------------------
WA DSCR 1.43x
----------------------------------------------------------------------------------------------------
WA DSCR (excluding Investment Grade A Note Loans) 1.33x
----------------------------------------------------------------------------------------------------
WA LTV 67.2%
----------------------------------------------------------------------------------------------------
WA LTV (excluding Investment Grade A Note Loans) 71.6%
----------------------------------------------------------------------------------------------------
WA LTV at Maturity/ARD(2) 60.9%
----------------------------------------------------------------------------------------------------
Geographic Diversity 36 states and District of Columbia
----------------------------------------------------------------------------------------------------
Balloon or ARD Loans 95.9%
----------------------------------------------------------------------------------------------------
</TABLE>
(1) Assumes ARD loans mature on their anticipated repayment date.
(2) Excludes fully-amortizing loans.
9
<PAGE>
POOL HIGHLIGHTS
================================================================================
ORIGINATION AND STRUCTURING
o Sponsors of and major investors in properties securing loans in the LB-UBS
2000-C5 transaction include the following:
o The Rouse Company
o NY State Common Retirement Fund/Amsdell
o Capital Properties
o Hartz Mountain Industries
o The Witkoff Group
o Konover Properties
o Conduit Origination
-- UBS and Lehman re-underwrite loans not directly originated by UBS or
Lehman, respectively.
-- 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).
10
<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 93.9% of the initial
mortgage pool balance.
o Springing lockbox - 36.9% of the initial mortgage pool balance.
o Hard lockbox - 57.0% of the initial mortgage pool balance.(1)
(1) Includes some hard lockboxes that are under lender's control and are
subject to cash management agreements which require daily or weekly sweeps
to accounts controlled by the borrower until the occurrence of certain
trigger events.
11
<PAGE>
POOL HIGHLIGHTS
================================================================================
ORIGINATION AND STRUCTURING (CONT'D)
-- unded Escrows:
----------------------------------------------------------------------------
POOL % OF POOL WITH FUNDED
ESCROWS(1) (2)
----------------------------------------------------------------------------
Replacement Reserves 100.0%
----------------------------------------------------------------------------
Taxes 93.0%
----------------------------------------------------------------------------
Insurance 87.6%
----------------------------------------------------------------------------
TI & LC (Retail) 92.9%
----------------------------------------------------------------------------
TI & LC (Industrial) 100.0%
----------------------------------------------------------------------------
TI & LC (Office) 82.7%
----------------------------------------------------------------------------
(1) The table above relates only to the conduit loans and does not include the
five mortgage loans that have been confirmed by Moody's and S&P, in the
context of their inclusion in the securitization trust, as having credit
characteristics which are consistent with investment grade rated
obligations.
(2) Escrows are in the form of either periodic cash deposits, letters of credit
or reserves.
12
<PAGE>
POOL HIGHLIGHTS
================================================================================
PROPERTY TYPE
o Office loans, Anchored Retail loans, Multifamily loans,
Industrial/Warehouse loans, Mobile Home Parks loans and Investment Grade A
Note Loans comprise approximately 93.9% of the initial mortgage pool
balance.
--------------------------------------------------------------------------------
PROPERTY TYPE
--------------------------------------------------------------------------------
OFFICE
44.2%
MULTIFAMILY
14.7%
INDUSTRIAL/
WAREHOUSE
4.8%
HOTEL
2.1%
SELF
STORAGE
6.6%
OTHER
0.3%
OFFICE/
RETAIL
6.0%
MIXED
USE
0.9%
UNANCHORED
RETAIL
2.1%
ANCHORED
RETAIL
17.5%
MOBILE
HOME
PARK
0.5%
--------------------------------------------------------------------------------
13
<PAGE>
POOL HIGHLIGHTS
================================================================================
GEOGRAPHIC DIVERSITY
o Loans are secured by properties located in 36 states and the District of
Columbia.
o The state with the largest concentration is New York (12.3% of the initial
mortgage pool balance).
--------------------------------------------------------------------------------
STATE DISTRIBUTION
--------------------------------------------------------------------------------
OTHER
37.5%
NY
12.3%
FL
11.6%
NJ
6.2%
DC
6.2%
MD
6.5%
MA
8.9%
CA
10.8%
14
<PAGE>
POOL HIGHLIGHTS
================================================================================
LOAN SIZE DIVERSITY
o 109 mortgage loans
o Average loan size: $9,137,533; Average loan size without Investment Grade A
Note Loans: $7,698,029
o Largest loan comprises 6.0% of the initial mortgage pool balance.
o Investment Grade A Note Loans sized to "AA," "A," or "A-" leverage by
Moody's and/or S&P comprise 18.1% of the initial mortgage pool balance.
o Moody's and S&P have confirmed to us that 5 mortgage loans (26.4% of the
initial mortgage pool balance), in the context of their inclusion in the
securitization trust, possess credit characteristics that are consistent
with obligations that are rated investment grade.
<TABLE>
<CAPTION>
============================================================================================================
Loan Size Distribution
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3.0% 14.4% 19.7% 3.3% 1.7% 8.2% 16.1% 15.6% 18.1%
less than $2 $2-$6 $6-$10 $10-$14 $14-$18 $18-$24 $24-$36 $36-$58 $58-$66
$ MILLIONS
# of Loans 23 41 26 3 1 4 5 3 3
============================================================================================================
</TABLE>
15
<PAGE>
POOL HIGHLIGHTS
================================================================================
DEBT SERVICE COVERAGE RATIO
o Weighted average debt service coverage of 1.43x
============================================================================
Debt Service Coverage Ratio
============================================================================
Property Type % of Pool WA DSCR Min-Max DSCR
----------------------------------------------------------------------------
OFFICE 44.2% 1.41X 1.20X - 1.84X
----------------------------------------------------------------------------
RETAIL 19.7% 1.34X 1.20X - 1.90X
----------------------------------------------------------------------------
Anchored 17.5% 1.34x 1.20x - 1.90x
----------------------------------------------------------------------------
Unanchored 2.1% 1.29x 1.25x - 1.30x
----------------------------------------------------------------------------
MULTIFAMILY 14.7% 1.28X 1.20X - 1.60X
----------------------------------------------------------------------------
SELF STORAGE 6.7% 1.97X 1.30X - 2.03X
----------------------------------------------------------------------------
OFFICE/RETAIL 6.0% 1.84X 1.84X - 1.84X
----------------------------------------------------------------------------
INDUSTRIAL/WAREHOUSE 4.8% 1.27X 1.23X - 1.41X
----------------------------------------------------------------------------
HOTEL 2.1% 1.40X 1.40X - 1.41X
----------------------------------------------------------------------------
MIXED USE 0.9% 1.26X 1.21X - 1.37X
----------------------------------------------------------------------------
MOBILE HOME PARK 0.5% 1.40X 1.25X - 1.79X
----------------------------------------------------------------------------
OTHER 0.3% 1.03X 1.03X - 1.03X
----------------------------------------------------------------------------
TOTAL: 100.0% 1.43X 1.20X(1) - 2.03X
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.3% 31.3% 15.1% 10.9% 7.8% 7.3% 8.0% 12.4% 6.8%
less than or 1.20x- 1.25x- 1.30x- 1.35x- 1.40x- 1.50x- 1.70x- 1.90x-
equal to 1.9x 1.24x 1.29x 1.34x 1.39x 1.49x 1.69x 1.890x 2.19x
# of Loans 2 33 22 16 15 11 4 4 2
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Excluding two fully-amortizing mortgage loans secured by other property
types, minimum DSCR is 1.20x.
16
<PAGE>
POOL HIGHLIGHTS
================================================================================
LOAN TO VALUE RATIO
o Weighted Average Loan to Value of 67.2%
o Weighted Average Loan to Value at Maturity or ARD of 60.9%
<TABLE>
<CAPTION>
===========================================================================================================================
Laoan to Value Ratio
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.0% 9.5% 6.3% 3.4% 7.9% 8.0% 32.1% 26.5% 0.3%
40%-45% 45%-50% 50%-55% 55%-60% 60%-65% 65%-70% 70%-75% 75%-80% greater than or equal to 85%
# of Loans 1 2 2 4 13 15 39 31 2
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
SIGNIFICANT LOANS
================================================================================
INVESTMENT GRADE A NOTE LOAN CHARACTERISTICS:
<TABLE>
<CAPTION>
================================================================================================================================
AMSDELL PORTFOLIO
================================================================================================================================
Cut-Off Date % of Term to Amortization
Note Property Type Balance Loan Coupon ARD Term(2) DSCR LTV
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Self-Storage $60,000,000 85.8% % 6 years 25 years 2.03x 47.6%
--------------------------------------------------------------------------------------------------------------------------------
B Note(1) Self-Storage $9,928,288 14.2% % 6 years 25 years 1.78x(3)(4) 55.5%(3)
--------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: $69,928,288 100.0% 8.16% 6 YEARS 25 YEARS 1.78X 55.5%
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Placed privately.
(2) Loan has a hyper-amortization feature after ARD.
(3) Includes A Note balances.
(4) Calculated assuming an interest rate of 8.16%. The weighted average of the
A1 and A2 interest rate components of the A Note are expected to be greater
than 8.16%.
<TABLE>
<CAPTION>
================================================================================================================================
GALLERY AT HARBOPLACE
================================================================================================================================
Cut-Off Date % of Term to Amortization
Note Property Type Balance Loan Coupon ARD Term(2) DSCR LTV
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Office/Retail $60,000,000 85.1% % 10 years 30 years 1.84x 52.8%
--------------------------------------------------------------------------------------------------------------------------------
B Note(1) Office/Retail $10,500,000 14.9% % 10 years 30 years 1.59x(4)(5) 62.0%(4)
--------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: $70,500,000 100.0% 7.89% 10 YEARS 30 YEARS 1.59X 62.0%
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Placed privately.
(2) Loan has a hyper-amortization feature after ARD.
(3) LTV reflects appraised value of $138,400,000 (based on a third party
appraisal report dated November 3, 2000) and further adjusted for
$24,768,977, which is the unpaid portion of the purchase price for the
parking facility under the purchase installment agreement with the City of
Baltimore.
(4) Includes A Note balances.
(5) Calculated assuming an interest rate of 7.89%. The weighted average of the
A1 and A2 interest rate components of the A Note are expected to be greater
than 7.89%.
18
<PAGE>
SIGNIFICANT LOANS
================================================================================
INVESTMENT GRADE A NOTE LOAN CHARACTERISTICS (CONT'D):
<TABLE>
<CAPTION>
================================================================================================================================
PARK SQUARE
================================================================================================================================
Cut-Off Date % of Term to Amortization
Note Property Balance Loan Coupon ARD Term(2) DSCR LTV
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Office $60,000,000 85.8% 7.67% 10 years 30 years 1.84x 42.3%
--------------------------------------------------------------------------------------------------------------------------------
B Note(1) Office $9,951,585 14.2% 7.67% 10 years 30 years 1.60x(3) 49.4%(3)
--------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: $69,951,585 100.0% 7.67% 10 YEARS 30 YEARS 1.60X 49.4%
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Placed privately.
(2) Loan has a hyper-amortization feature after ARD. (3) Including A Note
balances.
19
<PAGE>
SIGNIFICANT LOANS
================================================================================
AMSDELL PORTFOLIO:
Principal Amount (A Note): $60,000,000
Interest Rate (A Note): ___% for A1 and ___% for A2 (weighted average
of A & B Note is 8.16%)(1)
Anticipated Repayment Date: November 2006
Maturity Date: November 2025
Term to ARD: 6 years
Amortization: Hyperamortization(1) loan with a 25 year
schedule
Sponsor: Amsdell Companies (29%) and New York State
Common Retirement Fund (71%), which is an
investor in the borrower
Property: Portfolio of 42 self-storage facilities
containing 21,715 storage units or
approximately 2.5 million rentable square
feet
Location: 13 states
Year Built: All of the facilities were built and/or
renovated between 1974 and 1998
Occupancy: 85.3% as of July 31, 2000(2)
Value: $125,950,000 (based on third party reports
dated August and September 2000)
LTV (A Note): 47.6%
DSCR (A Note): 2.03x(3)
(1) The interest rate for the Amsdell Loan after the anticipated repayment date
shall be fixed at the greater of: 13.16% per annum or the sum of the yield on a
US Treasury Note with a term equal to the term of the loan from the anticipated
repayment date to the Maturity Date plus 5%. The amount by which interest at the
post-anticipated repayment date rate exceeds interest at the regular interest
rate shall be deferred, shall compound at the post-anticipated repayment date
rate and shall be payable after all interest at the regular interest rate, and
the principal balance of the loan, have been paid in full. After the anticipated
repayment date, excess cash flow after the payment of operating expenses,
approved extraordinary expenses, reserves and debt service shall be utilized to
pay principal of the loan.
(2) Weighted average occupancy of the portfolio is based on square footage.
(3) Calculated based on 8.16% interest rate. The weighted average of the A1 and
A2 interest rate components of the A Note are expected to be greater than 8.16%.
20
<PAGE>
SIGNIFICANT LOANS
================================================================================
AMSDELL PORTFOLIO:
Reserves: Monthly tax and insurance reserves and monthly replacement
reserve based on an amount equal to $0.17 per square foot
for each individual property. Lockbox: Springing lockbox
based upon maintenance of a minimum 1.30x DSCR (calculated
for the combined A Note and B Note) and other standard
criteria related to the ARD or the occurrence of an event
of default.
Prepayment: Lock-out, with defeasance permitted two years after
securitization. Prepayment without penalty allowed
commencing one month prior to ARD.
Releases: Releases of mortgaged properties securing the original
loan are allowed upon defeasance of 125% of the allocated
loan amount and confirmation of no rating agency
downgrade. DSCR on the original loan after release of any
mortgaged property must be at least equal to the greater
of (i) 1.75x (calculated for the combined A Note and B
Note) or (ii) the combined DSCR prior to release.
Substitution: The Borrower will be permitted to substitute mortgaged
properties representing up to one quarter (1/4th) of the
principal amount of the Amsdell Loan, subject to certain
conditions: (i) the substitution will result in a DSCR not
less than the greater of 1.75x (calculated for the
combined A Note and B Note) or the then current DSCR at
substitution; (ii) the substitution will result in a LTV
not greater than the lesser of the original LTV or the
then current LTV at substitution; and (iii) confirmation
of no rating agency downgrade or withdrawal.
21
<PAGE>
SIGNIFICANT LOANS
================================================================================
GALLERY AT HARBORPLACE:
Principal Amount (A Note): $60,000,000
Interest Rate (A Note): ___% (weighted average of A & B Note is
7.89%)(1)
Anticipated Repayment Date: December 2010
Maturity Date: December 2030
Term to ARD: 10 years
Amortization: Hyperamortization(1) loan with a 30 year
schedule
Sponsor: The Rouse Company (unsecured debt rating of
Baa2 by Moody's and BBB- by S&P)
Property: Office/Retail development of 403,261 rentable
square feet, consisting of 138,532 rentable
square feet of retail space, 264,729 rentable
square feet of office space and a 1,140 space
garage. The borrower operates and has rights
to the 1,140 space parking garage subject to
its obligation to make monthly installment
purchase and net cash flow participation
payments made to the City of Baltimore. The
property also includes a Renaissance Hotel
located in a separate subdivided air rights
parcel above the retail center; however, the
hotel is not part of the loan collateral.
Location: Baltimore, Maryland
Year Built: Retail and parking space were built in 1987
and the office space was built in 1988
(1) The interest rate for the Gallery at Harborplace loan after the anticipated
repayment date shall be fixed at the greater of: 12.89% per annum or the sum of
the yield on a US Treasury Note with a term equal to the term of the loan from
the anticipated payment date to the Maturity Date plus 5%. The amount by which
interest at the post-anticipated repayment date rate exceeds interest at the
regular interest rate shall be deferred, shall compound at the post-anticipated
repayment date rate and shall be payable after all interest at the regular
interest rate, and the principal balance of the loan, have been paid in full.
After the anticipated repayment date, excess cash flow after the payment of
operating expenses, approved extraordinary expenses, reserves and debt service
shall be utilized to pay principal of the loan.
22
<PAGE>
SIGNIFICANT LOANS
================================================================================
GALLERY AT HARBORPLACE:
In-Line Sales/SF: $421 as of July 2000
In-Line Cost of Occupancy: 14.6% as of July 2000
Top 5 Retail Tenants: Gap, Brooks Brothers, Forever 21, Banana Republic
and Casual Corner
Top 5 Office Tenants: (1) KPMG LLP, Hogan & Hartson, ExecuCentre (an
affiliate of the Rouse Company), Blau Direct Edge
and Niles, Barton
Overall Occupancy: 97.1% overall weighted average (94.5% retail space
and 98.4% office space) as of November 16, 2000
Value: $113,631,023(2)
LTV (A Note): 52.8%
DSCR (A Note): 1.84x(3)
Reserves: Monthly taxes, insurance reserves if required by
lender, and a monthly escrow of 110% of net cash
flow payable to the City of Baltimore.
Lockbox: Springing lockbox based upon maintenance of a
minimum 1.25x DSCR level (calculated for the
combined A Note and B Note) and other standard
criteria related to the ARD and the refinancing of
the loan.
Prepayment: Lock out, with defeasance permitted two years
after securitization. Prepayable only on or after
ARD.
(1) Other tenants include A.G. Edwards and Donaldson Lufkin and Jenrette.
(2) Value reflects appraised value of $138,400,000 (based on a third party
appraisal report dated November 3, 2000) and further adjusted for the
$24,768,977, which is the unpaid portion of the purchase price for the
parking facility under the installment agreement with the City of
Baltimore.
(3) Calculated based on 7.89% interest rate. The weighted average of the A1 and
A2 interest rates component of the A Note are expected to be greater than
7.89%.
23
<PAGE>
SIGNIFICANT LOANS
================================================================================
PARK SQUARE BUILDING:
Principal Amount (A Note): $60,000,000
Interest Rate (A Note): ___% (weighted average of A & B Note is
7.67%)(1)
Anticipated Repayment Date: November 2010
Maturity Date: November 2030
Term to ARD: 10 years
Amortization: Hyperamortization(1) loan with a 30 year
amortization schedule
Sponsor: Capital Properties Associates, LP
Property: 11-story, 479,283 square foot office building
Location: Boston, Massachusetts
Year Built/Renovated: 1923 / 1985
Significant Tenants: Yankee Group (a technology consulting group
owned by Reuters Enterprises, a division of
Reuters Group, PLC, rated Aa3 by Moody's),
The New England Life Insurance Co. (owned by
Met Life Insurance Co., rated AA/Aa2 by S&P
and Moody's, respectively), Warren Gorham &
Lamont, and Kopelman & Paige, P.C.
Occupancy: 97.1% as of September 1, 2000
Value: $141,700,000 (based on third party report
dated August 28, 2000)
LTV (A Note): 42.3%
DSCR (A Note): 1.84x
(1) The interest rate for the Park Square loan after the anticipated repayment
date shall be fixed at the greater of: 12.67% per annum or the sum of the yield
on a US Treasury Note with a term equal to the term of the loan from the
anticipated repayment date to the Maturity Date plus 5%. The amount by which
interest at the post-anticipated repayment date rate exceeds interest at the
regular interest rate shall be deferred, shall compound at the post-anticipated
repayment date rate and shall be payable after all interest at the regular
interest rate, and the principal balance of the loan, have been paid in full.
After the anticipated repayment date, excess cash flow after the payment of
operating expenses, approved extraordinary expenses, reserves and debt service
shall be utilized to pay principal of the loan.
24
<PAGE>
SIGNIFICANT LOANS
================================================================================
PARK SQUARE BUILDING: Reserves: Monthly taxes and, if required by the
mortgagee, insurance reserves; monthly tenant
improvements and leasing commissions ($43,527 per month
for years 1-2; $115,783 per month for years 3-5;
$87,055 per month for years 6 and thereafter provided
that (i) deposit obligations may be offset by certain
approved payments and (ii) as long as account equals or
exceeds $1,305,823 and occupancy is greater than or
equal to 85%, monthly escrow requirement is suspended);
monthly replacement reserves of $10,125; Borrower
deposited $406,585 to an account in connection with a
rent credit owed to a tenant relating to a recent lease
buy-out.
Lockbox: Hard Lockbox
Prepayment: Lock-out, with defeasance permitted two years after
securitization. Prepayment without penalty allowed
commencing 6 months prior to ARD
Holdback: $2.5 million of the $70.0 million combined principal
balance of the mortgage loans will be held in a reserve
account at the time of securitization. Such amounts
will be released to the borrower based on achievement
of certain new lease performance targets. If such
targets are not met, either (i) the reserve will remain
as additional collateral or (ii) if negotiations
currently being undertaken are completed, the amount in
reserve will be applied as a partial prepayment of the
principal balance of the mortgage loan. Such prepayment
will be accompanied by a prepayment penalty up to 3% of
the amount prepaid.
25
<PAGE>
SIGNIFICANT LOANS
================================================================================
TOP 5 CONDUIT LOANS:
<TABLE>
<CAPTION>
=============================================================================================================================
Current Property % of Major Moody's/
Name Balance Type Deal LTV DSCR Tenant(s) S&P(7)
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Salomon Smith Barney
125 Broad Street - Unit A $55,842,007 Office 5.6% 71.6% 1.21x Inc.(1) NAP
-----------------------------------------------------------------------------------------------------------------------------
General Services
Administration(2) NAP
Chester A. Arthur Building $51,497,464 Office 5.2% 79.2% 1.28x State of New
-----------------------------------------------------------------------------------------------------------------------------
Jersery(3), Newark Baa3/BBB-
707 Broad Street $48,529,624 Office 4.9% 63.9% 1.70x Public Schools(4)
-----------------------------------------------------------------------------------------------------------------------------
California Federal
Cal Fed Building $34,497,240 Office 3.5% 45.5% 1.41x Bank(5) Baa2/A
-----------------------------------------------------------------------------------------------------------------------------
Riverbank Business Center $33,965,310 Office 3.4% 79.9% 1.32x U.S. Bank, N.A.(6) NAP
-----------------------------------------------------------------------------------------------------------------------------
TOTALS: $224,331,645 -- 22.5% 68.9% 1.38X -- --
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Salomon Smith Barney Inc. is an affiliate of Salomon Smith Barney Holdings
Inc. which is rated "A" by S&P and "Aa3" by Moody's.
(2) The current tenant is the Immigration and Naturalization Service, a
division of the General Services Administration ("GSA").
(3) "AA+" credit rating from S&P; "Aa1" credit rating from Moody's.
(4) The City of Newark has a "AA" credit rating from S&P
(5) "BBB" credit rating from S&P; "Baa2" credit rating from Moody's.
(6) "A+" credit rating from S&P; "Aa3" credit rating from Moody's.
(7) Moody's and S&P have confirmed to us that the ratings in this column
reflect an assessment by Moody's and S&P that, in the context of the
subject mortgage loan's inclusion in the trust, it's credit characteristics
are consistent with the obligations that are so rated.
26
<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>
27
<PAGE>
TIMELINE
================================================================================
<TABLE>
<CAPTION>
DATE EVENT
--------------------------------------- ------------------------------------------------------
<S> <C>
Week of December 4, 2000 Structural & Collateral Term Sheets Available
Red Herrings Available
Road shows
------------------------------------------------------------------------------------------------
Week of December 11, 2000 Road shows (cont'd)
Investor Calls
PRICING
------------------------------------------------------------------------------------------------
On or about December 21, 2000 Closing
------------------------------------------------------------------------------------------------
</TABLE>
28
