<PAGE>
[UBS WARBRUG LOFO] [LEHMAN BROTHER LOGO]
ANNEX B
LB-UBS COMMERCIAL MORTGAGE TRUST 2000-C5
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-C5
$995,991,067
(APPROXIMATE)
INITIAL MORTGAGE POOL BALANCE
New York 12.3% Hawaii 0.9%
Florida 11.6% Arizona 0.9%
California 10.8% Mississippi 0.8%
Massachusetts 8.9% Nevada 0.8%
Maryland 6.5% Tennessee 0.7%
District of Columbia 6.2% Kansas 0.7%
New Jersey 6.2% Utah 0.7%
Connecticut 5.6% Virginia 0.7%
Michigan 3.4% New Mexico 0.6%
Minnesota 3.4% South Carolina 0.5%
Pennsylvania 2.3% Colorado 0.5%
Illinois 2.1% North Dakota 0.2%
Louisiana 1.9% Oregon 0.2%
New Hampshire 1.9% Wisconsin 0.2%
Ohio 1.9% Kentucky 0.2%
Indiana 1.9% Vermont 0.2%
Texas 1.5% North Carolina 0.1%
Georgia 1.4% Alabama 0.1%
Oklahoma 1.0% TOTAL: 100.00%
% of Initial Pool by Cut-Off Date Balance
[UBS WARBRUG LOFO] [LEHMAN BROTHER LOGO]
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
LB-UBS COMMERCIAL MORTGAGE TRUST 2000-C5
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-C5
CREDIT
ENHANCEMENT
-----------
---------------------------------------------------------
20.50% CLASS A-1
---------------------------
CLASS A-2
---------------------------
16.00% CLASS B
---------------------------
11.50% CLASS C
---------------------------
10.00% CLASS D
---------------------------
9.25% CLASS E
---------------------------
8.00% CLASS F
---------------------------
7.00% CLASS G CLASS X(1)
---------------------------
---------------------------
5.00% CLASS H CLASS S(2)
---------------------------
4.00% CLASS J
---------------------------
3.50% CLASS K
---------------------------
2.75% CLASS L
---------------------------
2.25% CLASS M
---------------------------
1.75% CLASS N
---------------------------
0.00% CLASS P
---------------------------------------------------------
(1) The Class X certificates have the right to the excess interest from the
underlying mortgage loans in the trust. The Class X certificates will be
privately placed.
(2) The Class S certificates have the rights to a fixed strip from the Amsdell
Portfolio mortgage loan in the trust. The Class S certificates will be
privately placed.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CLASS ORIGINAL FACE RATINGS COUPON INITIAL WTD AVG LIFE PRINCIPAL LEGAL
AMOUNT (MOODY'S/S&P) DESCRIPTION COUPON (YEARS) (3) WINDOW(3) STATUS
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $352,357,000 Aaa/AAA Fixed Rate 6.877 5.87 01/01 - 01/10 Public
----------------------------------------------------------------------------------------------------------------------------------
A-2 $439,455,000 Aaa/AAA Fixed Rate 7.076 9.71 01/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
B $44,820,000 Aa2/AA Fixed Rate 7.153 9.90 11/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
C $44,820,000 A2/A Fixed Rate 7.298 9.90 11/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
D $14,939,000 A3/A- Fixed Rate 7.396. 9.90 11/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
E $7,470,000 Baa1/BBB+ Capped WAC(1) 7.804 9.90 11/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
F $12,450,000 Baa2/BBB Capped WAC(1) 7.852 9.90 11/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
G $9,960,000 Baa3/BBB- WAC(2) 8.101 9.90 11/10 - 11/10 Public
----------------------------------------------------------------------------------------------------------------------------------
H $19,920,000 (8) Fixed Rate 6.520 9.97 11/10 - 12/10 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
J $9,960,000 (8) Fixed Rate 6.520 9.98 12/10 - 12/10 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
K $4,980,000 (8) Fixed Rate 6.520 9.98 12/10 - 12/10 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
L $7,470,000 (8) Fixed Rate 6.520 9.98 12/10 - 12/10 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
M $4,980,000 (8) Fixed Rate 6.520 9.98 12/10 - 12/10 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
N $4,980,000 (8) Fixed Rate 6.520 9.98 12/10 - 12/10 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
P $17,430,067 (8) Fixed Rate 6.520 10.85 12/10 - 10/20 Private 144A
----------------------------------------------------------------------------------------------------------------------------------
X $995,991,067(4)(5) (8) WAC I/O 1.091 8.41(6) 01/01 - 10/20(9) Private 144A
----------------------------------------------------------------------------------------------------------------------------------
S $60,000,000(4)(7) (8) Fixed I/O 0.400 5.63(6) 01/01 - 11/06(9) Private 144A
----------------------------------------------------------------------------------------------------------------------------------
TOTAL $995,991,067 -- -- -- -- 01/01 - 10/20 --
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) "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.
(2) "WAC" describes a variable coupon equal to the weighted average of certain
net mortgage interest rates on the underlying mortgage loans.
(3) 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.
(4) Represents notional amount.
(5) The Class X certificates have rights to the excess interest off all loans.
(6) Represents weighted average life of notional amount.
(7) The Class S certificates have rights to a fixed interest strip off the
Amsdell portfolio mortgage loan in the trust. (8) Not offered hereby. (9)
Represents period over which the notional amount of the subject class of
certificates will be reduced to zero.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
CERTAIN OFFERING POINTS
o ORIGINATORS OF COLLATERAL. The collateral consists of 109 mortgage loans
(the "Mortgage Loans") with a principal balance, as of the Cut-Off Date,
December 11, 2000 (the "Cut-Off Date"), of approximately $996.0 million.
Except in two cases, all of the mortgage loans were originated by, or by
affiliates of, Lehman Brothers Bank FSB, UBS Warburg Real Estate
Investments Inc., either directly or through conduit correspondents. Some
of the UBS Warburg loans were originated by an entity that became an
affiliate of UBS Warburg after the origination of these loans.
o CALL PROTECTION. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut-Off Date, 99.2% of the Mortgage Loans provide for
an initial lockout period. The weighted average initial lockout period for
all loans is 2.8 years. Following their initial lockout periods, 105
Mortgage Loans representing 95.5% 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, FOR DEFEASANCE LOANS ONLY,
TREASURY DEFEASANCE OF 8.8 YEARS.
o NO LOAN DELINQUENT 30 DAYS OR MORE AS OF THE CUT-OFF DATE.
o $9,137,533 AVERAGE LOAN BALANCE AS OF THE CUT-OFF DATE.
o 1.43X WEIGHTED AVERAGE DEBT SERVICE COVERAGE RATIO ("DSCR"), BASED ON
UNDERWRITTEN NET CASH FLOW, AS OF THE CUT-OFF DATE.
o 67.2% WEIGHTED AVERAGE LOAN TO VALUE ("LTV") AS OF THE CUT-OFF DATE.
o 60.9% WEIGHTED AVERAGE LTV AT MATURITY OR ARD.
o THE TRUST INCLUDES THE THREE FOLLOWING LOANS: 1) Amsdell Portfolio with a
47.6% LTV and 2.03x DSCR, 2)Gallery at Harborplace with a 52.8% LTV and
1.84x DSCR, and 3) Park Square with a 42.3% LTV and 1.84x DSCR. Moody's and
S&P have confirmed to us that each of these loans have a shadow rating of
A2 or Aa2 by Moody's and, in the context of its inclusion in the trust,
have credit characteristics consistent with an instrument rated A or A- by
S&P. Additionally, each of these loans have "Companion Loans" secured by
the same collateral. Such Companion Loans have a shadow rating and, in the
context of its inclusion in a securitization trust, credit characteristics
consistent with an obligation rated investment grade by Moody's and S&P.
o TWO LOANS INCLUDED IN THE INITIAL MORTGAGE POOL (the CalFed and 707 Broad
loans), which in the aggregate represent 8.3% of the total scheduled
principal balance of the mortgage pool as of the Cut-off Date have been
confirmed to us by Moody's and S&P to be shadow rated and, in the context
of their inclusion in the trust, have credit characteristics rated
investment grade by Moody's and S&P.
o PROPERTY TYPE DIVERSIFICATION (BY BALANCE). 44.2% Office, 19.7% Retail
(17.5% Anchored and 2.1% Unanchored), 14.7% Multifamily, 6.6% Self Storage,
6.0% Office/Retail, 4.8% Industrial/Warehouse, 2.1% Hotel, 0.9% Mixed Use,
0.5% Mobile Home Park and 0.3% Other.
o GEOGRAPHIC DISTRIBUTION (BY BALANCE). The properties are distributed
throughout 36 states and the District of Columbia. New York (12.3%);
Florida (11.6%); California (10.8%); Massachusetts (8.9%); Maryland (6.5%);
District of Columbia (6.2%); New Jersey (6.2%); Connecticut
o (5.6%); Michigan (3.4%); Minnesota (3.4%); and all other states less than
3.0% 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 the total scheduled principal balance of
the entire mortgage pool 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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
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.
CLOSING DATE: On or about December 21, 2000
CUT-OFF DATE: December 11, 2000
ERISA: Classes A-1, A-2, B, C, D, E, F and G are expected to
be eligible for each of the underwriters' individual
prohibited transaction exemptions.
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
of each month, commencing in January 2001.
OPTIONAL CALL: 1% Clean-up Call.
MORTGAGE LOANS: As of the Cut-Off Date, the Mortgage Loans have a
weighted average coupon ("WAC") of 8.216% and a
weighted average remaining term to maturity of 108
months (assuming that the ARD loans mature on their
respective anticipated repayment dates). 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: As to any Distribution Date, the total amount of
payments (or advances in lieu thereof) and other
collections of principal on the Mortgage Loans that is
distributable to the Certificateholders is herein
referred to as the "Principal Distribution Amount".
Principal and interest payments will generally be made
to Certificateholders in the following order:
1) Interest to the A-1 Class, A-2 Class, X Class and
S Class pro rata,
2) Principal up to the Principal Distribution Amount
to the A-1 Class until such class is retired, (1)
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, (1)
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 to Class G, and then, after the F Class
is retired, principal up to the Principal
Distribution Amount to Class G until such Class
is retired.
10) Interest and, after the G Class is retired,
principal up to the Principal Distribution Amount
to the H, J, K, L, M, N and P Classes,
sequentially.
(1) A-1 and A-2 Classes are pro rata if Classes B
through P are retired.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
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 A-1 and A-2
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 or if
a balloon payment is not received within 20 days of its
due date, an Appraisal Reduction Amount may be created,
generally in the amount, if any, by which the unpaid
and unadvanced principal balance of such Mortgage Loan,
together with unadvanced interest, unreimbursed
advances and certain other items, exceeds the sum of
90% of the appraised value of the related Mortgaged
Property, plus certain escrows, letters of credit and
reserve funds. The Appraisal Reduction Amount will
reduce proportionately 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, F AND G $10,000 $1 DTC
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 MAINTENANCE 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 ARD loans mature and payoff on their
respective anticipated repayment dates.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
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 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 end of loan is two months.
RESERVES: The table below relates only to the conduit loans and
does not include the five mortgage loans that have been
confirmed, in the context of their inclusion in the
trust, as having investment grade credit
characteristics.
------------------------------------------------------------
% OF CONDUIT LOANS
W/ESCROWS*
------------------------------------------------------------
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%
------------------------------------------------------------
* Escrows are in the form of either cash, letters of credit or reserves.
CASH MANAGEMENT: Mortgage Loans representing 93.9% of the initial
mortgage pool balance employ cash management systems.
---------------------------------------------------------------
MORTGAGE POOL
---------------------------------------------------------------
Springing Lockbox 36.9% of Initial Pool Balance
---------------------------------------------------------------
Hard Lockbox* 57.0% of Initial Pool Balance
---------------------------------------------------------------
* Including those hard lockboxes which have cash management agreements which
require daily or weekly sweeps to accounts controlled by the borrower until
the occurrence of certain trigger events.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
A/B MORTGAGE LOANS: There are three loans with a Cut-Off Date principal
balance of $60 million or more. Each of these large
loans has been bifurcated into an A Note and a B Note.
The A Note has been deposited into the trust and will
pay principal and interest to the Trust, with the B Note
paying interest only until the A Note is retired. Each B
Note or securities backed thereby will be shadow rated
or have credit characteristics with an instrument rated
investment grade by Moody's and/or S&P. The following
table provides a summary of those three loans:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
AMSDELL PORTFOLIO PROPERTY # OF CUT-OFF DATE % OF COUPON TERM TO AMORTIZATION DSCR LTV
TYPE PROP. BALANCE LOAN ARD TERM(2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Self-Storage 42 $60,000,000 85.8% 6 years 25 years 2.03x(4) 47.6%
Portfolio
------------------------------------------------------------------------------------------------------------------------------------
B Note(1) (6) Self-Storage 42 $9,928,288 14.2% 6 years 25 years 1.78x(4) 55.5%
Portfolio
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: 42 $69,928,288 100.0% 8.16% 6 YEARS 25 YEARS 1.78X 55.5%
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
GALLERY AT HARBORPLACE PROPERTY # OF CUT-OFF DATE % OF COUPON TERM TO AMORTIZATION DSCR LTV(3)
TYPE PROP. BALANCE LOAN ARD TERM(2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Office/Retail 1 $60,000,000 85.1% 10 years 30 years 1.84x(5) 52.8%
------------------------------------------------------------------------------------------------------------------------------------
B Note(1) (6) Office/Retail 1 $10,500,000 14.9% 10 years 30 years 1.59x(5) 62.0%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: 1 $70,500,000 100.0% 7.89% 10 YEARS 30 YEARS 1.59X 62.0%
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
PARK SQUARE PROPERTY # OF CUT-OFF DATE % OF COUPON TERM TO AMORTIZATION DSCR LTV
TYPE PROP. BALANCE LOAN ARD TERM(2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Office 1 $60,000,000 85.8% 10 years 30 years 1.84x 42.3%
------------------------------------------------------------------------------------------------------------------------------------
B Note(1) (6) Office 1 $9,951,585 14.2% 10 years 30 years 1.60x 49.4%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE: 1 $69,951,585 100.0% 7.67% 10 YEARS 30 YEARS 1.60X 49.4%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Privately placed.
(2) Loan features hyper-amortization after ARD.
(3) LTV reflects the appraised value of $138,400,000 (based on a third party
report dated November 3, 2000) as 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.
(4) Calculated based on 8.16% interest rate. The weighted average interest rate
of the A Note and the B Note is expected to be 8.16%.
(5) Calculated based on 7.89% interest rate. The weighted average interest rate
of the A Note and the B Note is expected to be 7.89%.
(6) Including A Note Balances.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
--------------------------------------------------------------------------------
AMSDELL PORTFOLIO LOAN
--------------------------------------------------------------------------------
A NOTE CUT-OFF DATE BALANCE: $60,000,000
--------------------------------------------------------------------------------
A NOTE COUPON: ____% for A1; _____% for A2 (weighted
average of A & B Note coupon is 8.16%)
--------------------------------------------------------------------------------
ANTICIPATED REPAYMENT DATE: November 2006
--------------------------------------------------------------------------------
TERM TO ARD: 6 years
--------------------------------------------------------------------------------
AMORTIZATION: 25 years
--------------------------------------------------------------------------------
SPONSOR: Amsdell Companies (29%)(1)
--------------------------------------------------------------------------------
PROPERTY: Portfolio of 42 self-storage properties
containing 21,715 storage units or
approximately 2.5 million rentable square
feet
--------------------------------------------------------------------------------
LOCATION: 13 states
--------------------------------------------------------------------------------
OCCUPANCY: 85.3%(2)
--------------------------------------------------------------------------------
VALUE: $125,950,000 (based on third party reports
dated as of August and September 2000)
--------------------------------------------------------------------------------
LTV (A NOTE): 47.6%
--------------------------------------------------------------------------------
DSCR (A NOTE): 2.03x(3)
--------------------------------------------------------------------------------
RESERVES: Monthly tax, insurance reserves and monthly
replacement reserve based on an annual
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) level and other
standard criteria related to the ARD or the
occurrence of an Event of Default.
--------------------------------------------------------------------------------
(1) New York State Common Retirement Fund (71%) is an investor in the borrower.
(2) Weighted average occupancy of portfolio based on square footage, as of July
31, 2000.
(3) Calculated based on 8.16% interest rate. The weighted average interest rate
of the A Note and the B Note is expected to be 8.16%.
--------------------------------------------------------------------------------
GALLERY AT HARBORPLACE LOAN
--------------------------------------------------------------------------------
A NOTE CUT-OFF DATE BALANCE: $60,000,000
--------------------------------------------------------------------------------
A NOTE COUPON: __% for A1; __% for A2 (weighted average of
A & B Note coupon is 7.89%)
--------------------------------------------------------------------------------
ANTICIPATED REPAYMENT DATE: December 2010
--------------------------------------------------------------------------------
TERM TO ARD: 10 years
--------------------------------------------------------------------------------
AMORTIZATION: 30 years
--------------------------------------------------------------------------------
SPONSOR: The Rouse Company(1)
--------------------------------------------------------------------------------
PROPERTY: Office/Retail development of 403,261 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.(2) LOCATION: Baltimore,
Maryland
--------------------------------------------------------------------------------
1999 IN-LINE SALES/SF: $421(3)
--------------------------------------------------------------------------------
IN-LINE COST OF OCCUPANCY: 14.6%(3)
--------------------------------------------------------------------------------
OCCUPANCY: 97.1% overall weighted average (94.5% retail
space and 98.4% office space) (4)
--------------------------------------------------------------------------------
VALUE: $113,631,023(5)
--------------------------------------------------------------------------------
LTV (A NOTE): 52.8%(5)
--------------------------------------------------------------------------------
DSCR (A NOTE): 1.84x(6)
--------------------------------------------------------------------------------
RESERVES: Monthly tax, if required by lender insurance
reserves, and monthly escrow of 110% of a
NCF payable to the City of Baltimore.
--------------------------------------------------------------------------------
LOCKBOX: Springing lockbox based upon maintenance of
a minimum 1.25x DSCR (calculated for the
combined A Note and B Note) level and other
standard criteria related to the ARD and the
occurrence of an event of default.
--------------------------------------------------------------------------------
(1) "Baa2" credit rating from Moody's; "BBB-" credit rating from S&P
(2) The borrower operates and has rights to the 1,140 space parking garage
subject to monthly installment purchase payments made to the City of
Baltimore.
(3) For retail portion of property (138,532 net rentable square feet) as of
July 2000.
(4) Based on 11/16/00 rent roll.
(5) LTV reflects the appraised value of $138,400,000 (based on a third party
report dated November 3, 2000) as 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.
(6) Calculated based on 7.89% interest rate. The weighted average interest rate
of the A Note and the B Note is expected to be 7.89%.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
--------------------------------------------------------------------------------
PARK SQUARE LOAN
--------------------------------------------------------------------------------
A NOTE CUT-OFF DATE BALANCE: $60,000,000
--------------------------------------------------------------------------------
A NOTE COUPON: 7.67% (weighted average of A & B Note coupon
is 7.67%)
--------------------------------------------------------------------------------
ANTICIPATED REPAYMENT DATE: November 2010
--------------------------------------------------------------------------------
TERM TO ARD: 10 years
--------------------------------------------------------------------------------
AMORTIZATION: 30 years
--------------------------------------------------------------------------------
SPONSOR: Capital Properties Associates, LP
--------------------------------------------------------------------------------
PROPERTY: 11-story, 479,283 square foot office
building
--------------------------------------------------------------------------------
LOCATION: Boston, Massachusetts
--------------------------------------------------------------------------------
OCCUPANCY(1): 97.1%
--------------------------------------------------------------------------------
VALUE: $141,700,000 (based on third party report
dated as of 08/28/2000)
--------------------------------------------------------------------------------
LTV (A NOTE): 42.3%
--------------------------------------------------------------------------------
DSCR (A NOTE): 1.84x
--------------------------------------------------------------------------------
RESERVES: Monthly taxes and, if required by the
mortgagee, insurance reserves; monthly
replacement reserves; monthly tenant
improvements and leasing commissions
--------------------------------------------------------------------------------
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) negotiations are
currently being undertaken so that the
amount in reserve will be applied as a
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.
--------------------------------------------------------------------------------
LOCKBOX: Hard (with daily sweep to borrower until
certain trigger events occur)
--------------------------------------------------------------------------------
(1) Based on rent roll dated 9/1/00.
(2) Borrower deposited $406,585 to an account in connection with a rent credit
owed to a tenant relating to lease buy-out.
OTHER LARGE LOANS:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
MAJOR CURRENT PROPERTY % OF S&P/
NAME TENANT(S) BALANCE TYPE DEAL LTV DSCR MOODY'S(7)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
125 Broad Street - Salomon Smith $55,842,007 Office 5.6% 71.6% 1.21x NAP
Unit A Barney Inc.(1)
------------------------------------------------------------------------------------------------------------------------------------
Chester A. Arthur General Services $51,497,464 Office 5.2% 79.2% 1.28x NAP
Building Administration(2)
------------------------------------------------------------------------------------------------------------------------------------
707 Broad Street - State of New Jersey (3) $48,529,624 Office 4.9% 63.9% 1.70x BBB-/Baa3
- Newark Public Schools(4)
------------------------------------------------------------------------------------------------------------------------------------
Cal Fed Building California Fed. Bank(5) $34,497,240 Office 3.5% 45.5% 1.41x A/Baa2
------------------------------------------------------------------------------------------------------------------------------------
Riverbank Business U.S. Bank, N.A(6) $33,965,310 Office 3.4% 79.9% 1.32x NAP
Center
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Salomon Smith Barney Inc. is an affiliate of Salomon Smith Barney Holdings
Inc. which has "A" credit rating from S&P; "Aa3" credit rating from
Moody's.
(2) The tenant is currently Immigration and Naturalization Services, 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 its
inclusion in the trust, the credit characteristics of the noted mortgage
loan is consistent with the obligations so rated.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
ANTICIPATED REPAYMENT DATE LOANS:
32 Mortgage Loans, representing 61.4% of the Initial Pool
Balance, provide 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, after and in some cases, for a
short period prior to, 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.
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 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 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 in the Pooling and Servicing Agreement. However, in the
case of each Mortgage Loan with a Cut-Off Date Balance of
$60 million, for so long as the principal amount of the
corresponding B Note (net of any existing related Appraisal
Reduction Amount) is at least 50% of the original principal
amount of such B Note, the holder of such B Note will have
the right to direct or advise the Special Servicer with
respect to special servicing actions for such Mortgage Loan
and the corresponding B Note.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 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 $995,991,067 Office 44.2%
-------------------------------------------------------- -----------------------------------------------------
Number of Loans 109 Retail 19.7%
-------------------------------------------------------- -----------------------------------------------------
Gross WAC 8.216% Multifamily 14.7%
-------------------------------------------------------- -----------------------------------------------------
Original WAM(1) 110 months Self Storage 6.6%
-------------------------------------------------------- -----------------------------------------------------
Remaining WAM(1) 108 months Office/Retail 6.0%
-------------------------------------------------------- -----------------------------------------------------
Average Loan Balance $9,137,533 Industrial/Warehouse 4.8%
-------------------------------------------------------- -----------------------------------------------------
Weighted Average DSCR 1.43x Hotel 2.1%
-------------------------------------------------------- -----------------------------------------------------
WA Cut-Off Date LTV Ratio 67.2% Mixed Use 0.6%
-------------------------------------------------------- -----------------------------------------------------
WA LTV at Maturity/ARD(2) 60.9% Mobile Home Park 0.5%
-------------------------------------------------------- -----------------------------------------------------
Geographic Diversity(3) 36 states Other 0.3%
-------------------------------------------------------- -----------------------------------------------------
Balloon or ARD Loans 95.9% TOTAL: 100.0%
-------------------------------------------------------- -----------------------------------------------------
</TABLE>
(1) Assumes ARD loans mature on their anticipated repayment dates.
(2) Excluding fully-amortizing loans.
(3) Includes the District of Columbia.
COLLATERAL SUMMARY BY PROPERTY TYPE
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
% OF WA
AGGREGATE INITIAL AVERAGE GROSS REM. OCCUPANCY
# OF CUT-OFF DATE POOL CUT-OFF DATE WAC WAM WA WA RATE BALLOON
PROPERTY TYPE LOANS BALANCE ($) BALANCE BALANCE ($) (%) (MOS)(1) LTV DSCR (%)(2) %
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OFFICE 30 $440,348,652 44.2% $14,678,288 8.252% 103 65.5% 1.41X 98.2% 82.9%
------------------------------------------------------------------------------------------------------------------------------------
RETAIL 24 $195,964,210 19.7% $8,165,175 8.257% 114 72.7% 1.34X 96.9% 90.0%
------------------------------------------------------------------------------------------------------------------------------------
Anchored 21 $174,599,527 17.5% $8,314,263 8.244% 113 72.6% 1.34x 97.4% 90.0%
------------------------------------------------------------------------------------------------------------------------------------
Unanchored 3 $21,364,683 2.1% $7,121,561 8.359% 117 73.7% 1.29x 92.3% 90.3%
------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY 30 $146,775,822 14.7% $4,892,527 8.152% 118 75.8% 1.28X 96.0% 88.9%
------------------------------------------------------------------------------------------------------------------------------------
SELF STORAGE 4 $66,221,073 6.6% $16,555,268 8.189% 75 49.7% 1.97X 86.3% 89.9%
------------------------------------------------------------------------------------------------------------------------------------
OFFICE/RETAIL 1 $60,000,000 6.0% $60,000,000 7.890% 120 52.8% 1.84X 97.1% 87.3%
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL/W'HOUSE 10 $48,273,011 4.8% $4,827,301 8.296% 113 72.7% 1.27X 99.7% 84.8%
------------------------------------------------------------------------------------------------------------------------------------
HOTEL 3 $20,660,573 2.1% $6,886,858 8.506% 119 69.2% 1.40X NAP 83.6%
------------------------------------------------------------------------------------------------------------------------------------
Limited Service 2 $15,768,933 1.6% $7,884,467 8.446% 120 70.4% 1.40x NAP 83.5%
------------------------------------------------------------------------------------------------------------------------------------
Extended Stay 1 $4,891,640 0.5% $4,891,640 8.700% 117 65.2% 1.40x NAP 84.2%
------------------------------------------------------------------------------------------------------------------------------------
MIXED USE 2 $8,933,172 0.9% $4,466,586 8.328% 117 73.5% 1.26X 98.2% 90.2%
------------------------------------------------------------------------------------------------------------------------------------
MOBILE HOME PARK 3 $5,389,192 0.5% $1,796,397 8.296% 116 72.3% 1.40X 96.3% 90.2%
------------------------------------------------------------------------------------------------------------------------------------
OTHER 2 $3,425,363 0.3% $1,712,681 6.983% 210 89.4% 1.03X 100.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL/AVG/WTD.AVG: 109 $995,991,067 100.0% $9,137,533 8.216% 108 67.2% 1.43X 96.8% 85.8%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assumes ARD loans mature on their anticipated repayment dates
(2) Excludes hotels.
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 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 23 3.0% 6.950 - 7.250 2 0.3%
----------------------------------------------------------- ----------------------------------------------------------
2,000,001 - 6,000,000 41 14.4% 7.501 - 7.750 1 6.0%
----------------------------------------------------------- ----------------------------------------------------------
6,000,001 - 10,000,000 26 19.7% 7.751 - 8.000 13 12.0%
----------------------------------------------------------- ----------------------------------------------------------
10,000,001 - 14,000,000 3 3.3% 8.001 - 8.250 33 31.3%
----------------------------------------------------------- ----------------------------------------------------------
14,000,001 - 18,000,000 1 1.7% 8.251 - 8.500 43 41.6%
----------------------------------------------------------- ----------------------------------------------------------
18,000,001 - 24,000,000 4 8.2% 8.501 - 8.750 15 8.5%
----------------------------------------------------------- ----------------------------------------------------------
24,000,001 - 36,000,000 5 16.1% 8.751 - 9.000 2 0.4%
----------------------------------------------------------- ----------------------------------------------------------
36,000,001 - 58,000,000 3 15.6% TOTAL: 109 100.0%
----------------------------------------------------------- ----------------------------------------------------------
58,000,001 - 60,000,000 3 18.1% Min.: 6.95 %
----------------------------------------------------------- Max.: 8.95 %
TOTAL: 109 100.0% Wtd. Avg.: 8.216 %
-----------------------------------------------------------
Min.: $598,355
Max.: $60,000,000
Avg.: $9,137,533
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY(1) REMAINING AMORTIZATION TERM
----------------------------------------------------------- ----------------------------------------------------------
MONTHS # OF % OF INITIAL MONTHS # OF % OF INITIAL
LOANS POOL BALANCE LOANS POOL BALANCE
----------------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
49 - 72 4 7.5% 85 - 180 2 3.7%
----------------------------------------------------------- ----------------------------------------------------------
73 - 96 6 19.8% 205 - 252 5 1.3%
----------------------------------------------------------- ----------------------------------------------------------
109 - 120 95 72.1% 289 - 300 16 16.2%
----------------------------------------------------------- ----------------------------------------------------------
169 - 180 1 0.2% 337 - 348 1 0.4%
----------------------------------------------------------- ----------------------------------------------------------
229 - 240 3 0.4% 349 - 360 85 78.4%
----------------------------------------------------------- ----------------------------------------------------------
TOTAL: 109 100.0% TOTAL: 109 100.0%
----------------------------------------------------------- ----------------------------------------------------------
(1) Assumes ARD Loans mature on their anticipated repayment Min.: 95 months
dates. Max.: 360 months
Min.: 55 months Wtd. Avg.: 337 months
Max.: 238 months
Wtd. Avg.: 108 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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT SERVICE COVERAGE RATIOS (DSCR) LOAN TO VALUE RATIOS (LTV)
----------------------------------------------------------- ----------------------------------------------------------
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>
less than or equal to 1.19 4 1.7% 40.001 - 50.000 3 15.5%
----------------------------------------------------------- ----------------------------------------------------------
1.20 - 1.24 31 30.0% 50.001 - 55.000 2 6.3%
----------------------------------------------------------- ----------------------------------------------------------
1.25 - 1.29 22 15.1% 55.001 - 60.000 4 3.4%
----------------------------------------------------------- ----------------------------------------------------------
1.30 - 1.34 16 10.9% 60.001 - 65.000 13 7.9%
----------------------------------------------------------- ----------------------------------------------------------
1.35 - 1.39 15 7.8% 65.001 - 70.000 15 8.0%
----------------------------------------------------------- ----------------------------------------------------------
1.40 - 1.49 11 7.3% 70.001 - 75.000 39 32.1%
----------------------------------------------------------- ----------------------------------------------------------
1.50 - 1.69 4 8.0% 75.001 - 80.000 31 26.5%
----------------------------------------------------------- ----------------------------------------------------------
1.70 - 1.79 2 0.4% greater than or equal to 85.001 2 0.3%
----------------------------------------------------------- ----------------------------------------------------------
1.80 - 2.59 4 18.9% TOTAL: 109 100.0%
----------------------------------------------------------- ----------------------------------------------------------
TOTAL: 109 100.0% Min.: 42.3%
----------------------------------------------------------- Max.: 90.4%
Min.: 1.03x Wtd. Avg.: 67.2%
Max.: 2.03x
Wtd. Avg.:1.43x
<CAPTION>
OCCUPANCY RATES(1) MATURITY DATE/ARD LOAN TO VALUE(1)
----------------------------------------------------------- ----------------------------------------------------------
CUT-OFF DATE OCCUPANCY # OF % OF INITIAL MATURITY DATE/ARD # OF % OF INITIAL
RANGES (%) LOANS POOL BALANCE LTV RANGES (%) LOANS POOL BALANCE
----------------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
75.01 - 80.00 1 0.6% 30.001 - 40.000 1 6.3%
----------------------------------------------------------- ----------------------------------------------------------
85.01 - 90.00 6 10.9% 40.001 - 45.000 1 6.3%
----------------------------------------------------------- ----------------------------------------------------------
90.01 - 95.00 16 6.3% 45.001 - 50.000 2 6.6%
----------------------------------------------------------- ----------------------------------------------------------
95.01 - 100.00 83 82.2% 50.001 - 55.000 10 8.2%
----------------------------------------------------------- ----------------------------------------------------------
TOTAL: 106 100.0% 55.001 - 60.000 15 7.2%
----------------------------------------------------------- ----------------------------------------------------------
(1) Excluding hotels. 60.001 - 65.000 22 15.1%
Min.: 79.5% ----------------------------------------------------------
Max.: 100.0% 65.001 - 70.000 35 30.7%
----------------------------------------------------------
70.001 - 75.000 17 16.1%
----------------------------------------------------------
75.001 - 80.000 1 3.6%
----------------------------------------------------------
TOTAL: 104 100.0%
----------------------------------------------------------
(1) Excluding fully-amortizing loans.
Min.: 1.8%
Max.: 75.2%
Wtd. Avg.: 60.9%
</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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LB-UBS 2000-C5 STRUCTURAL AND COLLATERAL TERM SHEET (CONTINUED):
----------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
------------------------------------------------------------ ------------------------------------------------------------
JURISDICTION # OF % OF INITIAL STATE # OF % OF INITIAL
PROPERTIES POOL BALANCE PROPERTIES POOL BALANCE
------------------------------------------------------------ ------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
New York 15 12.3% Hawaii 1 0.9%
------------------------------------------------------------ ------------------------------------------------------------
Florida 18 11.6% Arizona 5 0.9%
------------------------------------------------------------ ------------------------------------------------------------
California 21 10.8% Mississippi 2 0.8%
------------------------------------------------------------ ------------------------------------------------------------
Massachusetts 6 8.9% Nevada 3 0.8%
------------------------------------------------------------ ------------------------------------------------------------
Maryland 2 6.5% Tennessee 4 0.7%
------------------------------------------------------------ ------------------------------------------------------------
District of Columbia 3 6.2% Kansas 1 0.7%
------------------------------------------------------------ ------------------------------------------------------------
New Jersey 3 6.2% Utah 3 0.7%
------------------------------------------------------------ ------------------------------------------------------------
Connecticut 9 5.6% Virginia 1 0.7%
------------------------------------------------------------ ------------------------------------------------------------
Michigan 3 3.4% New Mexico 1 0.6%
------------------------------------------------------------ ------------------------------------------------------------
Minnesota 1 3.4% South Carolina 3 0.5%
------------------------------------------------------------ ------------------------------------------------------------
Pennsylvania 6 2.3% Colorado 1 0.5%
------------------------------------------------------------ ------------------------------------------------------------
Illinois 3 2.1% North Dakota 1 0.2%
------------------------------------------------------------ ------------------------------------------------------------
Louisiana 3 1.9% Oregon 1 0.2%
------------------------------------------------------------ ------------------------------------------------------------
New Hampshire 3 1.9% Wisconsin 1 0.2%
------------------------------------------------------------ ------------------------------------------------------------
Ohio 11 1.9% Kentucky 2 0.2%
------------------------------------------------------------ ------------------------------------------------------------
Indiana 3 1.9% Vermont 1 0.2%
------------------------------------------------------------ ------------------------------------------------------------
Texas 6 1.5% North Carolina 1 0.1%
------------------------------------------------------------ ------------------------------------------------------------
Georgia 4 1.4% Alabama 1 0.1%
------------------------------------------------------------ ------------------------------------------------------------
Oklahoma 2 1.0% TOTAL: 155 100.00%
------------------------------------------------------------ ------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------
LOAN TYPE NUMBER % OF INITIAL
OF LOANS POOL BALANCE
--------------------------------------------------------------------
ARD Loan 32 61.4%
--------------------------------------------------------------------
Balloon 72 34.5%
--------------------------------------------------------------------
Fully Amortizing 5 4.1%
--------------------------------------------------------------------
TOTAL: 109 100.0%
--------------------------------------------------------------------
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"). THIS INFORMATION IS NOT TO
BE REPRODUCED OR DISSEMINATED BY OR ON BEHALF OF THE RECIPIENT. INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COPMPLETE 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 ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN
PREPARED AND DISSEMINATED BY THE UNDERWRITERS. 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 AFFILIATES MAKE 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 (INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
