--------------------------------------------------------------------------------
MORGAN STANLEY DEAN WITTER [MORGAN STANLEY DEAN WITTER LOGO] January 8, 2001
Securitized Products Group
--------------------------------------------------------------------------------
CMBS NEW ISSUE
PRELIMINARY TERM SHEET
------------------------------------------
EXPECTED PRICING DATE: JANUARY 18, 2001
------------------------------------------
$547,185,000
(APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
AS DEPOSITOR
JACKSON NATIONAL LIFE INSURANCE COMPANY
AS MORTGAGE LOAN SELLER
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
------------------------------------------
MORGAN STANLEY DEAN WITTER
LEHMAN BROTHERS
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
TRANSACTION FEATURES
--------------------
>> Seller:
--------------------------------------------------------------------------------
No. of Cut-off Date % of
Loans Balance Pool
--------------------------------------------------------------------------------
Jackson National Life Insurance Company 132 $623,573,070 100%
--------------------------------------------------------------------------------
>> Loan Pool:
o Average Cut-off Date Balance: $4,724,038
o Largest loan exposure by Cut-off Date Balance: $30,952,411 (5.0% of
pool)
o Five largest and ten largest loan exposures 21.5% and 36.9% of pool,
respectively
o Largest borrower exposure by Cut-off Date Balance: $63,630,812 ( 10.2%
of pool)
>> Seasoning:
o Weighted average seasoning of 37 months. The seasoning ranges from 2
to 62 months
>> Credit Statistics:
o Weighted average Debt Service Coverage Ratio of 1.34x; weighted
average constant of 10.7%
o Weighted average Implied Debt Service Coverage Ratio of 1.58x at an
assumed constant of 9.0%
o Weighted average Cut-off Date Loan-To-Value Ratio of 62.6%; weighted
average Balloon Loan-To-Value Ratio of 36.3%
o Fully amortizing loans: 30.4%; Balloon loans: 69.6%
>> Property Types:
o Retail, industrial, office and multifamily properties comprise 100.0%
of pool
[OBJECT OMITTED-PIE CHART]
Office 30.4%
Multifamily 13.0%
Industrial 27.2%
Retail 29.4%
-Anchored Retail 8.7%
-Grocery Anchored Retail 15.4%
-Free Standing Retail 4.1%
-Unanchored Retail 1.0%
>> Call Protection:
o Lockout and/or yield maintenance: 100.0%
>> Collateral Information Updates: Updated loan information is expected to be
part of the monthly Certificateholder Reports available from the trustee in
addition to detailed payment and delinquency information. Information
provided by the trustee is expected to be available at
www.ctslink.com/cmbs. Updated property operating and occupancy information,
to the extent delivered by borrowers, is expected to be available to
Certificateholders from the master servicer
>> Bond Information: Cash flows are expected to be modeled by TREPP, CONQUEST
and INTEX and are expected to be available on BLOOMBERG
T-2
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
OFFERED CERTIFICATES
--------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
EXPECTED FINAL
INITIAL CERTIFICATE SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION
CLASS BALANCE(1) LEVELS (S&P/FITCH) LIFE(2) WINDOW(2) (3) DATE(2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $99,000,000 (6) 14.75% AAA/AAA 3.41 1-68 09/15/06
------------------------------------------------------------------------------------------------------------------------------------
A-2 $265,798,000 (6) 14.75% AAA/AAA 5.85 1-129 10/15/11
------------------------------------------------------------------------------------------------------------------------------------
A-3 $166,798,000 (6) 14.75% AAA/AAA 7.30 68-129 10/15/11
------------------------------------------------------------------------------------------------------------------------------------
B $15,589,000 12.25% AA/AA 10.83 129-131 12/15/11
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
OFFERED CERTIFICATES (cont'd)
-----------------------------
---------------------------------------
INITIAL
PASS-THROUGH
CLASS RATE(4)
---------------------------------------
A-1 TBD(5)
---------------------------------------
A-2 TBD(5)
---------------------------------------
A-3 TBD(5)
---------------------------------------
B TBD(5)
---------------------------------------
PRIVATE CERTIFICATES (7)
--------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
INITIAL AGGREGATE RATINGS EXPECTED FINAL
CERTIFICATE BALANCE SUBORDINATION AVERAGE PRINCIPAL DISTRIBUTION
CLASS OR NOTIONAL AMOUNT(1) LEVELS (S&P/FITCH) LIFE(2) WINDOW(2) (3) DATE(2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C-O $76,388,069 - - - - -
------------------------------------------------------------------------------------------------------------------------------------
X (8) $623,573,070 NAP AAA/AAA - NAP -
------------------------------------------------------------------------------------------------------------------------------------
PRIVATE CERTIFICATES (7) (cont'd)
--------------------
---------------------------------------
INITIAL
PASS-THROUGH
CLASS RATE
---------------------------------------
C-O TBD
---------------------------------------
---------------------------------------
X (8) TBD (9)
---------------------------------------
<FN>
Notes: (1) As of January 1, 2001. In the case of each such Class, subject to a permitted variance of plus or minus 5%.
(2) Based on the Structuring Assumptions described in the Prospectus Supplement (including a settlement date of
January 30, 2001) and assuming 0% CPR.
(3) Principal window is the period (expressed in terms of months and commencing in February 2001) during which
distributions of principal are expected to be made to the holders of each designated Class in accordance with
the Structuring Assumptions, assuming 0% CPR.
(4) The Class A-1, A-2, A-3 and B Certificates will accrue interest at a fixed rate.
(5) The Pass-Through Rates on the Class A-1, A-2, A-3 and B will be determined at pricing.
(6) The final Certificate Balance of the Class A-1, A-2 and A-3 Certificates offered will be determined by relative
demand for each such Class.
(7) Certificates are not offered hereby and are to be placed privately pursuant to Rule 144A.
(8) Class X Notional Amount is equal to the sum of all Principal Balance Certificates outstanding from time to time.
(9) The Pass-Through Rate on the Class X Certificates on each Distribution Date will equal, in general, the Weighted
Average Net Mortgage Rate ("NWAC") minus the weighted average of the Pass-Through Rates of the Classes of
Certificates that have principal amounts.
</FN>
</TABLE>
T-3
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
<TABLE>
<CAPTION>
I. ISSUE CHARACTERISTICS
---------------------
<S> <C>
Issue Type: Public: Class A-1, A-2, A-3 and B (the "Offered Certificates")
Private (Rule 144A): Class C, D, E, F, G, H, J, K, L, M, N, O and X
Securities Offered: Four monthly pay, fixed-rate principal and interest commercial mortgage REMIC
Pass-Through Certificates
Collateral: The collateral consists of a $623,573,070 pool of 132 fixed-rate, seasoned
commercial Mortgage Loans
Seller: Jackson National Life Insurance Company
Lead Manager: Morgan Stanley & Co. Incorporated
Co-Manager: Lehman Brothers Inc.
Master Servicer: CapMark Services, L.P.
Special Servicer: PPM Finance, Inc.
Trustee: Wells Fargo Bank Minnesota, N.A.
Pricing Date: On or about January 18, 2001
Closing Date: On or about January 30, 2001
Distribution Dates: The 15th of each month, commencing February, 2001, or three business days after
the servicer remittance date, (which is generally the 12th day of each month)
Cut-off Date: January 1, 2001
Rated Final Distribution Date: February 1, 2031, which is 3 three years after the latest amortization term of
the mortgage loans.
Minimum Denominations: $25,000 for Class A Certificates; $100,000 for all other Certificates (other than
the Class R Certificates)
Settlement Terms: DTC, Euroclear and Clearstream, same day funds, with accrued interest
Legal/Regulatory Status: Class A-1, A-2, A-3 and B Certificates are expected to be eligible for exemptive
relief under ERISA. The Class A-1, A-2, A-3 and B Certificates are SMMEA eligible
Risk Factors: THE CERTIFICATES INVOLVE A DEGREE OF RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.
SEE THE "RISK FACTORS" SECTION OF THE PROSPECTUS SUPPLEMENT AND THE "RISK FACTORS"
SECTION OF THE PROSPECTUS
</TABLE>
T-4
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
II. STRUCTURE CHARACTERISTICS
-------------------------
The Class A-1, A-2, A-3 and Class B Certificates are fixed-rate, monthly pay,
REMIC Pass-Through Certificates. All Classes of Certificates derive their cash
flows from the entire pool of Mortgage Loans.
[OBJECT OMITTED]
Class A-1 AAA/AAA $99.0MM (2)
(TBD%)
Class A-2 AAA/AAA $265.8mm (2)
(TBD%)
Class A-3 AAA/AAA $166.8MM (2)
(TBD%)
Class B AA/AA $15.6MM (2)
(TBD%)
Class C (TBD%) (3)
Class D (TBD%) (3)
Class E (TBD%) (3)
Class F (TBD%) (3)
Class G (TBD%) (3)
Class H (TBD%) (3)
Class I (TBD%) (3)
Class J (TBD%) (3)
Class K (TBD%) (3)
Class L (TBD%) (3)
Class M (TBD%) (3)
Class N (TBD%) (3)
Class O (TBD%) (3)
Notes: (1) Class X is entitled to interest (on a notional amount equal to
the aggregate pool balance) at the weighted average Class X Strip
Rates for the respective classes of Principal Balance
Certificates. The Class X Strip Rate for each such class for any
Distribution Date is equal to the NWAC minus the Pass-Through
Rate for such class and such Distribution Date.
(2) The final Certificate Balance of the Class A-1, A-2 and A-3
Certificates offered will be determined by relative demand for
each such Class.
(3) To be offered privately pursuant to Rule 144A.xed rate.
T-5
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
[OBJECT OMITTED]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
^ ___ | Class X
/ \ | | |
/ \ | | | A-1
/ \ | | | A-1
- - | | |
| | | | | A-2
| | | C | | A-2
| | | A | |
| | | S | | A-3
| | | H | | A-3
| | | | |
| A | | | | B
| P | | F | | B
| P | | L | |
| L | | O | | C
| I | | W | | C
| E | | | |
| D | | | | D
| | | | | D
| | | | |
| L | | | | E
| O | | | | E
| S | | | |
| S | | | | F
| E | | | | F
| S | | | |
| | | | | G
| | | | | G
| | | | |
| | | | | H
| | | | | H
| | | | |
| | | | | J
| | | | | J
| | | | |
| | | | | K
| | | | | K
| | | | |
| | | | | L
| | | | | L
| | | | | M
| | | | | M
| | | | |
| | | | | N
| | - - | N
| | \ / |
| | \ / | 0
| | \ / | 0
| | \ / | | | | | | | | | | | | |
--- 0 50 100 150 200 250 300
</TABLE>
Notes: (1) The Class A-1, A-2, A-3 and X Certificates will be paid interest
on a pro rata basis.
(2) The above analysis is based on the Structuring Assumptions and a
0% CPR as described in the Prospectus Supplement.
(3) If, due to losses, the Certificate Balances of the Class B
through Class O Certificates are reduced to zero or Appraisal
Reductions exceed the aggregate Certificate Balances of the
Subordinate Certificates, payments of principal to the Class A-1,
A-2 and A-3 Certificates will be made on a pro rata basis.
(4) Mortgage loan losses will be allocated to Certificates as
pictured above in ascending sequential order starting with the
Class O Certificates through the Class B Certificates and then
pro rata to the Class A Certificates.
T-6
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
Interest Each Class of Certificates (other than the Class R-I
Distributions: and Class R-II Certificates) will be entitled on
each Distribution Date to interest accrued at its
Pass-Through Rate on the outstanding Certificate
Balance of such Class, as applicable.
Principal Principal will be distributed on each Distribution
Distributions: Date (i) first, to the Class A-1 and Class A-2
Certificates pro rata (with the Class A-1 allocation
based upon the combined principal balance of the
Class A-1 and Class A-3 Certificates divided by the
aggregate principal balance of the outstanding Class
A Certificates, and the Class A-2 allocation based
upon the outstanding Class A-2 Certificate balance
divided by the outstanding aggregate principal
balance of the Class A Certificates), until the Class
A-1 Certificates are reduced to zero and (ii) then,
to the Class A-2 and Class A-3 Certificates pro rata
until the Class A-2 and Class A-3 Certificates are
reduced to zero.
Each remaining Class of Principal Balance
Certificates will be paid in sequential order.
If, due to losses, the Certificate Balances of the
Class B through Class O Certificates are reduced to
zero or Appraisal Reductions exceed the aggregate
Certificate Balances of the Subordinate Certificates,
payments of principal to the Class A-1, A-2 and A-3
Certificates will be made on a pro rata basis.
T-7
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
Yield Maintenance Any yield maintenance collected with respect to a
Allocation: Mortgage Loan during any particular Collection
Period will be distributed to the holders of each
Class of Principal Balance Certificates (other than
an excluded class as defined below) then entitled to
distributions of principal on such Distribution Date
in an amount equal to the lesser of (i) such yield
maintenance payment and (ii) the yield maintenance
payment multiplied by the product of (a) a fraction,
the numerator of which is equal to the amount of
principal distributed to the holders of that Class on
the Distribution Date, and the denominator of which
is the total principal distributed on that
distribution date, and (b) a fraction not greater
than one, the numerator of which is equal to the
excess, if any, of the Pass-Through Rate applicable
to that Class, over the relevant Discount Rate (as
defined in the Prospectus Supplement), and the
denominator of which is equal to the excess, if any,
of the Mortgage Rate of the Mortgage Loan that
prepaid, over the relevant Discount Rate. The
portion, if any, of the yield maintenance remaining
after such payments to the holders of the Principal
Balance Certificates will be distributed to the
holders of the Class X Certificates. For the purposes
of the foregoing, the Class G Certificates and below
are the excluded classes.
EXAMPLE
-------
o Three Classes of Certificates: Class A-1, A-2 and X
o The characteristics of the Mortgage Loan being
prepaid are as follows:
- Loan Balance: $10,000,000
- Mortgage Rate: 8.00%
- Maturity Date: 10 years (January 1, 2011)
o The Discount Rate is equal to 5.75%
o The Class A-1 Pass-Through Rate is equal to 7.00%
and Class A-2 to 7.25%
<TABLE>
CLASS A CERTIFICATES
-----------------------------------------------------------------------------------------------
<CAPTION>
YIELD
MAINTENANCE
METHOD FRACTION ALLOCATION
---------------------------------------------------- -------------------------- ---------------
<S> <C> <C>
CLASS A-1 CLASS A-1
-------------------------- ---------------
1 (Class A-1 Pass Through Rate - Discount Rate) 1 (7.00%-5.75%) 27.78%
/ X --------------------------------------------- / X ------------------
2 (Mortgage Rate - Discount Rate) 2 (8.00%-5.75%)
CLASS A-2 CLASS A-2
-------------------------- ---------------
1 (Class A-2 Pass Through Rate - Discount Rate) 1 (7.25%-5.75%) 33.33%
/ X --------------------------------------------- / X ------------------
2 (Mortgage Rate - Discount Rate) 2 (8.00%-5.75%)
CLASS X CERTIFICATES
-----------------------------------------------------------------------------------------------
YIELD
MAINTENANCE
METHOD FRACTION ALLOCATION
---------------------------------------------------- -------------------------- ---------------
1 - Class A-1 YM + Class A-2 YM 1-(27.78% + 33.33%) 38.89%
Allocation Allocation
</TABLE>
T-8
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
Credit Enhancement: Each Class of Certificates (other than Classes A-1, A-2,
A-3 and X) will be subordinate to all other Classes with
an earlier alphabetical Class designation.
Advancing: The master servicer and the trustee (in that order) will
each be obligated to make P&I Advances and Servicing
Advances, including delinquent property taxes and
insurance, but only to the extent that such Advances are
deemed recoverable.
Special Advancing: Payments on two (2) of the mortgage loans, after
expiration of grace periods, are due after the
Determination Date in each month. The master servicer
will advance the scheduled payment for each of those
loans on the Master Servicer Remittance Date, but only
to the extent deemed recoverable; however, the master
servicer will not be entitled to receive interest on any
such advance until the related grace period has expired
(however, if not received until after the applicable
grace period, advance interest will accrue from the date
such advance is made).
Realized Losses and Realized Losses and Expense Losses, if any, will be
Expense Losses: allocated to Class O, Class M, Class L, Class K, Class
J, Class H, Class G, Class F, Class E, Class D, Class C
and Class B Certificates, in that order, and then pro
rata to Classes A-1, A-2 and A-3 and, with respect to
losses allocated to interest, Class X Certificates, pro
rata, in each case reducing amounts payable thereto. Any
interest shortfall of any Class of Certificates will
result in unpaid interest for such Class which, together
with interest thereon compounded monthly at one-twelfth
the applicable Pass-Through Rate for such Class, will be
payable in subsequent periods, subject to available
funds.
Prepayment Interest For any Distribution Date, any Net Aggregate Prepayment
Shortfalls: Interest Shortfall not offset by the Master Servicing
Fee will generally be allocated pro rata to each Class
of Certificates in proportion to its entitlement to
interest.
Appraisal Reductions: An appraisal reduction generally will be created in the
amount, if any, by which the Principal Balance of a
Specially Serviced Mortgage Loan (plus other amounts
overdue in connection with such loan) exceeds 90% of the
appraised value of the related Mortgaged Property
("Appraisal Reduction Amount"). The Appraisal Reduction
Amount will reduce proportionately the amount of
advances for such loan, which reduction will result, in
general, in a reduction of interest distributable to the
most subordinate Class of Principal Balance Certificates
outstanding.
An Appraisal Reduction Amount will be reduced to zero as
of the date the related Mortgage Loan has been brought
current for at least three consecutive months, paid in
full, liquidated, repurchased or otherwise disposed of.
T-9
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
Controlling Class: The Controlling Class will generally be the most
subordinate Class of Certificates outstanding at any
time or, if the Certificate Balance of such Class is
less than 25% of the initial Certificate Balance of such
Class, the next most subordinate Class of Principal
Balance Certificates. It is anticipated that the Seller
will retain the Class C through Class O Certificates and
therefore will represent the initial Controlling Class
Certificateholder.
Operating Adviser: The Operating Adviser, which may be appointed by the
Controlling Class, will have the right to receive notice
from, and to advise, the special servicer with respect
to certain actions regarding Specially Serviced Mortgage
Loans. Examples include the right to make certain
modifications, foreclose, sell, bring an REO Property
into environmental compliance or accept substitute or
additional collateral. The Operating Adviser will also
have the right to direct the trustee to remove the
special servicer at any time, with or without cause,
upon the appointment and acceptance of such appointment
by a successor special servicer appointed by the
Operating Adviser.
Special Servicer: In general, the special servicer has the right to modify
the terms of a Specially Serviced Mortgage Loan if it
determines that such modification would increase the net
present value of the proceeds to the Trust, provided
that the special servicer generally may not (i) extend
the maturity date of a Mortgage Loan beyond two years
prior to the Rated Final Distribution Date or (ii) if
the Specially Serviced Mortgage Loan is secured by a
ground lease, extend the maturity date beyond a date
which is twenty (20) years prior to the expiration of
the ground lease.
T-10
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
Optional Termination: The seller, the special servicer, the master servicer,
the depositor, and the holder of the majority interest
in the Class R-I Certificates, in that order, will have
the option to purchase, in whole but not in part, the
Mortgage Loans and any other property remaining in the
Trust Fund on any Distribution Date on or after the
Distribution Date on which the aggregate Certificate
Balance of all Classes of Principal Balance Certificates
then outstanding is less than or equal to 1% of the
Initial Pool Balance. The purchase price for any such
purchase will be 100% of the aggregate unpaid principal
balances of the Mortgage Loans, other than any Mortgage
Loans as to which the master servicer has determined
that all payments or recoveries with respect thereto
have been made, plus accrued and unpaid interest at the
Mortgage Rate - or the Mortgage Rates less the Master
Servicing Fee Rate if the master servicer is the
purchaser - to the Due Date for each Mortgage Loan
ending in the Collection Period with respect to which
such purchase occurs, plus un-reimbursed Advances, with
interest thereon at the Advance Rate and the fair market
value of any other property remaining in the Trust Fund.
Reports to The trustee will prepare and deliver monthly
Certificateholders: Certificateholder Reports. The special servicer will
prepare and deliver to the trustee a monthly Special
Servicer Report summarizing the status of each Specially
Serviced Mortgage Loan. The master servicer and the
special servicer will prepare and deliver to the trustee
an annual report setting forth, among other things, the
debt service coverage ratios for each Mortgage Loan, as
available. Each of the reports will be available to the
Certificateholders. A report containing information
regarding the Mortgage Loans is expected to be available
electronically at www.ctslink.com/cmbs.
The foregoing terms and structural characteristics of the Certificates are in
all respects subject to the more detailed description thereof in the Prospectus,
Prospectus Supplement and Pooling and Servicing Agreement.
T-11
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
III. SELLER Jackson National Life Insurance Company
------ ---------------------------------------
Each of the mortgage loans was originated and
underwritten by Jackson National Life Insurance Company.
PPM Finance, Inc., an affiliate of the seller, performed
substantially all of the administrative duties arising
in connection with the origination of the mortgage
loans. Both the seller and PPM Finance, Inc. are wholly
owned subsidiaries of Prudential plc. Prudential plc is
a publicly traded United Kingdom company and is the
parent of certain companies in the businesses of
providing life, pensions, savings and general insurance
products, financial services and investment management.
Prudential plc has no affiliation with The Prudential
Insurance Company of America.
PPM Finance, Inc. and PPM America, Inc. (also an
affiliate and a wholly owned subsidiary of Prudential
plc) manage all of the seller's invested assets,
totaling approximately $33.6 billion as of October 31,
2000. The Commercial Mortgage Lending Group (CMLG) at
PPM Finance, Inc. was set up in 1995 to build a
commercial mortgage loan portfolio for the seller. From
its inception in 1995, the CMLG has originated more than
450 commercial loans with an average loan size of $9.5
million. As of January 1, 2001, the seller's mortgage
loan portfolio totals approximately $3.7 billion, and
commercial real estate assets under management total
over $6 billion.
Jackson National Life Insurance Company is headquartered
at One Corporate Way, Lansing, Michigan, and its
telephone number is 517-381-5500. Its financial strength
rating from S&P is "AAA, from Fitch is "AA+" and from
Moody's is "Aa3."
IV. COLLATERAL DESCRIPTION
----------------------
Summary: The Mortgage Pool consists of a $623,573,070 pool of 132
fixed-rate, seasoned mortgage loans secured by first
liens on commercial and multifamily properties located
throughout 23 states.
Certain of the mortgage loans secured by multiple
properties are portrayed, to the extent identified in
Appendix II, as separate mortgage loans with principal
balances equal to the Allocated Loan Amount for each
respective mortgaged property. Such allocation in
determining an Allocated Loan Amount is generally based
on the ratio of the Underwritable Cash Flow, or net
operating income (calculated as provided in the loan
documents) or appraised value, or some combination
thereof, of each such mortgaged property, to the
aggregate Underwritable Cash Flow, or net operating
income or appraised value of all such mortgaged
properties securing the mortgage.
As of the Cut-off Date, the Mortgage Loans have a
weighted average mortgage rate of 8.186% and a weighted
average remaining term to maturity of 111 months. See
the Appendices to the Prospectus Supplement for more
detailed collateral information.
T-12
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
V. CERTAIN DEFINED TERMS
DEBT SERVICE COVERAGE RATIO is calculated based on a
loan's actual mortgage constant.
IMPLIED DEBT SERVICE COVERAGE RATIO is calculated based
on an assumed mortgage loan constant of 9.0%.
CUT-OFF DATE LOAN-TO-VALUE RATIO(1) is calculated based
upon a loan's underwritable net operating income (or
underwritable net cash flow if the property is a
multifamily property), a capitalization rate determined
by a 1999/2000 third-party appraisal, a third-party
market study or internal property valuation and the loan
balance as of the Cut-off Date.
BALLOON LOAN-TO-VALUE RATIO(1) is calculated based upon
a loan's underwritable net operating income (or
underwritable net cash flow if the property is a
multifamily property), a capitalization rate determined
by a 1999/2000 third-party appraisal, a third-party
market study or internal property valuation and the loan
balance as of the loan's maturity date.
The foregoing terms are in all respects subject to the more detailed description
thereof in the Prospectus Supplement.
Notes: (1) 26 Mortgage Loans and 60 Mortgage Loans have Cut-Off Date
Loan-To-Value (LTV) Ratios and Balloon Loan-To-Value Ratios
calculated based on an estimate of value obtained from a third party
appraisal and third party market study, respectively.
T-13
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
<TABLE>
TEN LARGEST LOAN GROUP EXPOSURES
--------------------------------
<CAPTION>
% OF TOTAL
CUT-OFF
CUT-OFF DATE DATE SQUARE
LOAN PROPERTY NO. OF PRINCIPAL PRINCIPAL FEET/
NO. PROPERTY NAME CITY STATE TYPE PROPERTIES BALANCE BALANCE UNITS
----- --------------------------------- ------------------- ----- ----------- ---------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-11 Whitesell Industrial II Portfolio Various NJ Industria1 11 $30,952,411 5.0% 1,179,426
12 850 Stephenson Highway Troy MI Office 1 12,115,884 1.9% 133,061
13 750 Stephenson Highway Troy MI Office 1 11,321,400 1.8% 138,075
14 1400 Stephenson Highway Troy MI Office 1 6,951,736 1.1% 73,375
15 State Street Square Trenton NJ Office 1 29,338,794 4.7% 367,164
16 6000 & 8000 Midlantic Drive Mt. Laurel Township NJ Office 1 21,779,278 3.5% 345,373
17 Century III Plaza West Mifflin PA Retail 1 21,505,227 3.4% 277,141
18-24 Mericle Development I Portfolio Various PA Industrial/ 7 14,106,717 2.3% 584,378
Office
25-26 Mericle IV Portfolio Various PA Industrial 2 4,300,527 0.7% 210,000
27 15 & 19 Burt Collins Drive Throop Borough PA Industrial 1 2,621,758 0.4% 80,430
28 Park Austin Apartments Austin TX Multifamily 1 20,650,000 3.3% 588
29 Willow Springs Apartments Phoenix AZ Multifamily 1 7,770,511 1.2% 468
30 Chesapeake Apartments Tempe AZ Multifamily 1 5,710,890 0.9% 192
31 Mission Antigua Apartments Tucson AZ Multifamily 1 5,570,440 0.9% 248
32-34 Southgate Commerce Ctr Portfolio Various IL/GA Industrial 3 17,888,971 2.9% 1,426,398
35-36 Mendota I & II A Portfolio Mendota Heights MN Office 2 17,745,103 2.8% 295,058
TOTAL/WEIGHTED AVERAGE 36 $230,329,646 36.9%
CREDIT
RATING OF
LARGEST IMPLIED
LOAN TENANT DSCR AT CUT-OFF
LOAN PER SF FITCH/S&P/ ACTUAL 9% DATE BALLOON
NO. /UNIT LARGEST TENANT MOODY'S DSCR CONSTANT LTV LTV
----- ------ ----------------------- ------------ ------ -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1-11 $26 Various - 1.18x 1.42x 70.5% 52.7%
12 88 Oxford Automotive -/BB-/Caa1 1.16 1.26 72.6 60.0
(B2 Sr. Imp)
13 88 Textron Automotive - 1.16 1.26 72.6 60.0
14 88 General Motors A/A/A2 1.16 1.26 72.6 60.0
(sub-lessee)
15 80 N.J. Dept. of Treasury -/AA+/P1 1.06 1.49 61.0 0.0
16 63 Inrange Technologies - 1.51 1.89 44.7 34.3
17 78 Home Depot USA, Inc. -/AA-/A3 1.21 1.34 69.5 59.7
18-24 24 Various Various 1.18 1.57 62.2 0.0
25-26 24 Various - 1.18 1.57 62.2 0.0
27 24 Various - 1.18 1.57 62.2 0.0
28 35,119 NAP - 1.36 1.20 72.0 67.7
29 20,982 NAP - 1.41 1.48 65.9 59.3
30 20,982 NAP - 1.41 1.48 65.9 59.3
31 20,982 NAP - 1.41 1.48 65.9 59.3
32-34 13 Various - 1.34 1.69 56.6 43.9
35-36 60 Northland Insurance Co. -/A/- 1.78 1.85 55.1 45.2
<FN>
Notes: (1) Shading indicates that the loans are cross-collateralized and
cross-defaulted [The shades appear in the Loan Nos. 12, 13, 14,
18-24, 25-26, 27, 29, 30 and 31].
(2) Loans with a Balloon LTV that is less than one percent are fully
amortizing.
</FN>
</TABLE>
T-14
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
GEOGRAPHIC DISTRIBUTION
-----------------------
[GRAPHIC NOT INCLUDED]
AL 0.8%
AZ 5.0%
CA 7.2%
CO 1.4%
FL 5.3%
GA 1.7%
IL 1.9%
IN 2.1%
MA 1.9%
MI 10.1%
MN 5.1%
MO 1.5%
NC 5.7%
NJ 16.7%
NY 1.3%
OH 1.2%
OR 1.6%
PA 19.1%
TX 6.4%
UT O.8%
VA 1.8%
WA O.5%
WI 0.7%
T-15
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
CUT-OFF DATE BALANCE ($)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ ------
1 - 1,000,000 23 14,129,217 2.27
1,000,001 - 2,000,000 20 32,440,882 5.20
2,000,001 - 3,000,000 17 42,599,308 6.83
3,000,001 - 4,000,000 13 43,818,960 7.03
4,000,001 - 5,000,000 12 55,037,478 8.83
5,000,001 - 6,000,000 14 79,341,264 12.72
6,000,001 - 7,000,000 8 52,825,227 8.47
7,000,001 - 8,000,000 9 69,418,745 11.13
8,000,001 - 9,000,000 1 8,856,017 1.42
9,000,001 - 10,000,000 3 28,670,359 4.60
10,000,001 - 15,000,000 7 87,062,903 13.96
15,000,001 - 20,000,000 1 16,099,412 2.58
20,000,001 - 25,000,000 3 63,934,505 10.25
25,000,001 >= 1 29,338,794 4.70
--- ------------ -------
TOTAL: 132 $623,573,070 100.00
=== ============ =======
Min: $111,153 Max: $29,338,794 Average: $4,724,038
STATE
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ ------
Pennsylvania 22 119,016,768 19.09
New Jersey 30 104,246,352 16.72
Michigan 8 62,875,971 10.08
California 10 44,603,619 7.15
Texas 5 39,941,528 6.41
North Carolina 4 35,678,664 5.72
Florida 7 33,234,394 5.33
Minnesota 6 32,110,665 5.15
Arizona 5 31,071,390 4.98
Indiana 2 13,299,586 2.13
Other 33 107,494,132 17.24
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
PROPERTY TYPE
WEIGHTED AVERAGE
NO. OF AGGREGATE CUT-OFF BALANCE
MORTGAGE CUT-OFF DATE % OF PER UNIT OR SQUARE
LOANS BALANCE ($) POOL FOOT
-------- ------------ ----- ------------------
Office 25 189,815,137 30.44 74.91
Retail 28 183,070,990 29.36 80.54
Industrial 68 169,327,472 27.15 27.99
Multifamily 11 81,359,470 13.05 31,279.66
--- ------------ ------ ---------
TOTAL: 132 $623,573,070 100.00 NAP
SEASONING (MONTHS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ ------
1-12 20 117,449,013 18.83
13 - 24 9 54,563,251 8.75
25 - 36 13 38,305,127 6.14
37 - 48 44 223,947,944 35.91
49 - 60 43 171,588,140 27.52
61 - 72 3 17,719,595 2.84
--- ------------ -------
TOTAL: 132 $623,573,070 100.00
=== ============ =======
Min: 2 Max: 62 Wtd Avg: 37
MORTGAGE RATE (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ ----
<= 7.500 3 5,283,055 0.85
7.751 - 8.000 22 155,311,962 24.91
8.001 - 8.250 74 234,565,879 37.62
8.251 - 8.500 15 149,928,431 24.04
8.501 - 8.750 17 75,132,137 12.05
8.751 - 9.000 1 3,351,605 0.54
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 6.620% Max: 8.800% Wtd Avg: 8.186%
ORIGINAL TERM TO STATED MATURITY (MONTHS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ -----
1-60 3 27,902,638 4.47
61 - 120 72 372,352,609 59.71
121 - 180 26 69,522,477 11.15
181 - 240 30 144,644,364 23.20
241 - 300 1 9,150,982 1.47
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 60 Max: 300 Wtd Avg: 147
REMAINING TERM TO STATED MATURITY (MONTHS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ -----
1-60 12 92,716,165 14.87
61 - 120 66 319,296,397 51.20
121 - 180 34 113,421,932 18.19
181 - 240 19 88,987,593 14.27
241 - 300 1 9,150,982 1.47
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 20 Max: 295 Wtd Avg: 111
ORIGINAL AMORTIZATION TERM (MONTHS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ ------
1-120 2 3,031,785 0.49
121-180 21 32,708,081 5.25
181-240 70 283,336,514 45.44
241-360 39 304,496,689 48.83
--- ------------ -------
TOTAL: 132 $623,573,070 100.00
=== ============ =======
Min: 39 Max: 360 Wtd Avg: 264
DEBT SERVICE COVERAGE RATIO (X)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ -----
1.01 - 1.10 22 61,763,233 9.90
1.11 - 1.20 42 185,419,285 29.73
1.21 - 1.30 16 113,543,498 18.21
1.31 - 1.40 8 67,061,068 10.75
1.41 - 1.50 24 68,811,716 11.04
1.51 - 1.60 5 33,258,044 5.33
1.61 - 1.70 6 29,276,496 4.69
1.71 - 1.80 4 40,955,721 6.57
1.81 >= 5 23,484,007 3.77
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 1.01x Max: 2.39x Wtd Avg: 1.34x
IMPLIED DEBT SERVICE COVERAGE RATIO (X)*
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ ------
1.11 - 1.20 5 36,374,528 5.83
1.21 - 1.30 8 61,128,866 9.80
1.31 - 1.40 17 104,255,791 16.72
1.41 - 1.50 25 135,407,368 21.71
1.51 - 1.60 21 82,716,900 13.26
1.61 - 1.70 20 53,635,754 8.60
1.71 - 1.80 4 24,962,292 4.00
1.81 - 1.90 7 65,583,130 10.52
1.91 - 2.00 14 14,054,697 2.25
2.01 >= 11 45,453,745 7.29
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 1.16x Max: 3.00x Wtd Avg: 1.58x
* At a 9% Constant
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE %OF
LOANS BALANCE ($) POOL
-------- ------------ -----
30.01 - 40.00 5 18,682,821 3.00
40.01 - 50.00 10 62,167,361 9.97
50.01 - 60.00 43 121,505,202 19.49
60.01 - 70.00 41 239,770,107 38.45
70.01 - 80.00 32 177,899,037 28.53
80.01 - 90.00 1 3,548,542 0.57
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 30.9% Max: 81.9% Wtd Avg: 62.6%
BALLOON LOAN-TO-VALUE RATIO (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------- ------------ -----
0 51 176,534,723 28.31
0.1 - 30.0 6 24,417,835 3.92
30.1 - 40.0 4 39,371,093 6.31
40.1 - 50.0 25 81,234,955 13.03
50.1 - 60.0 40 253,317,849 40.62
60.1 - 70.0 6 48,696,615 7.81
--- ------------ ------
TOTAL: 132 $623,573,070 100.00
=== ============ ======
Min: 0.0 Max: 69.8% Wtd Avg: 36.3%
ALL NUMERICAL INFORMATION CONCERNING THE MORTGAGE LOANS IS APPROXIMATE. ALL
WEIGHTED AVERAGE INFORMATION REGARDING THE MORTGAGE LOANS REFLECTS THE WEIGHTING
OF THE MORTGAGE LOANS BASED UPON THEIR OUTSTANDING PRINCIPAL BALANCES AS OF THE
CUT-OFF DATE. GENERALLY, FOR THE PURPOSES OF THE PRESENTATION OF MORTGAGE POOL
INFORMATION, CROSS-COLLATERALIZED AND CROSS-DEFAULTED LOANS ARE CALCULATED ON A
COMBINED BASIS.
T-16
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, and Lehman
Brothers and Norwest Investment Services, Inc. (collectively the "Underwriters")
disclaim any and all liability relating to this information, including without
limitation any express or implied representations and warranties for, statements
contained in, and omissions from, this information. Additional information is
available upon request. The Underwriters and others associated with them may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$547,185,000 (APPROXIMATE)
MORGAN STANLEY DEAN WITTER CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2001-PPM
<TABLE>
PERCENTAGE OF MORTGAGE POOL BALANCE BY PREPAYMENT RESTRICTION (%)
<CAPTION>
Prepayment Restrictions JAN-01 JAN-02 JAN-03 JAN-04 JAN-05
----------------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Locked Out 67.58% 43.72% 20.98% 21.44% 15.32%
Greater of YM and 1.00% 32.42% 51.91% 74.45% 73.74% 75.94%
Greater of YM (T+0.25) and 1.00% 0.00% 2.88% 3.01% 3.18% 3.23%
YM (T+0.25) 0.00% 1.49% 1.56% 1.64% 1.68%
Yield Maintenance Total 32.42% 56.28% 79.02% 78.56% 80.85%
Open 0.00% 0.00% 0.00% 0.00% 3.83%
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00%
--------------- --------------- --------------- --------------- ---------------
Pool Balance Outstanding $623,573,069.51 $607,339,081.81 $571,745,355.97 $532,029,385.79 $512,335,270.11
% Initial Pool Balance 100.00% 97.40% 91.69% 85.32% 82.16%
Prepayment Restrictions JAN-06 JAN-07 JAN-08
----------------------- ------ ------ ------
<S> <C> <C> <C>
Locked Out 3.10% 1.21% 0.00%
Greater of YM and 1.00% 82.42% 80.04% 89.30%
Greater of YM (T+0.25) and 1.00% 3.50% 4.63% 7.03%
YM (T+0.25) 1.82% 2.41% 3.67%
Yield Maintenance Total 87.74% 87.08% 100.00%
Open 9.17% 11.71% 0.00%
TOTAL 100.00% 100.00% 100.00%
--------------- --------------- ---------------
Pool Balance Outstanding $462,877,335.16 $341,691,639.41 $219,057,522.01
% Initial Pool Balance 74.23% 54.80% 35.13%
</TABLE>
<TABLE>
PERCENTAGE OF MORTGAGE POOL BALANCE BY PREPAYMENT RESTRICTION (%) - CONTINUED
<CAPTION>
Prepayment Restrictions JAN-09 JAN-10 JAN-11 JAN-12 JAN-13
----------------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Locked Out 0.00% 0.00% 0.00% 0.00% 0.00%
Greater of YM and 1.00% 88.81% 72.68% 93.15% 90.50% 88.33%
Greater of YM (T+0.25) and 1.00% 7.35% 0.00% 0.00% 0.00% 0.00%
YM (T+0.25) 3.84% 4.66% 6.85% 9.41% 11.67%
Yield Maintenance Total 100.00% 77.33% 100.00% 99.91% 100.00%
Open 0.00% 22.67% 0.00% 0.09% 0.00%
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00%
--------------- --------------- --------------- -------------- --------------
Pool Balance Outstanding $203,567,777.47 $162,693,034.15 $106,806,449.81 $74,876,571.27 $57,797,004.64
% Initial Pool Balance 32.65% 26.09% 17.13% 12.01% 9.27%
Prepayment Restrictions JAN-14 JAN-15
----------------------- ------ ------
<S> <C> <C>
Locked Out 0.00% 0.00%
Greater of YM and 1.00% 85.56% 81.84%
Greater of YM (T+0.25) and 1.00% 0.00% 0.00%
YM (T+0.25) 14.44% 18.16%
Yield Maintenance Total 100.00% 100.00%
Open 0.00% 0.00%
TOTAL 100.00% 100.00%
-------------- --------------
Pool Balance Outstanding $44,483,886.61 $33,433,443.96
% Initial Pool Balance 7.13% 5.36%
<FN>
Notes: (1) The above analysis is based on Structuring Assumptions and a 0% CPR
as discussed in the Prospectus Supplement.
(2) See Appendix II for a description of the specific yield maintenance
provisions.
</FN>
</TABLE>
T-17
--------------------------------------------------------------------------------
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