<PAGE>
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: June 18, 1999
- ----------------------------------
(Date of earliest event reported)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
--------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-61783 3411414
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
245 Park Avenue, New York, NY 10167
-----------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (212) 272-2000
ITEM 5. OTHER EVENTS
Attached as Exhibit 99.3 and Exhibit 99.4 to this Current
Report are certain materials (Computational Materials) furnished to the
Registrant by Bear, Stearns & Co. Inc. and Morgan Stanley & Co. Incorporated,
respectively (each, an "Underwriter") in connection with the Registrant's
proposed offering of certain classes of its Commercial Mortgage Pass-Through
Certificates, Series 1999-WF2 (the "Certificates"). The Certificates will be
offered pursuant to a Prospectus and related Prospectus Supplement (together,
the "Prospectus") which will be filed with the Commission pursuant to Rule 424
under the Securities Act of 1933, as amended (the "Act"). The offering of the
Certificates will be registered pursuant to the Act under the Registrant's
Registration Statement on Form S-3 (No. 333-61783) (the "Registration
Statement"). These Computational Materials will be incorporated by reference in
the Registration Statement.
The Computational Materials were prepared solely by the
respective Underwriter, and the Registrant did not prepare or participate in the
preparation thereof.
Any statement or information contained in the Computational
Materials may be modified or superseded by subsequent similar materials or, for
purposes of the Prospectus and the Registration Statement by statements or
information contained in the Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit 99.3 Computational Materials provided by Bear, Stearns & Co. Inc.
Exhibit 99.4 Computational Materials provided by Morgan Stanley & Co.
Incorporated.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
BEAR STEARNS COMMERCIAL MORTGAGE
SECURITIES INC.
By: /s/ James G. Reichek
-------------------------------------
Name: James G. Reichek
Title: Executive Vice President
Date: June 18, 1999
2
<PAGE>
EXHIBIT INDEX
Item 601(a) of Regulation S-K
<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
99.3 Computational Materials provided by Bear, Stearns & Co. Inc.
99.4 Computational Materials provided by Morgan Stanley & Co. Incorporated
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIALS
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. (DEPOSITOR)
Commercial Mortgage Pass-Through Certificates, Series 1999-WF2
- --------------------------------------------------------------------------------
Legend
Prospective investors are advised to read carefully, and should rely
solely on, the information contained in the final prospectus supplement to the
prospectus dated August 18, 1998 relating to certain classes of certificates
referred to above (the "Certificates") in making their investment decision.
The information contained in this Exhibit 99.3 should be reviewed only
in conjunction with a careful review of such prospectus supplement and
prospectus. Such information does not include any information relating to the
structure of the Certificates and does not include all relevant information
relating to the underlying Mortgage Loans. Particular attention should be paid
to the risks and special considerations associated with an investment in the
Certificates described in such prospectus supplement and prospectus. The
information contained in this Exhibit 99.3 should not be viewed as projections,
forecasts, predictions or opinions with respect to value.
Any information contained in this Exhibit 99.3 is subject to completion
or amendment. Furthermore, any information contained in this Exhibit 99.3 will
be more fully described in the final prospectus supplement and prospectus, and
such information contained herein will be fully superseded thereby. Prior to
making any investment decision, a prospective investor should receive and
carefully review such prospectus supplement and prospectus.
NOTHING IN THIS EXHIBIT 99.3 SHOULD BE CONSIDERED AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY THE CERTIFICATES.
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche X1 (X1 )
Price 0% CPP 100% CPP 0% CPP prepay
NO_LOSS 12L70R300BCDR 12L70R300BCDR losses
5.1502% 5.1502% 5.1502% 1YR_TRES
9.056 7.804 8.043 Avg. Life
08/99 08/99 08/99 1st Prin
05/19 05/19 05/19 Last Prin
1:30 9.7489 3.1360 2.5911 Yield 4.54 4.20 4.32 Duration
1:30+ 9.5726 2.9454 2.4058 Yield 4.57 4.23 4.35 Duration
1:31 9.3987 2.7575 2.2231 Yield 4.59 4.25 4.37 Duration
1:31+ 9.2271 2.5722 2.0429 Yield 4.62 4.28 4.40 Duration
2: 0 9.0578 2.3895 1.8651 Yield 4.65 4.30 4.42 Duration
2: 0+ 8.8907 2.2092 1.6896 Yield 4.67 4.33 4.45 Duration
2: 1 8.7258 2.0314 1.5166 Yield 4.70 4.35 4.47 Duration
2: 1+ 8.5631 1.8559 1.3457 Yield 4.72 4.38 4.50 Duration
2: 2 8.4024 1.6827 1.1772 Yield 4.75 4.40 4.52 Duration
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche X1 (X1 )
Price 0% CPP 0% CPP prepay
NO_LOSS 12L62R180BCDR losses
5.1502% 5.1502% 1YR_TRES
9.056 8.428 Avg. Life
08/99 08/99 1st Prin
05/19 05/19 Last Prin
1:30 9.7489 5.1858 Yield 4.54 4.45 Duration
1:30+ 9.5726 5.0059 Yield 4.57 4.48 Duration
1:31 9.3987 4.8285 Yield 4.59 4.50 Duration
1:31+ 9.2271 4.6535 Yield 4.62 4.53 Duration
2: 0 9.0578 4.4809 Yield 4.65 4.56 Duration
2: 0+ 8.8907 4.3106 Yield 4.67 4.58 Duration
2: 1 8.7258 4.1426 Yield 4.70 4.61 Duration
2: 1+ 8.5631 3.9768 Yield 4.72 4.64 Duration
2: 2 8.4024 3.8132 Yield 4.75 4.66 Duration
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS losses
5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 1YR_TRES
9.685 9.675 9.667 9.659 9.651 9.641 9.421 Avg. Life
09/08 09/08 09/08 08/08 08/08 07/08 05/08 1st Prin
06/09 06/09 06/09 06/09 06/09 06/09 06/09 Last Prin
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
100:24 7.056 7.056 7.056 7.056 7.055 7.055 7.053 Yield 6.82 6.82 6.81 6.81 6.81 6.80 6.69 Duration
100:28 7.038 7.038 7.037 7.037 7.037 7.037 7.034 Yield 6.83 6.82 6.82 6.81 6.81 6.80 6.69 Duration
101: 0 7.019 7.019 7.019 7.019 7.019 7.019 7.016 Yield 6.83 6.82 6.82 6.82 6.81 6.81 6.70 Duration
101: 4 7.001 7.001 7.001 7.001 7.001 7.001 6.997 Yield 6.83 6.83 6.82 6.82 6.81 6.81 6.70 Duration
101: 8 6.983 6.983 6.983 6.983 6.983 6.983 6.979 Yield 6.83 6.83 6.82 6.82 6.82 6.81 6.70 Duration
101:12 6.965 6.965 6.965 6.965 6.965 6.964 6.960 Yield 6.84 6.83 6.83 6.82 6.82 6.81 6.70 Duration
101:16 6.947 6.947 6.947 6.947 6.947 6.946 6.942 Yield 6.84 6.83 6.83 6.83 6.82 6.82 6.71 Duration
101:20 6.929 6.929 6.929 6.929 6.929 6.928 6.924 Yield 6.84 6.84 6.83 6.83 6.82 6.82 6.71 Duration
101:24 6.911 6.911 6.911 6.911 6.911 6.910 6.905 Yield 6.84 6.84 6.83 6.83 6.83 6.82 6.71 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class B (B ) AA Rated Sub
Orig Bal 43,229,000 Fac 1.00000
Coup 7.326 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche B (B )
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS losses
5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 1YR_TRES
10.020 10.014 10.011 10.008 10.006 10.004 9.956 Avg. Life
06/09 06/09 06/09 06/09 06/09 06/09 06/09 1st Prin
07/09 07/09 07/09 07/09 07/09 07/09 06/09 Last Prin
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101: 0 7.175 7.177 7.179 7.180 7.181 7.182 7.190 Yield 6.95 6.95 6.94 6.94 6.94 6.94 6.92 Duration
101: 4 7.157 7.159 7.161 7.163 7.163 7.164 7.172 Yield 6.95 6.95 6.95 6.95 6.94 6.94 6.92 Duration
101: 8 7.139 7.142 7.144 7.145 7.146 7.146 7.154 Yield 6.95 6.95 6.95 6.95 6.95 6.95 6.92 Duration
101:12 7.121 7.124 7.126 7.127 7.128 7.129 7.137 Yield 6.96 6.95 6.95 6.95 6.95 6.95 6.92 Duration
101:16 7.104 7.106 7.108 7.109 7.110 7.111 7.119 Yield 6.96 6.96 6.95 6.95 6.95 6.95 6.93 Duration
101:20 7.086 7.089 7.090 7.092 7.092 7.093 7.101 Yield 6.96 6.96 6.96 6.96 6.95 6.95 6.93 Duration
101:24 7.068 7.071 7.073 7.074 7.075 7.075 7.083 Yield 6.96 6.96 6.96 6.96 6.96 6.96 6.93 Duration
101:28 7.051 7.053 7.055 7.056 7.057 7.058 7.066 Yield 6.97 6.96 6.96 6.96 6.96 6.96 6.93 Duration
102: 0 7.033 7.036 7.037 7.039 7.039 7.040 7.048 Yield 6.97 6.97 6.96 6.96 6.96 6.96 6.94 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR losses
5.14% 5.14% 5.14% 5.14% 5.14% 5.14% 5.14% 1YR_TRES
9.554 9.526 9.508 9.496 9.486 9.477 9.290 Avg. Life
02/07 12/06 11/06 11/06 10/06 10/06 10/06 1st Prin
07/09 07/09 07/09 07/09 07/09 07/09 06/09 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101.00000 7.018 7.017 7.017 7.017 7.017 7.017 7.014 Yield 6.76 6.75 6.74 6.73 6.73 6.72 6.63 Duration
101.12500 6.999 6.999 6.999 6.999 6.998 6.998 6.995 Yield 6.76 6.75 6.74 6.73 6.73 6.72 6.63 Duration
101.25000 6.981 6.981 6.980 6.980 6.980 6.980 6.977 Yield 6.77 6.75 6.74 6.74 6.73 6.73 6.63 Duration
101.37500 6.963 6.962 6.962 6.962 6.962 6.962 6.958 Yield 6.77 6.75 6.74 6.74 6.73 6.73 6.63 Duration
101.50000 6.945 6.944 6.944 6.944 6.943 6.943 6.940 Yield 6.77 6.76 6.75 6.74 6.73 6.73 6.64 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class B (B ) AA Rated Sub
Orig Bal 43,229,000 Fac 1.00000
Coup 7.326 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche B (B )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR 12L60R300BCDR losses
5.14% 5.14% 5.14% 5.14% 5.14% 5.14% 5.14% 1YR_TRES
10.441 10.373 10.343 10.328 10.320 10.316 10.302 Avg. Life
07/09 07/09 07/09 07/09 07/09 07/09 06/09 1st Prin
03/11 02/11 02/11 02/11 02/11 01/11 01/11 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101.00000 7.178 7.181 7.182 7.184 7.184 7.185 7.193 Yield 7.14 7.11 7.10 7.09 7.09 7.08 7.08 Duration
101.12500 7.161 7.163 7.165 7.166 7.167 7.168 7.175 Yield 7.14 7.11 7.10 7.09 7.09 7.09 7.08 Duration
101.25000 7.144 7.146 7.148 7.149 7.150 7.150 7.158 Yield 7.15 7.12 7.10 7.09 7.09 7.09 7.08 Duration
101.37500 7.126 7.129 7.130 7.131 7.132 7.133 7.140 Yield 7.15 7.12 7.10 7.10 7.09 7.09 7.08 Duration
101.50000 7.109 7.111 7.113 7.114 7.115 7.115 7.123 Yield 7.15 7.12 7.11 7.10 7.10 7.09 7.09 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 0% CPP prepay NO_LOSS 12L75R100BCDR losses
5.1393% 5.1393% 1YR_TRES 9.685 9.641 Avg. Life
09/08 06/08 1st Prin 06/09 06/09 Last Prin
100.75000 7.056 7.055 Yield 6.82 6.80 Duration
100.87500 7.038 7.037 Yield 6.83 6.80 Duration
101.00000 7.019 7.019 Yield 6.83 6.81 Duration
101.12500 7.001 7.001 Yield 6.83 6.81 Duration
101.25000 6.983 6.983 Yield 6.83 6.81 Duration
101.37500 6.965 6.964 Yield 6.84 6.81 Duration
101.50000 6.947 6.946 Yield 6.84 6.82 Duration
101.62500 6.929 6.928 Yield 6.84 6.82 Duration
101.75000 6.911 6.910 Yield 6.84 6.82 Duration
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 0% CPP prepay NO_LOSS 12L75R300BCDR losses
5.1393% 5.1393% 1YR_TRES 9.685 9.396 Avg. Life
09/08 05/06 1st Prin 06/09 06/09 Last Prin
100.75000 7.056 7.052 Yield 6.82 6.67 Duration
100.87500 7.038 7.034 Yield 6.83 6.67 Duration
101.00000 7.019 7.015 Yield 6.83 6.68 Duration
101.12500 7.001 6.997 Yield 6.83 6.68 Duration
101.25000 6.983 6.978 Yield 6.83 6.68 Duration
101.37500 6.965 6.960 Yield 6.84 6.68 Duration
101.50000 6.947 6.941 Yield 6.84 6.69 Duration
101.62500 6.929 6.923 Yield 6.84 6.69 Duration
101.75000 6.911 6.905 Yield 6.84 6.69 Duration
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 0% CPP prepay NO_LOSS 12L75R500BCDR losses
5.1393% 5.1393% 1YR_TRES 9.685 9.044 Avg. Life
09/08 12/05 1st Prin 06/09 07/09 Last Prin
100.75000 7.056 7.048 Yield 6.82 6.48 Duration
100.87500 7.038 7.029 Yield 6.83 6.48 Duration
101.00000 7.019 7.010 Yield 6.83 6.49 Duration
101.12500 7.001 6.991 Yield 6.83 6.49 Duration
101.25000 6.983 6.971 Yield 6.83 6.49 Duration
101.37500 6.965 6.952 Yield 6.84 6.49 Duration
101.50000 6.947 6.934 Yield 6.84 6.49 Duration
101.62500 6.929 6.915 Yield 6.84 6.50 Duration
101.75000 6.911 6.896 Yield 6.84 6.50 Duration
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS losses
6% 6% 6% 6% 6% 6% 6% 1YR_TRES
9.685 9.633 9.563 9.501 9.457 9.427 9.210 Avg. Life
09/08 03/08 04/07 09/06 05/06 02/06 09/05 1st Prin
06/09 06/09 06/09 06/09 06/09 06/09 06/09 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
100:24 7.056 7.056 7.056 7.056 7.056 7.055 7.052 Yield 6.82 6.80 6.76 6.73 6.70 6.69 6.58 Duration
100:28 7.038 7.038 7.037 7.037 7.037 7.037 7.033 Yield 6.83 6.80 6.76 6.73 6.71 6.69 6.58 Duration
101: 0 7.019 7.020 7.019 7.019 7.019 7.018 7.014 Yield 6.83 6.80 6.77 6.73 6.71 6.69 6.58 Duration
101: 4 7.001 7.001 7.001 7.000 7.000 7.000 6.995 Yield 6.83 6.80 6.77 6.74 6.71 6.70 6.58 Duration
101: 8 6.983 6.983 6.982 6.982 6.982 6.981 6.976 Yield 6.83 6.81 6.77 6.74 6.71 6.70 6.59 Duration
101:12 6.965 6.965 6.964 6.964 6.963 6.963 6.958 Yield 6.84 6.81 6.77 6.74 6.72 6.70 6.59 Duration
101:16 6.947 6.947 6.946 6.945 6.945 6.944 6.939 Yield 6.84 6.81 6.78 6.74 6.72 6.70 6.59 Duration
101:20 6.929 6.929 6.928 6.927 6.927 6.926 6.920 Yield 6.84 6.81 6.78 6.75 6.72 6.70 6.59 Duration
101:24 6.911 6.911 6.910 6.909 6.908 6.908 6.902 Yield 6.84 6.82 6.78 6.75 6.72 6.71 6.60 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 0% CPP prepay NO_LOSS 12L50R100BCDR losses
5.1393% 5.1393% 1YR_TRES 9.685 9.678 Avg. Life
09/08 08/08 1st Prin 06/09 07/09 Last Prin
100:24 7.056 7.056 Yield 6.82 6.82 Duration
100:28 7.038 7.038 Yield 6.83 6.82 Duration
101: 0 7.019 7.019 Yield 6.83 6.82 Duration
101: 4 7.001 7.001 Yield 6.83 6.83 Duration
101: 8 6.983 6.983 Yield 6.83 6.83 Duration
101:12 6.965 6.965 Yield 6.84 6.83 Duration
101:16 6.947 6.947 Yield 6.84 6.83 Duration
101:20 6.929 6.929 Yield 6.84 6.84 Duration
101:24 6.911 6.911 Yield 6.84 6.84 Duration
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 0% CPP prepay NO_LOSS 12L50R300BCDR losses
5.1393% 5.1393% 1YR_TRES 9.685 9.637 Avg. Life
09/08 09/07 1st Prin 06/09 07/09 Last Prin
100:24 7.056 7.055 Yield 6.82 6.80 Duration
100:28 7.038 7.037 Yield 6.83 6.80 Duration
101: 0 7.019 7.019 Yield 6.83 6.80 Duration
101: 4 7.001 7.001 Yield 6.83 6.81 Duration
101: 8 6.983 6.982 Yield 6.83 6.81 Duration
101:12 6.965 6.964 Yield 6.84 6.81 Duration
101:16 6.947 6.946 Yield 6.84 6.81 Duration
101:20 6.929 6.928 Yield 6.84 6.82 Duration
101:24 6.911 6.910 Yield 6.84 6.82 Duration
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 0% CPP prepay NO_LOSS 12L50R500BCDR losses
5.1393% 5.1393% 1YR_TRES 9.685 9.718 Avg. Life
09/08 09/06 1st Prin 06/09 10/13 Last Prin
100:24 7.056 7.056 Yield 6.82 6.82 Duration
100:28 7.038 7.038 Yield 6.83 6.83 Duration
101: 0 7.019 7.019 Yield 6.83 6.83 Duration
101: 4 7.001 7.001 Yield 6.83 6.83 Duration
101: 8 6.983 6.983 Yield 6.83 6.83 Duration
101:12 6.965 6.965 Yield 6.84 6.84 Duration
101:16 6.947 6.947 Yield 6.84 6.84 Duration
101:20 6.929 6.929 Yield 6.84 6.84 Duration
101:24 6.911 6.911 Yield 6.84 6.84 Duration
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Price 0% CPP 0% CPP 0% CPP 0% CPP 0% CPP prepay
NO_LOSS 12L65R50BCDR 12L65R100BCDR 12L65R200BCDR 12L65R300BCDR losses
5.1502% 5.1502% 5.1502% 5.1502% 5.1502% 1YR_TRES
9.056 8.875 8.699 8.362 8.043 Avg. Life
08/99 08/99 08/99 08/99 08/99 1st Prin
05/19 05/19 05/19 05/19 05/19 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1:30 9.7489 8.6784 7.5380 4.9173 0.8628 Yield 4.54 4.54 4.53 4.45 3.96 Duration
1:30+ 9.5726 8.5019 7.3611 4.7376 0.6605 Yield 4.57 4.56 4.55 4.48 3.98 Duration
1:31 9.3987 8.3278 7.1866 4.5603 0.4608 Yield 4.59 4.59 4.58 4.51 4.00 Duration
1:31+ 9.2271 8.1561 7.0145 4.3855 0.2637 Yield 4.62 4.62 4.61 4.53 4.02 Duration
2: 0 9.0578 7.9866 6.8446 4.2130 0.0689 Yield 4.65 4.64 4.63 4.56 4.04 Duration
2: 0+ 8.8907 7.8194 6.6771 4.0429 -0.1234 Yield 4.67 4.67 4.66 4.59 4.05 Duration
2: 1 8.7258 7.6544 6.5117 3.8750 -0.3134 Yield 4.70 4.69 4.68 4.61 4.07 Duration
2: 1+ 8.5631 7.4915 6.3486 3.7094 -0.5012 Yield 4.72 4.72 4.71 4.64 4.09 Duration
2: 2 8.4024 7.3308 6.1875 3.5459 -0.6867 Yield 4.75 4.74 4.73 4.66 4.11 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class A2 (A2 ) AAA Rated Tranche
Orig Bal 525,789,000 Fac 1.00000
Coup 7.100 Mat / /
Wac- 7.180(0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche A2 (A2 )
Price 0% CPP 25% CPP 50% CPP 75% CPP 100% CPP prepay
NO_LOSS NO_LOSS NO_LOSS NO_LOSS NO_LOSS losses
5.0797% 5.0797% 5.0797% 5.0797% 5.0797% 1YR_TRES
9.685 9.530 9.427 9.382 9.210 Avg. Life
09/08 01/07 02/06 02/06 09/05 1st Prin
06/09 06/09 06/09 06/09 06/09 Last Prin
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99:16 7.2391 7.2456 7.2461 7.2423 7.2430 Yield 6.80 6.72 6.66 6.64 6.55 Duration
99:24 7.2022 7.2083 7.2085 7.2046 7.2047 Yield 6.80 6.72 6.67 6.65 6.56 Duration
100: 0 7.1654 7.1711 7.1710 7.1669 7.1666 Yield 6.81 6.73 6.67 6.65 6.56 Duration
100: 8 7.1287 7.1340 7.1336 7.1294 7.1285 Yield 6.81 6.73 6.68 6.65 6.57 Duration
100:16 7.0922 7.0970 7.0963 7.0920 7.0906 Yield 6.82 6.74 6.68 6.66 6.57 Duration
100:24 7.0558 7.0602 7.0591 7.0547 7.0528 Yield 6.82 6.74 6.69 6.66 6.58 Duration
101: 0 7.0195 7.0234 7.0221 7.0175 7.0152 Yield 6.83 6.75 6.69 6.67 6.58 Duration
101: 8 6.9833 6.9868 6.9851 6.9804 6.9776 Yield 6.83 6.75 6.70 6.67 6.59 Duration
101:16 6.9472 6.9503 6.9483 6.9435 6.9402 Yield 6.84 6.76 6.70 6.68 6.59 Duration
101:24 6.9113 6.9139 6.9116 6.9067 6.9029 Yield 6.84 6.76 6.71 6.68 6.60 Duration
102: 0 6.8754 6.8776 6.8751 6.8700 6.8657 Yield 6.85 6.77 6.71 6.69 6.60 Duration
102: 8 6.8397 6.8415 6.8386 6.8334 6.8286 Yield 6.85 6.77 6.72 6.69 6.60 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 6-Jun-1999 Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
12L70R100CDR25 12L70R100CDR25 12L70R100CDR25 12L70R100CDR25 12L70R100CDR25 12L70R100CDR25 12L70R100CDR25 losses
5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 1YR_TRES
8.834 8.791 8.763 8.743 8.728 8.716 8.555 Avg. Life
08/99 08/99 08/99 08/99 08/99 08/99 08/99 1st Prin
05/19 05/19 05/19 05/19 05/19 05/19 05/19 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2: 0 8.089 8.241 8.341 8.408 8.454 8.485 8.470 Yield 4.51 4.49 4.47 4.45 4.44 4.43 4.38 Duration
2: 0+ 7.917 8.068 8.167 8.234 8.279 8.310 8.293 Yield 4.54 4.51 4.49 4.48 4.46 4.45 4.41 Duration
2: 1 7.747 7.897 7.996 8.062 8.106 8.137 8.118 Yield 4.57 4.54 4.52 4.50 4.49 4.48 4.43 Duration
2: 1+ 7.580 7.729 7.827 7.892 7.936 7.966 7.946 Yield 4.59 4.56 4.54 4.53 4.51 4.50 4.46 Duration
2: 2 7.414 7.563 7.660 7.724 7.768 7.798 7.776 Yield 4.62 4.59 4.57 4.55 4.54 4.53 4.48 Duration
2: 2+ 7.251 7.399 7.495 7.559 7.602 7.631 7.608 Yield 4.64 4.61 4.59 4.58 4.56 4.55 4.51 Duration
2: 3 7.090 7.237 7.332 7.396 7.438 7.467 7.442 Yield 4.66 4.64 4.62 4.60 4.59 4.58 4.53 Duration
2: 3+ 6.931 7.077 7.172 7.234 7.277 7.305 7.279 Yield 4.69 4.66 4.64 4.62 4.61 4.60 4.56 Duration
2: 4 6.774 6.919 7.013 7.075 7.117 7.145 7.117 Yield 4.71 4.69 4.67 4.65 4.64 4.63 4.58 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View * No Prepay During Yield Mat. * Fact Thru 09/9999
Hist Coupons Adv(P&I) Settle Date 01-Jul-99 Curve Date 16-Jun-1999
Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
12L40R100CDR25 12L40R100CDR25 12L40R100CDR25 12L40R100CDR25 12L40R100CDR25 12L40R100CDR25 12L40R100CDR25 losses
5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 1YR_TRES
8.834 8.791 8.763 8.743 8.728 8.716 8.555 Avg. Life
08/99 08/99 08/99 08/99 08/99 08/99 08/99 1st Prin
05/19 05/19 05/19 05/19 05/19 05/19 05/19 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2: 0 7.318 7.478 7.584 7.654 7.702 7.734 7.735 Yield 4.45 4.42 4.40 4.38 4.37 4.36 4.32 Duration
2: 0+ 7.144 7.302 7.407 7.477 7.524 7.556 7.555 Yield 4.47 4.44 4.42 4.41 4.40 4.39 4.35 Duration
2: 1 6.972 7.129 7.233 7.302 7.349 7.381 7.378 Yield 4.50 4.47 4.45 4.43 4.42 4.41 4.37 Duration
2: 1+ 6.802 6.958 7.061 7.130 7.176 7.207 7.204 Yield 4.52 4.49 4.47 4.46 4.44 4.43 4.40 Duration
2: 2 6.634 6.789 6.892 6.960 7.005 7.036 7.031 Yield 4.55 4.52 4.50 4.48 4.47 4.46 4.42 Duration
2: 2+ 6.468 6.623 6.725 6.792 6.837 6.867 6.861 Yield 4.57 4.54 4.52 4.51 4.49 4.48 4.45 Duration
2: 3 6.305 6.458 6.559 6.626 6.671 6.701 6.693 Yield 4.59 4.57 4.55 4.53 4.52 4.51 4.47 Duration
2: 3+ 6.143 6.296 6.396 6.463 6.507 6.536 6.527 Yield 4.62 4.59 4.57 4.56 4.54 4.53 4.50 Duration
2: 4 5.984 6.136 6.235 6.301 6.345 6.374 6.364 Yield 4.64 4.62 4.60 4.58 4.57 4.56 4.52 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
12L70R215CDR25 12L70R215CDR25 12L70R215CDR25 12L70R215CDR25 12L70R215CDR25 12L70R215CDR25 12L70R215CDR25 losses
5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 1YR_TRES
8.592 8.550 8.523 8.504 8.490 8.478 8.327 Avg. Life
08/99 08/99 08/99 08/99 08/99 08/99 08/99 1st Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2: 0 6.578 6.749 6.861 6.935 6.985 7.019 7.006 Yield 4.43 4.41 4.39 4.37 4.36 4.35 4.31 Duration
2: 0+ 6.403 6.573 6.684 6.758 6.807 6.841 6.826 Yield 4.46 4.43 4.41 4.40 4.38 4.37 4.33 Duration
2: 1 6.230 6.399 6.510 6.583 6.631 6.665 6.648 Yield 4.48 4.46 4.44 4.42 4.41 4.40 4.36 Duration
2: 1+ 6.060 6.228 6.338 6.410 6.458 6.491 6.473 Yield 4.51 4.48 4.46 4.45 4.43 4.42 4.38 Duration
2: 2 5.892 6.059 6.168 6.239 6.287 6.319 6.300 Yield 4.53 4.51 4.49 4.47 4.46 4.45 4.41 Duration
2: 2+ 5.726 5.892 6.000 6.071 6.118 6.150 6.129 Yield 4.56 4.53 4.51 4.49 4.48 4.47 4.43 Duration
2: 3 5.562 5.727 5.834 5.904 5.951 5.983 5.960 Yield 4.58 4.56 4.54 4.52 4.51 4.50 4.46 Duration
2: 3+ 5.400 5.564 5.671 5.740 5.787 5.818 5.794 Yield 4.61 4.58 4.56 4.54 4.53 4.52 4.48 Duration
2: 4 5.240 5.403 5.509 5.578 5.624 5.655 5.630 Yield 4.63 4.60 4.58 4.57 4.56 4.55 4.51 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View * No Prepay During Yield Mat. * Fact Thru 09/9999
Hist Coupons Adv(P&I) Settle Date 01-Jul-99 Curve Date 16-Jun-1999
Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 10% CPP 20% CPP 30% CPP 40% CPP 50% CPP 100% CPP prepay
12L70R210CDR25 12L70R210CDR25 12L70R210CDR25 12L70R210CDR25 12L70R210CDR25 12L70R210CDR25 12L70R210CDR25 losses
5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 5.1044% 1YR_TRES
8.602 8.561 8.534 8.514 8.500 8.488 8.337 Avg. Life
08/99 08/99 08/99 08/99 08/99 08/99 08/99 1st Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2: 0 6.647 6.817 6.928 7.002 7.052 7.086 7.072 Yield 4.44 4.41 4.39 4.37 4.36 4.35 4.31 Duration
2: 0+ 6.472 6.641 6.752 6.825 6.874 6.907 6.892 Yield 4.46 4.44 4.42 4.40 4.39 4.38 4.34 Duration
2: 1 6.299 6.467 6.577 6.650 6.698 6.731 6.714 Yield 4.49 4.46 4.44 4.42 4.41 4.40 4.36 Duration
2: 1+ 6.129 6.296 6.405 6.477 6.525 6.558 6.539 Yield 4.51 4.49 4.47 4.45 4.44 4.43 4.39 Duration
2: 2 5.961 6.127 6.235 6.306 6.354 6.386 6.366 Yield 4.54 4.51 4.49 4.47 4.46 4.45 4.41 Duration
2: 2+ 5.795 5.960 6.068 6.138 6.185 6.217 6.196 Yield 4.56 4.54 4.51 4.50 4.49 4.48 4.44 Duration
2: 3 5.631 5.795 5.902 5.972 6.019 6.050 6.027 Yield 4.59 4.56 4.54 4.52 4.51 4.50 4.46 Duration
2: 3+ 5.469 5.633 5.739 5.808 5.854 5.886 5.861 Yield 4.61 4.58 4.56 4.55 4.53 4.52 4.49 Duration
2: 4 5.310 5.472 5.577 5.646 5.692 5.723 5.697 Yield 4.64 4.61 4.59 4.57 4.56 4.55 4.51 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Price 100% CPP 100% CPP 100% CPP 100% CPP 100% CPP 100% CPP prepay
NO_LOSS 12L75R100BCDR 12L75R200BCDR 12L75R300BCDR 12L75R400BCDR 12L75R500BCDR losses
5.0603% 5.0603% 5.0603% 5.0603% 5.0603% 5.0603% 1YR_TRES
8.762 8.425 8.105 7.804 7.518 7.247 Avg. Life
08/99 08/99 08/99 08/99 08/99 08/99 1st Prin
12/18 05/19 05/19 05/19 05/19 05/19 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2: 6+ 9.928 8.209 6.378 4.346 1.726 -1.024 Yield 4.31 4.31 4.30 4.26 4.05 3.79 Duration
2: 7 9.764 8.045 6.215 4.180 1.552 -1.210 Yield 4.33 4.33 4.32 4.28 4.07 3.81 Duration
2: 7+ 9.603 7.884 6.053 4.017 1.380 -1.394 Yield 4.36 4.36 4.35 4.30 4.09 3.83 Duration
2: 8 9.443 7.724 5.893 3.855 1.210 -1.576 Yield 4.38 4.38 4.37 4.32 4.11 3.84 Duration
2: 8+ 9.286 7.567 5.735 3.696 1.042 -1.756 Yield 4.40 4.40 4.39 4.35 4.13 3.86 Duration
2: 9 9.130 7.411 5.579 3.538 0.876 -1.933 Yield 4.42 4.42 4.42 4.37 4.15 3.88 Duration
2: 9+ 8.976 7.257 5.425 3.382 0.712 -2.109 Yield 4.44 4.45 4.44 4.39 4.17 3.89 Duration
2:10 8.824 7.105 5.272 3.228 0.550 -2.283 Yield 4.47 4.47 4.46 4.42 4.19 3.91 Duration
2:10+ 8.673 6.955 5.122 3.076 0.390 -2.455 Yield 4.49 4.49 4.48 4.44 4.21 3.92 Duration
</TABLE>
<PAGE>
BSCMS-COMB Class X1 (X1 ) AAA Rated Interest Only
Orig Bal 1,080,711,380 Fac 1.00000
Coup 0.000 Mat / /
Wac- 7.180( 0.000) WAM-04/2023(286)
Price/Yield View Fact Thru 09/9999 Hist Coupons Adv(P&I)
Settle Date 01-Jul-99 Curve Date 16-Jun-1999 Tranche X1 (X1 )
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Price 0% CPP 0% CPP 0% CPP 0% CPP 0% CPP 0% CPP prepay
NO_LOSS 12L75R100BCDR 12L75R200BCDR 12L75R300BCDR 12L75R400BCDR 12L75R500BCDR losses
5.0603% 5.0603% 5.0603% 5.0603% 5.0603% 5.0603% 1YR_TRES
9.056 8.699 8.362 8.043 7.742 7.457 Avg. Life
08/99 08/99 08/99 08/99 08/99 08/99 1st Prin
05/19 05/19 05/19 05/19 05/19 05/19 Last Prin
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2: 6+ 9.670 7.931 6.069 4.014 1.328 -1.337 Yield 4.43 4.42 4.41 4.36 4.13 3.90 Duration
2: 7 9.511 7.772 5.909 3.852 1.157 -1.518 Yield 4.45 4.45 4.43 4.38 4.16 3.92 Duration
2: 7+ 9.353 7.614 5.751 3.693 0.989 -1.697 Yield 4.47 4.47 4.45 4.41 4.18 3.93 Duration
2: 8 9.198 7.459 5.595 3.535 0.822 -1.874 Yield 4.49 4.49 4.48 4.43 4.20 3.95 Duration
2: 8+ 9.044 7.305 5.441 3.379 0.658 -2.048 Yield 4.51 4.51 4.50 4.45 4.22 3.97 Duration
2: 9 8.892 7.153 5.289 3.225 0.495 -2.221 Yield 4.54 4.54 4.52 4.48 4.24 3.98 Duration
2: 9+ 8.742 7.003 5.138 3.073 0.334 -2.392 Yield 4.56 4.56 4.55 4.50 4.26 4.00 Duration
2:10 8.594 6.855 4.990 2.923 0.176 -2.562 Yield 4.58 4.58 4.57 4.52 4.28 4.01 Duration
2:10+ 8.447 6.708 4.843 2.774 0.018 -2.729 Yield 4.60 4.60 4.59 4.54 4.30 4.03 Duration
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
</TABLE>
<TABLE>
<CAPTION>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
BSCMSI 1999-WF2(RED) Bond: A2 DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/9/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $111.32mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 89.043845
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.195
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 5.581
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/14/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 0%
Portfolio: NA Default-If: STATIC dscr Default: TABLE
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
Deal BSCMSI 1999-WF2 Bond A2 Rating: AAA/Aaa Bench:C
Factor: 100% Coupon: 7.1% Position: $525,789,000 Accrued: $0 (0 DAYS)
<TABLE>
<CAPTION>
- - PRICE YIELD
Defaults (13 by 6)
PRICE VALUE 0% 24:0%; 24:0%; 24:0%; 24:0%; 24:0%;
by 0:08 & Change YIELD 1%,12m,35% YIELD 2%,12m,35% YIELD 3%,12m,35% YIELD 4%,12m,35% YIELD 5%,12m,35% YIELD
- ------- -------- ----- ---------------- ---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
100 -7,886,835 7.165% 7.165% 7.165% 7.165% 7.165% 7.165%
100:08 -6,572,362 7.129% 7.129% 7.128% 7.128% 7.128% 7.127%
100:16 -5,257,890 7.092% 7.092% 7.092% 7.091% 7.091% 7.090%
100:24 -3,943,417 7.056% 7.056% 7.055% 7.055% 7.054% 7.053%
101 -2,628,945 7.019% 7.019% 7.019% 7.018% 7.017% 7.016%
101:08 -1,314,472 6.983% 6.983% 6.983% 6.982% 6.980% 6.979%
101:16 $533,675,835 6.947% 6.947% 6.946% 6.945% 6.944% 6.942%
101:24 +1,314,473 6.911% 6.911% 6.910% 6.909% 6.907% 6.905%
102 +2,628,945 6.875% 6.875% 6.874% 6.873% 6.871% 6.869%
102:08 +3,943,418 6.840% 6.839% 6.838% 6.837% 6.835% 6.832%
102:16 +5,257,890 6.804% 6.803% 6.803% 6.801% 6.799% 6.796%
102:24 +6,572,363 6.769% 6.768% 6.767% 6.765% 6.763% 6.760%
103 +7,886,835 6.733% 6.732% 6.731% 6.730% 6.727% 6.724%
SPREAD 113.5b 113.5b 113.5b 113.5b 113.5b 113.5b
RETURN 6.880% 6.879% 6.878% 6.877% 6.875% 6.872%
LIFE 9.685 9.666 9.638 9.587 9.517 9.434
DURATION 6.838 6.829 6.815 6.788 6.751 6.706
CONVEXITY 0.601 0.600 0.597 0.592 0.586 0.579
WINDOW Sep08,Jun09 Jul08,Jul09 Mar08,Jul09 Jul07,Jul09 Jan07,Jul09 Aug06,Jul09
LOSS 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
Other Assumptions:
none
(c) Copyright 1996-1999 Charter Research Corp. ALL RIGHTS RESERVED.
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
</TABLE>
<TABLE>
<CAPTION>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
BSCMSI 1999-WF2(RED) Bond: A2 DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/9/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $6.10mm
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $101.43mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 89.043845
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 7.588
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 5.198
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/14/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 50%
Portfolio: NA Default-If: STATIC dscr Default: TABLE
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD
Defaults (13 by 6)
24.0%; 24.0%; 24.0%; 24.0%; 24.0%;
PRICE VALUE 0% 1%,12m,35% 12m,35% 3%,12m,35% 4%,12m,35% 5%,12m,35%
by 0:08 & Change YIELD YIELD YIELD YIELD YIELD YIELD
- ------- -------- ----- ------------- ----------- ------------- -------------- ----------------
<S> <C> <C> <C> <S> <C> <C> <C>
100 -7,886,835 7.169% 7.169% 7.168% 7.168% 7.169% 7.169%
100:08 -6,572,362 7.132% 7.131% 7.130% 7.130% 7.130% 7.130%
100:16 -5,257,890 7.094% 7.093% 7.092% 7.092% 7.091% 7.091%
100:24 -3,943,417 7.057% 7.056% 7.055% 7.054% 7.053% 7.053%
101 -2,628,945 7.020% 7.018% 7.017% 7.016% 7.015% 7.014%
101:08 -1,314,472 6.983% 6.981% 6.979% 6.978% 6.977% 6.975%
101:16 $533,675,835 6.946% 6.944% 6.942% 6.940% 6.938% 6.937%
101:24 +1,314,473 6.910% 6.907% 6.905% 6.902% 6.900% 6.899%
102 +2,628,945 6.873% 6.870% 6.867% 6.865% 6.863% 6.861%
102:08 +3,943,418 6.837% 6.833% 6.830% 6.827% 6.825% 6.823%
102:16 +5,257,890 6.800% 6.797% 6.793% 6.790% 6.787% 6.785%
102:24 +6,572,363 6.764% 6.760% 6.756% 6.753% 6.750% 6.747%
103 +7,886,835 6.728% 6.724% 6.720% 6.716% 6.713% 6.709%
SPREAD 114.0b 113.9b 113.9b 113.9b 114.0b 114.0b
RETURN 6.876% 6.873% 6.869% 6.866% 6.864% 6.861%
LIFE 9.427 9.322 9.219 9.120 9.020 8.921
DURATION 6.702 6.645 6.589 6.535 6.479 6.424
CONVEXITY 0.578 0.568 0.559 0.551 0.542 0.533
WINDOW Feb06,Jun09 Feb06,Jun09 Jan06,Jun09 Dec05,Jun09 Sep05,Jul09 Jun05,Jul09
LOSS 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
Other Assumptions:
none
Deal BSCMSI 1999-WF2 Bond A2 Rating: AAA/Aaa Bench:c
Factor: 100% Coupon: 7.1% Position: $525,789,000 Accrued: $0 (0 DAYS)
(c) Copyright 1996-1999 Charter Reserach Corp. ALL RIGHTS RESERVED.
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
</TABLE>
<TABLE>
<CAPTION>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
BSCMSI 1999-WF2(RED) Bond: A2 DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/9/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $0
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 89.043845
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 10.365
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.536
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/14/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: TABLE
Portfolio: NA Default-If: STATIC dscr Default: 0%
Extend-If: STATIC shortfall Extend: 100%,24m,0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD
PREPAYMENTS (13 by 5)
PRICE VALUE 0% 25% 50% 75% 100%
by 0:08 & Change YIELD YIELD YIELD YIELD YIELD
- ------- -------- ----- ----- ----- ----- -----
<S> <C> <C> <C> <S> <C> <C>
99:16 -7,886,835 7.236% 7.238% 7.238% 7.238% 7.242%
99:24 -6,572,363 7.203% 7.204% 7.203% 7.203% 7.204%
100 -5,257,890 7.170% 7.170% 7.169% 7.167% 7.166%
100:08 -3,943,418 7.137% 7.137% 7.134% 7.132% 7.128%
100:16 -2,628,945 7.104% 7.103% 7.100% 7.097% 7.090%
100:24 -1,314,473 7.072% 7.069% 7.066% 7.062% 7.052%
101 $531,046,890 7.039% 7.036% 7.032% 7.027% 7.014%
101:08 +1,314,473 7.007% 7.002% 6.998% 6.993% 6.977%
101.16 +2,628,945 6.975% 6.969% 6.964% 6.958% 6.939%
101:24 +3,943,418 6.943% 6.936% 6.930% 6.924% 6.902%
102 +5,257,890 6.911% 6.903% 6.896% 6.889% 6.865%
102:08 +6,572,363 6.879% 6.870% 6.863% 6.855% 6.828%
102:16 +7,886,835 6.847% 6.837% 6.829% 6.821% 6.791%
SPREAD 120.9b 121.0b 120.8b 120.7b 121.2b
RETURN 6.907% 6.903% 6.920% 6.938% 6.939%
LIFE 11.457 10.931 10.645 10.330 9.210
DURATION 7.647 7.399 7.264 7.116 6.582
CONVEXITY 0.771 0.721 0.694 0.664 0.557
WINDOW Jun09,Jun11 Jan08,Jun11 May07,Jun11 Nov06,May11 Sep05,Jun09
LOSS 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
Deal BSCMSI 1999-WF2 Bond A2 Rating: AAA/Aaa Bench:C
Factor: 100% Coupon: 7.1% Position: $525,789,000 Accrued: $0 (0 DAYS)
Other Assumptions:
none
(c) Copyright 1996-1999 Charter Research Corp. ALL RIGHTS RESERVED
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.729% 5.065% 5.11% 5.662% 5.865% 5.953% 6.077%
7.75% 4.729% 5.065% 5.11% 5.662% 5.865% 5.953% 6.077%
</TABLE>
<TABLE>
<CAPTION>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
BSCMSI 1999-WF2(RED) Bond: A2 DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/11/1999 Cutoff: $1,0870.71mm Factor: 100% Months: 0 Prem: $0.65mm
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $0
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.157318
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.763
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.146
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/16/2000 Property: Growth: 0%; Cap: NA Lock: YM: lock;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 100%
Portfolio: NA Default-If: STATIC dscr Default: TABLE
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD
Defaults (9 by 2)
Deal BSCMSI 1999-WF2 Bond X Rating: Bench: c
Factor: 100% Coupon: 0.46101% Position: $1,080,711,380n Accrued: $0 (0 days)
PRICE VALUE 0% 24:0%;60:1%;0.5%,12m,37.7%
by 0:08 & Change Yield Yield
- ------- -------- ----- --------------------------
<S> <C> <C> <C>
1:10 -10,807,114 25.790% 24.873%
1:18 -8,105,335 19,901% 18.893%
1.26 -5,403,557 15.543% 14.467%
2:02 -2,701,778 12.152% 11.028%
2:10 $24,957,257 9.417% 8.257%
2:18 +2,701,778 7.150% 5.962%
2.26 +5,403,557 5.228% 4.021%
3:02 +8,105,335 3.571% 2.349%
3:10 +10,807,114 2.122% 0.888%
Spread 348.6b 232.9b
Return 8.782% 7.703%
Life 8.763 8.572
Duration 4.371 4.317
Convexity 0.329 0.323
Window Aug99,Dec18 Aug99,Jul19
Loss 0.000% 0.000%
</TABLE>
Other Assumptions: (c) Copyright 1996-1999 Charter Research Corp.
none ALL RIGHTS RESERVED.
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.66% 5.04% 5.31% 5.588% 5.773% 5.864% 6.012%
7.75% 4.66% 5.04% 5.31% 5.588% 5.773% 5.864% 6.012%
</TABLE>
<TABLE>
<CAPTION>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
BSCMSI 1999-WF2(RED) Bond: X DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $61.39mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.515
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.058
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 0%
Portfolio: NA Default-If: STATIC dscr Default: TABLE
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD
Defaults (9 by 5)
24:0%; 24:0%; 24:0%; 24:0%;
PRICE VALUE 0% 0.5%,12m,30%% 1%,12m,30% 2%,12m,30% 3%,12m,30%
by 0:00 1/2 & Change YIELD YIELD YIELD YIELD YIELD
- ------- -------- ----- ------------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <S> <C> <C>
1:30 -675,445 9.749% 9.146% 8.519% 7.183% 5.641%
1:30 1/2 -506,583 9.573% 8.969% 8.340% 7.000% 5.453%
1:31 -337,722 9.399% 8.794% 8.164% 6.821% 5.268%
1:31 1/2 -168,861 9.227% 8.621% 7.990% 6.644% 5.085%
2 $21,614,228 9.058% 8.451% 7.818% 6.469% 4.905%
2:00 1/2 +168,861 8.891% 8.283% 7.649% 6.296% 4.728%
2:01 +337,722 8.726% 8.117% 7.482% 6.126% 4.552%
2:01 1/2 +506,583 8.563% 7.953% 7.317% 5.958% 4.379%
2:02 +675,445 8.402% 7.791% 7.154% 5.792% 4.209%
SPREAD 321.1b 260.6b 197.5b 63.0b -93.0b
RETURN 8.541% 7.971% 7.377% 6.111% 4.644%
LIFE 9.056 8.946 8.838 8.629 8.430
DURATION 4.615 4.615 4.581 4.499 4.367
CONVEXITY 0.366 0.363 0.358 0.348 0.328
WINDOW Aug99,May19 Aug99,Dec19 Aug99,Jan20 Aug99,Jan20 Aug99,Jan20
LOSS 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
Other Assumptions: (c) Copyright 1996-1999 Charter Research Corp.
none ALL RIGHTS RESERVED.
Deal BSCMSI 1999-WF2 Bond X Rating: Bench:C
Factor: 100% Coupon: 0.401465% Position: $1,080,711,380n Accriued: $0 (0 DAYS)
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.729% 5.07% 5.132% 5.684% 5.901% 6.013% 6.14%
7.75% 4.729% 5.07% 5.132% 5.684% 5.901% 6.013% 6.14%
</TABLE>
<TABLE>
<CAPTION>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
BSCMSI 1999-WF2(RED) Bond: A2 DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/11/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $61.39mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 101.509807
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.515
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.046
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/16/2000 Property: Growth: 0%; Cap: NA Lock: YM: lock;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 0%
Portfolio: NA Default-If: STATIC dscr Default: TABLE
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
PRICEYIELD
Defaults (9 by 5)
24:0%; 24:0%; 24:0%; 24:0%;
PRICE VALUE 0% 0.5%,12m,30% 1%,12m,30% 2%,12m,30% 3%,12m,30%
by 0:08 & Change YIELD YIELD YIELD YIELD YIELD
- ------- -------- ----- ------------------ ---------------- ---------------- ----------------
<S> <C> <C> <C> <S> <C> <C>
1:02 -10,807,114 28.322% 27.866% 27.401% 26.440% 25.431%
1:10 -8,105,335 21.068% 20.554% 20.025% 18.921% 17.730%
1:18 -5,403,557 16.002% 15.447% 14.873% 13.666% 12.330%
1:26 -2,701,778 12.214% 11.629% 11.023% 9.738% 8.287%
2:02 $22,306,973 9.242% 8.636% 8.006% 6.664% 5.120%
2:10 +2,701,778 6.828% 6.207% 5.560% 4.174% 2.555%
2:18 +5,403,557 4.815% 4.183% 3.522% 2.103% 0.424%
2:26 +8,105,335 3.100% 2.459% 1.788% 0.345% -1.385%
3:02 +10,807,114 1.615% 0.968% 0.289% -1.174% -2.944%
SPREAD 325.0b 264.7b 201.9b 68.2b -85.8b
RETURN 8.711% 8.144% 7.553% 6.295% 4.848%
LIFE 9.056 8.946 8.838 8.629 8.430
DURATION 4.553 4.523 4.489 4.407 4.278
CONVEXITY 0.354 0.350 0.346 0.336 0.317
WINDOW Aug99,May19 Aug99,Dec19 Aug99,Jan20 Aug99,Jan20 Aug99,Jan20
LOSS 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
Other Assumptions:
None
Deal BSCMSI 1999-WF2 Bond X Rating: Bench:C
Factor: 100% Coupon: 0.419906% Position: $1,080,711,380n Accrued: $0 (0 DAYS)
(c) Copyright 1996-1999 Charter Research Corp. ALL RIGHTS RESERVED.
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
</TABLE>
CONQUEST. Ahead of the curve BONDS
617 227 0933
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/9/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $129.45mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 89.043845
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.047
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 5.505
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/14/2000 Property: Growth: 0%; Cap: NA Lock: YM: lock,FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 0%
Portfolio: NA Default-If: STATIC dscr Default: 3:96%,12m,40%
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
BOND ORIGINAL ORIGINAL FACTOR SUB PRINCIPAL COUPON SPREAD/DM
CUSIP RATING In Position Remittance Original Remittance Desc Change
- ----- -------- -------------- ---------- -------- ---------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 AAA/ $338,780,000 100% 20.000% $1,161,774 6.86% 92.8b/c
Aaa $338,780,000 100% 20.000% NA Fixed 0b
A2 AAA/ $525,789,000 100% 20.000% $0 7.1% 116.0b/c
Aaa $525,789,000 100% 20.000% NA Fixed 0b
B AA/Aa2 $43,229,000 100% 16.000% $0 7.326264% 128.4b/c
$43,229,000 100% 16.000% NA WAC-5b 0b
C A/A2 $43,229,000 100% 12.000% $0 7.376264% 145.0b/c
$43,229,000 100% 12.000% NA WAC-0b 0b
D A-/A3 $10,807,000 100% 11.000% $0 7.376264% NA/c
$10,807,000 100% 11.000% NA WAC-0b NA
E BBB/ $27,081,000 100% 8.500% $0 7.376264% NA/c
Baa2 $27,018,000 100% 8.500% NA WAC-0b NA
F BBB-/ $10,807,000 100% 7.500% $0 7.376264% NA/c
Baa3 $10,807,000 100% 7.500% NA WAC-0b NA
G $21,614,000 100% 5.500% $0 6% NA/c
$21,614,000 100% 5.500% NA Fixed NA
H $16,211,000 100% 4.000% $0 6% NA/c
$16,211,000 100% 4.000% NA Fixed NA
I $8,105,000 100% 3.250% $0 6% NA/c
$8,105,000 100% 3.250% NA Fixed NA
J $9,456,000 100% 2.375% $0 6% NA/c
$9,456,000 100% 2.375% NA Fixed NA
K $10,807,000 100% 1.375% $0 6% NA/c
$10,807,000 100% 1.375% NA Fixed NA
L $4,053,000 100% 1.000% $0 6% NA/c
$4,053,000 100% 1.000% NA Fixed NA
M $10,806,380 100% 0.000% $0 6% NA/c
$10,806,380 100% 0.000% NA Fixed NA
X $1,080,711,380n 100% NA $0 0.401465% NA/c
$1,080,711,380 100% 0.000% NA WAC/IO NA
R $0r NA NA $0 0% NA
NA 0.000% NA
<CAPTION>
YIELD PRICE RETURN WINDOW LIFE M DUR CONV PREM LOSS
Change Change Change Change Change Change Change Change Change
- ------ ------ ------ ------ ------ ------ ------ ------ ------
6.603% 100:31 3/4 6.458% Aug99, Jul06 4.276 3.536 0.178 0 0
0% +0.000% +0, +0 +0.000 +0.000 +0.000 +0 +0
6.968% 101:10 1/2 6.898% Jul06, Dec09 9.482 6.728 0.583 0 0
0% +0.000% +0, +0 +0.000 +0.000 +0.000 +0 +0
7.121% 101:18 1/4 6.985% Dec09, Sep13 12.222 7.910 0.840 0 0
0% +0.000% +0, +0 +0.000 +0.000 +0.000 +0 +0
7.318% 100:19 7.185% Sep13, Jan19 15.906 9.150 1.188 0 0
0% +0.000% +0, +0 +0.000 +0.000 +0.000 +0 +0
NA 0 NA Jan19, Jan20 19.647 NA NA 0 10.57mm
NA NA +0, +0 +0.000 NA NA +0 +0
NA 0 NA NA NA NA NA 0 27.02mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 21.61mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 16.21mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 8.11mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 9.46mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 4.05mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +0
NA 0 NA Aug99, May19 8.745 NA NA 0 NA
NA NA +0, +0 -0.311 NA NA +0 NA
NA NA NA NA NA NA NA 0 NA
NA NA, NA NA NA NA +0 NA
</TABLE>
Other Assumptions:
Default Group 2 (Name: Residential; 25.46% of
total) if MAIN static dscr at 12:0.18%; 12:0.18%; 12:0.62%; 12.0.72%; 12:1.04%;
12:1.42%; 12:0.65%; 12:0.52%; 12:0.18%; 0%, 0m, 100%
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
</TABLE>
CONQUEST. Ahead of the curve BONDS
617 227 0933
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/9/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $64.79mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 89.043845
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 9.017
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 5.989
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (74.54% of Total)
- ------------ --------------------- ----------------------
<S> <C> <C>
Horizon: 6/14/2000 Property: Growth: 0%; Cap: NA Lock:
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%):
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums:
Spread Move: Ob Prepay-If: STATIC excess Prepay:
Portfolio: NA Default-If: STATIC dscr Default: 12:0.1%;12:0.1%;12:1
Extend-If: STATIC shortfall Extend:
</TABLE>
<TABLE>
<CAPTION>
BOND ORIGINAL ORIGINAL FACTOR SUB PRINCIPAL COUPON SPREAD/DM
CUSIP RATING In Position Remittance Original Remittance Desc Change
- ----- -------- -------------- ---------- -------- ---------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 AAA/ $338,780,000 100% 20.000% $1,161,657 6.86% 92.8b/c
Aaa $338,780,000 100% 20.000% NA Fixed 0.194b
A2 AAA/ $525,789,000 100% 20.000% $0 7.1% 116.0b/c
Aaa $525,789,000 100% 20.000% NA Fixed 0.013b
B AA/Aa2 $43,229,000 100% 16.000% $0 7.326264% 127.6b/c
$43,229,000 100% 16.000% NA WAC-5b 0.108b
C A/A2 $43,229,000 100% 12.000% $0 7.376264% 145.1b/c
$43,229,000 100% 12.000% NA WAC-0b 1.431b
D A-/A3 $10,807,000 100% 11.000% $0 7.376264% NA/c
$10,807,000 100% 11.000% NA WAC-0b NA
E BBB/ $27,018,000 100% 8.500% $0 7.376264% NA/c
Baa2 $27,018,000 100% 8.500% NA WAC-0b NA
F BBB-/ $10,807,000 100% 7.500% $0 7.376264% NA/c
Baa3 $10,807,000 100% 7.500% NA WAC-0b NA
G $21,614,000 100% 5.500% $0 6% NA/c
$21,614,000 100% 5.500% NA Fixed NA
H $16,211,000 100% 4.000% $0 6% NA/c
$16,211,000 100% 4.000% NA Fixed NA
I $8,105,000 100% 3.250% $0 6% NA/c
$8,105,000 100% 3.250% NA Fixed NA
J $9,456,000 100% 2.375% $0 6% NA/c
$9,456,000 100% 2.375% NA Fixed NA
K $10,807,000 100% 1.375% $0 6% NA/c
$10,807,000 100% 1.375% NA Fixed NA
L $4,053,000 100% 1.000% $0 6% NA/c
$4,053,000 100% 1.000% NA Fixed NA
$10,806,380
<CAPTION>
YIELD PRICE RETURN WINDOW LIFE M DUR CONV PREM LOSS
Change Change Change Change Change Change Change Change Change
- ------ ------ ------ ------ ------ ------ ------ ------ ------
6.683% 100:31 3/4 6.452% Aug99, Oct08 5.816 4.553 0.293 0 0
0.004% +0.000% +0, +1 +0.116 +0.069 +0.010 +0 +0
6.973% 101:10 1/2 6.905% Oct08, Jul09 9.730 6.857 0.605 0 0
0.001% +0.001% +1, +1 +0.045 +0.022 +0.004 +0 +0
7.098% 101:18 1/4 6.999% Jul09, Dec10 10.390 7.131 0.663 0 0
0.004% -0.020% +1, +17 +0.369 +0.170 +0.035 +0 +0
7.296% 100:19 7.156% Dec10, Oct13 13.210 8.254 0.928 0 0
0.012% -0.041% +17, +44 +3.131 +1.302 +0.300 +0 +0
NA 0 NA Oct13, Nov13 14.327 NA NA 0 0
NA NA +44, +37 +3.302 NA NA +0 +0
NA 0 NA Nov13, Dec15 15.053 NA NA 0 0
NA NA +37, +37 +2.713 NA NA +0 +0
NA 0 NA Dec15, May17 17.198 NA NA 0 0
NA NA +37, +45 +3.408 NA NA +0 +0
NA 0 NA May17, May19 18.852 NA NA 0 5.35mm
NA NA +45, +66 +4.575 NA NA +0 +5.35mm
NA 0 NA NA NA NA NA 0 16.21mm
NA NA NA, NA NA NA NA +0 +16.21mm
NA 0 NA NA NA NA NA 0 8.11mm
NA NA NA, NA NA NA NA +0 +8.11mm
NA 0 NA NA NA NA NA 0 9.46mm
NA NA NA, NA NA NA NA +0 +9.46mm
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +10.81mm
NA 0 NA NA NA NA NA 0 4.05mm
NA NA NA, NA NA NA NA +0 +4.05mm
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
7.75% 4.77% 5.04% 5.28% 5.537% 5.72% 5.818% 5.987%
</TABLE>
CONQUEST. Ahead of the curve BONDS
617 227 0933
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/9/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $102.50mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 89.043845
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 7.573
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 5.256
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (76.29% of Total)
- ------------ --------------------- ----------------------
<S> <C> <C>
Horizon: 6/14/2000 Property: Growth: 0%; Cap: NA Lock: YM: lock,FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: 0%
Portfolio: NA Default-If: STATIC dscr Default: 0%
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
BOND ORIGINAL ORIGINAL FACTOR SUB PRINCIPAL COUPON SPREAD/DM
CUSIP RATING In Position Remittance Original Remittance Desc Change
- ----- -------- -------------- ---------- -------- ---------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 AAA/ $338,780,000 100% 20.000% $1,161,774 6.86% 86.5b/c
Aaa $338,780,000 100% 20.000% NA Fixed -7.989b
A2 AAA/ $525,789,000 100% 20.000% $0 7.1% 116.0b/c
Aaa $525,789,000 100% 20.000% NA Fixed 0.026b
B AA/Aa2 $43,229,000 100% 16.000% $0 7.326264% 114.3b/c
$43,229,000 100% 16.000% NA WAC-5b -13.25b
C A/A2 $43,229,000 100% 12.000% $0 7.376264% 130.0b/c
$43,229,000 100% 12.000% NA WAC-0b -16.513b
D A-/A3 $10,807,000 100% 11.000% $0 7.376264% NA/c
$10,807,000 100% 11.000% NA WAC-0b NA
E BBB/ $27,018,000 100% 8.500% $0 7.376264% NA/c
Baa2 $27,018,000 100% 8.500% NA WAC-0b NA
F BBB-/ $10,807,000 100% 7.500% $0 7.376264% NA/c
Baa3 $10,807,000 100% 7.500% NA WAC-0b NA
G $21,614,000 100% 5.500% $0 6% NA/c
$21,614,000 100% 5.500% NA Fixed NA
H $16,211,000 100% 4.000% $0 6% NA/c
$16,211,000 100% 4.000% NA Fixed NA
I $8,105,000 100% 3.250% $0 6% NA/c
$8,105,000 100% 3.250% NA Fixed NA
J $9,456,000 100% 2.375% $0 6% NA/c
$9,456,000 100% 2.375% NA Fixed NA
K $10,807,000 100% 1.375% $0 6% NA/c
$10,807,000 100% 1.375% NA Fixed NA
L $4,053,000 100% 1.000% $0 6% NA/c
$4,053,000 100% 1.000% NA Fixed NA
M $10,806,380 100% 0.000% $0 6% NA/c
$10,806,380 100% 0.000% NA Fixed NA
X $1,080,711,380n 100% NA $0 0.401465% NA/c
$1,080,711,380 100% 0.000% NA WAC/IO NA
$0r NA NA $0 $0 NA
R NA 0.000% NA
<CAPTION>
YIELD PRICE RETURN WINDOW LIFE M DUR CONV PREM LOSS
Change Change Change Change Change Change Change Change Change
- ------ ------ ------ ------ ------ ------ ------ ------ ------
6.463% 100:31 3/4 6.278% Aug99, Feb06 3.003 2.541 0.115 0 0
- -0.215% -0.174% +0, -31 -2.697 -1.943 -0.168 +0 +0
6.967% 101:10 1/2 6.896% Feb06, Jul09 9.420 6.694 0.577 0 0
- -0.005% -0.008% -31, +1 -0.265 -0.141 -0.024 +0 +0
6.961% 101:18 1/4 6.890% Jul09, Sep09 10.041 7.008 0.635 0 0
- -0.132% -0.129% +1, +2 +0.021 +0.046 +0.007 +0 +0
7.142% 100:19 7.005% Sep09, Nov13 12.855 8.159 0.904 0 0
- -0.142% -0.192% +2, +45 +2.776 +1.207 +0.275 +0 +0
NA 0 NA Nov13, Jul14 14.645 NA NA 0 0
NA NA +45, +45 +3.620 NA NA +0 +0
NA 0 NA Jul14, May19 17.649 NA NA 0 10.64mm
NA NA +45, +78 +5.309 NA NA +0 +10.64mm
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +10.81mm
NA 0 NA NA NA NA NA 0 21.61mm
NA NA NA, NA NA NA NA +0 +21.61mm
NA 0 NA NA NA NA NA 0 16.21mm
NA NA NA, NA NA NA NA +0 +16.21mm
NA 0 NA NA NA NA NA 0 8.11mm
NA NA NA, NA NA NA NA +0 +8.11mm
NA 0 NA NA NA NA NA 0 9.46mm
NA NA NA, NA NA NA NA +0 +9.46mm
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +10.81mm
NA 0 NA NA NA NA NA 0 4.05mm
NA NA NA, NA NA NA NA +0 +4.05mm
NA 0 NA NA NA NA NA 0 10.81mm
NA NA NA, NA NA NA NA +0 +10.81mm
NA 0 NA Aug99, Sep09 6.961 NA NA 0 NA
NA NA +0, -116 -2.096 NA NA +0 NA
NA NA NA NA NA 0 NA
NA NA NA NA, NA NA NA NA +0 NA
</TABLE>
Other Assumptions:
Default Group 2 (Name: Weak Property Types; 20.35% of total) at 100%, 12m, 40%
Default Group 3 (Name: DSCR less than=1.25x; 3.36^ of total) if MAIN static dscr
at 100%, 12m, 40%
<PAGE>
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
</TABLE>
CONQUEST. Ahead of the curve BONDS
617 227 0933
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $126.13mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.026491
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.975
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.365
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock:
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%):
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums:
Spread Move: Ob Prepay-If: STATIC excess Prepay:
Portfolio: NA Default-If: STATIC dscr Default: 12:0.2%;12:0.2%;12:
Extend-If: STATIC shortfall Extend:
</TABLE>
<TABLE>
<CAPTION>
BOND ORIGINAL ORIGINAL FACTOR SUB PRINCIPAL COUPON SPREAD/DM
CUSIP RATING In Position Remittance Original Remittance Desc Change
- ----- -------- -------------- ---------- -------- ---------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 AAA/ $338,780,000 100% 20.000% $1,161,540 6.86% 105.4b/c
Aaa $338,780,000 100% 20.000% NA Fixed 0.09b
A2 AAA/ $525,789,000 100% 20.000% $0 7.1% 124.9b/c
Aaa $525,789,000 100% 20.000% NA Fixed 0.304b
B AA/Aa2 $43,229,000 100% 16.000% $0 7.326264% 137.3b/c
$43,229,000 100% 16.000% NA WAC-5b -0.064b
C A/A2 $43,229,000 100% 12.000% $0 7.376264% 142.6b/c
$43,229,000 100% 12.000% NA WAC-0b 1400.274b
D A-/A3 $10,807,000 100% 11.000% $0 7.376264% -435.0b/c
$10,807,000 100% 11.000% NA WAC-0b 2843.213b
E BBB/ $27,081,000 100% 8.500% $0 7.376264% -2635.3b/c
Baa2 $27,018,000 100% 8.500% NA WAC-0b 1198.784b
F BBB-/ $10,807,000 100% 7.500% $0 7.376264% -3497.0b/c
Baa3 $10,807,000 100% 7.500% NA WAC-0b 877.733b
G $21,614,000 100% 5.500% $0 6% -4591.8b/c
$21,614,000 100% 5.500% NA Fixed 868.792b
H $16,211,000 100% 4.000% $0 6% -5459.5b/c
$16,211,000 100% 4.000% NA Fixed 1078.451b
I $8,105,000 100% 3.250% $0 6% -6384.7b/c
$8,105,000 100% 3.250% NA Fixed 1050.162b
J $9,456,000 100% 2.375% $0 6% -7225.3b/c
$9,456,000 100% 2.375% NA Fixed 1035.752b
K $10,807,000 100% 1.375% $0 6% -8497.3b/c
$10,807,000 100% 1.375% NA Fixed 905.144b
L $4,053,000 100% 1.000% $0 6% -9735.2b/c
$4,053,000 100% 1.000% NA Fixed 704.469b
$10,806,380
<CAPTION>
YIELD PRICE RETURN WINDOW LIFE M DUR CONV PREM LOSS
Change Change Change Change Change Change Change Change Change
- ------ ------ ------ ------ ------ ------ ------ ------ ------
6.901% 100 6.652% Aug99, Oct08 5.928 4.600 0.301 0
- -0.001% -0.001% +0, -1 -0.084 -0.049 -0.007 +0 +
7.166% 100 7.080% Oct08, Jan12 9.840 6.882 0.612 0
- -0.001% +0.009% -1, -23 -0.311 -0.132 -0.030 +0 +
7.316% 100 7.158% Jan12, Dec13 13.875 8.511 0.994 0
- -0.017% -0.021% -23, -60 -2.647 -0.840 -0.255 +0 +
7.385% 100 7.229% Dec13, Nov18 16.567 9.333 1.247 0 -40.44mn
13.985% +13.582% -60, -6 -2.965 -0.036 -0.236 +0
1.627% 100 1.634% Nov18, May19 19.513 9.762 1.490 0 7.25mn
29.809% +153.092 NA,NA NA +5.746 +1.276 +0 -3.55mn
- -21.753% 100 -151.458% NA NA 4.360 0.253 0 27.02mn
11.988% +0.000% NA, NA NA +0.539 +0.059 +0 +
- -30.370% 100 -151.458% NA NA 3.934 0.205 0 10.81mn
8.777% +0.000% NA, NA NA +0.277 +0.027 +0 +
- -41.318% 100 -156.155% NA NA 3.977 0.206 0 21.61mn
8.688% +0.000% NA, NA NA +0.218 +0.021 +0 +
- -49.995% 100 -156.155% NA NA 3.760 0.186 0 16.21mn
10.785% +0.000% NA, NA NA +0.187 +0.016 +0 +
- -59.247% 100 -156.155% NA NA 3.588 0.170 0 8.11mn
10.502% +0.000% NA, NA NA +0.126 +0.010 +0 +
- -67.653% 100 -156.155% NA NA 3.487 0.162 0 9.46mn
10.358% +0.000% NA, NA NA +0.082 +0.006 +0 +
- -80.373% 100 -156.155% NA NA 3.404 0.157 0 10.81mn
9.051% +0.000% NA, NA NA +0.033 +0.001 +0 +
- -92.752% 100 -156.155% NA NA 3.361 0.156 0 4.05mn
7.045% +0.000% NA, NA NA -0.010 -0.003 +0 +
</TABLE>
<PAGE>
CONQUEST. Ahead of the curve BONDS
617 227 0933
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
</TABLE>
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $170.13mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.026491
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.942
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.385
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (74.54% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock:
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%):
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums:
Spread Move: Ob Prepay-If: STATIC excess Prepay:
Portfolio: NA Default-If: STATIC dscr Default: 12:0.28%; 12:0.28%; 1
Extend-If: STATIC shortfall Extend:
</TABLE>
<TABLE>
<CAPTION>
BOND ORIGINAL ORIGINAL FACTOR SUB PRINCIPAL COUPON SPREAD/DM
CUSIP RATING In Position Remittance Original Remittance Desc Change
- ----- -------- -------------- ---------- -------- ---------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 AAA/ $338,780,000 100% 20.000% $1,161,448 6.86% 105.3b/c
Aaa $338,780,000 100% 20.000% NA Fixed -0.006b
A2 AAA/ $525,789,000 100% 20.000% $0 7.1% 124.6b/c
Aaa $525,789,000 100% 20.000% NA Fixed -0.009b
B AA/Aa2 $43,229,000 100% 16.000% $0 7.326264% 137.4b/c
$43,229,000 100% 16.000% NA WAC-5b 0.014b
C A/A2 $43,229,000 100% 12.000% $0 7.376264% -1257.7b/c
$43,229,000 100% 12.000% NA WAC-0b -327.371b
D A-/A3 $10,807,000 100% 11.000% $0 7.376264% -3278.2b/c
$10,807,000 100% 11.000% NA WAC-0b -74.126b
E BBB/ $27,018,000 100% 8.500% $0 7.376264% -3834.1b/c
Baa2 $27,018,000 100% 8.500% NA WAC-0b -58.016b
F BBB-/ $10,807,000 100% 7.500% $0 7.376264% -4374.b/c
Baa3 $10,807,000 100% 7.500% NA WAC-0b -46.38b
G $21,614,000 100% 5.500% $0 6% -5460.6b/c
$21,614,000 100% 5.500% NA Fixed -57.675b
H $16,211,000 100% 4.000% $0 6% -6537.9b/c
$16,211,000 100% 4.000% NA Fixed -72.308b
I $8,105,000 100% 3.250% $0 6% -7434.9b/c
$8,105,000 100% 3.250% NA Fixed -68.061b
J $9,456,000 100% 2.375% $0 6% -8261.0b/c
$9,456,000 100% 2.375% NA Fixed -72.688b
K $10,807,000 100% 1.375% $0 6% -9402.4b/c
$10,807,000 100% 1.375% NA Fixed -55.823b
L $4,053,000 100% 1.000% $0 6% -10439.7b/c
$4,053,000 100% 1.000% NA Fixed -60.593b
$10,806,380
<CAPTION>
YIELD PRICE RETURN WINDOW LIFE M DUR CONV PREM LOSS
Change Change Change Change Change Change Change Change Change
- ------ ------ ------ ------ ------ ------ ------ ------ ------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
6.902% 100 6.653% Aug99, Nov08 6.012 4.649 0.308 0 0
0% 0.000% +0, +0 +0.006 +0.003 +0.001 +0 +0
7.167% 100 7.071% Nov08, Dec13 10.151 7.014 0.643 0 0
0% 0.002% +0, +1 +0.024 +0.010 +0.002 +0 +0
7.333% 100 7.179% Dec13, Dec18 16.521 9.351 1.249 0 0
0.002% +0.003% +1, +5 +0.333 +0.097 +0.032 +0 +0
-6.600% 100 -6.353% Dec18, May19 19.532 9.369 1.483 0 40.44mm
-3.273% -3.177% +5, +0 +0.157 -0.425 -0.067 +0 +3.05mm
- -28.182% 100 -151.458% NA NA 4.017 0.213 0 10.81mm
- - 0.741% +0.000% NA, NA NA -0.031 -0.003 +0 +0
- -33.741% 100 -151.458% NA NA 3.821 0.193 0 27.02mm
-0.58 % +0.000% NA, NA NA -0.020 -0.002 +0 +0
- -39.147% 100 -151.458% NA NA 3.657 0.177 0 10.81mm
-0.464% +0.000% NA, NA NA -0.012 -0.001 +0 +0
- -50.006% 100 -156.155% NA NA 3.759 0.185 0 21.61mm
-0.577% +0.000% NA, NA NA -0.012 -0.001 +0 +0
- -60.779% 100 -156.155% NA NA 3.573 0.169 0 16.21mm
-0.723% +0.000% NA, NA NA -0.011 -0.001 +0 +0
- -69.749% 100 -156.155% NA NA 3.462 0.160 0 8.11mm
-0.681% +0.000% NA, NA NA -0.007 -0.001 +0 +0
- -78.010% 100 -156.155% NA NA 3.405 0.157 0 9.46mm
-0.727% +0.000% NA, NA NA -0.005 +0.000 +0 +0
- -89.424% 100 -156.155% NA NA 3.371 0.156 0 10.81mm
-0.558% +0.000% NA, NA NA -0.001 +0.000 +0 +0
- -99.797% 100 -156.155% NA NA 3.371 0.158 0 4.05mm
-0.606% +0.000% NA, NA NA +0.001 +0.000 +0 +0
</TABLE>
<PAGE>
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:Ob;Steep: Ob
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.76% 5.1% 5.31% 5.639% 5.825% 5.912% 6.042%
7.75% 4.76% 5.1% 5.31% 5.639% 5.825% 5.912% 6.042%
</TABLE>
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/11/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0.23mm
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $0
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.01634
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 9.037
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.302
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (13.99% of Total)
- ------------ --------------------- ----------------------
<S> <C> <C>
Horizon: 6/16/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA; FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: Ob Prepay-If: STATIC excess Prepay: TABLE
Portfolio: NA Default-If: STATIC dscr Default: 0%
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD Deal BSCMSI 1999-WF2 Bond B Rating: AA / AA2 Bench: C
PREPAYMENTS (9 BY 6) Factor: 100% Coupon: 7.226264% Position $43,229,000 Accrued: $0 (0 DAYS)
PRICE VALUE 0% 20% 40% 60% 80% 100%
by 0:08 & Change YIELD YIELD YIELD YIELD YIELD YIELD
<S> <C> <C> <C> <C> <C>
99 -432,290 7.360% 7.360% 7.359% 7.359% 7.359% 7.358%
99:08 -324,218 7.324% 7.323% 7.323% 7.323% 7.323% 7.322%
99:16 -216,145 7.288% 7.287% 7.287% 7.287% 7.286% 7.286%
99:24 -108,073 7.252% 7.251% 7.251% 7.251% 7.250% 7.250%
100 $43,229,000 7.216% 7.215% 7.215% 7.215% 7.214% 7.214%
100:08 +108,073 7.180% 7.179% 7.179% 7.179% 7.179% 7.178%
100:16 +216,145 7.144% 7.144% 7.143% 7.143% 7.143% 7.142%
100:24 +324,218 7.109% 7.108% 7.108% 7.107% 7.107% 7.106%
101 +432,290 7.073% 7.072% 7.072% 7.072% 7.072% 7.071%
SPREAD 130.4b 130.3b 130.3b 130.2b 130.2b 130.1b
RETURN 7.123% 7.122% 7.122% 7.122% 7.121% 7.121%
LIFE 10.020 10.020 10.020 10.020 10.020 10.020
DURATION 6.962 6.962 6.962 6.962 6.963 6.963
CONVEXITY 0.628 0.628 0.628 0.628 0.628 0.628
WINDOW Jun09,Jul09 Jun09,Jul09 Jun09,Jul09 Jun09,Jul09 Jun09,Jul09 Jun09,Jul09
LOSS 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Other Assumptions
Prepay Group 2 (Name: lower coupon; 86.01% of total) if MAIN static excess at 0%
</TABLE>
<PAGE>
UNAUDITED
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:300b;Steep: 0b
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
10.75% 7.6% 7.97% 8.15% 8.63% 8.83% 8.92% 9.04%
</TABLE>
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) Bond: X DELINQUENCIES PROJECTIONS
- -------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0.42mm
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $40.57mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.026491
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.581
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.07
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock: YM: lock;FP: NA
Reinv: RATE curve 10yr Refi: Spread: Ob;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: 0b Prepay-If: STATIC excess Prepay: 25%
Portfolio: NA Default-If: STATIC dscr Default: 1:5%,12m,30%
Extend-If: STATIC shortfall Extend: 5%,12m,0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD Deal BSCMSI 1999-WF2 Bond X Rating: Bench: C
ROWS: 9 Factor: 100% Coupon: 0.401465% Position $1,080,711,380n Accrued: $0 (0 DAYS)
PRICE VALUE
by 0:00 1/2 & Change YIELD SPREAD RETURN DURATION CONVEXITY
<S> <C> <C> <C> <C> <C> <C>
1:30 1/2 -675,445 6.753% 86.1b -4.487% 4.482 0.349
1:31 -506,583 6.576% 68.3b -4.711% 4.508 0.352
1:31 1/2 -337,722 6.401% 50.9b -4.932% 4.534 0.356
2 -168,861 6.229% 33.6b -5.151% 4.560 0.360
2:00 1/2 $21,783,089 6.059% 16.6b -5.367% 4.586 0.363
2:01 +168,861 5.891% -0.2b -5.582% 4.612 0.367
2:01 1/2 +337,722 5.725% -16.8b -5.794% 4.638 0.370
2:02 +506,583 5.562% -33.1b -6.003% 4.663 0.374
2:02 1/2 +675,445 5.400% -49.3b -6.211% 4.689 0.378
LIFE 8.482
WINDOW Aug99,Jan20
LOSS 0.000%
Other Assumptions
none
</TABLE>
25% CPR AFTER LOCK/YM
1.5% CDR - 12 MOS - 30% SEVERITY
5% BALLOON EXTENSIONS - 12 MOS
<PAGE>
UNAUDITED
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:300b;Steep: 0b
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
10.75% 7.6% 7.97% 8.15% 8.63% 8.83% 8.92% 9.04%
</TABLE>
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) Bond: X DELINQUENCIES PROJECTIONS
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0.29mm
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $76.17mm
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.026491
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 8.222
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 5.901
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------------------------------------------------------------------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock: YM: lock,FP: NA
Reinv: RATE curve 10yr Refi: Spread: 0b;DSCR: cutoff Cleanup(1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: 0b Prepay-If: STATIC excess Prepay: 15%
Portfolio: NA Default-If: STATIC dscr Default: 3%, 12m, 30%
Extend-If: STATIC shortfall Extend: 10%, 12m, 0%
</TABLE>
Deal BSCMSI 1999-WF2 Bond X Rating: Bench: C
Factor: 100% Coupon: 0401465% Position: $1,080,711,380n Accrued: $0 (0 days)
<TABLE>
<CAPTION>
PRICE YIELD
PRICE VALUE ROWS; 9
by 0:00 1/2 & Change
YIELD SPREAD RETURN DURATION CONVEXITY
- ------------------------------------------------------------------ ---------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1:30 1/2 -675,445 2.279% -360.6b -7.578% 4.184 0.295
1:31 -506,583 2.089% -379.6b -7.805% 4.206 0.298
1:31 1/2 -337,722 1.901% -398.3b -8.029% 4.229 0.301
2 -168,861 1.716% -416.8b -8.252% 4.252 0.304
2:00 1/2 $21,783,089 1.534% -435.1b -8.471% 4.274 0.307
2:01 +168,861 1.354% -453.1b -8.689% 4.297 0.310
2:01 1/2 +337,722 1.176% -470.9b -8.904% 4.319 0.312
2:02 +506,583 1.000% -488.5b -9.117% 4.341 0.315
2:02 1/2 +675,445 0.827% -505.8b -9.328% 4.363 0.318
LIFE 8.049
WINDOW Aug99,Jan20
LOSS 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Other Assumptions:
none
(copyright) Copyright 1996-1999 Charter Research Corp. ALL RIGHTS RESERVED.
15% CPR AFTER LOCK/YM
3% CDR - 12 MOS - 30% SEVERITY
10% BALLOON EXT - 12 MOS
<PAGE>
NOT AUDITED Pass Through Penalties
Curve +300bp
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:300b;Steep: 0b
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.6% 4.97% 5.15% 5.63% 5.83% 5.92% 6.04%
10.75% 7.6% 7.97% 8.15% 8.63% 8.83% 8.92% 9.04%
</TABLE>
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) BOND: X DELINQUENCIES PROJECTIONS
- ---------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $0
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 102.026491
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 9.056
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.314
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA,FP: NA
Reinv: RATE curve 10yr Refi: Spread: 0b;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: 0b Prepay-If: STATIC excess Prepay: TABLE
Portfolio: NA Default-If: STATIC dscr Default: 0%
Extend-If: STATIC shortfall Extend: 0%
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD DEAL BSCMSI 1999-WF2 Bond X Rating: Bench: c
PREPAYMENTS (9 BY 5) Factor: 100% Coupon: 0.401465% Position: $1,080,711,380n Accrued: $0 (0 DAYS)
--------------------
PRICE VALUE 0% 25% 50% 75% 100%
BY 0:00 1/2 & Change YIELD YIELD YIELD YIELD YIELD
----------- -------- ------- ------ ------ ------ -----
<S> <C> <C> <C> <C> <C> <C>
1:30 1/2 -675,445 9.573% 10.367% 10.625% 10.711% 10.712%
1:31 -506,583 9.399% 10.187% 10.442% 10.526% 10.524%
1:31 1/2 -337,722 9.227% 10.010% 10.261% 10.343% 10.339%
2 -168,861 9.058% 9.835% 10.083% 10.163% 10.156%
2:00 1/2 $21,783,089 8.891% 9.662% 9.907% 9.985% 9.975%
2:01 +168,861 8.726% 9.492% 9.733% 9.810% 9.797%
2:01 1/2 +337,722 8.563% 9.323% 9.562% 9.636% 9.621%
2:02 +506,583 8.402% 9.157% 9.393% 9.465% 9.448%
2:02 1/2 +675,445 8.244% 8.993% 9.226% 9.297% 9.277%
SPREAD 298.8b 376.8b 401.6b 409.6b 408.9b
RETURN -3.160% -2.062% -1.626% -1.433% -1.317%
LIFE 9.056 8.573 8.391 8.296 8.109
DURATION 4.671 4.516 4.435 4.387 4.325
CONVEXITY 0.370 0.346 0.336 0.331 0.326
WINDOW Aug99,May 19 Aug99,May 19 Aug99,May 19 Aug99,May 19 Aug99,Dec 18
LOSS 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Other Assumptions:
none
<PAGE>
Unaudited
CONQUEST. Ahead of the curve PRICE YIELD
617 227 0933
<TABLE>
<CAPTION>
TREASURY: Reset HORIZON: flat Shift:0b;Steep: 0b
PRIME
3-MO 6-MO 1-YR 2-YR 5-YR 10-YR 30-YR
<S> <C> <C> <C> <C> <C> <C> <C>
7.75% 4.66% 5.04% 5.31% 5.588% 5.773% 5.864% 6.012%
7.75% 4.66% 5.04% 5.31% 5.588% 5.773% 5.864% 6.012%
</TABLE>
<TABLE>
<CAPTION>
BSCMSI 1999-WF2(RED) Bond: A2 DELINQUENCIES PROJECTIONS
- ----------------------------- ------------- -----------
<S> <C> <C> <C> <C>
Today: 6/10/1999 Cutoff: $1,080.71mm Factor: 100% Months: 0 Prem: $0
Settle: 7/1/1999 Past Loss: 0% WAML: 111 1 Mo: 0% Loss: $0
Cutoff: 7/1/1999 Bk+REO: 0% WAMYM: 121 2-3 Mo: 0% Price: 100
Tape: 7/15/1999 Special: 0% WAMP: 122 4-6 Mo: 0% Life: 9.056
Record: 7/31/1999 WACg: 7.4307% WAMM: 127 >6 Mo: 0% MDur: 6.263
Next: 8/15/1999 WACn: 7.3763% PRELIMINARY: Deal terms may change; bond coupons can be edited.
<CAPTION>
TOTAL RETURN CREDIT-DRIVEN: on OFF MAIN (100% of Total)
- ------------ --------------------- --------------------
<S> <C> <C>
Horizon: 6/15/2000 Property: Growth: 0%; Cap: NA Lock: YM: NA; FP: NA
Reinv: RATE curve 10yr Refi: Spread: 0b;DSCR: cutoff Cleanup (1%): Yes NO
Reinv Rate: 0% Recovery: LOSS refi dispose; Fee:NA Premiums: YES no
Spread Move: 0b Prepay-If: STATIC excess Prepay: 0%
Portfolio: NA Default-If: STATIC dscr Default: 0%
Extend-If: STATIC shortfall Extend: TABLE
</TABLE>
<TABLE>
<CAPTION>
PRICE YIELD
PRICE Value EXTENSIONS (7 BY 5)
by 0:04 & Change 0% 25%,36m,0%
YIELD YIELD
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
100:28 -1,971,709 7.038% 7.041%
101 -1,314,473 7.019% 7.023%
101:04 -657,236 7.001% 7.005%
101:08 $532,361,363 6.983% 6.987%
101:12 +657,236 6.965% 6.970%
101:16 +1,314,472 6.947% 6.952%
101:20 +1,971,709 6.929% 6.934%
SPREAD 112.5b 112.4b
RETURN 6.905% 6.911%
LIFE 9.685 9.951
DURATION 6.833 6.958
CONVEXITY 0.601 0.626
WINDOW Sep08,Jun09 Oct08,Oct11
LOSS 0.000% 0.000%
- -------------------------------------------------------------------------------
</TABLE>
Other Assumptions:
none
Deal BSCMSI 1999-WF2 Bond A2 Rating: AAA/Aaa Bench: c
Deal BSCMSI 1999-WF2 Bond A2 Rating: AAA/Aaa Bench: c
Factor: 100% Coupon: 7.1% Position: $525,789,000 Accrued: $0 (0 days)
<TABLE>
<CAPTION>
50%,36m,0% 75%,36m,0% 100%,36m,0%
YIELD YIELD YIELD
--------------------------------------------------------
<S> <C> <C>
7.048% 7.055% 7.061%
7.031% 7.039% 7.045%
7.014% 7.022% 7.030%
6.997% 7.006% 7.014%
6.980% 6.990% 6.999%
6.963% 6.974% 6.983%
6.946% 6.958% 6.968%
112.8b 113.2b 113.4b
6.877% 6.867% 6.877%
10.670 11.417 12.147
7.282 7.616 7.940
0.697 0.770 0.841
Nov08,Apr12 Jan09,May12 Jun09,Jun12
0.000% 0.000% 0.000%
--------------------------------------------------------
</TABLE>
(C) Copyright 1996-1999 Charter Research Corp. ALL RIGHTS RESERVED.
<PAGE>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating I0
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/23 13.027 13.341 13.467 13.521 13.493
1/24 12.586 12.894 13.017 13.068 13.037
1/25 12.158 12.461 12.581 12.629 12.595
1/26 11.744 12.042 12.158 12.204 12.167
1/27 11.342 11.634 11.747 11.792 11.752
1/28 10.951 11.239 11.349 11.391 11.349
1/29 10.572 10.854 10.961 11.002 10.957
1/30 10.203 10.481 10.585 10.625 10.577
1/31 9.845 10.118 10.219 10.257 10.207
2/00 9.496 9.764 9.863 9.899 9.847
2/01 9.156 9.420 9.517 9.551 9.497
2/02 8.825 9.085 9.179 9.213 9.156
2/03 8.502 8.758 8.851 8.882 8.824
2/04 8.187 8.440 8.530 8.560 8.500
2/05 7.881 8.129 8.217 8.246 8.184
2/06 7.581 7.826 7.912 7.940 7.876
2/07 7.289 7.531 7.615 7.641 7.576
2/08 7.003 7.242 7.324 7.349 7.282
2/09 6.724 6.959 7.040 7.064 6.996
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 9.06 8.97 8.93 8.90 8.76
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 05/15/2019 05/15/2019 05/15/2019 05/15/2019 12/15/2018
PAYMENT WINDOW 238 238 238 238 233
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.54 4.48 4.45 4.43 4.40
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating I0
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YP) CPR 25 (!YP) CPR 50 (!YP) CPR 75 (!YP) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/23 13.027 13.023 13.016 13.005 12.915
1/24 12.586 12.582 12.575 12.564 12.474
1/25 12.158 12.154 12.148 12.136 12.046
1/26 11.744 11.740 11.733 11.722 11.631
1/27 11.342 11.338 11.331 11.320 11.228
1/28 10.951 10.947 10.940 10.929 10.837
1/29 10.572 10.568 10.561 10.550 10.457
1/30 10.203 10.199 10.192 10.181 10.088
1/31 9.845 9.841 9.834 9.822 9.729
2/00 9.496 9.492 9.484 9.473 9.379
2/01 9.156 9.152 9.145 9.133 9.039
2/02 8.825 8.821 8.814 8.802 8.707
2/03 8.502 8.498 8.491 8.479 8.384
2/04 8.187 8.183 8.176 8.164 8.069
2/05 7.881 7.877 7.869 7.858 7.762
2/06 7.581 7.577 7.570 7.558 7.462
2/07 7.289 7.285 7.278 7.266 7.169
2/08 7.003 6.999 6.992 6.980 6.883
2/09 6.724 6.720 6.713 6.701 6.604
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 9.06 9.04 9.02 9.00 8.87
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 05/15/2019 05/15/2019 05/15/2019 05/15/2019 12/15/2018
PAYMENT WINDOW 238 238 238 238 233
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.54 4.54 4.54 4.54 4.53
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating I0
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YP) CPR 25 (!YP) CPR 50 (!YP) CPR 75 (!YP) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
3 3 3 3 3
ADVANCES YES YES YES YES YES
RECV MNTH 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/23 8.762 8.760 8.755 8.747 8.662
1/24 8.287 8.285 8.280 8.272 8.187
1/25 7.827 7.825 7.820 7.812 7.726
1/26 7.381 7.378 7.374 7.366 7.280
1/27 6.948 6.945 6.941 6.933 6.847
1/28 6.527 6.525 6.521 6.512 6.427
1/29 6.119 6.117 6.113 6.104 6.018
1/30 5.722 5.720 5.716 5.708 5.621
1/31 5.336 5.334 5.330 5.322 5.236
2/00 4.961 4.959 4.955 4.947 4.860
2/01 4.596 4.594 4.590 4.581 4.495
2/02 4.240 4.238 4.234 4.226 4.139
2/03 3.893 3.892 3.888 3.879 3.793
2/04 3.556 3.554 3.550 3.542 3.455
2/05 3.226 3.225 3.221 3.212 3.126
2/06 2.905 2.903 2.900 2.891 2.804
2/07 2.592 2.590 2.586 2.578 2.491
2/08 2.286 2.284 2.280 2.272 2.185
2/09 1.987 1.985 1.981 1.973 1.886
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 8.42 8.41 8.39 8.37 8.26
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019
PAYMENT WINDOW 238 238 238 238 238
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.22 4.22 4.22 4.22 4.22
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating I0
</TABLE>
<TABLE>
<CAPTION>
PREPAY (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
0 0.5 1 1.5 2 2.5 3 5
ADVANCES YES YES YES YES YES YES YES YES
RECV MNTH 12 12 12 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35
- ---------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1/23 12.915 12.304 11.668 11.004 10.304 9.534 8.662 5.280
1/24 12.474 11.859 11.219 10.552 9.847 9.069 8.187 4.755
1/25 12.046 11.428 10.785 10.113 9.403 8.619 7.726 4.245
1/26 11.631 11.010 10.363 9.688 8.973 8.183 7.280 3.750
1/27 11.228 10.604 9.955 9.275 8.556 7.759 6.847 3.268
1/28 10.837 10.211 9.558 8.875 8.151 7.348 6.427 2.799
1/29 10.457 9.828 9.172 8.486 7.758 6.949 6.018 2.343
1/30 10.088 9.456 8.797 8.108 7.376 6.562 5.621 1.898
1/31 9.729 9.094 8.433 7.740 7.005 6.185 5.236 1.465
2/00 9.379 8.743 8.078 7.383 6.644 5.818 4.860 1.042
2/01 9.039 8.400 7.733 7.034 6.292 5.461 4.495 0.630
2/02 8.707 8.066 7.397 6.696 5.950 5.114 4.139 0.228
2/03 8.384 7.741 7.070 6.365 5.616 4.776 3.793 -0.164
2/04 8.069 7.424 6.750 6.043 5.291 4.446 3.455 -0.548
2/05 7.762 7.115 6.439 5.730 4.974 4.124 3.126 -0.923
2/06 7.462 6.813 6.135 5.423 4.665 3.811 2.804 -1.289
2/07 7.169 6.519 5.839 5.125 4.364 3.505 2.491 -1.647
2/08 6.883 6.231 5.549 4.833 4.069 3.206 2.185 -1.998
2/09 6.604 5.950 5.267 4.548 3.782 2.914 1.886 -2.341
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.87 8.76 8.66 8.56 8.46 8.36 8.26 7.91
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 12/15/2018 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019
PAYMENT WINDOW 233 238 238 238 238 238 238 238
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.53 4.50 4.47 4.43 4.38 4.32 4.22 3.75
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS C
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class C Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A/A2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 0
BALL EXT 12 MOS
- ---------------------------------------------
PRICE/YIELD
<S> <C> <C>
97/24 7.698 7.680
98/00 7.661 7.645
98/08 7.624 7.610
98/16 7.587 7.575
98/24 7.551 7.541
99/00 7.514 7.506
99/08 7.478 7.472
99/16 7.441 7.438
99/24 7.405 7.404
100/00 7.369 7.370
100/08 7.333 7.336
100/16 7.297 7.302
100/24 7.262 7.269
101/00 7.226 7.235
101/08 7.190 7.202
101/16 7.155 7.168
101/24 7.120 7.135
102/00 7.085 7.102
102/08 7.050 7.069
- ---------------------------------------------
AVERAGE LIFE 10.08 11.04
FIRST PRIN 07/15/2009 07/15/2010
LAST PRIN 02/15/2010 07/15/2010
PAYMENT WINDOW 8 1
ACCRUAL FACTOR 0.0000 0.0000
MOD DURATION @ 100/00 6.94 7.37
</TABLE>
Page 1 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class D Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A-/A3
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 0
BALL EXT 12 MOS
- ---------------------------------------------
PRICE/YIELD
<S> <C> <C>
96/24 7.819 7.817
97/00 7.784 7.782
97/08 7.748 7.747
97/16 7.713 7.712
97/24 7.678 7.678
98/00 7.643 7.643
98/08 7.608 7.608
98/16 7.574 7.574
98/24 7.539 7.540
99/00 7.505 7.506
99/08 7.470 7.472
99/16 7.436 7.438
99/24 7.402 7.404
100/00 7.368 7.370
100/08 7.334 7.336
100/16 7.300 7.303
100/24 7.267 7.270
101/00 7.233 7.236
101/08 7.200 7.203
- ---------------------------------------------
AVERAGE LIFE 11.02 11.16
FIRST PRIN 02/15/2010 07/15/2010
LAST PRIN 10/15/2010 01/15/2011
PAYMENT WINDOW 9 7
ACCRUAL FACTOR 0.0000 0.0000
MOD DURATION @ 99/00 7.34 7.40
</TABLE>
Page 2 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. NO YM NO PENALTIES
SERIES 1999-WF2 (6/8/99) CLASS C
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class C Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/10/1999 Credit Rating A/A2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 100
- ---------------------------------------------
PRICE/YIELD
<S> <C> <C>
97/24 7.698 7.753
98/00 7.661 7.715
98/08 7.624 7.678
98/16 7.587 7.641
98/24 7.551 7.604
99/00 7.514 7.567
99/08 7.478 7.530
99/16 7.441 7.494
99/24 7.405 7.457
100/00 7.369 7.421
100/08 7.333 7.385
100/16 7.297 7.349
100/24 7.262 7.313
101/00 7.226 7.277
101/08 7.190 7.241
101/16 7.155 7.205
101/24 7.120 7.170
102/00 7.085 7.134
102/08 7.050 7.099
- ---------------------------------------------
AVERAGE LIFE 10.08 9.99
FIRST PRIN 07/15/2009 06/15/2009
LAST PRIN 02/15/2010 07/15/2009
PAYMENT WINDOW 8 2
ACCRUAL FACTOR 0.0000 0.0000
MOD DURATION @ 100/00 6.94 6.89
</TABLE>
Page 1 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. NO YM NO PENALTIES
SERIES 1999-WF2 (6/8/99) CLASS D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class D Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A-/A3
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 100
- ---------------------------------------------
PRICE/YIELD
<S> <C> <C>
96/24 7.819 7.902
97/00 7.784 7.864
97/08 7.748 7.827
97/16 7.713 7.789
97/24 7.678 7.752
98/00 7.643 7.715
98/08 7.608 7.678
98/16 7.574 7.641
98/24 7.539 7.604
99/00 7.505 7.567
99/08 7.470 7.531
99/16 7.436 7.494
99/24 7.402 7.458
100/00 7.368 7.422
100/08 7.334 7.385
100/16 7.300 7.349
100/24 7.267 7.314
101/00 7.233 7.278
101/08 7.200 7.242
- ---------------------------------------------
AVERAGE LIFE 11.02 10.04
FIRST PRIN 02/15/2010 07/15/2009
LAST PRIN 10/15/2010 07/15/2009
PAYMENT WINDOW 9 1
ACCRUAL FACTOR 0.0000 0.0000
MOD DURATION @ 99/00 7.34 6.89
</TABLE>
Page 2 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A1 Cusip N/A Dated Date 07/01/1999 Original Balance 338,780,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 338,780,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 6.82000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/00 7.779 7.814 7.828 7.837 7.855
96/16 7.661 7.692 7.705 7.712 7.728
97/00 7.544 7.571 7.582 7.588 7.602
97/16 7.428 7.450 7.460 7.466 7.476
98/00 7.312 7.331 7.339 7.344 7.352
98/16 7.197 7.213 7.219 7.222 7.229
99/00 7.084 7.095 7.100 7.102 7.106
99/16 6.971 6.978 6.981 6.983 6.985
100/00 6.858 6.862 6.864 6.865 6.864
100/16 6.747 6.747 6.747 6.747 6.745
101/00 6.636 6.633 6.631 6.630 6.626
101/16 6.527 6.519 6.516 6.514 6.508
102/00 6.417 6.407 6.402 6.399 6.390
102/16 6.309 6.295 6.289 6.285 6.274
103/00 6.201 6.184 6.176 6.171 6.158
103/16 6.095 6.073 6.064 6.058 6.044
104/00 5.988 5.964 5.953 5.946 5.930
104/16 5.883 5.855 5.843 5.835 5.816
105/00 5.778 5.746 5.733 5.725 5.704
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 5.70 5.48 5.40 5.36 5.25
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 09/15/2008 08/15/2008 07/15/2008 07/15/2008 05/15/2008
PAYMENT WINDOW 110 109 108 108 106
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 100/16 4.48 4.34 4.28 4.25 4.17
</TABLE>
Page 1 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/16 7.691 7.692 7.693 7.694 7.701
97/00 7.615 7.615 7.616 7.617 7.623
97/16 7.539 7.539 7.540 7.540 7.545
98/00 7.463 7.463 7.464 7.464 7.468
98/16 7.388 7.388 7.388 7.389 7.391
99/00 7.313 7.313 7.314 7.314 7.315
99/16 7.239 7.239 7.239 7.239 7.240
100/00 7.165 7.165 7.165 7.165 7.165
100/16 7.092 7.092 7.092 7.092 7.090
101/00 7.019 7.019 7.019 7.018 7.016
101/16 6.947 6.947 6.946 6.946 6.942
102/00 6.875 6.875 6.874 6.874 6.869
102/16 6.804 6.803 6.803 6.802 6.796
103/00 6.733 6.732 6.732 6.731 6.724
103/16 6.663 6.662 6.661 6.660 6.652
104/00 6.593 6.592 6.591 6.589 6.580
104/16 6.523 6.522 6.521 6.519 6.509
105/00 6.454 6.453 6.451 6.450 6.439
105/16 6.385 6.384 6.382 6.381 6.369
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 9.69 9.66 9.64 9.61 9.42
FIRST PRIN 09/15/2008 08/15/2008 07/15/2008 07/15/2008 05/15/2008
LAST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009 06/15/2009
PAYMENT WINDOW 10 11 12 12 14
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION & 101/00 6.83 6.82 6.81 6.79 6.70
</TABLE>
Page 2 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS B
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class B Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AA/Aa2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/16 7.887 7.893 7.895 7.897 7.906
97/00 7.812 7.817 7.820 7.822 7.830
97/16 7.737 7.742 7.745 7.747 7.755
98/00 7.662 7.668 7.670 7.672 7.680
98/16 7.588 7.594 7.596 7.598 7.605
99/00 7.515 7.520 7.522 7.524 7.532
99/16 7.442 7.447 7.449 7.451 7.458
100/00 7.369 7.374 7.377 7.378 7.385
100/16 7.297 7.302 7.304 7.306 7.313
101/00 7.225 7.231 7.233 7.234 7.241
101/16 7.154 7.159 7.161 7.163 7.169
102/00 7.083 7.088 7.091 7.092 7.098
102/16 7.013 7.018 7.020 7.022 7.028
103/00 6.943 6.948 6.950 6.952 6.958
103/16 6.874 6.879 6.881 6.882 6.888
104/00 6.805 6.810 6.812 6.813 6.819
104/16 6.736 6.741 6.743 6.744 6.750
105/00 6.668 6.673 6.675 6.676 6.681
105/16 6.601 6.605 6.607 6.608 6.613
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 10.02 10.01 10.00 10.00 9.96
FIRST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009 06/15/2009
LAST PRIN 07/15/2009 07/15/2009 07/15/2009 07/15/2009 06/L5/2009
PAYMENT WINDOW 2 2 2 2 1
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 6.93 6.93 6.92 6.92 6.90
</TABLE>
Page 3 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS C
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class C Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A/A2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
95/16 8.037 8.044 8.047 8.048 8.057
96/00 7.961 7.968 7.970 7.972 7.980
96/16 7.885 7.892 7.894 7.896 7.904
97/00 7.810 7.817 7.819 7.821 7.829
97/16 7.735 7.742 7.744 7.746 7.754
98/00 7.661 7.667 7.670 7.671 7.679
98/16 7.587 7.593 7.596 7.597 7.605
99/00 7.514 7.520 7.522 7.524 7.532
99/16 7.441 7.447 7.449 7.451 7.459
100/00 7.369 7.375 7.377 7.378 7.386
100/16 7.297 7.303 7.305 7.306 7.314
101/00 7.226 7.231 7.233 7.235 7.242
101/16 7.155 7.160 7.162 7.164 7.171
102/00 7.085 7.089 7.092 7.093 7.101
102/16 7.015 7.019 7.021 7.023 7.030
103/00 6.945 6.950 6.952 6.953 6.960
103/16 6.876 6.880 6.882 6.884 6.891
104/00 6.807 6.811 6.814 6.815 6.822
104/16 6.739 6.743 6.745 6.747 6.754
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 10.08 10.05 10.04 10.04 10.03
FIRST PRIN 07/15/2009 07/15/2009 07/15/2009 07/15/2009 06/15/2009
LAST PRIN 02/15/2010 10/15/2009 09/15/2009 09/15/2009 09/15/2009
PAYMENT WINDOW 8 4 3 3 4
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 100/00 6.94 6.92 6.92 6.92 6.92
</TABLE>
Page 4 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class D Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A-/A3
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
94/16 8.143 8.163 8.167 8.169 8.176
95/00 8.070 8.089 8.093 8.094 8.102
95/16 7.998 8.015 8.019 8.021 8.028
96/00 7.926 7.942 7.946 7.947 7.955
96/16 7.855 7.870 7.873 7.874 7.882
97/00 7.784 7.797 7.800 7.802 7.809
97/16 7.713 7.726 7.729 7.730 7.738
98/00 7.643 7.655 7.657 7.659 7.666
98/16 7.574 7.584 7.586 7.588 7.595
99/00 7.505 7.514 7.516 7.518 7.525
99/16 7.436 7.444 7.446 7.448 7.455
100/00 7.368 7.375 7.377 7.378 7.385
100/16 7.300 7.306 7.308 7.309 7.316
101/00 7.233 7.237 7.239 7.241 7.248
101/16 7.166 7.169 7.171 7.172 7.180
102/00 7.100 7.102 7.103 7.105 7.112
102/16 7.034 7.035 7.036 7.037 7.045
103/00 6.969 6.968 6.969 6.971 6.978
103/16 6.904 6.902 6.903 6.904 6.912
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 11.02 10.74 10.71 10.70 10.70
FIRST PRIN 02/15/2010 10/15/2009 09/15/2009 09/15/2009 09/15/2009
LAST PRIN 10/15/2010 09/15/2010 09/15/2010 09/15/2010 09/15/2010
PAYMENT WINDOW 9 12 13 13 13
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 99/00 7.34 7.22 7.20 7.20 7.20
</TABLE>
Page 5 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS E
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class E Cusip N/A Dated Date 07/01/1999 Original Balance 27,018,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 27,018,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating BBB/Baa2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
92/16 8.368 8.375 8.378 8.380 8.387
93/00 8.298 8.305 8.308 8.309 8.316
93/16 8.228 8.236 8.238 8.240 8.247
94/00 8.159 8.167 8.169 8.171 8.178
94/16 8.091 8.098 8.100 8.102 8.109
95/00 8.023 8.030 8.032 8.034 8.041
95/16 7.955 7.962 7.965 7.966 7.973
96/00 7.888 7.895 7.897 7.899 7.906
96/16 7.822 7.828 7.831 7.832 7.839
97/00 7.756 7.762 7.764 7,766 7.773
97/16 7.690 7.696 7.699 7.700 7.707
98/00 7.625 7,631 7.633 7.635 7.642
98/16 7.560 7.566 7.568 7.570 7.577
99/00 7.496 7.502 7.504 7.505 7.512
99/16 7.432 7.438 7.440 7.441 7.448
100/00 7.368 7.374 7.376 7.378 7.384
100/16 7.305 7.311 7.313 7.315 7.321
101/00 7.243 7.248 7.250 7.252 7.259
101/16 7.181 7.186 7.188 7.189 7.196
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 12.34 12.31 12.30 12.30 12.30
FIRST PRIN 10/15/2010 09/15/2010 09/15/2010 09/15/2010 09/15/2010
LAST PRIN 11/15/2012 11/15/2012 11/15/2012 11/15/2012 11/15/2012
PAYMENT WINDOW 26 27 27 27 27
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 97/00 7.82 7.81 7.81 7.81 7.80
</TABLE>
Page 6 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS F
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class F Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating BBB-/Baa3
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
86/00 9.205 9.213 9.217 9.219 9.229
86/16 9.133 9.141 9.144 9.146 9.156
87/00 9.061 9.068 9.072 9.074 9.084
87/16 8.989 8.997 9.000 9.002 9.012
88/00 8.918 8.926 8.929 8.931 8.941
88/16 8.848 8.856 8.859 8.861 8.870
89/00 8.778 8.786 8.789 8.791 8.800
89/16 8.709 8.716 8.719 8.721 8.730
90/00 8.640 8.648 8.650 8.652 8.661
90/16 8.572 8.579 8.582 8.584 8.593
91/00 8.505 8.512 8.514 8.516 8.525
91/16 8.437 8.444 8.447 8.449 8.458
92/00 8.371 8.378 8.380 8.382 8.391
92/16 8.305 8.312 8.314 8.316 8.324
93/00 8.239 8.246 8.248 8.250 8.258
93/16 8.174 8.181 8.183 8.185 8.193
94/00 8.109 8.116 8.118 8.120 8.128
94/16 8.045 8.052 8.054 8.056 8.064
95/00 7.982 7.988 7.990 7.992 8.000
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 13.79 13.76 13.75 13.74 13.69
FIRST PRIN 11/15/2012 11/15/2012 11/15/2012 11/15/2012 11/15/2012
LAST PRIN 08/15/2013 07/15/2013 06/15/2013 06/15/2013 05/15/2013
PAYMENT WINDOW 10 9 8 8 7
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 90/16 8.14 8.13 8.12 8.12 8.10
</TABLE>
Page 7 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/23 13.027 13.341 13.467 13.521 13.493
1/24 12.586 12.894 13.017 13.068 13.037
1/25 12.158 12.461 12.581 12.629 12.595
1/26 11.744 12.042 12.158 12.204 12.167
1/27 11.342 11.634 11.747 11.792 11.752
1/28 10.951 11.239 11.349 11.391 11.349
1/29 10.572 10.854 10.961 11.002 10.957
1/30 10.203 10.481 10.585 10.625 10.577
1/31 9.845 10.118 10.219 10.257 10.207
2/00 9.496 9.764 9.863 9.899 9.847
2/01 9.156 9.420 9.517 9.551 9.497
2/02 8.825 9.085 9.179 9.213 9.156
2/03 8.502 8.758 8.851 8.882 8.824
2/04 8.187 8.440 8.530 8.560 8.500
2/05 7.881 8.129 8.217 8.246 8.184
2/06 7.581 7.826 7.912 7.940 7.876
2/07 7.289 7.531 7.615 7.641 7.576
2/08 7.003 7.242 7.324 7.349 7.282
2/09 6.724 6.959 7.040 7.064 6.996
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 9.06 8.97 8.93 8.90 8.76
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 05/15/2019 05/15/2019 05/15/2019 05/15/2019 12/15/2018
PAYMENT WINDOW 238 238 238 238 233
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0,0000
MOD DURATION @ 2/00 4.54 4.48 4.45 4.43 4.40
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YP) CPR 25 (!YP) CPR 50 (!YP) CPR 75 (!YP) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/23 13.027 13.023 13.016 13.005 12.915
1/24 12.586 12.582 12.575 12.564 12.474
1/25 12.158 12.154 12.148 12.136 12.046
1/26 11.744 11.740 11.733 11.722 11.631
1/27 11.342 11.338 11.331 11.320 11.228
1/28 10.951 10.947 10.940 10.929 10.837
1/29 10.572 10.568 10.561 10.550 10.457
1/30 10.203 10.199 10.192 10.181 10.088
1/31 9.845 9.841 9.834 9.822 9.729
2/00 9.496 9.492 9.484 9.473 9.379
2/01 9.156 9.152 9.145 9.133 9.039
2/02 8.825 8.821 8.814 8.802 8.707
2/03 8.502 8.498 8.491 8.479 8.384
2/04 8.187 8.183 8.176 8.164 8.069
2/05 7.881 7.877 7.869 7.858 7.762
2/06 7.581 7.577 7.570 7.558 7.462
2/07 7.289 7.285 7.278 7.266 7.169
2/08 7.003 6.999 6.992 6.980 6.883
2/09 6.724 6.720 6.713 6.701 6.604
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 9.06 9.04 9.02 9.00 8.87
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 05/15/2019 05/15/2019 05/15/2019 05/15/2019 12/15/2018
PAYMENT WINDOW 238 238 238 238 233
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.54 4.54 4.54 4.54 4.53
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YP) CPR 25 (!YP) CPR 50 (!YP) CPR 75 (!YP) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
3 3 3 3 3
ADVANCES YES YES YES YES YES
RECV MNTH 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/23 8.762 8.760 8.755 8.747 8.662
1/24 8.287 8.285 8.280 8.272 8.187
1/25 7.827 7.825 7.820 7.812 7.726
1/26 7.381 7.378 7.374 7.366 7.280
1/27 6.948 6.945 6.941 6.933 6.847
1/28 6.527 6.525 6.521 6.512 6.427
1/29 6.119 6.117 6.113 6.104 6.018
1/30 5.722 5.720 5.716 5.708 5.621
1/31 5.336 5.334 5.330 5.322 5.236
2/00 4.961 4.959 4.955 4.947 4.860
2/01 4.596 4.594 4.590 4.581 4.495
2/02 4.240 4.238 4.234 4.226 4.139
2/03 3.893 3.892 3.888 3.879 3.793
2/04 3.556 3.554 3.550 3.542 3.455
2/05 3.226 3.225 3.221 3.212 3.126
2/06 2.905 2.903 2.900 2.891 2.804
2/07 2.592 2.590 2.586 2.578 2.491
2/08 2.286 2.284 2.280 2.272 2.185
2/09 1.987 1.985 1.981 1.973 1.886
- -----------------------------------------------------------------------------------------
AVERAGE LIFE 8.42 8.41 8.39 8.37 8.26
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019
PAYMENT WINDOW 238 238 238 238 238
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.22 4.22 4.22 4.22 4.22
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
0 0.5 1 1.5 2 2.5 3 5
ADVANCES YES YES YES YES YES YES YES YES
RECV MNTH 12 12 12 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1/23 12.915 12.304 11.668 11.004 10.304 9.534 8.662 5.280
1/24 12.474 11.859 11.219 10.552 9.847 9.069 8.187 4.755
1/25 12.046 11.428 10.785 10.113 9.403 8.619 7.726 4.245
1/26 11.631 11.010 10.363 9.688 8.973 8.183 7.280 3.750
1/27 11.228 10.604 9.955 9.275 8.556 7.759 6.847 3.268
1/28 10.837 10.211 9.558 8.875 8.151 7.348 6.427 2.799
1/29 10.457 9.828 9.172 8.486 7.758 6.949 6.018 2.343
1/30 10.088 9.456 8.797 8.108 7.376 6.562 5.621 1.898
1/31 9.729 9.094 8.433 7.740 7.005 6.185 5.236 1.465
2/00 9.379 8.743 8.078 7.383 6.644 5.818 4.860 1.042
2/01 9.039 8.400 7.733 7.034 6.292 5.461 4.495 0.630
2/02 8.707 8.066 7.397 6.696 5.950 5.114 4.139 0.228
2/03 8.384 7.741 7.070 6.365 5.616 4.776 3.793 -0.164
2/04 8.069 7.424 6.750 6.043 5.291 4.446 3.455 -0.548
2/05 7.762 7.115 6.439 5.730 4.974 4.124 3.126 -0.923
2/06 7.462 6.813 6.135 5.423 4.665 3.811 2.804 -1.289
2/07 7.169 6.519 5.839 5.125 4.364 3.505 2.491 -1.647
2/08 6.883 6.231 5.549 4.833 4.069 3.206 2.185 -1.998
2/09 6.604 5.950 5.267 4.548 3.782 2.914 1.886 -2.341
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.87 8.76 8.66 8.56 8.46 8.36 8.26 7.91
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 12/15/2018 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019
PAYMENT WINDOW 233 238 238 238 238 238 238 238
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/00 4.53 4.50 4.47 4.43 4.38 4.32 4.22 3.75
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 CPR 0 CPR 0 CPR 0 CPR 0 CPR 0
DEFAULT CDR 0 12 CDR 0 12 CDR 0 12 CDR 0 12 CDR 0 12
1 2 3 4 5
ADVANCES YES YES YES YES YES
RECV MNTH 0 0 0 0 0
LOSSES 0.25 0.25 0.25 0.25 0.25
- ----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C>
1/30+ 12.695 11.001 9.192 7.230 4.823 2.343
1/31+ 12.303 10.608 8.797 6.830 4.405 1.905
2/00+ 11.922 10.226 8.413 6.441 3.998 1.478
2/01+ 11.551 9.854 8.039 6.062 3.602 1.063
2/02+ 11.190 9.492 7.675 5.694 3.217 0.657
2/03+ 10.838 9.140 7.320 5.335 2.841 0.261
2/04+ 10.495 8.796 6.974 4.985 2.474 -0.125
2/05+ 10.161 8.461 6.637 4.644 2.116 -0.503
2/06+ 9.834 8.134 6.309 4.311 1.767 -0.871
2/07+ 9.516 7.815 5.988 3.986 1.426 -1.232
2/08+ 9.205 7.503 5.675 3.669 1.093 -1.584
2/09+ 8.901 7.199 5.369 3.360 0.768 -1.929
2/10+ 8.604 6.902 5.071 3.058 0.450 -2.267
2/11+ 8.313 6.611 4.779 2.762 0.139 -2.597
2/12+ 8.029 6.327 4.493 2.474 -0.165 -2.921
2/13+ 7.752 6.049 4.214 2.191 -0.463 -3.238
2/14+ 7.480 5.777 3.941 1.915 -0.754 -3.548
2/15+ 7.214 5.511 3.674 1.645 -1.039 -3.853
2/16+ 6.953 5.250 3.413 1.380 -1.319 -4.151
2/17+ 6.698 4.995 3.156 1.121 -1.592 -4.444
2/18+ 6.448 4.745 2.906 0.868 -1.861 -4.731
AVERAGE LIFE 9.05 8.69 8.35 8.03 7.73 7.44
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 12/15/2017 08/15/2017 05/15/2017 12/15/2016 07/15/2016
PAYMENT WINDOW 223 221 217 214 209 204
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION 2/08+ 4.49 4.48 4.46 4.41 4.19 3.96
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY (!YM) CPR 100 (!YM)CPR 100 (!YM)CPR 100 (!YM) CPR 100 (!YM)CPR 100 (!YM)CPR 100
DEFAULT CDR 0 12 CDR 0 12 CDR 0 12 CDR 0 12 CDR 0 12
1 2 3 4 5
ADVANCES YES YES YES YES YES
RECV MNTH 0 0 0 0 0
LOSSES 0.25 0.25 0.25 0.25 0.25
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C>
1/30+ 13.045 11.390 9.636 7.739 5.458 2.859
1/31+ 12.642 10.987 9.231 7.329 5.032 2.409
2/00+ 12.250 10.594 8.836 6.930 4.619 1.970
2/01+ 11.868 10.212 8.452 6.542 4.216 1.542
2/02+ 11.497 9.840 8.079 6.165 3.824 1.125
2/03+ 11.135 9.478 7.715 5.797 3.442 0.718
2/04+ 10.783 9.125 7.361 5.439 3.070 0.320
2/05+ 10.440 8.781 7.016 5.090 2.707 -0.068
2/06+ 10.104 8.446 6.679 4.750 2.353 -0.446
2/07+ 9.778 8.119 6.351 4.419 2.008 -0.817
2/08+ 9.458 7.800 6.031 4.095 1.670 -1.179
2/09+ 9.147 7.488 5.718 3.779 1.341 -1.533
2/10+ 8.842 7.183 5.412 3.470 1.019 -1.879
2/11+ 8.545 6.886 5.114 3.169 0.705 -2.219
2/12+ 8.254 6.595 4.822 2.874 0.397 -2.550
2/13+ 7.969 6.310 4.537 2.587 0.097 -2.876
2/14+ 7.691 6.032 4.258 2.305 -0.197 -3.194
2/15+ 7.419 5.760 3.985 2.030 -0.485 -3.506
2/16+ 7.152 5.494 3.718 1.760 -0.767 -3.812
2/17+ 6.891 5.233 3.457 1.496 -1.043 -4.113
2/18+ 6.635 4.977 3.201 1.238 -1.313 -4.407
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.76 8.42 8.10 7.79 7.51 7.23
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 12/15/2017 08/15/2017 05/15/2017 12/15/2016 07/15/2016
PAYMENT WINDOW 223 221 217 214 209 204
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/08+ 4.37 4.37 4.36 4.31 4.14 3.85
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 100 CPR 100 CPR 100 CPR 100 CPR 100 CPR 100
DEFAULT CDR 0 12 CDR 0 12 CDR 0 12 CDR 0 12 CDR 0 12
1 2 3 4 5
ADVANCES YES YES YES YES YES
RECV MNTH 0 0 0 0 0
LOSSES 0.25 0.25 0.25 0.25 0.25
TREASURY SHIFT 3 3 3 3 3 3
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C>
1/30+ 13.316 11.817 10.214 8.502 6.562 4.140
1/31+ 12.902 11.403 9.798 8.083 6.133 3.686
2/00+ 12.500 11.000 9.393 7.675 5.717 3.245
2/01+ 12.108 10.608 9.000 7.278 5.311 2.816
2/02+ 11.727 10.226 8.617 6.892 4.917 2.397
2/03+ 11.356 9.855 8.244 6.516 4.533 1.989
2/04+ 10.994 9.493 7.881 6.150 4.159 1.591
2/05+ 10.642 9.140 7.527 5.794 3.794 1.203
2/06+ 10.298 8.797 7.182 5.446 3.439 0.823
2/07+ 9.963 8.461 6.846 5.107 3.092 0.453
2/08+ 9.636 8.134 6.518 4.777 2.754 0.092
2/09+ 9.317 7.815 6.197 4.454 2.424 -0.262
2/10+ 9.005 7.503 5.884 4.139 2.102 -0.608
2/11+ 8.700 7.198 5.579 3.831 1.787 -0.946
2/12+ 8.402 6.900 5.280 3.530 1.479 -1.276
2/13+ 8.111 6.609 4.988 3.237 1.178 -1.600
2/14+ 7.826 6.325 4.703 2.949 0.884 -1.917
2/15+ 7.548 6.046 4.424 2.668 0.597 -2.227
2/16+ 7.275 5.773 4.151 2.393 0.315 -2.531
2/17+ 7.008 5.507 3.883 2.124 0.040 -2.829
2/18+ 6.747 5.245 3.622 1.861 -0.230 -3.121
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.11 7.80 7.51 7.24 6.98 6.73
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 11/15/2017 07/15/2017 03/15/2017 11/15/2016 06/15/2016
PAYMENT WINDOW 223 220 216 212 208 203
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/08+ 4.27 4.27 4.25 4.22 4.13 3.86
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 (!YM)CPR 100 (!YM)CPR 100 (!YM)CPR 100 (!YM)CPR 100 (!YM)CPR 100
DEFAULT CDR 0 CDR 0 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
1 60 1.5 60 2 60 1 60
0.25 999 0.25 999 0.25 999 0.5999
ADVANCES YES YES YES YES YES YES
RECV MNTH 12 12 12 12 12 12
LOSSES 0.377 0.377 0.377 0.377 0.377 0.377
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C>
1/30+ 12.695 13.045 11.977 11.437 10.875 11.938
1/31+ 12.303 12.642 11.570 11.027 10.462 11.530
2/00+ 11.922 12.250 11.173 10.629 10.061 11.133
2/01+ 11.551 11.868 10.787 10.241 9.671 10.746
2/02+ 11.190 11.497 10.412 9.863 9.291 10.370
2/03+ 10.838 11.135 10.046 9.496 8.921 10.004
2/04+ 10.495 10.783 9.690 9.137 8.560 9.647
2/05+ 10.161 10.440 9.343 8.788 8.209 9.299
2/06+ 9.834 10.104 9.004 8.448 7.867 8.960
2/07+ 9.516 9.778 8.674 8.116 7.533 8.629
2/08+ 9.205 9.458 8.351 7.792 7.207 8.306
2/09+ 8.901 9.147 8.037 7.476 6.889 7.990
2/10+ 8.604 8.842 7.729 7.167 6.578 7.682
2/11+ 8.313 8.545 7.429 6.865 6.275 7.381
2/12+ 8.029 8.254 7.135 6.570 5.978 7.087
2/13+ 7.752 7.969 6.848 6.282 5.688 6.799
2/14+ 7.480 7.691 6.567 5.999 5.404 6.518
2/15+ 7.214 7.419 6.292 5.724 5.127 6.242
2/16+ 6.953 7.152 6.023 5.453 4.856 5.973
2/17+ 6.698 6.891 5.760 5.189 4.590 5.709
2/18+ 6.448 6.635 5.502 4.930 4.330 5.450
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 9.05 8.76 8.57 8.49 8.40 8.57
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 01/15/2018 01/15/2018 12/15/2017 01/15/2018
PAYMENT WINDOW 223 223 222 222 221 222
MOD DURATION @ 2/08+ 4.49 4.37 4.33 4.31 4.28 4.32
SPREAD LNTERP. @ 2/08+ 328.14 354.04 243.66 187.87 129.51 239.10
<CAPTION>
<S> <C>
OPTIONALCALL YES OPTIONALCALL YES
(!YM)CPR 100 (!YM)CPR 100
CDR 0 24 CDR 0 24
1.5 60 2 60
0.5 999 0.5 999
YES YES
12 12
0.377 0.377
- ----------------------------------------------
11.395 10.832
10.984 10.418
10.584 10.016
10.195 9.625
9.817 9.244
9.448 8.873
9.090 8.512
8.740 8.160
8.399 7.817
8.066 7.482
7.741 7.156
7.424 6.837
7.114 6.526
6.812 6.221
6.516 5.924
6.227 5.633
5.944 5.349
5.667 5.071
5.397 4.799
5.132 4.533
4.872 4.272
- ----------------------------------------------
8.48 8.40
08/15/1999 08/15/1999
12/15/2017 12/15/2017
221 221
4.30 4.27
182.79 124.41
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100
DEFAULT CDR 0 CDR 0 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
1 60 1.5 60 2 60 1 60
0.25 999 0.25 999 0.25 999 0.5 999
ADVANCES YES YES YES YES YES YES
RECV MNTH 12 12 12 12 12 12
LOSSES 0.3 0.3 0.3 0.3 0.3 0.3
- ----------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C>
1/30+ 12.695 13.045 12.106 11.637 11.156 12.073
1/31+ 12.303 12.642 11.699 11.229 10.746 11.666
2/00+ 11.922 12.250 11.304 10.832 10.347 11.270
2/01+ 11.551 11.868 10.919 10.445 9.959 10.884
2/02+ 11.190 11.497 10.544 10.069 9.581 10.509
2/03+ 10.838 11.135 10.180 9.703 9.213 10.144
2/04+ 10.495 10.783 9.824 9.346 8.855 9.788
2/05+ 10.161 10.440 9.478 8.999 8.505 9.441
2/06+ 9.834 10.104 9.140 8.660 8.165 9.103
2/07+ 9.516 9.778 8.810 8.329 7.833 8.772
2/08+ 9.205 9.458 8.489 8.006 7.509 8.450
2/09+ 8.901 9.147 8.175 7.691 7.192 8.136
2/10+ 8.604 8.842 7.868 7.383 6.883 7.828
2/11+ 8.313 8.545 7.568 7.083 6.582 7.528
2/12+ 8.029 8.254 7.275 6.789 6.287 7.235
2/13+ 7.752 7.969 6.989 6.501 5.998 6.948
2/14+ 7.480 7.691 6.708 6.220 5.716 6.667
2/15+ 7.214 7.419 6.434 5.945 5.440 6.392
2/16+ 6.953 7.152 6.166 5.676 5.170 6.123
2/17+ 6.698 6.891 5.903 5.413 4.906 5.860
2/18+ 6.448 6.635 5.646 5.155 4.647 5.602
- ---------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 9.05 8.76 8.57 8.49 8.40 8.57
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 01/15/2018 01/15/2018 12/15/2017 01/15/2018
PAYMENT WINDOW 223 223 222 222 221 222
MOD DURATION @ 2/08+ 4.49 4.37 4.34 4.33 4.31 4.33
SPREAD INTERP. @ 2/08+ 328.14 354.04 257.40 209.30 159.70 253.57
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES
PREPAY (!YM) CPR 100 (!YM) CPR 100
DEFAULT CDR 0 24 CDR 0 24
1.5 60 2 60
0.5 999 0.5 999
ADVANCES YES YES
RECV MNTH 12 12
LOSSES 0.3 0.3
- ------------------------------------------------------
PRICE/YIELD
<S> <C> <C>
1/30+ 11.602 11.121
1/31+ 11.192 10.710
2/00+ 10.795 10.310
2/01+ 10.408 9.922
2/02+ 10.031 9.543
2/03+ 9.664 9.175
2/04+ 9.307 8.816
2/05+ 8.958 8.466
2/06+ 8.618 8.125
2/07+ 8.287 7.792
2/08+ 7.964 7.467
2/09+ 7.648 7.150
2/10+ 7.339 6.841
2/11+ 7.038 6.539
2/12+ 6.744 6.243
2/13+ 6.456 5.954
2/14+ 6.174 5.671
2/15+ 5.898 5.395
2/16+ 5.629 5.125
2/17+ 5.365 4.860
2/18+ 5.106 4.600
- -----------------------------------------------------
AVERAGE LIFE 8.48 8.40
FIRST PRIN 08/15/1999 08/15/1999
LAST PRIN 12/15/2017 12/15/2017
PAYMENT WINDOW 221 221
MOD DURATION @ 2/08+ 4.32 4.30
SPREAD INTERP. @ 2/08+ 205.05 155.58
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.695 12.956 13.059 13.098 13.045
1/31+ 12.303 12.561 12.660 12.698 12.642
2/00+ 11.922 12.175 12.273 12.309 12.250
2/01+ 11.551 11.800 11.895 11.930 11.868
2/02+ 11.190 11.435 11.528 11.561 11.497
2/03+ 10.838 11.080 11.170 11.201 11.135
2/04+ 10.495 10.733 10.821 10.851 10.783
2/05+ 10.161 10.395 10.480 10.509 10.440
2/06+ 9.834 10.065 10.149 10.176 10.104
2/07+ 9.516 9.743 9.825 9.851 9.778
2/08+ 9.205 9.428 9.508 9.533 9.458
2/09+ 8.901 9.121 9.199 9.223 9.147
2/10+ 8.604 8.821 8.898 8.920 8.842
2/11+ 8.313 8.528 8.603 8.624 8.545
2/12+ 8.029 8.241 8.314 8.335 8.254
2/13+ 7.752 7.961 8.032 8.052 7.969
2/14+ 7.480 7.686 7.756 7.775 7.691
2/15+ 7.214 7.417 7.486 7.503 7.419
2/16+ 6.953 7.154 7.221 7.238 7.152
2/17+ 6.698 6.897 6.962 6.978 6.891
2/18+ 6.448 6.644 6.708 6.723 6.635
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 9.05 8.97 8.93 9.90 8.76
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WINDOW 223 223 223 223 223
MOD DURATION @ 2/08+ 4.49 4.44 4.41 4.40 4.37
SPREAD INTERP. @ 2/08+ 328.14 350.68 358.74 361.29 354.04
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 (!YP) CPR 25 (!YP) CPR 50 (!YP) CPR 75 (!YP) CPR 100
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.695 12.689 12.680 12.666 12.561
1/31+ 12.303 12.297 12.288 12.274 12.169
2/00+ 11.922 11.916 11.907 11.893 11.788
2/01+ 11.551 11.545 11.536 11.522 11.416
2/02+ 11.190 11.184 11.175 11.161 11.055
2/03+ 10.838 10.832 10.823 10.809 10.702
2/04+ 10.495 10.489 10.480 10.466 10.359
2/05+ 10.161 10.155 10.146 10.131 10.024
2/06+ 9.834 9.828 9.819 9.805 9.697
2/07+ 9.516 9.510 9.501 9.486 9.378
2/08+ 9.205 9.199 9.190 9.175 9.066
2/09+ 8.901 8.895 8.886 8.871 8.762
2/10+ 8.604 8.598 8.589 8.574 8.465
2/11+ 8.313 8.308 8.298 8.284 8.174
2/12+ 8.029 8.024 8.014 8.000 7.890
2/13+ 7.752 7.746 7.737 7.722 7.612
2/14+ 7.480 7.474 7.465 7.450 7.340
2/15+ 7.214 7.208 7.199 7.184 7.073
2/16+ 6.953 6.948 6.938 6.923 6.812
2/17+ 6.698 6.692 6.683 6.669 6.557
2/18+ 6.448 6.442 6.433 6.418 6.307
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 9.05 9.04 9.02 9.00 8.86
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WIND 223 223 223 223 223
MOD DURATION @ 2/08+ 4.49 4.49 4.49 4.49 4.48
SPREAD INTERP. @ 2/08+ 328.14 327.59 326.70 325.29 314.65
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
TREASURY SHIFT 1 1 1 1 1
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.695 13.728 14.166 14.385 14.537
1/31+ 12.303 13.321 13.750 13.962 14.103
2/00+ 11.922 12.926 13.344 13.550 13.681
2/01+ 11.551 12.540 12.950 13.149 13.271
2/02+ 11.190 12.165 12.566 12.758 12.872
2/03+ 10.838 11.799 12.192 12.378 12.483
2/04+ 10.495 11.443 11.827 12.008 12.104
2/05+ 10.161 11.095 11.471 11.647 11.735
2/06+ 9.834 10.756 11.124 11.294 11.375
2/07+ 9.516 10.425 10.786 10.951 11.024
2/08+ 9.205 10.102 10.455 10.615 10.682
2/09+ 8.901 9.786 10.132 10.288 10.348
2/10+ 8.604 9.478 9.817 9.968 10.021
2/11+ 8.313 9.176 9.509 9.655 9.702
2/12+ 8.029 8.881 9.207 9.349 9.391
2/13+ 7.752 8.593 8.912 9.050 9.086
2/14+ 7.480 8.311 8.624 8.758 8.788
2/15+ 7.214 8.034 8.342 8.472 8.497
2/16+ 6.953 7.764 8.065 8.192 8.212
2/17+ 6.698 7.499 7.795 7.917 7.933
2/18+ 6.448 7.239 7.530 7.649 7.659
AVERAGE LIFE 9.05 8.57 8.39 8.29 8.11
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WINDOM 223 223 223 223 223
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.000
MOD DURATION @ 2/08+ 4.49 4.32 4.22 4.16 4.08
</TABLE>
Page 1 of 1
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
TREASURY SHIFT 2 2 2 2 2
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.695 13.214 13.383 13.431 13.382
1/31+ 12.303 12.813 12.977 13.020 12.967
2/00+ 11.922 12.423 12.581 12.621 12.563
2/01+ 11.551 12.043 12.196 12.233 12.171
2/02+ 11.190 11.673 11.822 11.855 11.789
2/03+ 10.838 11.313 11.456 11.487 11.417
2/04+ 10.495 10.962 11.101 11.129 11.054
2/05+ 10.161 10.619 10.754 10.779 10.701
2/06+ 9.834 10.285 10.415 10.438 10.356
2/07+ 9.516 9.959 10.085 10.105 10.020
2/08+ 9.205 9.640 9.762 9.780 9.692
2/09+ 8.901 9.329 9.448 9.463 9.372
2/10+ 8.604 9.026 9.140 9.153 9.059
2/11+ 8.313 8.728 8.839 8.850 8.754
2/12+ 8.029 8.438 8.545 8.554 8.455
2/13+ 7.752 8.154 8.258 8.265 8.163
2/14+ 7.480 7.876 7.976 7.982 7.878
2/15+ 7.214 7.604 7.701 7.704 7.599
2/16+ 6.953 7.337 7.431 7.433 7.325
2/17+ 6.698 7.076 7.167 7.168 7.058
2/18+ 6.448 6.820 6.909 6.907 6.795
AVERAGE LIFE 9.05 8.57 8.39 8.29 8.11
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WINDOW 223 223 223 223 223
ACCRUAL FACTOR 0.000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/08+ 4.49 4.38 4.33 4.30 4.26
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
TREASURY SHIFT -1 -1 -1 -1 -1
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.695 13.493 13.853 14.041 14.160
1/31+ 12.303 13.089 13.441 13.623 13.733
2/00+ 11.922 12.696 13.040 13.216 13.318
2/01+ 11.551 12.313 12.650 12.820 12.915
2/02+ 11.190 11.941 12.270 12.435 12.522
2/03+ 10.838 11.578 11.900 12.060 12.139
2/04+ 10.495 11.224 11.539 11.694 11.767
2/05+ 10.161 10.878 11.187 11.338 11.403
2/06+ 9.834 10.542 10.844 10.990 11.049
2/07+ 9.516 10.213 10.509 10.651 10.704
2/08+ 9.205 9.892 10.182 10.320 10.367
2/09+ 8.901 9.579 9.862 9.996 10.038
2/10+ 8.604 9.272 9.550 9.681 9.716
2/11+ 8.313 8.973 9.245 9.372 9.402
2/12+ 8.029 8.680 8.947 9.070 9.095
2/13+ 7.752 8.393 8.655 8.775 8.795
2/14+ 7.480 8.113 8.370 8.486 8.502
2/15+ 7.214 7.839 8.091 8.204 8.215
2/16+ 6.953 7.570 7.817 7.927 7.934
2/17+ 6.698 7.307 7.549 7.656 7.659
2/18+ 6.448 7.049 7.287 7.391 7.389
AVERAGE LIFE 9.05 8.57 8.39 8.29 8.11
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WINDOW 223 223 223 223 223
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/08+ 4.49 4.35 4.27 4.22 4.14
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
- -----------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.695 13.539 13.912 14.104 14.231
1/31+ 12.303 13.134 13.499 13.685 13.803
2/00+ 11.922 12.741 13.097 13.277 13.387
2/01+ 11.551 12.357 12.706 12.881 12.982
2/02+ 11.190 11.984 12.326 12.495 12.587
2/03+ 10.838 11.620 11.955 12.119 12.204
2/04+ 10.495 11.266 11.593 11.752 11.830
2/05+ 10.161 10.920 11.240 11.395 11.465
2/06+ 9.834 10.583 10.896 11.046 11.110
2/07+ 9.516 10.254 10.561 10.706 10.764
2/08+ 9.205 9.932 10.233 10.374 10.426
2/09+ 8.901 9.618 9.913 10.050 10.095
2/10+ 8.604 9.312 9.600 9.733 9.773
2/11+ 8.313 9.012 9.295 9.424 9.458
2/12+ 8.029 8.719 8.996 9.121 9.150
2/13+ 7.752 8.432 8.703 8.825 8.849
2/14+ 7.480 8.151 8.417 8.536 8.555
2/15+ 7.214 7.876 8.138 8.253 8.267
2/16+ 6.953 7.607 7.864 7.975 7.985
2/17+ 6.698 7.344 7.595 7.704 7.710
2/18+ 6.448 7.085 7.332 7.438 7.439
AVERAGE LIFE 9.05 8.57 8.39 8.29 8.11
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WINDOW 223 223 223 223 223
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/08+ 4.49 4.34 4.26 4.20 4.13
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
DEFAULT CDR 0.5 CDR 0.5 CDR 0.5 CDR 0.5 CDR 0.5
ADVANCES YES YES YES YES YES
RECV MNTH 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35
- ----------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 11.700 11.971 12.078 12.120 12.067
1/31+ 11.307 11.574 11.678 11.718 11.663
2/00+ 10.925 11.188 11.289 11.328 11.270
2/01+ 10.553 10.812 10.910 10.947 10.888
2/02+ 10.190 10.445 10.542 10.577 10.515
2/03+ 9.837 10.088 10.183 10.217 10.153
2/04+ 9.493 9.741 9.833 9.866 9.800
2/05+ 9.158 9.402 9.491 9.523 9.455
2/06+ 8.830 9.071 9.159 9.189 9.119
2/07+ 8.511 8.748 8.834 8.863 8.792
2/08+ 8.199 8.433 8.517 8.545 8.472
2/09+ 7.894 8.125 8.207 8.234 8.160
2/10+ 7.597 7.824 7.905 7.930 7.855
2/11+ 7.306 7.530 7.609 7.634 7.557
2/12+ 7.021 7.243 7.320 7.344 7.265
2/13+ 6.743 6.962 7.037 7.060 6.980
2/14+ 6.470 6.687 6.761 6.783 6.702
2/15+ 6.204 6.417 6.490 6.511 6.429
2/16+ 5.943 6.154 6.225 6.245 6.162
2/17+ 5.687 5.896 5.965 5.985 5.900
2/18+ 5.437 5.643 5.711 5.730 5.644
AVERAGE LIFE 8.87 8.79 8.75 8.72 8.59
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 01/15/2018 01/15/2018 01/15/2018 01/15/2018 01/15/2018
PAYMENT WINDOW 222 222 222 222 222
MOD DURATION @ 2/08+ 4.47 4.43 4.40 4.39 4.36
SPREAD INTERP. @ 2/08+ 227.92 251.43 259.90 262.75 255.70
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
<TABLE>
<CAPTION>
CONDITION POINT LOANS POINT LOANS POINT LOANS POINT LOANS
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
CONDITION OTHER OTHER OTHER OTHER
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100
- ----------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.553 12.827 12.940 12.994 13.045
1/31+ 12.161 12.430 12.541 12.593 12.642
2/00+ 11.779 12.044 12.152 12.204 12.250
2/01+ 11.408 11.669 11.774 11.824 11.868
2/02+ 11.046 11.303 11.406 11.455 11.497
2/03+ 10.694 10.947 11.048 11.095 11.135
2/04+ 10.350 10.600 10.698 10.744 10.783
2/05+ 10.015 10.261 10.358 10.402 10.440
2/06+ 9.688 9.931 10.025 10.068 10.104
2/07+ 9.369 9.608 9.701 9.743 9.778
2/08+ 9.057 9.293 9.384 9.425 9.458
2/09+ 8.753 8.986 9.075 9.114 9.147
2/10+ 8.456 8.695 8.773 8.811 8.842
2/11+ 8.165 8.392 8.477 8.515 8.545
2/12+ 7.881 8.104 8.188 8.225 8.254
2/13+ 7.603 7.823 7.906 7.941 7.969
2/14+ 7.330 7.549 7.629 7.664 7.691
2/15+ 7.064 7.279 7.359 7.393 7.419
2/16+ 6.803 7.016 7.094 7.127 7.152
2/17+ 6.548 6.758 6.835 6.867 6.891
2/18+ 6.297 6.505 6.580 6.612 6.635
AVERAGE LIFE 8.88 8.80 8.78 8.77 8.76
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 02/15/2018 02/15/2018 02/15/2018 02/15/2018 02/15/2018
PAYMENT WINDOW 223 223 223 223 223
ACCRUAL FA 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 2/08+ 4.48 4.43 4.41 4.39 4.37
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
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 particular
trading strategy. Morgan Stanley & Co. Incorporated, Morgan Stanley & Co.
International Limited, Morgan Stanley Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved
by Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority and Morgan Stanley Japan, Ltd. We recommend that investors
obtain the advice of their Morgan Stanley & Co. International limited 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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A-2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 5 (!YM) CPR 10 (!YM) CPR 20
- ---------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C>
98/16 7.388 7.388 7.388 7.388
98/24 7.350 7.351 7.351 7.351
99/00 7.313 7.313 7.313 7.313
99/08 7.276 7.276 7.276 7.276
99/16 7.239 7.239 7.239 7.239
99/24 7.202 7.202 7.202 7.202
100/00 7.165 7.165 7.165 7.165
100/08 7.129 7.129 7.129 7.129
100/16 7.092 7.092 7.092 7.092
100/24 7.056 7.056 7.056 7.056
101/00 7.019 7.019 7.019 7.019
101/08 6.983 6.983 6.983 6.983
101/16 6.947 6.947 6.947 6.947
101/24 6.911 6.911 6.911 6.911
102/00 6.875 6.875 6.875 6.875
102/08 6.840 6.840 6.839 6.839
102/16 6.804 6.804 6.804 6.804
102/24 6.769 6.768 6.768 6.768
103/00 6.733 6.733 6.733 6.733
103/08 6.698 6.698 6.697 6.697
103/16 6.663 6.662 6.662 6.662
AVERAGE LIFE 9.69 9.68 9.67 9.67
FIRST PRIN 09/15/2008 09/15/2008 09/15/2008 09/15/2008
LAST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009
PAYMENT WINDOW 10 10 10 10
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 6.83 6.83 6.82 6.82
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A-2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 0 CPR 0 CPR 0
DEFAULT CDR 0 CDR 1 CDR 3 CDR 5
ADVANCES YES YES YES YES
RECV MNTH 12 12 12 12
LOSSES 0.25 0.25 0.25 0.25
- ---------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C>
98/16 7.388 7.388 7.392 7.398
98/24 7.350 7.351 7.354 7.358
99/00 7.313 7.314 7.316 7.319
99/08 7.276 7.276 7.278 7.280
99/16 7.239 7.239 7.240 7.241
99/24 7.202 7.202 7.202 7.202
100/00 7.165 7.165 7.164 7.163
100/08 7.129 7.128 7.127 7.125
100/16 7.092 7.092 7.090 7.086
100/24 7.056 7.055 7.052 7.048
101/00 7.019 7.019 7.015 7.010
101/08 6.983 6.983 6.978 6.971
101/16 6.947 6.946 6.941 6.934
101/24 6.911 6.910 6.905 6.896
102/00 6.875 6.874 6.868 6.858
102/08 6.840 6.838 6.831 6.820
102/16 6.804 6.803 6.795 6.783
102/24 6.769 6.767 6.759 6.745
103/00 6.733 6.732 6.722 6.708
103/08 6.698 6.696 6.686 6.671
103/16 6.663 6.661 6.650 6.634
AVERAGE LIFE 9.69 9.64 9.40 9.04
FIRST PRIN 09/15/2008 06/15/2008 05/15/2006 12/15/2005
LAST PRIN 06/15/2009 06/15/2009 06/15/2009 07/15/2009
PAYMENT WINDOW 10 13 38 44
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 6.83 6.81 6.68 6.49
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 0 CPR 0 CPR 0
DEFAULT CDR 0 CDR 1 CDR 3 CDR 5
ADVANCES YES YES YES YES
RECV MNTH 12 12 12 12
LOSSES 0.5 0.5 0.5 0.5
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C>
98/16 7.388 7.388 7.389 7.388
98/24 7.350 7.351 7.351 7.351
99/00 7.313 7.313 7.314 7.313
99/08 7.276 7.276 7.276 7.276
99/16 7.239 7.239 7.239 7.239
99/24 7.202 7.202 7.202 7.202
100/00 7.165 7.165 7.165 7.165
100/08 7.129 7.129 7.128 7.129
100/16 7.092 7.092 7.092 7.092
100/24 7.056 7.056 7.055 7.056
101/00 7.019 7.019 7.019 7.019
101/08 6.983 6.983 6.982 6.983
101/16 6.947 6.947 6.946 6.947
101/24 6.911 6.911 6.910 6.911
102/00 6.875 6.875 6.874 6.875
102/08 6.840 6.839 6.838 6.840
102/16 6.804 6.804 6.803 6.804
102/24 6.769 6.768 6.767 6.769
103/00 6.733 6.733 6.731 6.733
103/08 6.698 6.698 6.696 6.698
103/16 6.663 6.662 6.661 6.663
AVERAGE LIFE 9.69 9.68 9.64 9.72
FIRST PRIN 09/15/2008 08/15/2008 09/15/2007 09/15/2006
LAST PRIN 06/15/2009 07/15/2009 07/15/2009 10/15/2013
PAYMENT WINDOW 10 12 23 86
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 6.83 6.82 6.80 6.83
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 5 (!YM) CPR 10 (!YM) CPR 20
BALL EXT 50% 36 MOS 50% 36 MOS 50% 36 MOS 50% 36 MOS
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C>
98/16 7.375 7.377 7.378 7.381
98/24 7.340 7.342 7.343 7.345
99/00 7.306 7.307 7.307 7.309
99/08 7.271 7.272 7.272 7.273
99/16 7.237 7.237 7.237 7.238
99/24 7.202 7.202 7.202 7.202
100/00 7.168 7.168 7.168 7.167
100/08 7.134 7.134 7.133 7.132
100/16 7.100 7.099 7.098 7.097
100/24 7.066 7.065 7.064 7.062
101/00 7.033 7.031 7.030 7.027
101/08 6.999 6.997 6.995 6.992
101/16 6.966 6.963 6.961 6.958
101/24 6.932 6.930 6.927 6.923
102/00 6.899 6.896 6.893 6.889
102/08 6.866 6.862 6.859 6.854
102/16 6.833 6.829 6.826 6.820
102/24 6.800 6.796 6.792 6.786
103/00 6.767 6.763 6.759 6.752
103/08 6.734 6.729 6.725 6.718
103/16 6.701 6.696 6.692 6.684
AVERAGE LIFE 10.84 10.68 10.54 10.30
FIRST PRIN 12/15/2008 11/15/2008 10/15/2008 10/15/2008
LAST PRIN 05/15/2012 04/15/2012 03/15/2012 12/15/2011
PAYMENT WINDOW 42 42 42 39
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 7.35 7.28 7.22 7.11
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 5 (!YM) CPR 10 (!YM) CPR 20
BALL EXT 36 MOS 36 MOS 36 MOS 36 MOS
- -----------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C>
98/16 7.360 7.362 7.365 7.369
98/24 7.328 7.330 7.332 7.336
99/00 7.297 7.298 7.300 7.302
99/08 7.265 7.266 7.267 7.269
99/16 7.234 7.234 7.235 7.236
99/24 7.203 7.203 7.203 7.203
100/00 7.172 7.171 7.171 7.170
100/08 7.141 7.140 7.139 7.137
100/16 7.110 7.108 7.107 7.104
100/24 7.079 7.077 7.075 7.071
101/00 7.048 7.046 7.043 7.039
101/08 7.018 7.015 7.012 7.006
101/16 6.987 6.984 6.980 6.974
101/24 6.957 6.953 6.949 6.942
102/00 6.926 6.922 6.918 6.910
102/08 6.896 6.891 6.887 6.878
102/16 6.866 6.861 6.856 6.846
102/24 6.836 6.830 6.825 6.814
103/00 6.806 6.800 6.794 6.782
103/08 6.776 6.770 6.763 6.751
103/16 6.747 6.740 6.732 6.719
AVERAGE LIFE 12.48 12.19 11.91 11.42
FIRST PRIN 11/15/2009 04/15/2009 02/15/2009 01/15/2009
LAST PRIN 06/15/2012 06/15/2012 06/15/2012 05/15/2012
PAYMENT WINDOW 32 39 41 41
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 8.08 7.95 7.83 7.62
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/10/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 CPR 5 CPR 10 CPR 20
- -------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C>
98/16 7.388 7.389 7.390 7.393
98/24 7.350 7.351 7.352 7.355
99/00 7.313 7.314 7.315 7.318
99/08 7.276 7.277 7.277 7.280
99/16 7.239 7.240 7.240 7.243
99/24 7.202 7.203 7.203 7.206
100/00 7.165 7.166 7.166 7.168
100/08 7.129 7.129 7.130 7.131
100/16 7.092 7.092 7.093 7.095
100/24 7.056 7.056 7.056 7.058
101/00 7.019 7.020 7.020 7.021
101/08 6.983 6.983 6.984 6.985
101/16 6.947 6.947 6.947 6.948
101/24 6.911 6.911 6.911 6.912
102/00 6.875 6.875 6.875 6.876
102/08 6.840 6.839 6.839 6.840
102/16 6.804 6.804 6.804 6.804
102/24 6.769 6.768 6.768 6.768
103/00 6.733 6.733 6.732 6.732
103/08 6.698 6.697 6.697 6.697
103/16 6.663 6.662 6.662 6.661
AVERAGE LIFE 9.69 9.66 9.63 9.56
FIRST PRIN 09/15/2008 07/15/2008 03/15/2008 04/15/2007
LAST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009
PAYMENT WINDOW 10 12 16 27
MOD DURATION @ 101/00 6.83 6.82 6.80 6.77
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES (Updated 06/11/99) Class A1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A1 Cusip N/A Dated Date 07/01/1999 Original Balance 338,780,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 338,780,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 6.78000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating AAA/Aaa
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -----------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
97/16 7.386 7.409 7.419 7.424 7.435
97/24 7.328 7.349 7.358 7.363 7.373
98/00 7.271 7.290 7.298 7.302 7.311
98/08 7.213 7.231 7.238 7.242 7.249
98/16 7.156 7.172 7.178 7.181 7.188
98/24 7.099 7.113 7.118 7.121 7.126
99/00 7.043 7.054 7.059 7.061 7.065
99/08 6.986 6.996 7.000 7.002 7.005
99/16 6.930 6.937 6.941 6.942 6.944
99/24 6.874 6.879 6.882 6.883 6.884
100/00 6.818 6.822 6.823 6.824 6.824
100/08 6.762 6.764 6.765 6.765 6.764
100/16 6.706 6.707 6.707 6.706 6.704
100/24 6.651 6.650 6.649 6.648 6.645
101/00 6.596 6.593 6.591 6.590 6.585
101/08 6.541 6.536 6.533 6.532 6.526
101/16 6.486 6.479 6.476 6.474 6.467
101/24 6.432 6.423 6.419 6.416 6.409
102/00 6.377 6.367 6.362 6.359 6.350
102/08 6.323 6.311 6.305 6.302 6.292
102/16 6.269 6.255 6.249 6.245 6.234
AVERAGE LIFE 5.70 5.48 5.40 5.36 5.25
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 09/15/2008 08/15/2008 07/15/2008 07/15/2008 05/15/2008
PAYMENT WINDOW 110 109 108 108 106
MOD DURATION @ 100/00 4.48 4.33 4.28 4.24 4.17
SPREAD INTERP. @ 100/00 95.33 96.10 96.40 96.54 96.71
</TABLE>
Page 1 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS A2
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.05000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating AAA/Aaa
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ----------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
97/16 7.487 7.487 7.488 7.488 7.493
97/24 7.449 7.449 7.450 7.450 7.455
98/00 7.411 7.412 7.412 7.413 7.416
98/08 7.374 7.374 7.374 7.375 7.378
98/16 7.336 7.337 7.337 7.337 7.340
98/24 7.299 7.299 7.299 7.300 7.302
99/00 7.262 7.262 7.262 7.262 7.264
99/08 7.225 7.225 7.225 7.225 7.226
99/16 7.188 7.188 7.188 7.188 7.188
99/24 7.151 7.151 7.151 7.151 7.151
100/00 7.114 7.114 7.114 7.114 7.113
100/08 7.078 7.078 7.077 7.077 7.076
100/16 7.041 7.041 7.041 7.041 7.039
100/24 7.005 7.005 7.004 7.004 7.002
101/00 6.969 6.968 6.968 6.968 6.965
101/08 6.933 6.932 6.932 6.931 6.928
101/16 6.897 6.896 6.896 6.895 6.891
101/24 6.861 6.860 6.860 6.859 6.855
102/00 6.825 6.824 6.824 6.823 6.818
102/08 6.789 6.789 6.788 6.787 6.782
102/16 6.754 6.753 6.752 6.752 6.746
AVERAGE LIFE 9.69 9.66 9.64 9.61 9.42
FIRST PRIN 09/15/2008 08/15/2008 07/15/2008 07/15/2008 05/15/2008
LAST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009 06/15/2009
PAYMENT WINDOW 10 11 12 12 14
MOD DURATION @ 100/00 6.82 6.81 6.80 6.79 6.69
SPREAD INTERP. @ 100/00 118.01 118.04 118.08 118.12 118.39
</TABLE>
Page 2 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (Updated 06/11/99) CLASS B
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class B Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating AA/Aa2
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
97/16 7.612 7.618 7.620 7.622 7.630
97/24 7.575 7.580 7.583 7.585 7.593
98/00 7.538 7.543 7.546 7.548 7.556
98/08 7.501 7.507 7.509 7.511 7.519
98/16 7.464 7.470 7.472 7.474 7.482
98/24 7.428 7.433 7.435 7.437 7.445
99/00 7.391 7.397 7.399 7.401 7.408
99/08 7.355 7.360 7.362 7.364 7.372
99/16 7.319 7.324 7.326 7.328 7.335
99/24 7.282 7.288 7.290 7.292 7.299
100/00 7.246 7.252 7.254 7.256 7.263
100/08 7.210 7.216 7.218 7.220 7.227
100/16 7.175 7.180 7.182 7.184 7.191
100/24 7.139 7.144 7.146 7.148 7.155
101/00 7.103 7.109 7.111 7.112 7.119
101/08 7.068 7.073 7.075 7.077 7.083
101/16 7.033 7.038 7.040 7.041 7.048
101/24 6.997 7.003 7.005 7.006 7.013
102/00 6.962 6.967 6.970 6.971 6.977
102/08 6.927 6.932 6.935 6.936 6.942
102/16 6.892 6.898 6.900 6.901 6.907
AVERAGE LIFE 10.02 10.01 10.00 10.00 9.96
FIRST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009 06/15/2009
LAST PRIN 07/15/2009 07/15/2009 07/15/2009 07/15/2009 06/15/2009
PAYMENT WINDOW 2 2 2 2 1
MOD DURATION @ 100/00 6.95 6.95 6.94 6.94 6.92
SSPREAD INTERP. @ 100/00 130.65 131.20 131.42 131.59 132.38
</TABLE>
Page 3 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (Updated 06/11/99) CLASS C
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class C Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating A/A2
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
97/00 7.810 7.817 7.819 7.821 7.829
97/08 7.773 7.779 7.781 7.783 7.791
97/16 7.735 7.742 7.744 7.746 7.754
97/24 7.698 7.704 7.707 7.708 7.716
98/00 7.661 7.667 7.670 7.671 7.679
98/08 7.624 7.630 7.633 7.634 7.642
98/16 7.587 7.593 7.596 7.597 7.605
98/24 7.551 7.557 7.559 7.561 7.568
99/00 7.514 7.520 7.522 7.524 7.532
99/08 7.478 7.483 7.486 7.487 7.495
99/16 7.441 7.447 7.449 7.451 7.459
99/24 7.405 7.411 7.413 7.415 7.422
100/00 7.369 7.375 7.377 7.378 7.386
100/08 7.333 7.339 7.341 7.342 7.350
100/16 7.297 7.303 7.305 7.306 7.314
100/24 7.262 7.267 7.269 7.271 7.278
101/00 7.226 7.231 7.233 7.235 7.242
101/08 7.190 7.196 7.198 7.199 7.207
101/16 7.155 7.160 7.162 7.164 7.171
101/24 7.120 7.125 7.127 7.128 7.136
102/00 7.085 7.089 7.092 7.093 7.101
AVERAGE LIFE 10.08 10.05 10.04 10.04 10.03
FIRST PRIN 07/15/2009 07/15/2009 07/15/2009 07/15/2009 06/15/2009
LAST PRIN 02/15/2010 10/15/2009 09/15/2009 09/15/2009 09/15/2009
PAYMENT WINDOW 8 4 3 3 4
MOD DURATION @ 99/16 6.93 6.91 6.91 6.91 6.90
SPREAD INTERP. @ 99/16 150.12 150.71 150.93 151.10 151.87
</TABLE>
Page 4 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (Updated 06/11/99) CLASS D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class D Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating A-/A3
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/00 7.926 7.942 7.946 7.947 7.955
96/08 7.890 7.906 7.909 7.911 7.918
96/16 7.855 7.870 7.873 7.874 7.882
96/24 7.819 7.833 7.837 7.838 7.846
97/00 7.784 7.797 7.800 7.802 7.809
97/08 7.748 7.762 7.764 7.766 7.773
97/16 7.713 7.726 7.729 7.730 7.738
97/24 7.678 7.690 7.693 7.694 7.702
98/00 7.643 7.655 7.657 7.659 7.666
98/08 7.608 7.619 7.622 7.623 7.631
98/16 7.574 7.584 7.586 7.588 7.595
98/24 7.539 7.549 7.551 7.553 7.560
99/00 7.505 7.514 7.516 7.518 7.525
99/08 7.470 7.479 7.481 7.483 7.490
99/16 7.436 7.444 7.446 7.448 7.455
99/24 7.402 7.409 7.411 7.413 7.420
100/00 7.368 7.375 7.377 7.378 7.385
100/08 7.334 7.340 7.342 7.344 7.351
100/16 7.300 7.306 7.308 7.309 7.316
100/24 7.267 7.272 7.273 7.275 7.282
101/00 7.233 7.237 7.239 7.241 7.248
AVERAGE LIFE 11.02 10.74 10.71 10.70 10.70
FIRST PRIN 02/15/2010 10/15/2009 09/15/2009 09/15/2009 09/15/2009
LAST PRIN 10/15/2010 09/15/2010 09/15/2010 09/15/2010 09/15/2010
PAYMENT WINDOW 9 12 13 13 13
MOD DURATION @ 98/16 7.33 7.20 7.19 7.19 7.19
SPREAD INTERP. @ 98/16 162.74 163.94 164.21 164.37 165.11
</TABLE>
Page 5 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (Updated 06/11/99) CLASS E
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class E Cusip N/A Dated Date 07/01/1999 Original Balance 27,018,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 27,018,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating BBB/Baa2
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- -------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
94/00 8.159 8.167 8.169 8.171 8.178
94/08 8.125 8.132 8.135 8.136 8.143
94/16 8.091 8.098 8.100 8.102 8.109
94/24 8.057 8.064 8.066 8.068 8.075
95/00 8.023 8.030 8.032 8.034 8.041
95/08 7.989 7.996 7.998 8.000 8.007
95/16 7.955 7.962 7.965 7.966 7.973
95/24 7.922 7.929 7.931 7.932 7.939
96/00 7.888 7.895 7.897 7.899 7.906
96/08 7.855 7.862 7.864 7.865 7.872
96/16 7.822 7.828 7.831 7.832 7.839
96/24 7.789 7.795 7.797 7.799 7.806
97/00 7.756 7.762 7.764 7.766 7.773
97/08 7.723 7.729 7.731 7.733 7.740
97/16 7.690 7.696 7.699 7.700 7.707
97/24 7.657 7.664 7.666 7.667 7.674
98/00 7.625 7.631 7.633 7.635 7.642
98/08 7.592 7.599 7.601 7.602 7.609
98/16 7.560 7.566 7.568 7.570 7.577
98/24 7.528 7.534 7.536 7.537 7.544
99/00 7.496 7.502 7.504 7.505 7.512
AVERAGE LIFE 12.34 12.31 12.30 12.30 12.30
FIRST PRIN 10/15/2010 09/15/2010 09/15/2010 09/15/2010 09/15/2010
LAST PRIN 11/15/2012 11/15/2012 11/15/2012 11/15/2012 11/15/2012
PAYMENT WINDOW 26 27 27 27 27
MOD DURATION @ 96/16 7.81 7.80 7.79 7.79 7.79
SPREAD INTERP. @ 96/16 186.68 187.36 187.59 187.74 188.43
</TABLE>
Page 6 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (Updated 06/11/99) CLASS F
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class F Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating BBB-/Baa3
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
87/16 8.989 8.997 9.000 9.002 9.012
87/24 8.954 8.961 8.964 8.967 8.976
88/00 8.918 8.926 8.929 8.931 8.941
88/08 8.883 8.891 8.894 8.896 8.905
88/16 8.848 8.856 8.859 8.861 8.870
88/24 8.813 8.821 8.824 8.826 8.835
89/00 8.778 8.786 8.789 8.791 8.800
89/08 8.744 8.751 8.754 8.756 8.765
89/16 8.709 8.716 8.719 8.721 8.730
89/24 8.675 8.682 8.685 8.687 8.696
90/00 8.640 8.648 8.650 8.652 8.661
90/08 8.606 8.613 8.616 8.618 8.627
90/16 8.572 8.579 8.582 8.584 8.593
90/24 8.538 8.545 8.548 8.550 8.559
91/00 8.505 8.512 8.514 8.516 8.525
91/08 8.471 8.478 8.481 8.483 8.491
91/16 8.437 8.444 8.447 8.449 8.458
91/24 8.404 8.411 8.414 8.416 8.424
92/00 8.371 8.378 8.380 8.382 8.391
92/08 8.338 8.345 8.347 8.349 8.357
92/16 8.305 8.312 8.314 8.316 8.324
AVERAGE LIFE 13.79 13.76 13.75 13.74 13.69
FIRST PRIN 11/15/2012 11/15/2012 11/15/2012 11/15/2012 11/15/2012
LAST PRIN 08/15/2013 07/15/2013 06/15/2013 06/15/2013 05/15/2013
PAYMENT WINDOW 10 9 8 8 7
MOD DURATION @ 90/00 8.12 8.11 8.10 8.10 8.08
SPREAD INTERP. @ 90/00 267.59 268.33 268.63 268.84 269.77
</TABLE>
Page 7 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A1
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A1 Cusip N/A Dated Date 07/01/1999 Original Balance 338,780,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 338,780,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 6.82000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/00 7.779 7.814 7.828 7.837 7.855
96/16 7.661 7.692 7.705 7.712 7.728
97/00 7.544 7.571 7.582 7.588 7.602
97/16 7.428 7.450 7.460 7.466 7.476
98/00 7.312 7.331 7.339 7.344 7.352
98/16 7.197 7.213 7.219 7.222 7.229
99/00 7.084 7.095 7.100 7.102 7.106
99/16 6.971 6.978 6.981 6.983 6.985
100/00 6.858 6.862 6.864 6.865 6.864
100/16 6.747 6.747 6.747 6.747 6.745
101/00 6.636 6.633 6.631 6.630 6.626
101/16 6.527 6.519 6.516 6.514 6.508
102/00 6.417 6.407 6.402 6.399 6.390
102/16 6.309 6.295 6.289 6.285 6.274
103/00 6.201 6.184 6.176 6.171 6.158
103/16 6.095 6.073 6.064 6.058 6.044
104/00 5.988 5.964 5.953 5.946 5.930
104/16 5.883 5.855 5.843 5.835 5.816
105/00 5.778 5.746 5.733 5.725 5.704
AVERAGE LIFE 5.70 5.48 5.40 5.36 5.25
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 09/15/2008 08/15/2008 07/15/2008 07/15/2008 05/15/2008
PAYMENT WINDOW 110 109 108 108 106
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 100/16 4.48 4.34 4.28 4.25 4.17
</TABLE>
Page 1 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS A2
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class A2 Cusip N/A Dated Date 07/01/1999 Original Balance 525,789,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 525,789,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 7.10000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AAA/Aaa
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/16 7.691 7.692 7.693 7.694 7.701
97/00 7.615 7.615 7.616 7.617 7.623
97/16 7.539 7.539 7.540 7.540 7.545
98/00 7.463 7.463 7.464 7.464 7.468
98/16 7.388 7.388 7.388 7.389 7.391
99/00 7.313 7.313 7.314 7.314 7.315
99/16 7.239 7.239 7.239 7.239 7.240
100/00 7.165 7.165 7.165 7.165 7.165
100/16 7.092 7.092 7.092 7.092 7.090
101/00 7.019 7.019 7.019 7.018 7.016
101/16 6.947 6.947 6.946 6.946 6.942
102/00 6.875 6.875 6.874 6.874 6.869
102/16 6.804 6.803 6.803 6.802 6.796
103/00 6.733 6.732 6.732 6.731 6.724
103/16 6.663 6.662 6.661 6.660 6.652
104/00 6.593 6.592 6.591 6.589 6.580
104/16 6.523 6.522 6.521 6.519 6.509
105/00 6.454 6.453 6.451 6.450 6.439
105/16 6.385 6.384 6.382 6.381 6.369
Average Life 9.69 9.66 9.64 9.61 9.42
First Prin 09/15/2008 08/15/2008 07/15/2008 07/15/2008 05/15/2008
Last Prin 06/15/2009 06/15/2009 06/15/2009 06/15/2009 06/15/2009
Payment Window 10 11 12 12 14
Accrual Factor 0.0000 0.0000 0.0000 0.0000 0.0000
Mod Duration @ 101/00 6.83 6.82 6.81 6.79 6.70
</TABLE>
Page 2 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS B
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class B Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating AA/Aa2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
96/16 7.887 7.893 7.895 7.897 7.906
97/00 7.812 7.817 7.820 7.822 7.830
97/16 7.737 7.742 7.745 7.747 7.755
98/00 7.662 7.668 7.670 7.672 7.680
98/16 7.588 7.594 7.596 7.598 7.605
99/00 7.515 7.520 7.522 7.524 7.532
99/16 7.442 7.447 7.449 7.451 7.458
100/00 7.369 7.374 7.377 7.378 7.385
100/16 7.297 7.302 7.304 7.306 7.313
101/00 7.225 7.231 7.233 7.234 7.241
101/16 7.154 7.159 7.161 7.163 7.169
102/00 7.083 7.088 7.091 7.092 7.098
102/16 7.013 7.018 7.020 7.022 7.028
103/00 6.943 6.948 6.950 6.952 6.958
103/16 6.874 6.879 6.881 6.882 6.888
104/00 6.805 6.810 6.812 6.813 6.819
104/16 6.736 6.741 6.743 6.744 6.750
105/00 6.668 6.673 6.675 6.676 6.681
105/16 6.601 6.605 6.607 6.608 6.613
AVERAGE LIFE 10.02 10.01 10.00 10.00 9.96
FIRST PRIN 06/15/2009 06/15/2009 06/15/2009 06/15/2009 06/15/2009
LAST PRIN 07/15/2009 07/15/2009 07/15/2009 07/15/2009 06/15/2009
PAYMENT WINDOW 2 2 2 2 1
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 101/00 6.93 6.93 6.92 6.92 6.90
</TABLE>
Page 3 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS C
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class C Cusip N/A Dated Date 07/01/1999 Original Balance 43,229,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 43,229,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A/A2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
95/16 8.037 8.044 8.047 8.048 8.057
96/00 7.961 7.968 7.970 7.972 7.980
96/16 7.885 7.892 7.894 7.896 7.904
97/00 7.810 7.817 7.819 7.821 7.829
97/16 7.735 7.742 7.744 7.746 7.754
98/00 7.661 7.667 7.670 7.671 7.679
98/16 7.587 7.593 7.596 7.597 7.605
99/00 7.514 7.520 7.522 7.524 7.532
99/16 7.441 7.447 7.449 7.451 7.459
100/00 7.369 7.375 7.377 7.378 7.386
100/16 7.297 7.303 7.305 7.306 7.314
101/00 7.226 7.231 7.233 7.235 7.242
101/16 7.155 7.160 7.162 7.164 7.171
102/00 7.085 7.089 7.092 7.093 7.101
102/16 7.015 7.019 7.021 7.023 7.030
103/00 6.945 6.950 6.952 6.953 6.960
103/16 6.876 6.880 6.882 6.884 6.891
104/00 6.807 6.811 6.814 6.815 6.822
104/16 6.739 6.743 6.745 6.747 6.754
AVERAGE LIFE 10.08 10.05 10.04 10.04 10.03
FIRST PRIN 07/15/2009 07/15/2009 07/15/2009 07/15/2009 06/15/2009
LAST PRIN 02/15/2010 10/15/2009 09/15/2009 09/15/2009 09/15/2009
PAYMENT WINDOW 8 4 3 3 4
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 100/00 6.94 6.92 6.92 6.92 6.92
</TABLE>
Page 4 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS D
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class D Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating A-/A3
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
94/16 8.143 8.163 8.167 8.169 8.176
95/00 8.070 8.089 8.093 8.094 8.102
95/16 7.998 8.015 8.019 8.021 8.028
96/00 7.926 7.942 7.946 7.947 7.955
96/16 7.855 7.870 7.873 7.874 7.882
97/00 7.784 7.797 7.800 7.802 7.809
97/16 7.713 7.726 7.729 7.730 7.738
98/00 7.643 7.655 7.657 7.659 7.666
98/16 7.574 7.584 7.586 7.588 7.595
99/00 7.505 7.514 7.516 7.518 7.525
99/16 7.436 7.444 7.446 7.448 7.455
100/00 7.368 7.375 7.377 7.378 7.385
100/16 7.300 7.306 7.308 7.309 7.316
101/00 7.233 7.237 7.239 7.241 7.248
101/16 7.166 7.169 7.171 7.172 7.180
102/00 7.100 7.102 7.103 7.105 7.112
102/16 7.034 7.035 7.036 7.037 7.045
103/00 6.969 6.968 6.969 6.971 6.978
103/16 6.904 6.902 6.903 6.904 6.912
AVERAGE LIFE 11.02 10.74 10.71 10.70 10.70
FIRST PRIN 02/15/2010 10/15/2009 09/15/2009 09/15/2009 09/15/2009
LAST PRIN 10/15/2010 09/15/2010 09/15/2010 09/15/2010 09/15/2010
PAYMENT WINDOW 9 12 13 13 13
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 99/00 7.34 7.22 7.20 7.20 7.20
</TABLE>
Page 5 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS E
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class E Cusip N/A Dated Date 07/01/1999 Original Balance 27,018,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 27,018,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating BBB/Baa2
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
92/16 8.368 8.375 8.378 8.380 8.387
93/00 8.298 8.305 8.308 8.309 8.316
93/16 8.228 8.236 8.238 8.240 8.247
94/00 8.159 8.167 8.169 8.171 8.178
94/16 8.091 8.098 8.100 8.102 8.109
95/00 8.023 8.030 8.032 8.034 8.041
95/16 7.955 7.962 7.965 7.966 7.973
96/00 7.888 7.895 7.897 7.899 7.906
96/16 7.822 7.828 7.831 7.832 7.839
97/00 7.756 7.762 7.764 7.766 7.773
97/16 7.690 7.696 7.699 7.700 7.707
98/00 7.625 7.631 7.633 7.635 7.642
98/16 7.560 7.566 7.568 7.570 7.577
99/00 7.496 7.502 7.504 7.505 7.512
99/16 7.432 7.438 7.440 7.441 7.448
100/00 7.368 7.374 7.376 7.378 7.384
100/16 7.305 7.311 7.313 7.315 7.321
101/00 7.243 7.248 7.250 7.252 7.259
101/16 7.181 7.186 7.188 7.189 7.196
AVERAGE LIFE 12.34 12.31 12.30 12.30 12.30
FIRST PRIN 10/15/2010 09/15/2010 09/15/2010 09/15/2010 09/15/2010
LAST PRIN 11/15/2012 11/15/2012 11/15/2012 11/15/2012 11/15/2012
PAYMENT WINDOW 26 27 27 27 27
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 97/00 7.82 7.81 7.81 7.81 7.80
</TABLE>
Page 6 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (6/8/99) CLASS F
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class F Cusip N/A Dated Date 07/01/1999 Original Balance 10,807,000.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 10,807,000.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon -1.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/09/1999 Credit Rating BBB-/Baa3
</TABLE>
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
86/00 9.205 9.213 9.217 9.219 9.229
86/16 9.133 9.141 9.144 9.146 9.156
87/00 9.061 9.068 9.072 9.074 9.084
87/16 8.989 8.997 9.000 9.002 9.012
88/00 8.918 8.926 8.929 8.931 8.941
88/16 8.848 8.856 8.859 8.861 8.870
89/00 8.778 8.786 8.789 8.791 8.800
89/16 8.709 8.716 8.719 8.721 8.730
90/00 8.640 8.648 8.650 8.652 8.661
90/16 8.572 8.579 8.582 8.584 8.593
91/00 8.505 8.512 8.514 8.516 8.525
91/16 8.437 8.444 8.447 8.449 8.458
92/00 8.371 8.378 8.380 8.382 8.391
92/16 8.305 8.312 8.314 8.316 8.324
93/00 8.239 8.246 8.248 8.250 8.258
93/16 8.174 8.181 8.183 8.185 8.193
94/00 8.109 8.116 8.118 8.120 8.128
94/16 8.045 8.052 8.054 8.056 8.064
95/00 7.982 7.988 7.990 7.992 8.000
AVERAGE LIFE 13.79 13.76 13.75 13.74 13.69
FIRST PRIN 11/15/2012 11/15/2012 11/15/2012 11/15/2012 11/15/2012
LAST PRIN 08/15/2013 07/15/2013 06/15/2013 06/15/2013 05/15/2013
PAYMENT WINDOW 10 9 8 8 7
ACCRUAL FACTOR 0.0000 0.0000 0.0000 0.0000 0.0000
MOD DURATION @ 90/16 8.14 8.13 8.12 8.12 8.10
</TABLE>
Page 7 of 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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (Updated 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.705 12.966 13.068 13.107 13.051
1/31+ 12.314 12.570 12.670 12.707 12.648
2/00+ 11.933 12.186 12.282 12.318 12.256
2/01+ 11.563 11.811 11.906 11.939 11.875
2/02+ 11.202 11.446 11.538 11.571 11.504
2/03+ 10.851 11.091 11.181 11.212 11.143
2/04+ 10.508 10.745 10.832 10.862 10.791
2/05+ 10.174 10.407 10.492 10.521 10.448
2/06+ 9.848 10.078 10.161 10.188 10.113
2/07+ 9.530 9.756 9.837 9.863 9.786
2/08+ 9.219 9.442 9.522 9.546 9.467
2/09+ 8.916 9.136 9.213 9.236 9.156
2/10+ 8.619 8.836 8.912 8.934 8.852
2/11+ 8.329 8.543 8.617 8.638 8.555
2/12+ 8.046 8.257 8.329 8.349 8.264
2/13+ 7.769 7.977 8.047 8.066 7.980
2/14+ 7.497 7.703 7.772 7.790 7.702
2/15+ 7.232 7.434 7.502 7.519 7.430
2/16+ 6.972 7.172 7.238 7.254 7.163
2/17+ 6.717 6.915 6.979 6.995 6.902
2/18+ 6.468 6.663 6.726 6.740 6.647
Average Life 9.06 8.97 8.93 8.90 8.76
First Prin 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
Last Prin 05/15/2019 05/15/2019 05/15/2019 05/15/2019 12/15/2018
Payment Window 238 238 238 238 233
Mod Duration @ 2/08+ 4.49 4.45 4.42 4.40 4.38
Spread Interp. @ 2/08+ 329.60 352.06 360.06 362.55 354.93
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES SERIES 1999-WF2 (UPDATED 06/11/99) CLASS X
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 12.705 12.699 12.689 12.675 12.568
1/31+ 12.314 12.308 12.298 12.284 12.176
2/00+ 11.933 11.927 11.918 11.903 11.795
2/01+ 11.563 11.557 11.547 11.533 11.424
2/02+ 11.202 11.196 11.187 11.172 11.062
2/03+ 10.851 10.844 10.835 10.820 10.710
2/04+ 10.508 10.502 10.492 10.478 10.367
2/05+ 10.174 10.168 10.158 10.143 10.032
2/06+ 9.848 9.842 9.832 9.817 9.706
2/07+ 9.530 9.524 9.514 9.499 9.387
2/08+ 9.219 9.213 9.203 9.188 9.076
2/09+ 8.916 8.910 8.900 8.885 8.772
2/10+ 8.619 8.613 8.603 8.588 8.475
2/11+ 8.329 8.323 8.314 8.298 8.184
2/12+ 8.046 8.040 8.030 8.015 7.900
2/13+ 7.769 7.763 7.753 7.737 7.623
2/14+ 7.497 7.491 7.482 7.466 7.351
2/15+ 7.232 7.226 7.216 7.200 7.085
2/16+ 6.972 6.966 6.956 6.940 6.824
2/17+ 6.717 6.711 6.701 6.686 6.569
2/18+ 6.468 6.461 6.452 6.436 6.319
Average Life 9.06 9.04 9.02 9.00 8.87
First Prin 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
Last Prin 05/15/2019 05/15/2019 05/15/2019 05/15/2019 12/15/2018
Payment Window 238 238 238 238 233
Mod Duration @ 2/08+ 4.49 4.49 4.49 4.49 4.48
Spread Interp. @ 2/08+ 329.60 329.01 328.08 326.61 315.59
</TABLE>
Page 1 of 1
- --------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
1999-WF2 (UPDATED 06/11/99) CLASS X PASS-THROUGH CERTIFICATES
SERIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY CPR 0 (!YP) CPR 25 (!YP) CPR 50 (!YP) CPR 75 (!YP) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
3 3 3 3 3
ADVANCES YES YES YES YES YES
RECV MNTH 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35
- ------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C>
1/30+ 8.814 8.809 8.801 8.788 8.681
1/31+ 8.394 8.389 8.381 8.368 8.261
2/00+ 7.986 7.981 7.973 7.960 7.852
2/01+ 7.588 7.583 7.575 7.562 7.454
2/02+ 7.201 7.196 7.188 7.175 7.066
2/03+ 6.823 6.819 6.811 6.798 6.688
2/04+ 6.456 6.451 6.443 6.430 6.320
2/05+ 6.097 6.092 6.085 6.071 5.961
2/06+ 5.747 5.742 5.735 5.722 5.611
2/07+ 5.406 5.401 5.393 5.380 5.269
2/08+ 5.073 5.068 5.060 5.047 4.936
2/09+ 4.747 4.742 4.734 4.721 4.610
2/10+ 4.429 4.424 4.416 4.403 4.292
2/11+ 4.118 4.113 4.106 4.092 3.981
2/12+ 3.814 3.809 3.802 3.788 3.676
2/13+ 3.517 3.512 3.504 3.491 3.379
2/14+ 3.226 3.221 3.214 3.200 3.088
2/15+ 2.941 2.937 2.929 2.916 2.803
2/16+ 2.663 2.658 2.650 2.637 2.524
2/17+ 2.390 2.385 2.378 2.364 2.251
2/18+ 2.123 2.118 2.110 2.097 1.984
Average Life 8.42 8.41 8.39 8.37 8.26
First Prin 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
Last Prin 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019
Payment Window 238 238 238 238 238
Mod Duration @ 2/08+ 4.19 4.19 4.19 4.19 4.18
Spread Interp. @ 2/08+ -83.95 -84.42 -85.16 -86.44 -97.35
</TABLE>
Page 1 of 1
- -------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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>
MORGAN STANLEY DEAN WITTER
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE
1999-WF2 (UPDATED 06/11/99) CLASS X PASS-THROUGH CERTIFICATES
SERIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X Cusip N/A Dated Date 07/01/1999 Original Balance 1,080,711,380.00
Delay 14 First Payment Date 08/15/1999 Factor 1.00000000 Lead Manager MSDW/BS
Payment Freq Monthly Next Payment Date 08/15/1999 Current Balance 1,080,711,380.00 Orig Deal Size 1,080,711,380.00
Yield Day Count 30/360 Settlement Date 07/01/1999 Coupon 0.00000 Num of Tranches 17
Yield Freq SemiAnnual Interest Freq Monthly Market Desc N/A Deal Age 0
YIELD TABLE DATE 06/11/1999 Credit Rating IO
</TABLE>
TREASURY CURVE
1 5.105 2 5.650 5 5.852 10 5.940 30 6.070
<TABLE>
<CAPTION>
PREPAY (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100 (!YP) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
0 0.5 1 1.5 2 2.5
ADVANCES YES YES YES YES YES YES
RECV MNTH 12 12 12 12 12 12
LOSSES 0.35 0.35 0.35 0.35 0.35 0.35
- ------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD
<S> <C> <C> <C> <C> <C> <C>
1/30+ 12.568 12.001 11.415 10.805 10.165 9.466
1/31+ 12.176 11.607 11.017 10.404 9.759 9.054
2/00+ 11.795 11.223 10.630 10.013 9.364 8.653
2/01+ 11.424 10.849 10.253 9.633 8.980 8.264
2/02+ 11.062 10.485 9.886 9.262 8.606 7.884
2/03+ 10.710 10.130 9.528 8.902 8.242 7.514
2/04+ 10.367 9.784 9.180 8.550 7.886 7.154
2/05+ 10.032 9.447 8.840 8.207 7.540 6.803
2/06+ 9.706 9.119 8.509 7.873 7.202 6.460
2/07+ 9.387 8.798 8.185 7.547 6.873 6.126
2/08+ 9.076 8.484 7.870 7.228 6.551 5.799
2/09+ 8.772 8.178 7.561 6.917 6.237 5.481
2/10+ 8.475 7.879 7.260 6.613 5.930 5.169
2/11+ 8.184 7.587 6.965 6.316 5.630 4.865
2/12+ 7.900 7.301 6.678 6.026 5.337 4.568
2/13+ 7.623 7.021 6.396 5.742 5.050 4.277
2/14+ 7.351 6.748 6.120 5.464 4.770 3.992
2/15+ 7.085 6.480 5.851 5.193 4.495 3.714
2/16+ 6.824 6.218 5.587 4.927 4.226 3.441
2/17+ 6.569 5.961 5.328 4.666 3.963 3.175
2/18+ 6.319 5.710 5.075 4.411 3.706 2.913
AVERAGE LIFE 8.87 8.76 8.66 8.56 8.46 8.36
FIRST PRIN 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
LAST PRIN 12/15/2018 05/15/2019 05/15/2019 05/15/2019 05/15/2019 05/15/2019
PAYMENT WINDOW 233 238 238 238 238 238
MOD DURATION @ 2/08+ 4.48 4.45 4.42 4.38 4.34 4.28
SPREAD INTERP. @ 2/08+ 315.59 256.62 195.34 131.39 63.83 -11.16
<CAPTION>
(!YP) CPR 100 (!YP) CPR 100
CDR 0 24 CDR 0 24
3 5
YES YES
12 12
0.35 0.35
- --------------------------------
<C> <C>
8.681 5.717
8.261 5.259
7.852 4.813
7.454 4.377
7.066 3.953
6.688 3.538
6.320 3.133
5.961 2.738
5.611 2.351
5.269 1.973
4.936 1.604
4.610 1.242
4.292 0.889
3.981 0.542
3.676 0.203
3.379 -0.129
3.088 -0.455
2.803 -0.774
2.524 -1.088
2.251 -1.395
1.984 -1.696
8.26 7.91
08/15/1999 08/15/1999
05/15/2019 05/15/2019
238 238
4.18 3.77
-97.35 -429.92
</TABLE>
Page 1 of 1
- -------------------------------------------------------------------------------
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 disclaims any and all liability relating to this
information, including without limitation any express or implied
representations or warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. Morgan
Stanley & Co. Incorporated and others associated with it may have positions in,
and may effect transactions in, securities and instruments of issuers mentioned
herein and may also perform or seek to perform investment banking services for
the issuers of such securities and instruments. Past performance is not
necessarily indicative of future results. Price and availability are subject to
change without notice. To our readers worldwide: In addition, please note that
this publication has been issued by Morgan Stanley & Co. Incorporated, approved
by Morgan Stanley International Limited, a member of The Securities and Futures
Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors
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.
