<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$698,318,000 (APPROXIMATE BALANCE) AUGUST 2, 2000
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-C2
APPROXIMATE SECURITIES STRUCTURE:
---------------------------------
APPROXIMATE EXPECTED EXPECTED EXPECTED
EXPECTED FACE/NOTIONAL CREDIT WEIGHTED PAYMENT
CLASS RATING AMOUNT SUPPORT AVERAGE WINDOW (B)
(A) S&P/FITCH (MM) (% OF UPB) LIFE (YEARS)(B)
----------------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
A1 AAA/AAA $123.8 21.250% 5.62 9/00-4/09
A2 AAA/AAA 485.5 21.250 9.56 4/09-6/10
B AA/AA 30.9 17.250 9.83 6/10-6/10
C A/A 28.0 13.625 9.86 6/10-7/10
D A-/A- 10.6 12.250 9.91 7/10-7/10
E BBB/BBB 19.3 9.750 9.91 7/10-7/10
PRIVATELY OFFERED CLASSES (C)
----------------------------------------------------------------------------
F
G
H
J
K
L
M
N
O
X(d)
TOTAL SECURITIES: $773.7
----------------------------------------------------------------------------
(a) Class A1 is expected to have a fixed pass-through rate. Classes A2 through
D are expected to have a fixed pass-through rate subject to a cap equal to
the weighted average Net Mortgage Pass-Through Rate. Class E is expected to
have a pass-through rate equal to the weighted average Net Mortgage
Pass-Through Rate.
(b) Calculated at 0% CPR, assuming no balloon payment extension and that ARD
Loans pay in full on Anticipated Repayment Dates.
(c) Not offered hereby.
(d) Notional amount on interest only class.
KEY FEATURES:
-------------
Lead Managers: Goldman, Sachs & Co.
Deutsche Banc Alex. Brown
Collateral Contributors: GMAC Commercial Mortgage
Corporation (44.31%)
German American Capital Corporation
(DB) (31.90%)
Archon Financial, L.P. (GSMC)
(23.79%)
Collateral: 128 Mortgage Loans ($684,220,240)
and 1 Freddie Mac Multifamily Gold
Participation Certificate
($89,540,000)
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: Wells Fargo Bank Minnesota, N.A.
Launch: August 2000
Pricing: August 2000
Closing: August 2000
Cut-Off Date: August 1st, 5th and 10th
Distribution Date: 16th of each month, or following
business day (commencing September
18, 2000)
Payment Delay: 15 days
ERISA Eligible: Classes A1 and A2 are expected to be ERISA
eligible subject to certain conditions for
eligibility.
SMMEA Eligible: Classes A1, A2, and B are expected to be
SMMEA securities upon issuance.
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution August 16, 2033
Date:
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes: $25,000 &
$1; Class X $1,000,000 Notional
Amount & $1.
Delivery: DTC
--------------------------------------------------------------------------------
COLLATERAL FACTS:
-----------------
Cut-Off Date Loan Principal Balance: $773,760,240
Number of Mortgage Loans: 130
Number of Mortgaged Properties: 158
Average Mortgage Loan Cut-Off Date Balance: $5,952,002
Weighted Average Current Mortgage Rate: 8.409%
Weighted Average Loan U/W DSCR (a) (b) (c): 1.34x
Weighted Average Loan Cut-Off Date LTV Ratio (a) (b) (c): 70.82%
Weighted Average Remaining Term to Maturity (months): 114.9
Weighted Average Remaining Amortization Term (months): 344.8
Weighted Average Seasoning (months): 5
Prepayment Lockout / Defeasance as % of Total: 94.03%
Balloon Loans as % of Total (d): 98.66%
Single Largest Asset as % of Total: 11.57%
Five Largest Assets as % of Total: 26.67%
Ten Largest Assets as % of Total: 37.15%
(a) Excluding the underlying loans of the Freddie Mac Multifamily Gold PC, the
Weighted Average DSCR and Weighted Average LTV would be 1.36x and 69.67%
respectively.
(b) All DSCR and LTV information presented herein is generally calculated as
though any related earnout reserve had been applied to reduce or defease
the primary balance of the mortgage loan.
(c) All DSCR and LTV information presented herein is based upon the Crossed
Collateralized LTV and Crossed Collateralized DSCR.
(d) Includes 22 ARD loans totaling $187.4 mm and 24.22% of the Mortgage Loan
Cut-Off date balance.
TEN LARGEST ASSETS OR SPONSORS:
CURRENT % BY LOAN
LOAN BALANCE POOL UPB LTV DSCR PROPERTY TYPE
-------------------------------------------------------------------------------
Freddie Mac Multifamily $89,540,000 11.57% 79.61% 1.21x Multifamily
Gold PC
Technology Station 36,811,929 4.76 57.52 1.33 Office
Burbank Multifamily 29,617,195 3.83 72.86 1.21 Multifamily
Portfolio (b)
Rialto Building 27,222,688 3.52 69.61 1.28 Office
Centereach Mall 23,197,884 3.00 71.38 1.29 Anchored Retail
One Shoreline Plaza 18,994,291 2.45 71.18 1.32 Office
Sherburne Portfolio 18,463,148 2.39 57.70 1.53 Retail
Rochester Village Apartments 16,316,458 2.11 77.70 1.42 Multifamily
536 & 544 Fayette Street 13,946,089 1.80 57.51 1.38 Industrial
Ahwatukee Palms Shopping Ctr. 13,380,226 1.73 75.17 1.21 Anchored Retail
---------- -----
TOTAL/WTD. AVG. (a) $287,489,907 37.15% 71.12% 1.29X
--------------------------------------------------------------------------------
(a) Excluding the underlying loans of the Freddie Mac Multifamily Gold PC
the Top 10 Weighted Average LTV and Weighted Average DSCR would be
67.29% and 1.32x respectively.
(b) Related sponsor including the $20.98 million Parc Point Apartments and
$8.64 million Oaks Apartment loans.
FREDDIE MAC MULTIFAMILY GOLD PARTICIPATION CERTIFICATE (A):
-----------------------------------------------------------
Cut-Off Date Certificate Balance: $89,540,000
PC Coupon 7.375%
Remaining Term to Maturity (months): 117.0
Remaining Amortization Term (months): 360.0
Prepayment: Lockout/ Defeasance
(a) There are 2 underlying loans to the Freddie Mac Multifamily Gold PC that are
collateralized by 5 multifamily properties in New Jersey with a Cross
Collateralized DSCR of 1.21x and Cross Collateralized LTV of
79.61%.
SELECTED LOAN DATA:
-------------------
NUMBER OF LOAN POOL CUT-OFF DATE BALANCE
GEOGRAPHIC MORTGAGED ----------------------------------
DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
-----------------------------------------------------------------
California 16 $148.7 19.22% 1.35x
New Jersey 16 123.9 16.01 1.23
Texas 11 40.0 5.17 1.30
Virginia 10 34.1 4.40 1.30
Illinois 7 32.9 4.26 1.39
New York 2 30.1 3.90 1.42
Other (a) 96 364.0 47.04 1.37
---- ----- -------
TOTAL/WTD. AVG. 158 $773.8 100.00% 1.34X
-----------------------------------------------------------------
(a) Includes 24 states and the District of Columbia.
NUMBER OF LOAN POOL CUT-OFF DATE BALANCE
MORTGAGED ----------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
-----------------------------------------------------------------
Multifamily 54 $232.5 30.05% 1.28x
Retail (a) 51 228.4 29.51 1.34
Office 26 185.8 24.02 1.32
Lodging 9 61.5 7.95 1.60
Industrial 13 59.7 7.71 1.36
Mixed Use 1 3.1 0.41 1.45
Self-Storage 3 1.7 0.22 1.72
Mobile Home Park 1 1.0 0.13 1.84
----- ------- --------
TOTAL/WTD. AVG. 158 $773.8 100.00% 1.34X
-----------------------------------------------------------------
(a) Includes 27 properties for a total of $150.1 million (65.72% of total)
that are Anchored Retail.
All calculations include the underlying loan and property information of the
Freddie Mac Gold PC
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
-------------------------------------------------------------------------------
o For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the
Class A1, A2, B, C, D, E, F, G, H, J, K, L, M, N, and O
certificates.
-- In case the principal balance of the Class O, N, M, L, K, J,
H, G, F, E, D, C, and B, in that order, have been reduced to
zero due to the allocation of principal losses, then A1 and A2
will be allocated principal pro rata.
o Class X will be entitled to receive payments of interest only and will
not receive any payments of principal. Class X will be entitled to
payments of interest pro rata (based on interest entitlements) with the
Class A1 and A2 certificates each month.
o Each Class will be subordinate to the Class A1, A2, and X and to each
Class with an earlier alphabetic designation than such Class. Each of the
Class A1, A2, and X Certificates will be of equal priority.
o All Classes will pay interest on a 30/360 basis.
o Principal Losses will be allocated in reverse alphabetical order to Class
O, N, M, L, K, J, H, G, F, E, D, C, B, and then pro rata to Class A1 and
A2.
o The Master Servicer will cover net prepayment interest shortfalls on the
loans other than the underlying loans of the Freddie Mac Multifamily Gold
PC, provided that with respect to any loans with due dates on or preceding
the related determination date the Master Servicer will only cover net
prepayment interest shortfalls up to the Master Servicing fee equal to 2
basis points per annum on the principal balance of such loans. Net
prepayment interest shortfalls (after application of prepayment interest
excesses and other Servicer coverage from the Master Servicing Fee) will
be allocated pro-rata (based on interest entitlements) to all regular
Certificates.
o Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes
of outstanding regular Certificates other than to the Class X.
o The Freddie Mac Multifamily Gold Participation Certificate is a mortgage
pass-through security issued and guaranteed by Freddie Mac. The Freddie
Mac Multifamily Gold PC represents an undivided beneficial ownership
interest in two multifamily mortgage loans secured by five mortgaged
properties. Freddie Mac guarantees (i) the timely payment of interest at
the PC Coupon rate, (ii) the timely payment of scheduled principal, and
(iii) the ultimate collection of all principal on the underlying loans by
the payment date occurring in the same month as the maturity date of such
loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS (A)
-------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS:
Prepayment premiums and yield maintenance amounts with respect to all loans will
be allocated between the related Certificates then entitled to principal
distributions and the Class X Certificates as follows:
O A percentage of all prepayment premiums and yield maintenance amounts
with respect to all loans will be allocated to each class of the
Certificates then entitled to principal distributions, which
percentage will be equal to the product of (a) the percentage of the
total principal distribution that such Class receives, and (b) a
percentage (which can be no greater than 100%), the numerator of which
is the excess, if any, of the Pass-Through Rate of the Class of the
Certificates currently receiving principal over the relevant Discount
Rate, and the denominator of which is the excess, if any, of the
Mortgage Rate of the related Mortgage Loan over the Discount Rate.
------------------------------------------------------------------
Prepayment (Pass-Through Rate - Discount Rate)
Premium Allocation = --------------------------------------
Percentage (Mortgage Rate - Discount Rate)
------------------------------------------------------------------
O The remaining percentage of such prepayment premiums and yield
maintenance amounts will be allocated to the Class X Certificates.
O In general, this formula provides for an increase in the allocation of
prepayment premiums and yield maintenance premiums to the Certificates
then entitled to principal distributions relative to the Class X
Certificates as Discount Rates decrease and a decrease in the
allocation to such Classes as Discount Rates rise.
Allocation of Prepayment Premiums Example
-----------------------------------------
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
Bond Class Rate = 6%
Treasury Rate = 5%
% of Principal Distributed to Class = 100%
BOND CLASS ALLOCATION CLASS X ALLOCATION
----------------------------------------------------------------------------
6% - 5% x 100% = 33 1/3% Receives excess premiums = 66 2/3% thereof
-------
8% - 5%
(a) For further information regarding the allocation of prepayment premiums,
refer to the Prospectus Supplement.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PREPAYMENT PROFILE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT OF PRINCIPAL (A) (B)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST
RESTRICTIONS 2000 2001 2002 2003 2004 2005 2006 2007
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Locked out 99.42% 99.43% 98.20% 16.20% 4.83% 0.00% 0.00% 0.00%
Defeasance 0.00 0.00 1.24 83.25 94.49 94.34 94.35 92.83
Yield Maintenance 0.58 0.57 0.56 0.55 0.68 5.66 5.65 5.10
3.00 - 3.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.00 - 1.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.53
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.54
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 773.76 768.15 761.56 754.35 746.68 715.68 706.59 696.70
% OF INITIAL UPB 100.00% 99.28% 98.42% 97.49% 96.50% 92.49% 91.32% 90.04%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST
RESTRICTIONS 2008 2009 2010 2011 2012 2013 2014 2015
------------------------------------------------------------------------------------------------------------------------------------
Locked out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 93.89 92.73 30.49 29.01 27.16 33.19 29.50 24.70
Yield Maintenance 5.17 0.00 32.46 33.96 35.83 51.12 56.13 62.84
3.00 - 3.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.00 - 1.99% 0.52 0.55 37.05 37.04 37.02 15.69 14.37 12.46
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Open 0.41 6.72 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 675.56 617.23 8.62 8.10 7.54 5.18 4.61 4.01
% OF INITIAL UPB 87.31% 79.77% 1.11% 1.05% 0.97% 0.67% 0.60% 0.52%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST AUGUST
RESTRICTIONS 2016 2017 2018 2019 2020 2021 2022 2023
------------------------------------------------------------------------------------------------------------------------------------
Locked out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 22.65 19.81 15.19 7.68 0.00 0.00 0.00 0.00
Yield Maintenance 68.30 75.88 84.81 92.32 0.00 0.00 0.00 0.00
3.00 - 3.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.00 - 1.99% 9.05 4.32 0.00 0.00 100.00 100.00 100.00 100.00
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 3.59 3.13 2.70 2.38 2.09 1.98 1.86 1.73
% OF INITIAL UPB 0.46% 0.40% 0.35% 0.31% 0.27% 0.26% 0.24% 0.22%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
AVERAGE LIFE TABLE (IN YEARS)
(PREPAYMENTS LOCKED OUT THROUGH LOCK OUT PERIOD, DEFEASANCE, YIELD MAINTENANCE
AND PENALTY PERIOD THEN RUN AT THE INDICATED CPRS)
-------------------------------------------------------------------------------
PREPAYMENT ASSUMPTIONS (CPR)
0% CPR 25% CPR 50% CPR 75% CPR 100% CPR
----------------------------------------------------------------------------
A1 5.62 5.61 5.60 5.59 5.51
A2 9.56 9.55 9.53 9.51 9.35
B 9.83 9.83 9.83 9.83 9.66
C 9.86 9.84 9.83 9.83 9.66
D 9.91 9.91 9.89 9.83 9.66
E 9.91 9.91 9.91 9.89 9.71
----------------------------------------------------------------------------
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
BALANCES LOANS BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 419,956 - 499,999 1 $ 419,956 0.05% $ 419,956 1.53x 9.000% 156.0 69.99%
500,000 - 999,999 8 6,181,280 0.80 772,660 1.45 8.871 127.5 67.78
1,000,000 - 1,999,999 19 28,180,779 3.64 1,483,199 1.33 8.568 125.5 70.02
2,000,000 - 2,999,999 22 55,471,257 7.17 2,521,421 1.37 8.509 119.3 70.40
3,000,000 - 3,999,999 23 80,617,116 10.42 3,505,092 1.36 8.445 119.8 69.41
4,000,000 - 4,999,999 10 46,093,802 5.96 4,609,380 1.40 8.496 115.6 66.23
5,000,000 - 5,999,999 7 39,849,281 5.15 5,692,754 1.32 8.621 107.8 69.63
6,000,000 - 6,999,999 10 64,554,796 8.34 6,455,480 1.48 8.419 116.0 70.85
7,000,000 - 7,999,999 5 37,806,469 4.89 7,561,294 1.42 8.585 117.8 70.48
8,000,000 - 8,999,999 7 60,325,303 7.80 8,617,900 1.24 8.526 113.8 72.81
9,000,000 - 9,999,999 2 19,008,703 2.46 9,504,352 1.38 8.474 118.5 72.72
10,000,000 - 11,999,999 5 56,402,021 7.29 11,280,404 1.38 8.477 99.7 74.85
12,000,000 - 13,999,999 2 27,326,314 3.53 13,663,157 1.30 8.570 116.0 66.16
14,000,000 - 16,999,999 1 16,316,458 2.11 16,316,458 1.42 8.150 111.0 77.70
17,000,000 - 19,999,999 2 37,457,439 4.84 18,728,720 1.42 9.000 117.0 64.54
20,000,000 - 24,999,999 2 44,174,649 5.71 22,087,325 1.25 8.118 114.8 71.95
25,000,000 - 49,999,999 3 97,974,618 12.66 32,658,206 1.27 8.003 112.4 68.31
$50,000,000 - 55,600,000 1 55,600,000 7.19 55,600,000 1.23 8.100 117.0 80.00
--- ----------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $ 5,952,002 1.34X 8.409% 114.9 70.82%
=== ============ ======
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE (A)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY STATE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
--------------------- ----------- -------------- -------------- ----------------- ------------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 16 $148,711,704 19.22% $9,294,481 1.35x 8.118% 112.6 66.63%
New Jersey 16 123,910,461 16.01 7,744,404 1.23 8.245 120.8 76.71
Texas 11 40,021,333 5.17 3,638,303 1.30 8.751 116.4 72.17
Virginia 10 34,061,593 4.40 3,406,159 1.30 8.549 115.3 73.51
Illinois 7 32,937,338 4.26 4,705,334 1.39 8.320 113.7 72.85
New York 2 30,147,253 3.90 15,073,626 1.42 8.099 111.1 67.74
Nevada 7 28,684,674 3.71 4,097,811 1.35 8.507 117.8 72.65
Michigan 4 27,098,257 3.50 6,774,564 1.41 8.592 117.9 70.70
Maryland 5 26,911,176 3.48 5,382,235 1.49 8.640 117.3 66.94
Arizona 5 25,740,633 3.33 5,148,127 1.29 8.433 116.6 73.24
Pennsylvania 17 25,182,754 3.25 1,481,338 1.47 8.681 116.2 61.22
Florida 7 23,834,309 3.08 3,404,901 1.30 8.622 116.2 71.07
Colorado 5 21,976,894 2.84 4,395,379 1.31 8.948 86.6 69.44
Minnesota 2 20,145,106 2.60 10,072,553 1.39 8.237 112.5 76.16
Massachusetts 1 18,463,148 2.39 18,463,148 1.53 9.030 115.0 57.70
North Carolina 6 17,610,646 2.28 2,935,108 1.26 8.463 117.6 76.18
Connecticut 3 15,384,483 1.99 5,128,161 1.55 8.605 118.0 65.89
Kansas 2 14,686,280 1.90 7,343,140 1.29 8.681 111.5 74.92
Georgia 5 14,116,140 1.82 2,823,228 1.36 8.387 138.9 71.37
District of Columbia 3 11,888,463 1.54 3,962,821 1.25 8.850 58.0 67.54
Washington 4 10,809,239 1.40 2,702,310 1.40 7.992 113.7 72.27
New Mexico 1 9,924,254 1.28 9,924,254 1.23 8.450 119.0 77.23
New Hampshire 2 9,077,638 1.17 4,538,819 1.36 8.507 116.0 76.03
Indiana 3 9,070,547 1.17 3,023,516 1.25 8.661 113.2 70.27
Oklahoma 2 8,473,739 1.10 4,236,870 1.33 8.606 116.0 74.49
Ohio 2 4,929,744 0.64 2,464,872 1.41 8.219 114.5 72.83
Missouri 2 4,568,950 0.59 2,284,475 1.21 8.350 117.2 68.24
Idaho 5 4,458,627 0.58 891,725 1.45 8.355 180.6 69.39
Delaware 1 3,989,267 0.52 3,989,267 1.28 8.080 117.0 77.92
Alabama 1 3,973,509 0.51 3,973,509 1.73 8.760 112.0 54.81
Nebraska 1 2,972,079 0.38 2,972,079 1.32 8.125 117.0 74.30
--- ----------- ------
TOTAL/WTD. AVG. 158 $773,760,240 100.00% $4,897,217 1.34X 8.409% 114.9 70.82%
=== =========== ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) If a Mortgage Loan is secured by properties in multiple states, it is
treated as multiple Mortgage Loans each of which is allocated a cut-off
balance based on the allocated loan amount.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
NH 1.17%
MA 2.39%
CT 1.99%
NJ 16.01%
DE 0.52%
MD 3.48%
DC 1.54%
NY 3.90%
PA 3.25%
VA 4.40%
NC 2.28%
OH 0.64%
GA 1.82%
FL 3.08%
MI 3.50%
IN 1.17%
AL 0.51%
MN 2.60%
IL 4.26%
MO 0.59%
NB 0.38%
KS 1.90%
OK 1.10%
TX 5.17%
CO 2.84%
NM 1.28%
AZ 3.33%
CA 19.22%
NV 3.71%
ID 0.58%
WA 1.40%
California 19.22%
New Jersey 16.01%
Texas 5.17%
Virginia 4.40%
Illinois 4.26%
New York 3.90%
Nevada 3.71%
Michigan 3.50%
Other(a) 39.38%
(a) Other includes 22 states and District of Columbia.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF PROPERTY TYPES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED BALANCE CUT-OFF DATE AVERAGE AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE CUT-OFF DATE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 54 $232,479,207 30.05% $4,305,170 1.28x 8.142% 116.8 76.28%
Retail (a) 51 228,366,164 29.51 4,477,768 1.34 8.557 114.8 70.75
Office 26 185,846,814 24.02 7,147,954 1.32 8.391 111.1 67.12
Lodging 9 61,523,679 7.95 6,835,964 1.60 8.697 118.0 65.79
Industrial 13 59,665,412 7.71 4,589,647 1.36 8.673 116.5 66.45
Mixed Use 1 3,147,693 0.41 3,147,693 1.45 7.580 99.0 77.72
Self-Storage 3 1,733,538 0.22 577,846 1.72 9.000 156.0 69.41
Mobile Home Park 1 997,734 0.13 997,734 1.84 8.625 115.0 55.43
----- ------- --------
TOTAL/WTD. AVG. 158 $773,760,240 100.00% $4,897,217 1.34X 8.409% 114.9 70.82%
=== =========== ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
a) Includes 27 properties for a total of $150.1 million (65.72% of total) that
are Anchored Retail.
Multifamily 30.05%
Retail 29.51%
Office 24.02%
Lodging 7.95%
Industrial 7.71%
Mixed Use 0.41%
Self-Storage 0.22%
Mobile Home Park 0.13%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIOS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE
PERCENTAGE REMAINING WEIGHTED
RANGE OF DEBT NUMBER OF OF AGGREGATE AVERAGE WEIGHTED TERM TO AVERAGE
SERVICE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE MATURITY CUT-OFF DATE
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE AVERAGE DSCR MORTGAGE RATE (MOS) LTV RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00-1.10x 2 $ 6,480,761 0.84% $3,240,380 1.07x 8.577% 199.9 79.10%
1.11-1.20 8 53,047,845 6.86 6,630,981 1.19 8.257 118.8 78.44
1.21-1.30 57 363,507,504 46.98 6,377,325 1.25 8.440 112.9 74.22
1.31-1.40 27 167,428,934 21.64 6,201,072 1.34 8.368 114.0 67.84
1.41-1.50 12 63,131,994 8.16 5,260,999 1.45 8.314 115.4 74.00
1.51-1.60 10 70,772,694 9.15 7,077,269 1.55 8.502 116.1 61.91
1.61-1.70 4 21,305,740 2.75 5,326,435 1.63 8.413 116.3 62.28
1.71-1.80 3 7,159,802 0.93 2,386,601 1.73 8.754 113.3 52.53
1.81-1.90 2 7,947,103 1.03 3,973,551 1.85 7.956 108.9 55.57
1.91-2.00 2 6,082,935 0.79 3,041,467 1.93 8.770 118.3 40.86
2.01-2.10 2 5,699,634 0.74 2,849,817 2.06 8.671 123.6 48.82
2.21-2.30 1 1,195,296 0.15 1,195,296 2.25 8.190 113.0 49.60
--- ----------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== ============ ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE
RANGE OF PERCENTAGE REMAINING WEIGHTED
CUT-OFF DATE NUMBER OF OF AGGREGATE AVERAGE WEIGHTED TERM TO AVERAGE
LOAN-TO-VALUE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE MATURITY CUT-OFF DATE
RATIOS LOANS BALANCE BALANCE BALANCE AVERAGE DSCR MORTGAGE RATE (MOS) LTV RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.1-35.0% 1 $ 3,958,717 0.51% $3,958,717 1.91x 8.910% 118.0 32.18%
40.1-45.0 1 2,098,154 0.27 2,098,154 1.73 8.875 118.0 42.27
45.1-50.0 2 6,191,748 0.80 3,095,874 2.10 8.541 117.8 46.90
50.1-55.0 3 10,989,750 1.42 3,663,250 1.65 8.220 140.3 53.75
55.1-60.0 15 113,498,262 14.67 7,566,551 1.46 8.369 111.4 57.53
60.1-65.0 9 30,863,293 3.99 3,429,255 1.36 8.691 104.0 63.68
65.1-70.0 21 112,635,736 14.56 5,363,606 1.40 8.386 116.1 67.92
70.1-75.0 37 201,857,950 26.09 5,455,620 1.29 8.498 115.0 72.61
75.1-80.0 39 285,795,163 36.94 7,328,081 1.27 8.333 113.9 78.43
80.1-85.0 2 5,871,467 0.76 2,935,733 1.13 8.556 210.3 82.31
--- ------------ ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== ============ ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS DATE BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.2501-7.5000% 1 $11,803,024 1.53% $11,803,024 1.57x 7.380% 87.0 67.83%
7.5001-7.7500 2 39,959,623 5.16 19,979,811 1.34 7.603 103.6 59.11
7.7501-8.0000 7 24,056,451 3.11 3,436,636 1.56 7.872 131.6 62.27
8.0001-8.2500 19 218,212,292 28.20 11,484,857 1.28 8.126 116.2 76.20
8.2501-8.5000 36 170,912,235 22.09 4,747,562 1.32 8.398 117.3 72.63
8.5001-8.7500 30 131,862,217 17.04 4,395,407 1.37 8.618 121.9 71.25
8.7501-9.0000 26 131,972,994 17.06 5,075,884 1.36 8.854 110.4 67.07
9.0001-9.2500 5 31,107,163 4.02 6,221,433 1.48 9.084 115.5 58.99
9.2501-9.5000 4 13,874,241 1.79 3,468,560 1.24 9.413 68.3 73.22
--- ------------ ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== ============ ======
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS (A)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING NUMBER OF OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF CUT-OFF DATE CUT-OFF WEIGHTED MORTGAGE MATURITY DATE LTV
(MOS) LOANS DATE BALANCE BALANCE DATE BALANCE AVERAGE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
111-130 1 $ 3,958,717 0.51% $3,958,717 1.91x 8.910% 118.0 32.18%
171-190 1 1,939,532 0.25 1,939,532 1.15 8.750 176.0 74.31
211-230 1 1,988,786 0.26 1,988,786 1.28 7.850 212.0 66.96
231-250 2 3,405,926 0.44 1,702,963 1.45 8.292 203.8 55.91
271-290 5 4,003,089 0.52 800,618 1.60 8.753 127.9 66.82
291-310 15 98,217,922 12.69 6,547,861 1.52 8.649 117.4 65.14
311-330 1 5,735,554 0.74 5,735,554 1.25 8.740 118.0 70.55
331-360 104 654,510,715 84.59 6,293,372 1.31 8.367 113.5 72.01
--- ----------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== =========== ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 88 loans representing 70.48% of the Aggregate Cut-Off Date Balance accrue
interest on an Actual/360 basis but have a monthly payment calculated on a
30/360 schedule. Accordingly, the actual amortization term is longer for
these loans than the stated amortization term reflected in the table above.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERM MORTGAGE CUT-OFF CUT-OFF CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
TO MATURITY (MOS) LOANS DATE BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
60-83 4 $23,230,004 3.00% $5,807,501 1.24x 9.123% 58.0 71.48%
84-120 118 738,551,393 95.45 6,258,910 1.34 8.387 115.0 70.81
121-180 5 4,409,373 0.57 881,875 1.39 8.756 164.5 72.65
181-240 2 4,476,398 0.58 2,238,199 1.43 7.889 225.9 59.16
241-300 1 3,093,072 0.40 3,093,072 1.08 8.670 295.0 83.28
--- ----------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== =========== ======
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE CUT-OFF AVERAGE TERM TO CUT-OFF
RANGE OF REMAINING MORTGAGE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
TERMS TO MATURITY (MOS) LOANS DATE BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
51-70 4 $ 23,230,004 3.00% $5,807,501 1.24x 9.123% 58.0 71.48%
71-90 1 11,803,024 1.53 11,803,024 1.57 7.380 87.0 67.83
91-110 12 81,347,677 10.51 6,778,973 1.37 8.007 106.1 64.47
111-120 105 645,400,691 83.41 6,146,673 1.34 8.453 116.6 71.66
151-170 4 2,469,841 0.32 617,460 1.58 8.762 155.4 71.34
171-190 1 1,939,532 0.25 1,939,532 1.15 8.750 176.0 74.31
211-230 1 1,988,786 0.26 1,988,786 1.28 7.850 212.0 66.96
231-250 1 2,487,612 0.32 2,487,612 1.55 7.920 237.0 52.93
271-295 1 3,093,072 0.40 3,093,072 1.08 8.670 295.0 83.28
--- ---------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== =========== ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF CUT-OFF CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS DATE BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 104 $575,956,397 74.44% $5,538,042 1.30x 8.419% 114.7 73.12%
Hyperamortizing 22 187,429,196 24.22 8,519,509 1.44 8.378 112.2 64.82
Fully Amortizing 4 10,374,647 1.34 2,593,662 1.56 8.440 175.4 51.70
--- ----------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== =========== ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED
OF AVERAGE WEIGHTED
AGGREGATE AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF CUT-OFF WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE DATE DATE AVERAGE MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Defeasance 121 $727,600,244 94.03% $6,013,225 1.34x 8.449% 114.3 71.45%
Greater of YM or 1% UPB 3 38,608,297 4.99 12,869,432 1.34 7.647 104.2 58.00
Greater of YM or 1% and 1% Fee 5 4,458,627 0.58 891,725 1.45 8.355 180.6 69.39
Other (a) 1 3,093,072 0.40 3,093,072 1.08 8.670 295.0 83.28
--- ----------- ------
TOTAL/WTD. AVG. 130 $773,760,240 100.00% $5,952,002 1.34X 8.409% 114.9 70.82%
=== =========== ======
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Includes one loan with a 29-month lockout period, a 91-month defeasance
period, a 119-month period which requires greater of YM or a 1% penalty, a
57-month period which requires a 1% penalty, and a 4-month open period.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
FREDDIE MAC MULTIFAMILY GOLD PARTICIPATION CERTIFICATE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
FREDDIE MAC MULTIFAMILY GOLD PC INFORMATION
-------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $89,540,000 $89,540,000
% OF POOL BY UPB 11.57%
SELLER: GMACCM
DATE OF ISSUANCE: TBD
PC COUPON: 7.375%
AMORTIZATION: 30 years
MATURITY DATE: May 1, 2010
FREDDIE MAC GUARANTEE: Freddie Mac guarantees (i) the timely
payment of interest at the PC Coupon Rate, (ii) the
timely payment of scheduled principal and (iii) the
ultimate collection of all principal due to be paid on
the Multifamily Gold Participation Certificate.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
UNDERLYING LOAN INFORMATION
-------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $89,540,000 $89,540,000
ORIGINATOR: GMACCM
NOTE DATE: May 4, 2000
INTEREST RATE: 8.10%
AMORTIZATION: 30 years
MATURITY DATE: May 5, 2010
BORROWER/SPONSOR: The two loans have separate single
purpose, bankruptcy remote borrowers.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS COLLATERALIZATION/ Yes / Yes
DEFAULT:
RESERVES: Replacement: $48,354 monthly
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
UNDERLYING PROPERTY INFORMATION
-------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Multifamily
LOCATION: New Jersey
YEAR BUILT / RENOVATED: Various
THE COLLATERAL: 5 multifamily properties located
in Union, Hamilton Township,
Aberdeen, Somerset, and Lakewood
New Jersey. The portfolio
consists of 1,968 multifamily
units and a 29,956 square foot
retail center.
PROPERTY MANAGEMENT: Jersey Central Management, LLC
CURRENT OCCUPANCY 97%
(MARCH 2000):
UNDERWRITTEN NET CASH FLOW: $9,645,598
APPRAISED VALUE: $112,475,000
APPRAISAL DATES: February and March 2000
CUT-OFF DATE LOAN/UNITS: $45,497.97
CROSS COLLATERALIZED CUT-OFF
DATE LTV: 79.61%
BALLOON LTV: 72.54%
CROSS COLLATERALIZED UWNCF
DSCR: 1.21x
-------------------------------------------------------------------------------
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
TECHNOLOGY STATION
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
LOAN/PARTICIPATION INFORMATION
-------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE
LOAN: $37,200,000 $36,811,929
% OF POOL BY UPB: 4.76%
ORIGINATOR: German American Capital Corporation
NOTE DATE: March 26, 1999
INTEREST RATE: 7.605%
AMORTIZATION: 30 years
ARD DATE: April 1, 2009
BORROWER/SPONSOR: The Borrower is a single purpose,
bankruptcy remote entity.
CALL PROTECTION: Prepayment lockout; Greater of Yield
Maintenance or 1% of the then unpaid
principal balance.
CROSS-COLLATERALIZATION/ NAP/NAP
DEFAULT:
ADDITIONAL FINANCING: None
CASH MANAGEMENT: Hard Lockbox
RESERVES: TI/LC: $105,900 upfront; $20,000
monthly
Replacement: $2,760 monthly
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PROPERTY INFORMATION
-------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Santa Clara, California
YEAR BUILT / RENOVATED: 1998 - 1999 / NAP
THE COLLATERAL: A 221,378 square foot property
consisting of 4 two-story
R&D/office buildings and 2
one-story retail buildings.
PROPERTY MANAGEMENT: Hunter Properties, Inc.; an
affiliate of the borrower.
CURRENT OCCUPANCY (05/01/00): 100%
UNDERWRITTEN NET CASH FLOW: $4,198,865
APPRAISED VALUE: $64,000,000
APPRAISAL DATE: June 5, 2000
CUT-OFF DATE LOAN/SF: $166.29
CUT-OFF DATE LTV: 57.52%
BALLOON LTV: 51.50%
UWNCF DSCR: 1.33x
-------------------------------------------------------------------------------
FIVE LARGEST TENANTS
--------------------
--------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASABLE AREA LEASE EXPIRATION
--------------------------------------------------------------------------------
Magellan 82,153 37.11% 1/12/2009 (a)
--------------------------------------------------------------------------------
ABB Power T&D 75,000 33.88% 1/12/2008
--------------------------------------------------------------------------------
North American Title 13,732 6.20% 1/14/2009
--------------------------------------------------------------------------------
Frequency Technology, Inc 13,030 5.89% 3/18/2004
--------------------------------------------------------------------------------
CPS 11,471 5.18% 11/12/2008
--------------------------------------------------------------------------------
(a) Magellan operates under two separate leases of which 55,485 sq. ft.
expires in January 2009, the remaining 26,668 expires in February 2009.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
BURBANK MULTIFAMILY PORTFOLIO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $29,650,000 $29,617,195
% OF POOL BY UPB 3.83%
ORIGINATOR: Archon Financial, L.P.
NOTE DATE: May 15, 2000
INTEREST RATE: 8.06%
AMORTIZATION: 30 years
MATURITY DATE: June 1, 2010
BORROWER/SPONSOR: The Borrower is a single purpose,
bankruptcy remote entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS-COLLATERALIZATION/ NAP/NAP
DEFAULT:
ADDITIONAL FINANCING: None
CASH MANAGEMENT: None
RESERVES Replacement: $5,650 monthly
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Multifamily
LOCATION: Burbank, California
YEAR BUILT / RENOVATED: 1988 - 1990 / NAP
THE COLLATERAL: Two multifamily complexes. Parc
Pointe Apartments is a 243-unit
garden style apartment complex
consisting of seven, 3-story
buildings. The Oaks Apartments is
a 96-unit garden style apartment
complex consisting of three
3-story apartment buildings.
PROPERTY MANAGEMENT: Anchor Pacifica Management
Company, an affiliate of the
borrower.
CURRENT OCCUPANCY (5/9/00): 99%
UNDERWRITTEN NET CASH FLOW: $3,176,544
APPRAISED VALUE: $40,650,000
APPRAISAL DATE: April 13, 2000
CUT-OFF DATE LOAN/UNITS: $87,366
CUT-OFF DATE LTV: 72.86%
BALLOON LTV: 65.32%
UWNCF DSCR: 1.21x
--------------------------------------------------------------------------------
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
RIALTO BUILDING
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $27,250,000 $27,222,688
% OF POOL BY UPB 3.52%
ORGINATOR: GMACCM
NOTE DATE: May 31, 2000
INTEREST RATE: 8.42%
AMORTIZATION: 30 Years
MATURITY DATE: June 5, 2010
BORROWER/SPONSOR: The Borrower is a single purpose,
bankruptcy remote entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS-COLLATERALIZATION/ NAP/NAP
DEFAULT:
ADDITIONAL FINANCING: There is a $770,000 fully funded earnout
feature pertaining to a lease where the tenant has yet
to take occupancy. The Borrower has until April 1,
2001 to meet the conditions of the earnout or the
funds will be used to pay down the loan.
CASH MANAGEMENT: Soft lockbox
RESERVES: Debt Service: $337,500 upfront
TI/LC: $283,275 upfront ($22,297
monthly reserves if occupancy drops
below 85% for a trailing 6-month
period)
Replacement: $1,753 monthly
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: San Francisco, CA
YEAR BUILT / RENOVATED: 1901 / On-going
THE COLLATERAL: A 9-story, 140,206 square foot
office building located in the
South of Market Area in San
Francisco, CA.
PROPERTY MANAGEMENT: Redding Management, Inc., an
affiliate of the borrower.
OCCUPANCY (5/17/00): 92%
UNDERWRITTEN NET CASH FLOW: $3,105,838
APPRAISED VALUE: $38,000,000
APPRAISAL DATE: April 26, 2000
CUT-OFF DATE LOAN/UNITS: $194.16
CUT-OFF DATE LTV: 69.61%
BALLOON LTV: 64.76%
UWNCF DSCR: 1.28x
FIVE LARGEST TENANTS
--------------------
--------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASABLE AREA LEASE EXPIRATION
--------------------------------------------------------------------------------
Trust for Public Land 39,312 28.04% 7/31/2010
Double Click, Inc. 18,885 13.47% 4/30/2001
Walgreen's (a) 12,000 8.56% 6/30/2030
SFMOMA 7,153 5.10% 7/31/2004
M & R Valuation Service 4,227 3.01% 2/28/2003
--------------------------------------------------------------------------------
(a) Walgreen's is rated A+ by S&P and Aa3 by Moody's.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
--------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CENTEREACH MALL
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $23,300,000 $23,197,884
% OF POOL BY UPB 3.00%
ORGINATOR: German American Capital Corporation
NOTE DATE: November 30, 1999
INTEREST RATE: 8.17%
AMORTIZATION: 30 Years
MATURITY DATE: December 1, 2009
BORROWER/SPONSOR: The Borrower is a single purpose,
bankruptcy remote entity sponsored by
Kimco Realty Corporation (NYSE: KIM).
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS-COLLATERALIZATION/ NAP/NAP
DEFAULT:
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: None
RESERVES: Replacement: $1,829 monthly
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail
LOCATION: Centereach, NY
YEAR BUILT / RENOVATED: 1973/1995
THE COLLATERAL: A 371,028 square foot regional
power center anchored by
Wal-Mart. Tenants include
Modell's Sporting Goods, and CVS
Pharmacy.
PROPERTY MANAGEMENT: Kimco Realty Corporation, an
affiliate of the Borrower (S&P: A-
/ Moody's: A3).
CURRENT OCCUPANCY (5/4/00): 89%
UNDERWRITTEN NET CASH FLOW: $2,699,187
APPRAISED VALUE: $32,500,000
APPRAISAL DATE: August 9, 1999
CUT-OFF DATE LOAN/UNITS: $62.52
CUT-OFF DATE LTV: 71.38%
BALLOON LTV: 64.39%
UWNCF DSCR: 1.29x
--------------------------------------------------------------------------------
FIVE LARGEST TENANTS (A)
------------------------
--------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASABLE AREA LEASE EXPIRATION
--------------------------------------------------------------------------------
Wal-Mart (b) 151,067 40.72% 8/18/2015
--------------------------------------------------------------------------------
Modell's 18,050 4.86% 8/31/2009
--------------------------------------------------------------------------------
Party City 14,885 4.01% 7/31/2007
--------------------------------------------------------------------------------
CVS Pharmacy (c) 14,400 3.88% 3/31/2004
--------------------------------------------------------------------------------
Jo-Ann Stores 14,300 3.85% 1/31/2010
--------------------------------------------------------------------------------
(a) This table excludes one tenant, King Kullen, which leases, but no
longer occupies, 33,600 sq ft of space with an expiration date of
12/31/2003.
(b) Wal-Mart is rated AA by S&P and Aa2 by Moody's.
(c) CVS Pharmacy is rated A by S&P and A3 by Moody's.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
