Deal Name: 2003-HQ2

Following is a list of recent downgrades by Moody's Investors Service: Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln DXMark (collateral value, % of par)* Class Size $mln Moody's New Rating Moody's Old Rating Notes JPMorgan Chase Commercial ...

Following is a list of recent downgrades by Fitch Ratings: Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln DXMark (collateral value, % of par)* Class Size $mln Fitch's New Rating Fitch's Old Rating Notes GMAC Commercial Mortgage Securities ...

Following is a list of recent downgrades by Moody's Investors Service: Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln DXMark (collateral value, % of par)* Class Size $mln Moody's New Rating Moody's Old Rating Notes Merrill Lynch Mortgage ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln Moody'sNewRating Moody'sOldRating Reason for Rating Action JPMorgan Chase Commercial Mortgage Securities Corp., 2005-FL1 202.5 1,020.0 C 10.2 Aaa Aa1 Increased subordination - - - D 8.3 Aaa Aa2 - - - ...

  Deal Name CurrentPoolBal. $mln Orig.PoolBal $mln Class Size$mln S&PNewRating S&POldRating Reason for Rating Action First Union National Bank Commercial Mortgage Trust, 2001-C3 619.1 818.8 E 11.3 AAA AA+ Increased subordination - - - F 12.3 AA+ AA - - ...

February 25, 2005 Standard & Poor's has downgraded five classes of Morgan Stanley Dean Witter Capital I Trust, 2003-HQ2.The classes have suffered a deterioration in credit enhancement as a result of the disposition of a loan in special servicing.The rating ...

February 11, 2005 Standard & Poor's has placed the ratings of six classes of Morgan Stanley Dean Witter Capital I Trust, 2003-HQ2 on creditwatch with negative implications.The sale of an $8.9 million collateral loan, backed by a 310-unit apartment property ...

March 21, 2003 Class Amt ($mln) Sub Level (%) Avg Life (yrs) Rating Moody's Rating S&P Rating Fitch Final Pricing (bp) Bnch mark A-1 248.63 17.25 4.70 Aaa AAA AAA +45 Swaps A-2 522.23 17.25 9.71 Aaa AAA AAA +46 ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionFirst Union National Bank Commercial Mortgage Trust, 2001-C3619.1818.8E11.3AAAAA+Increased subordination---F12.3AA+AA----G12.3AAA+----H12.3A+A-----J18.4A-BBB+----K14.3BBBBBB--Banc of America Commercial Mortgage Inc., 2002-21,600.01,700.0E17.2AAAAA+Defeasance (34 percent of pool)---F21.6AA+AA----G21.6AAAA-----H19.4A+A----J21.6AA-----K36.6BBB+BBB----L12.9BBBBBB--GMAC Commercial Mortgage Securities Inc., 2001-C2653.0754.9D15.1AA+AAIncreased subordination; defeasance (19 percent of pool)---E9.4AAAA-----F15.1AA-A-----G10.4ABBB+----H9.4A-BBB----J23.6BBB-BB+----K5.7BB+BB----L5.7BBBB-----M11.3BB-B+----N3.8B+B----O3.8BB-----P3.8CCC+CCC-CalWest Industrial Trust, 2002-CALW625.0950.0B50.0AAAA+Defeasance ...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionFirst Union National Bank Commercial Mortgage Trust, 2001-C3619.1818.8E11.3AAAAA+Increased subordination---F12.3AA+AA----G12.3AAA+----H12.3A+A-----J18.4A-BBB+----K14.3BBBBBB--Banc of America Commercial Mortgage Inc., 2002-21,600.01,700.0E17.2AAAAA+Defeasance (34 percent of pool)---F21.6AA+AA----G21.6AAAA-----H19.4A+A----J21.6AA-----K36.6BBB+BBB----L12.9BBBBBB--GMAC Commercial Mortgage Securities Inc., 2001-C2653.0754.9D15.1AA+AAIncreased subordination; defeasance (19 percent of pool)---E9.4AAAA-----F15.1AA-A-----G10.4ABBB+----H9.4A-BBB----J23.6BBB-BB+----K5.7BB+BB----L5.7BBBB-----M11.3BB-B+----N3.8B+B----O3.8BB-----P3.8CCC+CCC-CalWest Industrial Trust, 2002-CALW625.0950.0B50.0AAAA+Defeasance ...