Subject: CMBS Pricing (PRICE)

June 5, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterThe current $729.4 million commercial mortgage-backed securities deal from Salomon Smith Barney and Greenwich Capital is expected to price sometime today.Traders this morning say that the deal's triple-A ...

May 30, 2000 Go To Fitch IBCA Pre-Sale Report.Go To Moody's Pre-Sale Report.J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-FL 1ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriced(BP)BnchMarkA401.335.5AAAAaa2.3+281-mo. LiborB37.329.5AAAa22.5+451-mo. LiborC4222.75AA22.5+791-mo. LiborD40.416.25BBBBaa22.5+1771-mo. LiborE14.2516.25BBB-Baa32.5+2501-mo. LiborX-1487.1--AAAAaa------

May 30, 2000Go To S&P's Presale Report.Go To Moody's Presale Report.Salomon Brothers Mortgage Securities VII Inc., Series 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)BnchMarkA-1133.725.5AaaAAA5.7+28-301-mo. LiborA-2409.725.5AaaAAA9.14+40-421-mo. LiborB36.520.5Aa2AA9.5+55-581-mo. LiborC3116.25A2A9.5+67-701-mo. LiborD10.914.75A3A-9.5+77-801-mo. LiborE9.113.5Baa1BBB+9.5+240 areaTreas.F14.611.5Baa2BBB9.6+250 areaTreas.G10.910Baa3BBB-9.6+290 areaTreas.X729.4N/AAaaAAAN/A+350* areaTreas.

May 10, 2000Original Price Talk From March 27.Revised Price Talk From May 4.LB-UBS Commercial Mortgage Trust 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifePriced(BP)BnchMarkA-139520.25AaaAAA5+128.3 (L+30)Treas.A-2698.320.25AaaAAA10+166.6 (L+43)Treas.B75.414.75Aa2AA10+181.6Treas.C51.411A2A10+193.6Treas.D20.59.5A3A-10+203.6Treas.E13.78.5Baa1BBB+10+240Treas.F13.77.5Baa2BBB10+248Treas.G12.36.6Baa3BBB-10+295Treas.X*1.37 bilN/AAaaAAA--+350**Treas.*Interest only.** At 100 percent CPA.Go To Moody's Pre-Sale Report.Go To Fitch IBCA Presale Report.

May 9, 2000 Go To Initial Price Talk.1211 Avenue of the Americas Trust, Series 2000-1211ClassAmount($mln)RatingMoody'sRatingFitchPriced(BP)BnchMarkA141.3AaaAAA+174Treas.B46.5Aa2AA+186Treas.C40.8A2A+195Treas.D43.7Baa2BBB+215Treas.E27.7Baa3BBB-+255Treas.X*300AaaAAAN/ATreas.* Interest-only strip.Go To Fitch IBCA Pre-Sale Report.Go To Moody's Pre-Sale Report.

May 5, 2000 Go To Moody's Pre-Sale Report.Go To S&P's Presale Report.Go To Fitch IBCA's Presale Report. Starwood Asset Receivables Trust, Collateralized Mortgage Bonds, Ser. 2000-1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PRatingFitchAvg.LifePriced(BP)BnchMarkA484.759AaaAAAAAA1.7+30LiborB94.651Aa2AAAA3.4+50LiborC106.442A2NRA+3.7+100LiborD53.237.5NRNRA4145LiborE124.127NRNRBBB4.5275LiborF35.523.75NRNRBBB-4.7N/ALiborClasses G, H and I, totaling $280.8 million, were retained by Starwood.

May 4, 2000Go To Moody's Revised Pre-Sale Report.Go To Fitch IBCA's Revised Presale Report.Original Price Talk From March 27.LB-UBS Commercial Mortgage Trust 2000-C3ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifePrice Talk(BP)BnchMarkA-138520.25AaaAAA5+30 area1-mo. LiborA-2657.320.25AaaAAA10+45 area1-mo. LiborB71.914.75Aa2AA10+185 areaTreas.C49.011A2A10+197 areaTreas.D19.69.5A3A-10+207 areaTreas.E13.18.5Baa1BBB+10+230-235Treas.F13.17.5Baa2BBB10+240-245Treas.G11.86.6Baa3BBB-10+280-285Treas.X*1.31 bilN/AAaaAAA--+375 areaTreas.* Interest only.

May 1, 2000Go To Fitch IBCA Pre-Sale Report.Go To S&P Pre-Sale Report.First Union National Bank Commercial Mortgage Trust, 2000-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriced (BP)BnchMarkA-19625.75AAAAAA5.6+28LiborA-2485.525.75AAAAAA10+43LiborB39.220.75AAAA10+58LiborC35.216.25AA10+70LiborD11.714.75A-A-10+80LiborE25.511.5BBBBBB10+240Treas.F-11.710BBB-BBB-10+285Treas.X*783.09N/AAAArAAA10+400*Treas.* Interest-only, at 100 percent CPR.

May 1, 2000 Go To Moody's Pre-Sale Report.Go To S&P Pre-Sale Report.Four Times Square Trust, Series 2000-4TSClassAmount($mln)RatingS&PRatingMoody'sAvg.LifePriced (BP)BnchMarkA-147AAAAaa5.6+30LiborA-2233AAAAaa9.9+43LiborB46AAAa210+53LiborC68AA210+63LiborD36BBBBaa210PresoldLiborX*430AAArAaaN/AN/ALibor* Interest-only strip.

April 26, 2000 Go To Moody's Pre-Sale Report.Go To S&P Pre-Sale Report.Four Times Square Trust, Series 2000-4TS*ClassAmount($mln)RatingS&PRatingMoody'sAvg.LifeTalk(BP)BnchMarkA-147AAAAaa5.6+30LiborA-2233AAAAaa10+42LiborB46AAAa210+52LiborC68AA210+62LiborD36BBBBaa210PresoldLiborX**430AAArAaaN/AN/ALibor* Not verified by underwriters.** Interest-only strip.