Subject: CMBS Pricing (PRICE)

April 26, 2000 Go To Fitch IBCA Pre-Sale Report.Go To Moody's Pre-Sale Report.1211 Avenue of the Americas Trust, Series 2000-1211ClassAmount($mln)RatingMoody'sRatingFitchTalk(BP)BnchMarkA141.3AaaAAA+159-161Treas.B46.5Aa2AA+171-173Treas.C40.8A2A+181-183Treas.D43.7Baa2BBB+220-230Treas.E27.7Baa3BBB-+260-270Treas.X*300AaaAAAN/ATreas.* Interest-only strip.

April 25, 2000 Go 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.LifeGuidance(BP)BnchMarkA-19625.75AAAAAA5.6L+24-26Int. Swap*A-2485.525.75AAAAAA10L+38-40Int. SwapB39.220.75AAAA10L+50-55Int. SwapC35.216.25AA10L+62-70Int. SwapD11.714.75A-A-10L+72-75Int. SwapE25.511.5BBBBBB10+240 areaTreas.F-11.710BBB-BBB-10+285 areaTreas.X**783.09N/AAAArAAA10+400Treas.* Guidance was issued against the interpolated swap spread in classes A-1 through ...

April 17, 2000 Go To Initial Price Talk Table.April 14: Deal Selling BrisklyApril 13: Deal LaunchedMorgan Stanley Dean Witter Capital I Trust 2000-LIFE1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriced(BP)BnchMarkA-1113.819.75AAAAAA5+120Treas. (L+26)A-243919.75AAAAAA10+162Treas. (L+40)B22.416.5AAAA10+176Treas.C25.8512.75AA10+188Treas.D8.611.25A-A-10+198Treas.E17.29BBBBBB10+240Treas.F6.98BBB-BBB-10+280Treas.X689N/AAAArAAA--+400*Treas.*Interest only, at 100 percent CPR.Tranches triple-B-minus and below were private. Go To S&P's Presale ...

April 13, 2000 Go To S&P's Presale Report.Go To Fitch IBCA's Presale Report.Morgan Stanley Dean Witter Capital I Trust 2000-LIFE1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePricetalk(BP)BnchMarkA-1113.819.75AAAAAA5+121-123Treas. (L+26-28)A-243919.75AAAAAA10+163 areaTreas. (L+40)B22.416.5AAAA10+177 areaTreas.C25.8512.75AA10+189 areaTreas.D8.611.25A-A-10+199 areaTreas.E17.29BBBBBB10+235-240Treas.X689N/AAAArAAA--+400*Treas.*Interest only, at 100 percent CPR.Tranches triple-B-minus and below were private.

March 27, 2000 Go To Moody's Presale Report.Go To Fitch IBCA Presale Report.LB-UBS Commercial Mortgage Trust 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifePrice Talk(BP)BnchMarkA-139520.25AaaAAA5+33 area1-mo. LiborA-2698.320.25AaaAAA10+45 area1-mo. LiborB75.414.75Aa2AA10+172 areaTreas.C51.411A2A10+187 areaTreas.D20.59.5A3A-10+197 areaTreas.E13.78.5Baa1BBB+10+217 areaTreas.F13.77.5Baa2BBB10+227 areaTreas.G12.36.6Baa3BBB-10+260 areaTreas.X*1.37 bilN/AAaaAAA--+350-375Treas.*Interest only.

March 22, 2000 By Thomas J. Walsh, IPGDirect.com Senior WriterUnderwriters of a $1.37 billion commercial mortgage-backed securities deal by Lehman Brothers and Warburg Dillon Read have delayed issuing price guidance on the deal until Monday morning. An unusually extensive road ...

March 21, 2000 The $334.2 million securitization of 70 loans from Allied Capital Corp. and lead managed by Salomon Smith Barney has priced. Traders familiar with the deal today said that no official price guidance had been issued on the ...

March 17, 2000Go To Initial Price Talk.Chase Commercial Mortgage Securities Corp, 2000-1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePriced (BP)BnchMarkA-1125.226.5AAAAAA5.7+117.25 (L+31)Treas.A-2392.426.5AAAAAA10+150.25 (L+43)Treas.B3721.25AAAA10+164.25Treas.C33.516.5AA10+178.25Treas.D10.615A-A-10+188.25Treas.E24.611.5BBBBBB10+225.25Treas.F10.610BBB-BBB-10+265Treas.X704.2N/AAAArAAA--+380*Treas.* At 100 percent constant prepayment rate.

March 14, 2000Chase Commercial Mortgage Securities Corp, 2000-1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePriceTalk(BP)BnchMarkA-1125.226.5AAAAAA5.7+106-109 (L+23-31)Treas.A-2392.426.5AAAAAA10+140-143 (L+38-41)Treas.B3721.25AAAA10+153-156Treas.C33.516.5AA10+165-168Treas.D10.615A-A-10+175-178Treas.E24.611.5BBBBBB10+210 areaTreas.F10.610BBB-BBB-10+255 areaTreas.X704.2N/AAAArAAA--+375*Treas.* At 100 percent constant prepayment rate.

March 9, 2000Go To Price Talk Table.$886.4 Million GMAC Commercial Mortgage Conduit 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifeFinal Pricing (BP)BnchMarkA-1125.924.75AaaAAA5.7+110.5 (L+33)Treas.A-2541.124.75AaaAAA9.6+142.5 (L+42)Treas.B37.720.5Aa2AA9.8+156.5Treas.C42.115.75A2AA-9.8+168.5Treas.D8.914.75A3A-9.8+176.5Treas.E3111.25Baa2BBB9.8+219.5Treas.F15.59.5Baa3BBB-9.8+260Treas.X886.4N/AAAAAaa9.1+390 @ 100 cprTreas.