Subject: CMBS Pricing (PRICE)

January 27, 2000 Bear Stearns Commercial Mortgage Securities, 2000-WF1ClassAmount($mln)Sub. Level(%)RatingDuff & PhelpsRatingFitchAvg.LifePricing (BP)BnchMarkA-1260.119.5AAAAAA5+90Treas.A-245519.5AAAAAA10+106Treas.B31.116AAAA10+118Treas.C35.512AA10+130Treas.D8.911A-A-10+140Treas.E26.68BBBBBB10+165Treas.F8.97BBB-BBB-10+230Treas.X*888.3N/AAAAAAA--N/ATreas.* Interest only.

January 26, 2000 Go To Moody's Pre-Sale Report.Go To S&P's Pre-Sale Reports Page. Deutsche Banc Alex. Brown – COMM 2000-FL1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePricing (BP)BnchMarkA699.530.25AaaAAA2.1+301-mo. LiborB57.724.5Aa2AA2.7+471-mo. LiborC12.523.25Aa2AA-2.7+571-mo. LiborD57.717.5A2A2.7N/A1-mo. LiborE2015.5A2--2.7N/A1-mo. LiborF40.111.5Baa1--2.7N/A1-mo. LiborG1510Baa2--2.7N/A1-mo. LiborH60.24Baa3--3N/A1-mo. LiborJ152.5Ba1--2.7--1-mo. LiborK250.0Ba2--2.7--1-mo. LiborX*1,002--------N/A1-mo. LiborN/A: Not available.* Notional amount only.

January 24, 2000Bear Stearns Commercial Mortgage Securities, 2000-WF1ClassAmount($mln)Sub. Level(%)RatingDuff & PhelpsRatingFitchAvg.LifePricetalk(BP)BnchMarkA-1260.119.5AAAAAA5+88-90Treas.A-245519.5AAAAAA10+105-107Treas.B31.116AAAA10+120-122Treas.C35.512AA10+135-137Treas.D8.911A-A-10+145-147Treas.E26.68BBBBBB10+180-185Treas.F8.97BBB-BBB-10+240-250Treas.X*888.3N/AAAAAAA--+350 areaTreas.* Interest only.

December 16, 1999 CDC Securitization Corp., Series 1999-FL1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifePriced(BP)BnchMarkA289.647AAAAAA1.98+45LiborB4139.5AA2AA2.25+68LiborC43.731.5A2A2.98+130LiborD43.723.5BAA2BBB2.98+230LiborE21.919.5NRBBB-2.98+350Libor

December 14, 1999 First Union National Bank, Commercial Mortage Trust, Series 1999-C4ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePriced(BP)Bnch.MarkA-120626.25AAAAAA5.4+100.5Treas.A-2447.326.25AAAAAA9.7+119.75Treas.B through F*144--AA to BBB-AA to BBB-------G33.26.25BB+NR**10.8----H11.15BBNR11.6----X885.8--AAArAAA9N/A**N/A* Classes B through F, rated AA to BBB-, were pre-purchases and therefore not available.** Not available.

December 13, 1999First Union National Bank, Commercial Mortage Trust, Series 1999-C4ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePricetalk(BP, Treas.)PriceTalk(BP, Libor)A-120626.25AAAAAA5.4+98-100+28-30A-1447.326.25AAAAAA9.7+118-120+37-39.B through F*144--AA to BBB-AA to BBB---Not offered--G33.26.25BB+NR**10.8----H11.15BBNR11.6----X885.8--AAArAAA9N/A**N/A* Classes B through F, rated AA to BBB-, were pre-purchased and therefore not available.** Not available.Go To ...

December 2, 1999PRICE TALK: Deutsche Bank/Goldman Sachs Rule 144a, Fixed-Rate, $386 Mln*TrancheAvg.LifePriceTalk(BP)BnchMarkAAA4+115-120Treas.AA8.4+175-200Treas.A8.6+225-250Treas.BBB9.1+350-375Treas.IO9.1+550 areaTreas.* Limited information available.

November 22, 1999 PNC Mortgage Acceptance Corp., Series 1999-CM1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriceTalk(BP) BnchMarkA-1A127.126.76AAAAAA5.7+102.5Treas.A-1B45026.75AAAAAA9.56+124.25Treas.A-241.421.5AAAA9.85+143.25Treas.A-335.4517AA9.9+158Treas.A-413.7915.25A-A-9.9+178Treas.B-125.612BBBBBB9.9+233Treas.B-29.8510.75BBB-BBB-9.9+318Treas.

November 18, 1999 PNC Mortgage Acceptance Corp., Series 1999-CM1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriceTalk(BP)BnchMarkA-1A127.126.76AAAAAA5.7+99-101Treas.A-1B45026.75AAAAAA9.56+118-120Treas.A-241.421.5AAAA9.85+139-142Treas.A-335.4517AA9.9+157-162Treas.A-413.7915.25A-A-9.9+178-183Treas.B-125.612BBBBBB9.9+233-238Treas.B-29.8510.75BBB-BBB-9.9+313-318Treas.

November 17, 1999 Go To Original Price Talk.Chase Commercial Mortgage Securities Corp., 1999-2ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifeSpread(BP)BnchMarkA-1105.926.5AAAAAA5.5+100.5Treas.A-2469.326.5AAAAAA9.83+119.25Treas.B4121.25AAAA9.98+141.25Treas.C37.116.5AA9.98+159.25Treas.D11.715A-A-9.98+181.25Treas.E27.411.5BBBBBB9.98+235Treas.F11.710BBB-BBB-9.98+315Treas.X782.7*--AAAAAA9.46+360**Treas.* Notional Amount** At 100% Constant Prepayment Rate