Subject: CMBS Pricing (PRICE)

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-150.0020.003.16AAAAaa+21swapsA-1A529.7020.00NAAAAAaaNAswapsA-2231.5020.005.75AAAAaa+43swapsA-J105.209.6256.61AAAAaa+48swapsB15.208.1257.08AAAa2+55swapsC17.706.3757.40AA2+75swapsD20.304.3758.47BBB+Baa1+120swapsE10.103.3759.11BBBBaa2+150swapsF7.602.6259.21BBB-Baa3+225swaps*Notional amount, interest onlyCollateral balance: $1,014 billionBookrunner(s): Morgan StanleyLead Managers: Morgan Stanley, Sovereign Securities Corp.Master Servicer: Capmark FinanceSpecial Servicer: Sovereign BankTrustee: Wells Fargo BankOriginators: Sovereign Bank (100 percent)Number of Loans/Properties: 264/313Top-10 Concentration: 18.4 percentProperty Types: Multifamily (38.8 ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-183.0030.003.39AAAAaa+13swapsA-1A412.5030.008.74AAAAaaNAswapsA-2681.0030.004.88AAAAaa+22swapsA-358.2030.006.71AAAAaa+33swapsA-AB130.7030.007.30AAAAaa+27swapsA-4954.3630.009.76AAAAaa+28swapsA-M331.4020.009.88AAAAaa+32swapsA-J273.4011.759.95AAAAaa+37swapsB33.1410.759.96AA+Aa1+42swapsC33.149.759.96AAAa2+45swapsD33.148.759.96AA-Aa3+52swapsE20.718.1259.96A+A1+57swapsF24.867.3759.96AA2+65swapsG29.006.509.96A-A3+74swapsH41.425.259.96BBB+Baa1+105swapsJ33.144.259.96BBBBaa2+135swapsK33.143.259.96BBB-Baa3+250swapsL16.572.759.96BB+Ba1NATreasM12.432.3759.96BBBa2NATreasN12.432.009.96BB-Ba3NATreasO8.291.759.96B+B1NATreasP8.291.509.96BB2NATreasQ8.291.259.96B-B3NATreasS41.420.009.96NRNRNATreasXW3,313.94*NA8.12AAAAaaNATreas*Notional amount, interest onlyCollateral balance: $3,313.94 millionBookrunner(s): Bear Stearns, Morgan StanleyLead Managers: Bear Stearns, Morgan StanleyB-piece Buyer: Centerline REIT Inc.Master Servicer: Wells Fargo (74.6 percent), Prudential Asset Resources (25.4 percent)Special Servicer: Centerline Servicing Inc.Trustee: LaSalle BankOriginators: Wells ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-183.0030.003.39AAAAaa+13swapsA-1A412.5030.008.74AAAAaaNAswapsA-2681.0030.004.88AAAAaa+22swapsA-358.2030.006.71AAAAaa+33swapsA-AB130.7030.007.30AAAAaa+27swapsA-4954.3630.009.76AAAAaa+28swapsA-M331.4020.009.88AAAAaa+32swapsA-J273.4011.759.95AAAAaa+37swapsB33.1410.759.96AA+Aa1+42swapsC33.149.759.96AAAa2+45swapsD33.148.759.96AA-Aa3+52swapsE20.718.1259.96A+A1+57swapsF24.867.3759.96AA2+65swapsG29.006.509.96A-A3+74swapsH41.425.259.96BBB+Baa1+105swapsJ33.144.259.96BBBBaa2+135swapsK33.143.259.96BBB-Baa3+250swapsL16.572.759.96BB+Ba1NATreasM12.432.3759.96BBBa2NATreasN12.432.009.96BB-Ba3NATreasO8.291.759.96B+B1NATreasP8.291.509.96BB2NATreasQ8.291.259.96B-B3NATreasS41.420.009.96NRNRNATreasXW3,313.94*NA8.12AAAAaaNATreas*Notional amount, interest onlyCollateral balance: $3,313.94 millionBookrunner(s): Bear Stearns, Morgan StanleyLead Managers: Bear Stearns, Morgan StanleyB-piece Buyer: Centerline REIT Inc.Master Servicer: Wells Fargo (74.6 percent), Prudential Asset Resources (25.4 percent)Special Servicer: Centerline Servicing Inc.Trustee: LaSalle BankOriginators: Wells ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-152.9830.002.68AAAAaa+12swapsA-1A595.7130.009.53AAAAaaNAswapsA-2151.6130.004.92AAAAaa+24swapsA-3180.0030.008.39AAAAaa+37swapsA-41,195.0330.009.79AAAAaa+30swapsA-SB117.5930.007.14AAAAaa+27swapsA-M327.5620.009.91AAAAaa+33swapsA-J262.0512.009.91AAAAaa+40swapsB24.5711.259.93AA+Aa1+46swapsC36.8510.1259.99AAAa2+49swapsD32.769.1259.99AA-Aa3+55swapsE49.137.6259.99AA2+68swapsF36.856.509.99A-A3+76swapsG40.955.259.99BBB+Baa1+117swapsH32.764.259.99BBBBaa2+152swapsJ40.953.009.99BBB-Baa3+225swapsK8.192.759.99BB+Ba1NATreasL8.192.50 BBBa2NATreasM16.382.00 BB-Ba3NATreasN8.191.75 B+B1NATreasP4.091.625 BB2NATreasQ12.281.25 B-B3NATreasNR40.950.00 NRNRNATreasX3,275.61*NANAAAAAaaNATreas*Notional amount, interest onlyCollateral balance: $3,275.61Bookrunner(s): JPMorgan Chase SecuritiesLead Managers: JPMorgan Chase Securities, CIBC World MarketsCo-managers: Bear StearnsB-piece Buyer: Presidio Investments Inc.Master Servicer: CapmarkSpecial Servicer: LNR PartnersTrustee: LaSalle BankOriginators: CIBC (44.5 percent), JPMorgan Chase (55.5 percent)Number of ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-152.9830.002.68AAAAaa+12swapsA-1A595.7130.009.53AAAAaaNAswapsA-2151.6130.004.92AAAAaa+24swapsA-3180.0030.008.39AAAAaa+37swapsA-41,195.0330.009.79AAAAaa+30swapsA-SB117.5930.007.14AAAAaa+27swapsA-M327.5620.009.91AAAAaa+33swapsA-J262.0512.009.91AAAAaa+40swapsB24.5711.259.93AA+Aa1+46swapsC36.8510.1259.99AAAa2+49swapsD32.769.1259.99AA-Aa3+55swapsE49.137.6259.99AA2+68swapsF36.856.509.99A-A3+76swapsG40.955.259.99BBB+Baa1+117swapsH32.764.259.99BBBBaa2+152swapsJ40.953.009.99BBB-Baa3+225swapsK8.192.759.99BB+Ba1NATreasL8.192.50 BBBa2NATreasM16.382.00 BB-Ba3NATreasN8.191.75 B+B1NATreasP4.091.625 BB2NATreasQ12.281.25 B-B3NATreasNR40.950.00 NRNRNATreasX3,275.61*NANAAAAAaaNATreas*Notional amount, interest onlyCollateral balance: $3,275.61Bookrunner(s): JPMorgan Chase SecuritiesLead Managers: JPMorgan Chase Securities, CIBC World MarketsCo-managers: Bear StearnsB-piece Buyer: Presidio Investments Inc.Master Servicer: CapmarkSpecial Servicer: LNR PartnersTrustee: LaSalle BankOriginators: CIBC (44.5 percent), JPMorgan Chase (55.5 percent)Number of ...

Regency Centers Corp. last week priced $400 million of unsecured notes through underwriters led by JPMorgan Securities and Wachovia Securities. The notes, which pay a coupon of 5.875 percent and mature June 15, 2017, were priced at 99.527 percent of ...

Regency Centers Corp. last week priced $400 million of unsecured notes through underwriters led by JPMorgan Securities and Wachovia Securities. The notes, which pay a coupon of 5.875 percent and mature June 15, 2017, were priced at 99.527 percent of ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-12,773.3655.271.63AAAAAAAaa+9LiborA-2584.7947.371.63AAAAAAAaa+13LiborA-3606.5439.181.63AAAAAANR+18LiborB370.2634.181.63AAAAA+NR+25LiborC432.3328.351.63AA+AANR+32LiborD220.0025.351.63AAAA-NR+37LiborE237.8822.171.63A+A+NR+44LiborF214.6819.271.63AANR+48LiborG142.3917.351.63A-A-NR+52LiborH142.3915.421.63BBB+BBB+NR+65LiborJ395.0510.091.63BBBBBBNR+85LiborK213.587.211.63BBB-BBB-NR+105LiborL533.950.001.63BB+BB+NR+130Libor*Notional amount, interest onlyCollateral balance: $6,867.20 millionBookrunner(s): Goldman Sachs, Banc of America Securities, Bear StearnsLead Managers: Goldman Sachs, Banc of America Securities, Bear StearnsCo-managers: Citigroup, Morgan Stanley, Credit Suisse, Deutsche Bank, Wachovia SecuritiesMaster Servicer: Bank of AmericaSpecial ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-12,773.3655.271.63AAAAAAAaa+9LiborA-2584.7947.371.63AAAAAAAaa+13LiborA-3606.5439.181.63AAAAAANR+18LiborB370.2634.181.63AAAAA+NR+25LiborC432.3328.351.63AA+AANR+32LiborD220.0025.351.63AAAA-NR+37LiborE237.8822.171.63A+A+NR+44LiborF214.6819.271.63AANR+48LiborG142.3917.351.63A-A-NR+52LiborH142.3915.421.63BBB+BBB+NR+65LiborJ395.0510.091.63BBBBBBNR+85LiborK213.587.211.63BBB-BBB-NR+105LiborL533.950.001.63BB+BB+NR+130Libor*Notional amount, interest onlyCollateral balance: $6,867.20 millionBookrunner(s): Goldman Sachs, Banc of America Securities, Bear StearnsLead Managers: Goldman Sachs, Banc of America Securities, Bear StearnsCo-managers: Citigroup, Morgan Stanley, Credit Suisse, Deutsche Bank, Wachovia SecuritiesMaster Servicer: Bank of AmericaSpecial ...

   ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-153.2430.002.78AAAAaa+12swapsA-1A605.8630.009.05AAAAaaNAswapsA-2110.8030.004.88AAAAaa+24swapsA-2FL30.0030.004.88AAAAaa+12LiborA-3FL204.2430.006.48AAAAaa+21LiborA-SB102.7830.007.40AAAAaa+29swapsA-4787.9230.009.84AAAAaa+29swapsA-4FL55.0030.009.84AAAAaa+20LiborA-M223.5520.009.91AAAAaa+33swapsA-MFL45.0020.009.91AAAAaa+23LiborA-J174.3612.1259.94AAAAaa+42swapsA-JFL45.0012.1259.94AAAAaa+32LiborB55.7110.12510.00AAAa2+49swapsC27.869.12510.00AA-Aa3+58swapsD45.267.5010.00AA2+69swapsE27.866.5010.00A-A3+79swapsF34.825.2510.00BBB+Baa1+125swapsG27.864.2510.00BBBBaa2+160swapsH24.373.37510.00BBB-Baa3+230swapsJ10.453.0010.00BB+Ba1NATreasK10.452.62510.00BBBa2NATreasL10.452.2510.00BB-Ba3NATreasM6.962.0010.00B+B1NATreasN6.961.7510.00BB2NATreasP6.961.5010.00B-B3NATreasQ41.780.0010.65NRNRNATreasX2,785.50*NANAAAAAaa-Treas*Notional amount, interest onlyCollateral balance: $2,785.50 millionBookrunner(s): Merrill Lynch, Countrywide SecuritiesLead Managers: Merrill Lynch, Countrywide SecuritiesCo-managers: PNC Capital Markets, Morgan Stanley, Goldman SachsB-piece Buyer: Presidio InvestmentsMaster Servicer: Midland Loan ServicesSpecial Servicer: Midland Loan ServicesTrustee: LaSalle BankOriginators: Countrywide ...