8-K 1 efc4-1633_5594380fm8k.txt MORGAN STANLEY ----------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest Event Reported): June 30, 2004 Morgan Stanley Capital I Inc. Morgan Stanley Mortgage Loan Trust 2004-5AR Mortgage-Backed Certificates, Series 2004-5AR MORGAN STANLEY CAPITAL I INC. ----------------------------- (Exact name of registrant as specified in its charter) Delaware 333-104283 13-3291626 ---------------------------- --------------- ---------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 1585 Broadway, 2nd Floor New York, New York 10036 ---------------------- ---------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (212) 296-7000 ----- -------------- _______________________________________________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Section 8 Other Events --------- ------------ Item 8.01. Other Events. --------- ------------ On June 30, 2004, Morgan Stanley Capital I Inc. (the "Company") entered into a Pooling and Servicing Agreement dated as of June 1, 2004 (the "Pooling and Servicing Agreement"), by and among the Company, as depositor, Morgan Stanley Mortgage Capital Inc., as seller (the "Seller"), Wells Fargo Bank, National Association, as master servicer (the "Master Servicer"), Washington Mutual Mortgage Securities Corp., as servicer (the "Servicer"), and Deutsche Bank National Trust Company, as trustee (the "Trustee"), providing for the issuance of the Company's Mortgage Pass-Through Certificates, Series 2004-5AR. The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1. 2 Section 9 Financial Statements and Exhibits --------- --------------------------------- Item 9.01. Financial Statements and Exhibits. ---------- --------------------------------- (a) Financial statements of businesses acquired: ------------------------------------------- Not applicable. (b) Pro forma financial information: ------------------------------- Not applicable. (c) Exhibits: -------- Exhibit No. Description ----------- ----------- 99.1. Pooling and Servicing Agreement, dated as of June 1, 2004, by and among the Company, Seller, Master Servicer, Servicer and the Trustee. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MORGAN STANLEY CAPITAL I INC. By: /s/ Steven Shapiro ----------------------------------- Steven Shapiro Executive Director Dated: September 9, 2004 4 Exhibit Index ------------- Exhibit Page ------- ---- 99.1. Pooling and Servicing Agreement, dated as of June 1, 2004, by and among, the Company, Seller, Master Servicer, Servicer and the Trustee. 6 5

Morgan Stanley Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 7/31/2004 Distribution Date: 8/25/2004 MSML Series: 2004-5AR Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution 1-A-1 61748HAM3 SEN 4.13725% 33,294,132.92 114,788.42 722,400.69 1-A-2 61748HAN1 SEN 2.78725% 111,224,926.44 258,342.95 2,413,306.98 1-A-3 61748HAP6 SEN 1.35000% 0.00 125,128.04 0.00 A-R 61748HBA8 SEN 4.13926% 0.00 0.46 0.00 2-A 61748HAQ4 SEN 4.04835% 121,183,827.22 408,828.78 1,328,296.59 3-A-1 61748HAR2 SEN 4.65738% 414,806,698.71 1,609,928.72 5,854,338.98 3-A-2 61748HAS0 SEN 4.65738% 4,938,174.98 19,165.82 69,694.51 3-A-3 61748HAT8 SEN 4.65738% 24,098,293.92 93,529.19 340,109.22 3-A-4 61748HAU5 SEN 4.65738% 70,010,090.71 271,719.95 1,270,349.74 3-A-5 61748HAV3 SEN 4.65738% 20,000,000.00 77,623.08 0.00 4-A 61748HAW1 SEN 4.73742% 144,658,221.64 571,088.92 554,602.92 B-1 61748HAX9 SUB 4.51114% 18,180,723.75 68,346.53 5,380.34 B-2 61748HAY7 SUB 4.51114% 14,139,896.45 53,155.91 4,184.51 B-3 61748HAZ4 SUB 4.51114% 9,595,215.36 36,071.16 2,839.57 B-4 61748HBB6 SUB 4.51114% 5,050,534.28 18,986.40 1,494.64 B-5 61748HBC4 SUB 4.51114% 3,534,974.11 13,288.98 1,046.13 B-6 61748HBD2 SUB 4.51114% 2,526,067.91 9,496.21 747.56 P 61748HBE0 PPP 0.00000% 100.00 0.00 0.00 Totals 997,241,878.40 3,749,489.52 12,568,792.38

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A-1 0.00 32,571,732.23 837,189.11 0.00 1-A-2 0.00 108,811,619.46 2,671,649.93 0.00 1-A-3 0.00 0.00 125,128.04 0.00 A-R 0.00 0.00 0.46 0.00 2-A 0.00 119,855,530.63 1,737,125.37 0.00 3-A-1 0.00 408,952,359.73 7,464,267.70 0.00 3-A-2 0.00 4,868,480.47 88,860.33 0.00 3-A-3 0.00 23,758,184.71 433,638.41 0.00 3-A-4 0.00 68,739,740.97 1,542,069.69 0.00 3-A-5 0.00 20,000,000.00 77,623.08 0.00 4-A 0.00 144,103,618.72 1,125,691.84 0.00 B-1 0.00 18,175,343.42 73,726.87 0.00 B-2 0.00 14,135,711.94 57,340.42 0.00 B-3 0.00 9,592,375.79 38,910.73 0.00 B-4 0.00 5,049,039.64 20,481.04 0.00 B-5 0.00 3,533,927.98 14,335.11 0.00 B-6 0.00 2,525,320.35 10,243.77 0.00 P 0.00 100.00 0.00 0.00 Totals 0.00 984,673,086.04 16,318,281.90 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A-1 34,000,000.00 33,294,132.92 5,458.44 716,942.25 0.00 0.00 1-A-2 113,583,000.00 111,224,926.44 18,234.87 2,395,072.11 0.00 0.00 1-A-3 0.00 0.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 2-A 123,045,000.00 121,183,827.22 66,688.26 1,261,608.33 0.00 0.00 3-A-1 420,000,000.00 414,806,698.71 102,409.69 5,751,929.29 0.00 0.00 3-A-2 5,000,000.00 4,938,174.98 1,219.16 68,475.35 0.00 0.00 3-A-3 24,400,000.00 24,098,293.92 5,949.52 334,159.70 0.00 0.00 3-A-4 71,137,000.00 70,010,090.71 22,222.17 1,248,127.57 0.00 0.00 3-A-5 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00 4-A 146,127,000.00 144,658,221.64 57,371.88 497,231.04 0.00 0.00 B-1 18,186,000.00 18,180,723.75 5,380.34 0.00 0.00 0.00 B-2 14,144,000.00 14,139,896.45 4,184.51 0.00 0.00 0.00 B-3 9,598,000.00 9,595,215.36 2,839.57 0.00 0.00 0.00 B-4 5,052,000.00 5,050,534.28 1,494.64 0.00 0.00 0.00 B-5 3,536,000.00 3,534,974.11 1,046.13 0.00 0.00 0.00 B-6 2,526,801.00 2,526,067.91 747.56 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 1,010,335,001.00 997,241,878.40 295,246.74 12,273,545.64 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A-1 722,400.69 32,571,732.23 0.95799212 722,400.69 1-A-2 2,413,306.98 108,811,619.46 0.95799212 2,413,306.98 1-A-3 0.00 0.00 0.00000000 0.00 A-R 0.00 0.00 0.00000000 0.00 2-A 1,328,296.59 119,855,530.63 0.97407884 1,328,296.59 3-A-1 5,854,338.98 408,952,359.73 0.97369609 5,854,338.98 3-A-2 69,694.51 4,868,480.47 0.97369609 69,694.51 3-A-3 340,109.22 23,758,184.71 0.97369609 340,109.22 3-A-4 1,270,349.74 68,739,740.97 0.96630081 1,270,349.74 3-A-5 0.00 20,000,000.00 1.00000000 0.00 4-A 554,602.92 144,103,618.72 0.98615327 554,602.92 B-1 5,380.34 18,175,343.42 0.99941402 5,380.34 B-2 4,184.51 14,135,711.94 0.99941402 4,184.51 B-3 2,839.57 9,592,375.79 0.99941402 2,839.57 B-4 1,494.64 5,049,039.64 0.99941402 1,494.64 B-5 1,046.13 3,533,927.98 0.99941402 1,046.13 B-6 747.56 2,525,320.35 0.99941402 747.56 P 0.00 100.00 1.00000000 0.00 Totals 12,568,792.38 984,673,086.04 0.97460059 12,568,792.38

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A-1 34,000,000.00 979.23920353 0.16054235 21.08653676 0.00000000 1-A-2 113,583,000.00 979.23920340 0.16054225 21.08653681 0.00000000 1-A-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A 123,045,000.00 984.87404787 0.54198269 10.25322711 0.00000000 3-A-1 420,000,000.00 987.63499693 0.24383260 13.69506974 0.00000000 3-A-2 5,000,000.00 987.63499600 0.24383200 13.69507000 0.00000000 3-A-3 24,400,000.00 987.63499672 0.24383279 13.69506967 0.00000000 3-A-4 71,137,000.00 984.15860537 0.31238554 17.54540633 0.00000000 3-A-5 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 4-A 146,127,000.00 989.94861757 0.39261656 3.40273214 0.00000000 B-1 18,186,000.00 999.70987298 0.29585065 0.00000000 0.00000000 B-2 14,144,000.00 999.70987344 0.29585054 0.00000000 0.00000000 B-3 9,598,000.00 999.70987289 0.29585018 0.00000000 0.00000000 B-4 5,052,000.00 999.70987332 0.29585115 0.00000000 0.00000000 B-5 3,536,000.00 999.70987274 0.29585124 0.00000000 0.00000000 B-6 2,526,801.00 999.70987426 0.29585234 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A-1 0.00000000 21.24707912 957.99212441 0.95799212 21.24707912 1-A-2 0.00000000 21.24707905 957.99212435 0.95799212 21.24707905 1-A-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A 0.00000000 10.79520980 974.07883807 0.97407884 10.79520980 3-A-1 0.00000000 13.93890233 973.69609460 0.97369609 13.93890233 3-A-2 0.00000000 13.93890200 973.69609400 0.97369609 13.93890200 3-A-3 0.00000000 13.93890246 973.69609467 0.97369609 13.93890246 3-A-4 0.00000000 17.85779187 966.30081350 0.96630081 17.85779187 3-A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 4-A 0.00000000 3.79534870 986.15326887 0.98615327 3.79534870 B-1 0.00000000 0.29585065 999.41402287 0.99941402 0.29585065 B-2 0.00000000 0.29585054 999.41402291 0.99941402 0.29585054 B-3 0.00000000 0.29585018 999.41402271 0.99941402 0.29585018 B-4 0.00000000 0.29585115 999.41402217 0.99941402 0.29585115 B-5 0.00000000 0.29585124 999.41402149 0.99941402 0.29585124 B-6 0.00000000 0.29585234 999.41402192 0.99941402 0.29585234 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A-1 34,000,000.00 4.13725% 33,294,132.92 114,788.42 0.00 0.00 1-A-2 113,583,000.00 2.78725% 111,224,926.44 258,342.95 0.00 0.00 1-A-3 0.00 1.35000% 111,224,926.44 125,128.04 0.00 0.00 A-R 100.00 4.13926% 0.00 0.00 0.00 0.00 2-A 123,045,000.00 4.04835% 121,183,827.22 408,828.78 0.00 0.00 3-A-1 420,000,000.00 4.65738% 414,806,698.71 1,609,928.72 0.00 0.00 3-A-2 5,000,000.00 4.65738% 4,938,174.98 19,165.82 0.00 0.00 3-A-3 24,400,000.00 4.65738% 24,098,293.92 93,529.19 0.00 0.00 3-A-4 71,137,000.00 4.65738% 70,010,090.71 271,719.95 0.00 0.00 3-A-5 20,000,000.00 4.65738% 20,000,000.00 77,623.08 0.00 0.00 4-A 146,127,000.00 4.73742% 144,658,221.64 571,088.92 0.00 0.00 B-1 18,186,000.00 4.51114% 18,180,723.75 68,346.53 0.00 0.00 B-2 14,144,000.00 4.51114% 14,139,896.45 53,155.91 0.00 0.00 B-3 9,598,000.00 4.51114% 9,595,215.36 36,071.16 0.00 0.00 B-4 5,052,000.00 4.51114% 5,050,534.28 18,986.40 0.00 0.00 B-5 3,536,000.00 4.51114% 3,534,974.11 13,288.98 0.00 0.00 B-6 2,526,801.00 4.51114% 2,526,067.91 9,496.21 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 1,010,335,001.00 3,749,489.06 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A-1 0.00 0.00 114,788.42 0.00 32,571,732.23 1-A-2 0.00 0.00 258,342.95 0.00 108,811,619.46 1-A-3 0.00 0.00 125,128.04 0.00 108,811,619.46 A-R 0.00 0.00 0.46 0.00 0.00 2-A 0.00 0.00 408,828.78 0.00 119,855,530.63 3-A-1 0.00 0.00 1,609,928.72 0.00 408,952,359.73 3-A-2 0.00 0.00 19,165.82 0.00 4,868,480.47 3-A-3 0.00 0.00 93,529.19 0.00 23,758,184.71 3-A-4 0.00 0.00 271,719.95 0.00 68,739,740.97 3-A-5 0.00 0.00 77,623.08 0.00 20,000,000.00 4-A 0.00 0.00 571,088.92 0.00 144,103,618.72 B-1 0.00 0.00 68,346.53 0.00 18,175,343.42 B-2 0.00 0.00 53,155.91 0.00 14,135,711.94 B-3 0.00 0.00 36,071.16 0.00 9,592,375.79 B-4 0.00 0.00 18,986.40 0.00 5,049,039.64 B-5 0.00 0.00 13,288.98 0.00 3,533,927.98 B-6 0.00 0.00 9,496.21 0.00 2,525,320.35 P 0.00 0.00 0.00 0.00 100.00 Totals 0.00 0.00 3,749,489.52 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1-A-1 34,000,000.00 4.13725% 979.23920353 3.37613000 0.00000000 0.00000000 1-A-2 113,583,000.00 2.78725% 979.23920340 2.27448606 0.00000000 0.00000000 1-A-3 0.00 1.35000% 979.23920340 1.10164408 0.00000000 0.00000000 A-R 100.00 4.13926% 0.00000000 0.00000000 0.00000000 0.00000000 2-A 123,045,000.00 4.04835% 984.87404787 3.32259564 0.00000000 0.00000000 3-A-1 420,000,000.00 4.65738% 987.63499693 3.83316362 0.00000000 0.00000000 3-A-2 5,000,000.00 4.65738% 987.63499600 3.83316400 0.00000000 0.00000000 3-A-3 24,400,000.00 4.65738% 987.63499672 3.83316352 0.00000000 0.00000000 3-A-4 71,137,000.00 4.65738% 984.15860537 3.81967120 0.00000000 0.00000000 3-A-5 20,000,000.00 4.65738% 1000.00000000 3.88115400 0.00000000 0.00000000 4-A 146,127,000.00 4.73742% 989.94861757 3.90816837 0.00000000 0.00000000 B-1 18,186,000.00 4.51114% 999.70987298 3.75819477 0.00000000 0.00000000 B-2 14,144,000.00 4.51114% 999.70987344 3.75819499 0.00000000 0.00000000 B-3 9,598,000.00 4.51114% 999.70987289 3.75819546 0.00000000 0.00000000 B-4 5,052,000.00 4.51114% 999.70987332 3.75819477 0.00000000 0.00000000 B-5 3,536,000.00 4.51114% 999.70987274 3.75819570 0.00000000 0.00000000 B-6 2,526,801.00 4.51114% 999.70987426 3.75819465 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A-1 0.00000000 0.00000000 3.37613000 0.00000000 957.99212441 1-A-2 0.00000000 0.00000000 2.27448606 0.00000000 957.99212435 1-A-3 0.00000000 0.00000000 1.10164408 0.00000000 957.99212435 A-R 0.00000000 0.00000000 4.60000000 0.00000000 0.00000000 2-A 0.00000000 0.00000000 3.32259564 0.00000000 974.07883807 3-A-1 0.00000000 0.00000000 3.83316362 0.00000000 973.69609460 3-A-2 0.00000000 0.00000000 3.83316400 0.00000000 973.69609400 3-A-3 0.00000000 0.00000000 3.83316352 0.00000000 973.69609467 3-A-4 0.00000000 0.00000000 3.81967120 0.00000000 966.30081350 3-A-5 0.00000000 0.00000000 3.88115400 0.00000000 1000.00000000 4-A 0.00000000 0.00000000 3.90816837 0.00000000 986.15326887 B-1 0.00000000 0.00000000 3.75819477 0.00000000 999.41402287 B-2 0.00000000 0.00000000 3.75819499 0.00000000 999.41402291 B-3 0.00000000 0.00000000 3.75819546 0.00000000 999.41402271 B-4 0.00000000 0.00000000 3.75819477 0.00000000 999.41402217 B-5 0.00000000 0.00000000 3.75819570 0.00000000 999.41402149 B-6 0.00000000 0.00000000 3.75819465 0.00000000 999.41402192 P 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 16,536,204.48 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 17,225.03 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 16,553,429.51 Withdrawals Reimbursement for Servicer Advances 8,629.67 Payment of Service Fee 226,517.94 Payment of Interest and Principal 16,318,281.90 Total Withdrawals (Pool Distribution Amount) 16,553,429.51 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 226,517.94 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 226,517.94

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 14 0 0 0 14 3,994,136.87 0.00 0.00 0.00 3,994,136.87 60 Days 1 0 0 0 1 197,600.00 0.00 0.00 0.00 197,600.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 15 0 0 0 15 4,191,736.87 0.00 0.00 0.00 4,191,736.87 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.430769% 0.000000% 0.000000% 0.000000% 0.430769% 0.405554% 0.000000% 0.000000% 0.000000% 0.405554% 60 Days 0.030769% 0.000000% 0.000000% 0.000000% 0.030769% 0.020064% 0.000000% 0.000000% 0.000000% 0.020064% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.461538% 0.000000% 0.000000% 0.000000% 0.461538% 0.425618% 0.000000% 0.000000% 0.000000% 0.425618%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 5 0 0 0 5 1,556,057.77 0.00 0.00 0.00 1,556,057.77 60 Days 1 0 0 0 1 197,600.00 0.00 0.00 0.00 197,600.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 6 0 0 0 6 1,753,657.77 0.00 0.00 0.00 1,753,657.77 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.941620% 0.000000% 0.000000% 0.000000% 0.941620% 1.040293% 0.000000% 0.000000% 0.000000% 1.040293% 60 Days 0.188324% 0.000000% 0.000000% 0.000000% 0.188324% 0.132104% 0.000000% 0.000000% 0.000000% 0.132104% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.129944% 0.000000% 0.000000% 0.000000% 1.129944% 1.172397% 0.000000% 0.000000% 0.000000% 1.172397% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3 0 0 0 3 518,128.24 0.00 0.00 0.00 518,128.24 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3 0 0 0 3 518,128.24 0.00 0.00 0.00 518,128.24 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.750000% 0.000000% 0.000000% 0.000000% 0.750000% 0.408910% 0.000000% 0.000000% 0.000000% 0.408910% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.750000% 0.000000% 0.000000% 0.000000% 0.750000% 0.408910% 0.000000% 0.000000% 0.000000% 0.408910% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 3 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 6 0 0 0 6 1,919,950.86 0.00 0.00 0.00 1,919,950.86 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 6 0 0 0 6 1,919,950.86 0.00 0.00 0.00 1,919,950.86 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.315457% 0.000000% 0.000000% 0.000000% 0.315457% 0.345105% 0.000000% 0.000000% 0.000000% 0.345105% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.315457% 0.000000% 0.000000% 0.000000% 0.315457% 0.345105% 0.000000% 0.000000% 0.000000% 0.345105% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 4 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 17,225.03

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 1,010,334,901.00 99.99999010% 984,673,086.04 100.00001009% 94.616312% 0.000000% Class 1-A-1 976,334,901.00 96.63476966% 952,101,353.81 96.69213706% 3.307873% 61.442513% Class 1-A-2 862,751,901.00 85.39265691% 843,289,734.35 85.64160343% 11.050534% 205.259556% Class 1-A-3 862,751,901.00 85.39265691% 843,289,734.35 85.64160343% 0.000000% 0.000000% Class 2A 739,706,901.00 73.21402310% 723,434,203.72 73.46948820% 12.172115% 226.092518% Class 3-A-1 319,706,901.00 31.64365292% 314,481,843.99 31.93769386% 41.531794% 771.437649% Class 3-A-2 314,706,901.00 31.14876756% 309,613,363.52 31.44326774% 0.494426% 9.183782% Class 3-A-3 290,306,901.00 28.73372700% 285,855,178.81 29.03046826% 2.412799% 44.816854% Class 3-A-4 219,169,901.00 21.69279504% 217,115,437.84 22.04949671% 6.980972% 129.668953% Class 3-A-5 199,169,901.00 19.71325360% 197,115,437.84 20.01836554% 2.031131% 37.727507% Class B-1 34,856,901.00 3.45003400% 34,836,475.70 3.53787259% 1.845825% 34.285520% Class B-2 20,712,901.00 2.05010229% 20,700,763.76 2.10229833% 1.435574% 26.665259% Class B-3 11,114,901.00 1.10012036% 11,108,387.97 1.12812966% 0.974169% 18.094821% Class B-4 6,062,901.00 0.60008819% 6,059,348.33 0.61536656% 0.512763% 9.524384% Class B-5 2,526,901.00 0.25010526% 2,525,420.35 0.25647300% 0.358894% 6.666315% Class B-6 100.00 0.00000990% 100.00 0.00001016% 0.256463% 4.763702% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 30,310,047.00 2.99999970% 345,928.00 0.03513126% Fraud 18,067,958.00 1.78831358% 30,310,047.00 3.07818407% Special Hazard 10,103,349.00 0.99999990% 10,103,349.00 1.02606136% Limit of Subordinate's Exposure to Certain Types of Losses

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.784405% Weighted Average Net Coupon 4.511832% Weighted Average Pass-Through Rate 4.511832% Weighted Average Maturity(Stepdown Calculation ) 353 Beginning Scheduled Collateral Loan Count 3,282 Number Of Loans Paid In Full 32 Ending Scheduled Collateral Loan Count 3,250 Beginning Scheduled Collateral Balance 997,241,778.40 Ending Scheduled Collateral Balance 984,672,986.65 Ending Actual Collateral Balance at 31-Jul-2004 984,860,017.93 Monthly P &I Constant 4,271,246.28 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 16,103,243.49 Scheduled Principal 295,239.07 Unscheduled Principal 12,273,553.29

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.460100 4.307167 4.925287 Weighted Average Net Rate 4.137249 4.048350 4.657385 Weighted Average Maturity 355 354 352 Beginning Loan Count 538 403 1,923 Loans Paid In Full 7 3 21 Ending Loan Count 531 400 1,902 Beginning Scheduled Balance 152,695,638.51 127,997,413.75 563,796,453.21 Ending scheduled Balance 149,558,590.33 126,665,367.60 556,254,568.23 Record Date 07/31/2004 07/31/2004 07/31/2004 Principal And Interest Constant 592,565.36 529,857.46 2,453,239.23 Scheduled Principal 25,033.82 70,435.62 139,189.87 Unscheduled Principal 3,112,014.36 1,261,610.53 7,402,695.11 Scheduled Interest 567,531.54 459,421.84 2,314,049.36 Servicing Fees 41,081.67 27,606.54 125,868.37 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 526,449.87 431,815.30 2,188,180.99 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.137249 4.048350 4.657385

Group Level Collateral Statement Group 4 Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.988504 4.784405 Weighted Average Net Rate 4.737420 4.511832 Weighted Average Maturity 354 353 Beginning Loan Count 418 3,282 Loans Paid In Full 1 32 Ending Loan Count 417 3,250 Beginning Scheduled Balance 152,752,273.54 997,241,779.01 Ending scheduled Balance 152,194,460.49 984,672,986.65 Record Date 07/31/2004 07/31/2004 Principal And Interest Constant 695,584.23 4,271,246.28 Scheduled Principal 60,579.76 295,239.07 Unscheduled Principal 497,233.29 12,273,553.29 Scheduled Interest 635,004.47 3,976,007.21 Servicing Fees 31,961.36 226,517.94 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 603,043.11 3,749,489.27 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 4.737420 4.511832

Miscellaneous Reporting Group 1 Senior Percentage 94.645178% Senior Prepayment Percentage 100.000000% Subordinate Percentage 5.354822% Sub. Prepayment Percentage 0.000000% Group 2 Senior Percentage 94.676778% Senior Prepayment Percentage 100.000000% Subordinate Percentage 5.323222% Sub. Prepayment Percentage 0.000000% Group 3 Senior Percentage 94.689006% Senior Prepayment Percentage 100.000000% Subordinate Percentage 5.310994% Sub. Prepayment Percentage 0.000000%

Miscellaneous Reporting Group 4 Senior Percentage 94.701191% Senior Prepayment Percentage 100.000000% Subordinate Percentage 5.298809% Sub. Prepayment Percentage 0.000000%

Filing Compare · Morgan Stanley Mortgage Loan Trust 2004-5AR