EX-99.2 4 file003.txt COLLATERAL TERM SHEET This diskette accompanies the prospectus supplement, dated April 13, 2004 (the "Prospectus Supplement"), to the prospectus, dated April 13, 2004 (together with the Prospectus Supplement, the "Prospectus"), relating to the Merrill Lynch Mortgage Trust, Commercial Mortgage Pass-Through Certificates Series 2004-MKB1, Class A-1, Class A-2, Class A-3, Class A-4, Class B, Class C, Class D and Class E (collectively, the "Certificates"). The information set forth on this diskette is an electronic copy of certain information set forth on Annexes A-1, A-2, B and E to the Prospectus Supplement. This diskette should be reviewed only in conjunction with the entire Prospectus. This diskette does not contain all relevant information relating to the Certificates, particularly with respect to the structure of the underlying trust fund and the risks and special considerations associated with an investment in the Certificates. A description of relevant information relating to the certificates is contained in the Prospectus. Information contained on this diskette is subject to the discussion contained in the Prospectus. The information contained on this diskette should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, a prospective investor should receive, and should carefully review, the Prospectus. NOTHING IN THIS DISKETTE SHOULD BE CONSIDERED AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE CERTIFICATES. ANNEX A-1 CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

FOOTNOTES TO ANNEX A -------------------------------------------------------------------------------- (1) The Total SF for Loan Number 9 represent an approximation. (2) For Mortgage Loans secured by multiple Mortgaged Properties, the Occupancy % for such Mortgage Loans is the weighted average Occupancy % of each Mortgaged Property based on square footage, number of units or Appraised Value ($). (3) With respect to cross-collateralized and cross-defaulted mortgage loans, the UW DSCR (x), Cut-Off LTV (%) and Maturity LTV (%) are illustrated based upon the individual loan data without consideration to the crossed data. (4) For Mortgage Loans secured by multiple Mortgaged Properties, each Mortgage Loan's Original Balance($), Cut-Off Date Balance($) and Maturity/ARD Balance($) are allocated to the respective Mortgaged Properties based on the Mortgage Loan documentation or an allocation determined by Appraised Value($). (5) Each Loan number identifies a group of crossed loans. (6) Each Loan number identifies a group of related borrowers. (7) For each Mortgage Loan, the Admin. Fee % represents the master servicing fee rate, the primary servicing fee rate, the Trustee Fee Rate and a correspondence fee rate, if applicable, in total. The Net Mortgage Rate % equates to the related Interest Rate % less the related Admin. Fee %. (8) For Loan #'s 1, 2, and 4, the IO Annual Debt Service ($) and the UW DSCR (x) are calculated based on 12 times the average of the monthly debt service payments that will be due in respect to the underlying mortgage loan on all due dates over the loan term, commencing with the mortgage loan's first payment date. (9) For Mortgage Loans with an I/O component, the I/O Period reflects the initial interest only period as of the respective Note Date of the Mortgage Loan. (10) The Galileo Pool #1 Loan and the Galileo Pool #2 Loan allow for only one 5 day grace period for each year the loan is outstanding. (11) For ARD Loans, the related Anticipated Repayment Date. (12) For ARD Loans, calculated as of the related Anticipated Repayment Date. (13) The "LO" component of the prepayment provision represents remaining lockout payments, "Def" represents remaining defeasance payments, "O" represents remaining open periods, and "YM" represents remaining yield maintenance periods. (14) The West Point Crossing Shopping Center Loan provides for prepayment premiums that are equal to the greater of (i) one percent (1%) of the principal balance being prepaid, and (ii) the positive difference, if any, between (x) the present value on the date of such prepayment of all future installments which would otherwise would be required to pay during the original term of the loan absent such prepayment, including the unpaid Principal Amount which would otherwise be due upon the scheduled maturity date absent such prepayment, with such present value being determined by the use of a discount rate equal to the yield to maturity (adjusted to a mortgage equivalent basis), on the date of such prepayment, of the United States Treasury Security having the term to maturity closest to what otherwise would have been the remaining term absent such prepayment, and (y) the Principal Amount on the date of such prepayment. (15) The Southern Hills Medical Office Building C Loan provides for prepayment premiums that are generally equal to an amount equal to the greater of (a) five percent (5%) of the principal amount being prepaid or (b) the product obtained by multiplying (x) the principal amount being prepaid, times (y) the difference (if any) obtained by subtracting (I) the Yield Rate from (II) the mortgage rate of the related Mortgage Note, times (z) the present value factor calculated using the following formula: 1-(1+r)-n --------- r where r is equal to the Yield Rate and n is equal to the number of years and any fraction thereof, remaining between the first scheduled payment date following the date the prepayment is made and the maturity date of the related Mortgage Note. As used in this definition, "Yield Rate" means the yield rate for the 5.5% US Treasury Security due May 2009 as reported in the Wall Street Journal on the 5th business day preceeding the prepayment calculation date (as defined in the related mortgage note). (16) The Walgreens - Port Huron, MI Loan provides for prepayment premiums that are equal to the greater of (i) one percent (1%) of the outstanding principal balance at the time of prepayment, or (ii) the excess, if any, of (1) the present value on the date of such prepayment of all future scheduled payments of principal and interest, including the unpaid principal amount which would otherwise be due upon the scheduled maturity date absent such prepayment, detemined by discounting such payments at the rate which, when compounded monthly, is equivalent to the Prepayment Rate, less (2) the amount of principal being prepaid. The "Prepayment Rate" means the bond equivalent yield (in the secondary market) on the United States Treasury Security that, as of the prepayment rate determination date (as defined in the related loan agreement), has a remaining term to maturity closest to, but not exceeding, the remaining term to the maturity date of the loan, as most recently published in the "Treasury Bonds, Notes and Bills" section in The Wall Street Journal as of the date of the related tender of the payment. (17) The Pulaski Shopping Center Loan and the AAA Quality Self Storage Loan provide for prepayment premiums that are equal to the greater of (i) one percent (1%) of the outstanding principal balance at the time of prepayment, or (ii) the present value on the date of such prepayment of all future scheduled payments of principal and interest, including the unpaid principal amount which would otherwise be due upon the scheduled maturity date absent such prepayment, detemined by discounting such payments at the rate which, when compound monthly, is equivalent to the Treasury Rate when compounded semiannually, less the amount of principal being prepaid. The "Treasury Rate" means the yield calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the date of the prepayment, of U.S. Treasury constant maturities with maturity dates (one longer and one shorter) most nearly approximating the maturity date of the loan. (18) UW DSCR (x) for loans with partial interest-only periods is shown after the expiration of the I/O period. (19) The Best Buy - Mount Vernon Loan is included as first lien mortgage though subject to a payment in lieu of taxes arrangement. (20) UW DSCR (x) for The Ponde Apartments Loan was calculated before taking into account a peformance reserve of $140,000. After taking this reserve into account, the UW DSCR (x) is 1.21. (21) UW DSCR (x), Cut-Off Date LTV (%) and Maturity LTV (%) for the Raible Place Apartments Loan was calculated by applying a $300,000 performance reserve against the Cut-Off Date Balance. (22) UW DSCR (x) for the Wymberly Crossing Apartment was calculated before taking into account a peformance reserve of $140,000. After taking this reserve into account, the UW DSCR (x) is 1.19. ANNEX A-2 (ALL LOANS) LOAN SELLERS

PROPERTY TYPES

PROPERTY LOCATIONS ANNEX A-2 (ALL LOANS)

ANNEX A-2 (ALL LOANS) CUT-OFF DATE PRINCIPAL BALANCE OF MORTGAGE LOANS

Minimum: $1,873,176 Maximum: $151,000,000 Average: $13,609,010 MORTGAGE RATES

Minimum: 4.800% Maximum: 6.560% Weighted Average: 5.386% ANNEX A-2 (ALL LOANS) DEBT SERVICE COVERAGE RATIOS

Minimum: 1.16x Maximum: 3.17x Weighted Average: 1.79x CUT-OFF DATE LOAN-TO-VALUE RATIOS

Minimum: 30.80% Maximum: 84.70% Weighted Average: 68.30% ANNEX A-2 (ALL LOANS) MATURITY DATE OR ANTICIPATED REPAYMENT DATE LOAN-TO-VALUE RATIOS

Minimum: 46.70% Maximum: 75.10% Weighted Average: 61.15% REMAINING TERMS TO MATURITY OR ANTICIPATED REPAYMENT DATE

Minimum: 52 mos. Maximum: 236 mos. Weighted Average: 91 mos. ANNEX A-2 (ALL LOANS) ORIGINAL AMORTIZATION TERMS

Minimum: 180 mos. Maximum: 360 mos. Weighted Average: 342 mos. ESCROWS

(1) TI/LC escrows are expressed as a percentage of only the mortgage loans secured by Office, Retail, Mixed Use and Industrial properties. LOCKBOX TYPES

ANNEX A-2 (GROUP 1) LOAN SELLERS

PROPERTY TYPES

PROPERTY LOCATIONS ANNEX A-2 (GROUP 1)

ANNEX A-2 (GROUP 1) CUT-OFF DATE PRINCIPAL BALANCE OF MORTGAGE LOANS

Minimum: $1,873,176 Maximum: $151,000,000 Average: $14,837,169 MORTGAGE RATES

Minimum: 4.800% Maximum: 6.560% Weighted Average: 5.388% ANNEX A-2 (GROUP 1) DEBT SERVICE COVERAGE RATIOS

Minimum: 1.20x Maximum: 3.17x Weighted Average: 1.88x CUT-OFF DATE LOAN-TO-VALUE RATIOS

Minimum: 30.80% Maximum: 84.70% Weighted Average: 66.52% ANNEX A-2 (GROUP 1) MATURITY DATE OR ANTICIPATED REPAYMENT DATE LOAN-TO-VALUE RATIOS

Minimum: 46.70% Maximum: 74.10% Weighted Average: 59.71% REMAINING TERMS TO MATURITY OR ANTICIPATED REPAYMENT DATE

Minimum: 52 mos. Maximum: 236 mos. Weighted Average: 91 mos. ANNEX A-2 (GROUP 1) ORIGINAL AMORTIZATION TERMS

Minimum: 180 mos. Maximum: 360 mos. Weighted Average: 337 mos. ESCROWS

(1) TI/LC escrows are expressed as a percentage of only the mortgage loans secured by Office, Retail, Mixed Use and Industrial properties. LOCKBOX TYPES

ANNEX A-2 (GROUP 2) LOAN SELLERS

PROPERTY TYPES

PROPERTY LOCATIONS

ANNEX A-2 (GROUP 2) CUT-OFF DATE PRINCIPAL BALANCES OF MORTGAGE LOANS

Minimum: $4,495,166 Maximum: $25,099,522 Average: $9,635,553 MORTGAGE RATES

Minimum: 4.990% Maximum: 6.020% Weighted Average: 5.374% ANNEX A-2 (GROUP 2) DEBT SERVICE COVERAGE RATIOS

Minimum: 1.16x Maximum: 2.22x Weighted Average: 1.36x CUT-OFF DATE LOAN-TO-VALUE RATIOS

Minimum: 68.40% Maximum: 83.60% Weighted Average: 77.17% MATURITY DATE OR ANTICIPATED REPAYMENT DATE LOAN-TO-VALUE RATIOS

Minimum: 59.50% Maximum: 75.10% Weighted Average: 68.19% ANNEX A-2 (GROUP 2) REMAINING TERMS TO MATURITY OR ANTICIPATED REPAYMENT DATE

Minimum: 57 mos. Maximum: 120 mos. Weighted Average: 94 mos. ORIGINAL AMORTIZATION TERMS

Minimum: 348 mos. Maximum: 360 mos. Weighted Average: 359 mos. ESCROWS

LOCKBOX TYPES

ANNEX B CERTAIN CHARACTERISTICS OF MULTIFAMILY & MANUFACTURED HOUSING LOANS

ANNEX B CERTAIN CHARACTERISTICS OF MULTIFAMILY & MANUFACTURED HOUSING LOANS

ANNEX B CERTAIN CHARACTERISTICS OF MULTIFAMILY & MANUFACTURED HOUSING LOANS

ANNEX B CERTAIN CHARACTERISTICS OF MULTIFAMILY & MANUFACTURED HOUSING LOANS

MERRILL LYNCH MORTGAGE INVESTORS INC TRUST 2004-MKB1 8-K