8-K 1 msc04tp15_dec.txt DEC 8-K UNITED STATES 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: December 13, 2004 (Date of earliest event reported) Commission File No.: 333-104283-11 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-TOP15 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-2157777 54-2157778 54-2157779 (I.R.S. Employer Identification No.) Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) (410) 884-2000 Registrant's Full Telephone Number (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the 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 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 13, 2004, a distribution was made to holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15, relating to the December 13, 2004 distribution. 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. Commercial Mortgage Pass-Through Certificates Series 2004-TOP15 (Registrant) By: Wells Fargo Bank, N.A. as Paying Agent By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: December 13, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15, relating to the December 13, 2004 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-TOP15 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: December 13, 2004 Record Date: November 30, 2004 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Certificate Distribution Detail 2 Certificate Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Cash Reconciliation 6 Ratings Detail 7 Current Mortgage Loan and Property Stratification Tables 8 - 10 Mortgage Loan Detail 11 - 14 Principal Prepayment Detail 15 Historical Detail 16 Delinquency Loan Detail 17 Specially Serviced Loan Detail 18 - 19 Modified Loan Detail 20 Liquidated Loan Detail 21 Depositor Morgan Stanley Capital I Inc. 1585 Broadway New York, NY 10036 Contact: General Information Number Phone Number: (212) 761-4700 Master Servicer Wells Fargo Bank, N.A. 45 Fremont Street, 2nd Floor investorreporting@wellsfargo.com San Francisco, CA 94105 Contact: Matilde Sanchez Phone Number: (415) 222-2364 Special Servicer ARCap Servicing, Inc. 5605 N. MacArthur Blvd. Irving, TX 75038 Contact: Chris Crouch Phone Number: (972) 580-1688 Ext 333 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2004, Wells Fargo Bank, N.A.

Certificate Distribution Detail Class CUSIP Pass-Through Original Beginning Principal Interest Rate Balance Balance Distribution Distribution A-1 61745MK93 4.130000% 103,000,000.00 ~~101~~99,~~491~~901,~~091~~835.6796 ~~825~~832,~~433~~841.4901 ~~349~~343,~~298~~828.5182 A-2 61745ML27 4.690000% 102,000,000.00 102,000,000.00 0.00 398,650.00 A-3 61745ML35 5.030000% 140,000,000.00 140,000,000.00 0.00 586,833.33 A-4 61745ML43 5.270000% 449,103,000.00 449,103,000.00 0.00 1,972,310.67 B 61745ML50 5.~~230140~~229774% 22,243,000.00 22,243,000.00 0.00 96,~~945~~938.0022 C 61745ML68 5.~~340140~~339774% 23,356,000.00 23,356,000.00 0.00 103,~~936~~929.9280 D 61745ML76 5.~~340140~~339774% 5,561,000.00 5,561,000.00 0.00 24,~~747~~745.1040 E 61745MM26 5.~~340140~~339774% 8,897,000.00 8,897,000.00 0.00 39,~~592~~589.6897 F 61745MM34 5.~~340140~~339774% 6,674,000.00 6,674,000.00 0.00 29,~~700~~698.0804 G 61745MM42 5.~~340140~~339774% 8,897,000.00 8,897,000.00 0.00 39,~~592~~589.6897 H 61745MM59 4.946000% 3,337,000.00 3,337,000.00 0.00 13,754.00 J 61745MM75 4.946000% 3,337,000.00 3,337,000.00 0.00 13,754.00 K 61745MM83 4.946000% 2,224,000.00 2,224,000.00 0.00 9,166.59 L 61745MM91 4.946000% 2,224,000.00 2,224,000.00 0.00 9,166.59 M 61745MN25 4.946000% 2,225,000.00 2,225,000.00 0.00 9,170.71 N 61745MN33 4.946000% 2,224,000.00 2,224,000.00 0.00 9,166.59 O 61745MN41 4.946000% 4,449,374.56 4,449,374.56 0.00 18,338.84 R-I N/A 0.000000% 0.00 0.00 0.00 0.00 R-II N/A 0.000000% 0.00 0.00 0.00 0.00 R-III N/A 0.000000% 0.00 0.00 0.00 0.00 Totals 889,751,374.56 ~~888~~886,~~242~~653,~~466~~210.2352 ~~825~~832,~~433~~841.4901 3,~~724~~718,~~124~~631.2954

Class CUSIP Prepayment Realized Loss/ Total Ending Current Penalties Additional Trust Distribution Balance Subordination Fund Expenses Level (1) A-1 61745MK93 0.00 0.00 1,~~174~~176,~~732~~669.0083 ~~100~~99,~~665~~068,~~658~~994.1895 10.7880% A-2 61745ML27 0.00 0.00 398,650.00 102,000,000.00 10.7880% A-3 61745ML35 0.00 0.00 586,833.33 140,000,000.00 10.7880% A-4 61745ML43 0.00 0.00 1,972,310.67 449,103,000.00 10.7880% B 61745ML50 0.00 0.00 96,~~945~~938.0022 22,243,000.00 8.2729% C 61745ML68 0.00 0.00 103,~~936~~929.9280 23,356,000.00 5.6465% D 61745ML76 0.00 0.00 24,~~747~~745.1040 5,561,000.00 5.0102% E 61745MM26 0.00 0.00 39,~~592~~589.6897 8,897,000.00 4.0102% F 61745MM34 0.00 0.00 29,~~700~~698.0804 6,674,000.00 3.26% G 61745MM42 0.00 0.00 39,~~592~~589.6897 8,897,000.00 2.26% H 61745MM59 0.00 0.00 13,754.00 3,337,000.00 1.88% J 61745MM75 0.00 0.00 13,754.00 3,337,000.00 1.5051% K 61745MM83 0.00 0.00 9,166.59 2,224,000.00 1.2526% L 61745MM91 0.00 0.00 9,166.59 2,224,000.00 1.00% M 61745MN25 0.00 0.00 9,170.71 2,225,000.00 0.75% N 61745MN33 0.00 0.00 9,166.59 2,224,000.00 0.50% O 61745MN41 0.00 0.00 18,338.84 4,449,374.56 0.00% R-I N/A 0.00 0.00 0.00 0.00 0.00% R-II N/A 0.00 0.00 0.00 0.00 0.00% R-III N/A 0.00 0.00 0.00 0.00 0.00% Totals 0.00 0.00 4,~~549~~551,~~557~~472.7855 ~~887~~885,~~417~~820,~~032~~369.7451

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X-1 61745ML84 0.~~063285~~061210% 889,751,374.56 ~~888~~886,~~242~~653,~~466~~210.2352 4645,~~843~~226.7837 X-2 61745ML92 0.~~256574~~256246% 850,347,000.00 850,347,000.00 181,~~814~~581.2291

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X-1 61745ML84 0.00 4645,~~843~~226.7837 ~~887~~885,~~417~~820,~~032~~369.7451 X-2 61745ML92 0.00 181,~~814~~581.2291 850,347,000.00 (1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

Certificate Factor Detail Class CUSIP Beginning Principal Interest Prepayment Realized Loss/ Ending Balance Distribution Distribution Penalties Additional Balance Trust Fund Expenses A-1 61745MK93 ~~985~~969.~~35040456~~92073748 8.~~01391738~~08583505 3.~~39124767~~33814388 0.00000000 0.00000000 ~~977~~961.~~33648718~~83490243 A-2 61745ML27 1,000.00000000 0.00000000 3.90833333 0.00000000 0.00000000 1,000.00000000 A-3 61745ML35 1,000.00000000 0.00000000 4.19166664 0.00000000 0.00000000 1,000.00000000 A-4 61745ML43 1,000.00000000 0.00000000 4.39166666 0.00000000 0.00000000 1,000.00000000 B 61745ML50 1,000.00000000 0.00000000 4.~~35844985~~35814503 0.00000000 0.00000000 1,000.00000000 C 61745ML68 1,000.00000000 0.00000000 4.~~45011646~~44981161 0.00000000 0.00000000 1,000.00000000 D 61745ML76 1,000.00000000 0.00000000 4.~~45011689~~44981119 0.00000000 0.00000000 1,000.00000000 E 61745MM26 1,000.00000000 0.00000000 4.~~45011577~~44981117 0.00000000 0.00000000 1,000.00000000 F 61745MM34 1,000.00000000 0.00000000 4.~~45011687~~44981121 0.00000000 0.00000000 1,000.00000000 G 61745MM42 1,000.00000000 0.00000000 4.~~45011577~~44981117 0.00000000 0.00000000 1,000.00000000 H 61745MM59 1,000.00000000 0.00000000 4.12166617 0.00000000 0.00000000 1,000.00000000 J 61745MM75 1,000.00000000 0.00000000 4.12166617 0.00000000 0.00000000 1,000.00000000 K 61745MM83 1,000.00000000 0.00000000 4.12166817 0.00000000 0.00000000 1,000.00000000 L 61745MM91 1,000.00000000 0.00000000 4.12166817 0.00000000 0.00000000 1,000.00000000 M 61745MN25 1,000.00000000 0.00000000 4.12166742 0.00000000 0.00000000 1,000.00000000 N 61745MN33 1,000.00000000 0.00000000 4.12166817 0.00000000 0.00000000 1,000.00000000 O 61745MN41 1,000.00000000 0.00000000 4.12166693 0.00000000 0.00000000 1,000.00000000 R-I N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000

Class CUSIP Beginning Interest Prepayment Ending Notional Distribution Penalties Notional Amount Amount X-1 61745ML84 ~~998~~996.~~30412363~~51794408 0.~~05264817~~05083035 0.00000000 ~~997~~995.~~37641111~~58190618 X-2 61745ML92 1,000.00000000 0.~~21381180~~21353860 0.00000000 1,000.00000000

Reconciliation Detail Advance Summary P & I Advances Outstanding ~~960~~996,~~655~~666.2146 Servicing Advances Outstanding 013,483.0038 Reimbursement for Interest on Advances 0.00 paid from general collections

Master Servicing Fee Summary Current Period Accrued Master Servicing Fees 33,~~290~~229.2202 Less Delinquent Master Servicing Fees 37,~~370~~460.6400 Less Reductions to Master Servicing Fees 0.00 Plus Master Servicing Fees for Delinquent Payments Received 127,~~491~~722.4391 Plus Adjustments for Prior Master Servicing Calculation 0.00 Total Master Servicing Fees Collected 4233,~~411~~491.0193

Certificate Interest Reconciliation Class Accrued Net Aggregate Realized Previously Unpaid Distributable Distributable Certificate Prepayment Losses/ Interest Certificate Certificate Interest Interest Expense (including interest Interest Interest Shortfall Losses thereon) Adjustment A-1 ~~349~~343,~~298~~828.5182 0.00 0.00 0.00 ~~349~~343,~~298~~828.5182 0.00 A-2 398,650.00 0.00 0.00 0.00 398,650.00 0.00 A-3 586,833.33 0.00 0.00 0.00 586,833.33 0.00 A-4 1,972,310.67 0.00 0.00 0.00 1,972,310.67 0.00 X-1 4645,~~843~~226.7837 0.00 0.00 0.00 4645,~~843~~226.7837 0.00 X-2 181,~~814~~581.2291 0.00 0.00 0.00 181,~~814~~581.2291 0.00 B 96,~~945~~938.0022 0.00 0.00 0.00 96,~~945~~938.0022 0.00 C 103,~~936~~929.9280 0.00 0.00 0.00 103,~~936~~929.9280 0.00 D 24,~~747~~745.1040 0.00 0.00 0.00 24,~~747~~745.1040 0.00 E 39,~~592~~589.6897 0.00 0.00 0.00 39,~~592~~589.6897 0.00 F 29,~~700~~698.0804 0.00 0.00 0.00 29,~~700~~698.0804 0.00 G 39,~~592~~589.6897 0.00 0.00 0.00 39,~~592~~589.6897 0.00 H 13,754.00 0.00 0.00 0.00 13,754.00 0.00 J 13,754.00 0.00 0.00 0.00 13,754.00 0.00 K 9,166.59 0.00 0.00 0.00 9,166.59 0.00 L 9,166.59 0.00 0.00 0.00 9,166.59 0.00 M 9,170.71 0.00 0.00 0.00 9,170.71 0.00 N 9,166.59 0.00 0.00 0.00 9,166.59 0.00 O 18,338.84 0.00 0.00 0.00 18,338.84 0.00 Total 3,~~952~~945,~~782~~439.2982 0.00 0.00 0.00 3,~~952~~945,~~782~~439.2982 0.00

Class Interest Remaining Distribution Unpaid Interest A-1 ~~349~~343,~~298~~828.5182 0.00 A-2 398,650.00 0.00 A-3 586,833.33 0.00 A-4 1,972,310.67 0.00 X-1 4645,~~843~~226.7837 0.00 X-2 181,~~814~~581.2291 0.00 B 96,~~945~~938.0022 0.00 C 103,~~936~~929.9280 0.00 D 24,~~747~~745.1040 0.00 E 39,~~592~~589.6897 0.00 F 29,~~700~~698.0804 0.00 G 39,~~592~~589.6897 0.00 H 13,754.00 0.00 J 13,754.00 0.00 K 9,166.59 0.00 L 9,166.59 0.00 M 9,170.71 0.00 N 9,166.59 0.00 O 18,338.84 0.00 Total 3,~~952~~945,~~782~~439.2982 0.00

Other Required Information Available Distribution Amount (1) 4,778,~~215~~280.7883 Principal Distribution Amount ~~825~~832,~~433~~841.4901 (a) Principal portion of Scheduled Payments ~~825~~832,~~433~~841.4901 and any Assumed Scheduled Payments (b) Principal Prepayments 0.00 (c) Principal Portion of Balloon Payments 0.00 (d) Liquidation, Condemnation, Purchase, 0.00 and Insurance Proceeds and REO Income Received on a Mortgage Loan Aggregate Number of Outstanding Mortgage Loans 119 Aggregate Unpaid Principal Balance of the Mortgage Loans ~~887~~885,~~449~~820,~~903~~369.1152 Aggregate Scheduled Principal Balance of the Mortgage Loans ~~887~~885,~~417~~820,~~032~~369.7552 Interest Reserve Account Deposits 0.00 Withdrawals 0.00 Total Master Servicing and Special Servicing Fee Paid 4233,~~411~~491.0193 Master Servicing Fee Paid 4233,~~411~~491.0193 Special Servicing Fee Paid 0.00 Trustee Fee Paid ~~814~~812.2277 Paying Agent Fee Paid 1,~~332~~329.3698 Expense Losses (Additional Trust Fund Expenses) 0.00 (i) Special Servicing and Liquidation Fees 0.00 (ii) Advance Interest 0.00 (iii)Indemnification Expenses 0.00 (iv) Taxes Imposed on the Trust 0.00 (v) Amount of any Advance not Recovered 0.00 upon a Final Recovery Determination (1) The Available Distribution Amount includes any Prepayment Premiums.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 3,980,811.61 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 3,980,811.61 Principal: Scheduled Principal 832,841.01 Unscheduled Principal 0.00 Principal Prepayments 0.00 Collection of Principal after Maturity Date 0.00 Recoveries from Liquidation and Insurance Proceeds 0.00 Excess of Prior Principal Amounts paid 0.00 Curtailments 0.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 832,841.01 Other: Prepayment Penalties/Yield Maintenance 0.00 Repayment Fees 0.00 Borrower Option Extension Fees 0.00 Equity Payments Received 0.00 Net Swap Counterparty Payments Received 0.00 Total Other Collected: 0.00 Total Funds Collected 4,813,652.62 Total Funds Distributed Fees: Master Servicing Fee 33,229.02 Trustee Fee 812.77 Certificate Administration Fee 1,329.98 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 35,371.77 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 0.00 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 0.00 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 3,945,439.82 Principal Distribution 832,841.01 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 4,778,280.83 Total Funds Distributed 4,813,652.60

Current Mortgage Loan and Property Stratification Tables Scheduled Balance Scheduled # of Scheduled % of WAM WAC Weighted Balance Loans Balance Agg. (2) Avg DSCR (1) Bal. Below 1,000,000 4 3,~~873~~862,~~366~~268.8022 0.44 ~~115~~113 5.~~7287~~7286 2.~~981424~~981412 1,000,001 to 2,000,000 19 31,~~321~~198,~~328~~859.7669 3.5352 ~~133~~131 5.~~6574~~6572 1.~~792227~~792903 2,000,001 to 3,000,000 13 33,~~640~~530,~~709~~738.4721 3.79 ~~132~~130 5.~~6814~~6809 1.~~850804~~851588 3,000,001 to 4,000,000 14 51,~~240~~082,~~093~~858.6728 5.77 ~~134~~132 5.~~3826~~3822 2.~~011506~~012137 4,000,001 to 5,000,000 12 55,~~913~~663,~~989~~985.9486 6.3028 ~~126~~124 5.~~4315~~4318 1.~~595078~~595759 5,000,001 to 6,000,000 15 82,~~603~~350,~~186~~597.9676 9.3130 ~~132~~130 5.~~5746~~5742 1.~~748354~~749029 6,000,001 to 7,000,000 78 4552,~~769~~641,~~133~~129.8109 5.1694 ~~105~~104 5.~~3790~~4454 1.~~682903~~658750 7,000,001 to 8,000,000 87 5952,~~352~~213,~~653~~864.4221 65.6989 ~~113~~111 5.~~5406~~4952 1.~~835728~~881312 8,000,001 to 9,000,000 4 32,~~617~~584,~~793~~875.5318 3.68 8381 5.~~1038~~1032 2.~~326695~~327362 9,000,001 to 10,000,000 3 29,~~308~~242,~~846~~251.2736 3.30 ~~115~~113 5.~~5106~~5111 1.~~777111~~777535 10,000,001 to 15,000,000 9 110,~~506~~336,~~020~~378.5549 12.4546 ~~115~~113 5.~~3082~~3076 2.~~048970~~049727 15,000,001 to 20,000,000 3 51,~~143~~043,~~555~~775.7483 5.76 ~~108~~106 6.~~0616~~0617 1.~~453123~~453125 20,000,001 to 30,000,000 5 118,~~126~~068,~~353~~787.8334 13.3133 9189 4.~~7882~~7880 2.~~260059~~260430 30,000,001 and greater 3 182,000,000.00 20.5155 ~~115~~113 5.4148 2.502143 Totals 119 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Alaska 1 1,~~883~~875,~~620~~305.85 0.21 ~~236~~234 6.1000 1.600000 Arizona 1 2,~~576~~568,~~465~~476.6554 0.29 ~~114~~112 5.4600 1.820000 California 44 ~~247~~246,~~214~~552,~~414~~918.0251 27.8683 ~~123~~121 5.~~6108~~6109 1.~~648056~~648341 Colorado 1 ~~894~~892,~~401~~500.3081 0.10 ~~114~~112 5.4700 1.980000 Connecticut 1 4,401,428.57 0.50 ~~111~~109 5.2468 2.920000 Florida 9 37,~~769~~723,~~532~~946.2549 4.26 8179 5.~~3438~~3429 2.~~341009~~341997 Georgia 1 4,~~977~~965,~~401~~959.9150 0.56 8078 5.0400 2.260000 Illinois 6 68,072,142.87 7.6768 9593 4.8274 3.028381 Indiana 1 3,290,000.00 0.37 8078 4.1110 3.450000 Louisiana 2 19,~~839~~784,~~338~~690.1497 2.2423 ~~102~~100 5.~~0184~~0156 2.~~513582~~515553 Maine 1 15,~~638~~606,~~200~~859.6756 1.76 ~~116~~114 5.6900 1.400000 Maryland 5 34,~~186~~085,~~109~~412.0027 3.85 ~~168~~166 5.~~6622~~6615 1.~~890925~~891468 Massachusetts 1 5,~~760~~744,~~659~~449.4921 0.65 5553 6.0000 1.320000 Michigan 1 ~~989~~985,~~505~~200.5545 0.11 ~~115~~113 5.9500 1.680000 Minnesota 2 9,~~389~~369,~~835~~485.3139 1.06 9694 4.~~6486~~6471 2.~~478837~~481246 Montana 1 1,~~756~~752,~~379~~817.2543 0.20 ~~115~~113 5.6600 1.860000 Nevada 2 8,~~845~~804,~~368~~583.5791 10.0099 ~~233~~231 5.9100 1.328625 New Jersey 7 33,~~557~~489,~~438~~827.8638 3.78 ~~117~~115 5.~~7071~~7072 1.~~737909~~738120 New Mexico 2 21,~~989~~985,~~717~~482.84 2.48 8381 4.~~9667~~9665 1.~~726097~~726081 New York 10 150,~~513~~365,~~600~~644.7643 16.9697 ~~117~~115 5.~~4226~~4230 2.~~186454~~187043 North Carolina 2 9,675,000.00 1.09 5553 4.3144 3.068656 Ohio 3 15,~~295~~256,~~240~~686.3322 1.72 ~~100~~97 5.~~8148~~8147 1.~~748353~~748417 Oregon 3 13,~~558~~534,~~490~~132.4640 1.53 9997 5.~~3362~~3359 1.~~919099~~919871 Pennsylvania 8 54,~~314~~288,~~223~~386.9726 6.1213 ~~114~~112 5.~~3215~~3213 2.~~287662~~287945 South Carolina 3 13,~~514~~496,~~284~~167.8834 1.52 ~~108~~106 4.~~8072~~8058 2.~~544561~~546246 Tennessee 1 1,900,000.00 0.21 5452 4.4720 3.150000 Texas 5 1918,~~034~~951,~~914~~466.8552 2.14 ~~140~~138 5.~~3998~~3995 1.~~734335~~734392 Virgin Islands 1 7,~~461~~441,~~203~~495.2164 0.84 ~~116~~114 6.3320 1.460000 Virginia 4 22,~~642~~582,~~887~~248.6132 2.55 ~~122~~120 5.~~5535~~5538 1.~~684623~~684584 Washington 4 17,~~570~~542,~~927~~156.2432 1.98 ~~115~~113 5.~~4808~~4807 1.~~988500~~988982 Washington,DC 3 22,~~994~~991,~~289~~393.9141 2.5960 5553 4.~~4521~~4520 2.~~529449~~528949 Wisconsin 3 15,~~910~~844,~~009~~104.4311 1.79 ~~132~~130 5.~~4217~~4212 1.~~584149~~585492 Totals 139 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320

Debt Service Coverage Ratio (1) Debt Service # of Scheduled % of WAM WAC Weighted Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1) Bal. 1.20 or less 5 18,~~809~~674,~~036~~227.8910 2.1211 ~~175~~173 5.8425 1.~~149891~~149890 1.21 to 1.30 2 8,~~834~~750,~~577~~817.7694 10.0099 ~~170~~168 5.~~2432~~2455 1.~~262436~~262547 1.31 to 1.40 15 90,~~352~~078,~~120~~265.0831 10.1817 ~~131~~129 5.7665 1.~~372005~~372023 1.41 to 1.50 12 107,~~665~~407,~~184~~053.3632 12.13 ~~119~~117 5.8118 1.~~465799~~465807 1.51 to 1.60 9 5958,~~164~~966,356.8587 6.6766 ~~148~~146 5.~~6863~~6865 1.~~564021~~564030 1.61 to 1.70 17 87,~~556~~306,~~948~~021.6546 9.8786 ~~104~~102 5.~~5379~~5383 1.~~643785~~643772 1.71 to 1.80 10 56,~~178~~036,~~869~~757.9296 6.33 ~~122~~120 5.~~3359~~3350 1.~~746407~~746337 1.81 or greater 49 458,~~855~~600,~~938~~869.2456 51.7177 ~~102~~100 5.~~1372~~1370 2.~~516154~~516374 Totals 119 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Health Care 3 17,~~699~~617,~~724~~763.6524 1.99 ~~108~~106 6.~~0705~~0707 1.~~812552~~812541 Industrial 15 8685,~~154~~847,~~481~~397.2238 9.7169 ~~112~~110 5.~~8362~~8371 1.~~540921~~541173 Mixed Use 5 2019,~~054~~989,~~121~~877.4867 2.26 ~~125~~123 5.~~6365~~6366 1.~~530340~~530329 Mobile Home Park 1 1,~~464~~461,~~486~~688.3465 0.17 ~~116~~114 5.9100 2.060000 Multi-Family 9 52,~~511~~429,~~562~~064.8041 5.92 9896 5.~~1555~~1552 1.~~860591~~860457 Office 33 ~~287~~286,~~206~~973,~~040~~797.8548 32.3640 ~~110~~108 5.~~4229~~4226 2.~~222036~~222577 Other 3 18,~~312~~299,~~572~~852.2922 2.0607 ~~122~~120 5.~~6011~~6009 1.~~884530~~885033 Retail 66 ~~390~~389,~~656~~877,~~326~~228.2696 44.0201 ~~119~~117 5.~~2356~~2349 2.~~080709~~081713 Self Storage 4 13,~~357~~323,~~716~~699.8651 1.5150 9896 5.~~4800~~4804 1.~~639506~~639436 Totals 139 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 4.500% or less 11 103,~~452~~395,~~717~~069.3566 11.6667 6462 4.3074 2.~~965545~~966154 4.501% to 5.000% 13 98,~~440~~212,~~581~~477.1549 11.09 9391 4.8953 1.~~902398~~903146 5.001% to 5.500% 27 222,~~888~~597,~~284~~953.1668 25.1213 ~~110~~108 5.2436 2.~~240759~~241430 5.501% to 6.000% 53 ~~382~~381,~~493~~735,~~722~~900.3534 43.1009 ~~133~~131 5.~~6864~~6862 1.~~797045~~797591 6.001% to 6.500% 13 55,~~407~~193,~~375~~024.2716 6.2423 ~~142~~140 6.~~1855~~1856 1.~~537473~~537464 6.501% or greater 2 24,~~734~~685,~~352~~944.4719 2.79 8583 6.7621 1.~~521425~~521410 Totals 119 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 months or less ~~117~~115 ~~865~~849,~~797~~036,~~006~~972.6887 9795.5685 ~~115~~113 5.~~3580~~3429 2.~~043716~~056791 13 to 24 months 13 217,~~067~~266,~~562~~766.7221 01.2395 ~~107~~106 46.~~9100~~0252 21.~~470000~~493276 25 to 36 months 1 19,~~552~~516,~~463~~630.3544 2.20 9391 6.7600 1.490000 37 to 48 months 0 0.00 0.00 0 0.0000 0.000000 49 months and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 119 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320

Anticipated Remaining Term (ARD and Balloon Loans) Anticipated # of Scheduled % of WAM WAC Weighted Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1) Bal. 60 months or less 13 96,~~779~~707,~~589~~569.2474 10.9192 5452 4.~~7221~~7215 2.~~554552~~555205 61 to 120 months 80 ~~677~~676,~~297~~382,~~730~~784.2384 76.3236 ~~109~~107 5.~~4071~~4070 2.~~046480~~047009 121 to 180 months 2 18,~~139~~098,~~476~~820.5835 2.04 ~~131~~129 5.~~8285~~8286 1.~~546362~~546403 181 months and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 95 ~~792~~791,~~216~~189,~~796~~174.0593 89.2732 ~~103~~101 5.~~3331~~3329 2.~~097096~~097674

Remaining Stated Term (Fully Amortizing Loans) Remaining Stated # of Scheduled % of WAM WAC Weighted Term Loans Balance Agg. (2) Avg DSCR (1) Bal. 60 months or less 0 0.00 0.00 0 0.0000 0.000000 61 to 120 months 1 4,~~870~~804,~~292~~650.8860 0.5554 ~~116~~114 4.7900 1.240000 121 to 180 months 12 36,~~263~~003,~~096~~265.7871 4.0906 ~~175~~173 5.8381 1.~~394424~~394428 181 months or greater 11 5453,~~066~~823,~~847~~278.0428 6.0908 ~~235~~233 5.9413 1.~~585498~~585505 Totals 24 9594,~~200~~631,~~236~~194.7059 10.7368 ~~206~~204 5.~~8431~~8436 1.~~495040~~495266

Remaining Amortization Term (ARD and Balloon Loans) Remaining Amortization # of Scheduled % of WAM WAC Weighted Term Loans Balance Agg. (2) Avg DSCR (1) Bal. Interest Only 15 133,220,000.00 15.0104 6967 4.4945 2.909274 60 months or less 0 0.00 0.00 0 0.0000 0.000000 61 to 120 months 0 0.00 0.00 0 0.0000 0.000000 121 to 180 months 1 6,~~104~~054,~~092~~724.8438 0.6968 7876 4.4500 1.680000 181 to 240 months 7 28,~~949~~813,~~478~~169.2579 3.2625 ~~116~~114 5.~~3337~~3338 1.~~584648~~584632 241 to 300 months 23 91,~~317~~046,~~473~~299.8438 10.2928 ~~102~~100 5.~~7161~~7163 1.~~672876~~672853 301 to 360 months 49 532,~~625~~054,~~751~~981.1238 60.0206 ~~112~~110 5.~~4873~~4872 1.~~999319~~999692 361 months or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 95 ~~792~~791,~~216~~189,~~796~~174.0593 89.2732 ~~103~~101 5.~~3331~~3329 2.~~097096~~097674

Age of Most Recent NOI Age of Most # of Scheduled % of WAM WAC Weighted Recent NOI Loans Balance Agg. (2) Avg DSCR (1) Bal. Underwriter's Information 119 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320 1 year or less 0 0.00 0.00 0 0.0000 0.000000 1 to 2 years 0 0.00 0.00 0 0.0000 0.000000 2 years and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 119 ~~887~~885,~~417~~820,~~032~~369.7552 100.00 ~~114~~112 5.~~3878~~3875 2.~~032509~~033320 (1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this calculation. (2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity date. (3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off Date Balance of the related mortgage loan as disclosed in the offering document. Note: (i) An ARD Loan constitutes a "Hyper-Amortization Loan" as defined in the offering document.

Mortgage Loan Detail Loan Property Interest Principal Gross Number ODCR Type (1) City State Payment Payment Coupon 700201507 1A3 OF New York NY 273,895.25 0.00 5.508% 510901688 1A4 OF New York NY 263,154.26 0.00 5.508% 700201583 2 OF Various Various 284,201.13 0.00 5.247% 600873310 3 RT Newtown Township PA 113,663.33 0.00 5.246% 700201462 4 RT Chula Vista CA 112,~~306~~057.2083 30,~~462~~711.6300 5.200% 850500041 5 RT Various Various 81,329.28 0.00 4.111% 850201415 6 OF Washington DC 80,538.70 0.00 4.393% 850500051 7 MF Albuquerque NM 83,640.00 0.00 4.896% 700200834 8 IN West Sacramento CA 110,~~255~~055.9421 19,~~596~~797.6538 6.760% 700400103 9 RT Santa Monica CA 7473,~~128~~978.8722 17,~~421~~571.3297 5.570% 600873314 10 RT Freeport ME 74,~~230~~082.7685 16,~~792~~940.6455 5.690% 600873315 11 OF Burbank CA 71,~~732~~590.4491 1516,~~898~~040.8033 5.760% 600873316 12 RT Columbia MD 68,~~807~~498.6356 31,~~089~~398.3037 5.950% 700400066 13 RT Laguna Hills CA 57,~~245~~113.9631 16,~~835~~968.4207 5.000% 700400108 14 OF Herndon VA 61,~~315~~200.7633 12,~~689~~804.1962 5.920% 850500029 15 RT Baton Rouge LA 44,084.33 0.00 4.372% 850201382 16 RT Plainfield IL 49,339.69 0.00 4.965% 310901339 17 IN Sacramento CA 52,~~937~~831.5185 11,~~745~~851.4915 5.820% 600873311 18 RT Wayne PA 45,902.50 0.00 5.246% 850500006 19 RT Various Various 37,881.57 0.00 4.472% 850500054 20 OT San Diego CA 46,516.67 0.00 5.582% 700400058 21 IN Bethpage NY 41,~~276~~075.0333 24,~~719~~920.5424 5.000% 600873317 22 IN Clifton NJ 46,~~949~~859.7856 9,~~824~~914.4264 5.970% 600873313 23 RT Rocklin CA 43,~~645~~566.4787 8,~~108~~187.5919 6.370% 310901500 24 RT Brentwood CA 35,~~529~~451.5357 9,~~548~~626.2319 5.210% 850500028 25 RT Winston-Salem NC 29,192.00 0.00 4.272% 850201401 26 RT Various Various 30,447.08 0.00 4.550% 850500021 27 RT Rockville MD 33,600.00 0.00 5.040% 850500011 28 HC New Orleans LA 3938,~~023~~750.2204 2728,~~765~~038.3149 6.029% 600873318 29 IN Kenosha WI 33,~~598~~495.7060 11,~~734~~837.7585 5.260% 850201483 30 MU Cruz Bay Quarter VI 39,~~425~~321.3288 10,~~430~~534.7216 6.332% 850500024 31 RT Aiken SC 26,778.50 0.00 4.372% 600873319 32 RT Bellevue WA 32,~~781~~709.9102 7,~~904~~977.7766 5.520% 850201341 33 OF Havertown PA 34,~~365~~264.8597 10,~~851~~952.5442 5.873% 700201198 34 RT Palm Bay FL 34,~~840~~771.7292 7,~~499~~568.4020 5.950% 310901554 35 RT Middletown NJ 34,241.67 0.00 5.870% 610901456 36 OF Fresno CA 32,~~442~~344.7004 11,~~046~~145.5117 5.620% 850500048 37 OT Los Angeles CA 30,468.42 0.00 5.582% 600873320 38 MF Jefferson Township NJ 30,~~635~~545.8394 910,~~981~~071.5847 5.680% 700400067 39 MU Palo Alto CA 26,~~530~~467.1768 8,~~046~~108.1362 4.920% 600873321 40 RT Columbus OH 28,~~368~~308.2940 7,~~086~~146.8473 5.420% 850500013 41 RT Brighton NY 22,~~728~~546.4404 2425,~~924~~106.0848 4.450% 310901506 42 RT Sacramento CA 29,~~714~~587.3637 13,~~202~~329.3029 5.980% 310901426 43 RT Bellevue WI 28,~~205~~006.9809 21,~~458~~658.1302 5.700% 600873322 44 MF New Brunswick NJ 24,~~211~~154.0635 7,~~193~~249.0071 5.000% 600873323 45 RT Fairfield CA 26,~~890~~835.7386 6,~~332~~387.7461 5.580% 700400061 46 OF Fall River MA 28,~~845~~765.9227 8,~~523~~604.5621 6.000% 310901511 47 MF Redding CA 26,~~893~~813.8277 89,~~957~~037.2934 5.630% 850500018 48 RT Arlington TX 23,~~972~~856.5165 14,~~133~~249.9581 5.050% 610901337 49 RT Houston TX 27,~~697~~573.7508 12,~~712~~837.4916 5.870% 700201302 50 RT Portland OR 23,310.00 0.00 5.180% 310901496 51 MF Seattle WA 24,~~528~~478.3620 5,~~797~~847.6480 5.570% 700400072 52 RT Medford OR 22,~~939~~889.8474 6,~~083~~133.3848 5.260% 700400109 53 HC Jacksonville FL 29,~~272~~201.4186 6,~~720~~791.6924 6.770% 850500036 54 RT Plymouth MN 17,745.82 0.00 4.111% 310901410 55 RT Reno NV 24,~~832~~718.3467 11,~~512~~626.4613 5.910% 700201582 56 OF Mayfield Village OH 25,~~293~~221.7568 7,~~596~~668.8087 6.010% 310901558 57 SS Vallejo CA 25,~~100~~053.1684 5,~~006~~052.0739 6.040% 700400079 58 RT Alpharetta GA 20,~~930~~882.4357 6,~~033~~080.0288 5.040% 700400050 59 OF Ocoee Fl 23,~~968~~921.7637 5,~~305~~352.2463 5.780% 700400038 60 IN Huntington Beach CA 22,~~091~~043.6355 5,~~766~~814.8391 5.330% 600873324 61 IN San Leandro CA 19,~~572~~311.1113 3233,~~948~~209.9088 4.790% 850500047 62 HC Lexington Park MD 21,~~454~~388.0225 7,~~676~~742.3411 5.379% 600873325 63 OF Palo Alto CA 20,~~417~~371.1255 5,~~606~~652.9956 5.180% 310901412 64 RT Truckee CA 22,~~353~~251.9764 10,~~363~~465.4780 5.910% 600873326 65 OF Arlington VA 18,~~060~~000.8601 7,~~827~~888.9176 4.840% 610901470 66 IN Irvine CA 21,~~629~~476.1541 1415,~~936~~088.0680 6.120% 310901494 67 OF Roslyn NY 19,~~396~~253.0896 15,~~761~~903.3345 5.510% 600873327 68 RT Lakeville MN 18,~~673~~583.2560 10,~~107~~197.7742 5.310% 410901559 69 RT Beltsville MD 18,~~812~~774.2148 4,~~302~~340.5124 5.660% 600873328 70 RT Toledo OH 20,~~553~~497.2497 5,~~685~~740.3865 6.190% 600873329 71 RT Hopkins SC 19,~~204~~117.1803 89,~~993~~080.4661 5.800% 410901545 72 SS Palmdale CA 15,~~529~~475.4595 7,~~075~~128.2878 4.700% 310901413 73 RT Reno NV 18,~~830~~744.7959 8,~~730~~816.0929 5.910% 850201461 74 RT New York NY 16,~~078~~042.1314 4,~~437~~473.1514 5.167% 620901509 75 IN Westlake Village CA 17,~~423~~368.0824 5,~~852~~907.1903 5.610% 850500016 76 RT Tampa FL 13,480.33 0.00 4.372% 600873330 77 RT Pikesville MD 18,~~880~~800.7974 7,~~579~~659.7176 6.320% 850500003 78 MF Dallas TX 14,~~598~~564.9909 4,~~507~~542.1707 4.900% 410901522 79 RT Buena Park CA 15,~~880~~831.4837 5,~~708~~757.1324 5.400% 410901215 80 RT Lodi CA 1615,~~031~~959.3857 7,~~781~~853.2708 5.720% 410901525 81 MF Pleasant Hill CA 11,~~768~~738.8035 4,~~312~~342.3176 4.430% 410901569 82 RT Manassas VA 13,~~136~~092.3688 5,~~477~~520.4290 4.950% 600873331 83 RT Palm Harbor FL 13,175.00 0.00 5.270% 410901437 84 MU Pasadena CA 14,~~155~~127.9541 3,~~237~~265.0660 5.690% 410901565 85 RT Portland (Unincorp. A OR 14,~~101~~039.3381 6,~~626~~688.9850 5.760% 410901462 86 RT Palm Desert CA 14,~~155~~058.0615 9,~~469~~565.0596 6.280% 600873312 87 RT Langhorne PA 12,132.00 0.00 5.392% 410901532 88 IN Corona CA 13,~~618~~561.6627 5,~~865~~922.4382 6.090% 600873332 89 IN Alexandria VA 12,~~421~~367.8634 5,~~862~~916.0153 5.770% 600873333 90 OF Scottsdale AZ 11,~~741~~705.8667 4,~~162~~198.3756 5.460% 700400014 91 SS Rancho Cucamonga CA 11,~~808~~784.5914 2,~~814~~838.3580 5.590% 310901482 92 RT Elk Grove CA 12,~~342~~287.6102 5,~~553~~609.7534 5.990% 600873334 93 RT Laguna Niguel CA 10,~~756~~735.9402 2,~~504~~526.9587 5.640% 410901422 94 RT Houston TX 10,~~668~~592.5665 7,~~825~~900.0596 5.940% 700201176 95 RT Cranberry Township PA 8,~~470~~449.7789 2,~~687~~708.2614 4.910% 410901556 96 OF Sacramento CA 8,~~774~~746.1884 3,~~246~~273.2054 5.280% 850201469 97 OF Houston TX 8,~~910~~882.1044 3,~~226~~254.3602 5.378% 410901514 98 OF Anchorage AK 9,~~596~~553.0599 4,~~125~~168.9804 6.100% 700400051 99 SS Bohemia NY 8,~~641~~615.8855 3,~~014~~040.4477 5.490% 620901529 100 RT Bakersfield CA 8,~~620~~558.1478 6,~~643~~704.5692 5.650% 700400035 101 OF Katonah NY 9,~~634~~608.5877 2,~~615~~640.0990 6.290% 600873335 102 IN South Plainfield NJ 9,~~177~~160.2301 1,~~872~~889.6284 5.990% 410901521 103 MU Thousand Oaks CA 7,~~926~~867.0672 6,~~648~~706.0640 5.360% 600873336 104 OT West Covina CA 8,~~520~~459.8284 6,~~455~~516.4947 5.780% 410901491 105 RT Kalispell MT 8,~~293~~276.2552 1,~~906~~922.1285 5.660% 850500038 106 RT Freeport IL 5,926.69 0.00 4.111% 600873337 107 IN South Plainfield NJ 8,~~232~~216.1570 1,~~679~~695.7722 5.990% 620901449 108 RT Albuquerque NM 7,~~385~~364.1125 2,~~224~~245.4733 5.940% 410901535 109 MH Carpinteria CA 7,~~220~~206.0231 1,~~508~~522.4920 5.910% 410901520 110 OF Torrance CA 6,~~575~~555.1580 2,~~156~~175.3671 5.660% 600873338 111 MU Mahwah NJ 6,~~314~~268.4376 5,~~102~~148.4613 5.470% 410901475 112 IN Dublin CA 6,~~479~~433.7540 4,~~824~~871.9833 5.880% 600873339 113 RT Kissimmee FL 6,~~122~~078.4885 4,~~658~~702.9356 5.730% 620901498 114 OF Fresno CA 5,~~612~~602.8663 1,~~088~~098.6588 6.150% 410901517 115 MF Washington DC 4,~~779~~766.8704 1,~~517~~531.2407 5.760% 600873340 116 MF Seattle WA 4,~~740~~730.4499 1,~~069~~079.9035 5.710% 410901471 117 RT Battle Creek MI 4,~~917~~896.3006 2,~~218~~239.2044 5.950% 410901510 118 IN Denver CO 4,~~081~~072.5997 1,~~011~~020.5820 5.470% Totals 3,~~988~~980,~~219~~811.1361 ~~825~~832,~~433~~841.4901

Loan Anticipated Maturity Neg. Beginning Ending Paid Thru Number Repayment Date Amort Scheduled Scheduled Date Date (Y/N) Balance Balance 700201507 N/A 07/10/2014 N 59,670,000.00 59,670,000.00 0911/10/2004 510901688 N/A 07/10/2014 N 57,330,000.00 57,330,000.00 0911/10/2004 700201583 N/A 01/08/2014 N 65,000,000.00 65,000,000.00 0911/08/2004 600873310 N/A 06/01/2014 N 26,000,000.00 26,000,000.00 1011/01/2004 700201462 N/A 06/01/2014 N 25,~~916~~859,~~816~~498.4634 25,~~886~~828,~~353~~787.8334 1012/01/2004 850500041 N/A 06/01/2011 N 23,740,000.00 23,740,000.00 1012/01/2004 850201415 N/A 02/01/2009 N 22,000,000.00 22,000,000.00 1012/01/2004 850500051 N/A 07/01/2011 N 20,500,000.00 20,500,000.00 1012/01/2004 700200834 N/A 07/01/2012 N 19,~~572~~536,~~060~~427.0082 19,~~552~~516,~~463~~630.3544 1012/01/2004 700400103 N/A 07/01/2014 N 15,~~970~~937,~~313~~857.0480 15,~~952~~920,~~891~~285.7283 1012/01/2004 600873314 N/A 06/01/2014 N 15,~~654~~623,~~993~~800.3111 15,~~638~~606,~~200~~859.6756 1012/01/2004 600873315 N/A 05/04/2014 N 14,~~944~~914,~~258~~772.2587 14,~~928~~898,~~359~~732.4554 1012/04/2004 600873316 N/A 05/01/2024 N 13,~~877~~814,~~169~~836.1641 13,~~846~~783,~~079~~438.8604 1012/01/2004 700400066 N/A 05/01/2014 N 13,~~739~~707,~~030~~194.0794 13,~~722~~690,~~194~~226.6587 1012/01/2004 700400108 N/A 05/01/2015 N 12,~~428~~405,~~871~~471.0484 12,~~416~~392,~~181~~667.8522 0912/01/2004 850500029 N/A 06/01/2009 N 12,100,000.00 12,100,000.00 1012/01/2004 850201382 N/A 01/01/2011 N 11,925,000.00 11,925,000.00 1012/01/2004 310901339 N/A 01/01/2014 N 10,~~914~~893,~~950~~164.2397 10,~~903~~881,~~204~~313.7482 1012/01/2004 600873311 N/A 06/01/2014 N 10,500,000.00 10,500,000.00 1011/01/2004 850500006 N/A 04/01/2009 N 10,165,000.00 10,165,000.00 1012/01/2004 850500054 N/A 07/01/2014 N 10,000,000.00 10,000,000.00 1012/01/2004 700400058 N/A 05/01/2014 N 9,~~906~~858,~~247~~078.9733 9,~~881~~833,~~528~~158.4309 1012/01/2004 600873317 N/A 02/01/2014 N 9,~~437~~419,~~142~~007.2691 9,~~427~~409,~~317~~093.8427 1012/01/2004 600873313 N/A 10/01/2013 N 8,~~222~~207,~~066~~259.2847 8,~~213~~199,~~957~~072.6928 1012/01/2004 310901500 N/A 07/01/2014 N 8,~~183~~165,~~384~~429.0709 8,~~173~~155,~~835~~802.8490 1012/01/2004 850500028 N/A 06/01/2009 N 8,200,000.00 8,200,000.00 1012/01/2004 850201401 N/A 02/01/2009 N 8,030,000.00 8,030,000.00 1012/01/2004 850500021 N/A 05/01/2014 N 8,000,000.00 8,000,000.00 1012/01/2004 850500011 N/A 04/01/2019 N 7,~~767~~712,~~103~~729.4546 7,~~739~~684,~~338~~690.1497 1012/01/2004 600873318 N/A 06/01/2013 N 7,~~665~~641,~~102~~581.1319 7,~~653~~629,~~367~~743.3834 1012/01/2004 850201483 N/A 06/01/2014 N 7,~~471~~452,~~633~~029.9380 7,~~461~~441,~~203~~495.2164 1012/01/2004 850500024 N/A 05/01/2009 N 7,350,000.00 7,350,000.00 1012/01/2004 600873319 N/A 06/01/2014 N 7,~~126~~110,~~502~~656.2131 7,~~118~~102,~~597~~678.4465 1012/01/2004 850201341 N/A 01/01/2014 N 7,~~021~~001,~~798~~186.5108 76,~~010~~990,~~946~~233.9766 1012/01/2004 700201198 N/A 10/01/2013 N 7,~~026~~012,~~699~~823.6881 7,~~019~~005,~~200~~255.2861 1012/01/2004 310901554 N/A 06/01/2014 N 7,000,000.00 7,000,000.00 1012/01/2004 610901456 N/A 02/01/2014 N 6,~~927~~906,~~266~~201.2216 6,~~916~~895,~~219~~055.7199 1012/01/2004 850500048 N/A 07/01/2014 N 6,550,000.00 6,550,000.00 1012/01/2004 600873320 N/A 06/01/2014 N 6,~~472~~453,~~359~~368.1234 6,~~462~~443,~~377~~296.5487 1012/01/2004 700400067 N/A 05/01/2014 N 6,~~470~~455,~~773~~531.8281 6,~~462~~447,~~727~~423.6919 1012/01/2004 600873321 N/A 05/01/2011 N 6,~~280~~267,~~802~~541.8773 6,~~273~~260,~~716~~395.0300 1012/01/2004 850500013 N/A 04/01/2011 N 6,~~129~~079,~~016~~830.9286 6,~~104~~054,~~092~~724.8438 1012/01/2004 310901506 N/A 06/01/2024 N 5,~~962~~937,~~747~~264.0695 5,~~949~~923,~~544~~935.7666 1012/01/2004 310901426 N/A 06/01/2019 N 5,~~938~~896,~~100~~018.1879 5,~~916~~874,~~642~~360.0577 0912/01/2004 600873322 N/A 03/01/2014 N 5,~~810~~797,~~654~~044.3643 5,~~803~~789,~~461~~794.3672 1012/01/2004 600873323 N/A 06/03/2014 N 5,~~782~~771,~~951~~152.6206 5,~~776~~764,~~618~~764.8845 1012/03/2004 700400061 N/A 05/01/2009 N 5,~~769~~753,~~183~~053.0542 5,~~760~~744,~~659~~449.4921 1012/01/2004 310901511 N/A 05/01/2016 N 5,~~732~~715,~~252~~190.0247 5,~~723~~706,~~294~~153.7313 1012/01/2004 850500018 N/A 05/01/2014 N 5,~~696~~668,~~437~~907.6032 5,~~682~~654,~~303~~657.6551 1012/01/2004 610901337 N/A 06/01/2024 N 5,~~662~~636,~~232~~745.6448 5,~~649~~623,~~520~~908.1532 1012/01/2004 700201302 N/A 12/01/2010 N 5,400,000.00 5,400,000.00 1011/01/2004 310901496 N/A 06/01/2014 N 5,~~284~~273,~~385~~580.9749 5,~~278~~267,~~588~~732.3369 1012/01/2004 700400072 N/A 06/01/2014 N 5,~~233~~221,~~423~~994.6803 5,~~227~~215,~~340~~860.3055 1012/01/2004 700400109 N/A 07/01/2009 N 5,~~188~~176,~~609~~104.8199 5,~~181~~169,~~889~~313.1275 1112/01/2004 850500036 N/A 06/01/2011 N 5,180,000.00 5,180,000.00 1012/01/2004 310901410 N/A 03/01/2024 N 5,~~042~~019,~~100~~018.4887 5,~~030~~007,~~588~~392.0274 1012/01/2004 700201582 N/A 02/01/2014 N 5,~~050~~035,~~332~~943.9213 5,~~042~~028,~~736~~274.1226 1012/01/2004 310901558 N/A 06/01/2014 N 4,~~986~~977,~~786~~584.2473 4,~~981~~972,~~780~~532.1734 1012/01/2004 700400079 N/A 06/01/2011 N 4,~~983~~972,~~434~~040.9338 4,~~977~~965,~~401~~959.9150 1012/01/2004 700400050 N/A 04/01/2014 N 4,~~976~~966,~~212~~375.9603 4,~~970~~961,~~907~~022.7240 1012/01/2004 700400038 N/A 04/01/2014 N 4,~~973~~962,~~724~~901.9016 4,~~967~~957,~~958~~086.0725 1012/01/2004 600873324 N/A 06/01/2014 N 4,~~903~~837,~~241~~860.7848 4,~~870~~804,~~292~~650.8860 1012/01/2004 850500047 N/A 07/01/2009 N 4,~~786~~771,~~173~~500.7363 4,~~778~~763,~~497~~758.3952 1012/01/2004 600873325 N/A 05/01/2014 N 4,~~729~~719,~~835~~276.4199 4,~~724~~713,~~228~~624.4243 1012/01/2004 310901412 N/A 03/01/2024 N 4,~~538~~518,~~877~~099.1012 4,~~528~~507,~~513~~633.6332 1012/01/2004 600873326 N/A 06/01/2014 N 4,~~477~~462,~~899~~812.3290 4,~~470~~454,~~071~~924.4114 1012/01/2004 610901470 N/A 05/01/2019 N 4,~~241~~211,~~009~~061.8051 4,~~226~~195,~~073~~972.7471 1012/01/2004 310901494 N/A 04/01/2019 N 4,~~224~~193,~~190~~239.6271 4,~~208~~177,~~429~~336.2926 1012/01/2004 600873327 N/A 06/01/2014 N 4,~~219~~199,~~943~~682.0881 4,~~209~~189,~~835~~485.3139 1012/01/2004 410901559 N/A 06/01/2014 N 3,~~988~~980,~~454~~455.4755 3,~~984~~976,~~151~~115.9631 1012/01/2004 600873328 N/A 06/01/2014 N 3,~~984~~973,~~473~~757.5661 3,~~978~~968,~~788~~016.1896 1012/01/2004 600873329 N/A 06/03/2024 N 3,~~973~~955,~~278~~247.3495 3,~~964~~946,~~284~~167.8834 1012/03/2004 410901545 N/A 06/01/2009 N 3,~~964~~951,~~967~~305.1359 3,~~957~~944,~~891~~176.8581 1012/01/2004 310901413 N/A 03/01/2024 N 3,~~823~~806,~~510~~007.6446 3,~~814~~797,~~780~~191.5517 1012/01/2004 850201461 N/A 05/01/2014 N 3,~~734~~725,~~034~~676.2716 3,~~729~~721,~~597~~203.1202 1012/01/2004 620901509 N/A 05/01/2014 N 3,~~726~~715,~~862~~130.3056 3,~~721~~709,~~010~~223.1153 1012/01/2004 850500016 N/A 05/01/2009 N 3,700,000.00 3,700,000.00 1012/01/2004 600873330 N/A 07/01/2024 N 3,~~584~~569,~~959~~760.5016 3,~~577~~562,~~379~~100.7940 1012/01/2004 850500003 N/A 03/01/2009 N 3,~~575~~566,~~263~~716.5583 3,~~570~~562,~~756~~174.3876 0912/01/2004 410901522 N/A 05/01/2014 N 3,~~528~~518,~~996~~083.6621 3,~~523~~512,~~288~~325.5397 1012/01/2004 410901215 N/A 04/01/2024 N 3,~~363~~348,~~227~~160.3082 3,~~355~~340,~~446~~307.0374 1012/01/2004 410901525 N/A 06/01/2011 N 3,~~187~~179,~~936~~688.8204 3,~~183~~175,~~624~~345.5128 1012/01/2004 410901569 N/A 06/01/2014 N 3,~~184~~174,~~571~~030.2089 3,~~179~~168,~~093~~509.7899 1012/01/2004 600873331 N/A 06/01/2014 N 3,000,000.00 3,000,000.00 1012/01/2004 410901437 N/A 04/01/2014 N 2,~~985~~979,~~436~~418.7361 2,~~982~~976,~~199~~153.6701 1012/01/2004 410901565 N/A 07/01/2014 N 2,~~937~~924,~~777~~960.1435 2,~~931~~918,~~150~~271.1685 1012/01/2004 410901462 N/A 04/01/2019 N 2,~~704~~686,~~788~~271.5710 2,~~695~~676,~~319~~705.5214 1012/01/2004 600873312 N/A 04/01/2014 N 2,700,000.00 2,700,000.00 1012/01/2004 410901532 N/A 06/01/2014 N 2,~~683~~672,~~480~~172.0135 2,~~677~~666,~~614~~249.5853 1012/01/2004 600873332 N/A 06/01/2014 N 2,~~583~~572,~~402~~063.5850 2,~~577~~566,~~540~~146.5797 1012/01/2004 600873333 N/A 04/01/2014 N 2,~~580~~572,~~628~~675.0210 2,~~576~~568,~~465~~476.6554 1012/01/2004 700400014 N/A 03/01/2014 N 2,~~534~~529,~~938~~689.0845 2,~~532~~526,~~123~~850.7365 1012/01/2004 310901482 N/A 04/01/2024 N 2,~~472~~461,~~642~~507.2704 2,~~467~~455,~~088~~897.5270 1012/01/2004 600873334 N/A 04/01/2014 N 2,~~288~~284,~~709~~046.6413 2,~~286~~281,~~204~~519.6926 1012/01/2004 410901422 N/A 03/01/2019 N 2,~~155~~139,~~264~~930.7120 2,~~147~~132,~~439~~029.6624 1012/01/2004 700201176 N/A 09/01/2013 N 2,~~070~~065,~~249~~146.9846 2,~~067~~062,~~562~~438.7232 1012/01/2004 410901556 N/A 07/01/2014 N 1,~~994~~987,~~132~~917.6092 1,~~990~~984,~~886~~644.4038 1012/01/2004 850201469 N/A 05/01/2009 N 1,~~988~~981,~~121~~950.3771 1,~~984~~978,~~895~~696.0169 1012/01/2004 410901514 N/A 06/01/2024 N 1,~~887~~879,~~746~~473.8389 1,~~883~~875,~~620~~305.85 1012/01/2004 700400051 N/A 05/01/2014 N 1,~~888~~883,~~935~~180.5548 1,~~885~~880,~~921~~139.1171 1012/01/2004 620901529 N/A 06/01/2019 N 1,~~830~~817,~~826~~794.4535 1,~~824~~811,~~182~~089.8943 1012/01/2004 700400035 N/A 04/01/2014 N 1,~~838~~833,~~075~~152.6445 1,~~835~~830,~~460~~511.55 1012/01/2004 600873335 N/A 05/01/2014 N 1,~~838~~835,~~509~~060.5253 1,~~836~~833,~~636~~170.9069 1012/01/2004 410901521 N/A 05/01/2019 N 1,~~774~~761,~~491~~429.9232 1,~~767~~754,~~843~~722.8692 1012/01/2004 600873336 N/A 04/01/2019 N 1,~~769~~756,~~027~~368.7869 1,~~762~~749,~~572~~852.2922 1012/01/2004 410901491 N/A 05/01/2014 N 1,~~758~~754,~~285~~740.3728 1,~~756~~752,~~379~~817.2543 1012/01/2004 850500038 N/A 06/01/2011 N 1,730,000.00 1,730,000.00 1012/01/2004 600873337 N/A 05/01/2014 N 1,~~649~~646,~~177~~084.9414 1,~~647~~644,~~498~~388.1792 1012/01/2004 620901449 N/A 05/01/2014 N 1,~~491~~487,~~942~~728.3117 1,~~489~~485,~~717~~482.84 1012/01/2004 410901535 N/A 06/01/2014 N 1,~~465~~463,~~994~~210.8385 1,~~464~~461,~~486~~688.3465 1012/01/2004 410901520 N/A 06/01/2011 N 1,~~394~~389,~~025~~921.5954 1,~~391~~387,~~869~~745.2383 1012/01/2004 600873338 N/A 06/03/2019 N 1,~~385~~375,~~249~~231.5104 1,~~380~~370,~~147~~082.0591 1012/03/2004 410901475 N/A 03/01/2019 N 1,~~322~~312,~~398~~939.1474 1,~~317~~308,~~573~~068.1641 1012/01/2004 600873339 N/A 05/01/2019 N 1,~~282~~273,~~194~~057.0629 1,~~277~~268,~~535~~354.1373 1012/01/2004 620901498 N/A 04/01/2014 N 1,~~095~~093,~~191~~195.3841 1,~~094~~092,~~102~~096.7353 1012/01/2004 410901517 N/A 06/01/2014 N ~~995~~992,~~807~~924.1548 ~~994~~991,~~289~~393.9141 1012/01/2004 600873340 N/A 05/01/2014 N ~~996~~994,~~239~~252.9490 ~~995~~993,~~170~~173.0455 1012/01/2004 410901471 N/A 05/01/2014 N ~~991~~987,~~723~~439.7589 ~~989~~985,~~505~~200.5545 1012/01/2004 410901510 N/A 04/01/2014 N ~~895~~893,~~412~~521.8801 ~~894~~892,~~401~~500.3081 1012/01/2004 Totals ~~888~~886,~~242~~653,~~466~~210.2453 ~~887~~885,~~417~~820,~~032~~369.7552

Principal Prepayment Detail No Principal Prepayments this Period

Historical Detail Delinquencies Distribution 30-59 Days 60-89 Days 90 Days or More Date # Balance # Balance # Balance 12/13/2004 0 $0.00 0 $0.00 0 $0.00 11/15/2004 0 $0.00 0 $0.00 0 $0.00 10/13/2004 0 $0.00 0 $0.00 0 $0.00 09/13/2004 0 $0.00 0 $0.00 0 $0.00 08/13/2004 0 $0.00 0 $0.00 0 $0.00

Distribution Foreclosure REO Modifications Date # Balance # Balance # Balance 12/13/2004 0 $0.00 0 $0.00 0 $0.00 11/15/2004 0 $0.00 0 $0.00 0 $0.00 10/13/2004 0 $0.00 0 $0.00 0 $0.00 09/13/2004 0 $0.00 0 $0.00 0 $0.00 08/13/2004 0 $0.00 0 $0.00 0 $0.00

Prepayments Rate and Maturities Distribution Curtailments Payoff Next Weighted Avg. WAM Date # Amount # Amount Coupon Remit 12/13/2004 0 $0.00 0 $0.00 5.387450% 5.339579% 112 11/15/2004 0 $0.00 0 $0.00 5.387646% 5.339774% 113 10/13/2004 0 $0.00 0 $0.00 5.387821% 5.339948% 114 09/13/2004 0 $0.00 0 $0.00 5.388014% 5.340140% 115 08/13/2004 0 $0.00 0 $0.00 5.388186% 5.340310% 116 Note: Foreclosure and REO Totals are excluded from the delinquencies aging categories.

Delinquency Loan Detail Offering # of Paid Through Current Outstanding Status of Loan Number Document Months Date P & I P & I Mortgage Cross- Delinq. Advances Advances ** Loan (1) Reference ~~700400108~~600873310 143 0 0911/01/2004 73110,~~694~~413.2333 73110,~~694~~413.2333 B ~~310901426~~600873311 4318 0 0911/01/2004 4944,~~515~~590.6600 4944,~~515~~590.6600 B ~~850500003~~700201302 7850 0 0911/01/2004 1823,~~957~~175.1900 1823,~~957~~175.1900 B Totals 3 ~~142~~178,~~167~~178.0833 ~~142~~178,~~167~~178.0833

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date ~~700400108~~600873310 1226,~~428~~000,~~871~~000.0400 0.00 ~~310901426~~600873311 510,~~938~~500,~~100~~000.1800 0.00 ~~850500003~~700201302 35,~~575~~400,~~263~~000.5500 0.00 Totals 2141,~~942~~900,~~234~~000.7700 0.00

Current Outstanding Actual Outstanding P & I P & I Principal Servicing Advances Advances** Balance Advances Totals By Delinquency Code: Total for Status Code = B (3 loans) ~~142~~178,~~167~~178.0833 ~~142~~178,~~167~~178.0833 2141,~~942~~900,~~234~~000.7700 0.00 (1) Status of Mortgage Loan A - Payment Not Received But Still In Grace Period B - Late Payment But Less Than 1 Month Delinquent 0 - Current 1 - One Month Delinquent 2 - Two Months Delinquent 3 - Three or More Months Delinquent 4 - Assumed Scheduled Payment (Performing Matured Balloon) 7 - Foreclosure 9 - REO (2) Resolution Strategy Code 1 - Modification 2 - Foreclosure 3 - Bankruptcy 4 - Extension 5 - Note Sale 6 - DPO 7 - REO 8 - Resolved 9 - Pending Return to Master Servicer 10 - Deed In Lieu Of Foreclosure 11 - Full Payoff 12 - Reps and Warranties 13 - Other or TBD ** Outstanding P & I Advances include the current period advance.

Specially Serviced Loan Detail - Part 1 No Specially Serviced Loans this Period Specially Serviced Loan Detail - Part 2 No Specially Serviced Loans this Period Modified Loan Detail No Modified Loans Liquidated Loan Detail No Liquidated Loans this period

Filing Compare · Morgan Stanley Capital I Trust Series 2004-TOP15