8-K 1 lbu04c02_dec.txt DECEMBER 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 17, 2004 (Date of earliest event reported) Commission File No.: 333-111598-02 Lehman-UBS Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2004-C2 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-2151895 54-2151896 54-2151897 54-6612479 54-6612480 (I.R.S. Employer Identification No.) C/o 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 17, 2004, a distribution was made to holders of Lehman-UBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2004-C2. 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-C2, relating to the December 17, 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. Lehman-UBS Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2004-C2 (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: December 17, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-C2, relating to the December 17, 2004 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Lehman-UBS Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2004-C2 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 17, 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 - 13 Principal Prepayment Detail 14 Historical Detail 15 Delinquency Loan Detail 16 Specially Serviced Loan Detail 17 - 18 Modified Loan Detail 19 Liquidated Loan Detail 20 Underwriter Lehman Brothers Inc. 3 World Financial Center New York, NY 10285 Contact: Tricia Hall Phone Number: (212) 526-5850 Master Servicer Midland Loan Services, Inc. 10851 Mastin Street, Bldg. 82 Suite 700 Overland Park, KS 66210 Contact: Brad Hauger Phone Number: (913) 253-9000 Special Servicer Midland Loan Services, Inc. 10851 Mastin Street, Bldg. 82 Suite 700 Overland Park, KS 66210 Contact: Brad Hauger Phone Number: (913) 253-9000 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 52108HZV9 2.946000% 100,000,000.00 9695,~~858~~763,~~734~~403.3244 ~~587~~592,~~495~~772.3791 ~~237~~235,~~788~~099.1916 A-2 52108HZW7 3.246000% 267,000,000.00 267,000,000.00 0.00 722,235.00 A-3 52108HZX5 3.973000% 144,000,000.00 144,000,000.00 0.00 476,760.00 A-4 52108HZY3 4.367000% 558,483,000.00 558,483,000.00 0.00 2,032,412.72 B 52108HZZ0 4.427000% 15,433,000.00 15,433,000.00 0.00 56,934.91 C 52108HA20 4.437000% 13,889,000.00 13,889,000.00 0.00 51,354.58 D 52108HA38 4.457000% 12,346,000.00 12,346,000.00 0.00 45,855.10 E 52108HA46 4.487000% 16,976,000.00 16,976,000.00 0.00 63,476.09 F 52108HA53 4.506000% 13,890,000.00 13,890,000.00 0.00 52,156.95 G 52108HA61 4.595000% 21,605,000.00 21,605,000.00 0.00 82,729.15 H 52108HA79 4.743000% 12,347,000.00 12,347,000.00 0.00 48,801.52 J 52108HA87 4.841000% 10,802,000.00 10,802,000.00 0.00 43,577.07 K 52108HA95 5.~~103525~~103132% 12,347,000.00 12,347,000.00 0.00 52,~~511~~506.0298 L 52108HB29 4.716000% 4,629,000.00 4,629,000.00 0.00 18,191.97 M 52108HB37 4.716000% 4,630,000.00 4,630,000.00 0.00 18,195.90 N 52108HB45 4.716000% 3,087,000.00 3,087,000.00 0.00 12,131.91 P 52108HB52 4.716000% 3,086,000.00 3,086,000.00 0.00 12,127.98 Q 52108HB60 4.716000% 3,087,000.00 3,087,000.00 0.00 12,131.91 S 52108HB78 4.716000% 3,086,000.00 3,086,000.00 0.00 12,127.98 T 52108HB86 4.716000% 13,890,151.28 13,890,151.28 0.00 54,~~572~~564.0728 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 V N/A 0.000000% 0.00 0.00 0.00 0.00 Totals 1,234,613,151.28 1,~~231~~230,~~471~~376,~~885~~554.6072 ~~587~~592,~~495~~772.3791 4,~~106~~103,~~072~~371.0216

Class CUSIP Prepayment Realized Loss/ Total Ending Current Penalties Additional Trust Distribution Balance Subordination Fund Expenses Level (1) A-1 52108HZV9 0.00 0.00 ~~825~~827,~~283~~872.5607 9695,~~271~~170,~~238~~630.9553 13.4243% A-2 52108HZW7 0.00 0.00 722,235.00 267,000,000.00 13.4243% A-3 52108HZX5 0.00 0.00 476,760.00 144,000,000.00 13.4243% A-4 52108HZY3 0.00 0.00 2,032,412.72 558,483,000.00 13.4243% B 52108HZZ0 0.00 0.00 56,934.91 15,433,000.00 12.1617% C 52108HA20 0.00 0.00 51,354.58 13,889,000.00 11.0304% D 52108HA38 0.00 0.00 45,855.10 12,346,000.00 10.0304% E 52108HA46 0.00 0.00 63,476.09 16,976,000.00 8.6566% F 52108HA53 0.00 0.00 52,156.95 13,890,000.00 7.5253% G 52108HA61 0.00 0.00 82,729.15 21,605,000.00 5.77% H 52108HA79 0.00 0.00 48,801.52 12,347,000.00 4.7677% J 52108HA87 0.00 0.00 43,577.07 10,802,000.00 3.89% K 52108HA95 0.00 0.00 52,~~511~~506.0298 12,347,000.00 2.8889% L 52108HB29 0.00 0.00 18,191.97 4,629,000.00 2.51% M 52108HB37 0.00 0.00 18,195.90 4,630,000.00 2.13% N 52108HB45 0.00 0.00 12,131.91 3,087,000.00 1.88% P 52108HB52 0.00 0.00 12,127.98 3,086,000.00 1.63% Q 52108HB60 0.00 0.00 12,131.91 3,087,000.00 1.38% S 52108HB78 0.00 0.00 12,127.98 3,086,000.00 1.13% T 52108HB86 0.00 0.00 54,~~572~~564.0728 13,890,151.28 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% V N/A 0.00 0.00 0.00 0.00 0.00% Totals 0.00 0.00 4,~~693~~696,~~567~~144.3907 1,~~230~~229,~~884~~783,~~390~~781.2381

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X-CL 52108HB94 0.~~136936~~134953% 1,234,613,151.28 1,~~231~~230,~~471~~376,~~885~~554.6072 ~~140~~138,~~527~~369.3925 X-CP 52108HC28 1.~~232938~~232538% 1,156,061,000.00 1,156,061,000.00 1,187,~~792~~407.8348

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X-CL 52108HB94 0.00 ~~140~~138,~~527~~369.3925 1,~~230~~229,~~884~~783,~~390~~781.2381 X-CP 52108HC28 0.00 1,187,~~792~~407.8348 1,156,061,000.00 (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 52108HZV9 ~~968~~957.~~58734320~~63403440 5.~~87495370~~92772910 2.~~37788190~~35099160 0.00000000 0.00000000 ~~962~~951.~~71238950~~70630530 A-2 52108HZW7 1,000.00000000 0.00000000 2.70500000 0.00000000 0.00000000 1,000.00000000 A-3 52108HZX5 1,000.00000000 0.00000000 3.31083333 0.00000000 0.00000000 1,000.00000000 A-4 52108HZY3 1,000.00000000 0.00000000 3.63916667 0.00000000 0.00000000 1,000.00000000 B 52108HZZ0 1,000.00000000 0.00000000 3.68916672 0.00000000 0.00000000 1,000.00000000 C 52108HA20 1,000.00000000 0.00000000 3.69750018 0.00000000 0.00000000 1,000.00000000 D 52108HA38 1,000.00000000 0.00000000 3.71416653 0.00000000 0.00000000 1,000.00000000 E 52108HA46 1,000.00000000 0.00000000 3.73916647 0.00000000 0.00000000 1,000.00000000 F 52108HA53 1,000.00000000 0.00000000 3.75500000 0.00000000 0.00000000 1,000.00000000 G 52108HA61 1,000.00000000 0.00000000 3.82916686 0.00000000 0.00000000 1,000.00000000 H 52108HA79 1,000.00000000 0.00000000 3.95250020 0.00000000 0.00000000 1,000.00000000 J 52108HA87 1,000.00000000 0.00000000 4.03416682 0.00000000 0.00000000 1,000.00000000 K 52108HA95 1,000.00000000 0.00000000 4.~~25293756~~25261035 0.00000000 0.00000000 1,000.00000000 L 52108HB29 1,000.00000000 0.00000000 3.93000000 0.00000000 0.00000000 1,000.00000000 M 52108HB37 1,000.00000000 0.00000000 3.93000000 0.00000000 0.00000000 1,000.00000000 N 52108HB45 1,000.00000000 0.00000000 3.93000000 0.00000000 0.00000000 1,000.00000000 P 52108HB52 1,000.00000000 0.00000000 3.93000000 0.00000000 0.00000000 1,000.00000000 Q 52108HB60 1,000.00000000 0.00000000 3.93000000 0.00000000 0.00000000 1,000.00000000 S 52108HB78 1,000.00000000 0.00000000 3.93000000 0.00000000 0.00000000 1,000.00000000 T 52108HB86 1,000.00000000 0.00000000 3.~~92883194~~92827111 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 V 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-CL 52108HB94 ~~997~~996.~~45566806~~56848256 0.~~11382301~~11207498 0.00000000 996.~~97981425~~08835410 X-CP 52108HC28 1,000.00000000 1.~~02744823~~02711490 0.00000000 1,000.00000000

Reconciliation Detail Advance Summary P & I Advances Outstanding ~~535~~264,~~906~~471.9975 Servicing Advances Outstanding 1256,~~212~~644.7860 Reimbursement for Interest on P&I Advances 1523.7277 paid from general collections Reimbursement for Interest on Servicing 0.00 Advances paid from general collections

Servicing Fee Summary Current Period Accrued Master Servicing Fees 37,~~874~~834.2476 Less Master Servicing Fees on Delinquent Payments 32,~~126~~870.8874 Less Reductions to Master Servicing Fees 0.00 Plus Master Servicing Fees for Delinquent Payments Received 43,~~862~~873.4089 Plus Adjustments for Prior Master Servicing Calculation 0.00 Total Master Servicing Fees Collected 3938,~~609~~837.7691

Certificate Interest Reconciliation Class Accrued Net Aggregate Distributable Distributable Additional Interest ARD Additional Certificate Prepayment Certificate Certificate Trust Fund Distribution Interest Interest Interest Interest Interest Expenses Shortfall Adjustment A-1 ~~237~~235,~~788~~099.1916 0.00 ~~237~~235,~~788~~099.1916 0.00 0.00 ~~237~~235,~~788~~099.1916 0.00 A-2 722,235.00 0.00 722,235.00 0.00 0.00 722,235.00 0.00 A-3 476,760.00 0.00 476,760.00 0.00 0.00 476,760.00 0.00 A-4 2,032,412.72 0.00 2,032,412.72 0.00 0.00 2,032,412.72 0.00 X-CL ~~140~~138,~~527~~369.3925 0.00 ~~140~~138,~~527~~369.3925 0.00 0.00 ~~140~~138,~~527~~369.3925 0.00 X-CP 1,187,~~792~~407.8348 0.00 1,187,~~792~~407.8348 0.00 0.00 1,187,~~792~~407.8348 0.00 B 56,934.91 0.00 56,934.91 0.00 0.00 56,934.91 0.00 C 51,354.58 0.00 51,354.58 0.00 0.00 51,354.58 0.00 D 45,855.10 0.00 45,855.10 0.00 0.00 45,855.10 0.00 E 63,476.09 0.00 63,476.09 0.00 0.00 63,476.09 0.00 F 52,156.95 0.00 52,156.95 0.00 0.00 52,156.95 0.00 G 82,729.15 0.00 82,729.15 0.00 0.00 82,729.15 0.00 H 48,801.52 0.00 48,801.52 0.00 0.00 48,801.52 0.00 J 43,577.07 0.00 43,577.07 0.00 0.00 43,577.07 0.00 K 52,~~511~~506.0298 0.00 52,~~511~~506.0298 0.00 0.00 52,~~511~~506.0298 0.00 L 18,191.97 0.00 18,191.97 0.00 0.00 18,191.97 0.00 M 18,195.90 0.00 18,195.90 0.00 0.00 18,195.90 0.00 N 12,131.91 0.00 12,131.91 0.00 0.00 12,131.91 0.00 P 12,127.98 0.00 12,127.98 0.00 0.00 12,127.98 0.00 Q 12,131.91 0.00 12,131.91 0.00 0.00 12,131.91 0.00 S 12,127.98 0.00 12,127.98 0.00 0.00 12,127.98 0.00 T 54,588.29 0.00 54,588.29 0.00 1624.2202 54,~~572~~564.0728 0.00 Total 5,~~434~~429,~~408~~171.4690 0.00 5,~~434~~429,~~408~~171.4690 0.00 1624.2202 5,~~434~~429,~~392~~147.2489 0.00

Class Total Unpaid Interest Distributable Distribution Certificate Int. A-1 ~~237~~235,~~788~~099.1916 0.00 A-2 722,235.00 0.00 A-3 476,760.00 0.00 A-4 2,032,412.72 0.00 X-CL ~~140~~138,~~527~~369.3925 0.00 X-CP 1,187,~~792~~407.8348 0.00 B 56,934.91 0.00 C 51,354.58 0.00 D 45,855.10 0.00 E 63,476.09 0.00 F 52,156.95 0.00 G 82,729.15 0.00 H 48,801.52 0.00 J 43,577.07 0.00 K 52,~~511~~506.0298 0.00 L 18,191.97 0.00 M 18,195.90 0.00 N 12,131.91 0.00 P 12,127.98 0.00 Q 12,131.91 0.00 S 12,127.98 0.00 T 54,~~572~~564.0728 ~~440~~523.9498 Total 5,~~434~~429,~~392~~147.2489 ~~440~~523.9498

Other Required Information Available Distribution Amount (1) 6,021,~~887~~920.6180 Aggregate Number of Outstanding Loans 83 Aggregate Unpaid Principal Balance of Loans 1,~~230~~229,~~975~~811,~~368~~409.3004 Aggregate Stated Principal Balance of Loans 1,~~230~~229,~~884~~783,~~390~~781.2381 Aggregate Amount of Servicing Fee 3938,~~609~~837.7691 Aggregate Amount of Special Servicing Fee 0.00 Aggregate Amount of Trustee Fee 1,~~949~~948.8310 Aggregate Trust Fund Expenses 1523.7277 Deposit into the Interest Reserve Account 0.00 Withdrawal from the Interest Reserve Account 0.00 Specially Serviced Loans not Delinquent Number of Outstanding Loans 0 Aggregate Unpaid Principal Balance 0.00 (1) The Available Distribution Amount includes any Prepayment Premiums.

Original Subordination Level Class A-1 13.38% Class H 4.75% Class A-2 13.38% Class J 3.88% Class A-3 13.38% Class K 2.88% Class A-4 13.38% Class L 2.50% Class B 12.13% Class M 2.13% Class C 11.00% Class N 1.88% Class D 10.00% Class P 1.63% Class E 8.63% Class Q 1.38% Class F 7.50% Class S 1.13% Class G 5.75% Class T 0.00% Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 5,468,954.47 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 5,468,954.47 Principal: Scheduled Principal 592,772.91 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 592,772.91 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 6,061,727.38 Total Funds Distributed Fees: Master Servicing Fee 37,834.76 Trustee Fee 1,948.10 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 39,782.85 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 23.77 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 23.77 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 5,429,147.89 Principal Distribution 592,772.91 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 6,021,920.80 Total Funds Distributed 6,061,727.42

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 2,000,000 12 16,~~174~~136,~~595~~457.7557 1.31 ~~112~~110 6.0441 1.~~521356~~521360 2,000,001 to 4,000,000 24 71,~~664~~513,~~740~~673.6707 5.82 ~~107~~105 5.8956 1.~~472807~~511696 4,000,001 to 6,000,000 15 75,~~556~~393,~~551~~964.3755 6.1413 9795 5.~~8042~~8043 1.~~466504~~456979 6,000,001 to 8,000,000 5 34,~~855~~794,~~951~~829.9010 2.83 ~~100~~98 5.~~7010~~7008 1.~~763668~~764238 8,000,001 to 10,000,000 1 8,~~170~~152,~~521~~556.4009 0.66 5149 5.3900 1.400000 10,000,001 to 15,000,000 12 147,~~272~~076,~~120~~444.3204 11.96 ~~106~~104 5.7211 1.~~311000~~348495 15,000,001 to 20,000,000 2 34,~~738~~660,~~147~~649.7722 2.82 8280 6.~~2819~~2818 1.~~374991~~374945 20,000,001 to 25,000,000 2 44,~~691~~648,~~769~~766.6009 3.63 ~~116~~114 5.~~6431~~6424 1.~~434762~~434978 25,000,001 to 50,000,000 5 203,~~559~~206,~~991~~442.4508 16.5452 ~~106~~104 5.~~6238~~6239 1.~~538088~~510756 50,000,001 to 75,000,000 1 54,000,000.00 4.39 5250 4.6375 1.870000 75,000,001 to 100,000,000 1 77,200,000.00 6.2728 ~~113~~111 5.3500 1.320000 100,000,001 to 150,000,000 2 275,500,000.00 22.3840 ~~111~~109 5.0565 2.504773 150,000,001 and greater 1 187,500,000.00 15.2325 5149 4.5325 3.020000 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Arizona 3 20,~~333~~276,~~702~~507.1824 1.65 9997 5.~~5766~~5765 1.~~233087~~233169 California 19 305,~~598~~216,~~546~~581.0250 24.8382 9492 5.~~4410~~4406 1.~~659748~~657864 Colorado 3 7,~~602~~587,~~727~~834.8556 0.62 ~~110~~108 5.9594 1.~~526097~~815327 Connecticut 3 23,~~636~~631,~~587~~390.1343 1.92 9593 5.5386 1.~~788914~~789017 Florida 8 42,~~576~~486,~~372~~065.2868 3.4645 8785 5.~~7110~~7111 1.~~410427~~410430 Georgia 2 9,~~042~~026,~~935~~315.0540 0.73 ~~144~~142 6.~~2505~~2506 1.~~440689~~440684 Illinois 2 78,153,192.38 6.3536 ~~111~~109 5.2468 2.400000 Indiana 1 10,250,000.00 0.83 7775 5.0500 1.~~340000~~790000 Kentucky 1 5,~~939~~926,~~189~~679.6830 0.48 7472 5.6200 1.730000 Maine 1 2,~~227~~220,~~458~~825.0902 0.18 ~~113~~111 5.7400 1.580000 Maryland 1 6,~~172~~154,~~451~~849.5662 0.50 ~~111~~109 6.0800 1.490000 Massachusetts 1 1,~~684~~680,~~797~~304.1122 0.14 ~~113~~111 6.3900 1.240000 Michigan 2 131,~~251~~240,~~430~~444.8460 10.6667 ~~112~~110 4.~~8825~~8824 2.~~580483~~580574 Nevada 4 22,~~963~~915,~~128~~620.1802 1.8786 8583 5.6520 1.~~354985~~354984 New Hampshire 2 1,~~713~~709,~~274~~812.7617 0.14 ~~113~~111 5.7300 1.440000 New Jersey 4 3433,~~062~~993,~~356~~584.9670 2.7776 8078 5.~~9470~~9469 1.~~243932~~081173 New York 8 287,~~201~~032,~~667~~872.4686 23.3334 7775 5.~~0092~~0087 2.~~504941~~505583 North Carolina 3 4,~~802~~798,~~215~~039.8394 0.39 ~~112~~110 5.~~5485~~5483 2.~~308517~~431827 Oklahoma 1 3,~~657~~649,~~137~~897.6630 0.30 ~~112~~110 5.8600 1.220000 Oregon 1 1,~~339~~337,~~627~~026.6867 0.11 ~~112~~110 5.9500 1.430000 Pennsylvania 5 18,~~255~~241,~~848~~518.8103 1.48 ~~111~~109 5.~~4132~~4128 2.~~217349~~217831 South Carolina 4 6,~~271~~267,~~708~~261.6504 0.51 ~~113~~111 5.~~5337~~5335 2.~~745381~~745860 Texas 12 83,~~539~~445,~~757~~243.7150 6.79 9896 5.~~6260~~6262 1.~~372058~~371978 Utah 1 1,~~280~~276,~~691~~719.5224 0.10 ~~110~~108 5.6100 1.550000 Virginia 4 20,~~155~~112,~~278~~102.3546 1.64 ~~149~~147 6.~~3306~~3307 1.~~409892~~454638 Washington 3 18,~~590~~571,~~718~~506.8428 1.51 ~~100~~98 5.~~3835~~3834 1.~~958760~~952989 Washington,DC 1 77,200,000.00 6.2728 ~~113~~111 5.3500 1.320000 Wisconsin 1 5,381,587.66 0.44 ~~111~~109 5.2468 2.400000 Totals 101 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

Debt Service Coverage Ratio (1) Debt Service # of Scheduled % of WAM WAC Weighted Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1) Bal. Less than 1.29 1718 ~~214~~219,~~761~~130,~~622~~875.7913 17.4582 ~~105~~104 5.~~8736~~8792 1.~~226212~~194140 1.30 to 1.39 2219 ~~222~~194,~~163~~126,~~566~~359.3762 1815.0579 ~~107~~102 5.~~6205~~5836 1.~~339776~~337067 1.40 to 1.49 1514 7885,~~276~~985,~~715~~752.3407 6.3699 ~~103~~111 5.~~7694~~8656 1.~~444858~~441660 1.50 to 1.59 1110 8883,~~955~~807,~~373~~583.1672 76.2381 ~~110~~108 5.~~9719~~9725 1.~~543767~~543396 1.60 to 1.69 2 6,~~726~~711,~~285~~778.6416 0.55 7169 5.5433 1.~~622779~~622778 1.70 to 1.79 810 4355,~~647~~877,~~472~~980.0701 34.5554 75 5.~~3182~~2828 1.~~714365~~728070 1.80 to 1.89 12 5458,~~000~~943,~~000~~222.0097 4.3979 5255 4.~~6375~~7484 1.870000 1.90 and greater 78 ~~522~~525,~~353~~200,~~354~~230.8613 42.4471 9088 4.~~8873~~8931 2.~~666748~~664386 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Industrial 1 5,~~080~~065,~~283~~901.4365 0.41 ~~110~~108 6.1600 0.750000 Lodging 1 16,~~857~~814,~~270~~984.2176 1.37 ~~113~~111 6.7400 1.550000 Mobile Home Park 4 15,~~354~~342,~~314~~024.3206 1.25 8987 5.~~3443~~3438 1.~~371128~~671708 Multi-Family 21 171,~~497~~256,~~229~~824.9033 13.93 9391 5.~~6095~~6093 1.~~428706~~431460 Office 25 506,~~186~~015,~~572~~793.5548 41.1215 8684 5.~~0885~~0883 2.~~277262~~277565 Retail 43 ~~501~~500,~~441~~853,~~550~~329.8030 40.7473 ~~106~~104 5.~~4141~~4137 1.~~837186~~831474 Self Storage 6 14,~~467~~434,~~169~~924.0223 1.1817 ~~109~~107 5.9533 1.~~462187~~462784 Totals 101 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 4.750% or Less 3 262,000,000.00 21.2930 5149 4.5712 2.679695 4.751% to 5.000% 1 125,500,000.00 10.2021 ~~112~~110 4.8290 2.630000 5.001% to 5.250% 6 ~~226~~225,~~034~~883,~~687~~207.5988 18.3637 ~~105~~103 5.2033 2.~~218995~~239084 5.251% to 5.500% 7 119,~~896~~818,~~319~~402.1055 9.74 ~~102~~101 5.~~3655~~3654 1.~~459964~~459972 5.501% to 5.750% 16 173,~~784~~437,~~242~~574.8156 14.1210 ~~106~~104 5.6707 1.~~402164~~405564 5.751% to 6.000% 26 184,~~485~~250,~~732~~136.9555 14.9998 9795 5.8606 1.~~355049~~345469 6.001% to 6.250% 15 7372,~~133~~979,~~684~~874.3335 5.9493 ~~109~~107 6.0890 1.~~360364~~330437 6.251% to 6.500% 6 4241,~~031~~952,~~853~~870.9441 3.41 ~~163~~161 6.4111 1.~~262721~~284190 6.501% and greater 3 2423,~~017~~961,~~869~~715.51 1.95 ~~125~~123 6.7090 1.~~504793~~504777 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 months or less 8380 1,~~230~~178,~~884~~881,~~390~~326.2347 ~~100~~95.0086 9693 5.~~3341~~3151 1.~~942608~~969341 13 to 24 months 03 050,902,455.0034 04.0014 0102 05.~~0000~~7642 01.~~000000~~373936 25 to 36 months 0 0.00 0.00 0 0.0000 0.000000 37 to 48 months 0 0.00 0.00 0 0.0000 0.000000 49 to 60 months 0 0.00 0.00 0 0.0000 0.000000 60 and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

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 12 326,~~826~~687,~~058~~361.3503 26.5556 5149 4.~~7595~~7592 2.~~417022~~417471 61 to 84 months 6 66,~~696~~604,~~937~~229.3917 5.42 7674 5.~~6571~~6570 1.~~341764~~326174 85 to 120 months 61 ~~790~~789,~~440~~654,~~702~~755.4624 64.2221 ~~111~~109 5.~~4808~~4805 1.~~835942~~841789 121 to 144 months 1 4,~~760~~751,~~499~~564.6130 0.39 ~~135~~133 6.1300 10.~~370000~~910000 145 months and greater 3 42,~~160~~085,~~192~~872.4207 3.4342 ~~170~~168 6.4375 1.~~279952~~301355 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

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 5 395,030,000.00 32.0912 7270 4.6694 2.669250 240 months or less 1 2,~~364~~353,~~249~~747.0076 0.19 ~~113~~111 5.9000 1.560000 241 to 300 months 18 89,~~937~~755,~~274~~177.3138 7.3130 ~~112~~110 6.~~0592~~0591 1.~~335501~~335475 301 to 336 months 1 10,500,000.00 0.85 7573 5.7800 1.290000 337 months and greater 58 ~~733~~732,~~052~~144,~~866~~856.9267 59.5553 ~~107~~105 5.~~5951~~5950 1.~~636099~~639074 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696

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 6557 1940,~~015~~397,~~557,584~~861.8030 8276.5147 9188 5.~~2804~~2357 2.~~031667~~087929 1 year or less 1824 ~~215~~282,~~326~~415,~~805~~340.4309 1722.4996 ~~117~~111 5.~~5875~~6463 1.~~522573~~470747 1 to 2 years 02 06,970,580.0042 0.0057 0108 05.~~0000~~8873 01.~~000000~~823465 2 years or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 83 1,~~230~~229,~~884~~783,~~390~~781.2381 100.00 9694 5.~~3341~~3337 1.~~942608~~944696 (1) The Trustee makes no representations as to the accuracy of the data provided by the borrower for this calculation. "NAP" means not applicable and relates to the ommission of credit lease loans in the calculation of DSCR. (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.

Mortgage Loan Detail Loan Property Interest Principal Gross Number ODCR Type (1) City State Payment Payment Coupon 30238692 1 OF New York NY 708,203.13 0.00 4.533% 30239503 2 OF Various Various 655,848.75 0.00 5.247% 30239188 3 RT Troy MI 505,032.92 0.00 4.829% 30239462 4 OF Washington DC 344,183.33 0.00 5.350% 30239493 5 RT San Bernardino CA 208,687.50 0.00 4.638% 30239499 6 RT Colma CA ~~223~~222,~~372~~906.9260 53,~~245~~711.2860 5.635% 30239453 7 RT Los Angeles CA 190,~~554~~118.0415 54,~~188~~624.2918 5.115% 30239504 8 MF New York NY 213,~~556~~122.5795 4849,~~765~~199.4204 5.740% ~~30239583~~30239557 9 RT Torrance CA 175,800.00 0.00 5.860% 30239466 10 RT Manahawkin NJ 151,~~578~~284.0249 32,~~294~~587.3083 5.900% 30239474 11 RT Carle Place NY ~~129~~128,~~147~~919.9784 23,~~475~~703.4760 6.400% 30239495 12 MF Monterey CA 81,145.83 0.00 4.750% 30239464 13 MF San Francisco CA 87,~~261~~090.5572 1819,~~927~~098.8265 5.850% 30239496 14 LO San Diego CA 94,~~808~~572.2609 22,~~539~~775.3754 6.740% 30239467 15 RT Sierra Vista AZ 69,~~391~~181.9778 23,~~619~~829.0928 5.600% 30239451 16 OF New York NY 76,~~511~~370.0908 1415,~~970~~111.2728 6.160% 30239492 17 MF Spring TX 69,683.33 0.00 5.650% 30239507 18 OF Miami FL 54,~~860~~733.7161 15,~~802~~929.6676 5.110% 30239481 19 RT Manassas VA 69,~~243~~122.2907 12,~~413~~534.2648 6.440% 30239502 20 MF Leon Valley TX 59,262.00 0.00 5.810% 30239508 21 OF Deerfield Beach FL 59,~~654~~540.2803 12,~~368~~483.9520 6.010% 30239498 22 OF Las Vegas NV 53,~~505~~398.2902 12,~~075~~182.2148 5.740% 30239469 23 MF Houston TX 4847,~~097~~989.8010 13,~~054~~162.0474 5.310% 30239448 24 OF Westport CT 50,575.00 0.00 5.780% 30239463 25 MH Indianapolis IN 43,135.42 0.00 5.050% 30239500 26 MF San Antonio TX 48,707.17 0.00 5.810% 30239549 27 OF San Antonio TX 36,~~742~~661.0874 9,~~532~~613.7307 5.390% 30239497 28 OF Studio City CA 36,~~462~~388.1791 8,~~258~~331.7096 5.730% 30239445 29 RT Various Various 34,073.25 0.00 5.430% 30239523 30 OF Los Angeles CA 33,~~551~~485.9988 7,~~286~~352.1728 5.880% 30239449 31 MF Houston TX 30,~~343~~277.2964 7,~~728~~794.7540 5.440% 30239479 32 RT Reisterstown MD 31,~~320~~231.6491 9,~~254~~343.3912 6.080% 30239478 33 RT Lexington KY 27,~~846~~788.4614 6,~~673~~732.9931 5.620% 30239485 34 MF Tukwila WA 25,~~537~~480.9231 7,~~005~~063.5617 5.240% 30239487 35 RT Westland MI 2928,~~026~~971.7160 5,~~933~~989.8900 6.050% 30239442 36 RT Pasadena CA 26,~~585~~531.9639 6,~~244~~299.4502 5.630% 30239490 37 RT Van Nuys CA 25,~~785~~733.6994 5,~~795~~847.8964 5.770% 30239547 38 MF Colonial Heights VA 25,~~565~~490.4289 78,~~972~~046.1669 5.910% 30239491 39 MF Dallas TX 23,~~572~~522.3504 5,~~887~~937.4677 5.480% 30239473 40 IN Colton CA 26,~~117~~044.6420 7,~~569~~642.3983 6.160% 30239480 41 RT Smyrna GA 27,~~999~~952.3721 4,~~733~~780.7995 6.610% 30239471 42 RT Santa Clarita CA 24,~~625~~577.4752 5,~~223~~271.5954 5.960% 30239484 43 SS Los Angeles CA 24,~~342~~297.9352 4,~~837~~883.9031 6.130% 30239558 44 RT Glendale AZ 19,~~255~~212.1410 5,~~118~~162.9903 5.370% 30239475 45 RT Las Vegas NV 19,~~597~~555.6270 4,~~871~~913.2921 5.520% 30239494 46 RT Las Vegas NV 19,~~179~~138.3677 4,~~720~~761.5110 5.520% 30239441 47 MF Pompano Beach FL 20,~~838~~798.1575 4,~~195~~234.4080 6.125% 30239509 48 OF Atlanta GA 19,~~149~~111.8033 4,~~294~~333.8633 5.790% 30239447 49 RT Van Nuys CA 19,~~636~~599.6621 4,~~058~~095.2974 6.005% 30239470 50 RT Cedar Hill TX 18,~~602~~566.7639 34,~~974~~010.2158 5.940% 30239458 51 RT Weatherford OK 17,~~878~~842.0284 3,~~890~~925.7492 5.860% 30239489 52 RT Pasadena TX 17,~~340~~306.7027 3,~~828~~862.2871 5.820% 30239476 53 RT Fort Myers FL 17,~~309~~274.2349 3,~~859~~894.7549 5.820% 30239468 54 RT Live Oak FL 17,~~077~~044.6766 34,~~997~~030.8990 5.760% 30239562 55 RT Pensacola FL 17,~~071~~038.7050 3,~~628~~662.8202 5.940% 30239486 56 RT Las Vegas NV 15,~~993~~960.4663 3,~~718~~751.6144 5.690% 30239524 57 RT McKinney TX 16,~~694~~662.1172 3,~~346~~377.3877 6.120% 30239530 58 RT Falcon CO 1615,~~006~~975.5539 3,~~395~~426.3450 5.960% 30239483 59 RT Olympia WA 15,~~877~~847.4038 3,~~222~~252.9395 6.070% 30239477 60 SS Centennial CO 14,~~700~~671.0727 3,~~151~~180.6646 5.930% 30239446 61 RT Tarzana CA 13,~~422~~396.5293 2,~~774~~799.0362 6.005% 30239460 62 MH Wallingford CT 12,~~387~~362.3759 2,~~785~~810.5230 5.750% 30239501 63 MF San Antonio TX 12,346.25 0.00 5.810% 30239444 64 MH Various NY 12,~~891~~855.3028 3,~~733~~769.7880 6.125% 30239559 65 RT Bakersfield CA 11,~~852~~828.0150 2,~~601~~625.5405 5.850% 30239510 66 SS Houston TX 10,~~502~~478.5763 2,~~935~~959.5246 5.190% 30239560 67 OF Millcreek Township PA 11,~~650~~599.8042 5,~~405~~456.3876 5.900% 30239548 68 MF Delray Beach FL 12,~~102~~069.9807 3,~~522~~555.0394 6.110% 30239461 69 SS Westbrook ME 10,~~671~~639.2770 3,~~470~~501.0360 5.740% 30239465 70 SS Martinsville VA 11,~~641~~612.4827 2,~~801~~830.4364 6.700% 30239488 71 MF Greenville NC 9,~~677~~657.3457 2,~~233~~253.8663 5.710% 30239482 72 RT Cranberry PA 9,~~925~~906.6762 2,~~065~~084.3439 6.000% 30239459 73 MF Manchester NH 8,~~189~~173.7429 1,~~854~~871.9944 5.730% 30239452 74 MF Worcester MA 8,~~984~~960.2141 2,~~377~~401.7454 6.390% 30239450 75 RT Lancaster SC 7,~~396~~375.8928 2,~~330~~352.4001 5.860% 30239525 76 RT Aurora CO 7,~~089~~076.7109 1,~~472~~485.2284 6.020% 30239457 77 MF West Deptford NJ 7,~~339~~319.4484 1,~~957~~976.3191 6.390% 30239526 78 RT Pendleton OR 6,~~649~~636.2744 1,~~401~~414.3215 5.950% 30239472 79 RT Provo UT 5,~~996~~978.9243 2,~~071~~090.8433 5.610% 30239527 80 OF Scottsdale AZ 5,~~985~~974.4806 1,~~232~~243.2971 6.030% 30239456 81 MF Bellmawr NJ 6,~~073~~056.1189 1,~~619~~635.6082 6.390% 30239528 82 RT Tampa FL 3,~~940~~932.3170 ~~830~~838.4102 5.950% 30239454 83 MF Burlington NJ 3,~~999~~988.4981 1,~~066~~077.6028 6.390% Totals 5,~~474~~468,~~232~~954.0147 ~~587~~592,~~495~~772.3791

Loan Anticipated Maturity Neg. Beginning Ending Paid Thru Number Repayment Date Amort Scheduled Scheduled Date Date (Y/N) Balance Balance 30238692 N/A 01/11/2009 N 187,500,000.00 187,500,000.00 1012/11/2004 30239503 N/A 01/08/2014 N 150,000,000.00 150,000,000.00 1012/08/2004 30239188 N/A 02/11/2014 N 125,500,000.00 125,500,000.00 1012/11/2004 30239462 03/11/2014 03/1311/2034 N 77,200,000.00 77,200,000.00 1012/11/2004 30239493 N/A 02/11/2009 N 54,000,000.00 54,000,000.00 1012/11/2004 30239499 N/A 12/10/2013 N 47,~~568~~469,~~322~~019.6851 47,~~515~~415,~~077~~307.4091 1012/11/2004 30239453 N/A 03/11/2014 N 44,~~704~~602,~~761~~497.2378 44,~~650~~547,~~572~~873.9460 1012/11/2004 30239504 01/11/2014 01/1311/2034 N 44,~~645~~555,~~973~~320.5725 44,~~597~~506,~~208~~121.1521 1012/11/2004 ~~30239583~~30239557 N/A 11/11/2013 N 36,000,000.00 36,000,000.00 1012/11/2004 30239466 N/A 03/11/2011 N 30,~~829~~769,~~427~~727.2619 30,~~797~~737,~~132~~139.9636 0812/11/2004 30239474 12/11/2018 12/1311/2033 N 24,~~215~~172,~~245~~469.0769 24,~~191~~148,~~769~~766.6009 1012/11/2004 30239495 N/A 03/11/2009 N 20,500,000.00 20,500,000.00 1012/11/2004 30239464 N/A 03/11/2009 N 17,~~899~~864,~~805~~763.3811 17,~~880~~845,~~877~~664.5646 1012/11/2004 30239496 N/A 03/11/2014 N 16,~~879~~837,~~809~~760.5830 16,~~857~~814,~~270~~984.2176 1012/11/2004 30239467 N/A 03/11/2014 N 14,~~869~~824,~~707~~668.1716 14,~~846~~800,~~088~~838.0888 1012/11/2004 30239451 N/A 02/11/2014 N 14,~~904~~877,~~758~~288.4587 14,~~889~~862,~~788~~177.1859 1012/11/2004 30239492 N/A 02/01/2014 N 14,800,000.00 14,800,000.00 1012/01/2004 30239507 N/A 01/11/2009 N 12,~~883~~853,~~141~~294.1598 12,~~867~~837,~~338~~365.4922 1012/11/2004 30239481 12/11/2018 12/1311/2033 N 12,~~902~~879,~~476~~889.4924 12,~~890~~867,~~063~~354.2376 1012/11/2004 30239502 N/A 12/11/2013 N 12,240,000.00 12,240,000.00 1011/11/2004 30239508 N/A 01/11/2014 N 11,~~911~~888,~~005~~191.1168 11,~~898~~875,~~636~~708.1648 1012/11/2004 30239498 N/A 03/11/2014 N 11,~~185~~163,~~775~~349.8526 11,~~173~~151,~~700~~166.6478 1012/11/2004 30239469 N/A 10/11/2013 N 10,~~869~~844,~~559~~995.5807 10,~~856~~831,~~505~~832.5433 1012/11/2004 30239448 N/A 01/11/2011 N 10,500,000.00 10,500,000.00 1012/11/2004 30239463 N/A 03/11/2011 N 10,250,000.00 10,250,000.00 1012/11/2004 30239500 N/A 12/11/2013 N 10,060,000.00 10,060,000.00 1011/11/2004 30239549 N/A 01/11/2009 N 8,~~180~~162,~~054~~169.1316 8,~~170~~152,~~521~~556.40 09 11/11/2004 30239497 N/A 03/11/2014 N 7,~~636~~620,~~056~~713.0227 7,~~627~~612,~~797~~381.3231 1012/11/2004 30239445 N/A 03/11/2014 N 7,530,000.00 7,530,000.00 1012/11/2004 30239523 N/A 01/11/2014 N 6,~~847~~833,~~344~~853.5976 6,~~840~~826,~~058~~501.4248 0911/11/2004 30239449 N/A 01/11/2009 N 6,~~693~~678,~~373~~891.3509 6,~~685~~671,~~644~~096.6069 1012/11/2004 30239479 N/A 01/11/2014 N 6,~~181~~164,~~705~~192.9574 6,~~172~~154,~~451~~849.5662 1012/11/2004 30239478 N/A 12/11/2010 N 5,~~945~~933,~~863~~411.6761 5,~~939~~926,~~189~~679.6830 1012/11/2004 30239485 N/A 01/11/2011 N 5,~~848~~835,~~378~~186.0861 5,~~841~~828,~~372~~123.5244 1012/11/2004 30239487 N/A 01/11/2014 N 5,~~757~~746,~~364~~433.7360 5,~~751~~740,~~430~~444.8460 1012/11/2004 30239442 N/A 03/11/2014 N 5,~~666~~655,~~635~~002.2326 5,~~660~~648,~~390~~703.7824 1012/11/2004 30239490 N/A 02/11/2014 N 5,~~362~~351,~~707~~946.7468 5,~~356~~346,~~911~~099.8504 1012/11/2004 30239547 N/A 01/11/2014 N 5,~~190~~175,~~947~~814.5786 5,~~182~~167,~~975~~768.4117 1012/11/2004 30239491 N/A 02/01/2014 N 5,~~161~~150,~~828~~811.4044 5,~~155~~144,~~940~~873.9467 1012/01/2004 30239473 N/A 12/11/2013 N 5,~~087~~073,~~852~~544.8248 5,~~080~~065,~~283~~901.4365 1012/11/2004 30239480 N/A 12/11/2018 N 5,~~083~~074,~~093~~532.3817 5,~~078~~069,~~359~~751.5922 1012/11/2004 30239471 N/A 12/11/2013 N 4,~~958~~948,~~147~~494.6551 4,~~952~~943,~~924~~222.0697 1012/11/2004 30239484 N/A 01/11/2016 N 4,~~765~~756,~~337~~447.5161 4,~~760~~751,~~499~~564.6130 1012/11/2004 30239558 N/A 10/11/2008 N 4,~~302~~293,~~825~~205.6180 4,~~297~~288,~~706~~043.6277 1012/11/2004 30239475 N/A 12/11/2008 N 4,~~260~~251,~~351~~239.6618 4,~~255~~246,~~480~~325.3797 1012/11/2004 30239494 N/A 02/11/2009 N 4,~~169~~160,~~425~~601.4530 4,~~164~~155,~~704~~840.9420 1012/11/2004 30239441 N/A 11/11/2008 N 4,~~082~~074,~~576~~857.1381 4,~~078~~070,~~380~~623.7301 0912/11/2004 30239509 N/A 01/11/2014 N 3,~~968~~960,~~870~~897.3251 3,~~964~~956,~~575~~564.4618 1012/11/2004 30239447 N/A 02/11/2014 N 3,~~924~~916,~~061~~577.0099 3,~~920~~912,~~002~~482.7125 1012/11/2004 30239470 N/A 12/11/2013 N 3,~~758~~750,~~133~~785.7611 3,~~754~~746,~~159~~774.5553 1012/11/2004 30239458 N/A 02/11/2014 N 3,~~661~~653,~~028~~823.4022 3,~~657~~649,~~137~~897.6630 1012/11/2004 30239489 02/11/2014 02/1311/2034 N 3,~~575~~568,~~401~~304.8210 3,~~571~~564,~~573~~441.5439 1012/11/2004 30239476 N/A 12/11/2013 N 3,~~568~~561,~~913~~751.0720 3,~~565~~557,~~053~~856.3271 1012/11/2004 30239468 N/A 08/11/2013 N 3,~~558~~550,~~413~~969.5499 3,~~554~~546,~~415~~939.6509 1012/11/2004 30239562 N/A 01/11/2014 N 3,~~448~~442,~~828~~120.0893 3,~~445~~438,~~199~~458.2691 1012/11/2004 30239486 N/A 01/11/2011 N 3,~~372~~366,~~960~~038.8451 3,~~369~~362,~~242~~287.2307 1012/11/2004 30239524 N/A 12/11/2013 N 3,~~273~~267,~~354~~200.8895 3,~~270~~263,~~008~~823.5018 1012/11/2004 30239530 N/A 12/11/2013 N 3,~~222~~216,~~795~~521.9742 3,~~219~~213,~~400~~094.6392 0911/11/2004 30239483 N/A 01/11/2014 N 3,~~138~~132,~~859~~925.2680 3,~~135~~129,~~636~~672.3385 1012/11/2004 30239477 N/A 12/11/2013 N 2,~~974~~968,~~719~~890.6322 2,~~971~~965,~~567~~709.9776 1012/11/2004 30239446 N/A 02/11/2014 N 2,~~682~~677,~~269~~154.5355 2,~~679~~674,~~495~~354.5093 1012/11/2004 30239460 N/A 03/11/2014 N 2,~~585~~580,~~191~~019.0311 2,~~582~~577,~~405~~208.5181 1012/11/2004 30239501 N/A 12/11/2013 N 2,550,000.00 2,550,000.00 1011/11/2004 30239444 N/A 02/11/2014 N 2,~~525~~518,~~642~~585.5905 2,~~521~~514,~~908~~815.8125 1012/11/2004 30239559 N/A 01/11/2014 N 2,~~431~~426,~~180~~359.5644 2,~~428~~423,~~579~~734.0239 1012/11/2004 30239510 N/A 01/11/2009 N 2,~~428~~422,~~339~~805.1608 2,~~425~~419,~~403~~845.6462 1012/11/2004 30239560 N/A 03/11/2014 N 2,~~369~~359,~~654~~204.3852 2,~~364~~353,~~249~~747.0076 1012/11/2004 30239548 N/A 02/11/2014 N 2,~~377~~370,~~017~~358.2711 2,~~373~~366,~~495~~802.2417 1012/11/2004 30239461 N/A 03/11/2014 N 2,~~230~~224,~~928~~326.1262 2,~~227~~220,~~458~~825.0902 1012/11/2004 30239465 N/A 03/11/2014 N 2,~~085~~079,~~041~~810.1417 2,~~082~~076,~~239~~979.7153 1012/11/2004 30239488 N/A 01/11/2014 N 2,~~033~~029,~~767~~611.2008 2,~~031~~027,~~533~~357.3445 0911/11/2004 30239482 N/A 01/11/2014 N 1,~~985~~981,~~134~~324.7223 1,~~983~~979,~~069~~239.3884 1012/11/2004 30239459 N/A 03/11/2014 N 1,~~715~~711,~~129~~683.7561 1,~~713~~709,~~274~~812.7617 1012/11/2004 30239452 N/A 03/11/2014 N 1,~~687~~682,~~174~~705.8576 1,~~684~~680,~~797~~304.1122 1012/11/2004 30239450 N/A 02/11/2014 N 1,~~514~~510,~~721~~295.54 1,~~512~~507,~~391~~943.1453 1012/11/2004 30239525 N/A 12/11/2013 N 1,~~413~~410,~~231~~515.4772 1,~~411~~409,~~759~~029.2588 0911/11/2004 30239457 N/A 02/11/2014 N 1,~~378~~374,~~298~~617.6894 1,~~376~~372,~~341~~641.3703 1012/11/2004 30239526 N/A 02/11/2014 N 1,~~341~~338,~~029~~440.0082 1,~~339~~337,~~627~~026.6867 0911/11/2004 30239472 N/A 12/11/2013 N 1,~~282~~278,~~763~~809.3657 1,~~280~~276,~~691~~719.5224 1012/11/2004 30239527 N/A 01/11/2014 N 1,~~191~~188,~~139~~868.7730 1,~~189~~187,~~907~~624.4859 0911/11/2004 30239456 N/A 02/11/2014 N 1,~~140~~137,~~490~~444.1447 1,~~138~~135,~~870~~808.5465 1012/11/2004 30239528 N/A 02/11/2014 N ~~794~~793,~~683~~150.8411 ~~793~~792,~~853~~312.43 09 11/11/2004 30239454 N/A 02/11/2014 N ~~751~~749,~~078~~072.6994 ~~750~~747,~~012~~995.0966 1012/11/2004 Totals 1,~~231~~230,~~471~~376,~~885~~554.6072 1,~~230~~229,~~884~~783,~~390~~781.2381

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 12/17/2004 0 $0.00 0 $0.00 0 $0.00 11/18/2004 0 $0.00 0 $0.00 0 $0.00 10/18/2004 1 $30,797,132.96 0 $0.00 0 $0.00 09/17/2004 0 $0.00 0 $0.00 0 $0.00 08/17/2004 0 $0.00 0 $0.00 0 $0.00 07/16/2004 0 $0.00 0 $0.00 0 $0.00 06/17/2004 1 $10,250,000.00 0 $0.00 0 $0.00 05/17/2004 0 $0.00 0 $0.00 0 $0.00 04/16/2004 0 $0.00 0 $0.00 0 $0.00

Distribution Foreclosure REO Modifications Date # Balance # Balance # Balance 12/17/2004 0 $0.00 0 $0.00 0 $0.00 11/18/2004 0 $0.00 0 $0.00 0 $0.00 10/18/2004 0 $0.00 0 $0.00 0 $0.00 09/17/2004 0 $0.00 0 $0.00 0 $0.00 08/17/2004 0 $0.00 0 $0.00 0 $0.00 07/16/2004 0 $0.00 0 $0.00 0 $0.00 06/17/2004 0 $0.00 0 $0.00 0 $0.00 05/17/2004 0 $0.00 0 $0.00 0 $0.00 04/16/2004 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 12/17/2004 0 $0.00 0 $0.00 5.333714% 5.294916% 94 11/18/2004 0 $0.00 0 $0.00 5.333932% 5.295132% 95 10/18/2004 0 $0.00 0 $0.00 5.334117% 5.295314% 96 09/17/2004 0 $0.00 0 $0.00 5.334333% 5.295527% 97 08/17/2004 0 $0.00 0 $0.00 5.334516% 5.295707% 98 07/16/2004 0 $0.00 0 $0.00 5.334697% 5.295886% 99 06/17/2004 0 $0.00 0 $0.00 5.334910% 5.296095% 100 05/17/2004 0 $0.00 0 $0.00 5.335089% 5.296272% 101 04/16/2004 0 $0.00 0 $0.00 5.335299% 5.296479% 102 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 ~~30239466~~30239502 1020 10 0811/11/2004 ~~183~~58,~~101~~956.00 58,956.00 ~~366~~B 30239500 26 0 11/11/2004 48,~~202~~455.4967 148,455.67 B 30239549 27 0 0911/11/2004 45,~~490~~492.8960 45,~~490~~492.8960 B 30239523 30 0 0911/11/2004 40,~~181~~183.9625 40,~~181~~183.9625 B ~~30239441~~30239530 4758 0 0911/11/2004 2419,~~931~~093.4964 2419,~~931~~093.4964 B ~~30239530~~30239501 5863 0 0911/11/2004 1912,~~093~~282.0450 1912,~~093~~282.0450 B 30239488 71 0 0911/11/2004 11,860.3646 11,860.3646 AB 30239525 76 0 0911/11/2004 8,426.4976 8,426.4976 B 30239526 78 0 0911/11/2004 7,922.0832 7,922.0832 B 30239527 80 0 0911/11/2004 7,103.6284 7,103.6284 B 30239528 82 0 0911/11/2004 4,694.5771 4,694.5771 B Totals 1011 ~~352~~264,~~806~~471.0875 ~~535~~264,~~906~~471.9975

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date ~~30239466~~30239502 3012,~~856~~240,~~531~~000.2600 0.00 30239500 10,060,000.00 0.00 30239549 8,~~180~~162,~~054~~169.1316 0.00 30239523 6,~~847~~833,~~344~~853.5976 0.00 ~~30239441~~30239530 43,~~082~~216,~~576~~521.1242 0.00 ~~30239530~~30239501 32,~~222~~550,~~795~~000.9700 0.00 30239488 2,~~033~~029,~~767~~611.2109 0.00 30239525 1,~~413~~410,~~231~~515.4671 0.00 30239526 1,~~341~~338,~~029~~440.0082 0.00 30239527 1,~~191~~188,~~139~~868.7730 0.00 30239528 ~~794~~793,~~683~~150.8411 0.00 Totals 5949,~~963~~823,~~153~~130.3537 0.00

Current Outstanding Actual Outstanding P & I P & I Principal Servicing Advances Advances** Balance Advances Totals By Delinquency Code: Total for Status Code = 1B (~~1 loan) 183,101.58 366,202.49 30,856,531.26 0.00 Total for Status Code = A (1 loan)~~ 11~~,860.36~~ ~~11,860.36 2,033,767.21 0.00 Total for Status Code = B (8~~ loans) ~~157~~264,~~844~~471.1475 ~~157~~264,~~844~~471.1475 2749,~~072~~823,~~854~~130.8837 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 · STRUCTURED ASSET SEC CORP LB-UBS COMM MORT TRUST 2004-C2