8-K 1 msc04t15_10501.txt 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: January 13, 2005 (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 January 13, 2005, 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 January 13, 2005 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: January 13, 2005 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 January 13, 2005 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: January 13, 2005 Record Date: December 31, 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 2005, 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 99,~~901~~068,~~835~~994.9695 ~~832~~771,~~841~~463.0129 ~~343~~340,~~828~~962.8246 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.~~229774~~229616% 22,243,000.00 22,243,000.00 0.00 96,~~938~~935.2229 C 61745ML68 5.~~339774~~339616% 23,356,000.00 23,356,000.00 0.00 103,~~929~~926.8072 D 61745ML76 5.~~339774~~339616% 5,561,000.00 5,561,000.00 0.00 24,~~745~~744.4067 E 61745MM26 5.~~339774~~339616% 8,897,000.00 8,897,000.00 0.00 39,~~589~~588.9780 F 61745MM34 5.~~339774~~339616% 6,674,000.00 6,674,000.00 0.00 29,~~698~~697.0416 G 61745MM42 5.~~339774~~339616% 8,897,000.00 8,897,000.00 0.00 39,~~589~~588.9780 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 ~~886~~885,~~653~~820,~~210~~369.5251 ~~832~~771,~~841~~463.0129 3,~~718~~715,~~631~~755.5422

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,~~176~~112,~~669~~425.8375 9998,~~068~~297,~~994~~531.9566 10.8081% A-2 61745ML27 0.00 0.00 398,650.00 102,000,000.00 10.8081% A-3 61745ML35 0.00 0.00 586,833.33 140,000,000.00 10.8081% A-4 61745ML43 0.00 0.00 1,972,310.67 449,103,000.00 10.8081% B 61745ML50 0.00 0.00 96,~~938~~935.2229 22,243,000.00 8.29% C 61745ML68 0.00 0.00 103,~~929~~926.8072 23,356,000.00 5.65% D 61745ML76 0.00 0.00 24,~~745~~744.4067 5,561,000.00 5.0203% E 61745MM26 0.00 0.00 39,~~589~~588.9780 8,897,000.00 4.02% F 61745MM34 0.00 0.00 29,~~698~~697.0416 6,674,000.00 3.2627% G 61745MM42 0.00 0.00 39,~~589~~588.9780 8,897,000.00 2.26% H 61745MM59 0.00 0.00 13,754.00 3,337,000.00 1.8889% J 61745MM75 0.00 0.00 13,754.00 3,337,000.00 1.51% K 61745MM83 0.00 0.00 9,166.59 2,224,000.00 1.26% L 61745MM91 0.00 0.00 9,166.59 2,224,000.00 1.0001% 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,~~551~~487,~~472~~218.5551 885,~~820~~048,~~369~~906.5122

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X-1 61745ML84 0.~~061210~~060116% 889,751,374.56 ~~886~~885,~~653~~820,~~210~~369.5251 4544,~~226~~376.3767 X-2 61745ML92 0.~~256246~~256110% 850,347,000.00 850,347,000.00 181,~~581~~485.9122

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X-1 61745ML84 0.00 4544,~~226~~376.3767 885,~~820~~048,~~369~~906.5122 X-2 61745ML92 0.00 181,~~581~~485.9122 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 ~~969~~961.~~92073748~~83490243 87.~~08583505~~48993485 3.~~33814388~~31031515 0.00000000 0.00000000 ~~961~~954.~~83490243~~34496757 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.~~35814503~~35801331 0.00000000 0.00000000 1,000.00000000 C 61745ML68 1,000.00000000 0.00000000 4.~~44981161~~44967974 0.00000000 0.00000000 1,000.00000000 D 61745ML76 1,000.00000000 0.00000000 4.~~44981119~~44967991 0.00000000 0.00000000 1,000.00000000 E 61745MM26 1,000.00000000 0.00000000 4.~~44981117~~44967967 0.00000000 0.00000000 1,000.00000000 F 61745MM34 1,000.00000000 0.00000000 4.~~44981121~~44967935 0.00000000 0.00000000 1,000.00000000 G 61745MM42 1,000.00000000 0.00000000 4.~~44981117~~44967967 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 ~~996~~995.~~51794408~~58190618 0.~~05083035~~04987536 0.00000000 ~~995~~994.~~58190618~~71485128 X-2 61745ML92 1,000.00000000 0.~~21353860~~21342490 0.00000000 1,000.00000000

Reconciliation Detail Advance Summary P & I Advances Outstanding ~~996~~1,~~666~~010,356.4615 Servicing Advances Outstanding ~~13,483~~0.3800 Reimbursement for Interest on Advances 0.00 paid from general collections

Master Servicing Fee Summary Current Period Accrued Master Servicing Fees 3334,~~229~~061.0228 Less Delinquent Master Servicing Fees 74,~~460~~696.0071 Less Reductions to Master Servicing Fees 0.00 Plus Master Servicing Fees for Delinquent Payments Received 7,~~722~~460.9100 Plus Adjustments for Prior Master Servicing Calculation 0.00 Total Master Servicing Fees Collected 3336,~~491~~824.9357

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 ~~343~~340,~~828~~962.8246 0.00 0.00 0.00 ~~343~~340,~~828~~962.8246 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 4544,~~226~~376.3767 0.00 0.00 0.00 4544,~~226~~376.3767 0.00 X-2 181,~~581~~485.9122 0.00 0.00 0.00 181,~~581~~485.9122 0.00 B 96,~~938~~935.2229 0.00 0.00 0.00 96,~~938~~935.2229 0.00 C 103,~~929~~926.8072 0.00 0.00 0.00 103,~~929~~926.8072 0.00 D 24,~~745~~744.4067 0.00 0.00 0.00 24,~~745~~744.4067 0.00 E 39,~~589~~588.9780 0.00 0.00 0.00 39,~~589~~588.9780 0.00 F 29,~~698~~697.0416 0.00 0.00 0.00 29,~~698~~697.0416 0.00 G 39,~~589~~588.9780 0.00 0.00 0.00 39,~~589~~588.9780 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,~~945~~941,~~439~~617.8211 0.00 0.00 0.00 3,~~945~~941,~~439~~617.8211 0.00

Class Interest Remaining Distribution Unpaid Interest A-1 ~~343~~340,~~828~~962.8246 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 4544,~~226~~376.3767 0.00 X-2 181,~~581~~485.9122 0.00 B 96,~~938~~935.2229 0.00 C 103,~~929~~926.8072 0.00 D 24,~~745~~744.4067 0.00 E 39,~~589~~588.9780 0.00 F 29,~~698~~697.0416 0.00 G 39,~~589~~588.9780 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,~~945~~941,~~439~~617.8211 0.00

Other Required Information Available Distribution Amount (1) 4,~~778~~713,~~280~~080.8340 Principal Distribution Amount ~~832~~771,~~841~~463.0129 (a) Principal portion of Scheduled Payments ~~832~~771,~~841~~463.0129 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 885,~~820~~087,~~369~~585.5232 Aggregate Scheduled Principal Balance of the Mortgage Loans 885,~~820~~048,~~369~~906.5223 Interest Reserve Account Deposits 0108,926.0067 Withdrawals 0.00 Total Master Servicing and Special Servicing Fee Paid 3336,~~491~~824.9357 Master Servicing Fee Paid 3336,~~491~~824.9357 Special Servicing Fee Paid 0.00 Trustee Fee Paid ~~812~~834.7707 Paying Agent Fee Paid 1,~~329~~364.9885 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 4,086,803.94 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 4,086,803.94 Principal: Scheduled Principal 771,463.29 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 771,463.29 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 4,858,267.23 Total Funds Distributed Fees: Master Servicing Fee 34,061.28 Trustee Fee 834.07 Certificate Administration Fee 1,364.85 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 36,260.20 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 108,926.67 Payments to Certificateholders & Others: Interest Distribution 3,941,617.11 Principal Distribution 771,463.29 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 4,713,080.40 Total Funds Distributed 4,858,267.27

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,~~862~~856,~~268~~984.2250 0.44 ~~113~~112 5.~~7286~~7285 2.~~981412~~981406 1,000,001 to 2,000,000 19 31,~~198~~139,~~859~~367.6990 3.52 ~~131~~130 5.~~6572~~6571 1.~~792903~~793239 2,000,001 to 3,000,000 13 33,~~530~~477,~~738~~356.2162 3.7978 ~~130~~129 5.~~6809~~6806 1.~~851588~~851971 3,000,001 to 4,000,000 14 51,~~082~~006,~~858~~047.2879 5.7776 ~~132~~131 5.~~3822~~3820 2.~~012137~~012456 4,000,001 to 5,000,000 1213 5560,~~663~~537,~~985~~000.8646 6.2884 ~~124~~131 5.~~4318~~4715 1.~~595759~~573324 5,000,001 to 6,000,000 1514 8277,~~350~~232,~~597~~485.7684 98.3073 ~~130~~123 5.~~5742~~5523 1.~~749029~~777132 6,000,001 to 7,000,000 89 5259,~~641~~572,~~129~~899.0930 56.9473 ~~104~~103 5.~~4454~~5050 1.~~658750~~622538 7,000,001 to 8,000,000 76 5245,~~213~~152,~~864~~531.2124 5.8910 111 5.~~4952~~4242 1.~~881312~~964012 8,000,001 to 9,000,000 4 32,~~584~~569,~~875~~607.1865 3.68 8180 5.~~1032~~1029 2.~~327362~~327670 9,000,001 to 10,000,000 3 29,~~242~~210,~~251~~189.3638 3.30 ~~113~~112 5.~~5111~~5114 1.~~777535~~777740 10,000,001 to 15,000,000 9 110,~~336~~254,~~378~~974.4919 12.46 ~~113~~112 5.~~3076~~3073 2.~~049727~~050091 15,000,001 to 20,000,000 3 5150,~~043~~997,~~775~~787.8328 5.76 ~~106~~105 6.0617 1.~~453125~~453127 20,000,001 to 30,000,000 5 118,~~068~~041,~~787~~674.3408 13.3334 8988 4.~~7880~~7879 2.~~260430~~260604 30,000,001 and greater 3 182,000,000.00 20.5556 ~~113~~112 5.4148 2.502143 Totals 119 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Alaska 1 1,~~875~~871,~~305~~116.8562 0.21 ~~234~~233 6.1000 1.600000 Arizona 1 2,~~568~~564,~~476~~648.5443 0.29 ~~112~~111 5.4600 1.820000 California 44 246,~~552~~235,~~918~~894.5150 27.8382 ~~121~~120 5.~~6109~~6110 1.~~648341~~648481 Colorado 1 ~~892~~891,~~500~~611.8157 0.10 ~~112~~111 5.4700 1.980000 Connecticut 1 4,401,428.57 0.50 ~~109~~108 5.2468 2.920000 Florida 9 37,~~723~~702,~~946~~536.4911 4.26 7978 5.~~3429~~3424 2.~~341997~~342460 Georgia 1 4,~~965~~960,~~959~~548.5031 0.56 7877 5.0400 2.260000 Illinois 6 68,072,142.87 7.6869 9392 4.8274 3.028381 Indiana 1 3,290,000.00 0.37 7877 4.1110 3.450000 Louisiana 2 19,~~784~~757,~~690~~798.9758 2.23 ~~100~~99 5.~~0156~~0142 2.~~515553~~516527 Maine 1 15,~~606~~592,~~859~~305.5644 1.76 ~~114~~113 5.6900 1.400000 Maryland 5 34,~~085~~035,~~412~~357.2751 3.85 ~~166~~165 5.~~6615~~6611 1.~~891468~~891748 Massachusetts 1 5,~~744~~736,~~449~~759.2138 0.65 5352 6.0000 1.320000 Michigan 1 ~~985~~983,~~200~~112.4573 0.11 ~~113~~112 5.9500 1.680000 Minnesota 2 9,~~369~~359,~~485~~242.3984 1.06 9493 4.~~6471~~6464 2.~~481246~~482462 Montana 1 1,~~752~~751,~~817~~161.4310 0.20 ~~113~~112 5.6600 1.860000 Nevada 2 8,~~804~~784,~~583~~040.9181 0.99 ~~231~~230 5.9100 1.328625 New Jersey 7 33,~~489~~457,~~827~~857.3871 3.78 ~~115~~114 5.~~7072~~7073 1.~~738120~~738222 New Mexico 2 21,~~985~~983,~~482~~471.8450 2.48 8180 4.9665 1.~~726081~~726073 New York 10 150,~~365~~293,~~644~~136.4364 16.9798 ~~115~~114 5.~~4230~~4233 2.~~187043~~187334 North Carolina 2 9,675,000.00 1.09 5352 4.3144 3.068656 Ohio 3 15,~~256~~238,~~686~~493.2292 1.72 9796 5.8147 1.~~748417~~748449 Oregon 3 13,~~534~~522,~~132~~480.4045 1.53 9796 5.~~3359~~3357 1.~~919871~~920244 Pennsylvania 8 54,~~288~~276,~~386~~082.2669 6.13 ~~112~~111 5.~~3213~~3212 2.~~287945~~288080 South Carolina 3 13,~~496~~487,~~167~~042.3484 1.52 ~~106~~105 4.~~8058~~8052 2.~~546246~~547095 Tennessee 1 1,900,000.00 0.21 5251 4.4720 3.150000 Texas 5 18,~~951~~910,~~466~~412.5296 2.14 ~~138~~136 5.~~3995~~3993 1.~~734392~~734420 Virgin Islands 1 7,~~441~~432,~~495~~214.6477 0.84 ~~114~~113 6.3320 1.460000 Virginia 4 22,~~582~~553,~~248~~455.3210 2.55 ~~120~~119 5.~~5538~~5539 1.~~684584~~684563 Washington 4 17,~~542~~528,~~156~~155.3209 1.98 ~~113~~112 5.~~4807~~4806 1.~~988982~~989220 Washington,DC 3 22,~~991~~990,~~393~~013.4161 2.60 5352 4.~~4520~~4519 2.~~528949~~528710 Wisconsin 3 15,~~844~~811,~~104~~383.1158 1.79 ~~130~~129 5.~~4212~~4209 1.~~585492~~586158 Totals 139 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714

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,~~674~~607,~~227~~477.1046 2.1110 ~~173~~172 5.8425 1.~~149890~~149889 1.21 to 1.30 2 8,~~750~~708,~~817~~990.9428 0.9998 ~~168~~167 5.~~2455~~2466 1.~~262547~~262603 1.31 to 1.40 15 9089,~~078~~946,~~265~~136.3117 10.1716 ~~129~~128 5.7665 1.~~372023~~372032 1.41 to 1.50 12 107,~~407~~285,~~053~~679.3201 12.1312 ~~117~~116 5.8118 1.~~465807~~465811 1.51 to 1.60 9 58,~~966~~869,~~356~~447.8755 6.6665 ~~146~~145 5.~~6865~~6866 1.~~564030~~564035 1.61 to 1.70 17 87,~~306~~185,~~021~~850.4615 9.8685 ~~102~~101 5.~~5383~~5385 1.~~643772~~643765 1.71 to 1.80 10 5655,~~036~~966,~~757~~688.9669 6.3332 ~~120~~119 5.~~3350~~3346 1.~~746337~~746303 1.81 or greater 49 458,~~600~~478,~~869~~636.5692 51.7780 ~~100~~99 5.1370 2.~~516374~~516480 Totals 119 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Health Care 3 17,~~617~~577,~~763~~948.2438 1.99 ~~106~~105 6.~~0707~~0708 1.~~812541~~812534 Industrial 15 85,~~847~~698,~~397~~511.3808 9.6968 ~~110~~109 5.~~8371~~8377 1.~~541173~~541302 Mixed Use 5 19,~~989~~959,~~877~~086.6787 2.26 ~~123~~122 5.~~6366~~6367 1.~~530329~~530324 Mobile Home Park 1 1,~~461~~460,~~688~~398.6592 0.17 ~~114~~113 5.9100 2.060000 Multi-Family 9 52,~~429~~389,~~064~~888.4126 5.92 9695 5.~~1552~~1551 1.~~860457~~860393 Office 33 286,~~973~~863,~~797~~242.4856 32.4041 ~~108~~107 5.~~4226~~4225 2.~~222577~~222835 Other 3 18,~~299~~293,~~852~~585.2231 2.07 ~~120~~119 5.6009 1.~~885033~~885282 Retail 66 389,~~877~~498,~~228~~658.9627 44.01 ~~117~~116 5.~~2349~~2346 2.~~081713~~082203 Self Storage 4 13,~~323~~307,~~699~~586.5158 1.50 9695 5.~~4804~~4806 1.~~639436~~639400 Totals 139 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 4.500% or less 11 103,~~395~~366,~~069~~650.6646 11.6768 6261 4.~~3074~~3073 2.~~966154~~966456 4.501% to 5.000% 13 98,~~212~~101,~~477~~657.4901 11.0908 9190 4.8953 1.~~903146~~903515 5.001% to 5.500% 27 222,~~597~~458,~~953~~379.6812 25.1314 ~~108~~107 5.2436 2.~~241430~~241754 5.501% to 6.000% 53 381,~~735~~369,~~900~~464.3419 43.09 ~~131~~130 5.~~6862~~6861 1.~~797591~~797857 6.001% to 6.500% 13 55,~~193~~088,~~024~~912.1682 6.2322 ~~140~~139 6.~~1856~~1857 1.~~537464~~537460 6.501% or greater 2 24,~~685~~663,~~944~~842.1963 2.79 8382 6.7621 1.~~521410~~521403 Totals 119 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 months or less ~~115~~114 ~~849~~842,~~036~~897,~~972~~419.8741 95.8524 ~~113~~112 5.~~3429~~3438 2.~~056791~~054495 13 to 24 months 34 1722,~~266~~651,~~766~~100.2150 12.9556 ~~106~~97 65.~~0252~~8238 1.~~493276~~728483 25 to 36 months 1 19,~~516~~500,~~630~~386.4432 2.20 9190 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 119 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714

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,~~707~~673,~~569~~266.7490 10.92 5251 4.~~7215~~7212 2.~~555205~~555516 61 to 120 months 80 ~~676~~675,~~382~~947,~~784~~607.8465 76.3637 ~~107~~106 5.4070 2.~~047009~~047260 121 to 180 months 2 18,~~098~~079,~~820~~803.3510 2.04 ~~129~~128 5.8286 1.~~546403~~546423 181 months and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 95 ~~791~~790,~~189~~700,~~174~~677.9365 89.3234 ~~101~~100 5.~~3329~~3328 2.~~097674~~097949

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,~~804~~771,~~650~~947.6044 0.54 ~~114~~113 4.7900 1.240000 121 to 180 months 12 3635,~~003~~874,~~265~~939.7195 4.0605 ~~173~~172 5.8381 1.~~394428~~394432 181 months or greater 11 53,~~823~~701,~~278~~341.2819 6.0807 ~~233~~232 5.9413 1.~~585505~~585509 Totals 24 94,~~631~~348,~~194~~228.5958 10.6866 ~~204~~203 5.~~8436~~8438 1.~~495266~~495379

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 15.0405 6766 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,~~054~~030,~~724~~273.3823 0.68 7675 4.4500 1.680000 181 to 240 months 7 28,~~813~~746,~~169~~375.7942 3.25 ~~114~~113 5.3338 1.~~584632~~584626 241 to 300 months 23 9190,~~046~~916,~~299~~651.3875 10.2827 ~~100~~99 5.7163 1.~~672853~~672841 301 to 360 months 49 ~~532~~531,~~054~~787,~~981~~377.3825 60.0609 ~~110~~109 5.4872 1.~~999692~~999867 361 months or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 95 ~~791~~790,~~189~~700,~~174~~677.9365 89.3234 ~~101~~100 5.~~3329~~3328 2.~~097674~~097949

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 119 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714 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 119 885,~~820~~048,~~369~~906.5223 100.00 ~~112~~111 5.~~3875~~3873 2.~~033320~~033714 (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~~283,~~895~~025.2509 0.00 5.508% 510901688 1A4 OF New York NY ~~263~~271,~~154~~926.2606 0.00 5.508% 700201583 2 OF Various Various ~~284~~293,~~201~~674.1350 0.00 5.247% 600873310 3 RT Newtown Township PA ~~113~~117,~~663~~452.3311 0.00 5.246% 700201462 4 RT Chula Vista CA ~~112~~115,~~057~~655.8357 3027,~~711~~113.0026 5.200% 850500041 5 RT Various Various 81,329.28 0.00 4.111% 850201415 6 OF Washington DC 8083,~~538~~223.7032 0.00 4.393% 850500051 7 MF Albuquerque NM 8386,~~640~~428.00 0.00 4.896% 700200834 8 IN West Sacramento CA ~~110~~113,~~055~~608.2147 1916,~~797~~244.3812 6.760% 700400103 9 RT Santa Monica CA 7376,~~978~~359.2288 1715,~~571~~190.9731 5.570% 600873314 10 RT Freeport ME 7476,~~082~~469.8528 1614,~~940~~554.5512 5.690% 600873315 11 OF Burbank CA 7173,~~590~~897.9171 1613,~~040~~733.3353 5.760% 600873316 12 RT Columbia MD 68,~~498~~342.5688 31,~~398~~554.3705 5.950% 700400066 13 RT Laguna Hills CA 5758,~~113~~944.3103 1615,~~968~~137.0735 5.000% 700400108 14 OF Herndon VA 6163,~~200~~175.3306 1210,~~804~~829.6289 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 5254,~~831~~533.8552 1110,~~851~~149.1548 5.820% 600873311 18 RT Wayne PA 4547,~~902~~432.5058 0.00 5.246% 850500006 19 RT Various Various 37,881.57 0.00 4.472% 850500054 20 OT San Diego CA 4648,~~516~~067.6722 0.00 5.582% 700400058 21 IN Bethpage NY 4142,~~075~~337.3321 2423,~~920~~658.2436 5.000% 600873317 22 IN Clifton NJ 4648,~~859~~370.5658 98,~~914~~403.6462 5.970% 600873313 23 RT Rocklin CA 4344,~~566~~974.8719 86,~~187~~779.1987 6.370% 310901500 24 RT Brentwood CA 3536,~~451~~590.5710 98,~~626~~487.1966 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 3334,~~600~~720.00 0.00 5.040% 850500011 28 HC New Orleans LA 3839,~~750~~896.0414 2826,~~038~~892.4939 6.029% 600873318 29 IN Kenosha WI 33,~~495~~443.6071 11,~~837~~889.8574 5.260% 850201483 30 MU Cruz Bay Quarter VI 3940,~~321~~575.8817 109,~~534~~280.1687 6.332% 850500024 31 RT Aiken SC 26,778.50 0.00 4.372% 600873319 32 RT Bellevue WA 32,~~709~~672.0232 78,~~977~~014.6636 5.520% 850201341 33 OF Havertown PA 3435,~~264~~351.9775 109,~~952~~865.4264 5.873% 700201198 34 RT Palm Bay FL 3435,~~771~~892.9221 76,~~568~~447.2091 5.950% 310901554 35 RT Middletown NJ 3435,~~241~~383.6706 0.00 5.870% 610901456 36 OF Fresno CA 3233,~~344~~368.0424 1110,~~145~~120.1797 5.620% 850500048 37 OT Los Angeles CA 3031,~~468~~484.4203 0.00 5.582% 600873320 38 MF Jefferson Township NJ 3031,~~545~~514.9488 109,~~071~~102.4753 5.680% 700400067 39 MU Palo Alto CA 2627,~~467~~315.6858 87,~~108~~260.6272 4.920% 600873321 40 RT Columbus OH 2829,~~308~~218.4065 76,~~146~~236.7348 5.420% 850500013 41 RT Brighton NY 2223,~~546~~201.0437 2524,~~106~~451.4815 4.450% 310901506 42 RT Sacramento CA 2930,~~587~~504.3798 1312,~~329~~411.2968 5.980% 310901426 43 RT Bellevue WI 28,~~006~~833.0932 2120,~~658~~830.0279 5.700% 600873322 44 MF New Brunswick NJ 24,~~154~~928.3528 76,~~249~~475.7178 5.000% 600873323 45 RT Fairfield CA 2627,~~835~~699.8669 65,~~387~~523.6178 5.580% 700400061 46 OF Fall River MA 2829,~~765~~679.2765 87,~~604~~689.2183 6.000% 310901511 47 MF Redding CA 2627,~~813~~663.7775 98,~~037~~187.3436 5.630% 850500018 48 RT Arlington TX 2324,~~856~~589.6591 1413,~~249~~516.8155 5.050% 610901337 49 RT Houston TX 27,~~573~~510.0828 12,~~837~~899.1696 5.870% 700201302 50 RT Portland OR 2324,~~310~~087.00 0.00 5.180% 310901496 51 MF Seattle WA 2425,~~478~~266.2009 5,~~847~~059.8091 5.570% 700400072 52 RT Medford OR 2223,~~889~~624.7495 65,~~133~~398.4827 5.260% 700400109 53 HC Jacksonville FL 2930,~~201~~135.8666 65,~~791~~857.2444 6.770% 850500036 54 RT Plymouth MN 17,745.82 0.00 4.111% 310901410 55 RT Reno NV 24,~~718~~661.6741 11,~~626~~683.1339 5.910% 700201582 56 OF Mayfield Village OH 2526,~~221~~022.6872 76,~~668~~867.8783 6.010% 310901558 57 SS Vallejo CA 25,~~053~~862.8469 54,~~052~~243.3954 6.040% 700400079 58 RT Alpharetta GA 2021,~~882~~552.5726 65,~~080~~411.8819 5.040% 700400050 59 OF Ocoee Fl 2324,~~921~~692.3711 54,~~352~~581.6389 5.780% 700400038 60 IN Huntington Beach CA 22,~~043~~751.5565 5,~~814~~106.9181 5.330% 600873324 61 IN San Leandro CA 19,~~311~~817.1385 3332,~~209~~703.8816 4.790% 850500047 62 HC Lexington Park MD 2122,~~388~~065.2533 7,~~742~~065.1103 5.379% 600873325 63 OF Palo Alto CA 2021,~~371~~025.5538 54,~~652~~998.5673 5.180% 310901412 64 RT Truckee CA 22,~~251~~200.6409 10,~~465~~517.8035 5.910% 600873326 65 OF Arlington VA 18,~~000~~567.0113 7,~~888~~321.7664 4.840% 610901470 66 IN Irvine CA 21,~~476~~399.4146 15,~~088~~165.8075 6.120% 310901494 67 OF Roslyn NY 19,~~253~~820.9630 15,~~903~~337.4511 5.510% 600873327 68 RT Lakeville MN 18,~~583~~538.6047 10,~~197~~242.4255 5.310% 410901559 69 RT Beltsville MD 1819,~~774~~379.4814 43,~~340~~735.2458 5.660% 600873328 70 RT Toledo OH 2021,~~497~~150.9763 5,~~740~~087.6599 6.190% 600873329 71 RT Hopkins SC 19,~~117~~073.0314 9,~~080~~124.6150 5.800% 410901545 72 SS Palmdale CA 15,~~475~~962.9596 76,~~128~~641.7877 4.700% 310901413 73 RT Reno NV 18,~~744~~701.5917 8,~~816~~859.2971 5.910% 850201461 74 RT New York NY 16,~~042~~556.1498 43,~~473~~958.1430 5.167% 620901509 75 IN Westlake Village CA 17,~~368~~340.2462 5,~~907~~934.0365 5.610% 850500016 76 RT Tampa FL 13,480.33 0.00 4.372% 600873330 77 RT Pikesville MD 18,~~800~~760.7440 7,~~659~~700.7610 6.320% 850500003 78 MF Dallas TX 1415,~~564~~030.0940 4,~~542~~075.0776 4.900% 410901522 79 RT Buena Park CA 1516,~~831~~332.3732 5,~~757~~256.2429 5.400% 410901215 80 RT Lodi CA 1516,~~959~~452.5787 7,~~853~~359.0878 5.720% 410901525 81 MF Pleasant Hill CA 1112,~~738~~113.3506 43,~~342~~968.7605 4.430% 410901569 82 RT Manassas VA 13,~~092~~505.8877 5,~~520~~108.9001 4.950% 600873331 83 RT Palm Harbor FL 13,~~175~~614.0017 0.00 5.270% 410901437 84 MU Pasadena CA 14,~~127~~582.4132 32,~~265~~810.6069 5.690% 410901565 85 RT Portland (Unincorp. A OR 14,~~039~~474.8163 6,~~688~~253.5068 5.760% 410901462 86 RT Palm Desert CA 14,~~058~~475.1503 9,~~565~~149.9608 6.280% 600873312 87 RT Langhorne PA 12,~~132~~536.0040 0.00 5.392% 410901532 88 IN Corona CA 13,~~561~~982.2726 5,~~922~~501.8283 6.090% 600873332 89 IN Alexandria VA 12,~~367~~750.3419 5,~~916~~533.5368 5.770% 600873333 90 OF Scottsdale AZ 1112,~~705~~076.6712 43,~~198~~828.5611 5.460% 700400014 91 SS Rancho Cucamonga CA 1112,~~784~~163.1428 2,~~838~~459.8066 5.590% 310901482 92 RT Elk Grove CA 12,~~287~~259.02 5,~~609~~637.34 5.990% 600873334 93 RT Laguna Niguel CA 1011,~~735~~080.0258 2,~~526~~181.8731 5.640% 410901422 94 RT Houston TX 10,~~592~~905.6533 7,~~900~~588.9628 5.940% 700201176 95 RT Cranberry Township PA 8,~~449~~720.8910 2,~~708~~437.1493 4.910% 410901556 96 OF Sacramento CA 89,~~746~~023.8452 32,~~273~~996.5486 5.280% 850201469 97 OF Houston TX 89,~~882~~163.4445 32,~~254~~973.0201 5.378% 410901514 98 OF Anchorage AK 9,~~553~~532.9980 4,~~168~~189.0423 6.100% 700400051 99 SS Bohemia NY 8,~~615~~888.5536 32,~~040~~767.7796 5.490% 620901529 100 RT Bakersfield CA 8,~~558~~811.7845 6,~~704~~452.9225 5.650% 700400035 101 OF Katonah NY 9,~~608~~914.7776 2,~~640~~334.9091 6.290% 600873335 102 IN South Plainfield NJ 9,~~160~~455.0160 1,~~889~~594.8425 5.990% 410901521 103 MU Thousand Oaks CA 78,~~867~~099.7202 6,~~706~~475.4010 5.360% 600873336 104 OT West Covina CA 8,~~459~~709.8440 6,~~516~~266.4791 5.780% 410901491 105 RT Kalispell MT 8,~~276~~543.5204 1,~~922~~656.8533 5.660% 850500038 106 RT Freeport IL 5,926.69 0.00 4.111% 600873337 107 IN South Plainfield NJ 8,~~216~~481.7085 1,~~695~~430.2207 5.990% 620901449 108 RT Albuquerque NM 7,~~364~~598.2524 2,~~245~~011.3334 5.940% 410901535 109 MH Carpinteria CA 7,~~206~~438.3178 1,~~522~~289.2073 5.910% 410901520 110 OF Torrance CA 6,~~555~~763.8072 21,~~175~~967.7179 5.660% 600873338 111 MU Mahwah NJ 6,~~268~~453.7647 54,~~148~~963.1342 5.470% 410901475 112 IN Dublin CA 6,~~433~~623.4019 4,~~871~~681.3354 5.880% 600873339 113 RT Kissimmee FL 6,~~078~~258.8527 4,~~702~~523.5614 5.730% 620901498 114 OF Fresno CA 5,~~602~~783.6356 ~~1,098~~917.8895 6.150% 410901517 115 MF Washington DC 4,~~766~~917.0431 1,~~531~~379.0780 5.760% 600873340 116 MF Seattle WA 4,~~730~~883.9938 ~~1,079~~926.3596 5.710% 410901471 117 RT Battle Creek MI 45,~~896~~047.0678 2,~~239~~087.4472 5.950% 410901510 118 IN Denver CO 4,~~072~~203.9793 ~~1,020~~889.2024 5.470% Totals 34,~~980~~086,~~811~~803.6194 ~~832~~771,~~841~~463.0129

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 1112/10/2004 510901688 N/A 07/10/2014 N 57,330,000.00 57,330,000.00 1112/10/2004 700201583 N/A 01/08/2014 N 65,000,000.00 65,000,000.00 1112/08/2004 600873310 N/A 06/01/2014 N 26,000,000.00 26,000,000.00 1101/01/~~2004~~2005 700201462 N/A 06/01/2014 N 25,~~859~~828,~~498~~787.34 25,~~828~~801,~~787~~674.3408 1201/01/~~2004~~2005 850500041 N/A 06/01/2011 N 23,740,000.00 23,740,000.00 1201/01/~~2004~~2005 850201415 N/A 02/01/2009 N 22,000,000.00 22,000,000.00 1201/01/~~2004~~2005 850500051 N/A 07/01/2011 N 20,500,000.00 20,500,000.00 1201/01/~~2004~~2005 700200834 N/A 07/01/2012 N 19,~~536~~516,~~427~~630.8244 19,~~516~~500,~~630~~386.4432 1201/01/~~2004~~2005 700400103 N/A 07/01/2014 N 15,~~937~~920,~~857~~285.8083 15,~~920~~905,~~285~~095.8352 1201/01/~~2004~~2005 600873314 N/A 06/01/2014 N 15,~~623~~606,~~800~~859.1156 15,~~606~~592,~~859~~305.5644 1201/01/~~2004~~2005 600873315 N/A 05/04/2014 N 14,~~914~~898,~~772~~732.8754 14,~~898~~884,~~732~~999.5401 1201/04/~~2004~~2005 600873316 N/A 05/01/2024 N 13,~~814~~783,~~836~~438.4104 13,~~783~~751,~~438~~883.0499 1201/01/~~2004~~2005 700400066 N/A 05/01/2014 N 13,~~707~~690,~~194~~226.9487 13,~~690~~675,~~226~~089.8752 1201/01/~~2004~~2005 700400108 N/A 05/01/2015 N 12,~~405~~392,~~471~~667.8422 12,~~392~~381,~~667~~837.2233 1201/01/~~2004~~2005 850500029 N/A 06/01/2009 N 12,100,000.00 12,100,000.00 1201/01/~~2004~~2005 850201382 N/A 01/01/2011 N 11,925,000.00 11,925,000.00 1201/01/~~2004~~2005 310901339 N/A 01/01/2014 N 10,~~893~~881,~~164~~313.9782 10,~~881~~871,~~313~~164.8234 1201/01/~~2004~~2005 600873311 N/A 06/01/2014 N 10,500,000.00 10,500,000.00 1101/01/~~2004~~2005 850500006 N/A 04/01/2009 N 10,165,000.00 10,165,000.00 1201/01/~~2004~~2005 850500054 N/A 07/01/2014 N 10,000,000.00 10,000,000.00 1201/01/~~2004~~2005 700400058 N/A 05/01/2014 N 9,~~858~~833,~~078~~158.3309 9,~~833~~809,~~158~~499.0973 1201/01/~~2004~~2005 600873317 N/A 02/01/2014 N 9,~~419~~409,~~007~~093.9127 9,~~409~~400,~~093~~689.2765 1201/01/~~2004~~2005 600873313 N/A 10/01/2013 N 8,~~207~~199,~~259~~072.4728 8,~~199~~192,~~072~~292.2841 12/01/2004 310901500 N/A 07/01/2014 N 8,~~165~~155,~~429~~802.0990 8,~~155~~147,~~802~~315.9024 1201/01/~~2004~~2005 850500028 N/A 06/01/2009 N 8,200,000.00 8,200,000.00 1201/01/~~2004~~2005 850201401 N/A 02/01/2009 N 8,030,000.00 8,030,000.00 1201/01/~~2004~~2005 850500021 N/A 05/01/2014 N 8,000,000.00 8,000,000.00 1201/01/~~2004~~2005 850500011 N/A 04/01/2019 N 7,~~712~~684,~~729~~690.4697 7,~~684~~657,~~690~~798.9758 1201/01/~~2004~~2005 600873318 N/A 06/01/2013 N 7,~~641~~629,~~581~~743.1934 7,~~629~~617,~~743~~853.3460 1201/01/~~2004~~2005 850201483 N/A 06/01/2014 N 7,~~452~~441,~~029~~495.8064 7,~~441~~432,~~495~~214.6477 1201/01/~~2004~~2005 850500024 N/A 05/01/2009 N 7,350,000.00 7,350,000.00 1201/01/~~2004~~2005 600873319 N/A 06/01/2014 N 7,~~110~~102,~~656~~678.3165 7,~~102~~094,~~678~~664.6529 1201/01/~~2004~~2005 850201341 N/A 01/01/2014 N 76,~~001~~990,~~186~~233.0866 6,~~990~~980,~~233~~368.6602 12/01/2004 700201198 N/A 10/01/2013 N 7,~~012~~005,~~823~~255.8161 76,~~005~~998,~~255~~807.6170 1201/01/~~2004~~2005 310901554 N/A 06/01/2014 N 7,000,000.00 7,000,000.00 1201/01/~~2004~~2005 610901456 N/A 02/01/2014 N 6,~~906~~895,~~201~~055.1699 6,~~895~~884,~~055~~935.9902 1201/01/~~2004~~2005 850500048 N/A 07/01/2014 N 6,550,000.00 6,550,000.00 1201/01/~~2004~~2005 600873320 N/A 06/01/2014 N 6,~~453~~443,~~368~~296.3487 6,~~443~~434,~~296~~194.8734 1201/01/~~2004~~2005 700400067 N/A 05/01/2014 N 6,~~455~~447,~~531~~423.8119 6,~~447~~440,~~423~~162.1947 1201/01/~~2004~~2005 600873321 N/A 05/01/2011 N 6,~~267~~260,~~541~~395.7300 6,~~260~~254,~~395~~158.0052 1201/01/~~2004~~2005 850500013 N/A 04/01/2011 N 6,~~079~~054,~~830~~724.8638 6,~~054~~030,~~724~~273.3823 1201/01/~~2004~~2005 310901506 N/A 06/01/2024 N 5,~~937~~923,~~264~~935.9566 5,~~923~~911,~~935~~523.6698 1201/01/~~2004~~2005 310901426 N/A 06/01/2019 N 5,~~896~~874,~~018~~360.7977 5,~~874~~853,~~360~~529.7798 1201/01/~~2004~~2005 600873322 N/A 03/01/2014 N 5,~~797~~789,~~044~~794.4372 5,~~789~~783,~~794~~318.7294 1201/01/~~2004~~2005 600873323 N/A 06/03/2014 N 5,~~771~~764,~~152~~764.0645 5,~~764~~759,~~764~~240.4567 1201/03/~~2004~~2005 700400061 N/A 05/01/2009 N 5,~~753~~744,~~053~~449.4221 5,~~744~~736,~~449~~759.2138 1201/01/~~2004~~2005 310901511 N/A 05/01/2016 N 5,~~715~~706,~~190~~153.4713 5,~~706~~697,~~153~~965.1377 1201/01/~~2004~~2005 850500018 N/A 05/01/2014 N 5,~~668~~654,~~907~~657.3251 5,~~654~~641,~~657~~140.5196 1201/01/~~2004~~2005 610901337 N/A 06/01/2024 N 5,~~636~~623,~~745~~908.4832 5,~~623~~611,~~908~~008.3236 1201/01/~~2004~~2005 700201302 N/A 12/01/2010 N 5,400,000.00 5,400,000.00 1101/01/~~2004~~2005 310901496 N/A 06/01/2014 N 5,~~273~~267,~~580~~732.4969 5,~~267~~262,~~732~~672.6978 1201/01/~~2004~~2005 700400072 N/A 06/01/2014 N 5,~~221~~215,~~994~~860.0355 5,~~215~~210,~~860~~462.5528 1201/01/~~2004~~2005 700400109 N/A 07/01/2009 N 5,~~176~~169,~~104~~313.9975 5,~~169~~163,~~313~~456.7531 1201/01/~~2004~~2005 850500036 N/A 06/01/2011 N 5,180,000.00 5,180,000.00 1201/01/~~2004~~2005 310901410 N/A 03/01/2024 N 5,~~019~~007,~~018~~392.8774 54,~~007~~995,~~392~~709.7435 1201/01/~~2004~~2005 700201582 N/A 02/01/2014 N 5,~~035~~028,~~943~~274.1326 5,~~028~~021,~~274~~406.2643 12/01/2004 310901558 N/A 06/01/2014 N 4,~~977~~972,~~584~~532.7334 4,~~972~~968,~~532~~288.3480 1201/01/~~2004~~2005 700400079 N/A 06/01/2011 N 4,~~972~~965,~~040~~959.3850 4,~~965~~960,~~959~~548.5031 1201/01/~~2004~~2005 700400050 N/A 04/01/2014 N 4,~~966~~961,~~375~~022.0340 4,~~961~~956,~~022~~440.4051 1201/01/~~2004~~2005 700400038 N/A 04/01/2014 N 4,~~962~~957,~~901~~086.1625 4,~~957~~951,~~086~~979.2544 1201/01/~~2004~~2005 600873324 N/A 06/01/2014 N 4,~~837~~804,~~860~~650.4860 4,~~804~~771,~~650~~947.6044 1201/01/~~2004~~2005 850500047 N/A 07/01/2009 N 4,~~771~~763,~~500~~758.6352 4,~~763~~756,~~758~~693.5249 1201/01/~~2004~~2005 600873325 N/A 05/01/2014 N 4,~~719~~713,~~276~~624.9943 4,~~713~~708,~~624~~625.4370 1201/01/~~2004~~2005 310901412 N/A 03/01/2024 N 4,~~518~~507,~~099~~633.1232 4,~~507~~497,~~633~~115.3297 1201/01/~~2004~~2005 600873326 N/A 06/01/2014 N 4,~~462~~454,~~812~~924.9014 4,~~454~~447,~~924~~602.1450 1201/01/~~2004~~2005 610901470 N/A 05/01/2019 N 4,~~211~~195,~~061~~972.5171 4,~~195~~180,~~972~~806.7196 12/01/2004 310901494 N/A 04/01/2019 N 4,~~193~~177,~~239~~336.7126 4,~~177~~161,~~336~~999.2615 1201/01/~~2004~~2005 600873327 N/A 06/01/2014 N 4,~~199~~189,~~682~~485.8139 4,~~189~~179,~~485~~242.3984 1201/01/~~2004~~2005 410901559 N/A 06/01/2014 N 3,~~980~~976,~~455~~115.5531 3,~~976~~972,~~115~~379.3173 1201/01/~~2004~~2005 600873328 N/A 06/01/2014 N 3,~~973~~968,~~757~~016.6196 3,~~968~~962,~~016~~928.9697 1201/01/~~2004~~2005 600873329 N/A 06/03/2024 N 3,~~955~~946,~~247~~167.9534 3,~~946~~937,~~167~~042.3484 1201/03/~~2004~~2005 410901545 N/A 06/01/2009 N 3,~~951~~944,~~305~~176.5981 3,~~944~~937,~~176~~535.8104 1201/01/~~2004~~2005 310901413 N/A 03/01/2024 N 3,~~806~~797,~~007~~191.4617 3,~~797~~788,~~191~~331.1746 1201/01/~~2004~~2005 850201461 N/A 05/01/2014 N 3,~~725~~721,~~676~~203.1602 3,~~721~~717,~~203~~244.0272 1201/01/~~2004~~2005 620901509 N/A 05/01/2014 N 3,~~715~~709,~~130~~223.5653 3,~~709~~703,~~223~~288.5388 1201/01/~~2004~~2005 850500016 N/A 05/01/2009 N 3,700,000.00 3,700,000.00 1201/01/~~2004~~2005 600873330 N/A 07/01/2024 N 3,~~569~~562,~~760~~100.1640 3,~~562~~554,~~100~~400.4030 1201/01/~~2004~~2005 850500003 N/A 03/01/2009 N 3,~~566~~562,~~716~~174.8376 3,~~562~~558,~~174~~099.7600 1201/01/~~2004~~2005 410901522 N/A 05/01/2014 N 3,~~518~~512,~~083~~325.2197 3,~~512~~507,~~325~~069.9768 1201/01/~~2004~~2005 410901215 N/A 04/01/2024 N 3,~~348~~340,~~160~~307.8274 3,~~340~~332,~~307~~947.7496 1201/01/~~2004~~2005 410901525 N/A 06/01/2011 N 3,~~179~~175,~~688~~345.0428 3,~~175~~171,~~345~~377.2823 1201/01/~~2004~~2005 410901569 N/A 06/01/2014 N 3,~~174~~168,~~030~~509.8999 3,~~168~~163,~~509~~401.9998 1201/01/~~2004~~2005 600873331 N/A 06/01/2014 N 3,000,000.00 3,000,000.00 1201/01/~~2004~~2005 410901437 N/A 04/01/2014 N 2,~~979~~976,~~418~~153.6101 2,~~976~~973,~~153~~342.0132 1201/01/~~2004~~2005 410901565 N/A 07/01/2014 N 2,~~924~~918,~~960~~271.3585 2,~~918~~912,~~271~~018.8517 1201/01/~~2004~~2005 410901462 N/A 04/01/2019 N 2,~~686~~676,~~271~~705.1014 2,~~676~~667,~~705~~556.1406 1201/01/~~2004~~2005 600873312 N/A 04/01/2014 N 2,700,000.00 2,700,000.00 1201/01/~~2004~~2005 410901532 N/A 06/01/2014 N 2,~~672~~666,~~172~~249.3553 2,~~666~~660,~~249~~747.5370 1201/01/~~2004~~2005 600873332 N/A 06/01/2014 N 2,~~572~~566,~~063~~146.5097 2,~~566~~560,~~146~~613.9729 1201/01/~~2004~~2005 600873333 N/A 04/01/2014 N 2,~~572~~568,~~675~~476.1054 2,~~568~~564,~~476~~648.5443 1201/01/~~2004~~2005 700400014 N/A 03/01/2014 N 2,~~529~~526,~~689~~850.4565 2,~~526~~524,~~850~~390.6599 1201/01/~~2004~~2005 310901482 N/A 04/01/2024 N 2,~~461~~455,~~507~~897.0470 2,~~455~~450,~~897~~260.7036 1201/01/~~2004~~2005 600873334 N/A 04/01/2014 N 2,~~284~~281,~~046~~519.1326 2,~~281~~279,~~519~~337.2695 1201/01/~~2004~~2005 410901422 N/A 03/01/2019 N 2,~~139~~132,~~930~~029.2024 2,~~132~~124,~~029~~440.2496 1201/01/~~2004~~2005 700201176 N/A 09/01/2013 N 2,~~065~~062,~~146~~438.4632 2,~~062~~060,~~438~~000.3239 1201/01/~~2004~~2005 410901556 N/A 07/01/2014 N 1,~~987~~984,~~917~~644.9238 1,~~984~~981,~~644~~647.3852 1201/01/~~2004~~2005 850201469 N/A 05/01/2009 N 1,~~981~~978,~~950~~696.7169 1,~~978~~975,~~696~~723.6968 1201/01/~~2004~~2005 410901514 N/A 06/01/2024 N 1,~~879~~875,~~473~~305.8985 1,~~875~~871,~~305~~116.8562 1201/01/~~2004~~2005 700400051 N/A 05/01/2014 N 1,~~883~~880,~~180~~139.4871 1,~~880~~877,~~139~~371.7175 1201/01/~~2004~~2005 620901529 N/A 06/01/2019 N 1,~~817~~811,~~794~~089.3543 1,~~811~~804,~~089~~637.4318 1201/01/~~2004~~2005 700400035 N/A 04/01/2014 N 1,~~833~~830,~~152~~511.4555 1,~~830~~828,~~511~~176.5564 1201/01/~~2004~~2005 600873335 N/A 05/01/2014 N 1,~~835~~833,~~060~~170.5369 1,~~833~~831,~~170~~576.6944 1201/01/~~2004~~2005 410901521 N/A 05/01/2019 N 1,~~761~~754,~~429~~722.3292 1,~~754~~748,~~722~~247.9282 1201/01/~~2004~~2005 600873336 N/A 04/01/2019 N 1,~~756~~749,~~368~~852.6922 1,~~749~~743,~~852~~585.2231 1201/01/~~2004~~2005 410901491 N/A 05/01/2014 N 1,~~754~~752,~~740~~817.2843 1,~~752~~751,~~817~~161.4310 1201/01/~~2004~~2005 850500038 N/A 06/01/2011 N 1,730,000.00 1,730,000.00 1201/01/~~2004~~2005 600873337 N/A 05/01/2014 N 1,~~646~~644,~~084~~388.1492 1,~~644~~642,~~388~~958.9285 1201/01/~~2004~~2005 620901449 N/A 05/01/2014 N 1,~~487~~485,~~728~~482.1784 1,~~485~~483,~~482~~471.8450 1201/01/~~2004~~2005 410901535 N/A 06/01/2014 N 1,~~463~~461,~~210~~688.8565 1,~~461~~460,~~688~~398.6592 1201/01/~~2004~~2005 410901520 N/A 06/01/2011 N 1,~~389~~387,~~921~~745.5483 1,~~387~~385,~~745~~778.8304 1201/01/~~2004~~2005 600873338 N/A 06/03/2019 N 1,~~375~~370,~~231~~082.0491 1,~~370~~365,~~082~~119.9149 1201/03/~~2004~~2005 410901475 N/A 03/01/2019 N 1,~~312~~308,~~939~~068.7441 1,~~308~~303,~~068~~386.4187 1201/01/~~2004~~2005 600873339 N/A 05/01/2019 N 1,~~273~~268,~~057~~354.2973 1,~~268~~263,~~354~~831.7359 1201/01/~~2004~~2005 620901498 N/A 04/01/2014 N 1,~~093~~092,~~195~~096.4153 1,~~092~~091,~~096~~178.5358 1201/01/~~2004~~2005 410901517 N/A 06/01/2014 N ~~992,924.48~~ 991,393.41 12990,013.61 01/01/~~2004~~2005 600873340 N/A 05/01/2014 N ~~994,252.90~~ 993,173.55 12992,246.59 01/01/~~2004~~2005 410901471 N/A 05/01/2014 N ~~987,439.89~~ 985,200.45 12983,112.73 01/01/~~2004~~2005 410901510 N/A 04/01/2014 N ~~893,521.01~~ 892,500.81 12891,611.57 01/01/~~2004~~2005 Totals ~~886~~885,~~653~~820,~~210~~369.5352 885,~~820~~048,~~369~~906.5223

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 01/13/2005 0 $0.00 0 $0.00 0 $0.00 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 01/13/2005 0 $0.00 0 $0.00 0 $0.00 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 01/13/2005 0 $0.00 0 $0.00 5.387273% 5.339403% 111 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 ~~600873310~~600873313 323 0 1112/01/2004 ~~110~~50,~~413~~836.3321 ~~110~~50,~~413~~836.3321 B ~~600873311~~850201341 1833 0 1112/01/2004 44,~~590~~675.0065 44,~~590~~675.0065 B ~~700201302~~700201582 5056 0 1112/01/2004 2332,~~175~~760.0066 2332,~~175~~760.0066 B 610901470 66 0 12/01/2004 36,285.48 36,285.48 B Totals 34 ~~178~~164,~~178~~558.3300 ~~178~~164,~~178~~558.3300

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date ~~600873310~~600873313 268,~~000~~199,~~000~~072.0028 0.00 ~~600873311~~850201341 106,~~500~~990,~~000~~233.0066 0.00 ~~700201302~~700201582 5,~~400~~028,~~000~~274.26 0.00 610901470 4,195,972.71 0.00 Totals 4124,~~900~~413,~~000~~552.0091 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 (34 loans) ~~178~~164,~~178~~558.3300 ~~178~~164,~~178~~558.3300 4124,~~900~~413,~~000~~552.0091 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