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 (Date of earliest event reported) September 29, 2004 ------------------------------ Merrill Lynch Mortgage Investors, Inc. -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 333-116820-01 13-3416059 -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 4 World Financial Center, 10th Floor 250 Vesey Street, New York, New York 10080 -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (212) 449-1000 ---------------------------- N/A -------------------------------------------------------------------------------- (Former Name or Former Address, 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: [ ] 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)) Section 1 - Registrant's Business and Operations Item 1.01 Entry into a Material Definitive Agreement. On September 29, 2004, a pooling and servicing agreement dated as of September 1, 2004 (the "Pooling and Servicing Agreement"), was entered into by and among Merrill Lynch Mortgage Investors, Inc. as depositor (the "Registrant"), KeyCorp Real Estate Capital Markets, Inc. as master servicer and as special servicer, LaSalle Bank National Association as trustee and ABN AMRO Bank N.V. as fiscal agent. The Pooling and Servicing Agreement was entered into for the purpose of issuing a single series of certificates, entitled Merrill Lynch Mortgage Trust 2004-KEY2 (the "Merrill Lynch Mortgage Trust 2004-KEY2"), Commercial Mortgage Pass-Through Certificates, Series 2004-KEY2 (the "Certificates"). Certain classes of the Certificates, designated as Class A-1, Class A-2, Class A-3, Class A-4, Class B, Class C, Class D and Class E (collectively, the "Publicly-Offered Certificates") were registered under the Registrant's registration statement on Form S-3 (Registration No. 333-116820). The Publicly-Offered Certificates were sold to Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), J.P. Morgan Securities Inc., KeyBanc Capital Markets, a Division of McDonald Investments Inc. and Deutsche Bank Securities Inc. (collectively, the "Underwriters") pursuant to an underwriting agreement dated as of September 17, 2004 (the "Underwriting Agreement") between the Registrant and Merrill Lynch for itself and as representative of the other Underwriters. Certain of the mortgage loans backing the Publicly-Offered Certificates (the "MLML Mortgage Loans") were acquired by the Registrant from Merrill Lynch Mortgage Lending, Inc. ("MLML") as seller pursuant to a mortgage loan purchase agreement dated as of September 17, 2004 (the "MLML Mortgage Loan Purchase Agreement"). Certain of the mortgage loans backing the Publicly-Offered Certificates (the "JPMorgan Chase Mortgage Loans") were acquired by the Registrant from JPMorgan Chase Bank ("JPMorgan Chase") as seller pursuant to a mortgage loan purchase agreement dated as of September 17, 2004 (the "JPMorgan Chase Mortgage Loan Purchase Agreement"). Certain of the mortgage loans backing the Publicly-Offered Certificates (the "KeyBank Mortgage Loans"; the MLML Mortgage Loans, the JPMorgan Chase Mortgage Loans and the KeyBank Mortgage Loans, collectively, the "Mortgage Loans") were acquired by the Registrant from KeyBank National Association ("KeyBank") as seller pursuant to a mortgage loan purchase agreement dated as of September 17, 2004 (the "KeyBank Mortgage Loan Purchase Agreement"; the MLML Mortgage Loan Purchase Agreement, the JPMorgan Chase Mortgage Loan Purchase Agreement and the KeyBank Mortgage Loan Purchase Agreement, collectively, the "Mortgage Loan Purchase Agreements"), which agreements contain representations and warranties made by each of MLML, JPMorgan Chase and KeyBank to the Registrant with respect to the Mortgage Loans sold thereby to the Registrant. Certain of the terms and conditions of the Pooling and Servicing Agreement, the Underwriting Agreement and the Mortgage Loan Purchase Agreements have been described in a filing previously made on September 24, 2004 on behalf of the Registrant, which filing was made pursuant to Rule 424(b)(5) of the Securities Act of 1933, as amended, under the Registrant's Form S-3 registration statement number 333-116820-01, for the Merrill Lynch Mortgage Trust 2004-KEY2, and the description of those agreements contained in that filing is hereby incorporated herein by reference. A copy of the Pooling and Servicing Agreement, the 2 Underwriting Agreement and the Mortgage Loan Purchase Agreements will be filed subsequently as exhibits to a separate Current Report on Form 8-K filed by the Registrant for the Merrill Lynch Mortgage Trust 2004-KEY2. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: October 5, 2004 MERRILL LYNCH MORTGAGE INVESTORS, INC. By: /s/ George H. Kok --------------------------------------- Name: George H. Kok Title: Senior Vice President 4

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 12, 2004

Merrill Lynch Mortgage Investors, Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-116820-01
(Commission
File Number)

13-3416059
(IRS Employer
Identification No.)

4 World Financial Center, 10th Floor, 250 Vesey Street, New York, New York
(Address of principal executive offices)

10080
(Zip Code)

Registrant's telephone number, including area code 212-449-1000

(Former name or former address, 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))

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Merrill Lynch Mortgage Investors, Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-KEY2, which was made on October 12, 2004.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to section 4.02 of the Poolng and Servicing Agreement for the distribution on October 12, 2004.

(Exhibit No. Description)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LASALLE BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF MERRILL LYNCH MORTGAGE INVESTORS, INC., REGISTRANT

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Date: October 18, 2004

Merrill Lynch Mortgage Trust 2004-KEY2

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Administrator:
Susan Abbott 312.904.9664
susan.l.abbott@abnamro.com

Analyst:
David Ratner 714.259.6251
david.ratner@abnamro.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Bond Interest Reconciliation
Shortfall Summary Report
Cash Reconciliation Summary

Cash Reconciliation Summary

Asset-Backed Facts ~ 15 Month Loan Status Summary
Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary

Historical Collateral Prepayment
Delinquent Loan Detail
Loan Level Detail

Page 2-6
Page 7
Page 8
Page 9

Page 10-12

Page 13-16
Page 17-20

Page 21
Page 22

Page 23-28

Specially Serviced (Part I) - Loan Detail

Specially Serviced (Part II) - Servicer Comments
Mortgage Loan Characteristics
Modified Loan Detail

Historical REO Report
Realized Loss Detail
Appraisal Reduction Detail

Page 29

Page 30
Page 31-33
Page 34

Page 35
Page 36
Page 37

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

ML04KEY2

ML04KEY2_200410_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

29-Sep-04
12-Oct-04

12-Aug-39

Rating Information

Page 38-39

Parties to The Transaction

Depositor: Merrill Lynch Mortgage Investors Inc.

Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Master Servicer: Keycorp Real Estate Capital Markets, Inc.

Special Servicer: Keycorp Real Estate Capital Markets, Inc.

Rating Agency: Moody's Investors Service, Inc./Fitch

800.246.5761

LaSalle Factor Line

LaSalle Web Site

www.etrustee.net

Page 1 of 39

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.716780%

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Merrill Lynch Mortgage Trust 2004-KEY2

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

118

REMIC II

Statement Date:

ABN AMRO Acct: 722080.1

1000.000000000

14.638985593

0.000000000

985.361014407

2.886666610

Fixed

0.00

0.000000000

3.46400000%

0.000000000

59022HDR0

A-1

59,000,000.00

863,700.15

0.00

58,136,299.85

170,313.33

1000.000000000

0.000000000

1000.000000000

3.471666692

Fixed

0.00

0.000000000

4.16600000%

0.000000000

59022HDS8

A-2

193,737,000.00

0.00

193,737,000.00

672,590.29

1000.000000000

0.000000000

1000.000000000

3.845833315

Fixed

0.00

0.000000000

4.61500000%

0.000000000

59022HDT6

A-3

92,126,000.00

0.00

92,126,000.00

354,301.24

1000.000000000

0.000000000

1000.000000000

4.053333343

4.864000000%

0.00

0.000000000

4.86400000%

0.000000000

59022HDU3

A-4

345,746,000.00

0.00

345,746,000.00

1,401,423.79

1000.000000000

0.613533028

0.000000000

999.386466972

3.814166657

4.577000000%

0.00

0.000000000

4.57700000%

0.000000000

59022HDZ2

A-1A

268,059,000.00

164,463.05

0.00

267,894,536.95

1,022,421.70

1000.000000000

0.000000000

1000.000000000

4.122500189

4.947000000%

0.00

0.000000000

4.94700000%

0.000000000

59022HDV1

26,474,000.00

0.00

26,474,000.00

109,139.07

1000.000000000

0.000000000

1000.000000000

4.155833034

4.987000000%

0.00

0.000000000

4.98700000%

0.000000000

59022HDW9

8,361,000.00

0.00

8,361,000.00

34,746.92

1000.000000000

0.000000000

1000.000000000

4.205000224

5.046000000%

0.00

0.000000000

5.04600000%

0.000000000

59022HDX7

22,295,000.00

0.00

22,295,000.00

93,750.48

1000.000000000

0.000000000

1000.000000000

4.295833333

5.155000000%

0.00

0.000000000

5.15500000%

0.000000000

59022HDY5

12,540,000.00

0.00

12,540,000.00

53,869.75

1000.000000000

0.000000000

1000.000000000

4.419166884

5.303000000%

0.00

0.000000000

5.30300000%

0.000000000

59022HEA6

15,328,000.00

0.00

15,328,000.00

67,736.99

1000.000000000

0.000000000

1000.000000000

4.407393021

5.288797603%

0.00

0.000000000

5.28887129%

0.000000000

59022HEB4

11,147,000.00

0.00

11,147,000.00

49,129.21

1000.000000000

0.000000000

1000.000000000

4.729059238

5.674797603%

0.00

0.000000000

5.67487129%

0.000000000

59022HEC2

15,328,000.00

0.00

15,328,000.00

72,487.02

1000.000000000

0.000000000

1000.000000000

4.242500359

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HED0

6,967,000.00

0.00

6,967,000.00

29,557.50

1000.000000000

0.000000000

1000.000000000

4.242499551

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HEE8

5,573,000.00

0.00

5,573,000.00

23,643.45

1000.000000000

0.000000000

1000.000000000

4.242499402

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HEF5

4,181,000.00

0.00

4,181,000.00

17,737.89

1000.000000000

0.000000000

1000.000000000

4.242501795

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HEG3

2,786,000.00

0.00

2,786,000.00

11,819.61

Page 2 of 39

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.716780%

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Merrill Lynch Mortgage Trust 2004-KEY2

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

118

REMIC II

Statement Date:

ABN AMRO Acct: 722080.1

1000.000000000

0.000000000

1000.000000000

4.242500897

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HEH1

2,787,000.00

0.00

2,787,000.00

11,823.85

1000.000000000

0.000000000

1000.000000000

4.242500897

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HEJ7

5,574,000.00

0.00

5,574,000.00

23,647.70

1000.000000000

0.000000000

1000.000000000

4.242499704

5.091000000%

0.00

0.000000000

5.09100000%

0.000000000

59022HEK4

16,721,373.00

0.00

16,721,373.00

70,940.42

1000.000000000

0.000000000

999.077657499

0.043472934

0.00

0.000000000

0.05216752%

0.000000000

59022HEL2

1,114,730,373.00

0.00

1,113,702,209.80

48,460.60

1000.000000000

0.000000000

1000.000000000

0.861453098

0.00

0.000000000

1.03374372%

0.000000000

59022HEM0

1,081,992,000.00

0.00

1,081,992,000.00

932,085.36

0.000000000

0.00

0.000000000

N/A

0.000000000

59022HEQ1

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

59022HER9

R-II

0.00

1000.000000000

0.000000000

1000.000000000

5.248341463

Fixed

0.00

0.000000000

6.29800000%

0.000000000

59022HEN8

410,000.00

0.00

410,000.00

2,151.82

0.000000000

0.00

0.000000000

N/A

0.000000000

59055HEP3

R-LR

0.00

Total P&I Payment

0.00

1,115,140,373.00

6,301,941.19

Total

1,114,112,209.80

1,028,163.20

0.00

5,273,777.99

Page 3 of 39

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 0

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.716780%

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Merrill Lynch Mortgage Trust 2004-KEY2

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

118

Grantor Trust Z

Statement Date:

ABN AMRO Acct: 722080.1

0.000000000

0.00

0.000000000

N/A

0.000000000

59000HEZ7

0.00

Total P&I Payment

0.00

Total

0.00

Page 4 of 39

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 0

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.716780%

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Merrill Lynch Mortgage Trust 2004-KEY2

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

118

Grantor Trust E

Statement Date:

ABN AMRO Acct: 722080.1

0.000000000

0.00

9,292.84

0.000000000

N/A

0.000000000

9ABSS241

GT-E

0.00

9,292.84

Total P&I Payment

0.00

9,292.84

0.00

9,292.84

Total

0.00

9,292.84

Page 5 of 39

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 0

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.716780%

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Merrill Lynch Mortgage Trust 2004-KEY2

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

118

Grantor Trust B

Statement Date:

ABN AMRO Acct: 722080.1

0.000000000

0.00

3,220.21

0.000000000

N/A

0.000000000

9ABSS242

GT-B

0.00

3,220.21

Total P&I Payment

0.00

3,220.21

0.00

3,220.21

Total

0.00

3,220.21

Page 6 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Class

Accrued

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Bond Interest Reconciliation

Deductions

Allocable

Deferred &

Prior

Prepay-

Other

Additions

Interest

Credit Support

Original

Current(4)

Accrual

Int. Short-

falls Due

ment

Interest

Interest (2)

Payment

Amount

PPIS

Interest

Certificate

Accretion

Interest

Loss/Exp

Interest

Penalties

Proceeds (1)

Interest

Shortfalls

Certificate

Rate

Pass

Thru

Method Days

Outstanding

Remaining

Statement Date:

Distributable

Current Period

(Shortfall)/

Recovery

Int Accrual

on Prior

Shortfall (3)

0.00

A-1

170,313.33

0.00

14.00%

14.01%

30/360

3.464000000%

0.00

A-2

672,590.29

0.00

14.00%

14.01%

30/360

4.166000000%

0.00

A-3

354,301.24

0.00

14.00%

14.01%

30/360

4.615000000%

0.00

A-4

1,401,423.79

0.00

14.00%

14.01%

30/360

4.864000000%

0.00

A-1A

1,022,421.70

0.00

14.00%

14.01%

30/360

4.577000000%

0.00

109,139.07

0.00

11.63%

11.64%

30/360

4.947000000%

0.00

34,746.92

0.00

10.88%

10.89%

30/360

4.987000000%

0.00

93,750.48

0.00

8.88%

30/360

5.046000000%

0.00

53,869.75

0.00

7.75%

7.76%

30/360

5.155000000%

0.00

67,736.99

0.00

6.38%

30/360

5.303000000%

0.00

49,129.21

0.00

5.38%

30/360

5.288871288%

0.00

72,487.02

0.00

4.00%

30/360

5.674871288%

0.00

29,557.50

0.00

3.38%

30/360

5.091000000%

0.00

23,643.45

0.00

2.88%

30/360

5.091000000%

0.00

17,737.89

0.00

2.50%

30/360

5.091000000%

0.00

11,819.61

0.00

2.25%

30/360

5.091000000%

0.00

11,823.85

0.00

2.00%

30/360

5.091000000%

0.00

23,647.70

0.00

1.50%

30/360

5.091000000%

0.00

70,940.42

0.00

0.00%

30/360

5.091000000%

0.00

48,460.60

0.00

30/360

0.052167520%

0.00

932,085.36

0.00

30/360

1.033743722%

0.00

2,151.82

0.00

Act/360

6.298000000%

0.00

0.000000000%

0.00

5,273,777.99

0.00

(2) Accrued - Deductions + Additions Interest

(3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable.

Page 7 of 39

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(4) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A).

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Interest Adjustments Summary

Statement Date:

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 8 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

5,312,510.25

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

5,312,510.25

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal
Advanced Scheduled Principal
Scheduled Principal
Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

)

(12,513.04

0.00

0.00
0.00

0.00

5,275,636.54

)

(1,858.57

0.00
0.00
0.00

)

(1,858.57

1,028,163.20

0.00

1,028,163.20

0.00
0.00
0.00
0.00
0.00
0.00

1,028,163.20

6,303,799.74

6,301,941.17

1,115,140,373.33

116

1,028,163.20

0.00

0.00
0.00

0.00

1,114,112,210.13

116

0.00

24,360.66

0.00
0.00
0.00

24,360.66

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(24,360.66

5,273,777.97

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

0.00
0.00

0.00

Total Advance Summary

Page 9 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Statement Date:

Cash Reconciliation Summary for Trust Loan Group 1

ABN AMRO Acct: 722080.1

Series 2004-KEY2

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

4,112,945.02

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total
Unscheduled Interest:
Prepayment Penalties
Yield Maintenance Penalties
Other Interest Proceeds

0.00

Total

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

)

(8,324.39

0.00

0.00
0.00

0.00

)

(1,411.12

0.00
0.00

0.00

)

(1,411.12

863,700.15

0.00

18,743.33

0.00

18,743.33

0.00
0.00
0.00

)

(18,743.33

4,084,466.18

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

4,112,945.02

0.00
0.00

0.00

4,085,877.30

0.00

0.00
0.00
0.00

863,700.15

0.00

863,700.15

4,949,577.45
4,948,166.33

846,670,903.39

863,700.15

0.00
0.00
0.00

845,807,203.24

0.00

0.00
0.00

0.00

0.00
0.00

0.00

Servicing

0.00

Total Advance Summary

Page 10 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Statement Date:

Cash Reconciliation Summary for Trust Loan Group 2

ABN AMRO Acct: 722080.1

Series 2004-KEY2

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

1,197,395.64

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total
Unscheduled Interest:
Prepayment Penalties
Yield Maintenance Penalties
Other Interest Proceeds

0.00

Total

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

)

(4,185.23

0.00

0.00
0.00

0.00

)

(446.77

0.00
0.00

0.00

)

(446.77

164,463.05

0.00

5,603.67

0.00

5,603.67

0.00
0.00
0.00

)

(5,603.67

1,187,159.97

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

1,197,395.64

0.00
0.00

0.00

1,187,606.74

0.00

0.00
0.00
0.00

164,463.05

0.00

164,463.05

1,352,069.79
1,351,623.02

268,059,469.94

164,463.05

0.00
0.00
0.00

267,895,006.89

0.00

0.00
0.00

0.00

0.00
0.00

0.00

Servicing

0.00

Total Advance Summary

Page 11 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Statement Date:

Cash Reconciliation Summary for Trust Deerbrook Apartments Non-Pooled Loan

ABN AMRO Acct: 722080.1

Series 2004-KEY2

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

2,169.58

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total
Unscheduled Interest:
Prepayment Penalties
Yield Maintenance Penalties
Other Interest Proceeds

0.00

Total

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances

Recoup of Prior Advances

Misc. Fees & Expenses

Total Unscheduled Fees & Expenses
Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding

Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding
Plus Current Period
Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts

PPIS Reducing Scheduled
Interest

PPIS Reducing Servicing Fee
PPIS Due Certificate

)

(3.42

0.00

0.00
0.00

0.00

)

(0.68

0.00
0.00

0.00

)

(0.68

0.00

13.67

0.00

13.67

0.00
0.00
0.00

)

(13.67

2,151.82

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

2,169.58

0.00
0.00

0.00

2,152.50

0.00

0.00
0.00
0.00

0.00

0.00
0.00

2,152.50
2,151.82

410,000.00

0.00

0.00
0.00
0.00

410,000.00

0.00

0.00
0.00

0.00

0.00
0.00

0.00

Servicing

0.00

Total Advance Summary

Page 12 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

ABN AMRO Acct: 722080.1

0.00%

12-Oct-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 13 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

Loan Group 1

ABN AMRO Acct: 722080.1

0.00%

12-Oct-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 14 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

Loan Group 2

ABN AMRO Acct: 722080.1

0.00%

12-Oct-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 15 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

Deerbrook Apartments Non-Pooled Loan

ABN AMRO Acct: 722080.1

0.00%

12-Oct-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 16 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Amort

ABN AMRO Acct: 722080.1

Series 2004-KEY2

12-Oct-04

116

100.87%

1,114,112,210

99.91%

0.00%

118

332

5.72%

5.68%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 17 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Loan Group 1

Amort

ABN AMRO Acct: 722080.1

Series 2004-KEY2

12-Oct-04

84.35%

845,807,203

75.85%

0.00%

122

324

5.83%

5.79%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 18 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Loan Group 2

Amort

ABN AMRO Acct: 722080.1

Series 2004-KEY2

12-Oct-04

15.65%

267,895,007

24.02%

0.00%

139

354

5.36%

5.31%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 19 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Deerbrook Apartments Non-Pooled Loan

Amort

ABN AMRO Acct: 722080.1

Series 2004-KEY2

12-Oct-04

0.87%

410,000

0.04%

0.00%

171

351

6.35%

6.30%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 20 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Historical Collateral Level Prepayment Report

Disclosure

Control #

Payoff
Period

Initial

Balance

Type

Payoff

Amount

Penalty

Amount

Prepayment

Date

Maturity

Date

Property

Type

Geographic

Location

Statement Date:

Cumulative

Current

Page 21 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Delinquent Loan Detail

Disclosure

Control #

Paid

Thru

Date

Current P&I

Advance

Outstanding

P&I

Advances**

Out. Property

Protection

Advances

Loan

Status

Code (1)

Special

Servicer

Transfer Date

Foreclosure

Date

Bankruptcy

Date

REO

Date

Statement Date:

Total

Page 22 of 39

A. In Grace Period

1. Delinq. 1 month

2. Delinq. 2 months

3. Delinquent 3 + months

4. Performing Matured Balloon

** Outstanding P&I Advances include the current period P&I Advances and may include Servicer and Trust Advances.

7. Foreclosure

9. REO

B. Late Payment but < 1 month delinq.

5. Non Performing Matured Balloon

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note
Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

4.72700%

1-Aug-10

ML4KEY2A

Retail

0.00

90,981,115

474,479

6.57700%

1-Jul-09

ML4KEY2A

Lodging

0.00

63,570,561

433,864

5.10000%

1-Jun-14

ML4KEY2B

Multifamily

0.00

46,000,000

195,500

5.53000%

1-Mar-14

ML4KEY2B

Mobile home park

0.00

34,632,251

198,702

6.01500%

1-Sep-14

ML4KEY2A

Office

0.00

33,266,945

199,972

31-Dec-03

4.70000%

1-Apr-11

ML4KEY2B

Multifamily

1.29

32,150,000

125,921

6.62500%

1-Jul-14

ML4KEY2A

Self storage

0.00

26,056,396

178,615

5.05000%

1-Mar-09

ML4KEY2B

Mobile home park

0.00

25,629,637

139,468

6.15400%

1-Jun-09

ML4KEY2A

Office

0.00

24,600,000

126,157

6.62500%

1-Jul-14

ML4KEY2A

Self storage

0.00

24,153,233

165,569

5.85000%

1-Aug-14

ML4KEY2A

Office

0.00

24,114,325

142,530

5.48000%

7-Jul-09

ML4KEY2B

Multifamily

0.00

23,900,000

109,143

5.78000%

1-Aug-14

ML4KEY2A

Retail

0.00

22,500,000

108,375

5.70700%

1-Sep-14

ML4KEY2B

Multifamily

0.00

21,677,158

126,043

31-Dec-03

5.68000%

1-Jun-34

ML4KEY2A

Retail

0.93

20,566,547

119,580

5.37000%

1-Sep-14

ML4KEY2A

Retail

0.00

19,700,000

88,158

5.53700%

1-Jul-14

ML4KEY2A

Retail

0.00

18,900,000

87,208

31-Dec-03

6.03600%

1-Aug-14

ML4KEY2A

Retail

1.48

16,370,254

98,706

4.90000%

1-Jun-14

ML4KEY2A

Retail

0.00

16,341,072

107,983

6.41000%

1-Aug-14

ML4KEY2A

Lodging

0.00

15,959,412

107,135

5.91000%

1-Sep-14

ML4KEY2A

Mixed use

0.00

15,734,049

93,520

5.53000%

1-Sep-11

ML4KEY2A

Office

0.00

15,500,000

71,429

5.42000%

1-Sep-14

ML4KEY2A

Retail

0.00

13,984,444

78,789

Page 23 of 39

* NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to

determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

** Denotes Non Pooled portion of Deerbrook Apartments (Disclosure Control #74)

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note
Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

6.40000%

1-Sep-14

ML4KEY2A

Lodging

0.00

13,481,689

90,311

5.28000%

1-Jun-14

ML4KEY2A

Office

0.00

13,292,622

73,967

5.67000%

1-Sep-14

ML4KEY2A

Mobile home park

0.00

12,960,000

61,236

6.32000%

1-Aug-14

ML4KEY2A

Lodging

0.00

11,969,070

79,680

5.88000%

1-Aug-11

ML4KEY2B

Multifamily

0.00

11,040,000

54,096

5.49000%

1-Jul-34

ML4KEY2B

Multifamily

0.00

10,568,221

60,119

5.75000%

1-Sep-14

ML4KEY2A

Mobile home park

0.00

10,324,210

60,312

5.37000%

1-Sep-14

ML4KEY2A

Retail

0.00

10,300,000

46,093

5.70000%

1-Aug-09

ML4KEY2A

Retail

0.00

10,000,000

47,500

31-Dec-03

6.26000%

1-Jul-14

ML4KEY2A

Retail

1.48

9,973,653

66,108

5.41200%

1-Jun-09

ML4KEY2B

Multifamily

0.00

9,958,208

56,228

31-Dec-03

5.92500%

1-Jul-14

ML4KEY2A

Industrial

1.41

9,773,411

58,284

31-Dec-03

6.11000%

1-Jul-29

ML4KEY2A

Retail

1.21

9,676,760

63,249

6.04000%

1-Jul-14

ML4KEY2A

Retail

0.00

9,056,022

54,673

5.52000%

1-Oct-14

ML4KEY2B

Multifamily

0.00

8,750,000

40,250

5.93500%

1-Aug-14

ML4KEY2A

Retail

0.00

8,733,767

52,096

31-Dec-03

5.51000%

1-Jun-11

ML4KEY2A

Self storage

1.49

8,689,293

49,594

5.26000%

1-Sep-14

ML4KEY2B

Multifamily

0.00

8,390,383

46,437

5.64000%

1-Oct-14

ML4KEY2A

Office

0.00

8,250,000

38,775

5.91000%

1-Sep-14

ML4KEY2A

Office

0.00

8,241,645

48,987

5.70000%

1-Sep-14

ML4KEY2B

Multifamily

0.00

7,841,726

45,561

5.92000%

1-Aug-24

ML4KEY2A

Retail

0.00

7,815,612

55,878

6.05000%

1-Jul-14

ML4KEY2A

Industrial

0.00

7,480,241

45,208

Page 24 of 39

determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

** Denotes Non Pooled portion of Deerbrook Apartments (Disclosure Control #74)

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note
Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

5.87500%

1-Jul-14

ML4KEY2B

Multifamily

0.00

6,681,609

39,633

5.89000%

1-Aug-14

ML4KEY2A

Retail

0.00

6,338,101

37,624

31-Dec-03

5.62500%

1-Jan-14

ML4KEY2B

Multifamily

1.43

6,301,669

36,612

31-Dec-03

5.68000%

1-Aug-14

ML4KEY2A

Retail

1.32

6,240,000

29,536

5.87500%

1-Sep-14

ML4KEY2A

Retail

0.00

6,218,653

36,823

31-Dec-03

5.97000%

1-Sep-14

ML4KEY2A

Mixed use

0.40

5,594,393

33,467

31-Dec-03

5.25000%

1-Jun-34

ML4KEY2A

Retail

1.48

5,525,995

30,647

5.62500%

1-Jun-14

ML4KEY2A

Office

0.00

5,418,282

31,316

5.93200%

1-May-14

ML4KEY2A

Retail

0.00

5,375,196

32,140

5.45000%

1-Sep-14

ML4KEY2A

Multifamily

0.00

4,994,476

28,233

5.75000%

1-Aug-14

ML4KEY2A

Multifamily

0.00

4,990,337

29,179

6.39000%

1-Aug-14

ML4KEY2A

Lodging

0.00

4,987,271

33,417

6.13000%

1-Sep-14

ML4KEY2A

Retail

0.00

4,895,242

29,789

5.53000%

1-Aug-11

ML4KEY2A

Office

0.00

4,880,000

22,489

6.38000%

1-Sep-19

ML4KEY2A

Retail

0.00

4,795,559

29,961

5.70000%

1-Sep-14

ML4KEY2A

Retail

0.00

4,695,046

27,279

5.87000%

1-Aug-19

ML4KEY2A

Industrial

0.00

4,593,519

38,704

5.61000%

1-Jul-14

ML4KEY2A

Retail

0.00

4,430,851

27,620

31-Dec-03

5.49000%

1-Apr-34

ML4KEY2A

Retail

1.30

4,300,000

19,673

31-Dec-03

6.66000%

1-Aug-29

ML4KEY2A

Self storage

1.66

4,180,833

28,718

5.87000%

1-Sep-14

ML4KEY2A

Industrial

0.00

4,095,816

24,240

31-Dec-03

5.78000%

1-Jul-14

ML4KEY2B

Multifamily

1.41

4,088,495

24,005

5.90000%

1-Jun-14

ML4KEY2A

Retail

0.00

4,075,790

26,166

Page 25 of 39

determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

** Denotes Non Pooled portion of Deerbrook Apartments (Disclosure Control #74)

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note
Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

6.15000%

1-Jun-24

ML4KEY2A

Industrial

0.00

4,046,435

29,585

6.28000%

1-Aug-14

ML4KEY2A

Office

0.00

3,993,135

24,707

6.19000%

1-Aug-13

ML4KEY2A

Mixed use

0.00

3,850,000

19,860

6.00000%

1-Jun-14

ML4KEY2A

Industrial

0.00

3,804,038

24,645

31-Dec-03

6.35000%

1-Jan-19

ML4KEY2C

Multifamily

1.94

3,657,857

23,342

31-Dec-03

5.87000%

1-Jul-14

ML4KEY2B

Multifamily

1.54

3,639,969

21,579

5.84000%

1-Sep-14

ML4KEY2A

Retail

0.00

3,594,676

22,844

6.02000%

1-Jul-14

ML4KEY2A

Retail

0.00

3,590,448

21,630

31-Dec-03

5.75000%

1-Sep-14

ML4KEY2A

Self storage

1.20

3,394,902

21,390

5.99000%

1-Sep-14

ML4KEY2A

Retail

0.00

3,372,633

20,219

5.49000%

1-Sep-14

ML4KEY2A

Retail

0.00

3,356,316

19,056

6.29000%

1-Aug-19

ML4KEY2A

Retail

0.00

3,290,870

21,851

5.48000%

1-Jun-14

ML4KEY2A

Retail

0.00

3,236,614

18,412

6.50000%

1-Sep-34

ML4KEY2A

Retail

0.00

3,112,184

19,689

6.42000%

1-Jul-14

ML4KEY2A

Office

0.00

3,100,000

16,585

6.08000%

1-Sep-14

ML4KEY2A

Retail

0.00

3,047,010

18,443

6.37500%

1-Aug-34

ML4KEY2A

Retail

0.00

2,994,962

18,716

31-Dec-03

5.94000%

1-Jul-14

ML4KEY2B

Multifamily

1.66

2,987,824

19,219

5.90000%

1-Jun-24

ML4KEY2A

Retail

0.00

2,982,286

19,146

31-Dec-03

6.48000%

1-Jun-14

ML4KEY2A

Retail

1.15

2,840,603

17,976

5.48000%

1-Aug-11

ML4KEY2A

Office

0.00

2,840,000

12,969

5.49000%

1-May-14

ML4KEY2A

Office

0.00

2,785,799

15,881

5.75000%

1-Sep-14

ML4KEY2A

Industrial

0.00

2,722,155

15,902

Page 26 of 39

determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

** Denotes Non Pooled portion of Deerbrook Apartments (Disclosure Control #74)

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note
Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

6.08000%

1-Jul-34

ML4KEY2A

Retail

0.00

2,717,872

16,478

6.48000%

1-Jul-14

ML4KEY2A

Retail

0.00

2,690,070

18,197

4.90000%

1-Aug-11

ML4KEY2A

Retail

0.00

2,593,978

13,799

31-Dec-03

6.00000%

1-Aug-14

ML4KEY2A

Retail

1.89

2,592,478

16,752

6.16000%

1-Aug-13

ML4KEY2A

Office

0.00

2,500,001

12,833

5.86000%

1-Sep-14

ML4KEY2A

Retail

0.00

2,497,444

14,764

6.11000%

1-Aug-14

ML4KEY2A

Retail

0.00

2,495,540

15,166

31-Dec-03

6.15000%

1-Aug-14

ML4KEY2A

Industrial

1.34

2,407,067

15,280

100

31-Dec-03

6.15000%

1-Aug-14

ML4KEY2A

Industrial

2.02

2,407,067

15,280

101

5.96000%

1-Aug-14

ML4KEY2A

Retail

0.00

2,395,572

14,328

102

5.80000%

1-Sep-19

ML4KEY2A

Retail

0.00

2,341,781

19,578

103

6.04000%

1-Jul-14

ML4KEY2A

Office

0.00

2,244,058

13,548

104

31-Dec-03

5.75000%

1-Sep-14

ML4KEY2A

Self storage

1.26

2,221,664

13,998

105

6.20000%

1-Sep-24

ML4KEY2A

Industrial

0.00

2,095,562

15,288

106

6.48000%

1-Aug-14

ML4KEY2A

Retail

0.00

1,647,296

10,407

107

5.91000%

1-Aug-14

ML4KEY2A

Office

0.00

1,611,987

9,589

108

31-Dec-03

6.69000%

1-Aug-29

ML4KEY2A

Self storage

1.58

1,496,381

10,307

109

5.51000%

1-Aug-14

ML4KEY2A

Mobile home park

0.00

1,456,000

6,685

110

6.00000%

1-Mar-17

ML4KEY2A

Office

0.00

1,367,919

13,041

111

6.04000%

1-Jul-14

ML4KEY2A

Office

0.00

1,356,409

8,189

112

6.76000%

1-Sep-14

ML4KEY2A

Office

0.00

1,298,883

8,440

113

5.65000%

1-Aug-14

ML4KEY2A

Office

0.00

1,283,998

14,205

114

6.38000%

1-Sep-20

ML4KEY2A

Self storage

0.00

1,191,406

9,947

115

Page 27 of 39

determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

** Denotes Non Pooled portion of Deerbrook Apartments (Disclosure Control #74)

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note
Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

31-Dec-03

6.35000%

1-Jan-19

ML4KEY2D

Multifamily

1.94

410,000

2,170

116**

1,114,112,210

6,340,673

Page 28 of 39

determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

** Denotes Non Pooled portion of Deerbrook Apartments (Disclosure Control #74)

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Specially Serviced (Part I) ~ Loan Detail (End of Period)

Disclosure

Control #

Servicing

Xfer Date

Balance

Note
Rate

Maturity

Date

Remaining

Property

Type

Geo.

Location

NOI

DSCR

NOI
Date

Schedule

Actual

Life

Statement Date:

Loan

Status

Code(1)

Page 29 of 39

(1) Legend:

A. P&I Adv - in Grace Period
B. P&I Adv - < one month delinq

1. P&I Adv - delinquent 1 month
2. P&I Adv - delinquent 2 months

3. P&I Adv - delinquent 3+ months
4. Mat. Balloon/Assumed P&I

7. Foreclosure

9. REO

5. Non Performing Mat. Balloon

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Specially Serviced Loan Detail (Part II) ~ Servicer Comments (End of Period)

Disclosure

Control #

Resolution

Strategy

Comments

Statement Date:

Page 30 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Mortgage Loan Characteristics

ABN AMRO Acct: 722080.1

Series 2004-KEY2

Commercial Mortgage Pass-Through Certificates

30-Sep-04

12-Nov-04

N/A

12-Oct-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Distribution of Mortgage Interest Rates

Distribution of Principal Balances

Distribution of Remaining Term (Balloon)

Distribution of Remaining Term (Fully Amortizing)

Page 31 of 39

Current Scheduled

Balance

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

410,000

0.04

171

6.35

1.94

100,000 to

1,000,000

187,154,378

16.80

150

5.97

0.33

1,000,000 to

5,000,000

186,324,621

16.72

131

5.78

0.43

5,000,000 to 10,000,000

226,425,043

20.32

125

5.69

0.11

10,000,000 to 20,000,000

213,197,297

19.14

119

5.89

0.09

20,000,000 to 30,000,000

100,049,195

8.98

104

5.42

0.41

30,000,000 to 40,000,000

46,000,000

4.13

116

5.10

0.00

40,000,000 to 50,000,000

63,570,561

5.71

6.58

0.00

50,000,000 to 75,000,000

90,981,115

8.17

4.73

0.00

75,000,000 &

Above

90,981,115

410,000

1,114,112,210

116

100.00%

Average Schedule Balance
Maximum Schedule Balance
Minimum Schedule Balance

9,604,416

Current Mortgage

Interest Rate

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

123,131,115

11.05

4.72

0.34

4.500%

4.750%

18,935,050

1.70

111

4.90

0.00

4.751%

5.000%

77,155,632

6.93

112

5.09

0.11

5.001%

5.250%

131,607,083

11.81

129

5.41

0.04

5.251%

5.500%

226,126,090

20.30

132

5.62

0.25

5.501%

5.750%

188,202,986

16.89

125

5.88

0.20

5.751%

6.000%

138,102,932

12.40

129

6.08

0.32

6.001%

6.250%

90,095,036

8.09

143

6.37

0.29

6.251%

6.500%

119,457,404

10.72

6.60

0.08

6.501%

6.750%

1,298,883

0.12

119

6.76

0.00

6.751%

Above

116

1,114,112,210

Minimum Mortgage Interest Rate
Maximum Mortgage Interest Rate

100.00%

4.700%
6.760%

Fully Amortizing

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

1,283,998

0.12

118

5.65

0.00

120

8,303,218

0.75

174

5.87

0.00

121

180

15,149,015

1.36

234

6.06

0.00

181

Above

239

118

24,736,231

Minimum Remaining Term

Maximum Remaining Term

2.22%

Balloon

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

157,658,406

14.15

5.97

0.00

851,441,248

76.42

109

5.64

0.20

120

12,154,285

1.09

176

6.35

0.65

121

180

2,982,286

0.27

236

5.90

0.00

181

240

15,353,974

1.38

297

6.32

1.37

241

300

49,785,781

4.47

356

5.69

0.66

301

& Above

359

108

1,089,375,979

Minimum Remaining Term

Maximum Remaining Term

97.78

Merrill Lynch Mortgage Trust 2004-KEY2

Mortgage Loan Characteristics

ABN AMRO Acct: 722080.1

Series 2004-KEY2

Commercial Mortgage Pass-Through Certificates

30-Sep-04

12-Nov-04

N/A

12-Oct-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Geographic Distribution

Distribution of DSCR (PFY)

Distribution of DSCR (Cutoff)

Page 32 of 39

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

Less than zero

5,594,393

0.50

119

5.97

0.40

0.001 0.750

0.00

0.751 0.875

20,566,547

1.85

356

5.68

0.93

0.876 1.000

0.00

1.001 1.125

15,912,265

1.43

227

6.10

1.20

1.126 1.250

47,318,731

4.25

112

5.02

1.30

1.251 1.375

60,722,770

5.45

133

5.85

1.46

1.376 1.500

5,136,350

0.46

170

6.11

1.55

1.501 1.625

7,168,657

0.64

223

6.36

1.66

1.626 1.750

0.00

1.751 1.875

6,660,334

0.60

150

6.21

1.92

1.876 2.000

2,407,067

0.22

118

6.15

2.02

2.001 2.125

0.00

2.126 2.250

0.00

2.251 & Above

942,625,096

84.61

109

5.72

0.00

Unknown

2.020
0.400

116

1,114,112,210

100.00%

Minimum DSCR

Maximum DSCR

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

43,066,815

3.87

284

5.83

0.93

1.100 1.200

305,901,979

27.46

131

5.60

0.29

1.201 1.300

266,502,532

23.92

108

5.74

0.13

1.301 1.400

161,951,232

14.54

126

5.74

0.35

1.401 1.500

128,600,141

11.54

106

5.94

0.06

1.501 1.600

121,353,247

10.89

5.15

0.00

1.601 1.700

65,666,123

5.89

6.56

0.00

1.701 1.800

4,994,476

0.45

119

5.45

0.00

1.801 1.900

16,075,667

1.44

113

6.16

0.00

1.901 & Above

1.940

1.150

116

1,114,112,210 100.00

Minimum DSCR

Maximum DSCR

Geographic

Location

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

California

220,927,610

19.83

136

5.72

0.42

Florida

149,822,906

13.45

112

5.32

0.28

Minnesota

94,974,249

8.52

4.79

0.00

Colorado

84,342,484

7.57

6.20

0.00

New York

57,488,111

5.16

123

6.00

0.00

Michigan

54,455,937

4.89

109

5.75

0.00

New Jersey

50,170,721

4.50

117

6.25

0.00

Texas

47,464,416

4.26

153

5.89

0.24

District of Columbia

33,266,945

2.99

119

6.02

0.00

Arizona

33,120,309

2.97

118

5.83

0.15

Pennsylvania

26,270,677

2.36

129

5.74

0.00

Alabama

25,629,637

2.30

5.05

0.00

Massachusetts

24,153,233

2.17

117

6.63

0.00

Illinois

22,788,885

2.05

134

5.66

0.00

Ohio

22,122,221

1.99

164

5.83

0.88

North Carolina

21,824,780

1.96

188

5.82

0.54

Georgia

20,314,134

1.82

5.68

0.40

Washington

18,938,503

1.70

158

5.80

0.57

Virginia

18,384,546

1.65

129

6.34

0.00

Rhode Island

16,956,341

1.52

118

6.34

0.00

Tennessee

14,568,645

1.31

181

6.00

0.83

New Hampshire

13,292,622

1.19

116

5.28

0.00

Kentucky

8,390,383

0.75

119

5.26

0.00

Maryland

7,696,283

0.69

118

5.95

0.00

Mississippi

6,235,505

0.56

118

6.08

1.18

Nevada

4,642,258

0.42

273

6.41

0.00

Missouri

4,067,857

0.37

171

6.35

1.94

Oklahoma

4,046,435

0.36

236

6.15

0.00

Indiana

3,804,038

0.34

116

6.00

0.00

Oregon

2,495,540

0.22

118

6.11

0.00

Delaware

1,456,000

0.13

118

5.51

0.00

100.00

1,114,112,210

116

Merrill Lynch Mortgage Trust 2004-KEY2

Mortgage Loan Characteristics

ABN AMRO Acct: 722080.1

Series 2004-KEY2

Commercial Mortgage Pass-Through Certificates

30-Sep-04

12-Nov-04

N/A

12-Oct-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Distribution of Loan Seasoning

Distribution of Property Types

Distribution of Year Loans Maturing

Distribution of Amortization Type

Page 33 of 39

Property Types

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

Retail

399,180,311

35.83

138

5.52

0.25

Multifamily

218,027,932

19.57

113

5.38

0.34

Office

161,946,008

14.54

104

5.85

0.00

Lodging

109,968,003

9.87

6.49

0.00

Mobile home park

85,002,097

7.63

5.43

0.00

Self storage

71,384,108

6.41

128

6.42

0.41

Industrial

43,425,309

3.90

141

5.99

0.50

Mixed use

25,178,442

2.26

117

5.97

0.09

1,114,112,210

116

100.00%

Amortization Type

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

Full Amortizing

25,155,918

2.26

177

6.08

0.19

IO Maturity Balloon

109

1,088,956,292

97.74

117

5.71

0.20

1,114,112,210

116

100.00%

Number of Months

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

116

1,114,112,210

100.00

118

0.20

5.72

116

1,114,112,210

100.00%

Year

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

2004

0.00

2005

0.00

2006

0.00

2007

0.00

2008

157,658,406

14.15

5.97

0.00

2009

90,981,115

8.17

4.73

0.00

2010

77,693,271

6.97

5.21

0.70

2011

0.00

2012

6,350,001

0.57

106

6.18

0.00

2013

677,700,859

60.83

118

5.81

0.16

2014

103,728,558

9.31

291

5.93

0.60

2015 & Greater

100.00

1,114,112,210

116

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Modified Loan Detail

Disclosure

Control #

Modification

Date

Cutoff

Maturity

Date

Modification

Description

Modified

Maturity

Date

Statement Date:

Page 34 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

Historical Collateral Level REO Report

Property

Type

Statement Date:

State

Actual

Balance

Scheduled

Balance

Recent

Appraisal

Value

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Realized

Loss

Disclosure

Control #

REO

Date

City

Appraisal

Date

ABN AMRO Acct: 722080.1

Page 35 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation

Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total
Cumulative

Page 36 of 39

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Appraisal Reduction Detail

Disclosure

Control#

Appraisal
Red. Date

Scheduled

Balance

ASER

Note
Rate

Maturity

Date

Property

Type

Geographic

Location

Appraisal

Value Date

DSCR

Statement Date:

Remaining Term

Life

ARA

Amount

Current P&I

Advance

Page 37 of 39

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-LR

59055HEP3

R-I

59022HEQ1

A-1

59022HDR0

AAA

Aaa

A-2

59022HDS8

AAA

Aaa

A-3

59022HDT6

AAA

Aaa

A-4

59022HDU3

AAA

Aaa

A-1A

59022HDZ2

AAA

Aaa

59022HDV1

Aa2

59022HDW9

AA-

Aa3

59022HDX7

59022HDY5

A-

59022HEA6

BBB+

Baa1

59022HEB4

BBB

Baa2

59022HEC2

BBB-

Baa3

59022HED0

BB+

Ba1

59022HEE8

Ba2

59022HEF5

BB-

Ba3

59022HEG3

B+

59022HEH1

59022HEJ7

B-

59022HEK4

59022HEL2

AAA

Aaa

Page 38 of 39

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be
understood that this transmission will generally have been provided to LaSalle within 30 days of the payment date listed on this statement. Because ratings may have
changed during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on
this report, LaSalle recommends that investors obtain current rating information directly from the rating agency.

Merrill Lynch Mortgage Trust 2004-KEY2

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-Oct-04
12-Oct-04

N/A

12-Nov-04

30-Sep-04

Commercial Mortgage Pass-Through Certificates

Series 2004-KEY2

ABN AMRO Acct: 722080.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

59022HEM0

AAA

Aaa

R-II

59022HER9

59022HEN8

59000HEZ7

GT-E

9ABSS241

GT-B

9ABSS242

Page 39 of 39

NR - Designates that the class was not rated by the rating agency.

Filing Compare · Merrill Lynch Mortgage Trust 2004-KEY2