8-K 1 msc04t15_sep.txt SEPTEMBER 8K 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: September 13, 2004 (Date of earliest event reported) Commission File No.: 333-104283-11 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-TOP15 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-2157777 54-2157778 54-2157779 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) (410) 884-2000 Registrant's Full Telephone Number (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 13, 2004, a distribution was made to holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15, relating to the September 13, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-TOP15 (Registrant) By: Wells Fargo Bank, N.A. as Paying Agent By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: September 13, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15, relating to the September 13, 2004 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-TOP15 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: September 13, 2004 Record Date: August 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 - 18 Specially Serviced Loan Detail 19 - 20 Modified Loan Detail 21 Liquidated Loan Detail 22 Depositor Morgan Stanley Capital I Inc. 1585 Broadway New York, NY 10036 Contact: General Information Number Phone Number: (212) 761-4700 Master Servicer Wells Fargo Bank, N.A. 45 Fremont Street, 2nd Floor investorreporting@wellsfargo.com San Francisco, CA 94105 Contact: Matilde Sanchez Phone Number: (415) 222-2364 Special Servicer ARCap Servicing, Inc. 5605 N. MacArthur Blvd. Irving, TX 75038 Contact: Chris Crouch Phone Number: (972) 580-1688 Ext 333 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2004, Wells Fargo Bank, N.A.

Certificate Distribution Detail Class CUSIP Pass-Through Original Beginning Principal Interest Rate Balance Balance Distribution Distribution A-1 61745MK93 4.130000% 103,000,000.00 ~~103~~102,~~000~~247,~~000~~345.0017 ~~752~~756,~~654~~253.8350 ~~354~~351,~~491~~901.6728 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.~~378077~~377909% 22,243,000.00 22,243,000.00 0.00 99,~~687~~684.1402 C 61745ML68 5.~~488077~~487909% 23,356,000.00 23,356,000.00 0.00 106,~~816~~813.2800 D 61745ML76 5.~~488077~~487909% 5,561,000.00 5,561,000.00 0.00 25,~~432~~431.6688 E 61745MM26 5.~~488077~~487909% 8,897,000.00 8,897,000.00 0.00 40,~~689~~688.5227 F 61745MM34 5.~~488077~~487909% 6,674,000.00 6,674,000.00 0.00 30,~~522~~521.8692 G 61745MM42 5.~~488077~~487909% 8,897,000.00 8,897,000.00 0.00 40,~~689~~688.5227 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 ~~889~~888,~~751~~998,~~374~~719.5673 ~~752~~756,~~654~~253.8350 3,~~738~~736,~~640~~039.9796

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,~~107~~108,~~146~~154.5078 ~~102~~101,~~247~~491,~~345~~091.1767 10.7677% A-2 61745ML27 0.00 0.00 398,650.00 102,000,000.00 10.7677% A-3 61745ML35 0.00 0.00 586,833.33 140,000,000.00 10.7677% A-4 61745ML43 0.00 0.00 1,972,310.67 449,103,000.00 10.7677% B 61745ML50 0.00 0.00 99,~~687~~684.1402 22,243,000.00 8.26% C 61745ML68 0.00 0.00 106,~~816~~813.2800 23,356,000.00 5.63% D 61745ML76 0.00 0.00 25,~~432~~431.6688 5,561,000.00 5.0001% E 61745MM26 0.00 0.00 40,~~689~~688.5227 8,897,000.00 4.0001% F 61745MM34 0.00 0.00 30,~~522~~521.8692 6,674,000.00 3.2526% G 61745MM42 0.00 0.00 40,~~689~~688.5227 8,897,000.00 2.25% H 61745MM59 0.00 0.00 13,754.00 3,337,000.00 1.88% J 61745MM75 0.00 0.00 13,754.00 3,337,000.00 1.50% K 61745MM83 0.00 0.00 9,166.59 2,224,000.00 1.25% L 61745MM91 0.00 0.00 9,166.59 2,224,000.00 1.00% M 61745MN25 0.00 0.00 9,170.71 2,225,000.00 0.75% N 61745MN33 0.00 0.00 9,166.59 2,224,000.00 0.50% O 61745MN41 0.00 0.00 18,338.84 4,449,374.56 0.00% R-I N/A 0.00 0.00 0.00 0.00 0.00% R-II N/A 0.00 0.00 0.00 0.00 0.00% R-III N/A 0.00 0.00 0.00 0.00 0.00% Totals 0.00 0.00 4,~~491~~492,~~295~~293.8046 888,~~998~~242,~~719~~466.7323

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X-1 61745ML84 0.~~071636~~070532% 889,751,374.56 ~~889~~888,~~751~~998,~~374~~719.5673 5352,~~115~~252.4667 X-2 61745ML92 0.~~391507~~391361% 850,347,000.00 850,347,000.00 277,~~430~~327.4733

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X-1 61745ML84 0.00 5352,~~115~~252.4667 888,~~998~~242,~~719~~466.7323 X-2 61745ML92 0.00 277,~~430~~327.4733 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 ~~1,000~~992.~~00000000~~69267155 7.~~30732845~~34226699 3.~~44166670~~41651728 0.00000000 0.00000000 ~~992~~985.~~69267155~~35040456 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.~~48173088~~48159061 0.00000000 0.00000000 1,000.00000000 C 61745ML68 1,000.00000000 0.00000000 4.~~57339784~~57325741 0.00000000 0.00000000 1,000.00000000 D 61745ML76 1,000.00000000 0.00000000 4.~~57339687~~57325661 0.00000000 0.00000000 1,000.00000000 E 61745MM26 1,000.00000000 0.00000000 4.~~57339777~~57325728 0.00000000 0.00000000 1,000.00000000 F 61745MM34 1,000.00000000 0.00000000 4.~~57339826~~57325742 0.00000000 0.00000000 1,000.00000000 G 61745MM42 1,000.00000000 0.00000000 4.~~57339777~~57325728 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 ~~1,000~~999.~~00000000~~15408411 0.~~05969697~~05872727 0.00000000 ~~999~~998.~~15408411~~30412363 X-2 61745ML92 1,000.00000000 0.~~32625560~~32613431 0.00000000 1,000.00000000

Reconciliation Detail Advance Summary P & I Advances Outstanding 1,~~000~~722,~~392~~743.3047 Servicing Advances Outstanding 0.00 Reimbursement for Interest on Advances 0.00 paid from general collections

Master Servicing Fee Summary Current Period Accrued Master Servicing Fees 34,~~216~~186.8198 Less Delinquent Master Servicing Fees 412,~~382~~491.3243 Less Reductions to Master Servicing Fees 0.00 Plus Master Servicing Fees for Delinquent Payments Received 06,397.0032 Plus Adjustments for Prior Master Servicing Calculation 0.00 Total Master Servicing Fees Collected 2928,~~834~~092.4987

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 ~~354~~351,~~491~~901.6728 0.00 0.00 0.00 ~~354~~351,~~491~~901.6728 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 5352,~~115~~252.4667 0.00 0.00 0.00 5352,~~115~~252.4667 0.00 X-2 277,~~430~~327.4733 0.00 0.00 0.00 277,~~430~~327.4733 0.00 B 99,~~687~~684.1402 0.00 0.00 0.00 99,~~687~~684.1402 0.00 C 106,~~816~~813.2800 0.00 0.00 0.00 106,~~816~~813.2800 0.00 D 25,~~432~~431.6688 0.00 0.00 0.00 25,~~432~~431.6688 0.00 E 40,~~689~~688.5227 0.00 0.00 0.00 40,~~689~~688.5227 0.00 F 30,~~522~~521.8692 0.00 0.00 0.00 30,~~522~~521.8692 0.00 G 40,~~689~~688.5227 0.00 0.00 0.00 40,~~689~~688.5227 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 4,~~069~~065,~~186~~619.9096 0.00 0.00 0.00 4,~~069~~065,~~186~~619.9096 0.00

Class Interest Remaining Distribution Unpaid Interest A-1 ~~354~~351,~~491~~901.6728 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 5352,~~115~~252.4667 0.00 X-2 277,~~430~~327.4733 0.00 B 99,~~687~~684.1402 0.00 C 106,~~816~~813.2800 0.00 D 25,~~432~~431.6688 0.00 E 40,~~689~~688.5227 0.00 F 30,~~522~~521.8692 0.00 G 40,~~689~~688.5227 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 4,~~069~~065,~~186~~619.9096 0.00

Other Required Information Available Distribution Amount (1) 4,821,~~841~~873.7346 Principal Distribution Amount ~~752~~756,~~654~~253.8650 (a) Principal portion of Scheduled Payments ~~752~~756,~~654~~253.8650 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 ~~889~~888,~~006~~377,~~691~~200.3861 Aggregate Scheduled Principal Balance of the Mortgage Loans 888,~~998~~242,~~719~~466.7424 Interest Reserve Account Deposits 0.00 Withdrawals 0.00 Total Master Servicing and Special Servicing Fee Paid 2928,~~834~~092.4987 Master Servicing Fee Paid 2928,~~834~~092.4987 Special Servicing Fee Paid 0.00 Trustee Fee Paid 837.7707 Paying Agent Fee Paid 1,~~370~~369.9074 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 4,102,013.73 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 4,102,013.73 Principal: Scheduled Principal 756,253.50 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 756,253.50 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 34,186.98 Trustee Fee 837.07 Certificate Administration Fee 1,369.74 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 36,393.79 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 0.00 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 0.00 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 4,065,619.96 Principal Distribution 756,253.50 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 4,821,873.46 Total Funds Distributed 4,858,267.25

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,~~884~~879,~~357~~183.5872 0.44 ~~117~~116 5.~~7289~~7288 2.~~981437~~981431 1,000,001 to 2,000,000 19 31,~~442~~384,~~624~~326.7779 3.5453 ~~135~~134 5.6575 1.~~791563~~791887 2,000,001 to 3,000,000 13 33,~~749~~697,~~599~~317.9273 3.8079 ~~134~~133 5.~~6820~~6817 1.~~850034~~850403 3,000,001 to 4,000,000 14 51,~~395~~320,~~877~~535.8074 5.78 ~~136~~135 5.~~3830~~3828 2.~~010885~~011194 4,000,001 to 5,000,000 12 56,~~161~~041,~~754~~329.3987 6.3231 ~~128~~127 5.~~4311~~4313 1.~~594409~~594746 5,000,001 to 6,000,000 15 82,~~853~~733,~~357~~411.7639 9.3231 ~~134~~133 5.~~5750~~5748 1.~~747691~~748011 6,000,001 to 7,000,000 7 45,~~886~~830,~~371~~218.3195 5.16 ~~107~~106 5.~~3781~~3785 1.~~682749~~682822 7,000,001 to 8,000,000 8 59,~~499~~428,~~749~~839.8891 6.69 ~~115~~114 5.~~5414~~5410 1.~~835175~~835438 8,000,001 to 9,000,000 4 32,~~650~~635,~~394~~450.35 3.67 8584 5.~~1045~~1042 2.~~326035~~326335 9,000,001 to 10,000,000 3 29,~~374~~343,~~851~~390.0023 3.30 ~~117~~116 5.~~5100~~5103 1.~~776693~~776892 10,000,001 to 15,000,000 9 110,~~674~~594,~~041~~278.4275 12.45 ~~117~~116 5.~~3089~~3086 2.~~048222~~048577 15,000,001 to 20,000,000 3 51,~~242~~197,~~323~~366.1235 5.76 ~~110~~109 6.0616 1.~~453121~~453122 20,000,001 to 30,000,000 5 118,~~183~~156,~~416~~816.4446 13.2930 9392 4.~~7884~~7883 2.~~259692~~259863 30,000,001 and greater 3 182,000,000.00 20.4749 ~~117~~116 5.4148 2.502143 Totals 119 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Alaska 1 1,~~891~~887,~~851~~746.9583 0.21 ~~238~~237 6.1000 1.600000 Arizona 1 2,~~584~~580,~~381~~628.3502 0.29 ~~116~~115 5.4600 1.820000 California 44 247,~~869~~558,~~720~~990.1200 27.8887 ~~125~~124 5.~~6107~~6108 1.~~647775~~647910 Colorado 1 ~~896~~895,~~284~~412.3088 0.10 ~~116~~115 5.4700 1.980000 Connecticut 1 4,401,428.57 0.50 ~~113~~112 5.2468 2.920000 Florida 9 37,~~814~~793,~~650~~716.8451 4.25 8382 5.~~3447~~3443 2.~~340034~~340484 Georgia 1 4,~~988~~983,~~747~~434.2293 0.56 8281 5.0400 2.260000 Illinois 6 68,072,142.87 7.66 9796 4.8274 3.028381 Indiana 1 3,290,000.00 0.37 8281 4.1110 3.450000 Louisiana 2 19,~~893~~867,~~431~~103.3045 2.24 ~~104~~103 5.~~0211~~0198 2.~~511642~~512585 Maine 1 15,~~669~~654,~~241~~993.7831 1.76 ~~118~~117 5.6900 1.400000 Maryland 5 34,~~285~~236,~~819~~756.4986 3.8685 ~~170~~169 5.~~6628~~6625 1.~~890389~~890660 Massachusetts 1 5,~~776~~769,~~706~~183.2105 0.65 5756 6.0000 1.320000 Michigan 1 ~~993~~991,~~767~~723.5775 0.11 ~~117~~116 5.9500 1.680000 Minnesota 2 9,~~410~~399,~~006~~943.3208 1.06 9897 4.~~6500~~6493 2.~~476460~~477645 Montana 1 1,~~759~~758,~~907~~285.1537 0.20 ~~117~~116 5.6600 1.860000 Nevada 2 8,~~885~~865,~~754~~611.4612 1.00 ~~235~~234 5.9100 1.328625 New Jersey 7 33,~~624~~593,~~411~~092.1471 3.78 ~~119~~118 5.~~7069~~7070 1.~~737702~~737801 New Mexico 2 21,~~993~~991,~~910~~942.5431 2.4748 8584 4.~~9669~~9668 1.~~726113~~726106 New York 10 150,~~660~~589,~~312~~072.6839 16.95 ~~119~~118 5.~~4222~~4224 2.~~185871~~186155 North Carolina 2 9,675,000.00 1.09 5756 4.3144 3.068656 Ohio 3 15,~~333~~315,~~414~~609.7135 1.72 ~~102~~101 5.8149 1.~~748289~~748320 Oregon 3 13,~~582~~571,~~622~~200.1182 1.53 ~~102~~101 5.~~3366~~3364 1.~~918337~~918700 Pennsylvania 8 54,~~339~~327,~~814~~762.7177 6.1112 ~~116~~115 5.~~3217~~3216 2.~~287382~~287514 South Carolina 3 13,~~532~~523,~~228~~278.5434 1.52 ~~110~~109 4.~~8085~~8078 2.~~542898~~543727 Tennessee 1 1,900,000.00 0.21 5655 4.4720 3.150000 Texas 5 19,~~117~~077,~~598~~319.5287 2.15 ~~142~~141 5.~~4002~~4000 1.~~734280~~734306 Virgin Islands 1 7,~~480~~471,~~701~~633.0393 0.84 ~~118~~117 6.3320 1.460000 Virginia 4 22,~~702~~674,~~970~~744.5414 2.55 ~~124~~123 5.~~5533~~5534 1.~~684662~~684642 Washington 4 17,~~599~~585,~~431~~699.8055 1.98 ~~117~~116 5.4809 1.~~988023~~988255 Washington,DC 3 22,~~997~~995,~~158~~807.3515 2.59 5756 4.~~4523~~4522 2.~~529944~~529711 Wisconsin 3 15,~~975~~943,~~303~~202.5731 1.8079 ~~134~~133 5.~~4222~~4219 1.~~582830~~583472 Totals 139 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092

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,~~942~~877,~~528~~116.0895 2.13 ~~177~~176 5.8424 1.149891 1.21 to 1.30 2 8,~~917~~876,~~634~~520.1512 1.00 ~~172~~171 5.~~2410~~2421 1.~~262328~~262381 1.31 to 1.40 15 90,~~623~~493,~~338~~882.5562 10.19 ~~133~~132 5.7664 1.~~371988~~371997 1.41 to 1.50 12 107,~~920~~801,~~796~~988.8772 12.14 ~~121~~120 5.8117 1.~~465791~~465795 1.51 to 1.60 9 59,~~360~~265,~~498~~467.1961 6.6867 ~~150~~149 5.~~6861~~6862 1.~~564012~~564017 1.61 to 1.70 17 87,~~805~~687,~~599~~744.8879 9.8887 ~~106~~105 5.~~5375~~5377 1.~~643798~~643792 1.71 to 1.80 10 56,~~319~~250,~~631~~932.1622 6.3433 ~~124~~123 5.~~3367~~3363 1.~~746475~~746442 1.81 or greater 49 ~~459~~458,~~108~~988,~~692~~813.8621 51.6467 ~~105~~103 5.~~1373~~1372 2.~~515936~~516040 Totals 119 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Health Care 3 17,~~780~~741,~~855~~886.6099 2.00 ~~110~~109 6.~~0703~~0704 1.~~812564~~812557 Industrial 15 86,~~458~~312,~~702~~722.0044 9.7372 ~~114~~113 5.~~8352~~8357 1.~~540673~~540798 Mixed Use 5 20,~~117~~087,~~759~~585.8791 2.26 ~~127~~126 5.6364 1.~~530350~~530345 Mobile Home Park 1 1,~~467~~465,~~256~~994.2383 0.17 ~~118~~117 5.9100 2.060000 Multi-Family 9 52,~~593~~554,~~319~~898.8793 5.92 ~~100~~99 5.~~1558~~1557 1.~~860724~~860661 Office 33 287,~~436~~327,~~067~~769.1073 32.3335 ~~112~~111 5.~~4231~~4230 2.~~221501~~221753 Other 3 18,~~325~~319,~~168~~027.6878 2.06 ~~125~~124 5.~~6012~~6011 1.~~884032~~884274 Retail 66 391,~~428~~056,~~161~~952.6863 44.03 ~~122~~121 5.~~2363~~2360 2.~~079719~~080196 Self Storage 4 13,~~391~~375,~~428~~627.7100 1.51 99 5.~~4796~~4798 1.~~639574~~639539 Totals 139 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 4.500% or less 11 103,~~509~~481,~~933~~953.0874 11.6465 6665 4.3075 2.~~964941~~965237 4.501% to 5.000% 13 98,~~666~~557,~~803~~899.6418 11.10 9594 4.8953 1.~~901660~~902019 5.001% to 5.500% 27 223,~~176~~039,~~049~~081.7564 25.1011 ~~112~~111 5.~~2437~~2436 2.~~240096~~240413 5.501% to 6.000% 53 ~~383~~382,~~244~~885,~~205~~213.6776 43.11 ~~135~~134 5.~~6866~~6865 1.~~796506~~796765 6.001% to 6.500% 13 55,~~619~~517,~~516~~648.8311 6.2625 ~~144~~143 6.~~1854~~1855 1.~~537482~~537478 6.501% or greater 2 24,~~782~~760,~~210~~669.7781 2.79 8786 6.7621 1.~~521440~~521433 Totals 119 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 months or less 118 ~~869~~868,~~410~~670,~~830~~406.4324 97.80 ~~117~~116 5.~~3573~~3571 2.~~043914~~044306 13 to 24 months 0 0.00 0.00 0 0.0000 0.000000 25 to 36 months 1 19,~~587~~572,~~889~~060.3100 2.20 9594 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 119 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092

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,~~850~~817,~~933~~318.2564 10.8990 5655 4.~~7228~~7225 2.~~553906~~554210 61 to 120 months 80 ~~678~~677,~~204~~777,~~245~~646.2125 76.2931 ~~111~~110 5.4072 2.~~045957~~046203 121 to 180 months 2 18,~~179~~161,~~736~~123.3406 2.04 ~~133~~132 5.~~8284~~8285 1.~~546322~~546342 181 months and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 95 ~~793~~792,~~234~~756,~~914~~087.8095 89.2325 ~~105~~104 5.~~3333~~3332 2.~~096525~~096793

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,~~935~~903,~~405~~241.6178 0.5655 ~~118~~117 4.7900 1.240000 121 to 180 months 12 36,~~520~~394,~~383~~645.3619 4.1110 ~~177~~176 5.~~8380~~8381 1.~~394420~~394425 181 months or greater 11 54,~~308~~188,~~015~~491.9732 6.1110 ~~237~~236 5.9413 1.~~585492~~585496 Totals 24 95,~~763~~486,~~804~~378.9429 10.7775 ~~208~~207 5.~~8426~~8428 1.~~494819~~494928

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 1415.9900 7170 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,~~153~~129,~~091~~016.1492 0.69 8079 4.4500 1.680000 181 to 240 months 7 29,~~084~~019,~~570~~012.7113 3.27 ~~118~~117 5.3336 1.~~584663~~584658 241 to 300 months 23 91,~~586~~459,~~061~~047.2771 10.30 ~~104~~103 5.~~7160~~7161 1.~~672899~~672887 301 to 360 months 49 ~~533~~532,~~191~~929,~~191~~011.6819 5960.9800 ~~114~~113 5.~~4874~~4873 1.~~998950~~999121 361 months or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 95 ~~793~~792,~~234~~756,~~914~~087.8095 89.2325 ~~105~~104 5.~~3333~~3332 2.~~096525~~096793

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 119 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092 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 119 888,~~998~~242,~~719~~466.7424 100.00 ~~116~~115 5.~~3882~~3880 2.~~031709~~032092 (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 283,025.09 0.00 5.508% 510901688 1A4 OF New York NY 271,926.06 0.00 5.508% 700201583 2 OF Various Various 293,674.50 0.00 5.247% 600873310 3 RT Newtown Township PA 117,452.11 0.00 5.246% 700201462 4 RT Chula Vista CA 116,~~287~~168.4385 26,~~481~~599.4098 5.200% 850500041 5 RT Various Various 81,329.28 0.00 4.111% 850201415 6 OF Washington DC 83,223.32 0.00 4.393% 850500051 7 MF Albuquerque NM 86,428.00 0.00 4.896% 700200834 8 IN West Sacramento CA 114,~~114~~023.8928 15,~~737~~829.7031 6.760% 700400103 9 RT Santa Monica CA 76,~~742~~671.2220 14,~~807~~878.9799 5.570% 600873314 10 RT Freeport ME 76,~~844~~774.4193 14,~~178~~248.9947 5.690% 600873315 11 OF Burbank CA 74,~~256~~190.5319 13,~~374~~441.7105 5.760% 600873316 12 RT Columbia MD 6968,~~113~~961.6502 30,~~783~~935.2891 5.950% 700400066 13 RT Laguna Hills CA 59,~~281~~218.8715 14,~~799~~863.5123 5.000% 700400108 14 OF Herndon VA 63,~~467~~413.3361 10,~~537~~591.6234 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 54,~~801~~751.3986 9,~~881~~931.6114 5.820% 600873311 18 RT Wayne PA 47,432.58 0.00 5.246% 850500006 19 RT Various Various 37,881.57 0.00 4.472% 850500054 20 OT San Diego CA 48,067.22 0.00 5.582% 700400058 21 IN Bethpage NY 42,~~851~~751.6398 23,~~143~~243.9459 5.000% 600873317 22 IN Clifton NJ 48,~~599~~557.0502 8,~~175~~217.1518 5.970% 600873313 23 RT Rocklin CA 45,~~172~~136.7262 6,~~581~~617.3444 6.370% 310901500 24 RT Brentwood CA 36,~~788~~751.3920 8,~~289~~326.3756 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 34,720.00 0.00 5.040% 850500011 28 HC New Orleans LA 40,~~596~~460.6668 26,~~191~~327.8785 6.029% 600873318 29 IN Kenosha WI 33,~~700~~649.9091 11,~~632~~683.5554 5.260% 850201483 30 MU Cruz Bay Quarter VI 40,~~838~~788.1194 9,~~017~~067.9310 6.332% 850500024 31 RT Aiken SC 26,778.50 0.00 4.372% 600873319 32 RT Bellevue WA 32,~~854~~818.1411 7,~~832~~868.5457 5.520% 850201341 33 OF Havertown PA 35,~~608~~560.8122 9,~~608~~657.5817 5.873% 700201198 34 RT Palm Bay FL 36,~~066~~034.5338 6,~~273~~305.5974 5.950% 310901554 35 RT Middletown NJ 35,383.06 0.00 5.870% 610901456 36 OF Fresno CA 33,~~619~~572.8811 9,~~869~~917.3310 5.620% 850500048 37 OT Los Angeles CA 31,484.03 0.00 5.582% 600873320 38 MF Jefferson Township NJ 31,~~744~~700.0464 8,~~873~~916.3777 5.680% 700400067 39 MU Palo Alto CA 27,~~474~~444.8173 7,~~101~~131.4957 4.920% 600873321 40 RT Columbus OH 29,~~370~~342.8343 6,~~084~~112.3070 5.420% 850500013 41 RT Brighton NY 23,~~670~~578.2030 2324,~~982~~074.3222 4.450% 310901506 42 RT Sacramento CA 30,~~829~~767.6440 12,~~087~~149.0226 5.980% 310901426 43 RT Bellevue WI 29,~~346~~246.1239 20,~~317~~417.9972 5.700% 600873322 44 MF New Brunswick NJ 25,~~072~~045.7347 6,~~331~~358.3359 5.000% 600873323 45 RT Fairfield CA 27,~~838~~813.9508 5,~~384~~410.5239 5.580% 700400061 46 OF Fall River MA 29,~~884~~846.9932 7,~~484~~523.4916 6.000% 310901511 47 MF Redding CA 27,~~867~~829.8717 78,~~983~~021.2494 5.630% 850500018 48 RT Arlington TX 24,~~886~~829.8233 13,~~219~~277.6413 5.050% 610901337 49 RT Houston TX 27,~~821~~759.2264 12,~~589~~650.0260 5.870% 700201302 50 RT Portland OR 24,087.00 0.00 5.180% 310901496 51 MF Seattle WA 25,~~393~~369.4074 4,~~932~~956.6026 5.570% 700400072 52 RT Medford OR 23,~~752~~728.3648 5,~~270~~294.8674 5.260% 700400109 53 HC Jacksonville FL 30,~~314~~281.5645 5,~~678~~711.5465 6.770% 850500036 54 RT Plymouth MN 17,745.82 0.00 4.111% 310901410 55 RT Reno NV 24,~~944~~888.9177 11,~~399~~456.8903 5.910% 700201582 56 OF Mayfield Village OH 26,~~206~~171.2465 6,~~684~~718.3190 6.010% 310901558 57 SS Vallejo CA 25,~~979~~958.8640 4,~~126~~147.3783 6.040% 700400079 58 RT Alpharetta GA 21,~~674~~651.1216 5,~~289~~312.3329 5.040% 700400050 59 OF Ocoee Fl 24,~~812~~790.2404 4,~~461~~483.7696 5.780% 700400038 60 IN Huntington Beach CA 22,~~873~~851.8800 45,~~984~~007.5846 5.330% 600873324 61 IN San Leandro CA 20,~~489~~357.3018 32,~~031~~163.7183 4.790% 850500047 62 HC Lexington Park MD 22,~~233~~201.2025 6,~~897~~929.1611 5.379% 600873325 63 OF Palo Alto CA 21,~~141~~119.3557 4,~~882~~904.7654 5.180% 310901412 64 RT Truckee CA 22,~~455~~404.3076 10,~~262~~312.1468 5.910% 600873326 65 OF Arlington VA 18,~~722~~692.7588 7,~~166~~195.0289 4.840% 610901470 66 IN Irvine CA 21,~~780~~704.3494 14,~~784~~860.8727 6.120% 310901494 67 OF Roslyn NY 20,~~185~~113.0399 1415,~~972~~043.3842 5.510% 600873327 68 RT Lakeville MN 18,~~762~~717.1178 10,~~018~~063.9124 5.310% 410901559 69 RT Beltsville MD 19,~~474~~457.8511 3,~~639~~657.8761 5.660% 600873328 70 RT Toledo OH 21,~~291~~264.2386 4,~~947~~973.3976 6.190% 600873329 71 RT Hopkins SC 19,~~290~~247.4944 8,~~907~~950.1520 5.800% 410901545 72 SS Palmdale CA 16,~~099~~073.8654 6,~~504~~531.8719 4.700% 310901413 73 RT Reno NV 18,~~916~~873.1557 8,~~644~~687.7331 5.910% 850201461 74 RT New York NY 16,~~648~~631.5535 3,~~866~~883.7393 5.167% 620901509 75 IN Westlake Village CA 17,~~477~~450.4231 5,~~797~~824.8596 5.610% 850500016 76 RT Tampa FL 13,480.33 0.00 4.372% 600873330 77 RT Pikesville MD 18,~~960~~920.0050 7,~~500~~540.5000 6.320% 850500003 78 MF Dallas TX 15,~~119~~102.3452 34,~~986~~003.8264 4.900% 410901522 79 RT Buena Park CA 16,~~457~~433.6680 5,~~130~~154.9581 5.400% 410901215 80 RT Lodi CA 16,~~636~~601.6328 7,~~176~~211.0237 5.720% 410901525 81 MF Pleasant Hill CA 12,~~190~~175.8399 3,~~890~~905.2812 4.430% 410901569 82 RT Manassas VA 13,~~616~~595.9262 45,~~996~~018.8616 4.950% 600873331 83 RT Palm Harbor FL 13,614.17 0.00 5.270% 410901437 84 MU Pasadena CA 14,~~654~~641.7129 2,~~738~~751.3072 5.690% 410901565 85 RT Portland (Unincorp. A OR 14,~~632~~601.0076 6,~~096~~126.3155 5.760% 410901462 86 RT Palm Desert CA 14,~~723~~675.4229 8,~~900~~948.6982 6.280% 600873312 87 RT Langhorne PA 12,536.40 0.00 5.392% 410901532 88 IN Corona CA 14,~~128~~100.9385 5,~~355~~383.1624 6.090% 600873332 89 IN Alexandria VA 12,~~889~~862.6686 5,~~394~~421.2101 5.770% 600873333 90 OF Scottsdale AZ 12,~~168~~150.4690 3,~~735~~753.7733 5.460% 700400014 91 SS Rancho Cucamonga CA 12,~~225~~213.3480 2,~~397~~409.6014 5.590% 310901482 92 RT Elk Grove CA 12,~~397~~370.6419 5,~~498~~526.7217 5.990% 600873334 93 RT Laguna Niguel CA 11,~~136~~125.2087 2,~~125~~136.6902 5.640% 410901422 94 RT Houston TX 11,~~100~~062.0119 7,~~393~~431.6042 5.940% 700201176 95 RT Cranberry Township PA 8,~~773~~763.3426 2,~~384~~394.6977 4.910% 410901556 96 OF Sacramento CA 9,~~093~~080.3303 2,~~927~~940.0535 5.280% 850201469 97 OF Houston TX 9,~~234~~220.0560 2,~~902~~915.4186 5.378% 410901514 98 OF Anchorage AK 9,~~637~~616.6891 4,~~084~~105.3512 6.100% 700400051 99 SS Bohemia NY 8,~~955~~942.5477 2,~~700~~713.7855 5.490% 620901529 100 RT Bakersfield CA 8,~~968~~938.8825 6,~~294~~325.8245 5.650% 700400035 101 OF Katonah NY 9,~~980~~968.3809 2,~~269~~281.2958 6.290% 600873335 102 IN South Plainfield NJ 9,~~499~~491.17 1,~~550~~558.68 5.990% 410901521 103 MU Thousand Oaks CA 8,~~248~~219.7960 6,~~325~~354.3352 5.360% 600873336 104 OT West Covina CA 8,~~865~~835.8241 6,~~110~~140.4990 5.780% 410901491 105 RT Kalispell MT 8,~~585~~577.4659 1,~~613~~621.9178 5.660% 850500038 106 RT Freeport IL 5,926.69 0.00 4.111% 600873337 107 IN South Plainfield NJ 8,~~520~~513.9476 1,~~390~~398.9816 5.990% 620901449 108 RT Albuquerque NM 7,~~651~~641.3735 1,~~958~~968.2123 5.940% 410901535 109 MH Carpinteria CA 7,~~473~~467.5011 1,~~255~~261.0140 5.910% 410901520 110 OF Torrance CA 6,~~813~~803.0772 1,~~918~~927.4479 5.660% 600873338 111 MU Mahwah NJ 6,~~570~~547.6784 4,~~846~~869.2205 5.470% 410901475 112 IN Dublin CA 6,~~742~~718.0696 4,~~562~~585.6777 5.880% 600873339 113 RT Kissimmee FL 6,~~370~~348.2043 4,~~411~~432.2198 5.730% 620901498 114 OF Fresno CA 5,~~809~~804.4270 ~~892~~896.0981 6.150% 410901517 115 MF Washington DC 4,~~952~~945.5791 1,~~344~~351.5420 5.760% 600873340 116 MF Seattle WA 4,~~907~~902.3692 ~~902~~907.9842 5.710% 410901471 117 RT Battle Creek MI 5,~~102~~091.1068 2,~~033~~043.4082 5.950% 410901510 118 IN Denver CO 4,~~225~~221.8375 ~~867~~871.3442 5.470% Totals 4,~~105~~102,~~612~~013.3773 ~~752~~756,~~654~~253.8650

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 0708/10/2004 510901688 N/A 07/10/2014 N 57,330,000.00 57,330,000.00 0708/10/2004 700201583 N/A 01/08/2014 N 65,000,000.00 65,000,000.00 0708/08/2004 600873310 N/A 06/01/2014 N 26,000,000.00 26,000,000.00 0708/01/2004 700201462 N/A 06/01/2014 N 25,~~969~~943,~~897~~416.8444 25,~~943~~916,~~416~~816.4446 0809/01/2004 850500041 N/A 06/01/2011 N 23,740,000.00 23,740,000.00 08/01/2004 850201415 N/A 02/01/2009 N 22,000,000.00 22,000,000.00 0809/01/2004 850500051 N/A 07/01/2011 N 20,500,000.00 20,500,000.00 0809/01/2004 700200834 N/A 07/01/2012 N 19,~~603~~587,~~627~~889.0131 19,~~587~~572,~~889~~060.3100 0809/01/2004 700400103 N/A 07/01/2014 N 1615,~~000~~985,~~000~~192.0003 15,~~985~~970,~~192~~313.0304 0809/01/2004 600873314 N/A 06/01/2014 N 15,~~683~~669,~~420~~241.7778 15,~~669~~654,~~241~~993.7831 0809/01/2004 600873315 N/A 05/04/2014 N 14,~~971~~957,~~074~~699.0130 14,~~957~~944,~~699~~258.3025 08/04/2004 600873316 N/A 05/01/2024 N 13,~~938~~908,~~888~~105.3507 13,~~908~~877,~~105~~169.0716 0809/01/2004 700400066 N/A 05/01/2014 N 13,~~768~~753,~~692~~893.8130 13,~~753~~739,~~893~~030.3007 0809/01/2004 700400108 N/A 05/01/2015 N 12,~~450~~439,~~000~~462.0038 12,~~439~~428,~~462~~871.3804 08/01/2004 850500029 N/A 06/01/2009 N 12,100,000.00 12,100,000.00 0809/01/2004 850201382 N/A 01/01/2011 N 11,925,000.00 11,925,000.00 0809/01/2004 310901339 N/A 01/01/2014 N 10,~~934~~924,~~762~~881.9837 10,~~924~~914,~~881~~950.3723 0809/01/2004 600873311 N/A 06/01/2014 N 10,500,000.00 10,500,000.00 08/01/2004 850500006 N/A 04/01/2009 N 10,165,000.00 10,165,000.00 08/01/2004 850500054 N/A 07/01/2014 N 10,000,000.00 10,000,000.00 08/01/2004 700400058 N/A 05/01/2014 N 9,~~952~~929,~~635~~491.5056 9,~~929~~906,~~491~~247.5697 0809/01/2004 600873317 N/A 02/01/2014 N 9,~~453~~445,~~534~~359.5944 9,~~445~~437,~~359~~142.4426 0809/01/2004 600873313 N/A 10/01/2013 N 8,~~235~~228,~~265~~683.0672 8,~~228~~222,~~683~~066.7228 0809/01/2004 310901500 N/A 07/01/2014 N 8,~~200~~191,~~000~~710.0063 8,~~191~~183,~~710~~384.6307 0809/01/2004 850500028 N/A 06/01/2009 N 8,200,000.00 8,200,000.00 0809/01/2004 850201401 N/A 02/01/2009 N 8,030,000.00 8,030,000.00 0809/01/2004 850500021 N/A 05/01/2014 N 8,000,000.00 8,000,000.00 0809/01/2004 850500011 N/A 04/01/2019 N 7,~~819~~793,~~623~~431.1730 7,~~793~~767,~~431~~103.3045 0809/01/2004 600873318 N/A 06/01/2013 N 7,~~688~~676,~~418~~785.2267 7,~~676~~665,~~785~~102.6713 0809/01/2004 850201483 N/A 06/01/2014 N 7,~~489~~480,~~718~~701.9603 7,~~480~~471,~~701~~633.0393 0809/01/2004 850500024 N/A 05/01/2009 N 7,350,000.00 7,350,000.00 0809/01/2004 600873319 N/A 06/01/2014 N 7,~~142~~134,~~203~~370.3278 7,~~134~~126,~~370~~502.7821 0809/01/2004 850201341 N/A 01/01/2014 N 7,~~041~~031,~~064~~455.2668 7,~~031~~021,~~455~~798.6851 0809/01/2004 700201198 N/A 10/01/2013 N 7,~~039~~033,~~279~~005.0142 7,~~033~~026,~~005~~699.4268 0809/01/2004 310901554 N/A 06/01/2014 N 7,000,000.00 7,000,000.00 0809/01/2004 610901456 N/A 02/01/2014 N 6,~~947~~937,~~052~~183.6532 6,~~937~~927,~~183~~266.3222 0809/01/2004 850500048 N/A 07/01/2014 N 6,550,000.00 6,550,000.00 0809/01/2004 600873320 N/A 06/01/2014 N 6,~~490~~481,~~149~~275.2689 6,~~481~~472,~~275~~359.8912 0809/01/2004 700400067 N/A 05/01/2014 N 6,~~485~~477,~~006~~905.8839 6,~~477~~470,~~905~~773.3982 0809/01/2004 600873321 N/A 05/01/2011 N 6,~~292~~286,~~999~~915.8757 6,~~286~~280,~~915~~802.5787 0809/01/2004 850500013 N/A 04/01/2011 N 6,~~177~~153,~~073~~091.4614 6,~~153~~129,~~091~~016.1492 08/01/2004 310901506 N/A 06/01/2024 N 5,~~986~~974,~~983~~896.3432 5,~~974~~962,~~896~~747.3206 0809/01/2004 310901426 N/A 06/01/2019 N 5,~~978~~958,~~835~~517.8990 5,~~958~~938,~~517~~100.9018 08/01/2004 600873322 N/A 03/01/2014 N 5,~~823~~817,~~344~~012.2895 5,~~817~~810,~~012~~654.9536 0809/01/2004 600873323 N/A 06/03/2014 N 5,~~793~~788,~~746~~362.5301 5,~~788~~782,~~362~~951.0162 0809/03/2004 700400061 N/A 05/01/2009 N 5,~~784~~776,~~190~~706.7021 5,~~776~~769,~~706~~183.2105 08/01/2004 310901511 N/A 05/01/2016 N 5,~~748~~740,~~257~~273.2096 5,~~740~~732,~~273~~252.9602 0809/01/2004 850500018 N/A 05/01/2014 N 5,~~722~~709,~~934~~714.3773 5,~~709~~696,~~714~~437.7360 08/01/2004 610901337 N/A 06/01/2024 N 5,~~687~~674,~~472~~883.2624 5,~~674~~662,~~883~~232.2464 0809/01/2004 700201302 N/A 12/01/2010 N 5,400,000.00 5,400,000.00 0809/01/2004 310901496 N/A 06/01/2014 N 5,~~294~~289,~~274~~342.8323 5,~~289~~284,~~342~~385.2397 0809/01/2004 700400072 N/A 06/01/2014 N 5,~~243~~238,~~989~~718.2842 5,~~238~~233,~~718~~423.4268 0708/01/2004 700400109 N/A 07/01/2009 N 5,~~200~~194,~~000~~321.0046 5,~~194~~188,~~321~~609.4681 08/01/2004 850500036 N/A 06/01/2011 N 5,180,000.00 5,180,000.00 0809/01/2004 310901410 N/A 03/01/2024 N 5,~~064~~053,~~956~~556.4051 5,~~053~~042,~~556~~100.5148 0809/01/2004 700201582 N/A 02/01/2014 N 5,~~063~~057,~~736~~051.1382 5,~~057~~050,~~051~~332.8292 0809/01/2004 310901558 N/A 06/01/2014 N 4,~~995~~990,~~060~~934.4407 4,~~990~~986,~~934~~786.0724 0809/01/2004 700400079 N/A 06/01/2011 N 4,~~994~~988,~~036~~747.5522 4,~~988~~983,~~747~~434.2293 08/01/2004 700400050 N/A 04/01/2014 N 4,~~985~~980,~~158~~696.6892 4,~~980~~976,~~696~~212.9296 0809/01/2004 700400038 N/A 04/01/2014 N 4,~~983~~978,~~716~~732.9436 4,~~978~~973,~~732~~724.3690 0809/01/2004 600873324 N/A 06/01/2014 N 4,~~967~~935,~~437~~405.3261 4,~~935~~903,~~405~~241.6178 0809/01/2004 850500047 N/A 07/01/2009 N 4,~~800~~793,~~000~~102.0084 4,~~793~~786,~~102~~173.8473 0809/01/2004 600873325 N/A 05/01/2014 N 4,~~739~~734,~~622~~739.7195 4,~~734~~729,~~739~~835.9541 0809/01/2004 310901412 N/A 03/01/2024 N 4,~~559~~549,~~451~~189.9278 4,~~549~~538,~~189~~877.7810 0809/01/2004 600873326 N/A 06/01/2014 N 4,~~492~~485,~~261~~095.2321 4,~~485~~477,~~095~~899.2132 0809/01/2004 610901470 N/A 05/01/2019 N 4,~~270~~255,~~654~~870.9407 4,~~255~~241,~~870~~009.0780 0809/01/2004 310901494 N/A 04/01/2019 N 4,~~254~~239,~~206~~234.4204 4,~~239~~224,~~234~~190.0462 0809/01/2004 600873327 N/A 06/01/2014 N 4,~~240~~230,~~025~~006.2332 4,~~230~~219,~~006~~943.32 08 09/01/2004 410901559 N/A 06/01/2014 N 3,~~995~~992,~~751~~112.9508 3,~~992~~988,~~112~~454.0847 0809/01/2004 600873328 N/A 06/01/2014 N 3,~~994~~989,~~394~~447.7132 3,~~989~~984,~~447~~473.3256 0809/01/2004 600873329 N/A 06/03/2024 N 3,~~991~~982,~~135~~228.6954 3,~~982~~973,~~228~~278.5434 08/03/2004 410901545 N/A 06/01/2009 N 3,~~978~~971,~~003~~498.1932 3,~~971~~964,~~498~~967.3213 0809/01/2004 310901413 N/A 03/01/2024 N 3,~~840~~832,~~842~~197.6895 3,~~832~~823,~~197~~510.9564 0809/01/2004 850201461 N/A 05/01/2014 N 3,~~741~~737,~~784~~918.9320 3,~~737~~734,~~918~~034.2027 0809/01/2004 620901509 N/A 05/01/2014 N 3,~~738~~732,~~485~~687.1126 3,~~732~~726,~~687~~862.2630 0809/01/2004 850500016 N/A 05/01/2009 N 3,700,000.00 3,700,000.00 0809/01/2004 600873330 N/A 07/01/2024 N 3,~~600~~592,~~000~~499.0050 3,~~592~~584,~~499~~959.50 0809/01/2004 850500003 N/A 03/01/2009 N 3,~~583~~579,~~254~~267.0119 3,~~579~~575,~~267~~263.1955 08/01/2004 410901522 N/A 05/01/2014 N 3,~~539~~534,~~282~~151.4247 3,~~534~~528,~~151~~996.4766 0809/01/2004 410901215 N/A 04/01/2024 N 3,~~377~~370,~~614~~438.6967 3,~~370~~363,~~438~~227.6730 0809/01/2004 410901525 N/A 06/01/2011 N 3,~~195~~191,~~732~~841.2294 3,~~191~~187,~~841~~936.9482 0809/01/2004 410901569 N/A 06/01/2014 N 3,~~194~~189,~~586~~589.2236 3,~~189~~184,~~589~~571.3620 0809/01/2004 600873331 N/A 06/01/2014 N 3,000,000.00 3,000,000.00 0809/01/2004 410901437 N/A 04/01/2014 N 2,~~990~~988,~~926~~188.7545 2,~~988~~985,~~188~~436.4573 0809/01/2004 410901565 N/A 07/01/2014 N 2,~~950~~943,~~000~~903.0069 2,~~943~~937,~~903~~777.6914 0809/01/2004 410901462 N/A 04/01/2019 N 2,~~722~~713,~~638~~737.0839 2,~~713~~704,~~737~~788.3957 0809/01/2004 600873312 N/A 04/01/2014 N 2,700,000.00 2,700,000.00 08/01/2004 410901532 N/A 06/01/2014 N 2,~~694~~688,~~218~~863.4125 2,~~688~~683,~~863~~480.2501 0809/01/2004 600873332 N/A 06/01/2014 N 2,~~594~~588,~~217~~823.8059 2,~~588~~583,~~823~~402.5958 0809/01/2004 600873333 N/A 04/01/2014 N 2,~~588~~584,~~117~~381.1235 2,~~584~~580,~~381~~628.3502 0809/01/2004 700400014 N/A 03/01/2014 N 2,~~539~~537,~~744~~347.8222 2,~~537~~534,~~347~~938.2208 08/01/2004 310901482 N/A 04/01/2024 N 2,~~483~~478,~~667~~168.1644 2,~~478~~472,~~168~~642.4427 0809/01/2004 600873334 N/A 04/01/2014 N 2,~~292~~290,~~971~~845.3566 2,~~290~~288,~~845~~709.6664 0809/01/2004 410901422 N/A 03/01/2019 N 2,~~170~~162,~~089~~696.7313 2,~~162~~155,~~696~~264.1371 0809/01/2004 700201176 N/A 09/01/2013 N 2,~~075~~072,~~029~~644.4475 2,~~072~~070,~~644~~249.7598 0809/01/2004 410901556 N/A 07/01/2014 N 21,~~000~~997,~~000~~072.0095 1,~~997~~994,~~072~~132.9560 0809/01/2004 850201469 N/A 05/01/2009 N 1,~~993~~991,~~939~~037.6423 1,~~991~~988,~~037~~121.2337 08/01/2004 410901514 N/A 06/01/2024 N 1,~~895~~891,~~936~~851.3095 1,~~891~~887,~~851~~746.9583 0809/01/2004 700400051 N/A 05/01/2014 N 1,~~894~~891,~~349~~649.8810 1,~~891~~888,~~649~~935.1055 0708/01/2004 620901529 N/A 06/01/2019 N 1,~~843~~837,~~446~~151.7290 1,~~837~~830,~~151~~826.9045 0809/01/2004 700400035 N/A 04/01/2014 N 1,~~842~~840,~~626~~357.5122 1,~~840~~838,~~357~~075.2264 0809/01/2004 600873335 N/A 05/01/2014 N 1,~~841~~840,~~618~~068.8820 1,~~840~~838,~~068~~509.2052 0809/01/2004 410901521 N/A 05/01/2019 N 1,~~787~~780,~~171~~846.7744 1,~~780~~774,~~846~~491.4492 0809/01/2004 600873336 N/A 04/01/2019 N 1,~~781~~775,~~279~~168.1768 1,~~775~~769,~~168~~027.6878 0809/01/2004 410901491 N/A 05/01/2014 N 1,~~761~~759,~~521~~907.0615 1,~~759~~758,~~907~~285.1537 0809/01/2004 850500038 N/A 06/01/2011 N 1,730,000.00 1,730,000.00 0809/01/2004 600873337 N/A 05/01/2014 N 1,~~651~~650,~~967~~576.0810 1,~~650~~649,~~576~~177.1094 0809/01/2004 620901449 N/A 05/01/2014 N 1,~~495~~493,~~868~~910.7554 1,~~493~~491,~~910~~942.5431 08/01/2004 410901535 N/A 06/01/2014 N 1,~~468~~467,~~511~~256.2423 1,~~467~~465,~~256~~994.2383 08/01/2004 410901520 N/A 06/01/2011 N 1,~~397~~395,~~871~~953.8238 1,~~395~~394,~~953~~025.3859 0809/01/2004 600873338 N/A 06/03/2019 N 1,~~394~~390,~~964~~118.7856 1,~~390~~385,~~118~~249.5651 08/03/2004 410901475 N/A 03/01/2019 N 1,~~331~~326,~~546~~983.5891 1,~~326~~322,~~983~~398.9114 0809/01/2004 600873339 N/A 05/01/2019 N 1,~~291~~286,~~038~~627.2504 1,~~286~~282,~~627~~194.0406 0809/01/2004 620901498 N/A 04/01/2014 N 1,096,~~980~~088.2819 1,~~096~~095,~~088~~191.1938 0809/01/2004 410901517 N/A 06/01/2014 N ~~998,502.89~~ 997,158.35 08995,807.15 09/01/2004 600873340 N/A 05/01/2014 N ~~998,050.34~~ 997,147.36 08996,239.94 09/01/2004 410901471 N/A 05/01/2014 N ~~995,800.97~~ 993,767.57 08991,723.75 09/01/2004 410901510 N/A 04/01/2014 N ~~897,151.64~~ 896,284.30 08895,412.88 09/01/2004 Totals ~~889~~888,~~751~~998,~~374~~719.6074 888,~~998~~242,~~719~~466.7424

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 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 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 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 ~~700201583~~600873310 23 0 0708/01/2004 114,093.78 114,093.78 B 850500041 5 0 08/01/2004 ~~292~~80,~~867~~340.2411 ~~292~~80,~~867~~340.2411 AB ~~600873310~~600873315 311 0 0708/04/2004 87,244.83 87,244.83 B 700400108 14 0 08/01/2004 ~~114~~73,~~093~~683.7859 ~~114~~73,~~093~~683.7859 B 600873311 18 0 08/01/2004 46,076.33 46,076.33 B 850500006 19 0 08/01/2004 37,458.03 37,458.03 B 850500054 20 0 08/01/2004 47,636.66 47,636.66 B 850500013 41 0 08/01/2004 47,387.60 47,387.60 B 310901426 43 0 08/01/2004 49,510.18 49,510.18 B 700400061 46 0 08/01/2004 37,220.25 37,220.25 B 850500018 48 0 08/01/2004 37,860.63 37,860.63 B 700400072 52 0 0708/01/2004 28,887.7588 28,887.7588 B 700400109 53 0 08/01/2004 35,858.91 35,858.91 B 700400079 58 0 08/01/2004 26,834.58 26,834.58 B 600873329 71 0 08/03/2004 28,098.08 28,098.08 B 850500003 78 0 08/01/2004 18,952.05 18,952.05 B 600873312 87 0 08/01/2004 12,187.65 12,187.65 B 700400014 91 0 08/01/2004 14,557.40 14,557.40 B 850201469 97 0 08/01/2004 12,050.73 12,050.73 B 700400051 99 0 0708/01/2004 11,607.3845 11,607.3845 B 620901449 108 0 08/01/2004 9,352.29 9,352.29 B 410901535 109 0 08/01/2004 8,665.33 8,665.33 B 600873338 111 0 08/03/2004 11,380.98 11,380.98 B Totals 423 ~~447~~876,~~456~~945.1532 ~~447~~876,~~456~~945.1532

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date ~~700201583~~600873310 6526,000,000.00 0.00 ~~600873310~~850500041 2623,740,000.00 0.00 600873315 14,957,699.30 0.00 700400108 12,439,462.38 0.00 600873311 10,500,000.00 0.00 850500006 10,165,000.00 0.00 850500054 10,000,000.00 0.00 850500013 6,153,091.14 0.00 310901426 5,958,517.90 0.00 700400061 5,776,706.21 0.00 850500018 5,709,714.73 0.00 700400072 5,~~243~~238,~~989~~718.2842 0.00 700400109 5,194,321.46 0.00 700400079 4,988,747.22 0.00 600873329 3,982,228.54 0.00 850500003 3,579,267.19 0.00 600873312 2,700,000.00 0.00 700400014 2,537,347.22 0.00 850201469 1,991,037.23 0.00 700400051 1,~~894~~891,~~349~~649.8810 0.00 620901449 1,493,910.54 0.00 410901535 1,467,256.23 0.00 600873338 1,390,118.56 0.00 Totals 98167,~~138~~854,~~339~~793.1637 0.00

Current Outstanding Actual Outstanding P & I P & I Principal Servicing Advances Advances** Balance Advances Totals By Delinquency Code: Total for Status Code = ~~A (1 loan) 292,867.24 292,867.24 65,000,000.00 0.00 Total for Status Code =~~ B (323 loans) ~~154~~876,~~588~~945.9132 ~~154~~876,~~588~~945.9132 33167,~~138~~854,~~339~~793.1637 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