8-K 1 msc04iq8_10501.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: January 18, 2005 (Date of earliest event reported) Commission File No.: 333-104283-12 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-IQ8 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-6636410 54-6636482 54-6636483 54-6636484 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, Maryland 21045 (Address of principal executive offices) (Zip Code) (410) 884-2000 Registrant's Full Telephone Number (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On January 18, 2005, a distribution was made to holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-IQ8. 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-IQ8, relating to the January 18, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-IQ8 (Registrant) By: Wells Fargo Bank, N.A. as Paying Agent By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: January 18, 2005 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-IQ8, relating to the January 18, 2005 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-IQ8 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: January 18, 2005 Record Date: December 31, 2004 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Certificate Distribution Detail 2 Certificate Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Cash Reconciliation 6 Ratings Detail 7 Current Mortgage Loan and Property Stratification Tables 8 - 10 Mortgage Loan Detail 11 - 14 Principal Prepayment Detail 15 Historical Detail 16 Delinquency Loan Detail 17 - 19 Specially Serviced Loan Detail 20 - 21 Modified Loan Detail 22 Liquidated Loan Detail 23 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 Midland Loan Services, Inc. 10851 Mastin Street, Bldg. 82 Suite 700 Overland Park, KS 66210 Contact: Brad Hauger Phone Number: (913) 253-9000 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2005, Wells Fargo Bank, N.A.

Certificate Distribution Detail Class CUSIP Pass-Through Original Beginning Principal Interest Rate Balance Balance Distribution Distribution A-1 61745MN58 2.250000% 10,000,000.00 76,~~608~~755,~~021~~116.3985 ~~852~~785,~~904~~742.5435 1412,~~265~~665.0484 A-2 61745MN66 3.960000% 61,500,000.00 61,500,000.00 0.00 202,950.00 A-3 61745MN74 4.500000% 119,000,000.00 119,000,000.00 0.00 446,250.00 A-4 61745MN82 4.900000% 123,500,000.00 123,500,000.00 0.00 504,291.67 A-5 61745MQ89 5.110000% 354,129,000.00 354,129,000.00 0.00 1,507,999.33 B 61745MN90 5.190000% 18,981,000.00 18,981,000.00 0.00 82,092.82 C 61745MP23 5.300000% 21,828,000.00 21,828,000.00 0.00 96,407.00 D 61745MP31 5.530000% 7,592,000.00 7,592,000.00 0.00 34,986.47 E 61745MP49 5.~~679858~~679726% 8,542,000.00 8,542,000.00 0.00 40,~~431~~430.1218 F 61745MP56 5.~~679858~~679726% 4,745,000.00 4,745,000.00 0.00 22,~~459~~458.1058 G 61745MP64 5.~~679858~~679726% 6,643,000.00 6,643,000.00 0.00 31,442.7501 H 61745MP72 4.790000% 5,695,000.00 5,695,000.00 0.00 22,732.54 J 61745MP80 4.790000% 2,847,000.00 2,847,000.00 0.00 11,364.28 K 61745MP98 4.790000% 3,796,000.00 3,796,000.00 0.00 15,152.37 L 61745MQ22 4.790000% 2,847,000.00 2,847,000.00 0.00 11,364.2827 M 61745MQ30 4.790000% 949,000.00 949,000.00 0.00 3,788.09 N 61745MQ48 4.790000% 949,000.00 949,000.00 0.00 3,788.09 O 61745MQ55 4.790000% 5,694,960.39 5,694,960.39 0.00 22,732.38 E-I N/A 0.000000% 0.00 0.00 0.00 0.00 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 759,237,960.39 ~~756~~755,~~845~~993,~~981~~077.7824 ~~852~~785,~~904~~742.5435 3,~~074~~072,~~497~~895.3392

Class CUSIP Prepayment Realized Loss/ Total Ending Current Penalties Additional Trust Distribution Balance Subordination Fund Expenses Level (1) A-1 61745MN58 0.00 0.00 ~~867~~798,~~169~~408.5819 65,~~755~~969,~~116~~374.8550 12.0506% A-2 61745MN66 0.00 0.00 202,950.00 61,500,000.00 12.0506% A-3 61745MN74 0.00 0.00 446,250.00 119,000,000.00 12.0506% A-4 61745MN82 0.00 0.00 504,291.67 123,500,000.00 12.0506% A-5 61745MQ89 0.00 0.00 1,507,999.33 354,129,000.00 12.0506% B 61745MN90 0.00 0.00 82,092.82 18,981,000.00 9.5455% C 61745MP23 0.00 0.00 96,407.00 21,828,000.00 6.6566% D 61745MP31 0.00 0.00 34,986.47 7,592,000.00 5.6566% E 61745MP49 0.00 0.00 40,~~431~~430.1218 8,542,000.00 4.52% F 61745MP56 0.00 0.00 22,~~459~~458.1058 4,745,000.00 3.8990% G 61745MP64 0.00 0.00 31,442.7501 6,643,000.00 3.0102% H 61745MP72 0.00 0.00 22,732.54 5,695,000.00 2.26% J 61745MP80 0.00 0.00 11,364.28 2,847,000.00 1.8889% K 61745MP98 0.00 0.00 15,152.37 3,796,000.00 1.38% L 61745MQ22 0.00 0.00 11,364.2827 2,847,000.00 1.0001% M 61745MQ30 0.00 0.00 3,788.09 949,000.00 0.88% N 61745MQ48 0.00 0.00 3,788.09 949,000.00 0.75% O 61745MQ55 0.00 0.00 22,732.38 5,694,960.39 0.00% E-I N/A 0.00 0.00 0.00 0.00 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 3,~~927~~858,~~401~~638.8727 755,~~993~~207,~~077~~334.2489

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X-1 61745MQ63 0.~~127619~~123884% 759,237,960.39 ~~756~~755,~~845~~993,~~981~~077.7824 8078,~~489~~046.9049 X-2 61745MQ71 0.~~716851~~716724% 715,341,000.00 715,341,000.00 427,~~327~~251.2996

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X-1 61745MQ63 0.00 8078,~~489~~046.9049 755,~~993~~207,~~077~~334.2489 X-2 61745MQ71 0.00 427,~~327~~251.2996 715,341,000.00 (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 61745MN58 ~~760~~675.~~80213900~~51168500 8578.~~29045400~~57423500 1.~~42650400~~26658400 0.00000000 0.00000000 ~~675~~596.~~51168500~~93745000 A-2 61745MN66 1,000.00000000 0.00000000 3.30000000 0.00000000 0.00000000 1,000.00000000 A-3 61745MN74 1,000.00000000 0.00000000 3.75000000 0.00000000 0.00000000 1,000.00000000 A-4 61745MN82 1,000.00000000 0.00000000 4.08333336 0.00000000 0.00000000 1,000.00000000 A-5 61745MQ89 1,000.00000000 0.00000000 4.25833335 0.00000000 0.00000000 1,000.00000000 B 61745MN90 1,000.00000000 0.00000000 4.32499974 0.00000000 0.00000000 1,000.00000000 C 61745MP23 1,000.00000000 0.00000000 4.41666667 0.00000000 0.00000000 1,000.00000000 D 61745MP31 1,000.00000000 0.00000000 4.60833377 0.00000000 0.00000000 1,000.00000000 E 61745MP49 1,000.00000000 0.00000000 4.~~73321470~~73310466 0.00000000 0.00000000 1,000.00000000 F 61745MP56 1,000.00000000 0.00000000 4.~~73321391~~73310432 0.00000000 0.00000000 1,000.00000000 G 61745MP64 1,000.00000000 0.00000000 4.~~73321541~~73310402 0.00000000 0.00000000 1,000.00000000 H 61745MP72 1,000.00000000 0.00000000 3.99166637 0.00000000 0.00000000 1,000.00000000 J 61745MP80 1,000.00000000 0.00000000 3.99166842 0.00000000 0.00000000 1,000.00000000 K 61745MP98 1,000.00000000 0.00000000 3.99166754 0.00000000 0.00000000 1,000.00000000 L 61745MQ22 1,000.00000000 0.00000000 3.~~99166842~~99166491 0.00000000 0.00000000 1,000.00000000 M 61745MQ30 1,000.00000000 0.00000000 3.99166491 0.00000000 0.00000000 1,000.00000000 N 61745MQ48 1,000.00000000 0.00000000 3.99166491 0.00000000 0.00000000 1,000.00000000 O 61745MQ55 1,000.00000000 0.00000000 3.99166604 0.00000000 0.00000000 1,000.00000000 E-I N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 61745MQ63 ~~996~~995.~~84950077~~72613157 0.~~10601406~~10279582 0.00000000 ~~995~~994.~~72613157~~69122237 X-2 61745MQ71 1,000.00000000 0.~~59737564~~59727034 0.00000000 1,000.00000000

Reconciliation Detail Advance Summary P & I Advances Outstanding 1,~~514~~291,~~729~~121.9617 Servicing Advances Outstanding 0.00 Reimbursement for Interest on Advances 0.00 paid from general collections

Servicing Fee Summary Current Period Accrued Servicing Fees 4041,~~519~~222.0552 Less Delinquent Servicing Fees 917,~~488~~346.9225 Less Reductions to Servicing Fees 0.00 Plus Servicing Fees for Delinquent Payments Received 79,~~638~~488.3392 Plus Adjustments for Prior Servicing Calculation 0.00 Total Servicing Fees Collected 3833,~~668~~365.4619

Certificate Interest Reconciliation Class Accrued Net Aggregate Distributable Distributable Additional Interest Remaining Unpaid Certificate Prepayment Certificate Certificate Trust Fund Distribution Distributable Interest Interest Interest Interest Expenses Certificate Shortfall Adjustment Interest A-1 1412,~~265~~665.0484 0.00 1412,~~265~~665.0484 0.00 0.00 1412,~~265~~665.0484 0.00 A-2 202,950.00 0.00 202,950.00 0.00 0.00 202,950.00 0.00 A-3 446,250.00 0.00 446,250.00 0.00 0.00 446,250.00 0.00 A-4 504,291.67 0.00 504,291.67 0.00 0.00 504,291.67 0.00 A-5 1,507,999.33 0.00 1,507,999.33 0.00 0.00 1,507,999.33 0.00 X-1 8078,~~489~~046.9049 0.00 8078,~~489~~046.9049 0.00 0.00 8078,~~489~~046.9049 0.00 X-2 427,~~327~~251.2996 0.00 427,~~327~~251.2996 0.00 0.00 427,~~327~~251.2996 0.00 B 82,092.82 0.00 82,092.82 0.00 0.00 82,092.82 0.00 C 96,407.00 0.00 96,407.00 0.00 0.00 96,407.00 0.00 D 34,986.47 0.00 34,986.47 0.00 0.00 34,986.47 0.00 E 40,~~431~~430.1218 0.00 40,~~431~~430.1218 0.00 0.00 40,~~431~~430.1218 0.00 F 22,~~459~~458.1058 0.00 22,~~459~~458.1058 0.00 0.00 22,~~459~~458.1058 0.00 G 31,442.7501 0.00 31,442.7501 0.00 0.00 31,442.7501 0.00 H 22,732.54 0.00 22,732.54 0.00 0.00 22,732.54 0.00 J 11,364.28 0.00 11,364.28 0.00 0.00 11,364.28 0.00 K 15,152.37 0.00 15,152.37 0.00 0.00 15,152.37 0.00 L 11,364.28 0.00 11,364.28 0.00 0.00 11,364.2827 0.00 M 3,788.09 0.00 3,788.09 0.00 0.00 3,788.09 0.00 N 3,788.09 0.00 3,788.09 0.00 0.00 3,788.09 0.00 O 22,732.38 0.00 22,732.38 0.00 0.00 22,732.38 0.00 Total 3,~~582~~578,~~314~~194.5238 0.00 3,~~582~~578,~~314~~194.5238 0.00 0.00 3,~~582~~578,~~314~~194.5237 0.00

Other Required Information Available Distribution Amount (1) 4,~~435~~363,~~219~~936.0672 Aggregate Number of Outstanding Loans 100 Aggregate Unpaid Principal Balance of Loans ~~756~~755,~~168~~495,~~552~~642.5508 Aggregate Stated Principal Balance of Loans 755,~~993~~207,~~077~~334.2489 Aggregate Amount of Servicing Fee 3833,~~668~~365.4619 Aggregate Amount of Special Servicing Fee 0.00 Aggregate Amount of Trustee Fee ~~712~~731.7059 Aggregate Amount of Paying Agent Fee 1,~~242~~275.4943 Aggregate Trust Fund Expenses 0.00 Interest Reserve Deposit 099,088.0082 Interest Reserve Withdrawal 0.00 Specially Serviced Loans not Delinquent Number of Outstanding Loans 0 Aggregate Unpaid Principal Balance 0.00 (1) The Available Distribution Amount includes any Prepayment Premiums.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 3,720,512.78 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 3,720,512.78 Principal: Scheduled Principal 785,742.35 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 785,742.35 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 4,506,255.13 Total Funds Distributed Fees: Master Servicing Fee 41,222.52 Trustee Fee 731.59 Paying Agent Fee 1,275.43 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 43,229.55 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 99,088.82 Payments to Certificateholders & Others: Interest Distribution 3,578,194.37 Principal Distribution 785,742.35 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 4,363,936.72 Total Funds Distributed 4,506,255.09

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. 2,500,000 or less 47 6968,~~068~~855,~~556~~365.3916 9.1412 ~~170~~169 5.~~8231~~8233 1.~~268234~~268338 2,500,001 to 5,000,000 25 86,~~886~~713,~~083~~491.0600 11.4948 ~~153~~152 5.~~7937~~7939 1.~~377414~~377611 5,000,001 to 7,500,000 9 55,~~720~~646,~~517~~602.3523 7.37 ~~124~~123 5.9956 1.~~618671~~618597 7,500,001 to 10,000,000 9 75,~~964~~906,~~159~~192.7920 10.05 ~~106~~105 5.8053 1.~~486787~~486811 10,000,001 to 20,000,000 1 11,~~746~~734,~~324~~412.6087 1.55 ~~111~~110 5.4200 1.380000 20,000,001 to 30,000,000 2 41,~~815~~795,~~207~~577.7788 5.53 ~~109~~108 5.~~8170~~8171 1.~~392981~~393024 30,000,001 to 40,000,000 2 65,~~851~~825,~~218~~079.2679 8.7172 ~~115~~114 5.~~7158~~7157 1.~~882911~~883166 40,000,001 to 50,000,000 01 049,972,963.0095 06.0062 0114 05.~~0000~~8900 01.~~000000~~199969 50,000,001 to 60,000,000 10 ~~50,017,010~~0.0800 60.6200 ~~115~~0 50.~~8900~~0000 10.~~199969~~000000 60,000,001 to 70,000,000 2 129,300,000.00 17.1012 8180 4.8680 2.387340 70,000,001 or greater 2 169,~~623~~457,~~999~~649.9481 22.44 ~~100~~99 6.~~2298~~2297 1.~~613209~~613216 Totals 100 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Arizona 6 9,~~423~~400,~~294~~817.6984 1.2524 ~~176~~175 6.~~1081~~1080 1.~~234434~~234432 California 20 189,~~573~~374,~~247~~414.9006 25.08 ~~122~~121 5.~~8458~~8456 1.~~757855~~758214 Colorado 4 9,~~873~~858,~~243~~154.0217 1.31 ~~114~~113 6.2706 1.~~316329~~316405 Connecticut 1 2,~~682,~~679,347.1802 0.35 ~~115~~114 6.3140 1.425040 Florida 5 31,~~027~~011,~~546~~887.4630 4.1011 ~~114~~113 5.9642 1.~~448335~~448402 Georgia 1 5,~~632~~625,~~178~~775.4424 0.7574 ~~110~~109 6.0500 1.350000 Hawaii 1 9,~~525~~517,~~705~~158.9449 1.26 ~~116~~115 5.7930 1.383975 Illinois 2 72,~~606~~601,~~802~~292.3492 9.6061 5958 4.~~7562~~7561 2.~~437634~~437721 Indiana 1 ~~994~~990,~~389~~661.9084 0.13 ~~173~~172 5.6700 1.110000 Kentucky 1 1,~~072~~068,~~607~~618.4560 0.14 ~~113~~112 5.7700 1.230000 Maryland 4 21,~~358~~323,~~456~~315.9391 2.8382 ~~172~~171 6.~~1258~~1257 1.~~525206~~525273 Massachusetts 2 13,~~827~~811,~~238~~272.7795 1.83 ~~115~~114 5.~~7792~~7793 1.~~794730~~794488 Michigan 3 4,~~114~~102,~~413~~791.6953 0.54 ~~172~~171 5.~~7469~~7467 1.~~138723~~138736 Minnesota 3 6,~~695~~680,~~893~~087.4043 0.8988 ~~233~~232 5.~~6710~~6711 1.~~267840~~267835 Mississippi 1 3,~~323~~310,~~129~~128.5379 0.44 ~~174~~173 5.0400 1.120000 Nebraska 3 6,~~302~~289,~~720~~730.7228 0.83 ~~129~~128 5.~~9602~~9600 1.~~502349~~502526 Nevada 4 63,~~572~~513,~~306~~977.2418 8.41 ~~108~~107 5.7755 1.~~290918~~290915 New Jersey 2 13,~~604~~585,~~305~~281.0823 1.80 ~~120~~119 5.4050 1.~~358148~~358201 New Mexico 5 9,~~151~~113,~~459~~921.5747 1.21 ~~175~~174 5.~~4444~~4445 1.~~235870~~235976 New York 3 44,~~125~~112,~~842~~906.2644 5.84 ~~117~~116 5.~~4857~~4858 2.~~242788~~242973 North Carolina 2 8,~~124~~111,~~495~~211.8664 1.07 8786 6.~~8387~~8395 1.~~237965~~238085 Ohio 7 19,~~847~~802,~~164~~116.3069 2.6362 ~~140~~139 6.~~0385~~0387 1.~~240445~~240467 Oregon 2 12,~~315~~304,~~505~~014.8535 1.63 ~~113~~112 5.7115 1.~~533843~~533850 Pennsylvania 1 2,~~125~~122,~~879~~828.6221 0.28 ~~111~~110 5.7000 1.510000 Tennessee 5 15,~~398~~380,~~232~~614.0049 2.04 ~~120~~118 6.~~0196~~0197 1.~~610994~~611400 Texas 6 20,~~102~~074,~~634~~895.1192 2.66 ~~131~~130 5.~~6827~~6826 1.~~414803~~415068 Utah 3 4,~~285~~275,~~226~~228.7294 0.57 ~~233~~232 5.7698 1.~~168770~~168767 Virginia 1 5049,~~017~~972,~~010~~963.0895 6.62 ~~115~~114 5.8900 1.199969 Washington 2 8,~~121~~106,~~231~~304.6707 1.07 ~~114~~113 6.0018 1.~~905767~~905515 Washington,DC 1 94,~~584~~505,~~134~~903.4414 12.51 8887 5.9400 1.647490 Wisconsin 1 2,~~584~~579,~~101~~712.0880 0.34 ~~282~~281 5.6800 1.330000 Totals 103 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324

Debt Service Coverage Ratio (1) Debt Service # of Scheduled % of WAM WAC Weighted Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1) Bal. 1.15 or less 21 38,~~304~~167,~~323~~348.3740 5.0705 ~~167~~166 5.~~7815~~7819 1.~~118156~~118168 1.16 to 1.25 21 125,~~482~~298,~~268~~370.9405 16.6059 ~~137~~136 5.9671 1.~~208764~~208776 1.26 to 1.35 19 77,~~698~~578,~~869~~238.9952 10.2827 ~~140~~139 5.~~8956~~8958 1.~~298470~~298466 1.36 to 1.50 18 ~~104~~103,~~025~~926,~~819~~907.0662 13.76 ~~116~~115 5.7267 1.~~415607~~415622 1.51 to 1.75 8 ~~198~~197,~~092~~900,~~214~~104.7529 26.20 ~~101~~100 6.~~1540~~1539 1.~~610443~~610450 1.76 to 2.00 7 3332,~~017~~986,~~810~~287.4652 4.37 ~~118~~117 5.~~9276~~9277 1.~~854048~~854032 2.01 or greater 6 179,~~371~~350,~~770~~078.6749 23.7375 9089 5.~~0505~~0504 2.~~387827~~387833 Totals 100 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Industrial 24 57,~~805~~666,~~122~~441.6853 7.6564 ~~141~~140 5.~~5902~~5900 1.~~336277~~336509 Lodging 1 7574,~~039~~951,~~865~~746.5067 9.9392 ~~115~~114 6.5950 1.570000 Mixed Use 1 2,~~168~~163,~~889~~622.1246 0.29 ~~234~~233 5.3700 1.310000 Mobile Home Park 1 21,600,000.00 2.86 ~~107~~106 6.0200 1.480000 Multi-Family 4 15,~~504~~473,~~090~~342.4972 2.05 ~~138~~137 5.~~6520~~6525 1.~~382914~~382981 Office 20 209,~~592~~403,~~368~~026.6516 27.7273 ~~107~~106 5.8488 1.~~714844~~715059 Other 1 6,~~546~~532,~~370~~778.9583 0.87 ~~236~~235 6.6000 1.160000 Retail 47 ~~355~~354,~~138~~839,~~654~~732.5779 46.9899 ~~110~~109 5.~~5078~~5075 1.~~730770~~731095 Self Storage 4 12,~~597~~576,~~715~~643.2873 1.67 ~~143~~142 5.7362 1.~~446105~~446147 Totals 103 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 5.000% or less 1 68,300,000.00 9.0304 5554 4.6696 2.510000 5.001% to 5.500% 27 145,~~260~~080,~~630~~219.8774 19.21 ~~129~~128 5.~~2534~~2532 1.~~784240~~784802 5.501% to 6.000% 39 ~~341~~340,~~160~~805,~~658~~841.6357 45.13 ~~113~~112 5.~~8120~~8119 1.~~534234~~534402 6.001% to 6.500% 29 111,~~655~~513,~~199~~609.3207 14.77 ~~132~~131 6.~~1445~~1444 1.~~447587~~447670 6.501 or greater 4 89,~~616~~507,~~588~~664.4251 11.85 ~~121~~120 6.6260 1.~~512394~~512411 Totals 100 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 months or less 9695 ~~724~~722,~~712~~424,~~754~~203.5432 95.8666 ~~115~~114 5.~~7277~~7265 1.~~666125~~667528 13 to 24 months 34 2425,~~349~~856,~~341~~955.5081 3.2242 ~~107~~110 5.~~9679~~9825 1.~~437583~~420260 25 to 36 months 0 0.00 0.00 0 0.0000 0.000000 37 to 48 months 1 6,~~930~~926,~~981~~175.2076 0.92 8382 6.9900 1.260000 49 months or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 100 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324

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 2 77,600,000.00 10.2628 5554 4.8359 2.426906 61 to 120 months 48 572,~~886~~431,~~770~~831.8465 75.7880 ~~108~~107 5.~~8596~~8595 1.~~621685~~621789 121 to 180 months 1 7,~~694~~682,~~120~~774.4639 1.02 ~~175~~174 6.0700 1.850000 181 to 240 months 0 0.00 0.00 0 0.0000 0.000000 241 months and greater 0 0.00 0.00 0 0.0000 0.000000 Totals 51 ~~658~~657,~~180~~714,~~891~~606.3004 87.0609 ~~102~~101 5.~~7414~~7412 1.~~719290~~719446

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 3 3,~~585~~559,~~008~~378.4915 0.47 ~~108~~107 5.4980 1.103329 121 to 180 months 30 55,~~743~~533,~~277~~248.4951 7.3735 ~~172~~171 5.6479 1.217074 181 to 240 months 14 33,~~586~~510,~~268~~203.3295 4.44 ~~234~~233 6.0223 1.~~222267~~222262 241 months and greater 2 4,~~897~~889,~~631~~898.6424 0.65 ~~288~~287 5.~~9256~~9257 1.~~377238~~377244 Totals 49 97,~~812~~492,~~185~~728.9485 12.9491 ~~197~~196 5.~~7849~~7851 1.~~222708~~222738

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 2 77,600,000.00 10.2628 5554 4.8359 2.426906 180 Months or Less 2 2,~~516~~507,~~753~~520.37 0.33 ~~111~~110 6.1889 1.~~350501~~350505 181 to 240 Months 6 12,~~944~~915,~~318~~099.5184 1.71 ~~114~~113 6.0331 1.~~628837~~628849 241 to 300 Months 11 ~~122~~121,~~002~~859,~~329~~095.2506 16.14 ~~117~~116 6.~~3065~~3064 1.~~602675~~602655 301 to 360 Months 2930 ~~348~~442,~~533~~832,~~355~~890.7377 4658.1064 ~~111~~105 5.~~6772~~7333 1.~~628069~~632344 361 Months or Greater 10 ~~94,584,134~~0.4400 120.5100 880 50.~~9400~~0000 10.~~647490~~000000 Totals 51 ~~658~~657,~~180~~714,~~891~~606.3004 87.0609 ~~102~~101 5.~~7414~~7412 1.~~719290~~719446

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 100 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324 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 100 755,~~993~~207,~~077~~334.2489 100.00 ~~115~~114 5.~~7470~~7469 1.~~655041~~655324 (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 600873577 1 OF Washington DC ~~468~~483,~~653~~797.6785 9378,~~375~~231.4830 5.940% 700400107 2 LO Anaheim CA ~~412~~426,~~963~~153.3748 ~~101~~88,~~308~~118.9483 6.595% 700201654 3 RT Chicago IL ~~265~~274,~~778~~637.0734 0.00 4.670% 700201653 4 RT Los Angeles CA ~~258~~267,~~749~~374.2927 0.00 5.090% 600873573 5 RT Manassas VA ~~245~~253,~~755~~683.2750 5144,~~974~~046.3613 5.890% 700201655 6 OF New York NY ~~164~~169,~~005~~472.4530 0.00 5.502% 600873578 7 RT Las Vegas NV ~~149~~154,~~808~~642.1553 3026,~~972~~138.8547 5.970% 700201226 8 MH Lantana FL ~~108~~111,~~360~~972.00 0.00 6.020% 700400009 9 OF Las Vegas NV 9497,~~443~~482.42 22 19,~~668~~629.6989 5.600% 700400019 10 RT Cape May NJ 5354,~~115~~822.7471 1311,~~618~~911.7073 5.420% 600873579 11 RT Waikoloa HI 4647,~~033~~518.7719 108,~~031~~547.8745 5.793% 600873580 12 IN Las Vegas NV 4143,~~827~~171.0542 109,~~926~~582.8952 5.300% 600873501 13 OF Murfreesboro TN 4648,~~941~~506.7548 0.00 6.057% 700201424 14 SS Hagerstown MD 3435,~~161~~243.0082 1110,~~285~~202.6583 5.750% 700201444 15 SS Quakertown PA 10,~~113~~434.9553 3,~~371~~051.9941 5.700% 600873574 16 RT New Bedford MA 4243,~~133~~493.0961 87,~~445~~084.3886 6.040% 600873512 17 RT Parma OH 4243,~~156~~519.6516 86,~~012~~650.6110 6.190% 700400052 18 RT Chino Hills CA 3738,~~506~~715.6900 87,~~495~~286.2493 5.730% 600873502 19 Various Various TX 36,093.75 0.00 5.500% 700400037 20 IN Hillsboro OR 3637,~~145~~308.2950 87,~~632~~469.8766 5.600% 600873513 21 OF Germantown MD 38,~~976~~919.5343 11,~~288~~346.9707 6.070% 600873514 22 OF Cary NC 4041,~~408~~718.5973 64,~~115~~805.5844 6.990% 700400024 23 RT Southhampton NY 3031,~~459~~438.3622 76,~~809~~830.6781 5.420% 600873515 24 OT Baltimore City MD 36,~~079~~005.3904 13,~~517~~592.7712 6.600% 600873516 25 OF Sherman Oaks CA 2829,~~318~~230.4393 65,~~429~~517.5909 5.680% 600873517 26 RT Lynnwood WA 28,~~939~~875.8973 12,~~747~~811.0622 6.040% 600873518 27 OF Lawrenceville GA 2829,~~432~~342.4409 76,~~312~~403.8520 6.050% 600873581 28 MF Pasadena TX 2728,~~458~~344.1719 54,~~757~~871.4745 5.900% 600873519 29 RT Quincy MA 24,~~540~~500.4884 8,~~841~~880.3296 5.380% 600873503 30 RT Montclair CA 2122,~~848~~551.7068 54,~~221~~519.9901 5.630% 600873524 31 IN Vandalia OH 22,~~577~~493.96 17,~~172~~256.40 5.870% 600873575 32 RT Beaverton OR 2223,~~535~~262.3944 4,~~748~~021.8984 5.900% 600873520 33 RT Omaha NE 2122,~~717~~407.6316 6,~~837~~147.4188 5.840% 600873521 34 RT Chicago IL 22,~~032~~733.3193 65,~~211~~509.0442 6.130% 600873582 35 MF Tallahasse FL 1920,~~462~~090.4622 43,~~160~~532.7296 5.860% 600873504 36 MF West Los Angeles CA 17,~~216~~721.0400 1514,~~156~~651.3640 5.280% 600873505 37 IN Norwalk CA 18,~~357~~948.6861 43,~~277~~687.9401 5.700% 700400110 38 RT Las Vegas NV 20,~~215~~869.0300 32,~~632~~978.1518 6.350% 600873525 39 RT East Los Angeles CA 20,~~187~~143.9573 8,~~290~~334.4163 6.400% 600873522 40 RT Evans CO 20,~~000~~638.8775 54,~~278~~640.3951 6.340% 600873526 41 IN Chanhassen MN 16,~~761~~722.9007 8,~~689~~729.9376 5.500% 600873506 42 SS Dallas TX 16,~~051~~014.8873 7,~~780~~817.1631 5.730% 600873527 43 RT Olive Branch MS 1413,~~011~~957.5214 1213,~~946~~000.3674 5.040% 600873528 44 OF Santa Rosa CA 14,~~411~~358.9205 1112,~~971~~025.1401 5.400% 600873507 45 IN Cerritos CA 13,~~020~~454.00 0.00 5.040% 600873523 46 OF Commerce CA 1415,~~659~~132.6866 32,~~096~~623.0406 5.880% 700400060 47 RT Marianna FL 1314,~~857~~304.9118 32,~~207~~761.8659 5.670% 600873529 48 RT Aurora CO 14,~~133~~101.1250 6,~~170~~201.0062 6.150% 600873530 49 IN Albuquerque NM 12,~~391~~344.5728 10,~~412~~459.5483 5.450% 600873531 50 IN Albuquerque NM 12,~~711~~663.6435 10,~~330~~378.4776 5.610% 600873532 51 IN Santa Rosa CA 12,~~083~~038.8467 10,~~037~~082.3552 5.400% 600873576 52 RT New Haven CT 14,~~135~~585.2788 3,~~782~~332.7716 6.314% 600873508 53 RT Stoughton WI 12,~~252~~231.0941 4,~~367~~388.6028 5.680% 600873533 54 OF Phoenix AZ 13,~~716~~686.0333 5,~~482~~512.4818 6.500% 600873509 55 RT Spring TX 1211,~~013~~967.0283 9,~~285~~330.5372 5.840% 700400068 56 IN Auburn WA 1112,~~755~~134.1226 2,~~495~~116.5238 5.910% 600873510 57 RT Union City TN 11,~~970~~953.4424 3,~~327~~345.9212 6.200% 700400126 58 RT Denver CO 11,~~482~~853.8087 21,~~210~~839.2720 6.140% 600873534 59 MU Albuquerque NM 9,~~729~~705.2478 5,~~243~~266.2066 5.370% 600873535 60 OF Tempe AZ 10,~~327~~303.0768 4,~~693~~717.7615 5.980% 600873511 61 MF Los Angeles CA 9,~~038~~303.4252 7,~~957~~691.0696 5.280% 600873536 62 OF Downey CA 8,~~597~~565.7266 6,~~957~~989.1319 5.530% 600873537 63 RT Millstone NJ 8,~~252~~221.9056 7,~~080~~112.7812 5.310% 600873538 64 RT Santa Ana CA 9,~~468~~433.2581 6,~~719~~753.4185 6.150% 600873539 65 IN Carson CA 9,~~122~~088.1715 6,~~859~~893.8385 5.950% 600873540 66 OF Excelsior MN 8,~~154~~135.4406 4,~~227~~246.5391 5.500% 600873541 67 RT Zanesville OH 8,~~527~~496.4958 56,~~993~~024.1708 6.190% 600873542 68 OF Melville NY 7,~~316~~289.8247 6,~~077~~105.6601 5.400% 700400011 69 RT Glendale AZ 78,~~787~~038.8267 1,~~763~~513.9914 5.760% 600873543 70 Various Albuquerque NM 6,~~856~~806.5474 11,~~383~~432.0585 5.250% 600873544 71 RT Kaysville UT 7,~~155~~138.4632 3,~~787~~804.5872 5.430% 600873545 72 IN Lima OH 8,~~081~~052.7310 5,~~771~~801.8144 6.160% 600873546 73 IN Miami Lakes FL 7,~~633~~605.3621 5,~~756~~784.2338 5.870% 600873547 74 OF Cordova TN 7,~~964~~934.3070 5,~~719~~749.6121 6.210% 700201547 75 RT Springboro OH 7,~~282~~513.2346 2,~~235~~004.3512 5.980% 600873548 76 RT Mesa AZ 7,~~850~~822.7146 5,~~215~~244.9015 6.500% 600873549 77 RT Coopersville MI 7,~~398~~372.8503 5,~~199~~226.9577 6.190% 600873550 78 RT Sterling Heights MI 6,~~400~~385.4331 3,~~269~~284.5769 5.550% 600873551 79 RT Tooele UT 7,~~380~~364.31 23,~~991~~007.88 6.420% 600873552 80 OF Ogden UT 6,~~115~~101.8330 3,~~170~~185.6518 5.500% 600873553 81 RT Keego Harbor MI 5,~~961~~947.1806 3,~~096~~110.5870 5.470% 600873554 82 RT Hopkins MN 6,~~801~~786.7877 2,~~814~~829.2930 6.400% 600873555 83 RT Memphis TN 5,~~649~~627.2697 4,~~645~~667.9928 5.500% 600873556 84 RT Sacramento CA 5,~~853~~831.1378 4,~~493~~514.5691 5.700% 600873557 85 IN Springboro OH 5,~~429~~408.5492 4,~~658~~679.4103 5.310% 600873558 86 RT Cary NC 5,~~969~~927.6979 8,~~436~~478.8878 5.960% 600873559 87 RT Parma OH 6,~~047~~034.4110 2,~~619~~632.1344 6.100% 600873560 88 IN San Diego CA 5,~~380~~359.2597 4,~~424~~445.7503 5.500% 600873561 89 RT Aurora CO 6,~~059~~046.7154 2,~~394~~407.3552 6.600% 600873562 90 OF Crestview Hills KY 5,~~176~~157.5445 3,~~969~~988.7685 5.770% 600873563 91 RT Cordova TN 4,~~802~~784.8489 3,~~837~~855.9590 5.610% 600873564 92 IN Evansville IN 4,~~716~~698.0249 3,~~710~~728.5306 5.670% 600873565 93 IN Yuma AZ 4,~~755~~737.4095 3,~~591~~609.6005 5.830% 600873566 94 IN Fort Myers FL 4,~~979~~961.7133 3,~~561~~580.8523 6.190% 600873567 95 IN Omaha NE 4,~~978~~960.5729 3,~~509~~528.9220 6.250% 600873568 96 IN Lincoln NE 4,~~676~~659.8467 3,~~297~~314.1936 6.250% 600873569 97 RT Lakewood CA 4,~~511~~501.0006 1,~~899~~909.9387 6.280% 600873570 98 IN Houston TX 3,~~716~~690.0186 5,~~693~~718.5671 5.300% 600873571 99 IN Phoenix AZ 3,~~644~~635.1148 1,~~872~~881.5518 5.530% 600873572 100 IN Santa Ana CA 3,~~307~~294.2174 2,~~777~~789.2269 5.390% Totals 3,~~624~~720,~~788~~512.7678 ~~852~~785,~~904~~742.5435

Loan Anticipated Maturity Neg. Beginning Ending Paid Thru Number Repayment Date Amort Scheduled Scheduled Date Date (Y/N) Balance Balance 600873577 N/A 04/07/2012 N 94,~~677~~584,~~509~~134.9244 94,~~584~~505,~~134~~903.4414 1201/07/~~2004~~2005 700400107 N/A 07/09/2014 N 75,~~141~~039,~~174~~865.4450 7574,~~039~~951,~~865~~746.5067 1101/09/~~2004~~2005 700201654 N/A 07/10/2009 N 68,300,000.00 68,300,000.00 1112/10/2004 700201653 N/A 02/11/2014 N 61,000,000.00 61,000,000.00 1112/11/2004 600873573 N/A 07/01/2014 N 50,~~068~~017,~~984~~010.4408 5049,~~017~~972,~~010~~963.0895 1201/01/~~2004~~2005 700201655 N/A 07/07/2014 N 35,770,000.00 35,770,000.00 1101/07/~~2004~~2005 600873578 N/A 06/01/2014 N 30,~~112~~081,~~191~~218.1126 30,~~081~~055,~~218~~079.2679 1201/01/~~2004~~2005 700201226 N/A 11/01/2013 N 21,600,000.00 21,600,000.00 1201/01/~~2004~~2005 700400009 N/A 03/01/2014 N 20,~~237~~215,~~876~~207.4677 20,~~215~~195,~~207~~577.7788 1201/01/~~2004~~2005 700400019 N/A 03/01/2014 N 11,~~759~~746,~~943~~324.3060 11,~~746~~734,~~324~~412.6087 1201/01/~~2004~~2005 600873579 N/A 08/01/2014 N 9,~~535~~525,~~737~~705.8194 9,~~525~~517,~~705~~158.9449 1201/01/~~2004~~2005 600873580 N/A 08/05/2011 N 9,~~470~~459,~~276~~349.5566 9,~~459~~449,~~349~~767.6614 1201/05/~~2004~~2005 600873501 N/A 07/01/2009 N 9,300,000.00 9,300,000.00 1112/01/2004 700201424 N/A 02/01/2014 N 7,~~129~~117,~~251~~965.1752 7,~~117~~107,~~965~~762.5269 1201/01/~~2004~~2005 700201444 N/A 03/01/2014 N 2,~~129~~125,~~251~~879.6162 2,~~125~~122,~~879~~828.6221 1201/01/~~2004~~2005 600873574 N/A 07/01/2014 N 8,~~370~~362,~~813~~368.3800 8,~~362~~355,~~368~~283.0014 1201/01/~~2004~~2005 600873512 N/A 07/02/2014 N 8,~~172~~164,~~533~~520.4988 8,~~164~~157,~~520~~870.8878 1201/02/~~2004~~2005 700400052 N/A 05/01/2014 N 7,~~854~~846,~~804~~309.6137 7,~~846~~839,~~309~~022.3744 1201/01/~~2004~~2005 600873502 04/01/2012 04/01/2029 N 7,875,000.00 7,875,000.00 1101/01/~~2004~~2005 700400037 N/A 04/01/2014 N 7,~~745~~736,~~418~~785.3548 7,~~736~~729,~~785~~315.4882 1201/01/~~2004~~2005 600873513 N/A 07/01/2019 N 7,~~705~~694,~~409~~120.4346 7,~~694~~682,~~120~~774.4639 1201/01/~~2004~~2005 600873514 N/A 11/01/2011 N 6,~~937~~930,~~096~~981.7820 6,~~930~~926,~~981~~175.2076 1201/01/~~2004~~2005 700400024 N/A 03/01/2014 N 6,~~743~~735,~~769~~959.1750 6,~~735~~729,~~959~~128.5069 1201/01/~~2004~~2005 600873515 N/A 08/01/2024 N 6,~~559~~546,~~888~~370.7295 6,~~546~~532,~~370~~778.9583 1201/01/~~2004~~2005 600873516 N/A 08/01/2014 N 5,~~982~~976,~~766~~336.1152 5,~~976~~970,~~336~~819.5243 1201/01/~~2004~~2005 600873517 N/A 07/01/2014 N 5,~~749~~736,~~646~~899.9690 5,~~736~~724,~~899~~088.9068 1201/01/~~2004~~2005 600873518 N/A 02/01/2014 N 5,~~639~~632,~~491~~178.2944 5,~~632~~625,~~178~~775.4424 1201/01/~~2004~~2005 600873581 N/A 08/01/2014 N 5,~~584~~578,~~712~~954.0255 5,~~578~~574,~~954~~083.5510 1201/01/~~2004~~2005 600873519 N/A 08/03/2014 N 5,~~473~~464,~~712~~870.0977 5,~~464~~455,~~870~~989.7781 1201/03/~~2004~~2005 600873503 N/A 02/01/2014 N 4,~~656~~651,~~917~~695.4950 4,~~651~~647,~~695~~176.5049 1101/01/~~2004~~2005 600873524 N/A 03/01/2019 N 4,~~615~~598,~~596~~423.2080 4,~~598~~581,~~423~~167.8040 12/01/2004 600873575 N/A 07/01/2014 N 4,~~583~~578,~~469~~720.2637 4,~~578~~574,~~720~~698.3753 12/01/2004 600873520 N/A 05/01/2014 N 4,~~462~~455,~~526~~688.3392 4,~~455~~449,~~688~~541.9204 1201/01/~~2004~~2005 600873521 N/A 08/01/2014 N 4,~~313~~306,~~013~~802.3834 4,~~306~~301,~~802~~292.3492 1201/01/~~2004~~2005 600873582 N/A 07/01/2014 N 3,~~985~~981,~~487~~326.3159 3,~~981~~977,~~326~~793.5963 1201/01/~~2004~~2005 600873504 N/A 05/01/2019 N 3,~~912~~897,~~736~~579.1377 3,~~897~~882,~~579~~928.7737 1101/01/~~2004~~2005 600873505 N/A 02/01/2014 N 3,~~864~~860,~~775~~497.3339 3,~~860~~856,~~497~~810.3938 1101/01/~~2004~~2005 700400110 N/A 07/01/2014 N 3,~~820~~816,~~162~~530.7055 3,~~816~~813,~~530~~552.5537 1201/01/~~2004~~2005 600873525 N/A 03/01/2024 N 3,~~785~~776,~~240~~950.5817 3,~~776~~768,~~950~~615.1754 12/01/2004 600873522 N/A 08/01/2014 N 3,~~785~~780,~~653~~375.4405 3,~~780~~775,~~375~~734.0554 1201/01/~~2004~~2005 600873526 N/A 06/01/2024 N 3,~~657~~648,~~141~~451.4451 3,~~648~~639,~~451~~721.5175 12/01/2004 600873506 N/A 06/01/2024 N 3,~~361~~353,~~650~~870.3014 3,~~353~~346,~~870~~052.1483 1101/01/~~2004~~2005 600873527 N/A 06/01/2019 N 3,~~336~~323,~~075~~129.8953 3,~~323~~310,~~129~~128.5379 12/01/2004 600873528 N/A 07/01/2019 N 3,~~202~~190,~~649~~678.3420 3,~~190~~178,~~678~~653.2019 12/01/2004 600873507 N/A 06/01/2014 N 3,100,000.00 3,100,000.00 1101/01/~~2004~~2005 600873523 N/A 08/01/2014 N 2,~~991~~988,~~771~~675.7470 2,~~988~~986,~~675~~052.7064 1201/01/~~2004~~2005 700400060 N/A 05/01/2014 N 2,~~932~~929,~~890~~683.9105 2,~~929~~926,~~683~~921.0546 1101/01/~~2004~~2005 600873529 N/A 04/01/2014 N 2,~~757~~751,~~681~~511.95 2,~~751~~745,~~511~~310.9533 12/01/2004 600873530 N/A 04/01/2019 N 2,~~728~~718,~~418~~005.4995 2,~~718~~707,~~005~~546.9512 12/01/2004 600873531 N/A 03/01/2019 N 2,~~719~~708,~~068~~737.1366 2,~~708~~698,~~737~~358.6690 12/01/2004 600873532 N/A 07/01/2019 N 2,~~685~~675,~~298~~260.2691 2,~~675~~665,~~260~~178.9139 12/01/2004 600873576 N/A 07/01/2014 N 2,~~686~~682,~~461~~679.9518 2,~~682,~~679,347.1802 1201/01/~~2004~~2005 600873508 N/A 06/01/2028 N 2,~~588~~584,~~468~~101.6808 2,~~584~~579,~~101~~712.0880 1101/01/~~2004~~2005 600873533 N/A 03/01/2024 N 2,~~532~~526,~~190~~707.2375 2,~~526~~521,~~707~~195.7557 12/01/2004 600873509 N/A 02/01/2019 N 2,~~468~~459,~~427~~142.9643 2,~~459~~449,~~142~~811.4371 1101/01/~~2004~~2005 700400068 N/A 05/01/2014 N 2,~~386~~384,~~827~~331.2977 2,~~384~~382,~~331~~215.7739 1201/01/~~2004~~2005 600873510 N/A 07/01/2029 N 2,~~316~~313,~~858~~530.4856 2,~~313~~310,~~530~~185.5644 1101/01/~~2004~~2005 700400126 N/A 08/01/2014 N 2,~~244~~241,~~195~~985.5225 2,~~241~~240,~~985~~146.2505 1201/01/~~2004~~2005 600873534 N/A 06/01/2024 N 2,~~174~~168,~~132~~889.3212 2,~~168~~163,~~889~~622.1246 12/01/2004 600873535 N/A 05/01/2024 N 2,~~072~~067,~~322~~628.2145 2,~~067~~062,~~628~~911.4530 12/01/2004 600873511 N/A 05/01/2019 N 2,~~054~~046,~~186~~229.6458 2,~~046~~038,~~229~~537.5862 1101/01/~~2004~~2005 600873536 N/A 06/01/2019 N 1,~~865~~858,~~690~~733.1401 1,~~858~~851,~~733~~743.0182 12/01/2004 600873537 N/A 06/01/2019 N 1,~~865~~857,~~061~~980.2648 1,~~857~~850,~~980~~868.4836 12/01/2004 600873538 N/A 03/15/2019 N 1,~~847~~840,~~463~~744.5716 1,~~840~~833,~~744~~990.1631 1112/15/2004 600873539 N/A 02/01/2019 N 1,~~839~~832,~~764~~904.6784 1,~~832~~826,~~904~~010.8499 1112/01/2004 600873540 N/A 06/01/2024 N 1,~~779~~774,~~149~~922.8936 1,~~774~~770,~~922~~675.3645 12/01/2004 600873541 N/A 03/01/2019 N 1,~~653~~647,~~148~~155.7356 1,~~647~~641,~~155~~131.5648 12/01/2004 600873542 N/A 07/01/2019 N 1,~~625~~619,~~960~~882.4276 1,~~619~~613,~~882~~777.7675 12/01/2004 700400011 N/A 03/01/2014 N 1,~~622~~620,~~463~~699.3031 1,~~620~~619,~~699~~186.3117 1201/01/~~2004~~2005 600873543 N/A 11/01/2013 N 1,~~567~~555,~~209~~826.8984 1,~~555~~544,~~826~~393.8499 12/01/2004 600873544 N/A 06/01/2024 N 1,~~581~~577,~~316~~528.4789 1,~~577~~573,~~528~~724.8917 12/01/2004 600873545 N/A 02/01/2019 N 1,~~574~~568,~~362~~590.2645 1,~~568~~562,~~590~~789.4501 12/01/2004 600873546 N/A 04/01/2019 N 1,~~560~~554,~~483~~727.4118 1,~~554~~548,~~727~~942.1880 12/01/2004 600873547 N/A 12/01/2018 N 1,~~538~~533,~~994~~275.7615 1,~~533~~527,~~275~~525.1594 12/01/2004 700201547 N/A 02/01/2014 N 1,~~461~~459,~~317~~081.2489 1,~~459~~457,~~081~~077.8977 1201/01/~~2004~~2005 600873548 N/A 01/01/2014 N 1,~~449~~444,~~361~~145.8292 1,~~444~~438,~~145~~901.9277 12/01/2004 600873549 N/A 03/01/2019 N 1,~~434~~429,~~349~~149.7075 1,~~429~~423,~~149~~922.7598 12/01/2004 600873550 N/A 06/01/2014 N 1,~~383~~380,~~876~~606.5497 1,~~380~~377,~~606~~322.9728 12/01/2004 600873551 N/A 04/01/2024 N 1,~~379~~376,~~497~~506.9507 1,~~376~~373,~~506~~498.0719 12/01/2004 600873552 N/A 06/01/2024 N 1,~~334~~331,~~362~~191.4176 1,~~331~~328,~~191~~006.7658 12/01/2004 600873553 N/A 07/01/2024 N 1,~~307~~304,~~753~~656.5597 1,~~304~~301,~~656~~546.9727 12/01/2004 600873554 N/A 02/01/2024 N 1,~~275~~272,~~333~~519.8253 1,~~272~~269,~~519~~690.5323 12/01/2004 600873555 N/A 05/01/2019 N 1,~~232~~227,~~565~~919.8384 1,~~227~~223,~~919~~252.8456 12/01/2004 600873556 N/A 07/01/2019 N 1,~~232~~227,~~236~~743.8731 1,~~227~~223,~~743~~228.3140 12/01/2004 600873557 N/A 06/01/2019 N 1,~~227~~222,~~013~~355.9756 1,~~222~~217,~~355~~676.5653 12/01/2004 600873558 N/A 11/01/2013 N 1,~~201~~193,~~951~~514.5466 1,~~193~~185,~~514~~035.6688 12/01/2004 600873559 N/A 07/01/2014 N 1,~~189~~187,~~655~~036.2916 1,~~187~~184,~~036~~403.1672 12/01/2004 600873560 N/A 05/01/2019 N 1,~~173~~169,~~872~~447.2247 1,~~169~~165,~~447~~002.4744 12/01/2004 600873561 N/A 01/01/2014 N 1,~~101~~099,~~765~~370.1277 1,~~099~~096,~~370~~963.7725 12/01/2004 600873562 N/A 05/01/2014 N 1,~~076~~072,~~577~~607.2145 1,~~072~~068,~~607~~618.4560 12/01/2004 600873563 N/A 05/01/2019 N 1,~~027~~023,~~344~~506.4045 1,~~023~~019,~~506~~650.4555 12/01/2004 600873564 N/A 05/01/2019 N ~~998,100.43~~ 994,389.90 990,661.84 12/01/2004 600873565 N/A 05/01/2019 N ~~978,812.10~~ 975,220.50 971,611.45 12/01/2004 600873566 N/A 01/01/2019 N ~~965,371.49~~ 961,809.64 958,229.41 12/01/2004 600873567 N/A 01/01/2019 N ~~955,885.65~~ 952,375.73 948,847.53 12/01/2004 600873568 N/A 01/01/2019 N ~~897,953.26~~ 894,656.07 891,341.71 12/01/2004 600873569 N/A 04/15/2024 N ~~861,974.58~~ 860,074.65 858,164.78 12/15/2004 600873570 N/A 05/01/2014 N ~~841,360.55~~ 835,666.99 829,948.28 12/01/2004 600873571 N/A 06/01/2014 N ~~790,765.31~~ 788,892.76 787,011.58 12/01/2004 600873572 N/A 06/01/2019 N ~~736,299.07~~ 733,521.85 730,732.16 12/01/2004 Totals ~~756~~755,~~845~~993,~~981~~077.7824 755,~~993~~207,~~077~~334.2489

Principal Prepayment Detail No Principal Prepayments this Period

Historical Detail Delinquencies Distribution 30-59 Days 60-89 Days 90 Days or More Date # Balance # Balance # Balance 01/18/2005 0 $0.00 0 $0.00 0 $0.00 12/15/2004 0 $0.00 0 $0.00 0 $0.00 11/15/2004 0 $0.00 0 $0.00 0 $0.00 10/15/2004 0 $0.00 0 $0.00 0 $0.00 09/15/2004 0 $0.00 0 $0.00 0 $0.00

Distribution Foreclosure REO Modifications Date # Balance # Balance # Balance 01/18/2005 0 $0.00 0 $0.00 0 $0.00 12/15/2004 0 $0.00 0 $0.00 0 $0.00 11/15/2004 0 $0.00 0 $0.00 0 $0.00 10/15/2004 0 $0.00 0 $0.00 0 $0.00 09/15/2004 0 $0.00 0 $0.00 0 $0.00

Prepayments Rate and Maturities Distribution Curtailments Payoff Next Weighted Avg. WAM Date # Amount # Amount Coupon Remit 01/18/2005 0 $0.00 0 $0.00 5.746868% 5.679619% 114 12/15/2004 0 $0.00 0 $0.00 5.747023% 5.679726% 115 11/15/2004 0 $0.00 0 $0.00 5.747202% 5.679858% 116 10/15/2004 0 $0.00 0 $0.00 5.747354% 5.679962% 117 09/15/2004 0 $0.00 0 $0.00 5.747530% 5.680092% 118 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 ~~700201655~~700201654 63 0 1112/0710/2004 ~~163~~273,~~409~~755.2813 ~~163~~273,~~409~~755.2813 BA 600873501 13 0 1112/01/2004 4647,~~244~~785.2573 4647,~~244~~785.2573 B ~~600873502~~600873524 1931 0 1112/01/2004 3538,~~352~~964.1880 3538,~~352~~964.1880 AB ~~600873503~~600873575 3032 0 1112/01/2004 26,~~601~~929.43 26,929.43 B 600873525 39 0 12/01/2004 27,833.13 27,833.13 B 600873526 41 0 12/01/2004 24,828.56 24,828.56 B 600873527 43 0 12/01/2004 26,~~601~~390.17 26,390.17 B 600873528 44 0 12/01/2004 25,837.98 25,837.98 B ~~600873504~~600873529 3648 0 1112/01/2004 3119,~~964~~833.8307 3119,~~964~~833.8307 B ~~600873505~~600873530 3749 0 1112/01/2004 22,~~229~~339.8178 22,~~229~~339.8178 B ~~600873506~~600873531 4250 0 1112/01/2004 2322,~~470~~579.6637 2322,~~470~~579.6637 B ~~600873507~~600873532 4551 0 1112/01/2004 1221,~~684~~664.17 1221,~~684~~664.17 B ~~700400060~~600873533 4754 0 1112/01/2004 1618,~~992~~766.4587 1618,~~992~~766.4587 B ~~600873508~~600873534 5359 0 1112/01/2004 1614,~~339~~601.2892 1614,~~339~~601.2892 B ~~600873509~~600873535 5560 0 1112/01/2004 2114,~~031~~667.1461 2114,~~031~~667.1461 AB ~~600873510~~600873536 5762 0 1112/01/2004 15,~~047~~237.3731 15,~~047~~237.3731 B ~~600873511~~600873537 6163 0 1112/01/2004 1615,~~772~~016.9528 1615,~~772~~016.9528 B 600873539 65 0 1112/01/2004 15,~~667~~668.7088 15,~~667~~668.88 B 600873540 66 0 12/01/2004 12,078.76 12,078.76 B 600873541 67 0 12/01/2004 14,239.28 14,239.28 B 600873542 68 0 12/01/2004 13,117.75 13,117.75 B 600873543 70 0 12/01/2004 17,973.80 17,973.80 B ~~Totals~~600873544 71 0 12/01/2004 10,706.42 10,706.42 B 600873545 72 0 12/01/2004 13,585.57 13,585.57 B 600873546 73 0 12/01/2004 13,123.99 13,123.99 B 600873547 74 0 12/01/2004 13,421.97 13,421.97 B 600873548 76 0 12/01/2004 12,819.90 12,819.90 B 600873549 77 0 12/01/2004 12,354.65 12,354.65 B 600873550 78 0 12/01/2004 9,434.15 9,434.15 B 600873551 79 0 12/01/2004 10,137.04 10,137.04 B 600873552 80 0 12/01/2004 9,059.07 9,059.07 B 600873553 81 0 12/01/2004 8,834.88 8,834.88 B 600873554 82 0 12/01/2004 9,398.68 9,398.68 B 600873555 83 0 12/01/2004 10,085.48 10,085.48 A 600873556 84 0 12/01/2004 10,136.95 10,136.95 B 600873557 85 0 12/01/2004 9,879.13 9,879.13 B 600873558 86 0 12/01/2004 14,202.67 14,202.67 B 600873559 87 0 12/01/2004 8,463.76 8,~~807~~463.76 B 600873560 88 0 12/01/2004 9,605.22 9,605.22 B 600873561 89 0 12/01/2004 8,266.25 8,266.25 B 600873562 90 0 12/01/2004 8,963.06 8,963.06 B 600873563 91 0 12/01/2004 8,465.94 8,465.94 B 600873564 92 0 12/01/2004 8,256.68 8,256.68 B 600873565 93 0 12/01/2004 8,216.97 8,216.97 B 600873566 94 0 12/01/2004 8,377.25 8,377.25 B 600873567 95 0 12/01/2004 8,325.79 8,325.79 B 600873568 96 0 12/01/2004 7,821.19 ~~463~~7,~~807~~821.19 B 600873570 98 0 12/01/2004 9,266.81 9,266.81 B 600873571 99 0 12/01/2004 5,381.89 5,381.89 B 600873572 100 0 12/01/2004 5,959.12 5,959.12 B Totals 50 1,002,660.26 1,002,660.26

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date ~~700201655~~700201654 3568,~~770~~300,000.00 0.00 600873501 9,300,000.00 0.00 ~~600873502~~600873524 74,~~875~~598,~~000~~423.0080 0.00 ~~600873503~~600873575 4,~~656~~578,~~917~~720.4908 0.00 ~~600873504~~600873525 3,~~912~~776,~~736~~950.1317 0.00 ~~600873505~~600873526 3,~~864~~648,~~775~~451.3351 0.00 ~~600873506~~600873527 3,~~361~~323,~~650~~129.3053 0.00 ~~600873507~~600873528 3,~~100~~190,~~000~~678.20 0.00 600873529 2,751,511.95 0.00 ~~700400060~~600873530 2,~~932~~718,~~890~~005.9295 0.00 ~~600873508~~600873531 2,~~588~~708,~~468~~737.6866 0.00 ~~600873509~~600873532 2,~~468~~675,~~427~~260.9691 0.00 ~~600873510~~600873533 2,~~316~~526,~~858~~707.4875 0.00 ~~600873511~~600873534 2,~~054~~168,~~186~~889.6512 0.00 600873535 2,067,628.45 0.00 600873536 1,858,733.01 0.00 600873537 1,857,980.48 0.00 600873539 1,~~839~~832,~~764~~904.6784 0.00 600873540 1,774,922.36 0.00 600873541 1,647,155.56 0.00 600873542 1,619,882.76 0.00 600873543 1,555,826.84 0.00 600873544 1,577,528.89 0.00 600873545 1,568,590.45 0.00 600873546 1,554,727.18 0.00 600873547 1,533,275.15 0.00 600873548 1,444,145.92 0.00 600873549 1,429,149.75 0.00 600873550 1,380,606.97 0.00 600873551 1,376,506.07 0.00 600873552 1,331,191.76 0.00 600873553 1,304,656.97 0.00 600873554 1,272,519.53 0.00 600873555 1,227,919.84 0.00 600873556 1,227,743.62 0.00 600873557 1,222,355.56 0.00 600873558 1,193,514.66 0.00 600873559 1,187,036.16 0.00 600873560 1,169,447.47 0.00 600873561 1,099,370.77 0.00 600873562 1,072,607.45 0.00 600873563 1,023,506.45 0.00 600873564 994,389.90 0.00 600873565 975,220.50 0.00 600873566 961,809.64 0.00 600873567 952,375.73 0.00 600873568 894,656.07 0.00 600873570 835,666.99 0.00 600873571 788,892.76 0.00 600873572 733,521.85 0.00 Totals 86163,~~041~~813,~~676~~434.6199 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 (2 loans) 56283,~~383~~840.3261 56283,~~383~~840.3261 1069,~~343~~527,~~427~~919.9684 0.00 Total for Status Code = B (1248 loans) ~~407~~718,~~423~~819.8765 ~~407~~718,~~423~~819.8765 7594,~~698~~285,~~248~~515.6515 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 2004 IQ8