Banc of America Merrill Lynch Commercial Mortgage
Filed: 21 Sep 04, 12:00am
CMBS NEW ISSUE TERM SHEET $1,195,585,629 (APPROXIMATE OFFERED CERTIFICATES) $1,296,027,784 (APPROXIMATE TOTAL COLLATERAL BALANCE) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-4 OFFERED CLASSES A-1, A-2, A-3, A-4, A-5, A-6, A-1A, XP, B, C AND D CERTIFICATES BANK OF AMERICA, N.A. MORTGAGE LOAN SELLER BEAR STEARNS COMMERCIAL MORTGAGE, INC. MORTGAGE LOAN SELLER BANK OF AMERICA, N.A. MASTER SERVICER MIDLAND LOAN SERVICES, INC. SPECIAL SERVICER SEPTEMBER 2004 THIS MATERIAL IS FOR YOUR PRIVATE INFORMATION AND NONE OF BANC OF AMERICA SECURITIES LLC, BEAR, STEARNS & CO. INC., GOLDMAN, SACHS & CO. AND GREENWICH CAPITAL MARKETS, INC. (COLLECTIVELY, THE "UNDERWRITERS") IS SOLICITING ANY ACTION BASED UPON IT. THIS MATERIAL IS NOT TO BE CONSTRUED AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITY IN ANY JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL. NONE OF THE UNDERWRITERS NOR ANY OF THEIR AFFILIATES HAS CONDUCTED ANY INDEPENDENT REVIEW OF THE INFORMATION CONTAINED HEREIN, AND NONE OF THE UNDERWRITERS NOR ANY OF THEIR AFFILIATES REPRESENT THAT SUCH INFORMATION IS ACCURATE OR COMPLETE AND THE INFORMATION SHOULD NOT BE RELIED UPON AS SUCH. BY ACCEPTING THIS MATERIAL THE RECIPIENT AGREES THAT IT WILL NOT DISTRIBUTE OR PROVIDE THE MATERIAL TO ANY OTHER PERSON. THE INFORMATION CONTAINED IN THIS MATERIAL MAY PERTAIN TO SECURITIES THAT ULTIMATELY ARE NOT SOLD. THE INFORMATION CONTAINED IN THIS MATERIAL MAY BE BASED ON ASSUMPTIONS REGARDING MARKET CONDITIONS AND OTHER MATTERS AS REFLECTED HEREIN. THE UNDERWRITERS MAKE NO REPRESENTATION REGARDING THE REASONABLENESS OF SUCH ASSUMPTIONS OR THE LIKELIHOOD THAT ANY OF SUCH ASSUMPTIONS WILL COINCIDE WITH ACTUAL MARKET CONDITIONS OR EVENTS, AND THIS MATERIAL SHOULD NOT BE RELIED UPON FOR SUCH PURPOSES. THE UNDERWRITERS AND THEIR AFFILIATES, OFFICERS, DIRECTORS, PARTNERS AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE PREPARATION OR ISSUANCE OF THIS MATERIAL MAY, FROM TIME TO TIME, HAVE LONG OR SHORT POSITIONS IN, AND BUY AND SELL, THE SECURITIES MENTIONED THEREIN OR DERIVATIVES THEREOF (INCLUDING OPTIONS). THIS MATERIAL MAY BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") AND INCORPORATED BY REFERENCE INTO AN EFFECTIVE REGISTRATION STATEMENT PREVIOUSLY FILED WITH THE SEC UNDER RULE 415 OF THE SECURITIES ACT OF 1933, AS AMENDED INCLUDING ALL CASES WHERE THE MATERIAL DOES NOT PERTAIN TO SECURITIES THAT ARE ULTIMATELY OFFERED FOR SALE PURSUANT TO SUCH REGISTRATION STATEMENT. INFORMATION CONTAINED IN THIS MATERIAL IS CURRENT AS OF THE DATE APPEARING IN THIS MATERIAL ONLY. INFORMATION IN THIS MATERIAL REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR INFORMATION REGARDING SUCH ASSETS. ANY INFORMATION IN THE MATERIAL, WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ANY FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU, WHICH YOU SHOULD READ BEFORE MAKING ANY INVESTMENT DECISION. THIS MATERIAL IS FURNISHED SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER OF THE SECURITIES. THE ISSUER OF THE SECURITIES HAS NOT PREPARED, REVIEWED OR PARTICIPATED IN THE PREPARATION OF THIS MATERIAL, IS NOT RESPONSIBLE FOR THE ACCURACY OF THIS MATERIAL AND HAS NOT AUTHORIZED THE DISSEMINATION OF THIS MATERIAL. EACH OF THE UNDERWRITERS IS ACTING AS AN UNDERWRITER AND IS NOT ACTING AS AN AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION. BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC. ------------- GOLDMAN, SACHS & CO. RBS GREENWICH CAPITAL TABLE OF CONTENTS Transaction Structure Structure Overview .................................................. 1 Structure Schematic ................................................. 2 Transaction Terms ................................................... 3 Contact Information ................................................. 6 Mortgage Pool Characteristics General Characteristics ............................................. 7 Property Type ....................................................... 8 Property Location ................................................... 9 Mortgage Pool Characteristics ....................................... 10 Prepayment Provision Based on Outstanding Principal Balance ......... 13 Ten Largest Mortgage Loans or Crossed Pool Bank of America Center .............................................. 15 Simon -- West Ridge Mall ............................................ 22 Dallas Market Center ................................................ 29 8027 Leesburg Pike .................................................. 36 Santa Rosa Mall ..................................................... 42 Sun Communities -- Buttonwood Bay (cross-collateralized--A) ......... 48 Sun Communities -- Meadows (cross-collateralized--A) ................ 53 Sun Communities -- Pine Ridge (cross-collateralized--A) ............. 56 Sun Communities -- Maplewood (cross-collateralized--A) .............. 59 Sun Communities -- Portfolio 12 (cross-collateralized--B) ........... 62 Sun Communities -- Catalina (cross-collateralized--B) ............... 65 Sun Communities -- Portfolio 2 ...................................... 68 Northpointe Plaza ................................................... 71 GE -- Kimco Portfolio ............................................... 77 Additional Mortgage Loan Information ................................... 86 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES APPROX. EXPECTED CERTIFICATE % OF ASSUMED RATINGS BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL ----------- NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION CLASS FITCH/S&P AMOUNT (1) BALANCE SUPPORT LIFE (YRS) (2) (MOS) (2) DATE (2) RATE TYPE - -------------------------------------------------------------------------------------------------------------------------- A-1(7) AAA / AAA $33,000,000 2.546% 13.000% 2.023 1-45 7/10/2008 Fixed - -------------------------------------------------------------------------------------------------------------------------- A-2(7) AAA / AAA $48,000,000 3.704% 13.000% 4.339 45-54 4/10/2009 Fixed - -------------------------------------------------------------------------------------------------------------------------- A-3(7) AAA / AAA $240,000,000 18.518% 13.000% 4.732 54-68 6/10/2010 Fixed - -------------------------------------------------------------------------------------------------------------------------- A-4(7) AAA / AAA $225,000,000 17.361% 13.000% 6.669 68-83 9/10/2011 Fixed - -------------------------------------------------------------------------------------------------------------------------- A-5(7) AAA / AAA $107,000,000 8.256% 13.000% 7.117 83-107 9/10/2013 Fixed - -------------------------------------------------------------------------------------------------------------------------- A-6(7) AAA / AAA $272,199,171 21.003% 13.000% 9.529 107-117 7/10/2014 Fixed(3) - -------------------------------------------------------------------------------------------------------------------------- A-1A(7) AAA / AAA $202,345,000 15.613% 13.000% 7.544 1-119 9/10/2014 Fixed(3) - -------------------------------------------------------------------------------------------------------------------------- XP AAA / AAA TBD(4) N/A N/A (4) N/A N/A Variable Rate(4) - -------------------------------------------------------------------------------------------------------------------------- B AA / AA $35,640,764 2.750% 10.250% 9.911 119-119 9/10/2014 Fixed(3) - -------------------------------------------------------------------------------------------------------------------------- C AA- / AA- $11,340,243 0.875% 9.375% 9.911 119-119 9/10/2014 Fixed(3) - -------------------------------------------------------------------------------------------------------------------------- D A / A $21,060,451 1.625% 7.750% 9.911 119-119 9/10/2014 Fixed (5) - -------------------------------------------------------------------------------------------------------------------------- NON-OFFERED CERTIFICATES APPROX. EXPECTED CERTIFICATE % OF ASSUMED RATINGS BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL ------------- NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION CLASS FITCH/S&P AMOUNT (1) BALANCE SUPPORT LIFE (YRS) (2) (MOS) (2) DATE (2) RATE TYPE - --------------------------------------------------------------------------------------------------------------------------------- E A- / A- $9,720,209 0.750% 7.000% 9.911 119-119 9/10/2014 Fixed (5) - --------------------------------------------------------------------------------------------------------------------------------- F BBB+ / BBB+ $16,200,347 1.250% 5.750% 11.029 119-141 7/10/2016 Fixed (5) - --------------------------------------------------------------------------------------------------------------------------------- G BBB / BBB $11,340,243 0.875% 4.875% 11.744 141-141 7/10/2016 WAC (6) - --------------------------------------------------------------------------------------------------------------------------------- H BBB- / BBB- $16,200,347 1.250% 3.625% 11.744 141-141 7/10/2016 WAC (6) - --------------------------------------------------------------------------------------------------------------------------------- J BB+ / BB+ $6,480,139 0.500% 3.125% 11.744 141-141 7/10/2016 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- K BB / BB $6,480,139 0.500% 2.625% 11.744 141-141 7/10/2016 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- L BB- / BB- $6,480,139 0.500% 2.125% 11.744 141-141 7/10/2016 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- M B+ / B+ $3,240,069 0.250% 1.875% 11.744 141-141 7/10/2016 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- N B / B $3,240,069 0.250% 1.625% 11.744 141-141 7/10/2016 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- O B- / B- $4,860,105 0.375% 1.250% 11.784 141-143 9/10/2016 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- P NR / NR $16,200,348 1.250% 0.000% 13.868 143-178 8/10/2019 Fixed (3) - --------------------------------------------------------------------------------------------------------------------------------- XC AAA / AAA $1,296,027,783(4) N/A NA (4) N/A N/A Variable Rate (4) - --------------------------------------------------------------------------------------------------------------------------------- (1) Subject to a variance of plus or minus 10%. (2) As of the Cut-off Date, the Weighted Average Life, Principal Window and Assumed Final Distribution Date were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates and/or anticipated repayment date and the other assumptions set forth under "Yield and Maturity Considerations--Yield Considerations" in the prospectus supplement. (3) The Class A-6, Class A-1A, Class B, Class C, Class J, Class K, Class L, Class M, Class N, Class O and Class P Certificates will accrue interest at a fixed rate subject to a cap at the weighted average net mortgage rate. (4) The Class XP and Class XC Certificates will not have Certificate Balances and their holders will not receive distributions of principal, but these holders are entitled to receive payments of the aggregate interest accrued on the Notional Amount of the Class XP and Class XC Certificates as described in the prospectus supplement. (5) The Class D, Class E and Class F Certificates will accrue interest at either (i) a fixed rate, (ii) a fixed rate subject to a cap at the weighted average net mortgage rate, (iii) the weighted average net mortgage rate or (iv) the weighted average net mortgage rate less a specified percentage. (6) The Class G and Class H Certificates will accrue interest at either (i) the weighted average net mortgage rate or (ii) the weighted average net mortgage rate less a specified percentage. (7) For purposes of making distributions to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-1A Certificates, the pool of Mortgage Loans will be deemed to consist of two distinct loan groups, Loan Group 1 and Loan Group 2. Loan Group 1 will consist of 84 Mortgage Loans, representing approximately 84.4% of the aggregate principal balance of the pool of Mortgage Loans as of the Cut-off Date. Loan Group 2 will consist of 24 Mortgage Loans, representing approximately 15.6% of the aggregate principal balance of the pool of Mortgage Loans as of the Cut-off Date. Loan Group 2 will include approximately 91.4% of the aggregate principal balance of all the Mortgage Loans secured by multifamily properties and approximately 53.1% of the aggregate principal balance of all the Mortgage Loans secured by manufactured housing properties. Generally, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-6 Certificates has been reduced to zero. However, on and after any distribution date on which the Certificate Balances of the Class B through Class P Certificates have been reduced to zero, distributions of principal collected or advanced in respect of the pool of Mortgage Loans will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-1A Certificates pro rata. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 1 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- STRUCTURE SCHEMATIC* - -------------------------------------------------------------------------------- Class XC(1), XP --------------------------------- ------------------- AAA / AAA Class A-1 2.546% $33.0 MM --------------------------------- ------------------- --------------------------------- ------------------- AAA / AAA Class A-2 3.704% $48.0 MM --------------------------------- ------------------- --------------------------------- ------------------- AAA / AAA Class A-3 18.518% $240.0 MM --------------------------------- ------------------- --------------------------------- ------------------- AAA / AAA Class A-4 17.361% $225.0 MM --------------------------------- ------------------- --------------------------------- ------------------- AAA / AAA Class A-5 8.256% $107.0 MM --------------------------------- ------------------- --------------------------------- ------------------- AAA / AAA Class A-6 21.003% $272.1 MM --------------------------------- ------------------- --------------------------------- ------------------- AAA / AAA Class A-1A 15.613% $202.3 MM --------------------------------- ------------------- ------------------------------------------------ ---- AA / AA Class B 2.750% $35.6 MM ------------------------------------------------ ---- -------------------------------------------------- -- AA- / AA- Class C 0.875% $11.3 MM -------------------------------------------------- -- -------------------------------------------------- -- A / A Class D 1.625% $21.0 MM -------------------------------------------------- -- -------------------------------------------------- -- A- / A- Class E(1) 0.750% $9.7 MM -------------------------------------------------- -- -------------------------------------------------- -- BBB+ / BBB+ Class F(1) 1.250% $16.2 MM -------------------------------------------------- -- -------------------------------------------------- -- BBB / BBB Class G(1) 0.875% $11.3 MM -------------------------------------------------- -- -------------------------------------------------- -- BBB- / BBB- Class H(1) 1.250% $16.2 MM -------------------------------------------------- -- --------------------------------- ------------------- BB+ / BB+ Class J(1) 0.500% $6.4 MM --------------------------------- ------------------- --------------------------------- ------------------- BB / BB Class K(1) 0.500% $6.4 MM --------------------------------- ------------------- --------------------------------- ------------------- BB- / BB- Class L(1) 0.500% $6.4 MM --------------------------------- ------------------- --------------------------------- ------------------- B+ / B+ Class M(1) 0.250% $3.2 MM --------------------------------- ------------------- --------------------------------- ------------------- B / B Class N(1) 0.250% $3.2 MM --------------------------------- ------------------- --------------------------------- ------------------- B- / B- Class O(1) 0.375% $4.8 MM --------------------------------- ------------------- --------------------------------- ------------------- NR / NR Class P(1) 1.250% $16.2 MM --------------------------------- ------------------- [GRAPHIC OMITTED] - --------------- * Classes are not drawn to scale. Percentages are approximate percentages of the Initial Pool Balance as of the Cut-off Date. Class principal amounts are truncated. (1) Offered privately pursuant to Rule 144A. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 2 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT DATED SEPTEMBER 2004. ISSUE TYPE Sequential pay REMIC. Class A-1, A-2, A-3, A-4, A-5, A-6, A-1A, XP, B, C and D Certificates (collectively, the "Offered Certificates") are offered publicly. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-off Date, which is October 1, 2004 for all of the Mortgage Loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 108 Mortgage Loans (the "Mortgage Loans") with an aggregate balance as of the Cut-off Date of $1,296,027,784 (the "Initial Pool Balance"). For purposes of making distributions to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-1A Certificates, the Mortgage Pool will be deemed to consist of two distinct loan groups, Loan Group 1 and Loan Group 2. Loan Group 1 will consist of 84 Mortgage Loans, representing approximately 84.4% of the Initial Pool Balance as of the Cut-off Date. Loan Group 2 will consist of 24 Mortgage Loans, representing approximately 15.6% of the Initial Pool Balance as of the Cut-off Date. The Mortgage Loans are secured by 134 properties (the "Mortgaged Properties") located throughout 29 states. DEPOSITOR Banc of America Commercial Mortgage Inc. MORTGAGE LOAN SELLERS Bank of America, N.A. and Bear Stearns Commercial Mortgage, Inc. UNDERWRITERS Banc of America Securities LLC and Bear, Stearns & Co. Inc. are acting as co-lead managers. Banc of America Securities LLC and Bear, Stearns & Co. Inc. are acting as joint bookrunners with respect to the Class A-4, Class A-5 and Class A-6 Certificates. Banc of America Securities LLC is acting as sole bookrunner with respect to all other Classes of Offered Certificates. Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. are acting as co-managers. TRUSTEE LaSalle Bank National Association FISCAL AGENT ABN AMRO Bank N.V. MASTER SERVICER Bank of America, N.A. SPECIAL SERVICER Midland Loan Services, Inc. RATING AGENCIES Standard and Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., ("S&P") and Fitch, Inc. ("Fitch"). DENOMINATIONS $10,000 minimum for Class A-1, A-2, A-3, A-4, A-5, A-6 and A-1A Certificates, $1,000,000 minimum (notional) for the Class XP Certificates and $100,000 minimum for all other Offered Certificates. SETTLEMENT DATE On or about October , 2004. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 3 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- DISTRIBUTION DATE The 10th day of each month, or if such 10th day is not a business day, the next succeeding business day, commencing with respect to the Offered Certificates in November 2004. DETERMINATION DATE For any Distribution Date, the earlier of (i) the sixth day of the month in which the related Distribution Date occurs, or if such sixth day is not a Business Day, then the immediately preceding Business Day, and (ii) the fourth Business Day prior to the related Distribution Date. INTEREST DISTRIBUTIONS Each Class of Offered Certificates will be entitled on each Distribution Date to interest accrued at its Pass-Through Rate for such Distribution Date on the outstanding Certificate Balance of such Class during the prior calendar month. Interest will be distributed on each Distribution Date in sequential order of class designations with the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-1A, Class XC and Class XP Certificates ranking pari passu in entitlement to interest. PRINCIPAL DISTRIBUTIONS Principal will be distributed on each Distribution Date to the Class of Sequential Pay Certificates outstanding with the earliest alphabetical numerical Class designation until its Certificate Balance is reduced to zero. Generally, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates have been reduced to zero. If, due to losses, the Certificate Balances of the Class B through Class P Certificates are reduced to zero but any two or more of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and/or Class A-1A Certificates remain outstanding, payments of principal to the outstanding Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-1A Certificates will be made on a pro rata basis. LOSSES To be applied first to Class P, then to the next most subordinate Class of Sequential Pay Certificates. However, with respect to the Bank of America Center Whole Loan (as to which only the related A-1 note is in the trust fund), losses will be applied first to the junior portion of the A-1 note, and then pro rata among the A-2 note, the A-3 note and the senior portion of the A-1 note. As a result of such application, losses on such loan will be borne first by the Class BC Certificates (which correspond to the junior portion of the A-1 note) and, following the reduction of the principal balance of the Class BC Certificates to zero, the pro rata portion of losses so allocable to the senior portion of the A-1 note will be applied first to Class P, and then to the next most subordinate Class of Sequential Pay Certificates, etc. Similarly, with respect to the Dallas Market Center Whole Loan (as to which only the related A-1 note is in the trust fund), losses will be applied first to the junior portion of the A-1 note, and then pro rata among the A-2 note and the senior portion of the A-1 note. As a result of such application, losses on such loan will be borne first by the most subordinate class of the Class DM Certificates (which collectively correspond to the junior portion of the A-1 note) and then sequentially to the next most subordinate class of Class DM Certificates, etc.; following the reduction of the principal balances of each class of the Class DM Certificates to zero,the pro rata potion of losses allocable to the senior portion of the A-1 note will be applied first to Class P, and then to the next most subordinate Class of Sequential Pay Certificates, etc. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 4 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- PREPAYMENT PREMIUMS The manner in which any prepayment premiums received during a particular Collection Period will be allocated to one or more of the Classes of Offered Certificates is described in the "Description of the Certificates -- Distributions -- Distributions of Prepayment Premiums" in the prospectus supplement. ADVANCES Subject to certain limitations, including, but not limited to, a recoverability determination, the Master Servicer will be required to advance certain principal, interest and other expenses. In the event that the Master Servicer fails to make such advances, the Trustee will be required to do so. APPRAISAL REDUCTIONS Following the occurrence of: (1) any Mortgage Loan or Whole Loan becoming a Modified Mortgage Loan; (2) any Monthly Payment with respect to any Mortgage Loan or Whole Loan which remains unpaid for 60 days past the Due Date for such payments; (3) the passage of 60 days after the Special Servicer receives notice that the mortgagor under such Mortgage Loan or Whole Loan becomes the subject of bankruptcy, insolvency or similar proceedings, which remain undischarged and undismissed; (4) the passage of 60 days after the Special Servicer receives notice that a receiver or similar official is appointed with respect to the related Mortgaged Property; or (5) the related Mortgaged Property becoming an REO Property, the Special Servicer will obtain an appraisal on the property. Advances of delinquent interest on the most subordinate class or classes will be reduced to the extent of the interest on the Appraisal Reduction Amount. The Appraisal Reduction Amount will generally be equal to the difference between (a) the scheduled balance of the Mortgage Loan plus any unpaid advances outstanding and other amounts payable with respect thereto and (b) an amount equal to 90% of the appraised value of the Mortgaged Property. CONTROLLING CLASS The most subordinate Class of Sequential Pay Certificates with an outstanding Certificate Balance at least equal to 25% of its initial Certificate Balance or, if no such Class satisfies such criteria, the Class of Sequential Pay Certificates with the then largest outstanding Class Balance. (With respect to the Bank of America Center loan, however, the controlling class will be the Class BC Certificates, and with respect to the Dallas Market Center loan, the controlling class will be the most subordinate Class of Class DM Certificates, in each case subject to similar criteria, the terms of the related intercreditor agreements and otherwise as described in the prospectus supplement.) ERISA The Offered Certificates are expected to be ERISA eligible. SMMEA The Offered Certificates are not expected to be "mortgage-related securities" for the purposes of SMMEA. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 5 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- CONTACT INFORMATION - -------------------------------------------------------------------------------- BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC. Bill Hale Craig Sedmak (704) 388-1597 (Phone) (212) 272-4953 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) bill.e.hale@bankofamerica.com csedmak@bear.com Geordie Walker Tim Koltermann (704) 388-1597 (Phone) (212) 272-4953 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) geordie.r.walker@bankofamerica.com tkoltermann@bear.com Chuck Mather Jignesh Patel (704) 388-1597 (Phone) (212) 272-6184 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) charles.mather@bankofamerica.com jignesh.patel@bear.com GOLDMAN, SACHS & CO. GREENWICH CAPITAL MARKETS, INC. Rolf Edwards Chris McCormack (212) 902-5637 (Phone) (203) 625-2900 (Phone) (212) 346-3594 (Fax) (203) 618-2052 (Fax) rolf.edwards@gs.com mccormc@gcm.com Scott Wisenbaker Brian Schwartz (212) 902-2858 (Phone) (203) 625-2900 (Phone) (212) 346-3594 (Fax) (203) 618-2033 (Fax) scott.wisenbaker@gs.com brian.schwartz@gcm.com This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 6 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- GENERAL CHARACTERISTICS MORTGAGE POOL LOAN GROUP 1 LOAN GROUP 2 Number of Mortgage Loans ................................................ 108 84 24 Number of Mortgaged Properties .......................................... 134 105 29 Aggregate Balance of all Mortgage Loans ................................. $1,296,027,784 $1,093,682,783 $202,345,000 Number of Balloon Payment Mortgage Loans(1) ............................. 88 65 23 Aggregate Balance of Balloon Payment Mortgage Loans(1) .................. $935,506,661 $744,161,661 $191,345,000 Number of Anticipated Repayment Date Mortgage Loans(2) .................. 4 4 0 Aggregate Balance of Anticipated Repayment Date Mortgage Loans(2) ....... $36,106,122 $36,106,122 $0 Number of Interest Only Mortgage Loans(2) ............................... 18 17 1 Aggregate Balance of Interest Only Mortgage Loans(2) .................... $341,048,000 $330,048,000 $11,000,000 Minimum Balance ......................................................... $997,592 $997,592 $1,396,215 Maximum Balance ......................................................... $150,000,000 $150,000,000 $25,942,802 Average Balance ......................................................... $12,000,257 $13,020,033 $8,431,042 Number of Cross-Collateralized and Cross-Defaulted Loan Pools ........... 2 0 2 Maximum Balance for a Group of Cross-Collateralized and Cross-Defaulted Mortgage Loans ......................................................... $39,984,005 $0 $39,984,005 Weighted Average LTV Ratio .............................................. 67.9% 66.0% 77.7% Maximum LTV Ratio ....................................................... 80.7% 80.7% 80.2% Minimum LTV Ratio ....................................................... 34.1% 34.1% 37.9% Weighted Average DSCR ................................................... 1.68x 1.75x 1.30x Maximum DSCR ............................................................ 3.79x 3.79 x 1.57x Minimum DSCR ............................................................ 1.20x 1.21x 1.20x Weighted Average LTV at Maturity or Anticipated Repayment Date .......... 61.3% 60.0% 68.6% Range of Mortgage Loan Interest Rates ................................... 4.111%-6.730% 4.111%-6.730% 4.469%-6.401% Weighted Average Mortgage Loan Interest Rate ............................ 5.423% 5.428% 5.391% Range of Remaining Term to Maturity or Anticipated Repayment Date (months) .............................................................. 52 - 178 52 - 178 54 - 143 Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) .............................................................. 94 92 104 (1) Excludes Mortgage Loans that are Interest Only for their full term and Anticipated Repayment Date Mortgage Loans. (2) With respect to two Mortgage Loans, Loan Nos. 41399 and 39914, each Mortgage Loan is both Hyperamortizing and Interest Only which results in such Mortgage Loans appearing in each category. * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance) is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the three senior notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component was included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate component) included in the trust, One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior notes (excluding the subordinate components). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate components were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate components) included in the trust. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 7 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [PIE CHART OMITTED] Retail 33.8% Office 31.2% Manufactured Housing 10.9% Multifamily 10.7% Other 5.1% Self Storage 4.5% Industrial 2.9% Hotel 0.8% PROPERTY TYPE WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE % OF AVERAGE MIN/MAX AVERAGE MIN/MAX AVERAGE MORTGAGED CUT-OFF DATE INITIAL POOL UNDERWRITING UNDERWRITING CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR DSCR LTV RATIO LTV RATIO RATE - ------------------------------------------------------------------------------------------------------------------------------------ Retail 42 $ 438,182,740 33.8% 1.78x 1.21x / 3.39x 69.6% 49.5%/80.0% 5.374% - ------------------------------------------------------------------------------------------------------------------------------------ Anchored 32 389,814,437 30.1 1.81x 1.24x / 3.33x 69.3% 49.5%/80.0% 5.322% - ------------------------------------------------------------------------------------------------------------------------------------ Shadow Anchored 7 31,912,558 2.5 1.64x 1.21x / 3.39x 69.2% 54.7%/78.1% 5.638% - ------------------------------------------------------------------------------------------------------------------------------------ Unanchored 3 16,455,745 1.3 1.29x 1.29x / 1.29x 75.7% 72.9%/79.8% 6.112% - ------------------------------------------------------------------------------------------------------------------------------------ Office 32 404,426,373 31.2 1.72x 1.26x / 2.21x 61.9% 38.0%/80.7% 5.323% - ------------------------------------------------------------------------------------------------------------------------------------ Manufactured Housing 18 141,518,501 10.9 1.27x 1.20x / 1.49x 78.1% 63.2%/80.0% 5.283% - ------------------------------------------------------------------------------------------------------------------------------------ Multifamily 21 139,180,904 10.7 1.30x 1.20x / 1.57x 76.6% 37.9%/80.2% 5.460% - ------------------------------------------------------------------------------------------------------------------------------------ Other(1) 1 65,903,426 5.1 2.37x 2.37x / 2.37x 51.0% 51.0%/51.0% 6.101% - ------------------------------------------------------------------------------------------------------------------------------------ Self Storage 16 57,958,825 4.5 1.58x 1.26x / 3.79x 69.4% 34.1%/80.0% 5.538% - ------------------------------------------------------------------------------------------------------------------------------------ Industrial 3 37,885,588 2.9 1.82x 1.25x / 2.58x 70.1% 54.7%/79.3% 5.817% - ------------------------------------------------------------------------------------------------------------------------------------ Hotel 1 10,971,427 0.8 1.68x 1.68x / 1.68x 63.8% 63.8%/63.8% 6.276% - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE 134 $1,296,027,784 100.0% 1.68X 1.20X / 3.79X 67.9% 34.1%/80.7% 5.423% - ------------------------------------------------------------------------------------------------------------------------------------ * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance) is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the three senior notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component was included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate component) included in the trust. One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior notes (excluding the subordinate components). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate components were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate components) included in the trust. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. (1) The Mortgaged Property in this category is a merchandise mart property and secures one Mortgage Loan representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) as of the Cut-off Date. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 8 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] PROPERTY LOCATION WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE AVERAGE AVERAGE AVERAGE MORTGAGED CUT-OFF DATE % OF INITIAL UNDERWRITING CUT-OFF DATE MORTGAGE STATES PROPERTIES BALANCE POOL BALANCE DSCR LTV RATIO RATE - -------------------------------------------------------------------------------------------------------------------- California+ 22 $ 331,475,066 25.6% 1.79x 59.9% 5.299% - -------------------------------------------------------------------------------------------------------------------- Northern 11 233,864,704 18.0 1.97x 55.8% 5.104% - -------------------------------------------------------------------------------------------------------------------- Southern 11 97,610,361 7.5 1.36x 69.7% 5.768% - -------------------------------------------------------------------------------------------------------------------- Texas 24 200,594,226 15.5 1.82x 65.5% 5.709% - -------------------------------------------------------------------------------------------------------------------- Florida 10 125,074,776 9.7 1.46x 73.0% 5.303% - -------------------------------------------------------------------------------------------------------------------- Ohio 7 88,993,519 6.9 1.46x 78.4% 5.391% - -------------------------------------------------------------------------------------------------------------------- Kansas 2 83,410,962 6.4 1.46x 75.4% 5.748% - -------------------------------------------------------------------------------------------------------------------- Virginia 4 62,390,239 4.8 1.29x 73.8% 5.936% - -------------------------------------------------------------------------------------------------------------------- Washington 5 61,862,889 4.8 2.43x 57.9% 4.985% - -------------------------------------------------------------------------------------------------------------------- Pennsylvania 8 58,789,762 4.5 1.73x 70.3% 4.953% - -------------------------------------------------------------------------------------------------------------------- Maryland 3 32,400,000 2.5 1.66x 67.4% 5.203% - -------------------------------------------------------------------------------------------------------------------- Michigan 5 30,100,000 2.3 1.30x 78.3% 5.167% - -------------------------------------------------------------------------------------------------------------------- Others 44 220,936,346 17.0 1.60x 71.1% 5.474% - -------------------------------------------------------------------------------------------------------------------- TOTAL/WTD AVG 134 $1,296,027,784 100.0% 1.68X 67.9% 5.423% - -------------------------------------------------------------------------------------------------------------------- o THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 29 STATES. * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance) is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the three senior notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component was included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate component) included in the trust. One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior notes (excluding the subordinate components). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate components were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate components) included in the trust. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 9 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS CUT-OFF DATE BALANCE ($) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- $997,592 -- $999,999 1 997,592 0.1 $1,000,000 -- $1,999,999 10 15,515,887 1.2 $2,000,000 -- $2,999,999 6 14,802,772 1.1 $3,000,000 -- $3,999,999 7 25,155,143 1.9 $4,000,000 -- $4,999,999 11 50,114,717 3.9 $5,000,000 -- $7,499,999 25 154,273,057 11.9 $7,500,000 -- $9,999,999 10 85,433,288 6.6 $10,000,000 -- $14,999,999 16 194,300,276 15.0 $15,000,000 -- $19,999,999 6 97,934,168 7.6 $20,000,000 -- $29,999,999 8 190,376,613 14.7 $30,000,000 -- $49,999,999 5 182,509,884 14.1 $50,000,000 -- $99,999,999 2 134,614,388 10.4 $100,000,000 -- $150,000,000 1 150,000,000 11.6 - -------------------------------------------------------------------------------- TOTAL 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: $997,592 Max: $150,000,000 Average: $12,000,257 - -------------------------------------------------------------------------------- STATE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- California+ 22 331,475,066 25.6 Northern 11 233,864,704 18.0 Southern 11 97,610,361 7.5 Texas 24 200,594,226 15.5 Florida 10 125,074,776 9.7 Ohio 7 88,993,519 6.9 Kansas 2 83,410,962 6.4 Virginia 4 62,390,239 4.8 Washington 5 61,862,889 4.8 Pennsylvania 8 58,789,762 4.5 Maryland 3 32,400,000 2.5 Michigan 5 30,100,000 2.3 Others 44 220,936,346 17.0 - -------------------------------------------------------------------------------- TOTAL: 134 1,296,027,784 100.0 - -------------------------------------------------------------------------------- PROPERTY TYPE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- Retail 42 438,182,740 33.8 Anchored 32 389,814,437 30.1 Shadow Anchored 7 31,912,558 2.5 Unanchored 3 16,455,745 1.3 Office 32 404,426,373 31.2 Manufactured Housing 18 141,518,501 10.9 Multifamily 21 139,180,904 10.7 Other(1) 1 65,903,426 5.1 Self Storage 16 57,958,825 4.5 Industrial 3 37,885,588 2.9 Hotel 1 10,971,427 0.8 - -------------------------------------------------------------------------------- TOTAL: 134 1,296,027,784 100.0 - -------------------------------------------------------------------------------- MORTGAGE RATE (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 4.111% -- 4.499% 6 70,749,526 5.5 4.500% -- 4.749% 3 44,603,167 3.4 4.750% -- 4.999% 9 275,791,690 21.3 5.000% -- 5.249% 11 118,965,746 9.2 5.250% -- 5.499% 12 140,126,119 10.8 5.500% -- 5.749% 22 211,673,307 16.3 5.750% -- 5.999% 20 228,232,679 17.6 6.000% -- 6.249% 16 154,655,613 11.9 6.250% -- 6.499% 6 47,346,037 3.7 6.500% -- 6.730% 3 3,883,899 0.3 - -------------------------------------------------------------------------------- TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: 4.111% Max: 6.730% Wtd Avg: 5.423% - -------------------------------------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 60 -- 83 34 351,597,555 27.1 84 -- 99 9 312,170,701 24.1 100 -- 120 53 533,289,998 41.1 121 -- 179 10 90,435,881 7.0 180 2 8,533,649 0.7 TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: 60 Max: 180 Wtd Avg: 97 - -------------------------------------------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 52 -- 59 34 351,597,555 27.1 60 -- 79 2 44,351,484 3.4 80 -- 99 7 267,819,217 20.7 100 -- 109 2 23,073,220 1.8 110 -- 139 51 510,216,778 39.4 140 -- 159 9 81,211,242 6.3 160 -- 178 3 17,758,288 1.4 - -------------------------------------------------------------------------------- TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: 52 Max: 178 Wtd Avg: 94 - -------------------------------------------------------------------------------- PREPAYMENT PROVISION SUMMARY - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- Lockout/Defeasance/Open 75 969,439,334 74.8 Lockout/Yield Maintenance/ Open 31 283,473,450 21.9 Yield Maintenance/Open 2 43,115,000 3.3 - -------------------------------------------------------------------------------- TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 34.1% -- 49.9% 6 172,385,835 13.3 50.0% -- 59.9% 17 208,887,914 16.1 60.0% -- 64.9% 8 67,997,215 5.2 65.0% -- 69.9% 13 123,290,834 9.5 70.0% -- 74.9% 26 229,354,876 17.7 75.0% -- 79.9% 32 440,704,898 34.0 80.0% -- 80.7% 6 53,406,210 4.1 - -------------------------------------------------------------------------------- TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: 34.1% Max: 80.7% Wtd Avg: 67.9% - -------------------------------------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 30.7% -- 49.9% 13 264,257,955 20.4 50.0% -- 59.9% 33 284,406,508 21.9 60.0% -- 64.9% 23 211,012,939 16.3 65.0% -- 69.9% 22 245,737,341 19.0 70.0% -- 74.9% 13 226,133,335 17.4 75.0% -- 78.6% 4 64,479,706 5.0 - -------------------------------------------------------------------------------- TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: 30.7% Max: 78.6% Wtd Avg: 61.3% - -------------------------------------------------------------------------------- DEBT SERVICE COVERAGE RATIOS (X) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 1.20x -- 1.24x 16 138,854,637 10.7 1.25x -- 1.29x 28 333,893,259 25.8 1.30x -- 1.34x 11 84,292,128 6.5 1.35x -- 1.39x 6 74,348,890 5.7 1.40x -- 1.49x 13 95,346,662 7.4 1.50x -- 1.59x 8 118,188,933 9.1 1.60x -- 1.69x 5 41,893,338 3.2 1.70x -- 1.79x 2 36,670,313 2.8 1.80x -- 1.89x 1 3,992,676 0.3 1.90x -- 1.99x 1 5,439,076 0.4 2.00x -- 2.99x 14 347,747,871 26.8 3.00x -- 3.79x 3 15,360,000 1.2 - -------------------------------------------------------------------------------- TOTAL: 108 1,296,027,784 100.0 - -------------------------------------------------------------------------------- Min: 1.20x Max: 3.79x Wtd Avg: 1.68x - -------------------------------------------------------------------------------- * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance) is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the three senior notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component was included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate component) included in the trust. One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior notes (excluding the subordinate components). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate components were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate components) included in the trust. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. (1) The Mortgaged Property in this category is a merchandise mart property and secures one Mortgage Loan representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) as of the Cut-off Date. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 10 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- LOAN GROUP 1 CHARACTERISTICS CUT-OFF DATE BALANCE ($) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- $997,592 -- $999,999 1 997,592 0.1 $1,000,000 -- $1,999,999 7 10,602,096 1.0 $2,000,000 -- $2,999,999 3 7,261,496 0.7 $3,000,000 -- $3,999,999 5 17,845,138 1.6 $4,000,000 -- $4,999,999 7 32,167,466 2.9 $5,000,000 -- $7,499,999 21 127,140,234 11.6 $7,500,000 -- $9,999,999 8 67,000,075 6.1 $10,000,000 -- $14,999,999 14 172,723,629 15.8 $15,000,000 -- $19,999,999 6 97,934,168 9.0 $20,000,000 -- $29,999,999 4 92,886,618 8.5 $30,000,000 -- $49,999,999 5 182,509,884 16.7 $50,000,000 -- $99,999,999 2 134,614,388 12.3 $100,000,000 -- $150,000,000 1 150,000,000 13.7 - -------------------------------------------------------------------------------- TOTAL 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: $997,592 Max: $150,000,000 Average: $13,020,033 - -------------------------------------------------------------------------------- STATE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- California+ 21 307,475,066 28.1 Northern 11 233,864,704 21.4 Southern 10 73,610,361 6.7 Texas 21 183,964,222 16.8 Florida 7 93,231,392 8.5 Kansas 2 83,410,962 7.6 Washington 5 61,862,889 5.7 Virginia 3 56,390,239 5.2 Pennsylvania 4 46,449,601 4.2 Maryland 3 32,400,000 3.0 Ohio 2 29,107,562 2.7 Illinois 4 28,372,524 2.6 Others 33 171,018,327 15.6 - -------------------------------------------------------------------------------- TOTAL: 105 1,093,682,783 100.0 - -------------------------------------------------------------------------------- PROPERTY TYPE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- Retail 42 438,182,740 40.1 Anchored 32 389,814,437 35.6 Shadow Anchored 7 31,912,558 2.9 Unanchored 3 16,455,745 1.5 Office 32 404,426,373 37.0 Manufactured Housing 9 66,377,622 6.1 Other(1) 1 65,903,426 6.0 Self Storage 16 57,958,825 5.3 Industrial 3 37,885,588 3.5 Multifamily 1 11,976,783 1.1 Hotel 1 10,971,427 1.0 - -------------------------------------------------------------------------------- TOTAL: 105 1,093,682,783 100.0 - -------------------------------------------------------------------------------- MORTGAGE RATE (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 4.111% -- 4.499% 5 61,910,000 5.7 4.500% -- 4.749% 3 44,603,167 4.1 4.750% -- 4.999% 8 264,791,690 24.2 5.000% -- 5.249% 8 78,945,664 7.2 5.250% -- 5.499% 6 64,985,240 5.9 5.500% -- 5.749% 19 178,180,566 16.3 5.750% -- 5.999% 13 200,875,688 18.4 6.000% -- 6.249% 15 152,958,669 14.0 6.250% -- 6.499% 4 42,548,201 3.9 6.500% -- 6.730% 3 3,883,899 0.4 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: 4.111% Max: 6.730% Wtd Avg: 5.428% - -------------------------------------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 60 -- 83 26 275,078,188 25.2 84 -- 99 9 312,170,701 28.5 100 -- 120 46 488,675,607 44.7 121 -- 179 1 9,224,639 0.8 180 2 8,533,649 0.8 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: 60 Max: 180 Wtd Avg: 96 - -------------------------------------------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 52 -- 59 26 275,078,188 25.2 60 -- 79 2 44,351,484 4.1 80 -- 99 7 267,819,217 24.5 100 -- 109 1 21,252,588 1.9 110 -- 159 45 467,423,019 42.7 160 -- 178 3 17,758,288 1.6 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: 52 Max: 178 Wtd Avg: 92 - -------------------------------------------------------------------------------- PREPAYMENT PROVISION SUMMARY - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- Lockout/Defeasance/Open 57 823,774,174 75.3 Lockout/Yield Maintenance/ Open 25 226,793,609 20.7 Yield Maintance/Open 2 43,115,000 3.9 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 34.1% -- 49.9% 4 169,292,676 15.5 50.0% -- 59.9% 17 208,887,914 19.1 60.0% -- 64.9% 7 65,989,333 6.0 65.0% -- 69.9% 12 118,703,385 10.9 70.0% -- 74.9% 25 224,767,427 20.6 75.0% -- 79.9% 17 274,445,209 25.1 80.0% -- 80.7% 2 31,596,839 2.9 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: 34.1% Max: 80.7% Wtd Avg: 66.0% - -------------------------------------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 32.4% -- 49.9% 11 261,164,796 23.9 50.0% -- 59.9% 32 282,398,626 25.8 60.0% -- 64.9% 19 199,071,462 18.2 65.0% -- 69.9% 11 127,779,326 11.7 70.0% -- 74.9% 8 169,788,867 15,5 75.0% -- 76.2% 3 53,479,706 4.9 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: 32.4% Max: 76.2% Wtd Avg: 60.0% - -------------------------------------------------------------------------------- DEBT SERVICE COVERAGE RATIOS (X) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 1.21x -- 1.24x 8 51,937,944 4.7 1.25x -- 1.29x 23 314,279,674 28.7 1.30x -- 1.34x 8 49,501,491 4.5 1.35x -- 1.39x 4 41,046,088 3.8 1.40x -- 1.49x 10 81,361,755 7.4 1.50x -- 1.59x 5 104,452,557 9.6 1.60x -- 1.69x 5 41,893,338 3.8 1.70x -- 1.79x 2 36,670,313 3.4 1.80x -- 1.89x 1 3,992,676 0.4 1.90x -- 1.99x 1 5,439,076 0.5 2.00x -- 2.99x 14 347,747,871 31.8 3.00x -- 3.79x 3 15,360,000 1.4 - -------------------------------------------------------------------------------- TOTAL: 84 1,093,682,783 100.0 - -------------------------------------------------------------------------------- Min: 1.21x Max: 3.79x Wtd Avg: 1.75x - -------------------------------------------------------------------------------- * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance) is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the three senior notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component was included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate component) included in the trust. One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior notes (excluding the subordinate components). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate components were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate components) included in the trust. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. (1) The Mortgaged Property in this category is a merchandise mart property and secures one Mortgage Loan representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) as of the Cut-off Date. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 11 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- LOAN GROUP 2 CHARACTERISTICS CUT-OFF DATE BALANCE ($) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- $1,396,215 -- $1,999,999 3 4,913,791 2.4 $2,000,000 -- $2,999,999 3 7,541,276 3.7 $3,000,000 -- $3,999,999 2 7,310,006 3.6 $4,000,000 -- $4,999,999 4 17,947,251 8.9 $5,000,000 -- $7,499,999 4 27,132,822 13.4 $7,500,000 -- $9,999,999 2 18,433,212 9.1 $10,000,000 -- $14,999,999 2 21,576,646 10.7 $15,000,000 -- $25,942,802 4 97,489,995 48.2 - -------------------------------------------------------------------------------- TOTAL 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: $1,396,215 Max: $25,942,802 Average: $8,431,042 - -------------------------------------------------------------------------------- STATE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- Ohio 5 59,885,957 29.6 Florida 3 31,843,384 15.7 California+ 1 24,000,000 11.9 Southern 1 24,000,000 11.9 Michigan 3 18,260,000 9.0 Texas 3 16,630,004 8.2 Pennsylvania 4 12,340,160 6.1 Indiana 2 12,000,000 5.9 New York 2 9,174,899 4.5 Virginia 1 6,000,000 3.0 Louisiana 1 4,132,352 2.0 Others 4 8,078,244 4.0 - -------------------------------------------------------------------------------- TOTAL: 29 202,345,000 100.0 - -------------------------------------------------------------------------------- PROPERTY TYPE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- Manufactured Housing 9 75,140,879 37.1 Multifamily 20 127,204,121 62.9 - -------------------------------------------------------------------------------- TOTAL: 29 202,345,000 100.0 - -------------------------------------------------------------------------------- MORTGAGE RATE (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 4.469% -- 4.499% 1 8,839,526 4.4 4.500% -- 4.999% 1 11,000,000 5.4 5.000% -- 5.249% 3 40,020,082 19.8 5.250% -- 5.499% 6 75,140,879 37.1 5.500% -- 5.749% 3 33,492,741 16.6 5.750% -- 5.999% 7 27,356,991 13.5 6.000% -- 6.249% 1 1,696,944 0.8 6.250% -- 6.401% 2 4,797,836 2.4 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: 4.469% Max: 6.401% Wtd Avg: 5.391% - -------------------------------------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 60 -- 99 8 76,519,367 37.8 100 -- 120 7 44,614,391 22.0 121 -- 144 9 81,211,242 40.1 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: 60 Max: 144 Wtd Avg: 107 - -------------------------------------------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 54 -- 99 8 76,519,367 37.8 100 -- 109 1 1,820,632 0.9 110 -- 139 6 42,793,759 21.1 140 -- 143 9 81,211,242 40.1 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: 54 Max: 143 Wtd Avg: 104 - -------------------------------------------------------------------------------- PREPAYMENT PROVISION SUMMARY - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- Lockout/Defeasance/Open 18 145,665,160 72.0 Lockout/Yield Maintenance/ Open 6 56,679,841 28.0 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 37.9% -- 49.9% 2 3,093,159 1.5 50.0% -- 64.9% 1 2,007,881 1.0 65.0% -- 69.9% 1 4,587,449 2.3 70.0% -- 74.9% 1 4,587,449 2.3 75.0% -- 79.9% 15 166,259,689 82.2 80.0% -- 80.2% 4 21,809,372 10.8 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: 37.9% Max: 80.2% Wtd Avg: 77.7% - -------------------------------------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 30.7% -- 49.9% 2 3,093,159 1.5 50.0% -- 59.9% 1 2,007,881 1.0 60.0% -- 64.9% 4 11,941,477 5.9 65.0% -- 69.9% 11 117,958,015 58.3 70.0% -- 74.9% 5 56,344,468 27.8 75.0% -- 78.6% 1 11,000,000 5.4 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: 30.7% Max: 78.6% Wtd Avg: 68.6% - -------------------------------------------------------------------------------- DEBT SERVICE COVERAGE RATIOS (X) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 1.20x -- 1.24x 8 86,916,694 43.0 1.25x -- 1.29x 5 19,613,585 9.7 1.30x -- 1.34x 3 34,790,637 17.2 1.35x -- 1.39x 2 33,302,802 16.5 1.40x -- 1.49x 3 13,984,907 6.9 1.50x -- 1.57x 3 13,736,375 6.8 - -------------------------------------------------------------------------------- TOTAL: 24 202,345,000 100.0 - -------------------------------------------------------------------------------- Min: 1.20x Max: 1.57x Wtd Avg: 1.30x - -------------------------------------------------------------------------------- * The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 12 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE PREPAYMENT PROVISIONS(1) OCT-04 OCT-05 OCT-06 OCT-07 OCT-08 OCT-09 OCT-10 - ------------------------------------------------------------------------------------------------------------------------------------ Lockout/Defeasance 96.67% 96.65% 90.05% 76.61% 76.55% 90.63% 90.64% Yield Maintenance(2) 3.33% 3.35% 9.95% 23.39% 23.45% 9.37% 9.36% Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total Beginning Balance (in millions) $ 1,296.03 $ 1,287.49 $ 1,277.57 $ 1,265.22 $ 1,251.64 $ 899.18 $ 886.46 Percent of Mortgage Pool Balance(3) 100.00% 99.34% 98.58% 97.62% 96.58% 69.38% 68.40% - ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT PROVISIONS(1) OCT-11 OCT-12 OCT-13 OCT-14 OCT-15 OCT-16 OCT-17 OCT-18 OCT-19 - ------------------------------------------------------------------------------------------------------------------------------------ Lockout/Defeasance 87.52% 87.53% 87.07% 100.00% 100.00% 100.00% 100.00% 25.52% 0.00% Yield Maintenance(2) 12.48% 12.47% 12.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 74.48% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total Beginning Balance (in millions) $ 575.86 $ 564.57 $ 532.68 $ 86.00 $ 83.99 $ 14.15 $ 13.71 $ 9.21 $ 0.00 Percent of Mortgage Pool Balance(3) 44.43% 43.56% 41.10% 6.64% 6.48% 1.09% 1.06% 0.71% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ (1) Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (except that an ARD Loan will be repaid on its Anticipated Repayment Date). (2) As of the Cut-off Date, two Mortgage Loans, representing 3.3% of the initial pool balance (3.9% of the group 1 balance) are not subject to a lock-out period but are subject to yield maintenance provisions. In addition, as of the Cut-off Date, 31 Mortgage Loans, representing 21.9% of the initial pool balance (20.7% of the group 1 balance and 28.0% of the group 2 balance), are subject to yield maintenance prepayment provisions after the lock-out period. The remaining Mortgage Loans, representing 74.8% of the initial pool balance (75.3% of the group 1 balance and 72.0% of the group 2 balance), are subject to defeasance after an initial restriction period. (3) As of the Cut-off Date. * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement), representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance), is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement), representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance), is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior portion as of the Cut-off Date. The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 13 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS OR CROSSED POOL - -------------------------------------------------------------------------------- The following table and summaries describe the ten largest Mortgage Loans or Crossed Pool in the Mortgage Pool by Cut-off Date Balance: TEN LARGEST MORTGAGE LOANS OR CROSSED POOL BY CUT-OFF DATE BALANCE* % OF % OF CUT-OFF INITIAL APPLICABLE CUT-OFF LTV DATE LOAN POOL LOAN PROPERTY DATE LTV RATIO UNDERWRITTEN MORTGAGE LOAN NAME BALANCE GROUP BALANCE GROUP TYPE RATIO AT MATURITY DSCR RATE - --------- ------- ----- ------- ----- ---- ----- ----------- ---- ---- Bank of America Center ..... $150,000,000 1 11.6% 13.7% Office 49.3% 49.3% 2.21x 4.847% Simon -- West Ridge Mall ... 68,710,962 1 5.3 6.3% Retail 80.0% 74.8% 1.25x 5.890% Dallas Market Center ....... 65,903,426 1 5.1 6.0% Other 51.0% 41.8% 2.37x 6.101% 8027 Leesburg Pike ......... 43,622,666 1 3.4 4.0% Retail 73.2% 62.6% 1,26x 5.940% Santa Rosa Mall ............ 42,411,692 1 3.3 3.9% Retail 70.1% 62.8% 1.52x 5.416% Sun Communities -- Buttonwood Bay / Meadows / Pine Ridge / Maplewood** ... 39,984,005 2 3.1 19.8% Manufactured Housing 79.5% 67.0% 1.29x 5.320% Sun Communities Portfolio 12 / Catalina** .. 35,156,874 2 2.7 17.4% Manufactured Housing 78.6% 66.3% 1.29x 5.320% Sun Communites Portfolio 2 ................ 34,910,525 1 2.7 3.2% Manufactured Housing 77.4% 71.4% 1.28x 4.931% Northpointe Plaza .......... 30,850,000 1 2.4 2.8% Retail 54.6% 54.6% 2.97x 4.285% GE-Kimco Portfolio ......... 30,715,000 1 2.4 2.8% Retail 79.8% 76.2% 1.72x 4.736% ------------ ---- ---- ---- ---- ----- TOTAL / WTD. AVG ........... $542,265,150 41.8% 64.9% 59.4% 1.81x 5.297% ============ ==== ==== ==== ==== ===== * One Mortgage Loan, Loan No. 58399 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 11.6% of the Initial Pool Balance (and 13.7% of the Group 1 Balance) is part of a split loan structure evidenced by three senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and one subordinate component, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the three senior notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component was included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate component) included in the trust. One Mortgage Loan, Loan No. 58320 (such Loan Number is set forth in Annex A to the prospectus supplement) representing 5.1% of the Initial Pool Balance (and 6.0% of the Group 1 Balance) is part of a split loan structure evidenced by two senior pari passu promissory notes. The Cut-off Date Balance of this Mortgage Loan has been calculated based upon the senior note included in the trust having been divided into a senior component and seven subordinate components, and reflects only the outstanding principal balance of the senior component as of the Cut-off Date. Each loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior notes (excluding the subordinate components). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate components were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the senior note (excluding the subordinate components) included in the trust. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. ** For crossed pools, the information is the sum or weighted average of the information for the mortgage loans in the crossed pool. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 14 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 15 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- WHOLE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $520,000,000 FIRST PAYMENT DATE: October 1, 2004 TERM/AMORTIZATION: 84/0 months INTEREST ONLY PERIOD: 84 months MATURITY DATE: September 1, 2011 EXPECTED MATURITY BALANCE: $520,000,000 BORROWING ENTITY: 555 California Owners LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 80 payments Open: 4 payments UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $389,250 REPLACEMENT RESERVE: $6,175,000 TI/LC: $10,000,000 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $40,856 TI/LC: $148,566 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN BALANCE: $520,000,000 WHOLE LOAN BALANCE (EXCLUDING SUBORDINATE COMPONENT): $417,000,000 NOTE A-1 BALANCE: $253,000,000 SENIOR COMPONENT BALANCE: $150,000,000 SUBORDINATE COMPONENT BALANCE(1): $103,000,000 SENIOR COMPONENT SHADOW RATING (S&P/FITCH): AAA/AA WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING SUBORDINATE)(6) SUBORDINATE) --------------- ------------ CUT-OFF DATE LTV: 49.3% 61.5% MATURITY DATE LTV: 49.3% 61.5% UNDERWRITTEN DSCR(2): 2.21x(3) 1.73x(4) MORTGAGE RATE(5): 4.847% 5.054% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB-TYPE: CBD LOCATION: San Francisco, CA YEAR BUILT/RENOVATED: 1921, 1969, 1971/NA NET RENTABLE SQUARE FEET: 1,780,748 CUT-OFF BALANCE PER SF: $234(6) OCCUPANCY AS OF 6/1/04: 93.7% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Shorenstein Realty Services, L.P. U/W NET CASH FLOW: $58,464,169 APPRAISED VALUE: $845,000,000(7) - -------------------------------------------------------------------------------- (1) Subordinate component is subordinate to A-2 and A-3 notes (which are not part of trust fund) as well as senior component. (2) DSCR figures based on net cash flow unless otherwise noted. (3) The loan is interest only for its entire term. If debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.85x. (4) The loan is interest only for its entire term. If debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.19x. (5) The interest rate was rounded to three decimals and is subject to change (prior to pricing). (6) Based on aggregate principal balance of $417,000,000 (the original whole loan excluding the subordinate portion of note A-1). (7) The as stabilized value is expected to be $862,000,000 as of September 1, 2005. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 16 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ---------------------------------------------------------------------------------------------------------------- FULL YEAR FULL YEAR FULL YEAR UNDERWRITTEN (12/31/03) (12/31/02) (12/31/01) ------------ ---------- ---------- ---------- Effective Gross Income ............. $95,289,720 $93,715,964 $100,886,419 $95,344,572 Total Expenses ..................... $33,245,580 $33,784,205 $34,753,431 $35,525,900 Net Operating Income (NOI) ......... $62,044,140 $59,931,759 $66,132,988 $59,818,672 Cash Flow (CF) ..................... $58,464,169 $59,931,759 $66,132,988 $59,818,672 DSCR on NOI(1) ..................... 2.35x 2.27x 2.51x 2.27x DSCR on CF(1) ...................... 2.21x(2) 2.27x 2.51x 2.27x - ---------------------------------------------------------------------------------------------------------------- (1) Based on aggregate principal balance of $417,000,000 (the original whole loan excluding the subordinate portion of note A-1). (2) The loan is interest only for its entire term. If debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.85x. - ------------------------------------------------------------------------------------------------------------------ TENANT INFORMATION - ------------------------------------------------------------------------------------------------------------------ RATINGS TENANT % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS+ S&P/FITCH TOTAL SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------ Bank of America, N.A. ..... AA-/AA- 662,524 37.2% $41.59 $27,555,388 34.0% 9/30/2015++ Goldman, Sachs & Co. ...... A+/AA- 90,504 5.1 $60.83 5,505,581 6.8 8/31/2010 Morgan Stanley & Co. ...... A+/AA- 85,347 4.8 $65.88 5,622,943 6.9 10/31/2011 ------- ---- ----------- ---- Totals..................... 838,375 47.1% $38,683,911 47.7% - ------------------------------------------------------------------------------------------------------------------ + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. ++ Excluding one lease for 3,000 square feet representing 0.5% of the total Bank of America leased space. - ----------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - ----------------------------------------------------------------------------------------------------- # OF LEASES % TOTAL CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION+++ EXPIRING++++ EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING - --------------------- ------------ ----------- -- -------- ---------- -------- 2004 ................. 16 14,689 0.8% 14,689 0.8% $ 586,656 2005 ................. 19 68,810 3.9 83,499 4.7% $ 3,590,832 2006 ................. 25 201,448 11.3* 284,947 16.0% $11,717,624 2007 ................. 6 87,061 4.9 372,008 20.9% $ 4,028,880 2008 ................. 7 52,236 2.9 424,244 23.8% $ 2,631,923 2009 ................. 19 116,600 6.5 540,844 30.3% $ 3,843,736 2010 ................. 12 137,126 7.7 677,970 38.0% $ 8,943,889 2011 ................. 7 121,002 6.8 798,972 44.8% $ 9,635,731 2013 ................. 4 64,516 3.6 863,488 48.4% $ 3,132,905 2014 ................. 1 24,817 1.4 888,305 49.8% $ 992,680 2015 ................. 24 736,283 41.3 1,624,588 91.1% $30,505,894 2016 ................. 4 48,281 2.7 1,672,869 93.8% $ 1,420,949 Vacant ............... 111,178 6.2 1,784,047 100.0% --- --------- ----- TOTAL ................ 144 1,784,047 100.0% - ----------------------------------------------------------------------------------------------------- +++ Information obtained from Underwritten Rent Roll. ++++ For purposes of this column, each leased tenant space was considered a separate lease even if multiple tenant spaces were covered under the same lease. * Shearman and Sterling is currently on the Rent Roll for 46,275 square feet of this space. Sidley Austin Brown & Wood has signed a lease for such square footage after Shearman and Sterling vacates. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 17 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- o The Bank of America Center Mortgaged Property is 93.7% occupied by a total of 35 office tenants at an average lease rate of $48 per square foot and 11 retail tenants at an average lease rate of $47 per square foot. The four largest tenants, representing 51.4% of total net rentable area, are: o Bank of America Corporation (Rated "A+" by S&P and "AA-" by Fitch), a diversified global financial services company, occupies 662,524 square feet (37.2%) under various leases generally expiring in September 2015. Incorporated in 1968 and headquartered in Charlotte, North Carolina, Bank of America Corporation operates through its banking and non-banking subsidiaries as a provider of financial services and products throughout the United States and in selected international markets. Bank of America Corporation manages its operations through four business segments: Consumer and Commercial Banking, Asset Management, Global Corporate and Investment Banking and Equity Investments. On October 27, 2003, Bank of America Corporation and FleetBoston Financial Corporation, a diversified financial services company, signed an agreement and plan of merger. The merger closed in April 2004. For the year ended December 31, 2003, Bank of America Corporation reported revenues of $49.0 billion and net income of $10.8 billion. As of June 30, 2004, the company reported total assets of $1.0 trillion and stockholders' equity of $95.8 billion. The subject spaces have various uses, including general office and a bank branch. o The Goldman Sachs Group, Inc. (Rated "A+" by S&P and "AA-" by Fitch), a global investment banking, securities and investment management firm, leases 90,504 square feet (5.0%) under various leases expiring in August 2010. Founded in 1869 and headquartered in New York, New York, The Goldman Sachs Group, Inc. provides a range of services worldwide to a diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As of November 28, 2003, it operated offices in over 20 countries. The company's activities are divided into three segments: Investment Banking; Trading and Principal Investments; and Asset Management and Securities Services. For the fiscal year ended November 28, 2003, The Goldman Sachs Group, Inc. reported revenues of $23.6 billion and net income of $3.0 billion. As of May 28, 2004, the company reported total assets of $467.9 billion and stockholders' equity of $23.2 billion. The subject location serves as general office space for the company. o Morgan Stanley (Rated "A+" by S&P and "AA-" by Fitch), a global financial services firm, occupies 85,347 square feet (4.8%) under various leases expiring in October 2011. Established in 1935 and headquartered in New York, New York, Morgan Stanley operates in four business segments: Institutional Securities, Individual Investor Group, Investment Management and Credit Services. For the fiscal year ended November 30, 2003, Morgan Stanley reported revenues of $34.9 billion and net income of $3.8 billion. As of May 31, 2004, the company reported total assets of $729.5 billion and stockholders' equity of $27.0 billion. The subject location serves as general office space for the company. o Ernst & Young, one of the "Big Four" global accounting firms, occupies 77,678 square feet (4.4%) under various leases expiring in December 2006. Established in 1989 (with predecessor firms founded in 1903 and 1906) and headquartered in New York, New York, Ernst & Young provides a range of services, including accounting and auditing, tax reporting and operations, tax advisory, business risk services, technology and security risk services, transaction advisory and human capital services. Globally, Ernst & Young focuses on seven major industry groups: financial services; technology, communications and entertainment; energy, chemicals and utilities; industrial products; retailing and consumer products; health sciences; and real estate, hospitality and construction. Ernst & Young reported over $13 billion in revenues in fiscal year 2003 and employs 103,000 people in over 140 countries around the world. The subject location serves as general office space for the firm. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 18 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Bank of America Center Mortgage Loan is secured by a first mortgage on a 1,780,748 square foot Class A central business district office complex located in San Francisco, California. o The $150,000,000 senior portion (shadow rated "AAA" and "AA" by S&P and Fitch, respectively) of the subject $253,000,000 A-1 note is pari passu with a $130,000,000 A-2 note and a $137,000,000 A-3 note. The other senior notes, the A-2 note in the amount of $130,000,000 and the A-3 note in the amount of $137,000,000 have the same interest rate, maturity date and amortization term as the subject loan and are held outside of the trust. The remaining $103,000,000 of the A-1 note balance (the junior portion) is subordinate to such senior portion of the A-1 note and the entire A-2 note and A-3 note. There is also $230,000,000 of mezzanine debt. THE BORROWER: o The borrower, 555 California Owners LLC (the "Bank of America Center Borrower"), is a single-purpose, bankruptcy-remote entity with two independent directors, for which the Bank of America Center Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Bank of America Center Borrower is owned 100% in succession by five mezzanine ownership entities (555 California Mezz-1 LLC, 555 California Mezz-2 LLC, 555 California Mezz-3 LLC, 555 California Mezz-4 LLC, and 555 California Mezz-5 LLC, respectively), each a Delaware limited liability company. 555 California Mezz-5 LLC is owned: 2% by two entities, Shorenstein Capital 555 LLC and Shorenstein 555 California LLC, controlled and owned by Shorenstein Company LLC; and 98% owned by two entities, Giants Equities LLC and Warrior Equities LLC, controlled by Mark Karasick, a borrower principal, and wholly owned by Mark Karasick, IPC (US), Inc. ("IPC"), and certain other investors. David Yisrael is also a borrower principal. o Mark Karasick has been a New York City-based real estate syndicator for the past 15 years. Initially, he was a developer in New York State's Orange and Dutchess Counties. During the past eight years, Mr. Karasick has principaled numerous real estate transactions as both a syndicator and a managing member of various limited liability companies. Mr. Karasick has typically acquired properties or mortgages with a current yield and considerable upside, located primarily in New York and New Jersey. In addition, Mr. Karasick has real estate holdings outside the New York/New Jersey/Connecticut tri-state area such as the 430,000 square foot IBM office building in Hato Rey, Puerto Rico. Acquisitions during the past five years include properties totaling more than eight million square feet. o IPC is a subsidiary of the Toronto, Canada-based IPC US REIT. IPC US REIT beneficially owns an 89.0% economic interest in IPC (US), Inc. IPC has ownership interests in, and manages, 32 buildings in the United States (26 office and six retail) containing a total of 7.6 million square feet of rentable space. o As a San Francisco-based private owner and operator of Class A office buildings in the United States with a portfolio of more than 17 million square feet, Shorenstein Company LLC, through its affiliates, has owned and managed the Bank of America Center Mortgaged Property for over 15 years. THE PROPERTY: o The collateral for the Bank of America Center Mortgage Loan consists of the fee simple interest in a 1,780,748 square foot Class A central business district office complex. The collateral is comprised of three buildings: (1) 555 California Street, a 1,488,619 square foot, 52-story Class A office building with retail constructed in 1969; (2) 315 Montgomery Street, a 228,160 square foot, 16-story Class B office building with street level retail constructed in 1921; and (3) 345 Montgomery Street, a 63,969 square foot, three-story Bank of America branch constructed in 1971. The complex has on-site parking for 450 cars in a three level subterranean garage. The collateral is situated on approximately 2.80 acres in the North of Market Area Financial District in downtown San Francisco, California. o The Bank of America Center Borrower, at its sole cost and expense, is required to keep the Bank of America Center Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Bank of America Center Borrower is also required to use commercially reasonable efforts to maintain a comprehensive all risk insurance policy without an exclusion for terrorist acts. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 19 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- PROPERTY MANAGEMENT: o Shorenstein Realty Services, L.P., an affiliate of the Bank of America Center Borrower, manages the Bank of America Center Mortgaged Property. Headquartered in San Francisco, California, and in business for over 80 years, Shorenstein Realty Services is the wholly owned property services affiliate of Shorenstein Company LLC (www.shorenstein.com), a premier private owner and operator of Class A office buildings in the United States with a portfolio of more than 17 million square feet. Founded in the 1920's as a brokerage and management company, Shorenstein Company is engaged in all aspects of office building investment, development, financing, leasing, construction, and management. Since the early 1960's, the company has been an active investor in high quality office projects. Since 1992, Shorenstein has sponsored a series of closed-end investment funds that have invested in Class A office projects located throughout the United States. Shorenstein Realty Services provides leasing, management and construction services to all of Shorenstein Company's properties. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o $230,000,000 of mezzanine debt. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. SUBORDINATE COMPONENT o As will be set forth in more detail in the prospectus supplement, the holder of a designated class of certificates that is entitled to payments solely from the BC Pari Passu Note A-1 Mortgage Loan will be entitled in certain instances to exercise rights analogous to the rights of the Directing Certificateholder solely with respect to the BC Pari Passu Note A-1 Mortgage Loan. Such rights may include the review and/or approval of certain actions taken by the Master Servicer or the Special Servicer in connection with the BC Pari Passu Note A-1 Mortgage Loan. In addition, such holder may (but is not obligated to) purchase the Bank of America Center Whole Loan at a price generally equal to the outstanding principal balance, accrued and unpaid interest, all related unreimbursed servicing advances (with interest, if any) including any servicing compensation, certain unreimbursed costs and expenses and additional trust fund expenses on such balances and any liquidation fees payable in connection with such purchase. Moreover, such holder may (but is not obligated to) purchase the BC Pari Passu Note A-1 Mortgage Loan, if the BC Pari Passu Note A-1 Mortgage Loan is then considered a "Defaulted Mortgage Loan" as more particularly described in the prospectus supplement, at a price generally equal to its (a) fair value as determined by the Special Servicer (or the Master Servicer or Trustee if the Special Servicer and the option holder are the same person or affiliated) or (b) unpaid principal balance, plus accrued and unpaid interest on such balance, all related unreimbursed advances (with interest if any), and all accrued special servicing fees and additional trust fund expenses, if the Special Servicer has not determined its fair value. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 20 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 21 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 22 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $68,710,962 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: July 1, 2014 EXPECTED MATURITY BALANCE: $64,274,751 BORROWING ENTITY: West Ridge Mall, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 113 payments Open: 7 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring upon the occurrence of an NOI trigger event (NOI for trailing four quarters falls below $5,374,000). - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $68,710,962 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 74.8% UNDERWRITTEN DSCR*: 1.25x MORTGAGE RATE: 5.890% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Topeka, KS YEAR BUILT/RENOVATED: 1988/NA NET RENTABLE SQUARE FEET: 413,755 CUT-OFF BALANCE PER SF: $166 OCCUPANCY AS OF 9/13/04: 58.1% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Simon Management Associates, LLC U/W NET CASH FLOW: $6,107,284 APPRAISED VALUE: $85,900,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 23 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ---------------------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04)* (12/31/03) ---------------- ---------------- ---------------- EFFECTIVE GROSS INCOME ............. $ 11,650,127 $ 10,666,118 $ 11,622,463 TOTAL EXPENSES ..................... $ 5,289,528 $ 4,872,606 $ 4,913,004 NET OPERATING INCOME (NOI) ......... $ 6,360,599 $ 5,793,512 $ 6,709,459 CASH FLOW (CF) ..................... $ 6,107,284 $ 5,793,512 $ 6,709,459 DSCR ON NOI ........................ 1.30x 1.19x 1.37x DSCR ON CF ......................... 1.25x 1.19x 1.37x - ---------------------------------------------------------------------------------------------- * Please note that annualized data may not reflect seasonal variations in retail sales. - ------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION - ------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT % TOTAL POTENTIAL % POTENTIAL LEASE TOP TENANTS+ S&P/FITCH TOTAL SF SF RENT PSF RENT RENT EXPIRATION - ------------ --------- -------- -- -------- ---- ---- ---------- Hollywood Cinema .................. Not Rated 23,115 5.6% $ 12.97 $299,715 4.4% 1/31/2009 Old Navy Clothing Co.(1) .......... BB+/BB+ 22,446 5.4 (1) (1) 1/31/2005 The Gap/Gap Kids(2) ............... BB+/BB+ 9,182 2.2 (2) (2) 1/31/2007 ------ ---- -------- --- TOTALS ............................ 54,743 13.2% $299,715 4.4% (1) In lieu of base rent, tenant pays 6% of gross annual sales up to $8.0 million and 4% of gross annual sales in excess of $8.0 million. Such payments are to be made monthly and, if at the end of any lease year, tenant's payments for such year are less than $11.00 per square foot, tenant shall make a payment equal to the amount by which its payments were less than $11.00 per square foot. (2) In lieu of base rent, tenant pays 7.5% of gross annual sales up to $4,131,900 and 4% of gross annual sales in excess of $4,131,900. Such payments are to be made monthly and, if at the end of any lease year, tenant's payments for such year are less than $15.00 per square foot, tenant shall make a payment equal to the amount by which its payments were less than $15.00 per square foot. - ------------------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. - ----------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - ----------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE BASE RENT LEASES EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING YEAR OF EXPIRATION++ ----------------- ---------- --------- ------------ ------------ ------------- 2005 ................ 14 50,727 12.3% 50,727 12.3% $ 583,468 2006 ................ 8 13,492 3.3 64,219 15.5% $ 363,216 2007 ................ 8 18,680 4.5 82,899 20.0% $ 297,766 2008 ................ 10 19,697 4.8 102,596 24.8% $ 514,121 2009 ................ 13 46,104 11.1 148,700 35.9% $1,006,039 2010 ................ 11 25,799 6.2 174,499 42.2% $ 680,799 2011 ................ 6 23,913 5.8 198,412 48.0% $ 447,658 2012 ................ 7 16,283 3.9 214,695 51.9% $ 411,511 2013 ................ 4 8,709 2.1 223,404 54.0% $ 242,577 2014 ................ 4 13,816 3.3 237,220 57.3% $ 345,483 2015 ................ 4 11,401 2.8 248,621 60.1% $ 275,142 Vacant .............. 165,137 39.9 413,758 100.0% -- ------- ----- TOTAL ............... 89 413,758 100.0% - ----------------------------------------------------------------------------------------------------- ++ Information obtained from Underwritten Rent Roll. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 24 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- o The Simon-West Ridge Mall is 93.3% occupied, excluding a vacant anchor that is 112,700 square feet. The Simon-West Ridge Mall Mortgaged Property does not include the entire mall but consists of in-line space and the vacant anchor space. The in-line collateral constituting the Simon-West Ridge Mall Mortgaged Property for the Simon-West Ridge Mall Mortgage Loan is 79.9% occupied. Including the vacant anchor space, the Simon-West Ridge Mall Mortgaged Property is 58.1% occupied. The mall is occupied by a mix of national, regional and local tenants, including approximately 90 in-line and freestanding tenants. The Mortgaged Property is also shadow-anchored by The Jones Store (wholly owned by May Department Stores), J.C. Penney, Dillard's and Sears, which aggregate 604,111 square feet, are tenant-owned and not part of the collateral. The five largest tenants, representing 16.9% of total net rentable area, are: o Wallace Theater Corporation/Hollywood Cinema (dba West Ridge Mall 6 Theatres), a movie theater operator, occupies 23,115 square feet (5.6%) on a 12-year lease expiring in January 2009. Headquartered in Portland, Oregon, Wallace Theater Corporation operates approximately 450 screens in 54 locations across 12 states and four Pacific Rim countries. Wallace Theaters is privately held by GTCR Golder Rauner, LLC ("GTCR"), a Chicago-based private equity investment firm founded in 1980. GTCR currently manages approximately $6.0 billion in equity and mezzanine capital invested in a range of companies and industries. o Old Navy, a North American specialty retailer, occupies 22,446 square feet (5.4%) on a five-year lease expiring in January 2005 with two, five-year renewal options. Launched in 1994, Old Navy is a division of Gap, Inc. (NYSE: "GPS") (Rated "BB+" by S&P and "BB+" by Fitch). Annual sales for Gap Inc.'s fiscal year ended January 31, 2004 totaled $15.9 billion; net income was $1.0 billion. Old Navy offers selections of value-priced apparel, shoes and accessories for adults, children and infants, as well as other items, including personal care products. As of May 1, 2004, Gap Inc. operated 843 Old Navy stores in the United States and Canada. Annual net sales for Old Navy's fiscal year ended January 31, 2004 totaled $6.5 billion. o Gap/Gap Kids, an international specialty retailer, occupies 9,182 square feet (2.2%) on a six-year lease expiring in January 2007 with two, renewal options of three years and five years, respectively. Founded in 1969, Gap/Gap Kids is a division of Gap, Inc. (NYSE: "GPS") (Rated "BB+" by S&P and "BB+" by Fitch). Annual sales for Gap Inc.'s fiscal year ended January 31, 2004 totaled $15.9 billion; net income was $1.0 billion. Products range from wardrobe basics such as denim, khakis and T-shirts to fashion apparel, accessories and personal care products for men and women, ages teen through adult. Gap entered the children's apparel market with the introduction of GapKids in 1986 and babyGap in 1989. These stores offer casual apparel and accessories in the tradition of Gap style and quality for children, ages newborn through pre-teen. As of May 1, 2004, Gap Inc. operated 1,735 Gap stores in the United States, Canada, U.K., France, Japan, and Germany. Annual net sales for Gap's fiscal year ended January 31, 2004 totaled $7.3 billion. o Eddie Bauer, Inc., an international specialty retailer, occupies 7,741 square feet (1.9%) on a five-year lease expiring in January 2008 with no remaining renewal options. Founded in 1920, Eddie Bauer is a division of Spiegel, Inc. (OTC: "SPGLQ") (Not Rated), an international specialty retailer marketing fashionable apparel and home furnishings. The Spiegel Group's businesses include Eddie Bauer and Spiegel Catalog. On March 17, 2003, Spiegel, Inc. and 19 of its subsidiaries (including Eddie Bauer, Inc.) filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Spiegel and these subsidiaries are currently operating their business and managing properties and assets as debtors-in-possession under the Bankruptcy Code. On September 13, 2004, Spiegel petitioned the bankruptcy court for a third further extension of the period (currently set to expire on September 19, 2004) in which it has the exclusive right to file a plan of reorganization until January 5, 2005. This extension request is scheduled to be considered by the bankruptcy court at a hearing on September 28, 2004. At the end of December 2003, Spiegel operated 469 stores. Its net sales for the 53-week period ended January 3, 2004 were $1.8 billion. o "FYE", a national mall-based specialty retailer of entertainment software, music, movies and games, occupies 7,296 square feet (1.8%) on a 10-year lease expiring in January 2011 with no renewal options. Launched in 2001, FYE is a brand of Trans World Entertainment Corporation (NASDAQ: "TWMC") (Not Rated), is a specialty music and video retailers in the United States. Founded in 1972 and headquartered in Albany, NY, Trans World currently operates nearly 900 stores in 47 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, and operates a retail Web site at www.fye.com. Annual sales for Trans World's fiscal year ended January 31, 2004 totaled $1.3 billion; net income was $23.1 million. FYE is comprised of a Web site at www.fye.com and more than 650 mall-based stores. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 25 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Simon -- West Ridge Mall Mortgage Loan is secured by a first mortgage on a 413,755 square foot portion of West Ridge Mall, a 1,014,267 square foot regional mall located in Topeka, Kansas. THE BORROWER: o The borrower, West Ridge Mall, LLC (the "Simon -- West Ridge Mall Borrower"), is a single-purpose, bankruptcy-remote entity with at least two independent managers for which Simon-West Ridge Mall Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Simon-West Ridge Mall Borrower is 100% owned by its sole member, Simon Capital Limited Partnership, a Delaware limited partnership. There is no borrower principal. o The Simon -- West Ridge Mall Borrower is sponsored by Simon Property Group, Inc. (NYSE: "SPG") (Rated "BBB+" by S&P), an Indianapolis-based real estate investment trust (a "REIT") primarily engaged in the ownership, operation, leasing, management, acquisition, expansion and development of primarily regional malls and community shopping centers. SPG is the largest publicly traded retail real estate company in North America with a total market capitalization of approximately $29 billion as of August 31, 2004. As of March 31, 2004, the company owned or held an interest in 247 properties in North America containing an aggregate of 188 million square feet of gross leasable area, which consisted of 175 regional malls, 68 community shopping centers and four office and mixed-use properties in 37 states and Canada. SPG also owns interests in three parcels of land held for future development and has ownership interests in 48 shopping centers in Europe. For the year ended December 31, 2003, SPG had total revenues of $2.3 billion and net income of $313.6 million. As of March 31, 2004, SPG reported liquidity of $489.8 million, total assets of $15.7 billion and shareholders' equity of $3.3 billion. THE PROPERTY: o The collateral for the Simon-West Ridge Mall Mortgage Loan consists of the fee simple interest in a 413,755 square foot portion of a regional mall totaling 1,014,267 gross leasable square feet. The Simon -- West Ridge Mall Mortgaged Property was completed in 1988 and is situated on 32.4 acres at Wanamaker and 21st Street in Topeka, Kansas. o The Simon -- West Ridge Mall Borrower, at its sole cost and expense, is required to keep the Simon -- West Ridge Mall Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Simon -- West Ridge Mall Borrower is also required to maintain a comprehensive all risk insurance policy without an exclusion for acts of terrorism. RELEASE OR SUBSTITUTION OF PROPERTY: o The Simon -- West Ridge Mall Borrower is permitted to substitute the Simon -- West Ridge Mall Mortgaged Property for other retail property provided certain conditions are satisfied, including that the substitute property has an appraised value of 110% of the released property, net operating income will be 115% of the net operating income of the released property, and delivery of a rating agency confirmation. The Simon -- West Ridge Mall Borrower is also permitted to release non-income generating portions of the Simon -- West Ridge Mall Mortgaged Property without the mortgagee's consent to governmental agencies and third parties or grant easements to such non-income producing property. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 26 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- PROPERTY MANAGEMENT: o Simon Management Associates, LLC ("SMA"), an affiliate of the Simon-West Ridge Mall Borrower, manages the Simon-West Ridge Mall Mortgaged Property. Headquartered in Indianapolis, Indiana and in business for approximately 44 years, SMA is a wholly owned subsidiary of Simon Property Group, L.P., a majority-owned partnership subsidiary of SPG that owns all but one of SPG's real estate properties. SMA provides day-to-day property management functions including leasing, management and development services to most of the SPG properties. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 27 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- WEST RIDGE MALL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 28 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 29 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS DALLAS MARKET CENTER - -------------------------------------------------------------------------------- WHOLE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $143,000,000 FIRST PAYMENT DATE: October 1, 2004 TERM/AMORTIZATION: 120/330 months MATURITY DATE: September 1, 2014 EXPECTED MATURITY BALANCE: $116,976,716 BORROWING ENTITY: WTC-Trade Mart, L.P. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 114 payments Open: 6 payments UP-FRONT RESERVES: IMMEDIATE REPAIR RESERVE: $1,733,750 ONGOING MONTHLY RESERVES: REPLACEMENT RESERVES(1): Springing TAX/INSURANCE RESERVES(1): Springing TI/LC(1): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Replacement, Tax/Insurance and TI/LC reserves spring if DSCR falls below 1.15x for the trailing 12-month period or in an event of default or if the Dallas Market Center Borrower does not provide the mortgagee with evidence of timely payment of tax and insurance. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN BALANCE: $142,830,263 WHOLE LOAN BALANCE (EXCLUDING SUBORDINATE COMPONENTS): $115,830,263 NOTE A-1 BALANCE: $92,903,426 SENIOR COMPONENT BALANCE: $65,903,426 AGGREGATE SUBORDINATE COMPONENT BALANCE*: $27,000,000 SENIOR COMPONENT SHADOW RATING: AAA/AAA WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING SUBORDINATE)(1) SUBORDINATE) --------------- ------------ CUT-OFF DATE LTV: 51.0% 62.9% MATURITY DATE LTV: 41.8% 51.5% UNDERWRITTEN DSCR**: 2.37x 1.94x MORTGAGE RATE+: 6.101% 6.037% * Subordinate components are subordinate to A-2 note (which is not part of trust fund) as well as s enior component. ** DSCR figures based on net cash flow unless otherwise noted. + The interest rate was rounded to three decimals and is subject to change (prior to pricing) . - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Other PROPERTY SUB-TYPE: Merchandise Mart LOCATION: Dallas, TX YEAR BUILT/RENOVATED: DALLAS MARKET HALL: 1960/1963 WORLD TRADE CENTER: 1974/1979 DALLAS TRADE MART: 1959/1976 NET RENTABLE SQUARE FEET: 3,179,069 CUT-OFF BALANCE PER SF: $36(1) OCCUPANCY AS OF 6/30/04: 94.3% OWNERSHIP INTEREST: Leasehold PROPERTY MANAGEMENT: Market Center Management Company, Ltd. U/W NET CASH FLOW: $20,717,959 APPRAISED VALUE: $227,000,000 - -------------------------------------------------------------------------------- (1) Based on aggregate principal balance of $115,830,263 (the Cut-off Date whole loan balance excluding the subordinate portion of note A-1). This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 30 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ----------------------------------------------------------------------------------------------- FULL YEAR FULL YEAR UNDERWRITTEN (12/31/03) (12/31/02) ------------ ---------- ---------- EFFECTIVE GROSS INCOME .............. $ 61,629,707 $ 64,625,000 $ 65,219,000 TOTAL EXPENSES ...................... $ 39,428,908 $ 44,726,000 $ 43,473,000 NET OPERATING INCOME (NOI) .......... $ 22,200,799 $ 19,899,000 $ 21,746,000 CASH FLOW (CF) ...................... $ 20,717,959 $ 19,899,000 $ 21,746,000 DSCR ON NOI(1) ...................... 2.53x 2.27x 2.48x DSCR ON CF(1) ....................... 2.37x 2.27x 2.48x - ----------------------------------------------------------------------------------------------- (1) Based on DM Senior Component Balance. - -------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT % TOTAL POTENTIAL % POTENTIAL LEASE S&P/FITCH TOTAL SF PERMANENT SF RENT PSF RENT RENT EXPIRATION --------- -------- ------------ -------- ---- ---- ---------- Onecoast Network .............. Not Rated 44,563 1.4% $ 20.53 $ 914,828 1.8% 4/30/2008 Larry Kenneth Payne, Inc. ..... Not Rated 32,103 1.0 $ 8.27 265,456 0.5 5/31/2007 The L.D. Kichler Company ...... Not Rated 23,948 0.8 $ 15.19 363,746 0.7 8/31/2008 ------ --- ---------- --- TOTALS ........................ 100,614 3.2% $1,544,030 3.0% - -------------------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. - ------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - ------------------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION++ LEASES EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING - -------------------- --------------- -- -- -------- ---------- -------- MTM ................. 33 84,894 3.3% 84,894 3.3% $ 1,019,733 2004 ................ 95 118,224 4.6 203,118 8.0% $ 2,665,800 2005 ................ 255 328,634 12.9 531,752 20.8% $ 6,706,187 2006 ................ 212 398,954 15.6 930,706 36.5% $ 8,582,594 2007 ................ 470 608,898 23.9 1,539,604 60.3% $11,712,674 2008 ................ 139 419,825 16.4 1,959,429 76.8% $ 8,424,251 2009 ................ 107 303,578 11.9 2,263,007 88.7% $ 6,070,423 2010 ................ 7 42,214 1.7 2,305,221 90.3% $ 842,115 2011 ................ 4 11,213 0.4 2,316,434 90.8% $ 173,902 2012 ................ 1 1,059 0.0 2,317,493 90.8% $ 20,900 2013 ................ 2 1,820 0.1 2,319,313 90.9% $ 38,658 2014 ................ 3 4,006 0.2 2,323,319 91.0% $ 83,628 Vacant .............. 229,087 9.0 2,552,406* 100.0% ------ ------- ----- TOTAL ............... 1,328 2,552,406* 100.0% - ------------------------------------------------------------------------------------------------------------- ++ Information obtained from Underwritten Rent Roll or, if leases were expired, from information obtained from the borrower. * Includes the permanent space only, which represents 2,552,406 square feet of the 3,179,069 total net square feet of space. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 31 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- o The Dallas Market Center Mortgaged Property is 94.3% leased by approximately 1,400 tenants at an average lease rate of approximately $20 per square foot. The three largest tenants, representing 3.2% of total net rentable area, are: o OneCoast Network (Not Rated), a group of multi-line sales representatives for the gift, home furnishings and collegiate markets, occupies 44,563 square feet (1.7% of underwritten NRA) on various five- and seven-year leases expiring in April 2008. Headquartered in Atlanta, Georgia and owned by a group of private investors, One Coast is a team of 13 agencies that partners with more than 60,000 retailers to grow sales by recommending product lines and providing business guidance. OneCoast has regional agency coverage in most major markets including the Northeast, Southeast, Texas, Midwest, Rocky Mountains, Southwest and Pacific Northwest. In addition, OneCoast has wholesale showrooms in several merchandise marts including Atlanta, Dallas (the subject), New York and Chicago. o Larry Kenneth Payne, Inc. (Not Rated), a furniture distributor, leases 32,103 square feet (1.3% of underwritten NRA) on a five-year lease expiring in May 2007. The subject location serves as a wholesale showroom. o The L.D. Kichler Company (Not Rated), a decorative lighting fixture company, occupies 23,948 square feet (0.9% of underwritten NRA) on a five-year lease expiring in August 2008. Founded in 1938 and headquartered in Cleveland, Ohio, The L.D. Kichler Company remains a privately held, family owned and run business with manufacturing facilities in Wallingford, Connecticut and multiple distribution warehouses around the country. The subject location serves as a wholesale showroom. - ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Dallas Market Center Mortgage Loan is secured by a first leasehold mortgage on a 3,179,069 net square foot portion of the Dallas Market Center, a merchandise mart complex with more than 6 million gross rentable square feet, that is located in the Stemmons Freeway Corridor in Dallas, Texas. o The subject $93,000,000 A-1 note is pari passu with a $50,000,000 A-2 note. The A-2 note has the same interest rate, maturity date and amortization term as the subject loan and is held outside of the trust. The A-1 note consists of a $66,000,000 senior portion (shadow rated "AAA" by both S&P and Fitch) and a $27,000,000 junior portion that is subordinate to such senior portion of the A-1 note and the entire A-2 note. THE BORROWER: o The borrower, WTC-Trade Mart, L.P. (the "Dallas Market Center Borrower"), is a single-purpose, bankruptcy-remote entity with two independent directors, for which Dallas Market Center Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Dallas Market Center Borrower is owned: 0.1% by its general partner, WTC-Trade Mart, GP, L.L.C., a Delaware limited liability company and single purpose entity, and 99.9% by its limited partner, Dallas Market Center Company, Ltd., a Texas limited partnership. The Dallas Market Center Borrower and its partners are affiliates of Crow Family Partnership, L.P., and are ultimately owned by the Trammell Crow family through Crow Holdings, a group of international, diversified investment companies that owns and directs the investments of the Trammell Crow family and its investment partners. o Crow Holdings invests in industrial, office, retail, mart properties, land, hotel and residential real estate businesses in the United States, Europe and South America. Although real estate is its foundation, Crow Holdings has grown increasingly active in a variety of diversified investment activities with an investment portfolio that includes stakes in privately held operating businesses and financial assets. Crow Holdings is both an active investor in these investments and, in some cases, a passive investor through third-party managers and private investment partnerships. - ------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 32 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE PROPERTY: o The collateral for the Dallas Market Center Mortgage Loan consists of the leasehold interest in a 3,179,069 net square foot portion of the Dallas Market Center, a merchandise mart complex totaling more than 6 million gross rentable square feet. The collateral is comprised of three buildings: (1) the five-story Dallas Trade Mart ("DTM"), completed in 1959 and expanded in 1976, and the 15-story World Trade Center ("WTC"), completed in 1974 and expanded in 1979, that contain 2,979,980 net square feet and (2) the one-story Market Hall completed in 1960 and expanded in 1963 that contains 199,089 net square feet. Market Hall functions as a temporary exhibit hall with no permanent occupancy. The WTC also has limited temporary exhibit space and a small amount of management office space (which is occupied by the Dallas Market Center Borrower and Market Center Management Company, Ltd., the Property Management Company). A four-level parking garage completed in 1974 provides 981 spaces with on-site surface parking providing an additional 977 spaces. The collateral is situated on approximately 53.3 acres. o The Dallas Market Center Borrower, at its sole cost and expense, is required to keep the Dallas Market Center Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. While the Terrorism Risk Insurance Act is in effect, the Dallas Market Center Borrower is required to maintain insurance against certified acts of terrorism. After the Terrorism Risk Insurance Act expires, the Dallas Market Center Borrower must use commercially reasonable efforts to maintain terrorism insurance. o The Dallas Market Center Borrower is permitted to transfer up to 80% of the indirect ownership interests in the Dallas Market Center Borrower. In connection with such transfer, the Dallas Market Center Borrower will enter into a master lease arrangement. The master lessee will be an affiliate of the Dallas Market Center Borrower and is required to enter into a subordination agreement in the form attached to the Dallas Market Center Mortgage Loan documents. The master lease is subject to the mortgagee's review and approval. In connection with such transfer, the Dallas Market Center Borrower is required to provide, among other things, an update non-consolidation opinion. o The Dallas Market Center Borrower is permitted to release a portion of the property described in the Dallas Market Center Mortgage Loan documents (the "Market Hall Parcel") upon satisfaction of certain conditions including, but not limited to, (i) payment to the mortgagee of an amount equal to $14,691,780.82 which shall be used to partially defease the Dallas Market Center Mortgage Loan, (ii) delivery of a REMIC opinion and (iii) confirmation from the rating agencies that such release shall not result in a downgrade of the securities. o The Dallas Market Center Borrower is permitted to release a portion of the property described in the Dallas Market Center Mortgage Loan documents (the "Garage Parcel") upon satisfaction of certain conditions including, but not limited to, (i) delivery of a REMIC opinion and (ii) confirmation from the rating agencies that such release shall not result in a downgrade of the securities. GROUND LEASE: o The property is subject to seven ground leases, two of which are with Market Center Land, L.P., an affiliate of the borrower, and the remainder with Industrial Properties Corporation. These ground leases have varying terms and expirations between 2055 and 2066. While the fee simple interests are not subordinate to the lien, subject to the terms and conditions of the mortgage financing, leases provide that the Dallas Market Center Borrower would not be disturbed in its possession of its leasehold estate. PROPERTY MANAGEMENT: o Market Center Management Company, Ltd., an affiliate of the Dallas Market Center Borrower, manages the subject property. Headquartered in Dallas, TX, and in business for eight years, Market Center Management Company, Ltd., was created in 1996 solely to operate the Dallas Market Center, which is the largest merchandise mart in the world. The five buildings contain 2,200 permanent showrooms and 460,000 square feet of temporary show space. The complex includes the subject buildings as well as the separate North Campus buildings, which are not part of the collateral. The Market Center Management Company, Ltd. has approximately 247 employees with an operating budget in excess of $16 million per year. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o $27,000,000 junior portion of the A-1 note. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 33 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- SUBORDINATE COMPONENTS o As will be set forth in more detail in the prospectus supplement, the holder of designated classes of certificates that are entitled to payments solely from the DM Pari Passu Note A-1 Mortgage Loan will be entitled in certain instances to exercise rights analogous to the rights of the Directing Certificateholder solely with respect to the DM Pari Passu Note A-1 Mortgage Loan. Such rights may include the review and/or approval of certain actions taken by the Master Servicer or the Special Servicer in connection with the DM Pari Passu Note A-1 Mortgage Loan. In addition, such holder may (but is not obliged to) purchase the Dallas Market Center Whole Loan at a price generally equal to the outstanding principal balance, accrued and unpaid interest, all related unreimbursed servicing advances (with interest if any) including any servicing compensation, certain unreimbursed costs and expenses and additional trust fund expenses on such balances and any liquidation fees payable in connection with such purchase. Moreover, such holder may (but is not obligated to) purchase the DM Pari Passu Note A-1 Mortgage Loan, if the DM Pari Passu Note A-1 Mortgage Loan is then considered a "Defaulted Mortgage Loan" as more particularly described in the prospectus supplement, at a price generally equal to its (a) fair value as determined by the Special Servicer (or the Master Servicer or Trustee if the Special Servicer and the option holder are the same person or affiliated) or (b) unpaid principal balance, plus accrued and unpaid interest on such balance, all related unreimbursed advances (with interest if any), and all accrued special servicing fees and additional trust fund expenses, if the Special Servicer has not determined its fair value. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 34 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET DALLAS MARKET CENTER - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 35 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 36 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $44,000,000 FIRST PAYMENT DATE: February 1, 2004 TERM/AMORTIZATION: 120/360 months MATURITY DATE: January 1, 2014 EXPECTED MATURITY BALANCE: $37,321,970 BORROWING ENTITY: Rocks Tysons Two LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 117 payments Open: 3 payments UP-FRONT RESERVES: TAX RESERVE: Yes OTHER RESERVE: $2,103,863(1) ONGOING MONTHLY RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $843 LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Construction Holdback ($2,026,771); Free Rent Reserve ($77,092) - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $43,622,666 CUT-OFF DATE LTV: 73.2% MATURITY DATE LTV: 62.6% UNDERWRITTEN DSCR*: 1.26x MORTGAGE RATE: 5.940% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored Retail/Office LOCATION: Vienna, VA YEAR BUILT/RENOVATED: 2002/NA NET RENTABLE SQUARE FEET: 199,170 CUT-OFF BALANCE PER SF: $219 OCCUPANCY AS OF 8/5/04: 85.8% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Allen & Rocks, Inc. U/W NET CASH FLOW: $3,965,322 APPRAISED VALUE: $59,610,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 37 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN --------------- EFFECTIVE GROSS INCOME ................................... $ 5,800,032 TOTAL EXPENSES ........................................... $ 1,574,271 NET OPERATING INCOME (NOI) ............................... $ 4,225,761 CASH FLOW (CF) ........................................... $ 3,965,322 DSCR ON NOI .............................................. 1.34x DSCR ON CF ............................................... 1.26x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT % TOTAL POTENTIAL % POTENTIAL LEASE TOP TENANTS+ S&P/FITCH TOTAL SF SF RENT PSF RENT RENT EXPIRATION - ------------ --------- -------- -- -------- ---- ---- ---------- Best Buy ................................. BBB--/BBB 43,787 22.0% $ 31.50 $1,379,291 25.1% 8/31/2018 Sytex .................................... Not Rated 31,757 15.9 $ 27.16 862,520 15.7 7/31/2013 Borders .................................. Not Rated 29,892 15.0 $ 23.00 687,516 12.5 1/31/2024 Anvicom .................................. Not Rated 18,318 9.2 $ 23.17 424,428 7.7 7/31/2013 Cherry, Bekaert & Holland, L.L.P. ........ Not Rated 14,885 7.5 $ 23.17 344,885 6.3 11/30/2013 ------ ---- ---------- ---- TOTALS ................................... 138,639 69.6% $3,698,640 67.3% - -------------------------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. - --------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - --------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION++ LEASES EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING - -------------------- --------------- -- -- -------- ---------- -------- 2008 ................ 4 14,955 7.5% 14,955 7.5% $ 365,317 2009 ................ 2 5,248 2.6 20,203 10.2% $ 173,342 2011 ................ 1 4,037 2.0 24,240 12.2% $ 111,018 2013 ................ 7 76,222 38.5 100,462 50.7% $2,141,208 2014 ................ 2 12,000 6.1 112,462 56.7% $ 325,920 2018 ................ 1 43,787 22.1 156,249 78.8% $1,379,291 2024 ................ 1 29,892 15.1 186,141 93.9% $ 687,516 Vacant .............. 12,094 6.1 198,235 100.0% -- ------- ----- TOTAL ............... 18 198,235 100.0% - --------------------------------------------------------------------------------------------------- ++ Information obtained from Underwritten Rent Roll. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 38 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- o The subject property is 94.8% leased and 85.8% occupied by a total of six retail tenants at an average lease rate of $30.70 per square foot (triple net lease) and 10 office tenants at an average lease rate of $24.40 per square foot (modified gross). Two of the office tenants, Sytex (expansion into 12,000 square feet) and Ken Ray Partners (4,037 square feet), are completing improvements to their space and will occupy October 1, 2004, resulting in a 94.8% physical occupancy. In addition, the Landlord is completing negotiations with the law offices of Fite & O'Brien for 3,989 square feet that are currently underwritten as vacant. o Best Buy Co., Inc. (NYSE:"BBY") (Rated "BBB-" by S&P and "BBB" by Fitch), a specialty retailer of consumer electronics, personal computers, entertainment software and appliances, occupies 43,787 square feet (22.0%) on a 15-year lease expiring in August 2018 with three, five-year renewal options. Incorporated in Minnesota in 1966 as Sound of Music, Inc., it changed its name to Best Buy Co., Inc. in 1983. The company's subsidiaries reach consumers through approximately 750 retail stores in the United States and Canada. For the fiscal year ended February 28, 2004, Best Buy reported revenues of $24.5 billion and net income of $705 million. As of February 28, 2004, the company reported total assets of $8.7 billion and stockholders' equity of $3.4 billion. The subject space is used as a retail store. o Borders Group, Inc. (dba Borders), a national operator of book, music and movie superstores, including mall-based bookstores, leases 29,892 square feet (15.0%) on a 20-year lease expiring in January 2024 with six, five-year renewal options. Founded in 1971 and headquartered in Ann Arbor, Michigan, Borders Group, Inc. operated, as of January 25, 2004, 482 superstores under the Borders name, including 24 in the United Kingdom, nine in Australia, two in Puerto Rico and one each in Singapore and New Zealand. The company also operated 716 mall-based and other bookstores, primarily under the Waldenbooks name in the United States and 36 bookstores under the Books etc. name in the United Kingdom. For the fiscal year ended January 25, 2004, Borders reported revenues of $3.7 billion and net income of $120 million. As of January 25, 2004, the company reported total assets of $2.5 billion and stockholders' equity of $1.2 billion. The subject space is used as a retail store. o Sytex, Inc., a business management, logistics and systems engineering firm, occupies 31,757 square feet (15.9%) under two leases: (1) a 10-year lease of 19,757 square feet expiring in July 2013 with two, five-year renewal options and (2) a recently signed 10-year lease of 12,000 square feet expiring in June 2014 with two, five-year renewal options. Headquartered in Doylestown, Pennsylvania, Sytex, Inc. is a wholly owned subsidiary of The Sytex Group, Inc. ("TSGI"), a privately held corporation that is the combination of three companies, Sytex, Inc., Information Network Systems "INS" and MacAulay Brown, Inc "MacB". All units of the Sytex Group provide federal, state and other governmental clients with technical services. Sytex, Inc.,'s 2003 revenues were approximately $275 million. The subject location serves as general office space for the company. o AnviCom, Inc., a provider of solutions in communications networking, eBusiness, software development and systems integration, occupies 18,318 square feet (9.2%) on a 10-year lease expiring in July 2013 with two, three-year renewal options. Founded in 1991 and headquartered in Vienna, Virginia (at the subject complex), AnviCom, Inc. is a privately held corporation for which recent financial information is not available. o Cherry, Bekaert & Holland, L.L.P. ("CB&H"), a regional accounting firm, occupies 14,885 square feet (7.5%) on a 10-year lease expiring in November 2013 with two, five-year renewal options. Founded over 50 years ago and headquartered in Richmond, Virginia, CB&H is one of the largest regional CPA firms headquartered in the Southeast with a network of offices that stretches across seven states in the southeast and nationally and internationally through its alliance with Baker Tilly International Limited, an association of independent accounting and consulting firms. As a private firm, recent financial information is not available. The subject location serves as general office space for the firm. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 39 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The 8027 Leesburg Pike Mortgage Loan is secured by a first mortgage on a 199,170 net rentable square foot Class A mixed-use complex located in Vienna, Virginia. THE BORROWER o The borrower, Rocks Tysons Two LLC (the "8027 Leesburg Pike Borrower"), is a single-purpose, bankruptcy-remote entity with a special purpose managing member which has one independent director, for which 8027 Leesburg Pike Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The 8027 Leesburg Pike Borrower is owned: 1.00% by its managing member, RT Manager Two Corp., a Virginia corporation and single purpose entity; 25.75% by Samuel A. Rocks, an individual; 25.75% by NPHR Trust (S. Randall Cohen, Trustee); 10.00% by Suzanne R. Gray Trust (Nicholas P.H. Rocks, S. Randall Cohen, Trustees); 10.00% by Robin A. Carlough Trust (Nicholas P.H. Rocks, S. Randall Cohen, Trustees); and 27.50% by The Chief's Grandchildren Holdings, LLC, a Virginia limited liability Company. The borrower principal is The RDR Family LLC, a Virginia limited liability company. The 8027 Leesburg Pike Borrower, its members, and the borrower principal are affiliates of, or associated with, The Rocks Group and the Rocks family. o Ralph D. Rocks, the founder of the Rocks Group, has built thousands of single-family homes, over a dozen apartment communities and numerous large commercial projects in Maryland and Virginia. Today, The Rocks Group owns and manages approximately 2,700 residential units in eleven apartment complexes, approximately 650,000 square feet of commercial, office and retail space, plus two hotels and a golf course community. THE PROPERTY: o The collateral for the 8027 Leesburg Pike Mortgage Loan consists of the fee simple interest in a 199,170 net rentable square foot Class A mixed-use complex. The collateral is comprised of an 86,327 square foot, three-story retail building attached via a catwalk to a 112,843 square foot, six-story office building and a separate six-story parking garage, all with two levels of underground parking, situated on 3.8 acres. The site was purchased in October 2001 by an affiliate of the 8027 Leesburg Pike Borrower who then demolished the original office building and redeveloped the parcel in 2002-2003 to the current uses. o The 8027 Leesburg Pike Borrower, at its sole cost and expense, is required to keep the 8027 Leesburg Pike Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The 8027 Leesburg Pike Borrower is also required to maintain a comprehensive all risk insurance policy without an exclusion for terrorist acts. PROPERTY MANAGEMENT: o Allen & Rocks, Inc., an affiliate of the 8027 Leesburg Pike Borrower, manages the subject property. Headquartered in Vienna, Virginia, and in business for 56 years, Allen & Rocks, Inc. currently manages approximately 2,700 residential units in Montgomery, Prince George's, and Baltimore Counties and Baltimore City, Maryland, as well as Fairfax County and Richmond, Virginia. In addition, the company manages approximately 300,000 square feet of commercial office space in five buildings and 350,000 square feet of retail space in five buildings. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 40 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET 8027 LEESBURG PIKE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 41 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SANTA ROSA MALL - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 42 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SANTA ROSA MALL - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SANTA ROSA MALL - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $42,500,000 FIRST PAYMENT DATE: September 1, 2004 TERM/AMORTIZATION: 84/360 months MATURITY DATE: August 1, 2011 EXPECTED MATURITY BALANCE: $38,014,400 BORROWING ENTITY: SRM-SPE, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 83 payments Open: 1 payment UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $8,382 TI/LC: $141,432 TENANT RESERVE(1): $152,760 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $8,382 TI/LC: $31,432 LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Gadzooks ($77,880) and KB Toys ($74,880) reserves. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $42,411,692 CUT-OFF DATE LTV: 70.1% MATURITY DATE LTV: 62.8% UNDERWRITTEN DSCR*: 1.52x MORTGAGE RATE: 5.416% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Mary Esther, FL YEAR BUILT/RENOVATED: 1976/2000 NET RENTABLE SQUARE FEET: 502,915 CUT-OFF BALANCE PER SF: $84 OCCUPANCY AS OF 6/30/04: 90.1% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Jones Lang LaSalle Americas, Inc. U/W NET CASH FLOW: $4,355,851 APPRAISED VALUE: $60,500,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 43 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SANTA ROSA MALL - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ---------------------------------------------------------------------------------------- TRAILING 12 MONTHS FULL YEAR UNDERWRITTEN (4/30/04) (12/31/03) ------------ --------- ---------- EFFECTIVE GROSS INCOME .............. $ 8,426,167 $ 8,299,562 $ 8,114,874 TOTAL EXPENSES ...................... $ 3,568,760 $ 3,438,243 $ 3,213,011 NET OPERATING INCOME (NOI) .......... $ 4,857,408 $ 4,861,319 $ 4,901,862 CASH FLOW (CF) ...................... $ 4,355,851 $ 4,842,633 $ 4,901,862 DSCR ON NOI ......................... 1.69x 1.69x 1.71x DSCR ON CF .......................... 1.52x 1.69x 1.71x - ---------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION - ----------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT % TOTAL POTENTIAL % POTENTIAL LEASE TOP TENANTS+ S&P/FITCH TOTAL SF SF RENT PSF RENT RENT EXPIRATION - ------------ --------- -------- -- -------- ---- ---- ---------- Sears ...................... BBB/BBB 124,918 24.8% $ 0.80 $ 100,000 1.6% 2/25/2006 J.C. Penney ................ BB+/BB+ 87,650 17.4 $ 2.21 193,420 3.2 2/28/2006 Santa Rosa Cinema .......... BB-/NR 31,381 6.2 $ 12.50 392,263 6.4 12/31/2014 ------- ---- --------- ---- Totals ..................... 243,949 48.5% $ 685,682 11.2% - ----------------------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. - --------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - --------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION++ LEASES EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING - -------------------- --------------- -- -- -------- ---------- -------- MTM ................. 2 1,320 0.3% 1,320 0.3% $ 70,000 2004 ................ 8 12,450 2.5 13,770 2.7% $ 329,758 2005 ................ 9 39,074 7.8 52,844 10.5% $ 613,357 2006 ................ 15 255,790 50.9 308,634 61.4% $1,033,413 2007 ................ 11 24,830 4.9 333,464 66.3% $ 528,353 2008 ................ 4 9,063 1.8 342,527 68.1% $ 225,298 2009 ................ 8 25,009 5.0 367,536 73.1% $ 425,658 2010 ................ 2 3,091 0.6 370,627 73.7% $ 82,620 2011 ................ 5 14,222 2.8 384,849 76.5% $ 326,660 2012 ................ 6 14,414 2.9 399,263 79.4% $ 368,104 2013 ................ 4 12,418 2.5 411,681 81.9% $ 285,516 2014 ................ 6 41,638 8.3 453,319 90.1% $ 620,462 Vacant .............. 49,596 9.9 502,915 100.0% -- ------- ----- TOTAL ............... 80 502,915 100.0% - --------------------------------------------------------------------------------------------------- ++ Information obtained from Underwritten Rent Roll. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 44 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SANTA ROSA MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Santa Rosa Mall Mortgaged Property is a regional mall 90.1% leased (on total gross leasable area) by a mix of national, regional, and local tenants. The total property is comprised of 703,315 square feet of which 502,915 square feet is part of the Santa Rosa Mall Mortgaged Property collateral. Tenancy at the property includes approximately 82 total tenants and is anchored by Sears (124,918 square feet), Dillard's (117,900 square feet), J.C. Penney (87,650 square feet) and McRae's (82,500 square feet). The Dillard's and McRae's stores are owned by their respective companies and are not part of the collateral. J.C. Penney and Sears have been at the property since it was first constructed in the mid-1970s and both stores have recently executed lease extensions through 2006. Dillard's has been at the property since February 1977 and McRae's was added in March 1986. Approximately 22 in-line tenants, or 75,000 square feet, have been at the property since 1995. In-line "same-store" mall shop sales for tenants under 10,000 square feet increased by approximately 8% between 2002 and 2003 and sales for 2003 were approximately $320 per square foot, reflecting an average occupancy cost of 10.9%. Additionally, approximately 30% of the owned gross leasable area at the property is occupied by investment grade rated tenants. The three largest tenants at the Santa Rosa Mall Mortgaged Property collateral, representing 48.5% of total net rentable area are: o Sears, Roebuck & Co. ("Sears") (Rated "BBB" by S&P and "BBB" by Fitch), a multi-line retailer that offers a wide array of merchandise and related services, occupies 124,918 square feet (24.8%) on a lease expiring in February 2006 with two remaining 5-year extension options at the current rent. Established in 1886 and headquartered in Hoffman Estates, Illinois (a suburb of Chicago), the company is organized into four principal business segments: Retail and Related Services, Credit and Financial Products, Corporate and Other and Sears Canada. During 2002, the company acquired Lands' End, Inc., a direct merchant of traditionally-styled casual clothing for men, women and children, accessories, footwear, home products and soft luggage. In 2003, Sears employed approximately 249,000 people in the United States, Puerto Rico and Canada. For the fiscal year ended January 3, 2004, Sears' reported revenues of approximately $41.1 billion and net income of approximately $3.4 billion. As of January 3, 2004, the company reported total assets of approximately $27.7 billion and shareholders' equity of approximately $6.4 billion. Sears' 2003 sales at the Santa Rosa Mall Mortgaged Property were reported at approximately $238 per square foot (1.3% occupancy cost) representing an increase of approximately 7.7% over 2002 sales. o J.C. Penney Company, Inc ("J.C. Penney") (Rated "BB+" by S&P and "BB+" by Fitch), occupies 87,650 square feet (17.4%) on a lease expiring in February 2006 with three remaining 5-year extension options at the current rent. J.C. Penney is currently structured as a holding company, with holdings including J.C. Penney retail stores and the J.C. Penney catalogue division. J.C. Penney operated a total of 3,789 retail stores and employed 228,000 persons as of January 2003. J.C. Penney was founded in 1902 and operates 1,050 J.C. Penney department stores in 49 states, Puerto Rico and Mexico. J.C. Penney provides merchandise and services to consumers through department stores, catalog departments and the Internet. Net Retail Sales for fiscal 2003 were $17.8 billion, an increase of approximately 0.9% over fiscal 2002 retail sales. Net income from continuing operations for J.C. Penney during 2003 totaled $364 million, which is a 100% increase when compared to $182 million in 2001. As of January 31, 2004, J.C. Penney reported total assets of approximately $18.3 billion and shareholders' equity of approximately $5.4 billion. J.C. Penney's 2003 sales at the Santa Rosa Mall Mortgaged Property were reported at approximately $118 per square foot (2.6% occupancy cost) representing an increase of approximately 7.2% over 2002 sales. o Santa Rosa Cinema (wholly owned subsidiary of Regal Entertainment Group ("Regal") -- Rated "BB--" by S&P), a movie chain operator, occupies 31,381 square feet (6.2%) on a 20-year lease expiring December 2014. Regal was incorporated in 2001 and is engaged in theatre exhibition operations in the United States. As of January 1, 2004, Regal operated a theatre circuit consisting of 6,119 screens in 562 theatres in 39 states. Regal primarily operates multi-screen theatres and has an average of 11 screens per location. Regal develops, acquires and operates multi-screen theatres primarily in mid-sized metropolitan markets and suburban areas of metropolitan markets throughout the United States. Santa Rosa Cinema contains 10 screens with 2003 reported sales of approximately $298,589 per screen with an occupancy cost of approximately 16.2%. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 45 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SANTA ROSA MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Santa Rosa Mall Mortgage Loan is secured by a first mortgage on a 502,915 square foot portion of a larger 703,315 square foot regional mall located in Mary Esther, Florida. THE BORROWER: o The borrower, SRM-SPE, LLC, is a single-purpose, bankruptcy-remote entity with one independent director for which borrowers' legal counsel delivered a non-consolidation opinion at loan closing. The borrower principals are Daniel Friedman, David Schonberger and Anne Zahner which comprise the managing member, Radiant-SRM, LLC, which is wholly owned by Radiant Partners. Radiant Partners, formed in March 2000, invests in real estate and real estate-related assets at all stages of development and redevelopment. Radiant Partner's principals represent a combined 60 years of real estate investment, management and development experience. Prior to the formation of Radiant Partners, the principals were the senior management team at First Union Real Estate Equity and Mortgage Investments, a public REIT, from November 1998 through March 2001. As of September 30, 2003 Radiant Partners' portfolio consisted of six properties with a market value of approximately $85 million. THE PROPERTY: o The collateral for the Santa Rosa Mall Mortgage Loan consists of a 502,915 square foot portion of a larger 703,315 square foot regional mall located in Mary Esther, Florida. The Santa Rosa Mall Mortgaged Property was constructed in 1976 and remodeled in 2000 at a reported cost of approximately $8 million. The property is situated on 55.9 acres along the west side of Mary Esther Boulevard, a five-lane paved north-south thoroughfare connecting U.S. Highway 98 with Beal Parkway. PROPERTY UPDATE: o Recently, Hurricane Ivan moved through the Florida panhandle. The Santa Rosa Mall property manager reported that the property suffered only minor damage as a result of the hurricane. The damage included downed trees, damage to signage and HVAC roof vents. PROPERTY MANAGEMENT: o Jones Lang LaSalle Americas, Inc. ("Jones Lang LaSalle"), manages the property. Jones Lang LaSalle (NYSE: "JLL") is a publicly traded company which provides integrated real estate and investment management services from offices in more than 100 markets on five continents. Jones Lang LaSalle's services include space acquisition and disposition, facilities and property management, project and development management services, leasing, buying and selling properties, consulting and capital markets expertise. During 2002, the management division provided on-site property management services for office, retail, mixed-use and industrial properties totaling approximately 530 million square feet. Jones Lang LaSalle currently employs approximately 17,300 employees. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Mezzanine financing is allowed subject to an Intercreditor Agreement acceptable to the mortgagee and certain conditions including a maximum overall loan to value ratio of 71% inclusive of both the mezzanine loan and the then-outstanding principal balance of the Santa Rosa Mall Mortgage Loan adjusted for amortization. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 46 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SANTA ROSA MALL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 47 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - BUTTONWOOD BAY - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 48 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- BUTTONWOOD BAY - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- BUTTONWOOD BAY (CROSS-COLLATERALIZED WITH SUN COMMUNITIES -- MEADOWS, SUN COMMUNITIES -- PINE RIDGE AND SUN COMMUNITIES -- MAPLEWOOD) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $21,984,005 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 144/360 months INTEREST ONLY PERIOD: 30 months MATURITY DATE: July 1, 2016 EXPECTED MATURITY BALANCE: $18,534,987 BORROWING ENTITY: Sun Communities Acquisitions, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 138 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $21,984,005 CUT-OFF DATE LTV: 79.1% MATURITY DATE LTV: 66.7% UNDERWRITTEN DSCR*: 1.20x MORTGAGE RATE: 5.320% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Sebring, FL YEAR BUILT/RENOVATED: 1984/NA PADS: 962 CUT-OFF BALANCE PER PAD: $22,852 OCCUPANCY AS OF 5/31/04: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $1,761,860 APPRAISED VALUE: $27,800,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- EFFECTIVE GROSS INCOME ........... $ 2,900,135 $ 3,282,032 $ 2,794,226 TOTAL EXPENSES ................... $ 1,091,125 $ 1,146,933 $ 911,308 NET OPERATING INCOME (NOI) ....... $ 1,809,010 $ 2,135,099 $ 1,882,918 CASH FLOW (CF) ................... $ 1,761,860 $ 2,135,099 $ 1,882,918 DSCR ON NOI ...................... 1.23x 1.45x 1.28x DSCR ON CF ....................... 1.20x 1.45x 1.28x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 49 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- BUTTONWOOD BAY - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOANS: o The "Sun Communities Portfolio Loans" consist of the following Mortgage Loans which are secured by manufactured housing community properties (each a "Sun Communities Portfolio Property") owned by affiliates of Sun Communities Operating Limited Partnership ("SCOLP"): "Sun Communities -- Buttonwood Bay", "Sun Communities -- Maplewood", "Sun Communities -- Meadows", "Sun Communities -- Pine Ridge", "Sun Communities Portfolio 2", "Sun Communities Portfolio 12" and "Sun Communities -- Catalina". The Sun Communities -- Buttonwood Bay Loan is secured by a first mortgage on a 962-pad manufactured housing community located in Sebring, Florida and has a Cut-off Date Balance of $21,984,005. The Sun Communities -- Maplewood Loan is secured by a first mortgage on a 207-pad manufactured housing community located in Lawrence, Indiana and has a Cut-off Date Balance of $4,640,000. The Sun Communities -- Meadows Loan is secured by a first mortgage on a 330-pad manufactured housing community located in Nappanee, Indiana and has a Cut-off Date Balance of $7,360,000. The Sun Communities -- Pine Ridge Loan is secured by a first mortgage on a 245-pad manufactured housing community located in Prince George, Virginia and has a Cut-off Date Balance of $6,000,000. The Sun Communities Portfolio 2 Loan is secured by a first mortgage on manufactured housing community properties located in Burton, Michigan, Lancaster, Pennsylvania, Richmond, Michigan and Fort Myers, Florida consisting of 1,305 pads and has a Cut-off Date Balance of $34,910,525. The Sun Communities Portfolio 12 Loan is secured by a first mortgage on manufactured housing community properties located in Grand Rapids, Michigan, Webberville, Michigan and Tampa, Florida consisting of 852 pads and has a Cut-off Date Balance of $25,563,188. The Sun Communities -- Catalina Loan is secured by a first mortgage on a 462-pad manufactured housing community located in Middletown, Ohio and has a Cut-off Date Balance of $9,593,686. o Sun Communities -- Buttonwood Bay, Sun Communities -- Maplewood, Sun Communities -- Meadows and Sun Communities -- Pine Ridge are cross-collateralized and cross-defaulted. Sun Communities Portfolio 12 and Sun Communities -- Catalina are cross-collateralized and cross-defaulted. Sun Communities Portfolio 2 is not cross-collateralized or cross-defaulted with any other Sun Communities Portfolio Loan. THE BORROWERS: o Each of the loans in the Sun Communities Portfolio feature separate borrowers (collectively, the "Sun Communities Portfolio Borrowers"). Each Sun Communities Portfolio Borrower is a Michigan limited liability company or a limited partnership that is a single-purpose, bankruptcy-remote entity and features two independent directors. In addition, each Sun Communities Portfolio Borrower's legal counsel delivered a non-consolidation opinion at the closing of the related Sun Communities Portfolio Loan. o Sun Communities, Inc., (NYSE: "SUI") a Maryland corporation ("Sun"), is a fully integrated, self-administered and self-managed REIT, which owns, operates and develops manufactured housing communities concentrated in the midwestern and southeastern United States. Sun, together with affiliates and predecessors, has been in the business since 1975. Structured as an umbrella partnership REIT, or UPREIT, Sun is the sole general partner and holder of approximately 75% of the partnership interests in SCOLP, the Borrower Principal and the entity through which Sun conducts substantially all of their operations, and which owns, either directly or indirectly through subsidiaries, all of the assets. o As of December 31, 2003, the REIT owned and operated a portfolio of 127 properties located in 17 states, consisting of 115 manufactured housing communities, five recreational vehicle communities and seven properties containing both manufactured housing and recreational vehicle sites. As of December 31, 2003, the Sun Communities Portfolio Properties contained an aggregate of 43,875 developed sites comprised of 38,797 developed manufactured housing sites and 5,078 recreational vehicle sites, plus an additional 6,756 manufactured housing sites suitable for development. THE PROPERTIES: o The collateral for each Sun Communities Portfolio Loan generally consists of the fee simple interest in the related Sun Communities Portfolio Property. Each Sun Communities Portfolio Property features certain amenities, which generally include clubhouses, swimming pools, basketball courts, volleyball courts, children's playgrounds and shuffleboard courts. Certain of the Sun Communities Portfolio Loan's mortgaged properties feature access to public water and/or sewer service while the remainder have private wells and/or septic systems as applicable. o Each Sun Communities Portfolio Borrower is generally required at its sole cost and expense to keep the related Sun Communities Portfolio Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 50 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- BUTTONWOOD BAY - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- PROPERTY MANAGEMENT: o Each Sun Communities Portfolio Property is self-managed by its related Sun Communities Portfolio Borrower. SCOLP, through its subsidiaries, currently manages 43,875 developed sites comprised of 38,797 developed manufactured housing sites and 5,078 recreational vehicle sites, plus an additional 6,756 manufactured housing sites suitable for development. Each Sun Communities Portfolio Borrower neither receives nor pays any management fee or other compensation in connection with the management of the Sun Communities Portfolio Properties and none are subject to a formal management agreement. In the event any Sun Communities Portfolio Borrower elects to have the properties managed by a property manager, whether or not affiliated with the Sun Communities Portfolio Borrower, such property manager (if not affiliated with the Sun Communities Portfolio Borrower) shall be a qualified manager approved by the mortgagee, and the Sun Communities Portfolio Borrower shall enter into an acceptable management agreement and subordination thereof that conforms to the mortgagee's standards. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 51 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - BUTTONWOOD BAY - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 52 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - MEADOWS - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 53 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- MEADOWS - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- MEADOWS (CROSS-COLLATERALIZED WITH SUN COMMUNITIES -- BUTTONWOOD BAY, SUN COMMUNITIES -- PINE RIDGE AND SUN COMMUNITIES -- MAPLEWOOD) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $7,360,000 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 144/360 months INTEREST ONLY PERIOD: 30 months MATURITY DATE: July 1, 2016 EXPECTED MATURITY BALANCE: $6,205,308 BORROWING ENTITY: Sun Pool 1 LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 138 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $7,360,000 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 67.4% UNDERWRITTEN DSCR*: 1.39x MORTGAGE RATE: 5.320% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Nappanee, IN YEAR BUILT/RENOVATED: 1967/1989 PADS: 330 CUT-OFF BALANCE PER PAD: $22,303 OCCUPANCY AS OF 5/31/04: 81.4% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $682,192 APPRAISED VALUE: $9,200,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- EFFECTIVE GROSS INCOME ............. $ 1,054,783 $ 997,669 $ 1,017,407 TOTAL EXPENSES ..................... $ 355,891 $ 280,401 $ 286,525 NET OPERATING INCOME (NOI) ......... $ 698,892 $ 717,269 $ 730,882 CASH FLOW (CF) ..................... $ 682,192 $ 717,269 $ 730,882 DSCR ON NOI ........................ 1.42x 1.46x 1.49x DSCR ON CF ......................... 1.39x 1.46x 1.49x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 54 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - MEADOWS - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 55 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - PINE RIDGE - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 56 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- PINE RIDGE - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- PINE RIDGE (CROSS-COLLATERALIZED WITH SUN COMMUNITIES -- BUTTONWOOD BAY, SUN COMMUNITIES -- MEADOWS AND SUN COMMUNITIES -- MAPLEWOOD) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $6,000,000 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 144/360 months INTEREST ONLY PERIOD: 30 months MATURITY DATE: July 1, 2016 EXPECTED MATURITY BALANCE: $5,058,674 BORROWING ENTITY: Sun Pool 1 LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 138 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $6,000,000 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 67.4% UNDERWRITTEN DSCR*: 1.49x MORTGAGE RATE: 5.320% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Prince George, VA YEAR BUILT/RENOVATED: 1965/NA PADS: 245 CUT-OFF BALANCE PER PAD: $24,490 OCCUPANCY AS OF 5/31/04: 93.5% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $597,587 APPRAISED VALUE: $7,500,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- EFFECTIVE GROSS INCOME ............. $ 933,029 $ 909,493 $ 908,318 TOTAL EXPENSES ..................... $ 323,192 $ 266,965 $ 340,839 NET OPERATING INCOME (NOI) ......... $ 609,837 $ 642,529 $ 567,479 CASH FLOW (CF) ..................... $ 597,587 $ 642,529 $ 567,479 DSCR ON NOI ........................ 1.52x 1.60x 1.42x DSCR ON CF ......................... 1.49x 1.60x 1.42x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 57 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - PINE RIDGE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 58 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - MAPLEWOOD - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 59 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- MAPLEWOOD - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- MAPLEWOOD (CROSS-COLLATERALIZED WITH SUN COMMUNITIES -- BUTTONWOOD BAY, SUN COMMUNITIES -- MEADOWS AND SUN COMMUNITIES -- PINE RIDGE) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $4,640,000 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 144/360 months INTEREST ONLY PERIOD: 30 months MATURITY DATE: July 1, 2016 EXPECTED MATURITY BALANCE: $3,912,042 BORROWING ENTITY: Sun Pool 1 LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 138 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $4,640,000 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 67.4% UNDERWRITTEN DSCR*: 1.30x MORTGAGE RATE: 5.320% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Lawrence, IN YEAR BUILT/RENOVATED: 1967/NA PADS: 207 CUT-OFF BALANCE PER PAD: $22,415 OCCUPANCY AS OF 5/31/04: 87.9% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $403,713 APPRAISED VALUE: $5,800,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- EFFECTIVE GROSS INCOME ............. $ 712,353 $ 682,864 $ 712,233 TOTAL EXPENSES ..................... $ 298,290 $ 278,909 $ 236,577 NET OPERATING INCOME (NOI) ......... $ 414,063 $ 403,955 $ 475,656 CASH FLOW (CF) ..................... $ 403,713 $ 403,955 $ 475,656 DSCR ON NOI ........................ 1.34x 1.30x 1.53x DSCR ON CF ......................... 1.30x 1.30x 1.53x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 60 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - MAPLEWOOD - -------------------------------------------------------------------------------- [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 61 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - PORTFOLIO 12 - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 62 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- PORTFOLIO 12 - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- PORTFOLIO 12 (CROSS-COLLATERIZED WITH SUN COMMUNITIES -- CATALINA) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $25,563,188 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 144/360 months INTEREST ONLY PERIOD: 30 months MATURITY DATE: July 1, 2016 EXPECTED MATURITY BALANCE: $21,552,641 BORROWING ENTITY: Aspen-Brentwood Project, LLC, Aspen-Grand Project, LLC, Sun Pool 12 LLC and Sun Meadowbrook FL LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 138 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $25,563,188 CUT-OFF DATE LTV: 78.8% MATURITY DATE LTV: 66.5% UNDERWRITTEN DSCR*: 1.32x MORTGAGE RATE: 5.320% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Florida and Michigan YEAR BUILT/RENOVATED: Meadowbrook Village 1985/NA Grand Village 1962/1988 Brentwood Village 1972/NA Hamlin 1968/2003 PADS: 852 CUT-OFF BALANCE PER PAD: $30,004 OCCUPANCY AS OF 5/31/04: Meadowbrook Village 99.6% Grand Village 88.3% Brentwood Village 95.9% Hamlin 91.8% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $2,254,561 APPRAISED VALUE: $32,425,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) EFFECTIVE GROSS INCOME ............. $ 3,661,436 $ 3,627,066 $ 3,556,448 TOTAL EXPENSES ..................... $ 1,364,275 $ 1,117,098 $ 1,034,692 NET OPERATING INCOME (NOI) ......... $ 2,297,161 $ 2,509,968 $ 2,521,756 CASH FLOW (CF) ..................... $ 2,254,561 $ 2,509,968 $ 2,521,756 DSCR ON NOI ........................ 1.35x 1.47x 1.48x DSCR ON CF ......................... 1.32x 1.47x 1.48x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 63 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - PORTFOLIO 12 - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 64 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - CATALINA - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 65 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- CATALINA - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- CATALINA (CROSS COLLATERALIZED WITH SUN COMMUNITIES -- PORTFOLIO 12) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $9,593,686 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 144/360 months INTEREST ONLY PERIOD: 30 months MATURITY DATE: July 1, 2016 EXPECTED MATURITY BALANCE: $8,088,556 BORROWING ENTITY: Sun Pool 12 LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 138 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $9,593,686 CUT-OFF DATE LTV: 78.0% MATURITY DATE LTV: 65.8% UNDERWRITTEN DSCR*: 1.20x MORTGAGE RATE: 5.320% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Middletown, OH YEAR BUILT/RENOVATED: 1967/NA PADS: 462 CUT-OFF BALANCE PER PAD: $20,766 OCCUPANCY AS OF 5/31/04: 76.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $768,865 APPRAISED VALUE: $12,300,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) EFFECTIVE GROSS INCOME ............. $ 1,257,911 $ 1,273,788 $ 1,323,556 TOTAL EXPENSES ..................... $ 465,946 $ 261,786 $ 305,899 NET OPERATING INCOME (NOI) ......... $ 791,965 $ 1,012,001 $ 1,017,657 CASH FLOW (CF) ..................... $ 768,865 $ 1,012,001 $ 1,017,657 DSCR ON NOI ........................ 1.24x 1.58x 1.59x DSCR ON CF ......................... 1.20x 1.58x 1.59x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 66 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - CATALINA - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 67 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - PORTFOLIO 2 - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 68 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES -- PORTFOLIO 2 - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SUN COMMUNITIES -- PORTFOLIO 2 - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $34,910,525 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 84/360 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: July 1, 2011 EXPECTED MATURITY BALANCE: $32,217,030 BORROWING ENTITY: Sun/York L.L.C., Sun Groves LLC, Sun Pheasant Ridge Limited Partnership and Sun Richmond LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 78 payments Open: 6 payments ONGOING MONTHLY RESERVES: REPLACEMENT RESERVE(1): Springing TAX/INSURANCE RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $34,910,525 CUT-OFF DATE LTV: 77.4% MATURITY DATE LTV: 71.4% UNDERWRITTEN DSCR*: 1.28x MORTGAGE RATE: 4.931% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Florida, Michigan and Pennsylvania YEAR BUILT/RENOVATED: Pheasant Ridge 1987/NA Creekwood Meadows 1996/1999 Groves 1974/1999 Richmond Place 1971/NA PADS: 1,305 CUT-OFF BALANCE PER PAD: $26,751 OCCUPANCY AS OF 5/31/04: Pheasant Ridge 100.0% Creekwood Meadows 80.1% Groves 99.2% Richmond Place 98.3% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $2,854,680 APPRAISED VALUE: $45,100,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- EFFECTIVE GROSS INCOME ........... $ 5,299,594 $ 6,014,637 $ 5,234,338 TOTAL EXPENSES ................... $ 2,379,664 $ 2,363,262 $ 2,233,363 NET OPERATING INCOME (NOI) ....... $ 2,919,930 $ 3,651,375 $ 3,000,975 CASH FLOW (CF) ................... $ 2,854,680 $ 3,651,375 $ 3,000,975 DSCR ON NOI ...................... 1.31x 1.64x 1.35x DSCR ON CF ....................... 1.28x 1.64x 1.35x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 69 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SUN COMMUNITIES - PORTFOLIO 2 - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 70 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 71 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $30,850,000 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: July 1, 2009 EXPECTED MATURITY BALANCE: $30,850,000 BORROWING ENTITY: Inland Western Spokane Northpointe, L.L.C. INTEREST CALCULATION: 30/360 CALL PROTECTION: Lockout: 35 payments GRTR 1% PPMT or Yield Maintenance: 23 payments Open: 2 payments ONGOING RESERVES: TAX/INSURANCE RESERVE(1): Springing REPLACEMENT RESERVE(2): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Taxes/Insurance reserves spring if the borrower fails to provide evidence of payment. (2) Replacement reserves spring if the borrower fails to maintain property. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $30,850,000 SHADOW RATING (S&P/FITCH): BBB-/BBB- CUT-OFF DATE LTV: 54.6% MATURITY DATE LTV: 54.6% UNDERWRITTEN DSCR*: 2.97x MORTGAGE RATE: 4.285% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Spokane, WA YEAR BUILT/RENOVATED: 1990/2002 NET RENTABLE SQUARE FEET: 360,830 CUT-OFF BALANCE PER SF: $86 OCCUPANCY AS OF 6/30/04: 98.8% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Inland Northwest Management Corp. U/W NET CASH FLOW: $3,921,477 APPRAISED VALUE: $56,500,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 72 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- FULL YEAR FULL YEAR UNDERWRITTEN (12/31/03) (12/31/02) ------------ ---------- ---------- EFFECTIVE GROSS INCOME ............. $ 5,614,930 $ 5,733,483 $ 5,317,485 TOTAL EXPENSES ..................... $ 1,551,323 $ 1,598,658 $ 1,696,481 NET OPERATING INCOME (NOI) ......... $ 4,063,607 $ 4,134,825 $ 3,621,004 CASH FLOW (CF) ..................... $ 3,921,477 $ 4,134,825 $ 3,281,004 DSCR ON NOI ........................ 3.07x 3.13x 2.74x DSCR ON CF ......................... 2.97x 3.13x 2.48x - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION - ------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT % TOTAL POTENTIAL % POTENTIAL LEASE TOP TENANTS+ S&P/FITCH TOTAL SF SF RENT PSF RENT RENT EXPIRATION - ------------ --------- -------- -- -------- ---- ---- ---------- Safeway .............. BBB/BBB 47,000 13.0% $ 8.19 $ 384,837 8.6% 11/1/2010 Gart Sports .......... Not Rated 45,658 12.7 $ 11.56 527,592 11.8 1/31/2013 Best Buy ............. BBB-/BBB 45,000 12.5 $ 7.88 354,700 7.9 1/31/2017 ------ ---- ---------- ---- Totals ............... 137,658 38.2% $1,267,129 28.3% - ------------------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. - ---------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE+ - ---------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION++ LEASES EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING - -------------------- --------------- -- -- -------- ---------- -------- MTM ................. 1 517 0.1% 517 0.1% $ -- 2004 ................ 1 7,500 2.1 8,017 2.2% $ 141,450 2005 ................ 2 5,756 1.6 13,773 3.8% $ 87,209 2006 ................ 7 43,532 12.1 57,305 15.9% $ 439,764 2007 ................ 3 20,840 5.8 78,145 21.7% $ 269,480 2008 ................ 1 1,250 0.3 79,395 22.0% $ 37,405 2009 ................ 2 6,000 1.7 85,395 23.7% $ 97,500 2010 ................ 1 47,000 13.0 132,395 36.7% $ 384,837 2011 ................ 2 7,389 2.0 139,784 38.7% $ 135,869 2013 ................ 5 112,636 31.2 252,420 70.0% $1,435,483 2015 ................ 1 36,554 10.1 288,974 80.1% $ 448,518 2017 ................ 1 45,000 12.5 333,974 92.6% $ 354,700 2018 ................ 1 22,631 6.3 356,605 98.8% $ 178,785 Vacant .............. 4,225 1.2 360,830 100.0% -- ------- ----- TOTAL ............... 28 360,830 100.0% - ---------------------------------------------------------------------------------------------------- + Schedule above excludes Safeway Gas & Bar, Red Robin Restaurant, Taco Bell and Applebee's pad sites as no square footage is attributed to them. ++ Information obtained from Underwritten Rent Roll. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 73 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Northpointe Plaza Mortgaged Property is a grocery anchored retail center 98.8% leased (on total gross leasable area) by a mix of national, regional and local tenants. The Northpointe Plaza Mortgaged Property is anchored by Safeway, Gart Sports, Best Buy, Linens 'n Things, Petsmart, Staples, TJ Maxx and Borders Books. Outparcels include Pier One, Hollywood Video and Applebee's Neighborhood Grill & Bar. A 101,900 square foot Target shadow anchor is located in the middle of the center and is not part of the collateral. Of the total gross leaseable area, approximately 42% of the gross leasable area is leased to investment grade rated tenants. The three largest tenants of the Northpointe Plaza Mortgaged Property, representing 38.2% of total net rentable area are: o Safeway Inc. ("Safeway") (Rated "BBB" by S&P and "BBB" by Fitch), a publicly traded grocery store, occupies 47,000 square feet (13.0%) on a 20-year lease expiring in November 2010 with seven 5-year renewal options. Safeway operates as a food and drug retailer in North America, with 1,817 stores as of January 3, 2004. Its United States retail operations are located principally in California, Oregon, Washington, Alaska, Colorado, Arizona, Texas, the Chicago metropolitan area and the Mid-Atlantic region. The Canadian retail operations are located principally in British Columbia, Alberta and Manitoba/Saskatchewan. In support of its retail operations, Safeway has distribution, manufacturing and food processing facilities. Safeway's average store size is approximately 45,000 square feet. A majority of its stores offer a selection of food and general merchandise and feature a variety of specialty departments, such as bakery, delicatessen, floral, pharmacy, Starbucks coffee shops and adjacent fuel centers. For the fiscal year ended January 3, 2004, Safeway reported total sales of approximately $36 million with total reported assets of approximately $15 billion and shareholders' equity of approximately $4 billion. o Gart Sports Company ("Gart Sports"), occupies 45,658 square feet (12.7%) on a 15-year lease expiring in January 2013 with two 5-year extension options. On August 4, 2003, The Sports Authority, Inc. and Gart Sports sporting goods retailers completed a merger that created the nation's largest full-line sporting goods chain. The combined company, known as The Sports Authority, Inc., is headquartered in Englewood, Colorado and trades on the NYSE under the symbol "TSA". It operates approximately 385 stores in 45 states. The Sports Authority, Inc. employs approximately 17,000 people and posted revenues of approximately $1.8 billion in 2003. The Sports Authority, Inc. opened its first store in November 1987 in Fort Lauderdale, Florida. At the time of its merger with Gart Sports, The Sports Authority, Inc. had 205 stores in 33 states. Gart Sports was established in 1928 in Denver, Colorado. In addition to its Gart Sports locations, the company operated stores under the Sportmart and Oshman's brand names. At the time of the merger with The Sports Authority, Inc. Gart Sports operated 182 stores in 25 states. o Best Buy Co., Inc. ("Best Buy") (Rated "BBB-" by S&P and "BBB" by Fitch), occupies 45,000 square feet (12.5%) on a 16-year lease expiring in January 2017 with three 5-year renewal options. Best Buy is a specialty retailer of consumer electronics, home office equipment, entertainment software and appliances. The company operates retail stores and commercial websites as part of continuing operations under the brand names Best Buy (BestBuy.com), Future Shop (FutureShop.ca), Magnolia Audio Video (magnoliaav.com) and Geek Squad (geeksquad.com). U.S. Best Buy stores offer a variety of consumer electronics, home office equipment, entertainment software and appliances, and operate approximately 600 stores in 48 states. Magnolia Audio Video is a retailer of audio and video products. The company had 22 stores in Washington, Oregon and California as of February 28, 2004. For the fiscal year ended February 28, 2004, Best Buy reported revenues of approximately $24.5 billion and net income of approximately $705 million with total reported assets of approximately $8.7 billion and shareholders' equity of approximately $3.4 billion. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 74 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Northpointe Plaza Mortgage Loan is secured by a first mortgage on a 360,830 square foot grocery anchored retail center located in Spokane, Washington. THE BORROWER: o The borrower, Inland Western Spokane Northpointe, L.L.C., a Delaware limited liability company, is a single-purpose, bankruptcy-remote entity with at least one independent manager for which the borrowers' legal counsel delivered a non-consolidation opinion at loan closing. o The sponsor of the borrower is Inland Western Retail Real Estate Trust, Inc. (IWRRETI, or IWEST), a real estate investment trust (REIT) that was incorporated in Maryland in March of 2003 to acquire and manage retail centers, principally multi-tenant shopping centers. The portfolio consists predominantly of grocery and discount store anchored retail centers, including net lease retail centers. As of June 30, 2004, IWRRETI had shareholder's equity of over $740 million and owned a portfolio of 42 properties located in California, Colorado, Connecticut, Georgia, Illinois, Indiana, Maryland, Michigan, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Texas, Utah and Washington, containing an aggregate of approximately 7,143,674 square feet of gross leasable area of which approximately 92% of gross leasable area was physically leased. THE PROPERTY: o The Northpointe Plaza Northpointe Plaza Mortgaged Property consists of a 360,830 square foot grocery anchored power center in Spokane, Washington. The property is situated on Newport Highway (Highway 2) and East Hawthorne Road. Newport Highway is a major north/south artery for the area and East Hawthorne Road is the principal east-west artery in the northern Spokane urban area. The reported traffic volume that passes the Northpointe Plaza property is estimated at between 18,000 and 25,000 vehicles per day. The property is situated on approximately 45.2 acres and includes 2,740 parking spaces. PROPERTY MANAGEMENT: o Inland Northwest Management Corp. manages the property. Inland Northwest Management Corp. was incorporated in January 2003 and is owned by individuals who are affiliates of the Inland Group. The Inland Group is the parent company of Inland Western Retail Real Estate Trust, Inc. The Inland Group, together with its subsidiaries and affiliates, is a real estate company providing property management, leasing, marketing, acquisition, disposition, development, redevelopment, syndication, renovation, construction finance and other related services. As of July 2003, the Inland Group employed more than 1,024 people, managed over $5 billion in assets and more than 60 million square feet of commercial property. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 75 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NORTHPOINTE PLAZA - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 76 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] BIG KMART - FULLERTOWN PLAZA PRICE CHOPPER - COLUMBIA PLAZA [PICTURE OMITTED] [PICTURE OMITTED] PRICE CHOPPER - COLONIE PLAZA FOOD LION - NORTH EAST STATION This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 77 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $30,715,000 FIRST PAYMENT DATE: May 1, 2004 TERM/AMORTIZATION: 60/360 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: April 1, 2009 EXPECTED MATURITY BALANCE: $29,327,918 BORROWING ENTITY: Colonie Plaza, LLC; Columbia KROP, LLC; FP Sub, LLC; NESBT Sub, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout: 0 payments GRTR 1% PPMT or Yield Maintenance: 58 payments Open: 2 payments UP-FRONT RESERVES: TAX RESERVE: Yes TENANT RESERVE:(1) $558,750 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes INSURANCE RESERVE:(2) Springing REPLACEMENT RESERVE:(3) Springing TI/LC RESERVE:(4) Springing TENANT RESERVE:(5) $8,750 LOCKBOX: Springing - ------------------------------------------------------------------------------- (1) Fullerton Kmart ($550,000) and Colonie Price Chopper ($8,750) tenant reserves. (2) Insurance reserves spring if borrower fails to provide evidence of payment. (3) Replacement reserves spring if borrower fails to maintain property. (4) TI/LC reserves spring if DSCR falls below 1.20x. (5) Colonie Price Chopper Reserve collected until December 1, 2007. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $30,715,000 CUT-OFF DATE LTV: 79.8% MATURITY DATE LTV: 76.2% UNDERWRITTEN DSCR*: 1.72x MORTGAGE RATE: 4.736% * DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: COLUMBIA PLAZA East Greenbush, NY FULLERTON PLAZA Baltimore, MD NORTH EAST STATION North East, MD COLONIE PLAZA Colonie, NY YEAR BUILT/RENOVATED: COLUMBIA PLAZA 1988/NA FULLERTON PLAZA 1979/NA NORTH EAST STATION 1998/NA COLONIE PLAZA 1987/NA NET RENTABLE SQUARE FEET: 509,548 CUT-OFF BALANCE PER SF: $60 OCCUPANCY AS OF 7/16/04: COLUMBIA PLAZA 87.7% FULLERTON PLAZA 97.4% NORTH EAST STATION 100.0% COLONIE PLAZA 96.5% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: KRC Property Management I, Inc. U/W NET CASH FLOW: $3,293,821 APPRAISED VALUE: $38,500,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 78 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- FULL YEAR FULL YEAR UNDERWRITTEN (12/31/03) (12/31/02) ------------ ---------- ---------- Effective Gross Income ........... $ 5,341,304 $ 5,259,267 $ 5,002,086 Total Expenses ................... $ 1,775,059 $ 1,743,609 $ 1,600,881 Net Operating Income (NOI) ....... $ 3,566,245 $ 3,515,658 $ 3,401,205 Cash Flow (CF) ................... $ 3,293,821 $ 3,515,658 $ 3,401,205 DSCR on NOI ...................... 1.86x 1.83x 1.77x DSCR on CF ....................... 1.72x 1.83x 1.77x - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION - ----------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE PROPERTY TOP TENANTS+ S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - -------- ------------ --------- --------- -------- -------- ---- ---- ---------- Columbia Plaza ..... Price Chopper Not Rated 65,895 49.7% $ 10.05 $662,245 49.2% 5/31/2018 Fashion Bug BB-/NR 10,650 8.0 $ 7.50 79,875 5.9 1/31/2005 ----------- ------- ---- -------- ---- Total 76,545 57.7% $742,120 55.2% Fullerton Plaza .... Kmart Not Rated 95,932 62.8% $ 4.12 $395,000 35.3% 11/30/2005 Salvo Auto Parts Not Rated 12,000 7.9 $ 7.55 90,600 8.1 8/31/2009 ---------------- ------- ---- -------- ---- Total 107,932 70.6% $485,600 43.4% North East Station.. Food Lion BB+/NR 38,372 45.9% $ 7.91 $303,500 34.7% 3/10/2018 --------- ------- ---- -------- ---- Total 38,372 45.9% $303,500 34.7% Colonie Plaza ...... Price Chopper Not Rated 60,000 42.7% $ 5.75 $345,000 37.4% 11/30/2007 Big Lots BBB-/NR 27,000 19.2 $ 2.75 74,250 8.1 1/31/2008 -------- ------- ---- -------- ---- Total 87,000 62.0% $419,250 45.5% - ----------------------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll except for Ratings (S&P/Fitch) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 79 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE COLUMBIA PLAZA - ----------------------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % OF CUMULATIVE CUMMULATIVE BASE RENT YEAR OF EXPIRATION+ LEASES EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------- --------------- -- -------- -------- ------------- -------- MTM ................ 2 4,480 3.4% 4,480 3.4% $ 39,900 2004 ............... 4 5,075 3.8 9,555 7.2% $ 53,748 2005 ............... 8 22,703 17.1 32,258 24.3% $202,124 2006 ............... 6 14,613 11.0 46,871 35.3% $176,794 2007 ............... 1 1,277 1.0 48,148 36.3% $ 13,511 2008 ............... 2 2,310 1.7 50,458 38.0% $ 34,125 2018 ............... 1 65,895 49.7 116,353 87.7% $662,245 Vacant ............. 16,295 12.3 132,648 100.0% - ------ ----- Total .............. 24 132,648 100.0% - ----------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll. - ------------------------------------------------------------------------------------------------------------------ LEASE ROLLOVER SCHEDULE FULLERTON PLAZA - ------------------------------------------------------------------------------------------------------------------ NUMBER OF EXPIRING % OF CUMULATIVE CUMMULATIVE BASE RENT YEAR OF EXPIRATION++ LEASES EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - -------------------- --------------- -- -------- -------- ------------- -------- 2004 ................ 1 4,500 2.9% 4,500 2.9% $ 59,625 2005 ................ 1 95,932 62.8 100,432 65.7% $395,000 2006 ................ 3 8,090 5.3 108,522 71.0% $ 94,578 2007 ................ 2 12,000 7.9 120,522 78.9% $137,000 2008 ................ 1 4,000 2.6 124,522 81.5% $ 44,000 2009 ................ 1 12,000 7.9 136,522 89.3% $ 90,600 2010 ................ 1 2,500 1.6 139,022 91.0% $ 42,500 2011 ................ 1 5,312 3.5 144,334 94.4% $110,000 2012 ................ 2 4,500 2.9 148,834 97.4% $ 85,099 Vacant .............. 4,000 2.6 152,834 100.0% -- ------- ----- Total ............... 13 152,834 100.0% - ------------------------------------------------------------------------------------------------------------------ ++ Information obtained from Underwritten Rent Roll. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 80 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NORTH EAST STATION - ----------------------------------------------------------------------------------------------------------------- NUMBER OF EXPIRING % OF CUMULATIVE CUMMULATIVE BASE RENT YEAR OF EXPIRATION+ LEASES EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------- --------------- -- -------- -------- ------------- -------- MTM ................ 1 4,400 5.3% 4,400 5.3% $ 56,951 2005 ............... 1 1,050 1.3 5,450 6.5% $ 18,380 2006 ............... 1 1,400 1.7 6,850 8.2% $ 22,959 2008 ............... 4 14,400 17.2 21,250 25.4% $147,284 2012 ............... 1 1,400 1.7 22,650 27.1% $ 23,534 2013 ............... 1 9,900 11.8 32,550 38.9% $126,000 2014 ............... 1 4,500 5.4 37,050 44.3% $ 73,035 2018 ............... 2 41,532 49.6 78,582 93.9% $353,000 2019 ............... 1 1,608 1.9 80,190 95.8% $ 28,096 2024 ............... 1 3,500 4.2 83,690 100.0% $ 25,000 -- ------ ----- TOTAL .............. 14 83,690 100.0% - ----------------------------------------------------------------------------------------------------------------- + Information obtained from Underwritten Rent Roll. - ------------------------------------------------------------------------------------------------------------------ LEASE ROLLOVER SCHEDULE COLONIE PLAZA - ------------------------------------------------------------------------------------------------------------------ NUMBER OF EXPIRING % OF CUMULATIVE CUMMULATIVE BASE RENT YEAR OF EXPIRATION++ LEASES EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - -------------------- --------------- -- -------- -------- ------------- -------- MTM ................. 1 1,125 0.8% 1,125 0.8% $ 10,449 2004 ................ 2 2,742 2.0 3,867 2.8% $ 28,200 2005 ................ 3 10,015 7.1 13,882 9.9% $ 66,240 2007 ................ 6 76,875 54.8 90,757 64.7% $508,013 2008 ................ 5 34,219 24.4 124,976 89.0% $154,741 2010 ................ 1 3,000 2.1 127,976 91.2% $ 36,300 2011 ................ 1 4,500 3.2 132,476 94.4% $ 39,375 2012 ................ 1 2,975 2.1 135,451 96.5% $ 43,733 Vacant .............. 4,925 3.5 140,376 100.0% -- ------- ----- TOTAL ............... 20 140,376 100.0% - ------------------------------------------------------------------------------------------------------------------ ++ Information obtained from Underwritten Rent Roll. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 81 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- COLUMBIA PLAZA Price Chopper occupies 49.7% of a 132,648 square foot retail center on a lease expiring in May 2018 with four 5-year extensions. Price Chopper, a subsidiary of the Golub Corporation, was founded in 1932 by two brothers, Ben and Bill Golub. Golub Corporation today has approximately 2.1 billion in annual sales, employs approximately 20,000 people, operates 100-plus Price Chopper supermarkets in Connecticut, Massachusetts, New Hampshire, upstate New York, northeastern Pennsylvania and Vermont and is headquartered in Schenectady, N.Y. The Golub family owns 45% of the firm and the employees own the remaining 55%. Fashion Bug (Rated "BB--" by S&P) occupies 8.0% of a 132,648 square foot retail center on a lease expiring in January 2005 with four 5-year extensions. Charming Shoppes, Inc. ("Charming Shoppes") is a leading specialty apparel retailer primarily focused on plus-size women's apparel through three brands: Lane Bryant, Fashion Bug and Catherines Plus Sizes. With over 25,000 employees, 2,200 stores in 48 states and $2.3 billion in annual sales, it is the third-largest women's specialty apparel retailer in the nation. Fashion Bug on its own has over 1,000 stores in 45 states and has sales of over $1 billion in fiscal 2004. FULLERTON PLAZA Kmart occupies 62.8% of a 152,834 square foot anchored retail shopping center on a lease expiring in November 2005 with ten 5-year extensions. Kmart is a mass merchandising company with 1,504 Kmart and Kmart Super Center retail outlets in 49 states, Puerto Rico and the Virgin Islands and approximately $25 billion in annual sales, including 2,400 associates at Kmart's headquarters in Troy, Michigan. On May 6, 2003, Kmart Corporation and 37 of its U.S. subsidiaries and affiliates emerged from the Chapter 11 process after concluding a fast-track reorganization. Kmart reported a net income of $155 million, or $1.54 per diluted share financial results for the second quarter of fiscal 2004. Kmart had reported a net loss of $5 million or $(0.06) per diluted share for the same period in 2003. NORTH EAST STATION Food Lion, LLC ("Food Lion") (Rated "BB+" by S&P) occupies 45.9% of an 83,690 square foot anchored retail shopping center on a lease expiring March 2018 with four 5-year extensions. Food Lion, LLC is a member of Delhaize America, the U.S. division of Brussels-based Delhaize Group. Food Lion was incorporated in North Carolina in 1957 and maintains its corporate headquarters in Salisbury, North Carolina and Scarborough, Maine. Food Lion is a supermarket chain in the United States with 1,200 stores in 11 Southeastern and Mid-Atlantic states. Food Lion stores sell more than 28,000 different products and offer nationally and regionally advertised brand name merchandise, as well as private label products manufactured and packaged for Food Lion. Food Lion currently employs 73,000 associates. COLONIE PLAZA Price Chopper occupies 42.7% of a 140,376 square foot retail center on a lease expiring in November 2007 with four 5-year extensions. Big Lots (Rated "BBB--" by S&P) occupies 19.2% of a 140,376 square foot retail center on a lease expiring in January 2008 with two 5-year extension options. Big Lots is the nation's largest closeout retailer, with more than 1,400 Big Lots stores in 46 states. Big Lots offers merchandise at 20% to 40% below traditional discount retailers. Founded in 1967, the company employs more than 45,000 associates across the U.S. Headquartered in Columbus, Ohio, Big Lots is a Fortune 500 company with annual revenues exceeding $4 billion. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 82 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The GE-Kimco Portfolio Mortgage Loan is secured by a first mortgage on a cross collateralized portfolio of 4 retail centers containing a total of 509,548 square feet located in New York (Columbia Plaza and Colonie Plaza) and Maryland (Fullerton Plaza and North East Station). THE BORROWER: o The borrowers, Colonie Plaza, LLC; Columbia KROP, LLC; FP Sub, LLC; and NESBT Sub, LLC; are all single-purpose, bankruptcy-remote entities with independent directors for which borrowers' legal counsel delivered a non-consolidation opinion at loan closing. The ownership in each borrower consists of an investment partnership between an affiliate of Kimco Realty Corporation and an affiliate of General Electric Capital Corporation. The sponsors for the loan are Kimco Realty Corporation; General Electric Capital Corporation; and General Electric Company. Kimco Realty Corporation is one of the nation's largest publicly traded owner and operator of neighborhood and community shopping centers, with almost 700 properties in 40 states, comprising approximately 100 million square feet of leaseable space. Kimco Realty Corporation (NYSE: "KIM") is rated "A-" by S&P. GE Capital Real Estate invests in and finances commercial and multi-family residential properties and provides asset management and loan servicing. It has a global portfolio valued at more than $21 billion through its structured-finance, equity and capital-markets products, and employ over 800 people in offices around the world. GE Capital Real Estate is a division of GE Capital (which is rated "AAA" by S&P and "AAA" by Fitch). The partnership entity, Kimco Retail Opportunity Portfolio, L.L.C., currently holds 22 retail properties totaling more than 3.5 million square feet and has a net worth of approximately $105,004,000 and a liquidity of $4,735,000. THE PROPERTIES: o The security for the GE-Kimco Portfolio Mortgage Loan consists of four anchored shopping centers located in New York and Maryland. The properties are further described below: Columbia Plaza is a 132,648 square foot grocery-anchored center in East Greenbush, New York. The property is located on the west side of Columbia Turnpike, approximately 1/2 mile north of the Route 4 intersection and approximately 6 miles southeast of the City of Albany. The property was constructed in 1988 and is currently 87.7% occupied by 24 tenants. The center is anchored by a 65,895 square foot Price Chopper grocery store in addition to a 10,650 square foot Fashion Bug store. The Price Chopper 2003 sales at the Columbia Plaza center are reported at approximately $568 per square foot with an occupancy cost of 2.5%. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 83 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- Fullerton Plaza is a 152,834 square foot single-story anchored shopping center located in Baltimore, MD. The property is located on Route 1, just north of the Baltimore Beltway approximately 6 miles from the Baltimore central business district. The property is anchored by a 95,932 square foot "Big K" Kmart. Other significant tenants at the property include a Salvo Auto Parts store and a Fashion Bug store. The property was constructed in 1979 and is currently 97.4% occupied by 13 tenants. Kmart 2003 sales at the property were reported at approximately $161 per square foot with an occupancy cost of 3.8%. North East Station is a 83,690 square foot single-story shopping center located in North East, Maryland on the Pulaski Highway just off 1-95. The center is anchored by a 38,372 square foot Food Lion grocery store. Other large tenants at the property include a 9,900 square foot Happy Harry's Discount Drug Store and an 8,400 square foot Dollar Tree store. The property was constructed in 1998 and is currently 100% occupied by 14 tenants. The Food Lion 2003 sales at the property were reported at approximately $535 per square foot with an occupancy of 1.8%. Colonie Plaza is a 140,376 square foot neighborhood center located at the intersection of SR 155 and Central Avenue, just north of the intersection of 1-90 and 1-87, approximately 12 miles northwest of the City of Albany. The center is anchored by a 60,000 square foot Price Chopper, a 27,000 square foot Big Lots and a 10,800 square foot Eckerd. The property was constructed in 1987 and is currently 96.5% occupied by 20 Tenants. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. RELEASE OR SUBSTITUTION OF PROPERTY: o Release of an individual Mortgaged Property shall be subject to conditions stated in the GE-Kimco Portfolio Mortgage Loan documents including, but not limited to: (i) a payment to the mortgagee of 100% of the allocated loan amount for the Mortgaged Property to be released plus either a 15% or 20% release premium (the "Release Premium"), depending on the then DSCR level, of the original loan amount and the applicable prepayment premiums, (ii) the DSCR of the remaining properties being equal to or greater than 1.10x based on a 9.30% constant, and (iii) the LTV of the remaining properties being less than the lesser of 80% or the LTV of the properties prior to the release. In addition, the borrowers have the right to uncross an individual Mortgaged Property, transfer it, and have the tranferee assume the severed loan, pursuant to the terms and conditions set forth in the loan documents. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 84 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET GE -- KIMCO PORTFOLIO - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 85 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-4 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- o GENERAL. For a detailed presentation of certain characteristics of the Mortgage Loans and Mortgaged Properties, on an individual basis and in tabular format, see Annex A to the prospectus supplement. See Annex B Multifamily Schedule to the prospectus supplement for certain information regarding multifamily Mortgaged Properties. See Annex B Capital Improvement, Replacement Reserve and Escrow Accounts to the prospectus supplement for certain information with respect to capital improvement, replacement and tenant improvement reserves. o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. The mortgage pool contains two sets of cross-collateralized and cross-defaulted Mortgage Loans. Such Mortgage Loans collectively represent 5.8% of the Initial Pool Balance, and 37.1% of the Group 2 balance and are referred to as the "Cross-Collateralized Mortgage Loans." Each of the Cross-Collateralized Mortgage Loans is evidenced by a separate Mortgage Note and secured by a separate Mortgage, which Mortgage or separate cross-collateralization agreement, which may include a subordinate mortgage as the case may be, contains provisions creating the relevant partial cross-collateralization and partial cross-default arrangements. o GROUND LEASES. Fifteen Mortgaged Properties, which represent approximately 11.6% of the Initial Pool Balance (11.4% of the Group 1 Balance and 12.7% of the Group 2 Balance), are secured, in whole or in part, by a Mortgage on the applicable borrower's leasehold interest in the related Mortgaged Property. Generally, with certain exceptions, either (i) the ground lessor has subordinated its interest in the related Mortgaged Property to the interest of the holder of the related Mortgage Loan or (ii) the ground lessor has agreed to give the holder of the Mortgage Loan notice of, and has granted such holder the right to cure, any default or breach by the lessee. o SUBORDINATE FINANCING. The Mortgage Loans generally either prohibit the related borrower from encumbering the Mortgaged Property with additional secured debt or require the consent of the holder of the first lien prior to encumbering such property. Certain exceptions are noted below and described in the prospectus supplement. One Mortgage Loan, representing 1.1% of the Initial Pool Balance (1.3% of the Group 1 Balance), permits additional unsecured debt. In addition, one Mortgage Loan, representing 0.7% of the Initial Pool Balance (4.4% of the Group 2 Balance), has existing secured subordinate debt. Further, three Mortgage Loans, representing 0.9% of the Initial Pool Balance (1.1% of the Group 1 Balance), permit additional secured debt. Thirteen Mortgage Loans, representing 9.7% of the Initial Pool Balance (11.5% of the Group 1 Balance) permit the members of the related borrower to incur mezzanine debt under the circumstances set forth in the related loan agreement. In addition, three Mortgage Loans, representing 14.4% of the Initial Pool Balance (17.0% of the Group 1 Balance) have existing mezzanine debt. See the individual loan descriptions under the heading "Description of the Mortgage Pool" in the prospectus supplement for further information regarding additional indebtedness relating to significant mortgage loans, as well as the information under "Description of the Mortgage Pool -- Additional Mortgage Loans -- Subordinate Financing" in the prospectus supplement. See also "Risk Factors -- Risks Related to the Mortgage Loans -- Subordinate Financing May Make Recovery Difficult in the Event of Loss" of the prospectus supplement. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. None of the Underwriters nor any of their affiliates has conducted any independent review of the information contained herein, and none of the Underwriters nor any of their affiliates represent that such information is accurate or complete and the information should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, as amended including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriters and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 86