Banc of America Merrill Lynch Commercial Mortgage
Filed: 8 Dec 04, 12:00am
CMBS NEW ISSUE TERM SHEET $886,250,000 (APPROXIMATE OFFERED CERTIFICATES) $976,584,348 (APPROXIMATE TOTAL COLLATERAL BALANCE) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-6 OFFERED CLASSES A-1, A-2, A-3, A-AB, A-4, A-J, XP, B, C AND D CERTIFICATES BANK OF AMERICA, N.A. MORTGAGE LOAN SELLER BANK OF AMERICA, N.A. MASTER SERVICER MIDLAND LOAN SERVICES, INC. SPECIAL SERVICER DECEMBER 2004 THIS MATERIAL IS FOR YOUR PRIVATE INFORMATION AND NONE OF BANC OF AMERICA SECURITIES LLC, BEAR, STEARNS & CO. INC. AND GOLDMAN, SACHS & CO., (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. Sole Lead Manager and Bookrunner BANC OF AMERICA SECURITIES LLC ------------- BEAR, STEARNS & CO. INC. GOLDMAN, SACHS & CO. Co-Manager Co-Manager TABLE OF CONTENTS Transaction Structure Structure Overview .................................................. 2 Structure Schematic ................................................. 3 Transaction Terms ................................................... 4 Contact Information ................................................. 7 Mortgage Pool Characteristics General Characteristics ............................................. 8 Property Type ....................................................... 9 Property Location ................................................... 10 Mortgage Pool Characteristics ....................................... 11 Prepayment Provision Based on Outstanding Principal Balance ......... 12 Ten Largest Mortgage Loans or Crossed Pool Post Oak Central .................................................... 14 Steeplegate Mall .................................................... 20 Simon - Upper Valley Mall ........................................... 27 Cupertino Village I, II & III ....................................... 33 Monument IV at Worldgate ............................................ 40 Trinity Centre I & Trinity Centre III (Crossed Pool) ................ 46 King's Crossing ..................................................... 54 Sepulveda Center .................................................... 59 Howe 'Bout Arden .................................................... 65 Veritas DGC Headquarters ............................................ 71 Additional Mortgage Loan Information ................................... 77 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-6 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES APPROX. EXPECTED CERTIFICATE % OF ASSUMED RATINGS(1) BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL ----------- NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION CLASS S&P/FITCH AMOUNT(2) BALANCE SUPPORT LIFE (YRS)(3) (MOS)(3) DATE(3) RATE TYPE - --------------------------------------------------------------------------------------------------------------------------------- A-1 AAA/AAA $ 42,300,000 4.331% 20.000% 2.50 1-55 July 10, 2009 Fixed - --------------------------------------------------------------------------------------------------------------------------------- A-2 AAA/AAA $195,270,000 19.995% 20.000% 4.79 55-61 January 10, 2010 Fixed - --------------------------------------------------------------------------------------------------------------------------------- A-3 AAA/AAA $256,609,000 26.276% 20.000% 6.97 81-92 August 10, 2012 Fixed - --------------------------------------------------------------------------------------------------------------------------------- A-AB AAA/AAA $ 36,655,000 3.753% 20.000% 7.17 61-113 May 10, 2014 Fixed - --------------------------------------------------------------------------------------------------------------------------------- A-4 AAA/AAA $250,433,000 25.644% 20.000% 9.68 113-119 November 10, 2014 Fixed(4) - --------------------------------------------------------------------------------------------------------------------------------- A-J AAA/AAA $ 57,374,000 5.875% 14.125% 9.89 119-120 December 10, 2014 Fixed(4) - --------------------------------------------------------------------------------------------------------------------------------- XP AAA/AAA $ TBD(6) N/A N/A (6) N/A N/A Variable Rate(6) - --------------------------------------------------------------------------------------------------------------------------------- B AA/AA $ 19,532,000 2.000% 12.125% 9.97 120-120 December 10, 2014 Fixed(5) - --------------------------------------------------------------------------------------------------------------------------------- C AA-/AA- $ 9,766,000 1.000% 11.125% 9.97 120-120 December 10, 2014 Fixed(5) - --------------------------------------------------------------------------------------------------------------------------------- D A/A $ 18,311,000 1.875% 9.250% 9.97 120-120 December 10, 2014 Fixed(5) - --------------------------------------------------------------------------------------------------------------------------------- NON-OFFERED CERTIFICATES(7) APPROX. EXPECTED CERTIFICATE % OF ASSUMED RATINGS(1) BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL ------------ NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION CLASS S&P/FITCH AMOUNT(2) BALANCE SUPPORT LIFE (YRS)(3) (MOS)(3) DATE(3) RATE TYPE - ---------------------------------------------------------------------------------------------------------------------------------- E A-/A- $ 9,766,000 1.000% 8.250% 9.97 120-120 December 10, 2014 Fixed(5) - ---------------------------------------------------------------------------------------------------------------------------------- F BBB+/ BBB+ $ 14,648,000 1.500% 6.750% 9.97 120-120 December 10, 2014 Fixed(5) - ---------------------------------------------------------------------------------------------------------------------------------- G BBB/BBB $ 9,766,000 1.000% 5.750% 9.97 120-120 December 10, 2014 Fixed(5) - ---------------------------------------------------------------------------------------------------------------------------------- H BBB-/BBB- $ 13,428,000 1.375% 4.375% 9.97 120-120 December 10, 2014 Fixed(5) - ---------------------------------------------------------------------------------------------------------------------------------- J BB+/BB+ $ 6,104,000 0.625% 3.750% 10.02 120-121 January 10, 2015 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- K BB/BB $ 4,883,000 0.500% 3.250% 10.05 121-121 January 10, 2015 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- L BB-/BB- $ 4,883,000 0.500% 2.750% 10.05 121-121 January 10, 2015 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- M B+/B+ $ 3,662,000 0.375% 2.375% 10.09 121-128 August 10, 2015 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- N B/B $ 3,662,000 0.375% 2.000% 10.80 128-130 October 10, 2015 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- O B-/B- $ 4,883,000 0.500% 1.500% 10.80 130-130 October 10, 2015 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- P NR / NR $ 14,649,348 1.500% 0.000% 10.99 130-178 October 10, 2019 Fixed(4) - ---------------------------------------------------------------------------------------------------------------------------------- XC AAA/AAA $ 976,584,348(8) N/A N/A (8) N/A N/A Variable Rate(8) - ---------------------------------------------------------------------------------------------------------------------------------- (1) Ratings shown are those of Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. and Fitch, Inc., respectively. (2) As of the delivery date. Subject to a variance of plus or minus 10%. (3) Based on the maturity assumptions (as defined under "Yield and Maturity Considerations" in the prospectus supplement). As of the delivery date, calculations for the certificates assume no prepayments will be made on the mortgage loans prior to their related maturity dates. (4) The Class A-4, Class A-J, 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. (5) The Class B, Class C, Class D, Class E, Class F, Class G and Class H 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 XP Certificated will not have a certificate balance and their holders will not receive distributions of principal, but such holders are entitled to receive payments of the aggregate interest accrued on the notional amount of the Class XP Certificates, as described in the prospectus supplement. The interest rate applicable to the Class XP Certificates for each distribution date will be as described in the prospectus supplement. See "Description of the Certificates--Pass-Through Rates" in the prospectus supplement. (7) These Certificates are not offered by the prospectus supplement. Any information we provide herein regarding the terms of these certificates is provided only to enhance your understanding of the offered certificates. (8) The Class XC Certificates will not have certificate balances and their holders will not receive distributions of principal, but such holders are entitled to receive payments of the aggregate interest accrued on the notional amount of the Class XC Certificates, as the case may be, as described in the prospectus supplement. The interest rates applicable to the Class XC Certificates for each distribution date will be as described in the prospectus supplement. See "Description of the Certificates--Pass-Through Rates" in the prospectus supplement. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- STRUCTURE SCHEMATIC* - -------------------------------------------------------------------------------- [CHART OMITTED] Class XC(1), XP Class A-1 AAA / AAA $42.30 MM 4.331% Class A-2 AAA / AAA $195.27 MM 19.995% Class A-3 AAA / AAA $256.60 MM 26.276% Class A-AB AAA / AAA $36.65 MM 3.753% Class A-4 AAA / AAA $250.43 MM 25.644% Class A-J AAA / AAA $57.37 MM 5.875% Class B AA / AA $19.53 MM 2.000% Class C AA- / AA- $9.76 MM 1.000% Class D A / A $18.31 MM 1.875% Class E(1) A- / A- $9.76 MM 1.000% Class F(1) BBB+ / BBB+ $14.64 MM 1.500% Class G(1) BBB / BBB $9.76 MM 1.000% Class H(1) BBB- / BBB- $13.42 MM 1.375% Class J(1) BB+ / BB+ $6.10 MM 0.625% Class K(1) BB / BB $4.88 MM 0.500% Class L(1) BB- / BB- $4.88 MM 0.500% Class M(1) B+ / B+ $3.66 MM 0.375% Class N(1) B / B $3.66 MM 0.375% Class O(1) B- / B- $4.88 MM 0.500% Class P(1) NR / NR $14.64 MM 1.500% - --------------- (1) Offered privately pursuant to Rule 144A. * 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. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT DATED DECEMBER 2004. ISSUE TYPE Sequential pay REMIC. Class A-1, A-2, A-3, A-AB, A-4, A-J, 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 December 1, 2004 for all of the Mortgage Loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 80 mortgage loans (the "Mortgage Loans") with an aggregate balance as of the Cut-off Date of $976,584,348 (the "Initial Pool Balance"). For purposes of the presentation of numbers and statistical information, various calculations with respect to split loan structures and certain other mortgage loans were made based on the balances and otherwise as described in the prospectus supplement under "Summary of Prospectus Supplement--Mortgage Loans--Certain Mortgage Loan Calculations". The Mortgage Loans are secured by 82 properties (the "Mortgaged Properties") located throughout 23 states. DEPOSITOR Banc of America Commercial Mortgage Inc. MORTGAGE LOAN SELLER Bank of America, N.A. UNDERWRITERS Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. 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-AB, A-4 and A-J Certificates, $1,000,000 minimum (notional) for the Class XP Certificates and $100,000 minimum for all other Offered Certificates. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- SETTLEMENT DATE On or about December [ ], 2004. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. 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 January 2005. 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 (on a 30/360 Basis). 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-AB, Class A-4, 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 (except that the Class A-AB Certificates are entitled to a certain priority with respect to being paid down to their planned principal balance as described in the prospectus supplement). If, due to losses, the Certificate Balances of the Class A-J through Class P Certificates are reduced to zero but any two or more of the Class A-1, Class A-2, Class A-3, Class A-AB and/or Class A-4 Certificates remain outstanding, payments of principal to the outstanding Class A-1, Class A-2, Class A-3, Class A-AB and Class A-4 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. 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 and if it fails to do so, the Trustee or Fiscal Agent will be obligated to make P&l Advances and Servicing Advances on the Mortgage Loans. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- APPRAISAL Promptly following the occurrence of any of the following REDUCTIONS events (1) any Mortgage Loan or any Whole Loan becoming a Modified Mortgage Loan; (2) any Monthly Payment with respect to any Mortgage Loan or any Whole Loan remains unpaid for 60 days past the Due Date for such payment except that, solely in the case of a delinquent Balloon Payment and if (x) the related borrower is actively seeking a refinancing commitment, (y) the borrower continues to make payments in the amount of its Monthly Payment, and (z) the Directing Certificateholder consents, failure to pay such Balloon Payment during such 60-day period shall not constitute an Appraisal Trigger Event if the related borrower has delivered to the Master Servicer, on or before the 60th day after the Due Date of such Balloon Payment, a refinancing commitment reasonably acceptable to the Master Servicer, for such longer period, not to exceed 120 days beyond such Due Date, during which the refinancing would occur; (3) the passage of 60 days after the Special Servicer receives notice that the mortgagor under such Mortgage 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; (5) the related Mortgaged Property becoming an REO Property or (6) if a Mortgage Loan or a Whole Loan has been extended three times upon the 60th day after the third extension, 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. OPTIONAL TERMINATION The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the trust, in whole but not in part, and purchase the remaining assets of the Trust on or after the Distribution Date on which the Stated Principal Balance of the Mortgage Loans then outstanding is less than 1% of the initial aggregate pool balance. Such purchase price will generally be at a price equal to the unpaid aggregate principal balance of the Mortgage Loans (or fair market value in the case of REO Properties), plus accrued and unpaid interest and certain other additional trust fund expenses. 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. 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- CONTACT INFORMATION - -------------------------------------------------------------------------------- BANC OF AMERICA SECURITIES LLC Bill Hale (704) 388-1597 (Phone) (704) 388-9677 (Fax) bill.e.hale@bankofamerica.com Geordie Walker (704) 388-1597 (Phone) (704) 388-9677 (Fax) geordie.r.walker@bankofamerica.com Chuck Mather (704) 388-1597 (Phone) (704) 388-9677 (Fax) charles.mather@bankofamerica.com BEAR, STEARNS & CO. INC. GOLDMAN, SACHS & CO. Craig Sedmak Rolf Edwards (212) 272-4953 (Phone) (212) 902-5637 (Phone) (917) 849-0223 (Fax) (212) 346-3594 (Fax) csedmak@bear.com rolf.edwards@gs.com Tim Koltermann Scott Wisenbaker (212) 272-4953 (Phone) (212) 902-2858 (Phone) (917) 849-0223 (Fax) (212) 346-3594 (Fax) tkoltermann@bear.com scott.wisenbaker@gs.com Jignesh Patel (212) 272-6184 (Phone) (917) 849-0223 (Fax) jignesh.patel@bear.com This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- GENERAL CHARACTERISTICS MORTGAGE POOL Number of Mortgage Loans ................................................................. 80 Number of Mortgaged Properties ........................................................... 82 Aggregate Balance of all Mortgage Loans .................................................. $976,584,348 Number of Balloon Payment Mortgage Loans(1) .............................................. 69 Aggregate Balance of Balloon Payment Mortgage Loans(1) ................................... $759,271,065 Number of Anticipated Repayment Date Mortgage Loans(2) ................................... 5 Aggregate Balance of Anticipated Repayment Date Mortgage Loans(2) ........................ $ 79,741,676 Number of Fully Amortizing Mortgage Loans ................................................ 1 Aggregate Balance of Fully Amortizing Mortgage Loans ..................................... $ 3,475,607 Number of Interest Only Mortgage Loans(2) ................................................ 7 Aggregate Balance of Interest Only Mortgage Loans(2) ..................................... $166,296,000 Maximum Balance .......................................................................... $ 1,802,089 Minimum Balance .......................................................................... $ 97,504,000 Average Balance .......................................................................... $ 12,207,304 Number of Cross-Collateralized and Cross-Defaulted Loan Pools ............................ 1 Maximum Balance for a Set of Cross-Collateralized and Cross-Defaulted Mortgage Loans ..... $ 34,889,200 Weighted Average LTV Ratio ............................................................... 71.4% Maximum LTV Ratio ........................................................................ 84.8% Minimum LTV Ratio ........................................................................ 34.7% Weighted Average DSCR .................................................................... 1.43x Maximum DSCR ............................................................................. 2.61x Minimum DSCR ............................................................................. 1.20x Weighted Average LTV at Maturity or Anticipated Repayment Date(3) ........................ 64.5% Range of Mortgage Loan Interest Rates .................................................... 4.682%-6.500% Weighted Average Mortgage Loan Interest Rate ............................................. 5.350% Range of Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 55-178 Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ....... 97 (1) Excludes mortgage loans that are Interest Only for their full term, Fully Amortizing Mortgage Loans and Anticipated Repayment Date Mortgage Loans. (2) With respect to two Mortgage Loans, Loan Nos. 58583 and 58564, each Mortgage Loan is both Hyperamortizing and Interest Only which results in such Mortgage Loans appearing in each category. (3) Excludes the mortgage loans that are fully amortizing. * Two mortgage loans referred to as the Steeplegate Mortgage Loan, Loan No. 58318, and the Monument Mortgage Loan, Loan No. 58440, are each part of split loan structures that are secured by the common mortgage instruments on the related mortgaged properties. Unless otherwise stated, all references to the principal balance and related information (including cut-off date balances, debt service coverage ratios and loan-to-value ratios) is in reference to the Steeplegate Mortgage Loan or the Monument Mortgage Loan, as applicable, only and excludes the other mortgage loan in the related split loan structure. The other mortgage loans are not included in the trust fund and is referred to as the Steeplegate B Note and the Monument B Note, respectively. The Steeplegate Mortgage Loan, together with its related Steeplegate B Note, is referred to as the Steeplegate Whole Loan. The Monument Mortgage Loan, together with its related Monument B Note, is referred to as the Monument Whole Loan. The sum of the 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [PIE CHART OMITTED] MORTGAGED PROPERTIES BY PROPERTY TYPE Retail 43.4% Office 30.2 Multifamily 15.2 Self Storage 3.2 Manufactured Housing 2.7 Industrial 2.4 Hotel 1.9 Land 0.9 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 36 $423,910,455 43.4% 1.40x 1.20x/2.61x 72.0% 34.7%/81.9% 5.363% - ------------------------------------------------------------------------------------------------------------------------------------ Anchored 24 381,723,331 39.1 1.39x 1.20x/1.98x 72.4% 34.8%/81.9% 5.339% - ------------------------------------------------------------------------------------------------------------------------------------ Unanchored 7 23,773,518 2.4 1.55x 1.21x/2.61x 66.9% 34.7%/79.7% 5.611% - ------------------------------------------------------------------------------------------------------------------------------------ Shadow Anchored 5 18,413,606 1.9 1.43x 1.25x/1.67x 70.2% 56.0%/77.6% 5.531% - ------------------------------------------------------------------------------------------------------------------------------------ Office 16 294,833,333 30.2 1.54x 1.21x/1.73x 67.6% 59.9%/80.0% 5.440% - ------------------------------------------------------------------------------------------------------------------------------------ Multifamily 13 148,730,534 15.2 1.28x 1.20x/1.63x 77.3% 62.6%/80.0% 4.957% - ------------------------------------------------------------------------------------------------------------------------------------ Self Storage 8 31,594,284 3.2 1.53x 1.27x/1.93x 70.4% 51.5%/74.8% 5.492% - ------------------------------------------------------------------------------------------------------------------------------------ Manufactured Housing 3 26,068,254 2.7 1.24x 1.21x/1.42x 74.0% 66.0%/80.0% 5.444% - ------------------------------------------------------------------------------------------------------------------------------------ Industrial 2 23,900,916 2.4 1.32x 1.32x/1.32x 73.9% 71.9%/80.0% 5.604% - ------------------------------------------------------------------------------------------------------------------------------------ Hotel 3 18,556,924 1.9 1.56x 1.43x/1.69x 61.3% 54.1%/69.8% 6.116% - ------------------------------------------------------------------------------------------------------------------------------------ Land 1 8,989,648 0.9 1.35x 1.35x/1.35x 84.8% 84.8%/84.8% 5.235% - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL/WTD AVG 82 $976,584,348 100.0% 1.43X 1.20X/2.61X 71.4% 34.7%/84.8% 5.350% - ------------------------------------------------------------------------------------------------------------------------------------ * The general (*) footnote under the "GENERAL CHARACTERISTICS" table on page 8 to this term sheet also applies to this table. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- [MAP OMITTED] NEW JERSEY TEXAS ILLINOIS 1 property 8 properties 4 properties $13,173,063 $166,518,424 $27,989,985 1.3% of total 17.1% of total 2.9% of total VIRGINIA ARIZONA MICHIGAN 6 properties 1 property 1 property $87,245,274 $3,000,000 $2,944,202 8.9% of total 0.3% of total 0.3% of total NORTH CAROLINA CALIFORNIA INDIANA 2 properties 24 properties 1 property $15,434,146 $263,316,042 $4,720,000 1.6% of total 27.0% of total 0.5% of total SOUTH CAROLINA NEVADA OHIO 2 properties 1 property 4 properties $25,880,938 $28,300,000 $80,688,679 2.7% of total 2.9% of total 8.3% of total GEORGIA OREGON PENNSYLVANIA 3 properties 3 properties 1 property $47,541,676 $10,875,607 $5,789,395 4.9% of total 1.1% of total 0.6% of total FLORIDA WASHINGTON NEW HAMSPHIRE 9 properties 3 properties 2 properties $52,026,188 $24,438,662 $71,119,038 5.3% of total 2.5% of total 7.3% of total KENTUCKY UTAH RHODE ISLAND 1 property 1 property 1 property $13,330,000 $2,946,741 $8,989,648 1.4% of total 0.3% of total 0.9% of total TENNESSEE MINNESOTA 1 property 2 properties $5,588,073 $14,708,567 0.6% of total 1.5% of total (less than) 1.0% of Initial Pool Balance 1.0% - 5.0% of Initial Pool Balance 5.1% - 10.0% of Initial Pool Balance (greater than) 10.0% of Initial Pool Balance MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- 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+ 24 $263,316,042 27.0% 1.38x 72.4% 5.431% - ----------------------------------------------------------------------------------------------------------------- Southern 17 172,520,122 17.7 1.45x 69.3% 5.417% - ----------------------------------------------------------------------------------------------------------------- Northern 7 90,795,921 9.3 1.23x 78.3% 5.457% - ----------------------------------------------------------------------------------------------------------------- Texas 8 166,518,424 17.1 1.58x 66.7% 5.113% - ----------------------------------------------------------------------------------------------------------------- Virginia 6 87,245,274 8.9 1.52x 65.2% 5.897% - ----------------------------------------------------------------------------------------------------------------- Ohio 4 80,688,679 8.3 1.26x 79.2% 5.515% - ----------------------------------------------------------------------------------------------------------------- New Hampshire 2 71,119,038 7.3 1.60x 65.4% 4.736% - ----------------------------------------------------------------------------------------------------------------- Florida 9 52,026,188 5.3 1.53x 66.4% 5.258% - ----------------------------------------------------------------------------------------------------------------- Georgia 3 47,541,676 4.9 1.22x 79.7% 5.236% - ----------------------------------------------------------------------------------------------------------------- Nevada 1 28,300,000 2.9 1.21x 79.7% 4.952% - ----------------------------------------------------------------------------------------------------------------- Illinois 4 27,989,985 2.9 1.27x 73.4% 5.469% - ----------------------------------------------------------------------------------------------------------------- South Carolina 2 25,880,938 2.7 1.49x 71.1% 5.582% - ----------------------------------------------------------------------------------------------------------------- Others 19 125,958,104 12.9 1.37x 75.2% 5.450% - ----------------------------------------------------------------------------------------------------------------- TOTAL/WTD AVG 82 $976,584,348 100.0% 1.43X 71.4% 5.350% - ----------------------------------------------------------------------------------------------------------------- o THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 23 STATES. * The general (*) footnote under the "GENERAL CHARACTERISTICS" table on page 8 to this term sheet also applies to this table. + 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- $1,802,089 - $1,999,999 2 3,799,955 0.4 $2,000,000 - $2,999,999 10 25,471,295 2.6 $3,000,000 - $3,999,999 10 35,402,080 3.6 $4,000,000 - $4,999,999 6 28,351,255 2.9 $5,000,000 - $7,499,999 16 96,639,430 9.9 $7,500,000 - $9,999,999 4 34,053,743 3.5 $10,000,000 - $14,999,999 11 135,291,908 13.9 $15,000,000 - $19,999,999 9 159,771,583 16.4 $20,000,000 - $29,999,999 7 168,460,321 17.2 $30,000,000 - $49,999,999 3 123,903,549 12.7 $50,000,000 - $97,504,000 2 165,439,229 16.9 - -------------------------------------------------------------------------------- TOTAL 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: $1,802,089 Max: $97,504,000 Average: $12,207,304 STATE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGED CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- California+ 24 263,316,042 27.0 Southern 17 172,520,122 17.7 Northern 7 90,795,921 9.3 Texas 8 166,518,424 17.1 Virginia 6 87,245,274 8.9 Ohio 4 80,688,679 8.3 New Hampshire 2 71,119,038 7.3 Florida 9 52,026,188 5.3 Georgia 3 47,541,676 4.9 Nevada 1 28,300,000 2.9 Illinois 4 27,989,985 2.9 South Carolina 2 25,880,938 2.7 Others 19 125,958,104 12.9 - -------------------------------------------------------------------------------- TOTAL: 82 976,584,348 100.0 - -------------------------------------------------------------------------------- PROPERTY TYPE - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGED CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - -------------------------------------------------------------------------------- Retail 36 423,910,455 43.4 Anchored 24 381,723,331 39.1 Unanchored 7 23,773,518 2.4 Shadow Anchored 5 18,413,606 1.9 Office 16 294,833,333 30.2 Multifamily 13 148,730,534 15.2 Self Storage 8 31,594,284 3.2 Manufactured Housing 3 26,068,254 2.7 Industrial 2 23,900,916 2.4 Hotel 3 18,556,924 1.9 Land 1 8,989,648 0.9 - -------------------------------------------------------------------------------- TOTAL: 82 976,584,348 100.0 - -------------------------------------------------------------------------------- MORTGAGE RATE (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 4.682% - 4.749% 4 93,327,229 9.6 4.750% - 4.999% 7 195,392,589 20.0 5.000% - 5.249% 11 124,749,765 12.8 5.250% - 5.499% 24 268,698,039 27.5 5.500% - 5.749% 14 93,573,190 9.6 5.750% - 5.999% 12 121,811,292 12.5 6.000% - 6.249% 4 29,498,012 3.0 6.250% - 6.499% 2 14,645,033 1.5 6.500% - 6.749% 2 34,889,200 3.6 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: 4.682% Max: 6.500% Wtd Avg: 5.350% ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 60 - 83 14 199,662,511 20.4 84 - 99 9 229,437,676 23.5 100 - 120 53 487,978,428 50.0 121 - 179 3 56,030,126 5.7 180 1 3,475,607 0.4 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: 60 Max: 180 Wtd Avg: 100 REMAINING TERM TO STATED MATURITY OR ARD (MOS) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 55 - 59 9 129,462,511 13.3 60 - 79 5 70,200,000 7.2 80 - 109 11 264,326,876 27.1 110 - 119 41 350,864,228 35.9 120 - 159 13 158,255,126 16.2 160 - 178 1 3,475,607 0.4 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: 55 Max: 178 Wtd Avg: 97 PREPAYMENT PROVISION SUMMARY - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- Lockout/Defeasance/Open 74 838,541,607 85.9 Lockout/Yield Maintenance/Defeasance/Open 1 97,504,000 10.0 Lockout/Yield Maintenance/Open 4 37,592,000 3.8 Yield Maintenance/PrepaymentPremium/Open 1 2,946,741 0.3 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 34.7% - 49.9% 3 21,475,607 2.2 50.0% - 59.9% 8 70,044,764 7.2 60.0% - 64.9% 6 216,375,365 22.2 65.0% - 69.9% 15 104,355,965 10.7 70.0% - 74.9% 16 135,528,172 13.9 75.0% - 79.9% 25 325,659,828 33.3 80.0% - 84.8% 7 103,144,648 10.6 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: 34.7% Max: 84.8% Wtd Avg: 71.4% LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- Fully Amortizing 1 3,475,607 0.4 34.7% - 49.9% 6 49,946,822 5.1 50.0% - 59.9% 22 250,600,662 25.7 60.0% - 64.9% 20 226,144,393 23.2 65.0% - 69.9% 14 156,456,032 16.0 70.0% - 74.9% 12 220,820,832 22.6 75.0% - 79.8% 5 69,140,000 7.1 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: 34.7%* Max: 79.8%* Wtd Avg: 64.5%* * Excludes fully amortized loans. DEBT SERVICE COVERAGE RATIOS (X) - -------------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - -------------------------------------------------------------------------------- 1.20x - 1.24x 21 247,942,336 25.4 1.25x - 1.29x 14 177,648,712 18.2 1.30x - 1.34x 9 115,220,003 11.8 1.35x - 1.39x 3 12,698,334 1.3 1.40x - 1.49x 9 69,240,741 7.1 1.50x - 1.59x 9 79,039,140 8.1 1.60x - 1.69x 7 101,590,748 10.4 1.70x - 1.79x 3 142,602,000 14.6 1.80x - 1.89x 2 8,469,607 0.9 1.90x - 1.99x 2 19,132,727 2.0 2.00x - 2.61x 1 3,000,000 0.3 - -------------------------------------------------------------------------------- TOTAL: 80 976,584,348 100.0 - -------------------------------------------------------------------------------- Min: 1.20x Max: 2.61x Wtd Avg: 1.43x * The general (*) footnote under the "GENERAL CHARACTERISTICS" table on page 8 to this term sheet also applies to these tables. + 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE PREPAYMENT PROVISIONS(1) DEC-04 DEC-05 DEC-06 DEC-07 DEC-08 DEC-09 DEC-10 - ------------------------------------------------------------------------------------------------------------------------------------ Lockout/Defeasance 99.70% 99.70% 98.44% 85.52% 85.37% 82.24% 84.12% Yield Maintenance(2) 0.30% 0.30% 1.56% 14.48% 14.64% 15.27% 15.88% Open 0.00% 0.00% 0.00% 0.00% 0.00% 2.49% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total Beginning Balance (in millions) $976.58 $969.64 $961.21 $951.32 $940.26 $758.72 $728.93 Percent of Mortgage Pool Balance(3) 100.00% 99.29% 98.43% 97.41% 96.28% 77.69% 74.64% - ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT PROVISIONS(1) DEC-11 DEC-12 DEC-13 DEC-14 DEC-15 DEC-16 DEC-17 DEC-18 - ------------------------------------------------------------------------------------------------------------------------------------ Lockout/Defeasance 97.28% 97.10% 97.10% 58.53% 100.00% 100.00% 100.00% 100.00% Yield Maintenance(2) 1.20% 1.29% 1.29% 0.00% 0.00% 0.00% 0.00% 0.00% Open 1.52% 1.62% 1.62% 41.47% 0.00% 0.00% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------------------------------ Total Beginning Balance (in millions) $499.57 $459.17 $449.38 $40.39 $1.22 $0.94 $0.64 $0.32 Percent of Mortgage Pool Balance(3) 51.15% 47.02% 46.02% 4.14% 0.13% 0.10% 0.07% 0.03% - ------------------------------------------------------------------------------------------------------------------------------------ (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 the ARD Loans will be repaid on the Anticipated Repayment Date). (2) As of the Cut-off Date, four Mortgage Loans, representing 3.8% of the Initial Pool Balance are subject to yield maintenance prepayment provisions after the lock-out period. The remaining Mortgage Loans, representing 85.9% of the Initial Pool Balance are subject to defeasance after an initial restriction period (with the exception of Loan No. 58484 (representing 10.0% of the initial pool balance) which allows for the related borrower's option of either yield maintenance or defeasance after the lock-out period). With respect to Loan No. 11393, there is no lock-out period, however, there is yield maintenance for the first 47 months after which a fixed prepayment premium of 1% instead of yield maintenance with respect to any prepayment made on any of the nine payment dates prior to the open period (for purposes of this table, such fixed prepayment premium has been treated as yield maintenance). (3) As of the Cut-off Date. * The general (*) footnote under the "GENERAL CHARACTERISTICS" table on page 8 to this term sheet also applies to this table. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS OR CROSSED POOLS* - -------------------------------------------------------------------------------- The following table and summaries describe the ten largest Mortgage Loans or Crossed Pools in the Mortgage Pool by Cut-off Date Balance: TEN LARGEST MORTGAGE LOANS OR CROSSED POOL BY CUT-OFF DATE BALANCE* % OF CUT-OFF INITIAL CUT-OFF LTV DATE POOL PROPERTY DATE LTV RATIO UNDERWRITTEN MORTGAGE LOAN NAME BALANCE BALANCE TYPE RATIO AT MATURITY DSCR RATE - --------- ------- ------- ---- ----- ----------- ---- ---- Post Oak Central .......................... $ 97,504,000 10.0% Office 63.7% 63.7% 1.71x 4.976% Steeplegate Mall .......................... 67,935,229 7.0 Retail 64.7% 60.0% 1.62x 4.700% Simon-Upper Valley Mall ................... 47,903,549 4.9 Retail 79.8% 74.7% 1.25x 5.890% Cupertino Village I, II & III ............. 38,000,000 3.9 Retail 77.6% 66.3% 1.25x 5.807% Monument IV at Worldgate .................. 38,000,000 3.9 Office 64.3% 59.6% 1.73x 5.289% Trinity Centre I & Trinity Centre III(1)... 34,889,200 3.6 Office 67.2% 59.4% 1.33x 6.500% King's Crossing ........................... 28,300,000 2.9 Multifamily 79.7% 72.1% 1.21x 4.952% Sepulveda Center .......................... 28,000,000 2.9 Office 80.0% 70.2% 1.34x 5.470% Howe 'Bout Arden .......................... 24,800,000 2.5 Retail 80.0% 71.3% 1.20x 5.255% Veritas DGC Headquarters .................. 23,910,000 2.4 Office 59.9% 54.8% 1.47x 5.410% ------------ ---- 70.1% 64.8% 1.47X 5.330% TOTAL: .................................... $429,241,978 44.0% ============ ==== * The general (*) footnote under the "GENERAL CHARACTERISTICS" table on page 8 to this term sheet also applies to this table. (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET POST OAK CENTRAL - -------------------------------------------------------------------------------- [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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET POST OAK CENTRAL - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS POST OAK CENTRAL - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $97,504,000 FIRST PAYMENT: January 1, 2005 TERM/AMORTIZATION: 84/0 months INTEREST ONLY PERIOD: 84 months MATURITY DATE: December 1, 2011 EXPECTED MATURITY BALANCE: $97,504,000 BORROWING ENTITY: Crescent POC Investors, L.P. INTEREST CALCULATION: Actual/360 CALL PROTECTION(1): Lockout: 24 payments GRTR 1% PPMT or Yield Maintenance: 56 payments Open: 4 payments UP-FRONT RESERVES: UNFUNDED OBLIGATION RESERVE: $ 9,439,605 ONGOING RESERVES: TAX/INSURANCE RESERVE(2): Springing REPLACEMENT RESERVE(2): Springing(3) TI/LC RESERVE(2): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) The borrower has the option to defease the Post Oak Central Mortgage Loan at any time after the lockout period. (2) Springs upon the occurrence of: (i) an event of default or (ii) the net operating income for any fiscal quarter falls below $8,415,901. (3) Capped at $573,750. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $97,504,000 CUT-OFF DATE LTV: 63.7% MATURITY DATE LTV: 63.7% UNDERWRITTEN DSCR(1): 1.71x(3) MORTGAGE RATE(2): 4.976% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. (2) The interest rate was rounded to three decimals. (3) The loan is interest only for its entire term. If the debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.18x. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB TYPE: Suburban LOCATION: Houston, TX YEAR BUILT/RENOVATED: 1974/2001 NET RENTABLE SQUARE FEET: 1,280,248 CUT-OFF BALANCE PER SF: $76 OCCUPANCY AS OF 10/31/04: 91.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Crescent Property Services, Inc. U/W NET CASH FLOW: $10,727,639 APPRAISED VALUE: $153,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET POST OAK CENTRAL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR FULL YEAR FULL YEAR UNDERWRITTEN (9/30/2004) (12/31/2003) (12/31/2002) (12/31/2001) ------------ ----------- ------------ ------------ ------------ Effective Gross Income ............. $ 24,154,051 $ 22,769,037 $ 22,388,184 $ 22,097,755 $ 23,406,862 Total Expenses ..................... $ 11,972,666 $ 11,743,173 $ 11,990,826 $ 11,290,008 $ 11,836,914 Net Operating Income (NOI) ......... $ 12,181,385 $ 11,025,864 $ 10,397,358 $ 10,807,747 $ 11,569,948 Cash Flow (CF) ..................... $ 10,727,639 $ 11,025,864 $ 10,397,358 $ 10,807,747 $ 11,569,948 DSCR on NOI ........................ 1.94x 1.76x 1.66x 1.73x 1.85x DSCR on CF. ........................ 1.71x 1.76x 1.66x 1.73x 1.85x - -------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ------------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------- Apache Corp. ........................... A-/A 297,110 23.5% $ 16.73 $4,971,951 25.8% 12/31/2013 Stewart Information Services ........... A-/NR 228,437 18.1 $ 11.72 $2,678,415 13.9 9/30/2016 Technip USA Corp. ...................... BBB+/NR 108,338 8.6 $ 17.35 $1,880,139 9.7 5/31/2007 Tractebel North America Services ....... A-/NR 87,980 7.0 $ 18.25 $1,605,635 8.3 4/30/2014 ------- ---- ---- TOTAL .................................. 721,865 57.2% 57.7% - ------------------------------------------------------------------------------------------------------------------------------- (1) 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(1) - ----------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - ----------------------------------------------------------------------------------------------------------------- 2004 .............. 4 12,465 1.0% 12,465 1.0% $ 272,735 2005 .............. 36 110,898 8.8 123,363 9.8% $2,025,066 2006 .............. 17 62,054 4.9 185,417 14.7% $1,364,081 2007 .............. 17 163,891 13.0 349,308 27.7% $2,870,497 2008 .............. 6 46,222 3.7 395,530 31.3% $ 959,543 2009 .............. 10 76,428 6.1 471,958 37.4% $1,416,306 2010 .............. 2 8,407 0.7 480,365 38.1% $ 136,213 2011 .............. 1 10,191 0.8 490,556 38.9% $ 188,534 2012 .............. 3 30,766 2.4 521,322 41.3% $ 703,294 2013 .............. 21 297,110 23.5 818,432 64.8% $4,971,951 2014 .............. 7 97,099 7.7 915,531 72.5% $1,715,519 2016 .............. 21 228,437 18.1 1,143,968 90.6% $2,678,415 MTM ............... 1 841 0.1 1,144,809 90.7% $ 16,610 Vacant ............ 117,415 9.3 1,262,224 100.0% -- ------- ----- TOTAL ............. 146 1,262,224 100.0% - ----------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET POST OAK CENTRAL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Post Oak Central Mortgaged Property was 91% occupied as of October 31, 2004, with investment grade tenants occupying 57.2% of the space. The four largest tenants, representing 57.2% of total net rentable area, are: o Apache Corp.: (NYSE: "APA") (Rated "A-" by S&P and "A" by Fitch) This tenant occupies 297,110 square feet (23.2%) with a lease expiration date of December 31, 2013. Apache Corp.'s principal activities include the exploration, development and production of natural gas, crude oil and natural gas liquids. Apache Corp. has interests in seven countries: the United States, Canada, Egypt, Australia, the United Kingdom, China and Argentina. Apache Corp. has a market capitalization in excess of $17 billion, 2003 revenues of $4.19 billion and 2003 net income of $1.12 billion. o Stewart Information Services: (NYSE: "STC") (Rated "A-" by S&P and not rated by Fitch) This tenant occupies 228,437 square feet (17.8%) with a lease expiring on September 30, 2016. Stewart Information Services is a real estate information and transaction management company, providing title insurance and related services through more than 7,200 issuing locations in the United States and several international markets. Stewart Information Services delivers services required for settlement by the real estate and mortgage industries, including title reports, flood determinations, credit reports, appraisals and automated valuation models, document preparation, property reports and background checks. Stewart Information Services had 2003 revenues of $2.2 billion and 2003 net income of $123.8 million. o Technip USA Corp.: (Rated "BBB+" by S&P and not rated by Fitch) This tenant occupies 108,338 square feet (8.5%) with a lease expiration date of May 31, 2007. Technip USA Corp.'s business activity covers offshore and onshore field development, gas processing and liquefaction, refining, onshore pipelines and petrochemicals. Technip USA Corp. provides services for engineering, procurement, construction and project management and employs over 19,000 employees worldwide. o Tractebel North America Services: (Rated "A-" by S&P and not rated by Fitch) This tenant occupies 87,980 square feet (6.9%) with a lease expiring on April 30, 2014. Tractebel Energy Services, Inc. is the United States retail energy business unit of Tractebel Electricity & Gas International, which is one of the business divisions of SUEZ SA (NYSE: "SZE") a worldwide industrial and services group for electricity and gas and water and waste services. Based in Brussels, Tractebel Electricity & Gas International develops, builds and operates energy facilities and transports and distributes natural gas and liquefied natural gas in several countries outside Europe. SUEZ SA had 2003 sales of $51.6 billion and over 172,000 employees. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET POST OAK CENTRAL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Post Oak Central Mortgage Loan is secured by a first mortgage on three 24-story buildings located at 1980, 1990, and 2000 Post Oak Boulevard in Houston, Texas. Situated on a combined site area of 17.3 acres, the complex has on-site parking for 4,400 cars in three garages as well as surface lots. THE BORROWER: o The borrower is Crescent POC Investors, L.P. (the "Post Oak Central Borrower") a Delaware limited partnership and single purpose, bankruptcy remote entity, for which the Post Oak Central Borrower's legal counsel has provided a non-consolidation opinion. Equity ownership in the Post Oak Central Borrower is held by Crescent Big Tex I, L.P. (99.9%) a Delaware limited partnership and Crescent POCI GP, LLC (0.1%) a Delaware limited liability company, which is owned (100%) by Crescent Big Tex I, L.P. Crescent Real Estate Equities Company, a Texas real estate investment trust, holds ultimate ownership. o Crescent Real Estate Equities Company is one of the largest publicly held real estate investment trusts in the nation with assets and operations divided into four investment segments: Office, Resort/Hotel, Residential Development and Temperature-Controlled Logistics. The primary business of Crescent Real Estate Equities Company is its Office segment, which consisted of 72 office properties as of December 31, 2003. The office properties are located primarily in Dallas and Houston, with additional concentrations in Austin, Denver, Miami and Las Vegas. As of fiscal year-end December 31, 2004 Crescent Real Estate Equities Company reported a net worth of $1.2 billion. For the nine months ended September 30, 2004, revenues were $685.7 million. THE PROPERTY: o The collateral for the Post Oak Central Mortgage Loan consists of a fee simple interest in Post Oak Central, a 1,280,248 square foot. Class A suburban office complex located at 1980, 1990 and 2000 Post Oak Boulevard in Houston, Texas. Completed in 1974, 1978, and 1980, the subject consists of three 24-story buildings situated on a combined site area of 17.3 acres. The complex has on-site parking for 4,400 cars in three garages as well as surface lots. As of October 31, 2004, the subject was 91% leased by a total of 64 office tenants at an average lease rate of $17.23 per square foot (modified gross) and 11 retail tenants at an average lease rate of $11.39 per square foot (triple net lease). PROPERTY MANAGEMENT: o Crescent Property Services, Inc., a subsidiary of Crescent Real Estate Equities Company, manages the Post Oak Central Mortgaged Property. Headquartered in Fort Worth, Texas, Crescent Property Services, Inc. manages 72 office buildings with a total of 30 million square feet of rentable space. Within the local market, Crescent Property Services, Inc. manages 22 buildings totaling 11.2 million square feet. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Additional mezzanine debt is permitted, subject to, among other things (i) rating agency confirmation, (ii) reasonable approval of mortgagee, (iii) the loan to value ratio shall not exceed 75% in the aggregate for the Post Oak Central Mortgage Loan and any mezzanine loan, (iv) the debt service coverage ratio of the property over the trailing four calendar quarter period shall not be less than the debt service coverage ratio of the Post Oak Central Mortgaged Property as of the closing of the Post Oak Central Mortgage Loan (based upon the underwritten cash flow and the greater of the actual loan constant payment rate or an assumed 7.50% loan constant payment rate) as reasonably determined by the mortgagee, and (v) receipt of a subordination and intercreditor agreement acceptable to the mortgagee and the mezzanine lender. This right shall survive the transfer of the Post Oak Central Mortgaged Property and the assumption of the Post Oak Central Mortgage Loan. - ------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET POST OAK CENTRAL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS STEEPLEGATE MALL - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $68,250,000 FIRST PAYMENT: September 1, 2004 TERM/AMORTIZATION: 60/360 months MATURITY DATE: August 1, 2009 EXPECTED MATURITY BALANCE: $62,982,467 BORROWING ENTITY: GGP-Steeplegate, Inc. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 54 payments Open: 6 payments LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION(1) - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $67,935,229 CUT-OFF DATE LTV: 64.7% MATURITY DATE LTV: 60.0% UNDERWRITTEN DSCR(2): 1.62x MORTGAGE RATE(3): 4.700% - -------------------------------------------------------------------------------- (1) The Cut-off Date Balance for the Steeplegate Mall Whole Loan is $83,612,590. The Cut-off Date Balance for the Steeplegate Mall B Note is $15,677,361. The Cut-off Date LTV for the Steeplegate Mall Whole Loan is 79.6%. The Maturity Date LTV for the Steeplegate Mall Whole Loan is 73.8%. The underwritten DSCR on net cash flow for the Steeplegate Mall Whole Loan is 1.27x. The Steeplegate Mall Whole Loan Mortgage Rate is 4.9415%. (2) DSCR figures based on net cash flow unless otherwise noted. (3) The interest rate was rounded to three decimal places and is subject to change (prior to pricing). - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB TYPE: Anchored LOCATION: Concord, NH YEAR BUILT/RENOVATED: 1990/2003 NET RENTABLE SQUARE FEET: 482,097 CUT-OFF BALANCE PER SF: $141 OCCUPANCY AS OF 10/26/04: 93.5% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: General Growth Management, Inc. U/W NET CASH FLOW: $6,802,650 APPRAISED VALUE: $105,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (9/30/2004) (12/31/2003) ---------------- --------------- --------------- Effective Gross Income ....... $ 10,993,483 $ 9,726,313 $ 9,969,333 Total Expenses ............... $ 3,765,377 $ 3,327,692 $ 3,517,193 Net Operating Income (NOI) ... $ 7,228,106 $ 6,398,621 $ 6,452,140 Cash Flow (CF) ............... $ 6,802,650 $ 6,398,621 $ 6,452,140 DSCR on NOI .................. 1.72x 1.52x 1.54x DSCR on CF ................... 1.62x 1.52x 1.54x - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - --------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - -------------------------------- ----------- ----------- ---------- ---------- ----------- ------------- ----------- Sears ......................... BBB/BBB- 106,731 22.1% $ 3.50 $373,559 5.3% 7/31/2005 Bon Ton ....................... Not Rated 87,736 18.2 $ 5.50 $482,548 6.8 10/31/2009 J.C. Penney ................... BB+/BB+ 61,880 12.8 $ 3.79 $234,525 3.3 7/31/2010 Circuit City .................. Not Rated 35,191 7.3 $ 13.26 $466,633 6.6 1/31/2016 Old Navy Clothing Co. ......... BB+/BB+ 24,704 5.1 $ 14.75 $364,384 5.1 1/31/2011 ------- ---- ---- TOTAL ......................... 316,242 65.6% 27.0% - --------------------------------------------------------------------------------------------------------------------- (1) 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(1) - --------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ------------- 2004 .............. 2 6,737 1.4% 6,737 1.4% $ 175,231 2005 .............. 6 111,570 23.1 118,307 24.5% $ 587,413 2006 .............. 3 9,184 1.9 127,491 26.4% $ 236,385 2007 .............. 6 10,425 2.2 137,916 28.6% $ 401,972 2008 .............. 2 1,251 0.3 139,167 28.9% $ 66,004 2009 .............. 6 99,827 20.7 238,994 49.6% $ 804,074 2010 .............. 8 78,401 16.3 317,395 65.8% $ 840,740 2011 .............. 9 37,490 7.8 354,885 73.6% $ 880,012 2012 .............. 2 4,358 0.9 359,243 74.5% $ 117,334 2013 .............. 8 21,547 4.5 380,790 79.0% $ 589,439 2014 .............. 14 53,986 11.2 434,776 90.2% $1,391,710 2016 .............. 1 35,191 7.3 469,967 97.5% $ 466,633 MTM ............... 1 91 0.0 470,058 97.5% $ 28,800 Vacant ............ 12,039 2.5 482,097 100.0% -- ------- ----- TOTAL ............. 68 482,097 100.0% - --------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Steeplegate Mall Mortgaged Property is 93.5% leased. The four largest tenants representing 60.5% of the gross leasable area are: o Sears (NYSE: "S") (Rated "BBB" by S&P and "BBB-" by Fitch) is a multi-line retailer offering an array of merchandise and related services. Sears occupies 106,731 square feet (22.1%) on a 15-year lease expiring on July 31, 2005 with six five-year renewal option periods. The improvements consist of a retail store building of 93,920 square feet, an attached automotive service center building of 11,311 square feet and an attached service area of 1,500 square feet. Sears operates 872 full-line stores and approximately 1,300 specialty stores located throughout the United States, Puerto Rico and Canada. As of the fiscal year ended January 1, 2004, Sears reported revenue of approximately $41.1 billion, net income of $3.4 billion. o Bon Ton (NASDAQ: "BONT") (Not Rated) occupies 87,736 square feet (18.2%) on a ten-year lease expiring on October 31, 2009 with five five-year renewal option periods. The improvements consist of two retail buildings, one for Bon Ton of 53,393 square feet and one for Bon Ton Men's and Home of 34,408 square feet. Bon Ton is a traditional department store retailer carrying an assortment of brand name and private-label fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. Bon Ton operates 142 department stores under the Bon Ton and Elder-Beerman names and two furniture stores located in 16 states from the Northeast to the Midwest. As of the fiscal year ended January 31, 2004, Bon Ton reported revenue of approximately $930 million, net income of $20.6 million. o J.C. Penney (NYSE: "JCP") (Rated "BB+" by S&P and Fitch) is a multi-line retailer that offers family apparel, jewelry, shoes, accessories and home furnishings. J.C. Penney occupies 61,880 square feet (12.8%) on the first five-year lease renewal expiring on July 31, 2010 with five five-year renewal option periods. Founded in 1902 and headquartered in Plano, Texas, J.C. Penney Corporation, Inc., the wholly-owned operating subsidiary of J.C. Penney Company, Inc., is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates. As of May 1, 2004, J.C. Penney Corporation, Inc. operated 1,021 J.C. Penney department stores throughout the United States and Puerto Rico, and 59 Renner department stores in Brazil. For the fiscal year ended January 31, 2004, J.C. Penney Corporation, Inc. reported revenues of $17.8 billion and a net loss of $928.0 million. o Circuit City (NYSE: "CC") (Not Rated) occupies 35,191 square feet (7.3%) on a 15-year lease expiring on January 31, 2016 with two five-year renewal option periods. Circuit City is a national retailer of brand-name consumer electronics, home office equipment and entertainment software. Circuit City operates 600 stores. As of the fiscal year ended February 29, 2004, Circuit City reported revenue of approximately $9.7 billion. Circuit City reported sales per square foot of $312 in 2002 and $384 in 2003 at the Steeplegate Mall Mortgaged Property. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Steeplegate Mall Mortgage Loan is secured by a first mortgage on an anchored mall located in Concord, Merrimack County, New Hampshire. o The capital structure of this transaction consists of an A-note in the amount of $68,250,000 and a B-note in the amount of $15,750,000. o GGP/Homart, Inc., as the sponsor guarantor, has absolutely and unconditionally guaranteed to mortgagee the payment of $22,500,000 of the principal balance of the Steeplegate Mall Mortgage Loan. The amount of the guaranty shall be reduced, but never increased, on a quarterly basis beginning November 1, 2004 based on the performance of the Steeplegate Mall Mortgaged Property by the positive amount that is equal to $875,000 multiplied by the amount that is equal to the net operating income over the trailing-4 calendar quarters minus $7,250,000 divided by $100,000. THE BORROWER: o The borrower is GGP-Steeplegate, Inc. (the "Steeplegate Mall Borrower"), a Delaware corporation and single purpose bankruptcy remote entity with at least two independent directors for which the Steeplegate Mall Borrower's legal counsel has delivered a non-consolidation opinion. Founded in 1954, General Growth Properties, Inc. ("GGP"), a publicly traded Real Estate Investment Trust, is primarily engaged in the ownership, operation, management, leasing, acquisition, development and expansion of regional malls and community shopping centers located in the United States. GGP is one of the largest owner/operator of regional malls in the country. GGP, either directly or indirectly through limited partnerships and subsidiaries, owns and/or manages approximately 170 retail properties located in 41 states containing approximately 150 million square feet and housing approximately 16,000 tenants. As of the fiscal year ended December 31, 2003, GGP reported revenue of $1.27 million, net income of $263.4 million. o The Steeplegate Mall Borrower shall have the right, upon ten days prior written notice to mortgagee, to cause any of GGP, Inc., GGP Limited Partnership, GGPLP L.L.C., GGP-TRS L.L.C., GGP/Homart II L.L.C., and/or GGP Holding, Inc., GGP Holding II, Inc., Price Development Company, New York State Common Retirement Fund ("NYSCRF"), and/or Teachers' Retirement System of the State of Illinois ("Teachers") to be substituted as the sponsor provided that, (i) except with respect to Teachers, NYSCRF and GGP, Inc., the applicable entity is controlled by GGP, Inc. and NYSCRF and/or Teachers and (ii) the Steeplegate Mall Borrower delivers to mortgagee an assumption agreement in form reasonably acceptable to mortgagee executed by such substitute entity. Upon assumption of any obligations of the sponsor under the Steeplegate Mall Mortgage Loan documents by such successor sponsor, the prior sponsor shall be released from liability as to all matters arising from and after the effective date of substitution. THE PROPERTY: o The Steeplegate Mall Mortgaged Property is an anchored mall built in 1990, expanded in 2001 and renovated in 2003. The improvements contain a gross leasable area of 482,097 square feet and are situated on 49.2 acres. The improvements consist of the one-story main mall building and two separate outparcel buildings. The mall has two main entrances, with the anchor tenants also having their own entrances. The anchor tenants are Sears, Bon Ton (two spaces), J.C. Penney, Circuit City and Old Navy Clothing Co. Together, the anchor tenants occupy 65.6% of the space. Non-anchor tenants include Charlotte Russe, The Gap/Gap Kids, Victoria's Secret, Abercrombie & Fitch, Lane Bryant, American Eagle Outfitters, PacSun, Waldenbooks, Lenscrafters, Aeropostale, Bath & Body Works, and Radio Shack. Applebee's and the Bank of New Hampshire are located on outparcels. There are 2,455 surface parking spaces. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- o The Steeplegate Mall Borrower is generally required at its sole cost and expense to keep the Steeplegate Mall insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o General Growth Management, Inc. manages the subject property. General Growth Management, Inc., a Steeplegate Mall Borrower related entity founded in 1954 and headquartered in Chicago, Illinois currently manages 170 retail properties located in 41 states containing approximately 150 million square feet and housing approximately 16,000 tenants. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o $15,750,000 B-note held outside the trust. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. RELEASE OR SUBSTITUTION OF PROPERTY: o The release of certain parcels or outlots and certain lot line adjustments to the Steeplegate Mall Mortgage Property are each subject to satisfaction of conditions set forth in the Steeplegate Mall Mortgage Loan documents including, but not limited to, (a) notice to the mortgagee, (b) payment of mortgagee's reasonable out-of-pocket expenses and (c) the delivery of a REMIC opinion and evidence that the parcel or outlot being released is vacant, non-income producing and either (i) unimproved (or improved only by surface parking areas or landscaping) or (ii) subject to the mortgagee's express prior written consent, improved. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET STEEPLEGATE MALL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- UPPER VALLEY MALL - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- UPPER VALLEY MALL - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SIMON -- UPPER VALLEY MALL - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $47,903,549 FIRST PAYMENT: August 1, 2004 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 60 MATURITY DATE: July 1, 2014 EXPECTED MATURITY BALANCE: $44,810,734 BORROWING ENTITY: Upper Valley Mall, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 113 payments Open: 7 payments ONGOING RESERVE(1): TAX/INSURANCE RESERVE: Springing REPLACEMENT RESERVE(2): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Springing after NOI for trailing four calendar quarters falls below $3,747,000. (2) Monthly amount will be $10,358, capped at $62,147. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $47,903,549 CUT-OFF DATE LTV: 79.8% MATURITY DATE LTV: 74.7% UNDERWRITTEN DSCR(1): 1.25x MORTGAGE RATE: 5.890% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB TYPE: Anchored LOCATION: Springfield, OH YEAR BUILT/RENOVATED: 1971/2003 NET RENTABLE SQUARE FEET: 496,895 CUT-OFF BALANCE PER SF: $96 OCCUPANCY AS OF 10/07/04: 87.1% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Simon Management Associates, LLC U/W NET CASH FLOW: $4,257,847 APPRAISED VALUE: $60,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- UPPER VALLEY MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/2004) (12/31/2003) -------------- --------------- -------------- Effective Gross Income ...... $ 6,637,894 $ 6,335,876 $ 6,596,427 Total Expenses .............. $ 2,112,670 $ 1,998,268 $ 1,987,804 Net Operating Income (NOI) .. $ 4,525,224 $ 4,337,608 $ 4,608,623 Cash Flow (CF) .............. $ 4,257,847 $ 4,337,608 $ 4,608,623 DSCR on NOI ................. 1.33x 1.27x 1.35x DSCR on CF .................. 1.25x 1.27x 1.35x - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ------------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------ ----------- ----------- ---------- ---------- ----------- ------------- ------------- J.C. Penney ........... BB+/BB+ 153,480 30.9% $ 1.74 $266,630 5.8% 9/30/2006 Elder-Beerman ......... Not Rated 72,456 14.6 $ 4.87 $352,861 7.7 10/31/2012 ------- ---- ---- TOTAL ................. 225,936 45.5% 13.4% - ------------------------------------------------------------------------------------------------------------------------------- (1) 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(1) - --------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ------------- 2004 .............. 1 120 0.0% 120 0.0% $ 48,000 2005 .............. 13 49,314 9.9 49,434 9.9% $ 483,052 2006 .............. 22 219,940 44.2 269,374 54.2% $1,284,966 2007 .............. 6 9,518 1.9 278,892 56.1% $ 230,152 2008 .............. 4 7,743 1.6 286,635 57.7% $ 174,317 2009 .............. 7 39,129 7.9 325,764 65.5% $ 342,543 2010 .............. 3 8,963 1.8 334,727 67.3% $ 196,403 2011 .............. 3 8,329 1.7 343,056 69.0% $ 164,698 2012 .............. 2 72,906 14.7 415,962 83.7% $ 382,861 2013 .............. 5 11,989 2.4 427,951 86.1% $ 238,340 2014 .............. 4 8,142 1.6 436,093 87.7% $ 143,996 2021 .............. 2 0 0.0 436,093 87.7% $ 0 MTM ............... 1 2,367 0.5 438,460 88.2% $ 59,175 Vacant ............ 58,717 11.8 497,177 100.0% -- ------- ----- TOTAL ............. 73 497,177 100.0% - --------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- UPPER VALLEY MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Simon -- Upper Valley Mall Mortgaged Property is 87.1% leased (on total owned gross leasable area) by a mix of national, regional, and local tenants, including two anchor tenants and approximately 70 in-line and freestanding tenants. The Simon -- Upper Valley Mall Mortgaged Property is also shadow-anchored by Lazarus-Macy's and Sears, which aggregate 253,482 square feet, are tenant-owned and not part of the collateral. The four largest tenants, representing 54.0% of total owned gross leasable area, are: o J.C. Penney (NYSE: "JCP") (Rated "BB+" by S&P and "BB+" by Fitch), a national department store retail chain, occupies 153,480 square feet (30.9%) on an original 25-year lease extended for a second, five-year period expiring on September 30, 2006 with two, five-year renewal options remaining. Founded in 1902 and headquartered in Plano, Texas, J.C. Penney Corporation, Inc., the wholly-owned operating subsidiary of J.C. Penney Company, Inc., is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates. As of May 1, 2004, J.C. Penney Corporation, Inc. operated 1,021 JCPenney department stores throughout the United States and Puerto Rico, and 59 Renner department stores in Brazil. For the fiscal year ended January 31, 2004, J.C. Penney Corporation, Inc. reported revenues of $17.8 billion and a net loss of $928.0 million. o Elder-Beerman (Not Rated), a Midwest department store retail chain, occupies 72,456 square feet (14.6%) on a 20-year lease expiring on October 31, 2012 with six five-year renewal options. On October 24, 2003, The Elder-Beerman Stores Corp. became an indirect, wholly owned subsidiary of The Bon-Ton Stores Inc. (NASDAQ: "BONT"), one of the largest independent retail department store chains in the country. Founded in 1898 and headquartered in York, Pennsylvania, The Bon-Ton Stores, Inc. operates 142 department stores in 16 states, from the Northeast to the Midwest. The stores carry a assortment of brand-name fashion apparel and accessories for women, men and children, as well as home furnishings. The Elder-Beerman Stores Corp. operates 69 department stores in the Midwest. For the fiscal year ended January 31, 2004, The Bon-Ton reported revenues of $930.0 million and net income of $20.6 million. o Old Navy Clothing Co. (Rated "BB+" by S&P and "BB+" by Fitch), a North American specialty retailer, occupies 16,500 square feet (3.3%) on an original five-year lease extended for an additional, five-year period expiring on January 31, 2009 with one five-year renewal option remaining. Launched in 1994, Old Navy Clothing Co. is a division of Gap, Inc. (NYSE: "GPS"), a global specialty retailer operating stores selling casual apparel, accessories and personal care products for men, women and children under the Gap, Banana Republic and Old Navy Clothing Co. brands. As of July 31, 2004, Gap Inc. operated in 2,999 store locations. Annual sales for Gap Inc.'s fiscal year ended January 31, 2004 totaled $15.9 billion; net income was $1.0 billion. Old Navy Clothing Co. offers selections of apparel, shoes and accessories for adults, children and infants, as well as other items, including personal care products. As of July 31, 2004, Gap Inc. operated 853 Old Navy Clothing Co. stores in the United States and Canada. Annual net sales for Old Navy Clothing Co.'s fiscal year ended January 31, 2004 totaled $6.5 billion. o Chakeres Theatres, Inc., (Not Rated) a regional movie theater operator, occupies 15,476 square feet (3.1%) on a 34-year lease expiring on August 31, 2005. Incorporated in 1930 and headquartered in Springfield, Ohio, Chakeres Theatres, Inc. is the oldest independent motion picture exhibitor in Ohio and Kentucky. Chakeres Theatres, Inc. currently operates 48 screens in 11 locations with an additional ten screens at seven drive-in locations. Chakeres Theatres, Inc. is a privately held company. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON -- UPPER VALLEY MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Simon -- Upper Valley Mall Mortgage Loan is secured by a first mortgage on a 496,895 square foot portion of the Upper Valley Mall, a 750,377 square foot regional mall located in Springfield, Ohio. THE BORROWER: o The borrower, Upper Valley Mall, LLC (the "Simon -- Upper Valley Mall Borrower"), a Delaware limited liability company, is a single-purpose, bankruptcy-remote entity with at least two independent managers for which the Simon -- Upper Valley Mall Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Simon -- Upper Valley 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 -- Upper Valley Mall Borrower is sponsored by Simon Property Group, Inc. (NYSE: "SPG") (Rated "BBB+" by S&P and "BBB" by Fitch), an Indianapolis-based real estate investment trust primarily engaged in the ownership, operation, leasing, management, acquisition, expansion and development of primarily regional malls and community shopping centers. Simon Property Group, Inc. had a market capitalization of approximately $14.1 billion as of October 14, 2004. As of September 30, 2004, Simon Property Group, Inc. owned or held an interest in 301 properties in North America containing an aggregate of 204 million square feet of gross leasable area, which consisted of 173 regional malls, 67 community shopping centers, and four office and mixed-use properties in 37 states plus Canada and Puerto Rico. Simon Property Group, Inc. 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, Simon Property Group, Inc. had total revenues of $2.3 billion and net income of $368.7 million. THE PROPERTY: o The collateral for the Simon -- Upper Valley Mall Mortgage Loan consists of the fee simple interest in a 496,895 square foot portion of a regional mall totaling 750,377 gross leasable square feet. The Simon -- Upper Valley Mall Mortgaged Property was completed in 1971, expanded in 1992, and is situated on 46.7 acres at State Route 41 and Upper Valley Pike in Springfield, Ohio. o The Simon -- Upper Valley Mall Borrower, at its sole cost and expense, is required to keep the Simon -- Upper Valley 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 -- Upper Valley Mall Borrower is also required to maintain a comprehensive all risk insurance policy without an exclusion for acts of terrorism. PROPERTY MANAGEMENT: o Simon Management Associates, LLC, an affiliate of the Simon -- Upper Valley Mall Borrower, manages the Simon -- Upper Valley Mall Mortgaged Property. Headquartered in Indianapolis, Indiana and in business for approximately 44 years, Simon Management Associates, LLC is a wholly owned subsidiary of Simon Property Group, L.P., a majority-owned partnership subsidiary of Simon Property Group, Inc. Simon Management Associates, LLC provides day-to-day property management functions including leasing, management and development services to most of the Simon Property Group, Inc. properties. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. RELEASE OR SUBSTITUTION OF PROPERTY: o The Simon -- Upper Valley Mall Borrower is permitted to substitute another retail property for the Simon -- Upper Valley Mall Property provided certain conditions are satisfied, including that the substitute property has an appraised value not less than 110% of the fair market value of the released property, that net operating income for the substitute property is greater than 115% of the net operating income of the released property, and delivery of rating agency confirmations. The Simon -- Upper Valley Mall Borrower is also permitted to release non-income generating portions of the Simon -- Upper Valley Mall Mortgaged Property without the mortgagee's consent to governmental agencies and third parties or to 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SIMON - UPPER VALLEY MALL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- [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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $38,000,000 FIRST PAYMENT: August 1, 2004 TERM/AMORTIZATION: 120/348 months INTEREST ONLY PERIOD: 12 months MATURITY DATE: July 1, 2014 EXPECTED MATURITY BALANCE: $32,469,771 BORROWING ENTITY: Cupertino Village Associates, LLC and Cupertino Village Associates II, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 117 payments Open: 3 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes IMMEDIATE REPAIR RESERVE: $16,063 ONGOING RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE(1): $1,149 LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Years seven through ten replacement reserves are reduced to $958 per month. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $38,000,000 CUT-OFF DATE LTV: 77.6% MATURITY DATE LTV: 66.3% UNDERWRITTEN DSCR(1): 1.25x MORTGAGE RATE: 5.807% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB TYPE: Anchored/Shadow Anchored LOCATION: Cupertino, CA YEAR BUILT/RENOVATED: Cupertino Village I 1968/1999 Cupertino Village II 1974/1999 Cupertino Village III 1999/NA NET RENTABLE SQUARE FEET: 114,902 CUT-OFF BALANCE PER SF: $330.72 OCCUPANCY AS OF 8/20/04: 94.9% Cupertino Village I 94.8% Cupertino Village II 95.6% Cupertino Village III 95.6% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Sand Hill Property Management Company U/W NET CASH FLOW: $3,390,994 APPRAISED VALUE: $49,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/2004) (12/31/2003) -------------- --------------- --------------- Effective Gross Income ......... $ 4,385,569 $ 4,488,658 $ 4,178,342 Total Expenses ................. $ 928,332 $ 903,168 $ 906,515 Net Operating Income (NOI) ..... $ 3,457,237 $ 3,585,490 $ 3,271,827 Cash Flow (CF) ................. $ 3,390,994 $ 3,585,490 $ 3,271,827 DSCR on NOI .................... 1.27x 1.32x 1.21x DSCR on CF ..................... 1.25x 1.32x 1.21x - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION -- CUPERTINO VILLAGE I(1) - ------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------------- --------- --------- -------- -------- ---- ---- ---------- A-10 99 Ranch Market ......... Not Rated 29,657 31.0% $ 13.80 $409,267 13.1% 3/25/2007 Joy Luck Place ............... Not Rated 8,923 9.3 $ 24.00 $214,152 6.9 7/14/2008 East West Bank ............... Not Rated 3,642 3.8 $ 48.32 $175,981 5.7 7/29/2007 ------ ---- ---- TOTAL ........................ 42,222 44.2% 25.7% - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION -- CUPERTINO VILLAGE II(1) - ------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------------------- ----------- ----------- ---------- ---------- ----------- ------------- ----------- Bank of the West ................... A+/AA- 5,564 41.4% $ 16.36 $ 91,027 23.7% 4/30/2007 Duke of Edinburgh .................. Not Rated 3,385 26.2 $ 33.00 $111,705 29.1 10/31/2013 Adecco Employment Services ......... Not Rated 2,600 19.4 $ 40.74 $105,924 27.6 12/31/2006 BrainChild Education Ctr. .......... Not Rated 1,000 7.4 $ 43.00 $ 43,000 11.2 2/28/2007 Total BeautiPlus Med. Ctr. ......... Not Rated 880 6.6 $ 36.48 $ 32,102 8.4 12/14/2005 ----- ----- ----- TOTAL .............................. 13,429 100.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION -- CUPERTINO VILLAGE III(1) RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------------------- ----------- ----------- ---------- ---------- ----------- ------------- ----------- Charles Schwab & Co., Inc. ......... A/A 4,246 71.9% $ 45.39 $192,726 76.4% 6/30/2007 Starbuck's Coffee Co. .............. Not Rated 1,658 28.1 $ 36.00 $ 59,688 23.6 8/31/2009 ----- ----- ----- TOTAL .............................. 5,904 100.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- CUPERTINO VILLAGE I(1) - -------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ------------- 2004 .............. 2 1,895 2.0% 1,895 2.0% $ 89,823 2005 .............. 4 3,920 4.1 5,815 6.1% $ 181,462 2006 .............. 3 3,970 4.2 9,785 10.2% $ 176,393 2007 .............. 16 56,922 59.6 66,707 69.8% $1,574,821 2008 .............. 7 17,403 18.2 84,110 88.0% $ 573,959 2009 .............. 2 2,695 2.8 86,805 90.8% $ 124,970 2010 .............. 1 1,210 1.3 88,015 92.1% $ 70,591 2012 .............. 2 2,533 2.7 90,548 94.7% $ 134,502 Vacant ............ 5,021 5.3 95,569 100.0% -- ------ ----- TOTAL ............. 37 95,569 100.0% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- CUPERTINO VILLAGE II(1) - -------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ----------- 2005 .............. 1 880 6.6% 880 6.6% $ 32,102 2006 .............. 1 2,600 19.4 3,480 25.9% $105,924 2007 .............. 2 6,564 48.9 10,044 74.8% $134,027 2013 .............. 1 3,385 25.2 13,429 100.0% $111,705 -- ----- ----- TOTAL ............. 5 13,429 100.0% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- CUPERTINO VILLAGE III(1) - -------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------------------------------------------------------------------------------------------------- 2007 .............. 1 4,246 71.9% 4,246 71.9% $192,726 2009 .............. 1 1,658 28.1 5,904 100.0% $ 59,688 -- ----- ----- TOTAL ............. 2 5,904 100.0% - -------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The subject three properties are 94.9% occupied by a total of 44 retail tenants at an average lease rate of $39.31 per square foot triple net lease and one anchor tenant at a lease rate of $13.80 per square foot triple net lease. The four largest tenants, representing 42.1% of total net rentable area, are: o A-10 99 Ranch Market (Not Rated), the anchor tenant occupies 29,657 square feet (25.8%) on a 10-year lease that expires on March 25, 2007 with four five-year renewal options. A-10 99 Ranch Market is owned by parent company Tawa Supermarkets Inc., a supermarket chain and shopping center developer with headquarters in Buena Park, California. Tawa Supermarkets Inc. was established in 1984 by Mr. Roger H. Chen (Ho Yuan Chen) and has 23 full service stores, staffed with over 1300 employees. Tawa Supermarkets Inc. has two supermarket divisions, Tawa Supermarket (Southern California Stores) and Welcome Market (Northern California Stores). o Joy Luck Place (Not Rated) occupies 8,923 square feet (7.8%) on a ten-year lease that expires on July 14, 2008. Joy Luck Place is a Chinese seafood restaurant in the San Francisco Bay area and is privately owned. o Bank of the West (Rated "A+" by S&P and "AA-" by Fitch), occupies 5,564 square feet (4.8%) on a five-year lease expiring on April 30, 2007. Bank of the West has assets of $27 billion, over 6,000 full time employees and provides individual and small business banking services and products through approximately 297 retail branches, 14 Business Banking centers, and 370 ATMs in California, Oregon, Washington, Idaho, Nevada and New Mexico. o Charles Schwab & Co., Inc. (Rated "A" by S&P and "A" by Fitch), one of the nation's largest financial services firms, occupies 4,246 square feet (3.7%) on an eight-year lease expiring on June 30, 2007. Charles Schwab & Co., Inc. is engaged, through its subsidiaries, in providing securities brokerage and related financial services for over 7 million active accounts. Charles Schwab & Co., Inc.'s clients include domestic and international individual investors; independent investment managers, institutions, broker-dealers and 401(k) plan sponsors. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Cupertino Village I, II & III Mortgage Loan is secured by a first mortgage on three properties comprising a 114,902 square foot, grocery anchored neighborhood shopping center located in Cupertino, California. THE CO-BORROWERS: o The co-borrowers are Cupertino Village Associates, LLC ("CVA") and Cupertino Village Associates II, LLC ("CVA II", and CVA and CVAII, collectively, the "Cupertino Village I, II & III Co-Borrowers"), both are California limited liability companies and single purpose, bankruptcy-remote entities with an independent director for which a non-consolidation opinion has been provided. Equity interest in CVA is held by Peter S. Pau (25.00%), Susanna Pau (25.44%), Cupertino Village Management, L.L.C. (0.50%), a partnership and five trusts. Equity interest in CVA II is held by Peter S. Pau (25.00%), Susanna Pau (25.19%), Cupertino Village Management, L.L.C. (0.50%), Erecta Properties (13.86%), a partnership and five trusts. Cupertino Village Management, L.L.C., 100% owned by Peter S. Pau, is the manager for CVA and CVA II. The related borrower principal is Peter S. Pau. THE PROPERTY: o The collateral for the Cupertino Village I, II & III Mortgage Loan consists of the fee simple interest in three properties comprising 114,902 square foot, grocery anchored neighborhood shopping center. "Cupertino Village I" comprises the central portion of Cupertino Village and consists of a 10.2-acre parcel improved with three one-story buildings and one two-story building containing 95,569 net rentable square feet. "Cupertino Village II" consists of a 1.7-acre parcel improved with two one-story buildings built in 1974 and containing 13,429 square feet. "Cupertino Village III" consists of a 0.5-acre parcel improved with a one-story building built in 1999 and containing 5,904 square feet. Originally constructed in 1968, the Cupertino Village I, II & III Mortgaged Property was renovated in 1997 for $7 million. o The Cupertino Village I, II & III Co-Borrowers, at their sole cost and expense, are required to keep the Cupertino Village I, II & III Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Cupertino Village I, II & III Co-Borrowers, are also required to maintain a comprehensive all risk insurance policy without an exclusion for terrorist acts. PROPERTY MANAGEMENT: o Sand Hill Property Management Company manages the Cupertino Village I, II & III Mortgaged Property. Based in San Mateo, California, the Sand Hill Property Management Company has been in business for 18 years and is owned by Peter Pau. It currently owns and self manages a portfolio of retail, office and industrial properties totaling over 1.5 million square feet, and two hotels with a total of 320 rooms. Sand Hill Property Company manages three retail properties with 410,000 total square feet in the San Francisco Bay Area. 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET CUPERTINO VILLAGE I, II & III - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- [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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $38,000,000 FIRST PAYMENT: October 1, 2004 TERM/AMORTIZATION: 84/360 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: September 1, 2011 EXPECTED MATURITY BALANCE: $35,245,439 BORROWING ENTITY: MIVPO LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 81 payments Open: 3 payments ONGOING RESERVES: TAX/INSURANCE RESERVE(1): Springing LEASE RENEWAL CASH RESERVE(2): Springing(3) OPERATING EXPENSE RESERVE(2): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Springs if Fannie Mae Lease is not in place. (2) Springs upon the earlier of (i) twelve months prior to Maturity Date or (ii) or notice that Fannie Mae will to renew its lease. In no event shall it begin more than twenty- four months prior to Maturity Date. (3) Capped at $4,800,000. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $38,000,000 CUT-OFF DATE LTV: 64.3% MATURITY DATE LTV: 59.6% UNDERWRITTEN DSCR(1): 1.73x MORTGAGE RATE: 5.289% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB TYPE: Suburban LOCATION: Herndon, VA YEAR BUILT/RENOVATED: 2001/NA NET RENTABLE SQUARE FEET: 228,425 CUT-OFF BALANCE PER SF: $166 OCCUPANCY AS OF 7/22/04: 100% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Jones Lang LaSalle Americas, Inc. U/W NET CASH FLOW: $4,362,817 APPRAISED VALUE: $59,100,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (7/31/2004) (12/31/2003) -------------- --------------- -------------- Effective Gross Income ........ $ 4,591,965 $ 4,148,115 $ 4,022,312 Total Expenses ................ $ 191,839 $ 244,737 $ 410,643 Net Operating Income (NOI) .... $ 4,400,126 $ 3,903,379 $ 3,611,669 Cash Flow (CF) ................ $ 4,362,817 $ 3,903,379 $ 3,611,669 DSCR on NOI ................... 1.74x 1.54x 1.43x DSCR on CF .................... 1.73x 1.54x 1.43x - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ----------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANT S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - --------------------- ----------- ----------- ---------- ---------- ------------- ------------- ----------- Fannie Mae ......... NR/AAA 228,425 100.0% $ 19.75 $4,511,965 100.0% 12/31/2011 ------- ----- ----- TOTAL .............. 228,425 100.0% 100.0% - ----------------------------------------------------------------------------------------------------------- (1) 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(1) - -------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ------------- 2011 .............. 1 228,425 100.0% 228,425 100.0% $4,511,965 -- ------- ----- TOTAL ............. 1 228,425 100.0% - -------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Monument IV at Worldgate Mortgaged Property is 100% leased by Fannie Mae. o Fannie Mae (NYSE: "FNM") (Not Rated by S&P and rated "AAA" by Fitch), a source of financing for home mortgages in the United States, leases 228,425 square feet under a ten-year lease commencing on January 1, 2002 and expiring on December 31, 2011 with two five-year renewal options. Fannie Mae was chartered by the United States Congress to provide liquidity in the secondary mortgage market to increase the availability and affordability of homeownership for low-income, moderate-income and middle-income Americans. The United States government does not guarantee, directly or indirectly, Fannie Mae's securities or other obligations. For the year ended December 31, 2003, Fannie Mae had total revenues of $53.8 billion and net income of $7.9 billion. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN o The Monument IV at Worldgate Mortgage Loan is secured by a first mortgage on a 228,425 square foot Class A suburban office building located in Herndon, Virginia. THE BORROWER: o The borrower, MIVPO LLC (the "Monument IV at Worldgate Borrower"), is a single purpose, bankruptcy-remote entity with at least one independent manager for which the Monument IV at Worldgate Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Monument IV at Worldgate Borrower is 100% owned by its sole member, MIVPO Member LLC, a Delaware limited liability company. MIVPO Member LLC is 100% owned by LaSalle Property Fund, Inc. a Maryland corporation. LaSalle Property Fund, Inc. is the borrower principal under the Monument IV at Worldgate Mortgage Loan. o LaSalle Property Fund Inc. is a newly formed open-ended real estate fund formed and managed by US Trust and advised by LaSalle Investment Management Inc. which is wholly owned and controlled by LaSalle US Holdings, Inc. until such time as initial outside high net worth investors are admitted (following which, LaSalle US Holdings Inc. shall continue to maintain a minimum investment in the LaSalle Property Fund, Inc. of approximately $10 million as long as LaSalle Investment Management Inc. continues to advise the LaSalle Property Fund, Inc.). LaSalle Property Fund, Inc. has acquired and will acquire ownership interests in a diverse portfolio of commercial real estate properties. The various LaSalle entities are affiliates of Jones Lang LaSalle ("JLL"). Formed by the 1999 merger of LaSalle Partners Incorporated and Jones Lang Wootton, JLL is a global provider of integrated real estate and money management services. JLL serves clients locally, regionally and globally from offices in more than 100 markets on five continents. JLL's real estate money management business, LaSalle Investment Management has approximately $23 billion of assets under management. THE PROPERTY: o The collateral for the Monument IV at Worldgate Mortgage Loan consists of the fee simple interest in a 228,425 square foot suburban office building. The Monument IV at Worldgate Mortgaged Property was completed in 2001 and is situated on 4.0 acres in Worldgate Center, a mixed-use residential, retail and office development containing approximately 1.0 million square feet of office space and 230,000 square feet of retail space located in the Herndon area of western Fairfax County, Virginia. Herndon is located between Reston, Virginia and the Dulles International Airport. Other uses in the Worldgate Center include the Worldgate Marriott, the Worldgate Center Health Club, restaurants, a movie theater and two apartment complexes. o The Monument IV at Worldgate Borrower, at its sole cost and expense, is required to keep the Monument IV at Worldgate Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Monument IV at Worldgate Borrower is also required to maintain a comprehensive all risk insurance policy without an exclusion for acts of terrorism. PROPERTY MANAGEMENT: o Jones Lang LaSalle Americas, Inc., an affiliate of the Monument IV at Worldgate Borrower, manages the subject property. Headquartered in Chicago, Illinois and in business for approximately 36 years, Jones Lang LaSalle Americas, Inc. is a wholly owned subsidiary of Jones Lang LaSalle, the commercial real estate industry leader in property and corporate facility management services, with a portfolio of approximately 725 million square feet under management worldwide and nine million square feet under management in the local market. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o $9,280,000 B-note held outside the trust. 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET MONUMENT IV AT WORLDGATE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: Trinity Centre I $22,200,000 Trinity Centre III 13,575,000 ------------ Total $35,775,000 FIRST PAYMENT: September 1, 2002 TERM/AMORTIZATION: 120/360 months MATURITY DATE: August 1, 2012 EXPECTED MATURITY BALANCE: Trinity Centre I $19,135,414 Trinity Centre III 11,701,048 ----------- Total $30,836,462 BORROWING ENTITY: Trinity Centre One LLC and Trinity Centre Three LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 117 payments Open: 3 payments UP-FRONT RESERVES: TAX RESERVE: Yes HYDRO-ACOUSTICS RESERVE: $263,074 ONGOING RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $1,530 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: Trinity Centre I $21,650,321 Trinity Centre III 13,238,879 ----------- Total $34,889,200 CUT-OFF DATE LTV: Trinity Centre I 67.7% Trinity Centre III 66.5% Wtd Average 67.2% MATURITY DATE LTV: Trinity Centre I 59.8% Trinity Centre III 58.8% Wtd Average 59.4% UNDERWRITTEN DSCR(1): Trinity Centre I 1.33x Trinity Centre III 1.33x Wtd Average 1.33x MORTGAGE RATE: 6.500% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB TYPE: Suburban LOCATION: Centreville, VA YEAR BUILT/RENOVATED: Trinity Centre I 2000/NA Trinity Centre III 1999/NA NET RENTABLE SQUARE FEET: Trinity Centre I 151,929 Trinity Centre III 92,289 ------------ Total 244,218 CUT-OFF BALANCE PER SF: Trinity Centre I $143 Trinity Centre III $143 Wtd Average $143 OCCUPANCY: Trinity Centre I (7/6/04) 89.3% Trinity Centre III (10/31/04) 79.2% Wtd Average 85.5% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Jones Lang LaSalle Americas, Inc. U/W NET CASH FLOW: Trinity Centre I $ 2,241,428 Trinity Centre III 1,374,309 ----------- Total $ 3,615,737 APPRAISED VALUE: Trinity Centre I $32,000,000 Trinity Centre III 19,900,000 ----------- Total $51,900,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- TOTAL - -------------------------------------------------------------------------------- FULL YEAR UNDERWRITTEN (12/31/2003) -------------- --------------- Effective Gross Income ..................... $ 6,061,754 $ 6,114,167 Total Expenses ............................. $ 2,050,686 $ 1,822,041 Net Operating Income (NOI) ................. $ 4,011,069 $ 4,292,126 Cash Flow (CF) ............................. $ 3,615,737 $ 4,163,808 DSCR on NOI ................................ 1.48x 1.58x DSCR on CF ................................. 1.33x 1.54x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- TRINITY CENTRE III - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (10/31/2004) (12/31/2003) -------------- -------------- --------------- Effective Gross Income ......... $ 2,331,267 $ 2,768,474 $ 2,590,708 Total Expenses ................. $ 798,339 $ 610,482 $ 642,961 Net Operating Income (NOI) ..... $ 1,532,929 $ 2,157,992 $ 1,947,747 Cash Flow (CF) ................. $ 1,374,309 $ 2,185,566 $ 1,929,609 DSCR on NOI .................... 1.49x 2.10x 1.89x DSCR on CF ..................... 1.33x 2.12x 1.87x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- TRINITY CENTRE I - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/2004) (12/31/2003) -------------- --------------- --------------- Effective Gross Income ......... $ 3,730,487 $ 3,734,754 $ 3,523,459 Total Expenses ................. $ 1,252,347 $ 898,622 $ 1,179,080 Net Operating Income (NOI) ..... $ 2,478,140 $ 2,836,132 $ 2,344,379 Cash Flow (CF) ................. $ 2,241,428 $ 2,547,570 $ 2,234,199 DSCR on NOI .................... 1.47x 1.68x 1.39x DSCR on CF ..................... 1.33x 1.51x 1.33x - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION -- TRINITY CENTRE III(1) - ---------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ---------------------------------------------------------------------------------------------------------------------------- Applied Hydro ......... Not Rated 20,247 21.9% $ 26.80 $542,609 21.1% 7/31/2011 RDR, Inc. ............. Not Rated 20,212 21.9 $ 28.12 $568,456 22.1 1/31/2010 NVR Mortgage .......... Not Rated 8,343 9.0 $ 28.71 $239,528 9.3 2/28/2007 IT Corp ............... Not Rated 8,173 8.9 $ 28.13 $229,906 8.9 11/30/2004 Octapharma ............ Not Rated 5,075 5.5 $ 26.00 $131,950 5.1 10/31/2011 Intech Inc ............ Not Rated 4,795 5.2 $ 29.50 $141,453 5.5 3/31/2011 XM Satellite .......... CCC+/NR 4,521 4.9 $ 30.05 $135,856 5.3 3/31/2008 ------ ---- ---- TOTAL ................. 71,366 77.3% 77.4% - ---------------------------------------------------------------------------------------------------------------------------- (1) 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. - -------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION -- TRINITY CENTRE I(1) - -------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - -------------------------------------------------------------------------------------------------------------------- Parexel ................... Not Rated 51,797 34.1% $ 26.38 $1,366,405 32.6% 9/30/2007 Universal Systems ......... Not Rated 26,301 17.3 $ 29.92 $ 786,926 18.8 8/31/2010 KSI Management ............ Not Rated 15,937 10.5 $ 28.11 $ 447,989 10.7 3/31/2009 American Express .......... A+/A+ 14,500 9.6 $ 28.71 $ 416,295 9.9 7/31/2007 Arion ..................... Not Rated 10,809 7.1 $ 24.50 $ 264,821 6.3 11/30/2009 ------ ---- ---- TOTAL ..................... 119,344 78.7% 78.4% - -------------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- TRINITY CENTRE III(1) - ------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - ------------------------------------------------------------------------------------------------------------- 2004 .............. 1 8,173 8.9% 8,173 8.9% $229,906 2005 .............. 1 3,377 3.7 11,550 12.5% $ 91,179 2007 .............. 3 15,115 16.4 26,665 28.9% $429,783 2008 .............. 1 4,521 4.9 31,186 33.8% $135,856 2010 .............. 2 20,212 21.9 51,398 55.7% $568,456 2011 .............. 4 30,117 32.6 81,515 88.3% $816,011 Vacant ............ 10,774 11.7 92,289 100.0% -- ------ ----- TOTAL ............. 12 92,289 100.0% - ------------------------------------------------------------------------------------------------------------- (1) Information obtained from Underwritten Rent Roll. - -------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- TRINITY CENTRE I(1) - -------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------------------------------------------------------------------------------------------------- 2005 .............. 1 0 0.0% 0 0.0% $ 0 2006 .............. 1 1,822 1.2 1,822 1.2% $ 45,441 2007 .............. 4 74,818 49.3 76,640 50.5% $2,019,863 2008 .............. 1 3,977 2.6 80,617 53.1% $ 119,907 2009 .............. 2 26,746 17.6 107,363 70.8% $ 712,810 2010 .............. 1 26,301 17.3 133,664 88.1% $ 786,926 2011 .............. 1 1,044 0.7 134,708 88.8% $ 30,788 Vacant ............ 17,029 11.2 151,737 100.0% -- ------- ----- TOTAL ............. 11 151,737 100.0% - -------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Trinity Centre I Mortgaged Property is 89.3% occupied by 10 tenants ranging in size from 1,044 square feet to 51,797 square feet. The Trinity Centre III Mortgaged Property is 79.2% occupied (88.4% leased) by approximately 9 tenants ranging in size from 3,232 square feet to 20,247 square feet. The two largest tenants for the Trinity Centre I Mortgage Loan, representing 51.5% of the total net rentable area are: o Parexel (Not Rated) (NASDAQ: "PRXL") occupies 51,797 square feet (34.1%) on a seven-year lease expiring on September 30, 2007 with two, five-year renewal options. Headquartered in Waltham, Massachusetts, Parexel International Corp. is a biopharmaceutical services company providing a range of expertise in clinical research, medical marketing, consulting and informatics and advanced technology products and services to the worldwide pharmaceutical, biotechnology and medical device industries. For the fiscal year ended June 30, 2004 Parexel International Corp. reported liquidity of $95.6 million and stockholders equity of $246.8 million. Year-end revenues were $658.6 million and net income was $13.8 million. o Universal Systems (Not Rated) occupies 26,301 square feet (17.3%) on a ten-year lease expiring on August 31, 2010, with one five-year renewal option. Headquartered at Trinity Centre I, Universal Systems provides services and solutions to a range of government customers including the United States Department of Defense, Department of Transportation and Department of the Treasury, as well as state and local government and emergency management agencies. Universal Systems has three lines of business: sustaining operations, aviation solutions and training and simulation. The two largest tenants for the Trinity Centre III Mortgage Loan, representing 43.8% of the total net rentable area are: o Applied Hydro (Not Rated) occupies 20,247 square feet (21.9%) on two seven-year leases expiring on July 31, 2011 with one five-year renewal option. Besides doing work for the Department of Defense, Applied Hydro-Acoustics Research, Inc has contracts with institutions such as Johns Hopkins University/Applied Physics Laboratory. o RDR, Inc. (Not Rated) occupies 20,212 square feet (21.9%) on a ten-year lease and a nine-year lease. Both leases expire on January 31, 2010 with one five-year renewal option. RDR, Inc. is a private company that is primarily involved in software development for the Federal and State governments. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOANS: o The Trinity Centre I Mortgage Loan and the Trinity Centre III Mortgage Loan are secured by first mortgages on multi-tenant office buildings both located within the Trinity Centre Park, a master planned commercial complex, in Centreville, Fairfax County, Virginia. o The Trinity Centre I Mortgage Loan is secured by a first mortgage on a six-story multi-tenant office building with 151,929 net rentable square feet. The Trinity Centre III Mortgage Loan is secured by a first mortgage on a three-story multi-tenant office building with 92,289 net rentable square feet. THE BORROWERS: o The borrower for the Trinity Centre I Mortgage Loan is Trinity Centre One LLC (the "Trinity Centre I Borrower"). The borrower for the Trinity Centre III Mortgage Loan is Trinity Centre Three LLC (the "Trinity Centre III Borrower"). Each of the Trinity Centre I Borrower and the Trinity Centre III Borrower is a Delaware limited liability company and single purpose, bankruptcy remote entity with at least one independent director for which a non-consolidation opinion was provided. The non-member managers for both the Trinity Centre I Borrower and the Trinity Centre III Borrower are Clark Real Estate Advisors, L.L.C. and KSI Services, Inc. Equity ownership in the borrower/title holder is held, 100%, by Trinity Lake, LLC. Trinity Lake LLC is owned by Clark-Trinity Centre, LLC (50%), KSI Services, Inc. (10%), and various KSI-related Investors (40%). o Clark-Trinity Centre, LLC is part of the Clark Enterprises holding company, one of the nation's largest privately held investment companies. Headquartered in Bethesda, Maryland, Clark is a diversified contractor with annual revenues of over $2 billion and six regional offices located throughout the United States. THE PROPERTIES: o The collateral for the Trinity Centre I Mortgage Loan and the Trinity Centre III Mortgage Loan consists of a fee simple interest, for the Trinity Centre I Mortgaged Loan, in a six-story multi-tenant office building with 151,929 net rentable square feet and, for the Trinity Centre III, in a three-story multi-tenant office building with 92,289 net rentable square feet. Both are located in Centreville, Fairfax County, Virginia within the Trinity Centre Park. PROPERTY MANAGEMENT: o Both the Trinity Centre I Mortgaged Property and the Trinity Centre III Mortgaged Property are managed by Jones Lang LaSalle Americas, Inc. (NYSE: "JLL"), a full service commercial real estate company employing approximately 8,100 people and headquartered in Chicago, Illinois. Jones Lang LaSalle Americas, Inc. was formed through the 1999 merger of LaSalle Partners Incorporated and Jones Lang Wootton. The company has approximately 680 million square feet of assets under management globally. Grubb & Ellis is the leasing agent for the properties. Grubb & Ellis is one of the world's leading providers of real estate services; including strategic planning, property and asset management services and transaction expertise in both corporate and investment real estate. Grubb & Ellis employs approximately 9,000 people in 200 offices in 30 countries. o The Trinity Centre I and Trinity Centre III Borrowers are generally required at its sole cost and expense to keep the properties insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OF SUBORDINATE INDEBTEDNESS: o As indicated in each of the Trinity Centre I Mortgage Loan agreement and the Trinity Centre III Mortgage Loan agreement, the direct and/or indirect owners of the related borrower are permitted to obtain mezzanine financing during the term of the related mortgage loan that may be (a) extended by certain of the other direct and/or indirect owners of such borrower and (b) secured by such borrowing owners' equity interests in such borrower, provided such mezzanine financing shall be subject to the mortgagee's prior written consent, that shall not be unreasonably withheld, and provided further that, (w) the mezzanine lender extending the mezzanine financing executes a subordination and inter-creditor agreement reasonably satisfactory to the mortgagee (x) the aggregate principal amount of all such mezzanine financing shall not exceed $930,818 for the Trinity Centre I Mortgage Loan and $569,182 for the Trinity Centre III Mortgage Loan (which amounts shall be a portion of the aggregate amount of $1,500,000 for both loans) with respect to each such borrower, (y) the proceeds of such mezzanine financing shall be used to make capital contributions to the respective borrower for the purpose of funding operating and/or capital expenditures related to the eligible property owned by such borrower and (z) the borrower shall deliver to the mortgagee confirmation from the rating agencies that such mezzanine financing shall not result in a downgrade, withdrawal or qualification of any ratings issued, or to be issued, in connection with a securitization involving the mortgage loans. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET TRINITY CENTRE I & TRINITY CENTRE III (CROSSED POOL) - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET KING'S CROSSING - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET KING'S CROSSING - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS KING'S CROSSING - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $28,300,000 FIRST PAYMENT: January 1, 2005 TERM/AMORTIZATION: 84/360 months INTEREST ONLY: 12 months MATURITY DATE: December 1, 2011 EXPECTED MATURITY BALANCE: $25,610,006 BORROWING ENTITY: King's Crossing Apartments, L.L.C. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 80 payments Open: 4 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes ONGOING RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $9,533 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $28,300,000 CUT-OFF DATE LTV: 79.7% MATURITY DATE LTV: 72.1% UNDERWRITTEN DSCR(1): 1.21x MORTGAGE RATE: 4.952% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB TYPE: Garden Style LOCATION: Las Vegas, NV YEAR BUILT/RENOVATED: 1991/NA UNITS: 440 CUT-OFF BALANCE PER UNIT: $64,318 OCCUPANCY AS OF 11/12/04: 90.5% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Realty Management Inc. U/W NET CASH FLOW: $2,185,791 APPRAISED VALUE: $35,500,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET KING'S CROSSING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (9/30/2004) (12/31/2003) -------------- --------------- --------------- Effective Gross Income ........ $ 3,776,629 $ 3,722,796 $ 3,320,158 Total Expenses ................ $ 1,476,438 $ 1,582,884 $ 1,598,768 Net Operating Income (NOI) .... $ 2,300,191 $ 2,139,912 $ 1,721,390 Cash Flow (CF) ................ $ 2,185,791 $ 2,024,291 $ 1,613,507 DSCR on NOI ................... 1.27x 1.18x 0.95x DSCR on CF .................... 1.21x 1.12x 0.89x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1 BEDROOM 2 BEDROOM 3 BEDROOM ----------- ----------- ---------- Number of Units ................ 96 280 64 Average Rent ................... $667 $1,027 $1,144 Average Unit Size (SF) ......... 685 800 950 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET KING'S CROSSING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The King's Crossing Mortgage Loan is secured by a first mortgage on a 440-unit, garden-style apartment complex located in the northwest portion of Las Vegas, Nevada. THE BORROWER: o The borrower is King's Crossing Apartments, L.L.C. (the "King's Crossing Borrower"), a Delaware limited liability company, which is a single purpose, bankruptcy-remote entity for which the King's Crossing Borrower's legal counsel provided a non-consolidation opinion. Equity interest in the King's Crossing Borrower is held 100% by Tango Bay Homes, LLC. The related borrower principals are Noam Schwartz and Yoel Iny. o Each of the related borrower principals has approximately 25 years of development experience. Noam Schwartz and Yoel Iny formed Great American Homes in 1992 and recently formed Great American Capital, which develops, obtains and manages commercial real estate property. THE PROPERTY: o The collateral for the King's Crossing Mortgage Loan consists of the fee simple interest in a 440-unit apartment complex consisting of 33 two-story, garden style apartment buildings containing 424,808 square feet and a leasing office/clubhouse building. Built in 1991, the structures are situated on 18.1 acres of land with a total of 686 parking spaces. Project amenities include one indoor heated swimming pool and spa, two outdoor pools, fitness room and tanning beds, tennis court, playground, electronic security gates and a combination leasing office/clubhouse with full-size kitchen and small banquet room. o The King's Crossing Borrower, at its sole cost and expense, is required to keep the King's Crossing Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o Realty Management Inc. ("RMI"), an independent management company, manages the King's Crossing Mortgage Property. RMI is a Nevada management company that has been in business for approximately 14 years. RMI is one of the largest multifamily management companies in the Las Vegas Metropolitan statistical area, with 19,000 units under management including 13,673 units in Las Vegas, Nevada and 5,000 in Dallas, Texas. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o After the first four years of the term of the King's Crossing Mortgage Loan, provided no event of default has occurred and is continuing under the King's Crossing Mortgage Loan Documents, and upon not less than 60 days prior written notice, subordinate financing (the "King's Crossing Mezzanine Loan") is permitted upon satisfaction of the following conditions, among others: (a) the aggregate principal amount of such Mezzanine Loan shall not exceed an amount which, when added to the balance of the King's Crossing Mortgage Loan, results in a loan to value ratio greater than 79% and a debt service coverage ratio of not less than 1.21x as determined by the mortgagee; (b) the Mezzanine Loan is permitted to be secured only by a pledge of the Mezzanine Borrower's equity interests in the King's Crossing Borrower; (c) an institution meeting certain requirements as more fully set forth in the King's Crossing Mortgage Loan Documents originates and holds the King's Crossing Mezzanine Loan; (d) all King's Crossing Mezzanine Loan documents, including a subordination and intercreditor agreement, will be acceptable to mortgagee and the rating agencies; and (e) mortgagee will receive written confirmation from the rating agencies that the making of the King's Crossing Mezzanine Loan will not result in a downgrade, withdrawal, or qualification of the initial, or if higher, then current ratings. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET KING'S CROSSING - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SEPULVEDA CENTER - -------------------------------------------------------------------------------- [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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SEPULVEDA CENTER - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SEPULVEDA CENTER - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $28,000,000 FIRST PAYMENT: November 1, 2004 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: October 1, 2014 EXPECTED MATURITY BALANCE: $24,557,067 BORROWING ENTITY: YPI Sepulveda Property LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 116 payments Open: 4 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes JAMDAT RENT RESERVE: $36,000 LIONBRIDGE RENT RESERVE: $411,000 FREEMAN RENT RESERVE: $132,000 ONGOING RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE(1): $2,999 TI/LC RESERVE(2): $12,000 - -------------------------------------------------------------------------------- (1) Capped at $71,974. (2) Capped at $600,000. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $28,000,000 CUT-OFF DATE LTV: 80.0 % MATURITY DATE LTV: 70.2% UNDERWRITTEN DSCR(1): 1.34x MORTGAGE RATE: 5.470% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB TYPE: Suburban LOCATION: Los Angeles, CA YEAR BUILT/RENOVATED: 1982/NA NET RENTABLE SQUARE FEET: 171,365 CUT-OFF BALANCE PER SF: $163 OCCUPANCY AS OF 7/30/04: 95.8% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: The Real Estate Group U/W NET CASH FLOW: $2,540,347 APPRAISED VALUE: $35,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SEPULVEDA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT UNDERWRITTEN (7/31/2004) -------------- --------------- Effective Gross Income ............. $ 4,258,616 $ 3,984,358 Total Expenses ..................... $ 1,460,739 $ 1,304,186 Net Operating Income (NOI) ......... $ 2,797,877 $ 2,680,173 Cash Flow (CF) ..................... $ 2,540,347 $ 2,653,173 DSCR on NOI ........................ 1.47x 1.41x DSCR on CF ......................... 1.34x 1.39x - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - --------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ----------- --------- --------- -------- -------- ---- ---- ---------- Freeman, Freeman & Smiley ........... Not Rated 28,758 16.8% $ 23.15 $665,818 16.1% 12/31/2011 JAMDAT Mobile ....................... Not Rated 23,205 13.5 $ 27.80 $645,099 15.6 1/31/2009 Dale, Branden & Hinchcliffe ......... Not Rated 14,795 8.6 $ 22.20 $328,449 7.9 6/30/2008 Lionbridge Technologies ............. Not Rated 14,455 8.4 $ 28.44 $411,100 9.9 3/31/2005 ------ ---- ---- TOTAL ............................... 81,213 47.4% 49.5% - --------------------------------------------------------------------------------------------------------------------------- (1) 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(1) - ------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ----------- 2004 .............. 1 1,659 1.0% 1,659 1.0% $ 39,816 2005 .............. 5 22,442 13.1 24,101 14.1% $609,285 2006 .............. 6 19,292 11.3 43,393 25.3% $523,140 2007 .............. 2 7,825 4.6 51,218 29.9% $186,088 2008 .............. 10 46,144 26.9 97,362 56.8% $968,917 2009 .............. 5 31,854 18.6 129,216 75.4% $843,980 2010 .............. 1 768 0.4 129,984 75.9% $ 0 2011 .............. 2 28,758 16.8 158,742 92.6% $665,818 Vacant ............ 12,623 7.4 171,365 100.0% -- ------ ----- TOTAL ............. 32 171,365 100.0% - ------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SEPULVEDA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Sepulveda Center Mortgaged Property is 95.8% leased to 32 tenants ranging in size from 743 to 28,758 square feet. The four largest tenants representing 47.4% of the net rentable area are: o Freeman, Freeman & Smiley (Not Rated) occupies 28,758 square feet (16.8%) under two leases expiring on December 31, 2011. There is one five-year renewal option. Freeman, Freeman & Smiley, a private law firm founded in 1976, offers legal services to local, national and international clients, specializing in business and tax planning, estate and charitable gift planning, litigation, probate and trust administration, and real estate. o JAMDAT Mobile (Not Rated) occupies 23,205 square feet (13.5%) under a five-year lease expiring on January 31, 2009. There is one two-year renewal option. The space represents JAMDAT Mobile's headquarters. JAMDAT Mobile is a global wireless publisher, providing entertainment applications and technologies that support multiple wireless handset platforms in markets around the world. JAMDAT Mobile is a preferred mobile entertainment partner for wireless carriers, handset manufacturers, major media companies and independent content developers. o Dale, Branden & Hinchcliffe (Not Rated) occupies 14,795 square feet (8.6%) under a 4.5-year lease expiring on June 30, 2008. There is one five-year renewal option. Dale, Branden & Hinchcliffe is a private law firm. o Lionbridge Technologies (Not Rated) occupies 14,455 square feet (8.4%) under a five-year lease expiring on March 31, 2005. There is one five-year renewal option. Lionbridge Technologies is a provider of globalization services. Lionbridge Technologies creates foreign language versions of its clients' products and software applications, including the user interface, on-line help systems and documentation. VeriTest, a division of Lionbridge Technologies, occupies the space. VeriTest evaluates the quality, interoperability, usability and performance of its clients' software, hardware, content and websites. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SEPULVEDA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Sepulveda Center Mortgage Loan is secured by a first mortgage on a 12-story, suburban office building located in Los Angeles, Los Angeles County, California. THE BORROWER: o The borrower is YPI Sepulveda Property LLC (the "Sepulveda Center Borrower"), a Delaware limited liability company and a single purpose bankruptcy remote entity with at least one independent director for which the Sepulveda Center Borrower's legal counsel has delivered a non-consolidation opinion. The related borrower principal, Zaya S. Younan, has been actively involved in real estate investments since 1999. Between 1999 and 2003, Zaya Younan acquired 17 office buildings costing approximately $77 million. THE PROPERTY: o The Sepulveda Center Mortgaged Property is a 12-story, suburban office building built in 1982. The improvements contain 171,365 net rentable square feet and are situated on 2.5 acres. The Sepulveda Center Mortgaged Property is currently leased to 32 tenants ranging in size from 743 to 28,758 square feet. The four largest tenants together occupy 47.4% of the total square feet and contribute 49.5% of the gross potential rental income. Additional improvements include an attached three-level parking garage. A helicopter landing pad is located on the roof. The office building is constructed over a one-level subterranean parking garage with a total of 444 parking spaces located either under the office building or in the attached parking garage. Perimeter parking is available on local streets. o The Sepulveda Center Borrower is generally required at its sole cost and expense to keep the Sepulveda Center insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Sepulveda Center Borrower is also required to use commercially reasonable efforts to maintain a comprehensive, all-risk insurance policy without an exclusion for acts of terrorism. PROPERTY MANAGEMENT: o The Real Estate Group ("TREG") manages the subject property. TREG, a third party independent company founded in 1999 and headquartered in Inglewood, California, currently manages 11 office properties totaling approximately 1,353,000 square feet located in southern California, of which approximately 221,500 square feet are located in the submarket. TREG is a full-service property management company offering a full range of support services, including property and asset management, construction and project renovation, leasing and receivership services. TREG manages a diverse portfolio of residential, office, retail, industrial and mixed-use projects located throughout southern California. 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SEPULVEDA CENTER - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $24,800,000 FIRST PAYMENT: January 1, 2005 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 36 months MATURITY DATE: December 1, 2014 EXPECTED MATURITY BALANCE: $22,116,297 BORROWING ENTITY: Rancho Arden, L.P. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 116 payments Open: 4 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes IMMEDIATE REPAIR RESERVE: $3,750 RENT RESERVE: $118,880 TI/LC RESERVE: $98,500 ONGOING RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE(1): $7,283 TI/LC RESERVE(2): $20,833 - -------------------------------------------------------------------------------- (1) Months 25-36 amount is $2,748. Months 37-108 amount is $2,061. Months 109-120 amount is $1,237. (2) Capped at $250,000. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $24,800,000 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 71.3% UNDERWRITTEN DSCR(1): 1.20x MORTGAGE RATE: 5.255% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB TYPE: Anchored LOCATION: Sacramento, CA YEAR BUILT/RENOVATED: 1988/1994 NET RENTABLE SQUARE FEET: 164,909 CUT-OFF BALANCE PER SF: $150 OCCUPANCY AS OF 7/27/04: 82.9% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Pacific Commercial Management, Inc. U/W NET CASH FLOW: $1,978,134 APPRAISED VALUE: $31,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (9/30/2004) (12/31/2003) -------------- --------------- -------------- Effective Gross Income .......... $ 2,980,434 $ 3,007,660 $ 3,021,503 Total Expenses .................. $ 856,553 $ 542,109 $ 662,602 Net Operating Income (NOI) ...... $ 2,123,881 $ 2,465,551 $ 2,358,901 Cash Flow (CF) .................. $ 1,978,134 $ 2,465,551 $ 2,358,901 DSCR on NOI ..................... 1.29x 1.50x 1.43x DSCR on CF ...................... 1.20x 1.50x 1.43x - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ---------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------- ----------- ----------- ---------- ---------- ----------- ------------- ----------- Nordstrom Rack ......... A-/A- 56,065 34.0% $ 10.59 $593,728 20.8% 2/28/2009 Ulta Salon ............. Not Rated 11,000 6.7 $ 27.00 $297,000 10.4 9/30/2012 Gordon's Music ......... Not Rated 10,245 6.2 $ 8.40 $ 86,058 3.0 2/28/2010 ------ ---- ---- TOTAL .................. 77,310 46.9% 34.3% - ---------------------------------------------------------------------------------------------------------------------------- (1) 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(1) - ------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF RENT - -------------------- ------------- ---------- ---------- ------------ --------------- ----------- 2004 .............. 2 1,499 0.9% 1,499 0.9% $ 37,175 2005 .............. 8 13,476 8.2 14,975 9.1% $198,590 2006 .............. 6 10,548 6.4 25,523 15.5% $243,197 2007 .............. 4 9,458 5.7 34,981 21.2% $190,231 2008 .............. 2 6,800 4.1 41,781 25.3% $204,768 2009 .............. 5 61,985 37.6 103,766 62.9% $782,642 2010 .............. 3 16,445 10.0 120,211 72.9% $278,016 2011 .............. 1 3,680 2.2 123,891 75.1% $ 68,816 2012 .............. 1 11,000 6.7 134,891 81.8% $297,000 Vacant ............ 30,018 18.2 164,909 100.0% -- ------- ----- TOTAL ............. 32 164,909 100.0% - ------------------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Howe 'Bout Arden Mortgaged Property is 82.9% leased by a mix of national, regional, and local tenants, including two anchor tenant and approximately 30 in-line and freestanding tenants. The three largest tenants, representing 46.9% of total gross leasable area, are: o Nordstrom, Inc. (dba Nordstrom Rack) (Rated "A-" by S&P and "A-" by Fitch), a national department store retail chain, occupies 56,065 square feet (34.0%) on a ten-year lease expiring on February 28, 2009 with two five-year renewal options. Headquartered in Seattle, Washington, Nordstrom, Inc. is a fashion specialty retailers, with 150 United States stores located in 27 states. Founded in 1901 as a shoe store in Seattle, Nordstrom, Inc. today operates 94 full-line stores, 49 Nordstrom Racks, five U.S. Faconnable boutiques, one freestanding shoe store, and one clearance store. Nordstrom, Inc. also operates 31 international Faconnable boutiques, primarily in Europe. Additionally, Nordstrom Direct serves customers through its online presence at http:// www.nordstrom.com and through its direct mail catalogs. For the fiscal year ended January 31, 2004, Nordstrom, Inc. reported revenues of $6.5 billion and net income of $242.8 million. o Ulta Salon (Not Rated), a national beauty specialty store and salon chain, occupies 11,000 square feet (6.7%) on a ten-year lease expiring on September 30, 2012. Founded in 1990 and based in Illinois, ULTA Salon has 150 stores located in 18 states. As a privately held company, Ulta Salon does not disclose financial information. o Gordon's Music (Not Rated), a Northern California music equipment retailer, occupies 10,245 square feet (6.2%) on a five-year lease at $8.40 per square foot triple net lease expiring on February 28, 2010. Gordon's Music, a privately held company, has two stores, one located at the Howe 'Bout Arden Mortgaged Property and one located in Fairfield, California. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Howe 'Bout Arden Mortgage Loan is secured by a first mortgage on a 164,909 square foot anchored community shopping center located in Sacramento, California. THE BORROWER: o The borrower, Rancho Arden, L.P., a California limited partnership (the "Howe 'Bout Arden Borrower"), is a single-purpose, bankruptcy-remote entity for which the Howe 'Bout Arden Borrower's legal counsel has delivered a non-consolidation opinion. The Howe 'Bout Arden Borrower is owned: 0.5% by its General Partner, Howebout Arden, LLC, a Delaware limited liability company; 43.0% by a Limited Partner, Nardn, LLC, a Delaware limited liability company; 33.0% by a Limited Partner, Rancho Arjon, Ltd., a California limited partnership; 14.0% by a Limited Partner, Rancho Via Segundo, LP, a California limited partnership; and 9.5% by various individual investors as Limited Partners. The related borrower principal is Michel Kucinski. THE PROPERTY: o The collateral for the Howe 'Bout Arden Mortgage Loan consists of the fee simple interest in a 164,909 square foot anchored community shopping center. The Howe 'Bout Arden Mortgaged Property was completed in 1988, renovated in 1994, and is situated on 8.7 acres at the southwest corner of Howe Avenue and Arden Way in Sacramento, California. o The Howe 'Bout Arden Borrower at its sole cost and expense is required to keep the Howe 'Bout Arden Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Howe 'Bout Arden Borrower is also required to maintain a comprehensive all risk insurance policy without an exclusion for acts of terrorism. PROPERTY MANAGEMENT: o Pacific Commercial Management Company, Inc., a third party management company, manages the Howe 'Bout Arden Mortgaged Property. Headquartered in San Diego, California and in business for approximately 20 years, Pacific Commercial manages 40 properties totaling 3.0 million square feet, of which two properties totaling 200,000 square feet are located in the related sub-market. 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET HOWE 'BOUT ARDEN - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $23,910,000 FIRST PAYMENT: December 1, 2004 TERM/AMORTIZATION: 131/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: October 1, 2015 EXPECTED MATURITY BALANCE: $21,845,858 BORROWING ENTITY: Lexington Lion Houston L.P. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 127 payments Open: 4 payments LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $23,910,000 CUT-OFF DATE LTV: 59.9% MATURITY DATE LTV: 54.8% UNDERWRITTEN DSCR(1): 1.47x MORTGAGE RATE: 5.410% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB TYPE: Single Tenant LOCATION: Houston, TX YEAR BUILT/RENOVATED: 2000/NA NET RENTABLE SQUARE FEET: 218,641 CUT-OFF BALANCE PER SF: $109 OCCUPANCY AS OF 10/01/04: 100% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Owner Managed U/W NET CASH FLOW: $2,377,609 APPRAISED VALUE: $39,900,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN ------------- Effective Gross Income. ..................................... 4,517,825 Total Expenses .............................................. 1,907,101 Net Operating Income (NOI). ................................. 2,610,724 Cash Flow (CF) .............................................. 2,377,609 DSCR on NOI ................................................. 1.62x DSCR on CF. ................................................. 1.47x - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ----------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TENANT INFORMATION S&P/FITCH TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - -------------------- ----------- ----------- ---------- ---------- ------------- ------------- ----------- Veritas ........... BB+/BB- 218,641 100.0% $ 14.24 $3,113,448 100.0% 9/30/2015 ------- ----- ----- TOTAL ............. 218,641 100.0% 100.0% - ----------------------------------------------------------------------------------------------------------- (1) 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(1) - ------------------------------------------------------------------------------------------------- CUMULATIVE # OF LEASES EXPIRING % OF CUMULATIVE % OF TOTAL EXPIRING YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF SF RENT - -------------------- ------------- ---------- ---------- ------------ ------------ ------------- 2015 .............. 1 218,641 100.0% 218,641 100.0% $3,113,448 - ------- ----- TOTAL ............. 1 218,641 100.0% - ------------------------------------------------------------------------------------------------- (1) 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Veritas DGC Headquarters Mortgaged Property is 100% leased to Veritas. o Veritas (Rated "BB+" by S&P and "BB-" by Fitch) occupies the subject property under a 15-year lease expiring on September 30, 2015. The lease is guaranteed by the parent company, Veritas DGC Inc. Veritas provides integrated geophysical services to the petroleum industry worldwide. Customers include national and independent oil and gas companies that utilize geophysical technologies to identify new areas where subsurface conditions are favorable for the production of hydrocarbons. Veritas acquires, processes and interprets geophysical data and produces geophysical surveys of the subsurface geology in the survey area. Veritas has more than 3,000 employees located in 19 countries on six continents. Based on the trailing-4 quarters ended April 30, 2004, Veritas reported revenue of approximately $548.2 million. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Veritas DGC Headquarters Mortgage Loan is secured by a first mortgage on a single tenant office complex located in Houston, Harris County, Texas. THE BORROWER: o The borrower is Lexington Lion Houston L.P. (the "Veritas DGC Headquarters Borrower"), a Delaware limited partnership and single purpose entity. The related borrower principal is Lexington/Lion Venture, L.P., a Delaware limited partnership, which is a joint venture between Lexington Corporate Properties Trust (which owns 30%) and Clarion Lion Properties Fund Holdings, L.P. (which owns 70%). o As of March 31, 2004, Lexington/Lion Venture L.P. reported a net worth of $60.7 million. THE PROPERTY: o The Veritas DGC Headquarters Mortgaged Property is a single tenant office complex consisting of two three-story office buildings, a one-story technology warehouse building and a three-level parking garage built in 2000. The improvements contain a total of 218,641 net rentable square feet and are situated on 19.3 acres. The two office buildings contain a total of 157,332 square feet and the technology warehouse building contains 61,309 square feet. The Veritas DGC Headquarters Mortgaged Property is 100% occupied by Veritas under a 15-year lease expiring coterminous with the Veritas DGC Headquarters Mortgage Loan maturity on September 30, 2015. There are 433 garage parking spaces and 132 surface parking spaces for a total of 565 spaces. o The Veritas DGC Headquarters Borrower is generally required at its sole cost and expense to keep the Veritas DGC Headquarters insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o The subject property is self-managed by Veritas. 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. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET VERITAS DGC HEADQUARTERS - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co., (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 2004-6 - -------------------------------------------------------------------------------- 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 Certain 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 one set of cross-collateralized and cross-defaulted Mortgage Loans. Such Mortgage Loans collectively represent 3.6% of the Initial Pool 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 contains provisions creating the relevant partial cross-collateralization and partial cross-default arrangements. o GROUND LEASES. Three Mortgaged Properties, which represent approximately 2.8% of the Initial Pool 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 existence of subordinated indebtedness encumbering a mortgaged property may increase the difficulty of refinancing the related mortgage loan at maturity and the possibility that reduced cash flow could result in deferred maintenance. Also, in the event that the holder of the subordinated debt files for bankruptcy or is placed in involuntary receivership, foreclosure on the mortgaged property could be delayed. In general, the Mortgage Loans 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 so encumbering such property other than four Mortgage Loans, representing 13.7% of the Initial Pool Balance, which have existing subordinate debt secured by the Mortgaged Property. In addition, five Mortgage Loans representing 2.0% of the Initial Pool Balance permit future subordinate debt secured by the Mortgaged Property subject to certain conditions. Regardless of whether the terms of a Mortgage Loan prohibit the incurrence of subordinate debt, the related borrower may be permitted to incur additional indebtedness secured by furniture, fixtures and equipment, and to incur additional unsecured indebtedness. In addition, nine of the Mortgage Loans, representing 23.0% of the Initial Pool Balance, permit the members of the related borrower to incur 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. and Goldman, Sachs & Co., (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