Banc of America Merrill Lynch Commercial Mortgage
Filed: 7 Sep 05, 12:00am
CMBS NEW ISSUE TERM SHEET $1,442,968,000 (APPROXIMATE OFFERED CERTIFICATES) $1,585,679,793 (APPROXIMATE TOTAL COLLATERAL BALANCE) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 OFFERED CLASSES A-1, A-2, A-3, A-SB, A-4A, A-4B, A-1A, A-J, XP, B, C AND D CERTIFICATES BANK OF AMERICA, N.A. MORTGAGE LOAN SELLER BEAR STEARNS COMMERCIAL MORTGAGE, INC. MORTGAGE LOAN SELLER BANK OF AMERICA, N.A. MASTER SERVICER LNR PARTNERS, INC. SPECIAL SERVICER SEPTEMBER 2005 THIS MATERIAL IS FOR YOUR PRIVATE INFORMATION AND NONE OF BANC OF AMERICA SECURITIES LLC, BEAR STEARNS & CO. INC., GOLDMAN, SACHS & CO. AND GREENWICH CAPITAL MARKETS, INC. (COLLECTIVELY, THE "UNDERWRITERS") IS SOLICITING ANY ACTION BASED UPON IT. THIS MATERIAL IS NOT TO BE CONSTRUED AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITY IN ANY JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL. 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 AND HAS NOT AUTHORIZED THE DISSEMINATION OF THIS MATERIAL. EACH OF THE UNDERWRITERS IS ACTING AS AN UNDERWRITER AND IS NOT ACTING AS AN AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION. BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC. ------------- GOLDMAN, SACHS & CO. RBS GREENWICH CAPITAL TABLE OF CONTENTS <TABLE> Transaction Structure Structure Overview ................................................... 1 Structure Schematic .................................................. 2 Transaction Terms .................................................... 3 Contact Information .................................................. 6 Mortgage Pool Characteristics General Characteristics .............................................. 7 Property Type ........................................................ 8 Property Location .................................................... 9 Mortgage Pool Characteristics ........................................ 10 Prepayment Provisions Based on Outstanding Principal Balance ......... 13 Ten Largest Mortgage Loans Pacific Arts Plaza ................................................... 15 Renaissance Baltimore Harborplace .................................... 23 Sotheby's Building ................................................... 28 Peachtree Mall ....................................................... 34 One Liberty Center ................................................... 41 The Terrace Apartments ............................................... 48 NYU Housing -- 201 East 14th Street .................................. 53 The Crossings ........................................................ 59 Colonade Apartments .................................................. 64 Barceloneta Outlet Center ............................................ 69 </TABLE> (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES <TABLE> APPROX. EXPECTED CERTIFICATE % OF ASSUMED RATINGS BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL ----------- NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION CLASS FITCH/S&P AMOUNT (1) BALANCE SUPPORT LIFE (YRS) (2) (MOS) (2) DATE (2) RATE TYPE - ------------------------------------------------------------------------------------------------------------------------------------ A-1(5) AAA/AAA $ 50,500,000 3.185% 20.000% 3.00 1-57 June 10, 2010 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-2(5) AAA/AAA $215,500,000 13.590% 20.000% 4.75 57-60 September 10, 2010 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-3(5) AAA/AAA $157,900,000 9.958% 20.000% 6.62 79-83 August 10, 2012 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-SB(5) AAA/AAA $ 61,158,000 3.857% 20.000% 7.29 60-111 December 10, 2014 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-4A(5) AAA/AAA $485,931,000 30.645% 30.000% 9.64 111-118 July 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-4B(5) AAA/AAA $ 69,419,000 4.378% 20.000% 9.78 118-118 July 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-1A(5) AAA/AAA $228,135,000 14.387% 20.000% 7.83 1-118 July 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ A-J AAA/AAA $ 97,123,000 6.125% 13.875% 9.84 118-119 August 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ XP AAA/AAA TBD(4) N/A N/ A (4) N/A N/A Variable Rate(4) - ------------------------------------------------------------------------------------------------------------------------------------ B AA/AA $ 31,714,000 2.000% 11.875% 9.87 119-119 August 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ C AA-/AA- $ 15,857,000 1.000% 10.875% 9.87 119-119 August 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ D A/A $ 29,731,000 1.875% 9.000% 9.90 119-120 September 10, 2015 Fixed(3) - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> NON-OFFERED CERTIFICATES <TABLE> APPROX. EXPECTED CERTIFICATE % OF RATINGS BALANCE OR INITIAL APPROX. ----------- NOTIONAL POOL CREDIT CLASS FITCH/S&P AMOUNT (1) BALANCE SUPPORT - ----------------------------------------------------------------- E A-/A- $ 17,839,000 1.125% 7.875% - ----------------------------------------------------------------- F BBB+/BBB+ $ 19,821,000 1.250% 6.625% - ----------------------------------------------------------------- G BBB/BBB $ 17,839,000 1.125% 5.500% - ----------------------------------------------------------------- H BBB-/BBB- $ 23,785,000 1.500% 4.000% - ----------------------------------------------------------------- J BB+/BB+ $ 7,929,000 0.500% 3.500% - ----------------------------------------------------------------- K BB/BB $ 7,928,000 0.500% 3.000% - ----------------------------------------------------------------- L BB-/BB- $ 7,928,000 0.500% 2.500% - ----------------------------------------------------------------- M B+/B+ $ 3,964,000 0.250% 2.250% - ----------------------------------------------------------------- N B/B $ 5,947,000 0.375% 1.875% - ----------------------------------------------------------------- O B-/B- $ 5,946,000 0.375% 1.500% - ----------------------------------------------------------------- P NR/NR $ 23,785,793 1.500% 0.000% - ----------------------------------------------------------------- XC AAA/AAA $ 1,585,679,793(4) N/A N/A - ----------------------------------------------------------------- ASSUMED WEIGHTED PRINCIPAL FINAL AVERAGE WINDOW DISTRIBUTION CLASS LIFE (YRS) (2) (MOS) (2) DATE (2) RATE TYPE - ---------------------------------------------------------------------------- E 9.95 120-120 September 10, 2015 Fixed(3) - ---------------------------------------------------------------------------- F 9.95 120-120 September 10, 2015 Fixed(3) - ---------------------------------------------------------------------------- G 9.97 120-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- H 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- J 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- K 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- L 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- M 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- N 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- O 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- P 10.28 124-124 January 10, 2016 Fixed(3) - ---------------------------------------------------------------------------- XC (4) N/A N/A Variable Rate(4) - ---------------------------------------------------------------------------- </TABLE> (1) Subject to a variance of plus or minus 5%. (2) As of the Cut-off Date, the Weighted Average Life, Principal Window and Assumed Final Distribution Date were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates and/or anticipated repayment date and the other assumptions set forth under "Yield and Maturity Considerations--Yield Considerations" and "Maturity Assumptions" as set forth in the prospectus supplement. (3) The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4A, Class A-4B, Class A-1A, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, and Class P Certificates will each accrue interest at either (i) a fixed rate, (ii) a fixed rate subject to a cap at the weighted average of the net mortgage interest rate of the mortgage loans, (iii) a rate equal to the weighted average of the net mortgage interest rates of the mortgage loans less a specified percentage or (iv) a rate equal to the weighted average of the net mortgage interest rate of the mortgage loans. (4) The Class XP and XC Certificates will not have Certificate Balances and their holders will not receive distributions of principal, but these holders are entitled to receive payments of the aggregate interest accrued on the Notional Amount of the Class XP and XC Certificates as described in the prospectus supplement. (5) For purposes of making distributions to the Class A-1, A-2, A-3, A-SB, A-4A, A-4B and A-1A Certificates, the pool of Mortgage Loans will be deemed to consist of two distinct loan groups, Loan Group 1 and Loan Group 2. Loan Group 1 will consist of 107 Mortgage Loans, representing approximately 85.6% of the aggregate principal balance of the pool of Mortgage Loans as of the Cut-off Date. Loan Group 2 will consist of 21 Mortgage Loans, representing approximately 14.4% of the aggregate principal balance of the pool of Mortgage Loans as of the Cut-off Date. Loan Group 2 will include approximately 61.9% of the aggregate principal balance of all the Mortgage Loans secured by multifamily properties and approximately 56.3% of the aggregate principal balance of all the Mortgage Loans secured by manufactured housing properties. Generally, the Class A-1, A-2, A-3, A-SB, A-4A and A-4B Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-1, A-2, A-3, A-SB, A-4A and A-4B Certificates have been reduced to zero. However, on and after any distribution date on which the Certificate Balances of the Class A-J through Class P Certificates have been reduced to zero, distributions of principal collected or advanced in respect of the pool of Mortgage Loans will be distributed to the Class A-1, A-2, A-3, A-SB, A-4 and A-1A Certificates pro rata; provided, that payments of principal allocated to the Class A-4 Certificates will be distributed first to the Class A-4A Certificates and then to the Class A-4B Certificates. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 1 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- STRUCTURE SCHEMATIC* - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] <TABLE> CLASS XC(1), XP CLass A-1 AAA / AAA $50.5 MM 3.185% CLass A-2 AAA / AAA $215.5 MM 13.590% CLass A-3 AAA / AAA $157.9 MM 9.958% Class A-SB AAA / AAA $61.1 MM 3.857% Class A-4A AAA / AAA $485.9 MM 30.645% Class A-4B AAA / AAA $69.4 MM 4.378% Class A-1A AAA / AAA $228.1 MM 14.387% Class A-J AAA / AAA $97.1 MM 6.125% Class B AA / AA $31.7 MM 2.000% Class C AA- / AA- $15.8 MM 1.000% Class D A / A $29.7 MM 1.875% Class E(1) A- / A- $17.8 MM 1.125% Class F(1) BBB+ / BBB+ $19.8 MM 1.250% Class G(1) BBB / BBB $17.8 MM 1.125% Class H(1) BBB- / BBB- $23.7 MM 1.500% Class J(1) BB+ / BB+ $7.9 MM 0.500% Class K(1) BB / BB $7.9 MM 0.500% Class L(1) BB- / BB- $7.9 MM 0.500% Class M(1) B+ / B+ $3.9 MM 0.250% Class N(1) B / B $5.9 MM 0.375% Class O(1) B- / B- $5.9 MM 0.375% Class P(1) NR / NR $23.7 MM 1.500% </TABLE> - --------------- * Classes are not drawn to scale. Percentages are approximate percentages of the Initial Pool Balance as of the Cut-off Date. Class principal amounts are truncated. (1) Offered privately pursuant to Rule 144A. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT DATED MARCH 2005. <TABLE> ISSUE TYPE REMIC. Class A-1, A-2, A-3, A-SB, A-4A, A-4B, A-1A, 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 September 1, 2005 for all of the Mortgage Loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 128 Mortgage Loans (the "Mortgage Loans") with an aggregate balance as of the Cut-off Date of $1,585,679,793 (the "Initial Pool Balance"). For purposes of making distributions to the Class A-1, A-2, A-3, A-SB, A-4A, A-4B and A-1A Certificates, the Mortgage Pool will be deemed to consist of two distinct loan groups, Loan Group 1 and Loan Group 2. Loan Group 1 will consist of 107 Mortgage Loans, representing approximately 85.6% of the Initial Pool Balance as of the Cut-off Date. Loan Group 2 will consist of 21 Mortgage Loans, representing approximately 14.4% of the Initial Pool Balance as of the Cut-off Date. The Mortgage Loans are secured by 149 properties (the "Mortgaged Properties") located throughout 29 states and the Commonwealth of Puerto Rico. DEPOSITOR Banc of America Commercial Mortgage Inc. MORTGAGE LOAN SELLERS Bank of America, N.A. ("Bank of America") and Bear Stearns Commercial Mortgage, Inc. ("Bear Stearns"). UNDERWRITERS Banc of America Securities LLC and Bear, Stearns & Co. Inc. are acting as co-lead managers. Banc of America Securities LLC and Bear, Stearns & Co. Inc. are acting as joint bookrunners with respect to the Class A-1, A-3, A-SB and A-4A Certificates. Banc of America Securities LLC is acting as sole bookrunner with respect to all other Classes of Offered Certificates. Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. are acting as co-managers. TRUSTEE Wells Fargo Bank, N.A. MASTER SERVICER Bank of America, N.A., for all mortgage loans other than the Pacific Arts Plaza Pari Passu Note A-2, which will be serviced by Banc of America Commercial Mortgage Inc. pursuant to the terms of the pooling and servicing agreement related to the Banc of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-3. SPECIAL SERVICER LNR Partners, Inc., for all mortgage loans other than the Pacific Arts Plaza Pari Passu Note A-2 which will be serviced by Banc of America Commercial Mortgage Inc. pursuant to the terms of the pooling and servicing agreement related to the Banc of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-3. RATING AGENCIES Fitch, Inc. ("Fitch") and Standard and Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P"). DENOMINATIONS $10,000 minimum for the Class A-1, A-2, A-3, A-SB, A-4A, A-4B, A-1A and A-J Certificates, $1,000,000 minimum (notional) for the Class XP Certificates and $100,000 minimum for the Class B, C and D Certificates. SETTLEMENT DATE On or about September , 2005. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- <TABLE> DISTRIBUTION DATE The 10th day of each month, or if such 10th day is not a Business Day, the next succeeding Business Day. The first Distribution Date with respect to the Offered Certificates will occur in October 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. Interest will be distributed on each Distribution Date in sequential order of class designations with the Class A-1, A-2, A-3, A-SB, A-4, A-1A, XC and XP Certificates ranking pari passu in entitlement to interest; provided, that interest allocated to the Class A-4 Certificates will be distributed first to the Class A-4A Certificates and then to the Class A-4B Certificates. PRINCIPAL DISTRIBUTIONS Principal will be distributed on each Distribution Date to the Class of Sequential Pay Certificates outstanding with the earliest sequential Class designation until its Certificate Balance is reduced to zero (except that the Class A-SB Certificates are entitled to certain priority on each Distribution Date with respect to being paid down to their planned principal balance as described in the prospectus supplement). Generally, the Class A-1, A-2, A-3, A-SB, A-4A and A-4B Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-4B Certificates has been reduced to zero. 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 classes of Class A-1, A-2, A-3, A-SB, A-4A, A-4B or A-1A Certificates remain outstanding, payments of principal to the outstanding Class A-1, A-2, A-3, A-SB, A-4, and A-1A Certificates will be made on a pro rata basis; provided, that payments of principal allocated to the Class A-4 Certificates will be distributed first to the Class A-4A Certificates and then to the Class A-4B Certificates. LOSSES To be applied first to the Class P Certificates, then to the next most subordinate Class of Sequential Pay Certificates until the Certificate Balance of each such succeeding Class of Sequential Pay Certificates is reduced to zero, and following the reduction of the Certificate Balance of the Class A-J Certificates to zero, pro rata to the Class A-1, A-2, A-3, A-SB, A-4 and A-1A Certificates; provided, that losses allocated to the Class A-4 Certificates will be applied first to the Class A-4B Certificates and then to the Class A-4A Certificates. However, with respect to the Pacific Arts Plaza Whole Loan (as to which only the related Note A-2 is in the trust fund), losses will be applied first to the subordinate components of the Note A-1, and then pro rata among the Note A-2 and the senior component of the Note A-1. As a result of such application, losses on such loan will be borne first by the subordinate components of the Note A-1 and then, following the reduction of the balances of the A-1 note subordinate components to zero, the pro rata portion of losses allocable to Note A-2 will be applied to the Classes of Sequential Pay Certificates as described above. Similarly, with respect to the Sotheby's Building Whole Loan (as to which only the related Note A-1 is in the trust fund), losses will be applied first to the Sotheby's Building Note B and then, </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- <TABLE> following the reduction of the Sotheby's Building Note B to zero, the pro rata portion of the losses allocable to the Note A-1 will be applied to the Classes of Sequential Pay Certificates as described above. PREPAYMENT PREMIUMS The manner in which any prepayment premiums received during a particular Collection Period will be allocated to one or more of the Classes of Offered Certificates is described in the "Description of the Certificates--Distributions--Distributions of Prepayment Premiums" in the prospectus supplement. ADVANCES Subject to certain limitations, including, but not limited to, a recoverability determination, the Master Servicer will be required to advance certain principal, interest and other expenses. In the event that the Master Servicer fails to make such advances, the Trustee may be required to do so. APPRAISAL REDUCTIONS Promptly following the occurrence of (1) any Mortgage Loan or any Serviced Whole Loan becoming a Modified Mortgage Loan; (2) any Monthly Payment with respect to any Mortgage Loan or any Serviced Whole Loan remaining unpaid for 60 days past the Due Date for such payment; (3) the passage of 60 days after the Special Servicer receives notice that the mortgagor under such Mortgage Loan or Serviced Whole Loan becomes the subject of bankruptcy, insolvency or similar proceedings, which remain undischarged and undismissed; (4) the passage of 60 days after the Special Servicer receives notice that a receiver or similar official is appointed with respect to the related Mortgaged Property; (5) the related Mortgaged Property becoming an REO Property; or (6) the passage of 60 days after the third extension of a Mortgage Loan or a Serviced Whole Loan, the Special Servicer will obtain an appraisal on the related Mortgaged 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 or Serviced Whole 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 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. </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- CONTACT INFORMATION - -------------------------------------------------------------------------------- <TABLE> BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC. Bill Hale Craig Sedmak (704) 388-1597 (Phone) (212) 272-4953 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) bill.e.hale@bankofamerica.com csedmak@bear.com Geordie Walker Tim Koltermann (704) 388-1597 (Phone) (212) 272-4953 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) geordie.r.walker@bankofamerica.com tkoltermann@bear.com Chuck Mather Jignesh Patel (704) 388-1597 (Phone) (212) 272-6184 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) charles.mather@bankofamerica.com jignesh.patel@bear.com Chris Springer (704) 388-1597 (Phone) (704) 388-9677 (Fax) chris.springer@bankofamerica.com </TABLE> <TABLE> GOLDMAN, SACHS & CO. GREENWICH CAPITAL MARKETS, INC. Emily Brooks Chris McCormack (212) 902-7264 (Phone) (203) 625-2900 (Phone) (212) 346-3594 (Fax) (203) 618-2052 (Fax) emily.brooks@gs.com mccormc@gcm.com Scott Wisenbaker Brian Schwartz (212) 902-2858 (Phone) (203) 625-2900 (Phone) (212) 346-3594 (Fax) (212) 618-2033 (Fax) scott.wisenbaker@gs.com brian.schwartz@gcm.com </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- <TABLE> GENERAL CHARACTERISTICS MORTGAGE POOL Number of Mortgage Loans ....................................................... 128 Number of Mortgaged Properties ................................................. 149 Aggregate Balance of all Mortgage Loans(1) .....................................$1,585,679,793 Number of Balloon Payment Mortgage Loans(2) .................................... 106 Aggregate Balance of Balloon Payment Mortgage Loans(2) ......................... $962,621,003 Number of Anticipated Repayment Date Mortgage Loans(3) ......................... 6 Aggregate Balance of Anticipated Repayment Date Mortgage Loans(3) .............. $160,269,386 Number of Interest Only Mortgage Loans(3) ...................................... 17 Aggregate Balance of Interest Only Mortgage Loans(3) ........................... $477,589,404 Maximum Balance ................................................................ $110,000,000 Minimum Balance ................................................................ $995,590 Average Balance ................................................................ $ 12,388,123 Number of Cross-Collateralized and Cross-Defaulted Loan Pools .................. 2 Maximum Balance for a Group of Cross-Collateralized and Cross-Defaulted Mortgage Loans ................................................................ $8,640,700 Weighted Average Cut-off Date LTV Ratio ........................................ 71.2% Maximum Cut-off Date LTV Ratio ................................................. 80.0% Minimum Cut-off Date LTV Ratio ................................................. 43.5% Weighted Average DSCR .......................................................... 1.46x Maximum DSCR ................................................................... 2.88x Minimum DSCR ................................................................... 1.17x Weighted Average LTV at Maturity or Anticipated Repayment Date ................. 64.9% Range of Mortgage Loan Interest Rates .......................................... 4.600%-5.997% Weighted Average Mortgage Loan Interest Rate ................................... 5.204% Range of Remaining Term to Maturity or Anticipated Repayment Date (months) ..... 57 - 124 Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ................................................................. 103 GENERAL CHARACTERISTICS LOAN GROUP 1 LOAN GROUP 2 Number of Mortgage Loans ....................................................... 107 21 Number of Mortgaged Properties ................................................. 128 21 Aggregate Balance of all Mortgage Loans(1) .....................................$1,357,544,380 $228,135,414 Number of Balloon Payment Mortgage Loans(2) .................................... 87 19 Aggregate Balance of Balloon Payment Mortgage Loans(2) ......................... $759,285,590 $203,335,414 Number of Anticipated Repayment Date Mortgage Loans(3) ......................... 6 0 Aggregate Balance of Anticipated Repayment Date Mortgage Loans(3) .............. $160,269,386 0 Number of Interest Only Mortgage Loans(3) ...................................... 15 2 Aggregate Balance of Interest Only Mortgage Loans(3) ........................... $452,789,404 $24,800,000 Maximum Balance ................................................................ $110,000,000 $44,800,000 Minimum Balance ................................................................ $995,590 $2,050,000 Average Balance ................................................................ $12,687,331 $10,863,591 Number of Cross-Collateralized and Cross-Defaulted Loan Pools .................. 2 0 Maximum Balance for a Group of Cross-Collateralized and Cross-Defaulted Mortgage Loans ................................................................ $8,640,700 $0 Weighted Average Cut-off Date LTV Ratio ........................................ 70.7% 73.9% Maximum Cut-off Date LTV Ratio ................................................. 80.0% 79.9% Minimum Cut-off Date LTV Ratio ................................................. 44.5% 43.5% Weighted Average DSCR .......................................................... 1.47x 1.38x Maximum DSCR ................................................................... 2.88x 2.62x Minimum DSCR ................................................................... 1.20x 1.17x Weighted Average LTV at Maturity or Anticipated Repayment Date ................. 64.5% 67.5% Range of Mortgage Loan Interest Rates .......................................... 4.600%-5.997% 4.857%-5.766% Weighted Average Mortgage Loan Interest Rate ................................... 5.205% 5.197% Range of Remaining Term to Maturity or Anticipated Repayment Date (months) ..... 57 - 124 57 - 120 Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ................................................................. 103 98 </TABLE> - --------- (1) Subject to a permitted variance of plus or minus 5%. (2) Excludes Mortgage Loans that are Interest Only until maturity or until the anticipated repayment date and anticipated repayment date mortgage loans. (3) With respect to one Mortgage Loan, Loan No. 43556, which is both an ARD Loan and Interest Only which results in such Mortgage Loan appearing in each category. * One Mortgage Loan, Loan No. 58851 (such Loan Number is set forth in Annex A to the prospectus supplement), representing 6.9% of the Initial Pool Balance, is part of a split loan structure evidenced by two senior pari passu promissory notes referred to as note A-1 and note A-2. The note A-1 (which is not included in the Trust) has been divided into a senior component and a subordinate component. The cut-off date balance of this Mortgage Loan has been calculated based upon the note A-2 (which is the only note included in the Trust). Each cut-off date balance per unit, loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior pari passu notes (excluding the subordinate component). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related subordinate component were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the note A-2 included in the Trust. One Mortgage Loan, Loan No. 59039 (such Loan Number is set forth in Annex A to the prospectus supplement), representing 6.9% of the Initial Pool Balance, is part of a split loan structure evidenced by two senior pari passu promissory notes referred to as note A-1 and note A-2 and a subordinate note B. The cut-off date balance of this Mortgage Loan has been calculated based upon the note A-1 (which is the only note included in the Trust). Each cut-off date balance per unit, loan-to-value ratio and debt service coverage ratio calculated in this term sheet with respect to this Mortgage Loan, except as may be otherwise noted herein, was calculated based upon the two senior pari passu notes (excluding the note B). Such ratios would be lower (in the case of debt service coverage) and higher (in the case of loan-to-value ratios) if the related note B were included. For purposes of weighting such debt service coverage ratios and loan-to-value ratios, such weighting is based solely upon the outstanding principal balance of the note A-1 included in the Trust. See the "Glossary of Principal Definitions" in the prospectus supplement for definitions and information relating to the calculation of loan-to-value and debt service coverage ratios. The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this term sheet. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] MORTGAGED PROPERTIES BY PROPERTY TYPE Self Storage 3.8% Industrial 5.1% Hotel 7.6% Multifamily 22.8% Retail 24.2% Mixed Use 1.8% Manufactured Housing 0.5% Office 34.2% PROPERTY TYPE <TABLE> WEIGHTED NUMBER OF AGGREGATE % OF AVERAGE MORTGAGED CUT-OFF DATE INITIAL POOL UNDERWRITTEN PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR - ------------------------------------------------------------------------------------- Office 32 $ 542,118,017 34.2% 1.47x - ------------------------------------------------------------------------------------- Retail 52 383,636,075 24.2 1.45x - ------------------------------------------------------------------------------------- Anchored 24 267,496,742 16.9 1.36x - ------------------------------------------------------------------------------------- Unanchored 20 89,325,324 5.6 1.78x - ------------------------------------------------------------------------------------- Shadow Anchored 8 26,814,008 1.7 1.26x - ------------------------------------------------------------------------------------- Multifamily 27 361,123,084 22.8 1.45x - ------------------------------------------------------------------------------------- Hotel 3 120,869,406 7.6 1.51x - ------------------------------------------------------------------------------------- Industrial 9 81,119,794 5.1 1.36x - ------------------------------------------------------------------------------------- Self Storage 21 59,634,823 3.8 1.54x - ------------------------------------------------------------------------------------- Mixed Use 2 28,846,442 1.8 1.27x - ------------------------------------------------------------------------------------- Manufactured Housing 3 8,332,153 0.5 1.41x - ------------------------------------------------------------------------------------- TOTAL/WTD AVG 149 $1,585,679,793 100.0% 1.46X - ------------------------------------------------------------------------------------- WEIGHTED WEIGHTED MIN/MAX AVERAGE MIN/MAX AVERAGE UNDERWRITTEN CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR LTV RATIO LTV RATIO RATE - ----------------------------------------------------------------------------------------- Office 1.20x/2.04x 68.7% 47.5%/80.0% 5.168% - ----------------------------------------------------------------------------------------- Retail 1.20x/2.58x 73.9% 54.4%/80.0% 5.169% - ----------------------------------------------------------------------------------------- Anchored 1.20x/2.58x 75.5% 54.4%/80.0% 5.178% - ----------------------------------------------------------------------------------------- Unanchored 1.20x/2.29x 69.7% 62.7%/80.0% 5.107% - ----------------------------------------------------------------------------------------- Shadow Anchored 1.22x/1.32x 71.4% 66.4%/74.4% 5.282% - ----------------------------------------------------------------------------------------- Multifamily 1.17x/2.62x 71.1% 43.5%/80.0% 5.238% - ----------------------------------------------------------------------------------------- Hotel 1.50x/1.85x 70.3% 70.0%/73.9% 5.165% - ----------------------------------------------------------------------------------------- Industrial 1.20x/1.59x 75.3% 59.3%/79.8% 5.244% - ----------------------------------------------------------------------------------------- Self Storage 1.20x/2.88x 71.5% 44.5%/79.5% 5.470% - ----------------------------------------------------------------------------------------- Mixed Use 1.24x/1.29x 76.2% 73.5%/79.0% 5.276% - ----------------------------------------------------------------------------------------- Manufactured Housing 1.28x/1.58x 67.5% 52.1%/78.3% 5.662% - ----------------------------------------------------------------------------------------- TOTAL/WTD AVG 1.17X/2.88X 71.2% 43.5%/80.0% 5.204% - ----------------------------------------------------------------------------------------- </TABLE> * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 to this term sheet also applies to this page. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [MAP OMITTED] <TABLE> WASHINGTON NEBRASKA 17 properties 1 property $50,786,373 $15,200,000 3.2% of total 1.0% of total NEVADA SOUTH DAKOTA 3 properties 1 property $45,150,000 $8,050,000 2.8% of total 0.5% of total CALIFORNIA MISSOURI 23 properties 1 property $310,640,212 $44,800,000 19.6% of total 2.8% of total UTAH IOWA 2 properties 2 properties $21,310,876 $8,283,209 1.3% of total 0.5% of total ARIZONA WISCONSIN 8 properties 1 property $39,940,678 $2,232,700 2.5% of total 0.1% of total COLORADO ILLINOIS 2 properties 4 properties $14,392,881 $32,395,040 0.9% of total 2.0% of total TEXAS MICHIGAN 17 properties 4 properties $60,846,270 $12,041,895 3.8% of total 0.8% of total PUERTO RICO PENNSYLVANIA 1 property 9 properties $35,250,000 $75,844,091 2.2% of total 4.8% of total TENNESSEE OHIO 4 properties 7 properties $26,923,500 $51,556,515 1.7% of total 3.3% of total FLORIDA NEW YORK 9 properties 4 properties $86,032,399 $190,196,442 5.4% of total 12.0% of total GEORGIA NEW HAMSPHIRE 7 properties 1 property $119,709,750 $11,500,000 7.5% of total 0.7% of total SOUTH CAROLINA MASSACHUSSETTS 2 properties 2 properties $6,470,362 $22,481,278 0.4% of total 1.4% of total NORTH CAROLINA CONNECTICUT 5 properties 1 property $24,642,021 $24,000,000 1.6% of total 1.5% of total VIRGINIA NEW JERSEY 4 properties 2 properties $87,205,250 $17,844,236 5.5% of total 1.1% of total DELAWARE MARYLAND 1 property 4 properties $14,700,000 $125,453,634 0.9% of total 7.9% of total </TABLE> [ ] 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 GEOGRAPHIC DISTRIBUTION <TABLE> WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE AVERAGE AVERAGE AVERAGE MORTGAGED CUT-OFF DATE % OF INITIAL UNDERWRITTEN CUT-OFF DATE MORTGAGE PROPERTY LOCATION PROPERTIES BALANCE POOL BALANCE DSCR LTV RATIO RATE - -------------------------------------------------------------------------------------------------------------------------- California+ 23 $ 310,640,212 19.6% 1.60x 67.0% 5.081% - -------------------------------------------------------------------------------------------------------------------------- Southern 22 306,740,212 19.3 1.60x 67.1% 5.077% - -------------------------------------------------------------------------------------------------------------------------- Northern 1 3,900,000 0.2 1.61x 59.4% 5.405% - -------------------------------------------------------------------------------------------------------------------------- New York 4 190,196,442 12.0 1.27x 68.2% 5.315% - -------------------------------------------------------------------------------------------------------------------------- Maryland 4 125,453,634 7.9 1.47x 71.0% 5.157% - -------------------------------------------------------------------------------------------------------------------------- Georgia 7 119,709,750 7.5 1.33x 76.2% 5.130% - -------------------------------------------------------------------------------------------------------------------------- Virginia 4 87,205,250 5.5 2.00x 58.4% 5.097% - -------------------------------------------------------------------------------------------------------------------------- Florida 9 86,032,399 5.4 1.33x 77.5% 5.399% - -------------------------------------------------------------------------------------------------------------------------- Pennsylvania 9 75,844,691 4.8 1.34x 73.8% 5.277% - -------------------------------------------------------------------------------------------------------------------------- Texas 17 60,846,270 3.8 1.40x 74.6% 5.212% - -------------------------------------------------------------------------------------------------------------------------- Ohio 7 51,556,515 3.3 1.33x 77.7% 5.193% - -------------------------------------------------------------------------------------------------------------------------- Washington 17 50,786,373 3.2 1.35x 73.4% 5.547% - -------------------------------------------------------------------------------------------------------------------------- Others 48 427,408,256 27.0 1.44x 73.5% 5.207% - -------------------------------------------------------------------------------------------------------------------------- TOTAL/WTD AVG 149 $1,585,679,793 100.0% 1.46X 71.2% 5.204% - -------------------------------------------------------------------------------------------------------------------------- </TABLE> - -THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 29 STATES AND THE COMMONWEALTH OF PUERTO RICO. * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 to this term sheet also applies to this page. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS CUT-OFF DATE BALANCE ($) - ---------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - ---------------------------------------------------------------- $995,590 -- $999,999 2 1,992,078 0.1 $1,000,000 -- $1,999,999 5 7,581,421 0.5 $2,000,000 -- $2,999,999 23 55,884,075 3.5 $3,000,000 -- $3,999,999 16 56,739,441 3.6 $4,000,000 -- $4,999,999 14 62,019,404 3.9 $5,000,000 -- $7,499,999 16 97,800,974 6.2 $7,500,000 -- $9,999,999 14 123,484,053 7.8 $10,000,000 -- $14,999,999 15 195,600,929 12.3 $15,000,000 -- $19,999,999 10 169,452,763 10.7 $20,000,000 -- $29,999,999 2 50,720,000 3.2 $30,000,000 -- $49,999,999 4 152,016,670 9.6 $50,000,000 -- $99,999,999 4 282,387,985 17.8 $100,000,000 -- $110,000,000 3 330,000,000 20.8 - ---------------------------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - ---------------------------------------------------------------- Min: $995,590 Max: $110,000,000 Average: $12,388,123 LOCATION - ------------------------------------------------------- NO. OF AGGREGATE MORTGAGED CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - ------------------------------------------------------- California+ 23 310,640,212 19.6 Southern 22 306,740,212 19.3 Northern 1 3,900,000 0.2 New York 4 190,196,442 12.0 Maryland 4 125,453,634 7.9 Georgia 7 119,709,750 7.5 Virginia 4 87,205,250 5.5 Florida 9 86,032,399 5.4 Pennsylvania 9 75,844,691 4.8 Texas 17 60,846,270 3.8 Ohio 7 51,556,515 3.3 Washington 17 50,786,373 3.2 Others 48 427,408,256 27.0 - ------------------------------------------------------- TOTAL: 149 1,585,679,793 100.0 - ------------------------------------------------------- PROPERTY TYPE - --------------------------------------------------------------- NO. OF AGGREGATE MORTGAGED CUT-OFF DATE % OF PROPERTIES BALANCE ($) POOL - --------------------------------------------------------------- Office 32 542,118,017 34.2 Retail 52 383,636,075 24.2 Anchored 24 267,496,742 16.9 Unanchored 20 89,325,324 5.6 Shadow Anchored 8 26,814,008 1.7 Multifamily 27 361,123,084 22.8 Hotel 3 120,869,406 7.6 Industrial 9 81,119,794 5.1 Self Storage 21 59,634,823 3.8 Mixed Use 2 28,846,442 1.8 Manufactured Housing 3 8,332,153 0.5 - --------------------------------------------------------------- TOTAL: 149 1,585,679,793 100.0 - --------------------------------------------------------------- MORTGAGE RATE (%) - ---------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - ---------------------------------------------------- 4.600% -- 4.749% 2 40,310,000 2.5 4.750% -- 4.999% 10 177,188,974 11.2 5.000% -- 5.249% 41 758,071,061 47.8 5.250% -- 5.499% 39 406,127,913 25.6 5.500% -- 5.749% 26 170,943,468 10.8 5.750% -- 5.997% 10 33,038,377 2.1 - ---------------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - ---------------------------------------------------- Min: 4.600% Max: 5.997% Wtd Avg: 5.204% - ---------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - --------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - --------------------------------------------- 60 -- 83 11 272,461,426 17.2 84 -- 99 8 207,459,683 13.1 100 -- 120 108 995,758,684 62.8 121 -- 126 1 110,000,000 6.9 - --------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - --------------------------------------------- Min: 60 Max: 126 Wtd Avg: 105 - --------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - --------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - ---------------------------------------------- 57 -- 59 8 252,480,002 15.9 60 -- 79 4 129,981,424 8.2 80 -- 99 7 97,459,683 6.1 100 -- 109 1 3,643,209 0.2 110 -- 119 98 919,805,680 58.0 120 -- 124 10 182,309,796 11.5 - ---------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - ---------------------------------------------- Min: 57 Max: 124 Wtd Avg: 103 - ---------------------------------------------- PREPAYMENT PROVISION SUMMARY - ------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - ------------------------------------------------------------- Lockout/Defeasance/Open 106 1,445,140,604 91.1 Lockout/Yield Maintenance/Open 19 114,429,765 7.2 Yield Maintenance/Yield Maintenance or Defeasance/Open 1 15,150,000 1.0 Yield Maintenance/ Defeasance/Open 1 8,120,000 0.5 Yield Maintenance/1%/Open 1 2,839,424 0.2 - ------------------------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - ------------------------------------------------------------- CUT-OFF DATE LOAN-TO=VALUE RATIO (%) - --------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - --------------------------------------------------- 43.5% -- 49.9% 5 32,488,673 2.0 50.0% -- 59.9% 7 158,111,435 10.0 60.0% -- 64.9% 10 214,637,030 13.5 65.0% -- 69.9% 12 51,228,252 3.2 70.0% -- 74.9% 30 486,777,428 30.7 75.0% -- 79.9% 57 561,600,975 35.4 80.0% 7 80,836,000 5.1 - --------------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - --------------------------------------------------- Min: 43.5% Max: 80.0% Wtd Avg: 71.2% LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%) - ---------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - ---------------------------------------------------- 40.5% -- 49.9% 8 57,151,560 3.6 50.0% -- 59.9% 27 443,894,366 28.0 60.0% -- 64.9% 31 262,561,731 16.6 65.0% -- 69.9% 37 290,821,047 18.3 70.0% -- 74.9% 19 420,496,883 26.5 75.0% -- 80.0% 6 110,754,205 7.0 - ---------------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - ---------------------------------------------------- Min: 40.5% Max: 80.0% Wtd Avg: 64.9% - ---------------------------------------------------- DEBT SERVICE COVERAGE RATIOS (X) - ---------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE ($) POOL - ---------------------------------------------------- 1.17x -- 1.19x 4 69,034,796 4.4 1.20x -- 1.24x 27 279,623,772 17.6 1.25x -- 1.29x 27 201,441,862 12.7 1.30x -- 1.34x 20 234,780,164 14.8 1.35x -- 1.39x 11 244,048,025 15.4 1.40x -- 1.49x 14 130,086,492 8.2 1.50x -- 1.59x 10 162,179,323 10.2 1.60x -- 1.69x 2 4,896,488 0.3 1.70x -- 1.79x 2 9,200,000 0.6 1.80x -- 1.89x 2 19,386,686 1.2 1.90x -- 1.99x 2 79,200,000 5.0 2.00x -- 2.88x 7 151,802,185 9.6 - ---------------------------------------------------- TOTAL: 128 1,585,679,793 100.0 - ---------------------------------------------------- Min: 1.17x Max: 2.88x Wtd Avg: 1.46x - ---------------------------------------------------- * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 to this term sheet also applies to this page. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- LOAN GROUP 1 CHARACTERISTICS CUT-OFF DATE BALANCE ($) - -------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - -------------------------------------------------------------- $995,590 -- $999,999 2 1,992,078 0.1 $1,000,000 -- $1,999,999 5 7,581,421 0.6 $2,000,000 -- $2,999,999 19 46,305,707 3.4 $3,000,000 -- $3,999,999 12 42,693,380 3.1 $4,000,000 -- $4,999,999 12 53,319,404 3.9 $5,000,000 -- $7,499,999 13 78,850,974 5.8 $7,500,000 -- $9,999,999 13 114,972,358 8.5 $10,000,000 -- $14,999,999 15 195,600,929 14.4 $15,000,000 -- $19,999,999 5 85,403,474 6.3 $20,000,000 -- $29,999,999 2 50,720,000 3.7 $30,000,000 -- $49,999,999 2 67,716,670 5.0 $50,000,000 -- $99,999,999 4 282,387,985 20.8 $100,000,000 -- $110,000,000 3 330,000,000 24.3 - -------------------------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - -------------------------------------------------------------- Min: $995,590 Max: $110,000,000 Average: $12,687,331 - -------------------------------------------------------------- LOCATION - ------------------------------------------------------ NO. OF AGGREGATE % OF MORTGAGED CUT--OFF DATE LOAN PROPERTIES BALANCE ($) GROUP 1 - ------------------------------------------------------ California+ 20 $ 283,548,778 20.9 Southern 19 279,648,778 20.6 Northern 1 3,900,000 0.3 New York 4 190,196,442 14.0 Maryland 4 125,453,634 9.2 Georgia 6 116,274,492 8.6 Virginia 4 87,205,250 6.4 Florida 9 86,032,399 6.3 Washington 15 45,043,864 3.3 Arizona 8 39,940,678 2.9 Pennsylvania 8 36,344,691 2.7 Puerto Rico 1 35,250,000 2.6 Others 49 312,254,151 23.0 - ------------------------------------------------------ TOTAL: 128 1,357,544,380 100.0 - ------------------------------------------------------ PROPERTY TYPE - ------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGED CUT--OFF DATE LOAN PROPERTIES BALANCE ($) GROUP 1 - ------------------------------------------------------------- Office 32 542,118,017 39.9 Retail 52 383,636,075 28.3 Anchored 24 267,496,742 19.7 Unanchored 20 89,325,324 6.6 Shadow Anchored 8 26,814,008 2.0 Multifamily 8 137,676,614 10.1 Hotel 3 120,869,406 8.9 Industrial 9 81,119,794 6.0 Self Storage 21 59,634,823 4.4 Mixed Use 2 28,846,442 2.1 Manufactured Housing 1 3,643,209 0.3 - ------------------------------------------------------------- TOTAL: 128 1,357,544,380 100.0 - ------------------------------------------------------------- MORTGAGE RATE (%) - ----------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - ----------------------------------------------------- 4,600% -- 4.749% 2 40,310,000 3.0 4.750% -- 4.999% 7 148,473,170 10.9 5,000% -- 5.249% 31 637,624,262 47.0 5.250% -- 5.499% 36 354,680,961 26.1 5.500% -- 5.749% 23 148,548,468 10.9 5.750% -- 5.997% 8 27,907,519 2.1 - ----------------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - ----------------------------------------------------- Min: 4.600% Max: 5.997% Wtd Avg: 5.205% - ----------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - ----------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - ----------------------------------------------- 60 -- 83 7 227,857,508 16.8 84 -- 99 7 162,659,683 12.0 100 -- 120 92 857,027,188 63.1 121 -- 126 1 110,000,000 8.1 - ----------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - ----------------------------------------------- Min: 60 Max: 126 Wtd Avg: 106 - ----------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - ---------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - ---------------------------------------------- 57 -- 59 5 210,715,508 15.5 60 -- 79 3 127,142,000 9.4 80 -- 99 6 52,659,683 3.9 100 -- 109 1 3,643,209 0.3 110 -- 119 84 804,358,979 59.3 120 -- 124 8 159,025,000 11.7 - ---------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - ---------------------------------------------- Min: 57 Max: 124 Wtd Avg: 103 - ---------------------------------------------- PREPAYMENT PROVISION SUMMARY - ------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - ------------------------------------------------------------- Lockout/Defeasance/Open 87 1,235,044,615 91.0 Lockout/Yield Maintenance/Open 17 99,229,765 7.3 Yield Maintenance/Yield Maintenance or Defeasance/Open 1 15,150,000 1.1 Yield Maintenance/ Defeasance/Open 1 8,120,000 0.6 - ------------------------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - ------------------------------------------------------------- CUT--OFF DATE LOAN--TO--VALUE RATIO (%) - --------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - --------------------------------------------------- 44.5% -- 49.9% 3 7,688,673 0.6 50.0% -- 59.9% 6 155,820,000 11.5 60.0% -- 64.9% 10 214,637,030 15.8 65.0% -- 69.9% 11 48,830,743 3.6 70.0% -- 74.9% 28 438,765,734 32.3 75.0% -- 79.9% 42 410,966,200 30.3 80.00% 7 80,836,000 6.0 - --------------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - --------------------------------------------------- Min: 44.5% Max: 80.0% Wtd Avg: 70.7% - --------------------------------------------------- LOAN--TO--VALUE RATIO AT MATURITY OR ARD (%) - ---------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - ---------------------------------------------------- 40.5% -- 49.9% 5 30,060,126 2.2 50.0% -- 59.9% 26 441,496,857 32.5 60.0% -- 64.9% 29 214,550,036 15.8 65.0% -- 69.9% 29 235,774,986 17.4 70.0% -- 74.9% 13 369,708,170 27.2 75.0% -- 80.0% 5 65,954,205 4.9 - ---------------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - ---------------------------------------------------- Min: 40.5% Max: 80.0% Wtd Avg: 64.5% - ---------------------------------------------------- DEBT SERVICE COVERAGE RATIOS (X) - ---------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT--OFF DATE LOAN LOANS BALANCE ($) GROUP 1 - ---------------------------------------------------- 1.20x -- 1.24x 22 230,667,326 17.0 1.25x -- 1.29x 21 129,376,058 9.5 1.30x -- 1.34x 19 229,030,164 16.9 1.35x -- 1.39x 11 244,048,025 18.0 1.40x -- 1.49x 12 124,849,559 9.2 1.50x -- 1.59x 9 159,887,889 11.8 1.60x -- 1.69x 2 4,896,488 0.4 1.70x -- 1.79x 2 9,200,000 0.7 1.80x -- 1.89x 2 19,386,686 1.4 1.90x -- 1.99x 2 79,200,000 5.8 2.00x -- 2.88x 5 127,002,185 9.4 - ---------------------------------------------------- TOTAL: 107 1,357,544,380 100.0 - ---------------------------------------------------- Min: 1.20x Max: 2.88x Wtd Avg: 1.47x - ---------------------------------------------------- * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 to this term sheet also applies to this page. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- LOAN GROUP 2 CHARACTERISTICS CUT-OFF DATE BALANCE ($) - -------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - -------------------------------------------------------- $2,050,000 -- $2,999,999 4 9,578,368 4.2 $3,000,000 -- $3,999,999 4 14,046,061 6.2 $4,000,000 -- $4,999,999 2 8,700,000 3.8 $5,000,000 -- $7,499,999 3 18,950,000 8.3 $7,500,000 -- $9,999,999 1 8,511,695 3.7 $10,000,000 -- $19,999,999 5 84,049,289 36.8 $20,000,000 -- $44,800,000 2 84,300,000 37.0 - -------------------------------------------------------- TOTAL: 21 228,135,414 100.0 - -------------------------------------------------------- Min: $2,050,000 Max: $44,800,000 Average: $10,863,591 - -------------------------------------------------------- LOCATION - ------------------------------------------------------ NO. OF AGGREGATE % OF MORTGAGED CUT-OFF DATE LOAN PROPERTIES BALANCE ($) GROUP 2 - ------------------------------------------------------ Missouri 1 44,800,000 19.6 Pennsylvania 1 39,500,000 17.3 Ohio 5 32,414,493 14.2 California+ 3 27,091,435 11.9 Southern 3 27,091,435 11.9 Texas 3 25,800,600 11.3 Nevada 1 17,000,000 7.5 Nebraska 1 15,200,000 6.7 Michigan 1 8,511,695 3.7 North Carolina 1 5,800,000 2.5 Washington 2 5,742,509 2.5 Others 2 6,274,682 2.8 - ------------------------------------------------------ TOTAL: 21 228,135,414 100.0 - ------------------------------------------------------ PROPERTY TYPE - ------------------------------------------------------------ NO. OF AGGREGATE % OF MORTGAGED CUT-OFF DATE LOAN PROPERTIES BALANCE ($) GROUP 2 - ------------------------------------------------------------ Multifamily 19 223,446,470 97.9 Manufactured Housing 2 4,688,944 2.1 - ------------------------------------------------------------ TOTAL: 21 228,135,414 100.0 - ------------------------------------------------------------ MORTGAGE RATE (%) - ---------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - ---------------------------------------------------- 4.857% -- 4.999% 3 28,715,804 12.6 5.000% -- 5.249% 10 120,446,799 52.8 5.250% -- 5.499% 3 51,446,952 22.6 5.500% -- 5.749% 3 22,395,000 9.8 5.750% -- 5.766% 2 5,130,859 2.2 - ---------------------------------------------------- TOTAL: 21 228,135,414 100.0 - ---------------------------------------------------- Min: 4.857% Max: 5.766% Wtd Avg: 5.197% - ---------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - --------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - --------------------------------------------- 60 -- 83 4 44,603,918 19.6 84 -- 99 1 44,800,000 19.6 100 -- 120 16 138,731,496 60.8 - --------------------------------------------- TOTAL: 21 228,135,414 100.0 - --------------------------------------------- Min: 60 Max: 120 Wtd Avg: 101 - --------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - --------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - --------------------------------------------- 57 -- 59 3 41,764,493 18.3 60 -- 79 1 2,839,424 1.2 80 -- 99 1 44,800,000 19.6 110 -- 119 14 115,446,700 50.6 120 2 23,284,796 10.2 - --------------------------------------------- TOTAL: 21 228,135,414 100.0 - --------------------------------------------- Min: 57 Max: 120 Wtd Avg: 98 - --------------------------------------------- PREPAYMENT PROVISION SUMMARY - --------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - --------------------------------------------------------------- Lockout/Defeasance/Open 19 210,095,990 92.1 Lockout/Yield Maintenance/Open 1 15,200,000 6.7 Yield Maintenance/1%/Open 1 2,839,424 1.2 - --------------------------------------------------------------- TOTAL: 21 228,135,414 100.0 - --------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO (%) - -------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - -------------------------------------------------- 43.5% -- 49.9% 2 24,800,000 10.9 50.0% -- 59.9% 1 2,291,435 1.0 60.0% -- 69.9% 1 2,397,509 1.1 70.0% -- 74.9% 2 48,011,695 21.0 75.0% -- 79.9% 15 150,634,775 66.0 - -------------------------------------------------- TOTAL: 21 228,135,414 100.0 - -------------------------------------------------- Min: 43.5% Max: 79.9% Wtd Avg: 73.9% - -------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%) - -------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - -------------------------------------------------- 43.5% -- 49.9% 3 27,091,435 11.9 50.0% -- 59.9% 1 2,397,509 1.1 60.0% -- 64.9% 2 48,011,695 21.0 65.0% -- 69.9% 8 55,046,061 24.1 70.0% -- 74.9% 6 50,788,714 22.3 75.0% -- 77.2% 1 44,800,000 19.6 - -------------------------------------------------- TOTAL: 21 228,135,414 100.0 - -------------------------------------------------- Min: 43.5% Max: 77.2% Wtd Avg: 67.5% - -------------------------------------------------- DEBT SERVICE COVERAGE RATIOS (X) - -------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE ($) GROUP 2 - -------------------------------------------------- 1.17x -- 1.19x 3 64,334,796 28.2 1.20x -- 1.24x 6 53,656,446 23.5 1.25x -- 1.29x 6 72,065,804 31.6 1.30x -- 1.34x 1 5,750,000 2.5 1.35x -- 1.49x 2 5,236,933 2.3 1.50x -- 1.59x 1 2,291,435 1.0 2.00x -- 2.62x 2 24,800,000 10.9 - -------------------------------------------------- TOTAL: 21 228,135,414 100.0 - -------------------------------------------------- Min: 1.17x Max: 2.62x Wtd Avg: 1.38x - -------------------------------------------------- * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 to this term sheet also applies to this page. + Northern California properties have a zip code greater than or equal to 93600. Southern California properties have a zip code less than 93600. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- PREPAYMENT PROVISIONS BASED ON OUTSTANDING PRINCIPAL BALANCE <TABLE> PREPAYMENT PROVISIONS(1) SEP-05 SEP-06 SEP-07 SEP-08 SEP-09 - ----------------------------------------------------------------------------------------------------------------------------- Lockout/Defeasance 98.35% 98.35% 98.02% 94.07% 91.10% Yield Maintenance(2) 1.65% 1.65% 1.98% 5.93% 8.90% Fixed Prepayment Premium(2) 0.00% 0.00% 0.00% 0.00% 0.00% Open 0.00% 0.00% 0.00% 0.00% 0.00% - ----------------------------------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% - ----------------------------------------------------------------------------------------------------------------------------- Total Beginning Balance (in millions) $ 1,585.68 $ 1,579.54 $ 1,571.72 $ 1,559.97 $ 1,546.32 Percent of Aggregate Cut-off Date Balance(3) 100.00% 99.61% 99.12% 98.38% 97.52% - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> <TABLE> PREPAYMENT PROVISIONS(1) SEP-10 SEP-11 SEP-12 SEP-13 SEP-14 SEP-15 - ----------------------------------------------------------------------------------------------------------------------------- Lockout/Defeasance 89.29% 89.47% 87.97% 87.93% 87.28% 100.00% Yield Maintenance(2) 10.50% 10.53% 12.03% 12.07% 12.08% 0.00% Fixed Prepayment Premium(2) 0.21% 0.00% 0.00% 0.00% 0.00% 0.00% Open 0.00% 0.00% 0.00% 0.00% 0.64% 0.00% - ----------------------------------------------------------------------------------------------------------------------------- Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - ----------------------------------------------------------------------------------------------------------------------------- Total Beginning Balance (in millions) $ 1,271.99 $ 1,253.55 $ 1,040.36 $ 1,019.51 $ 999.13 $ 88.80 Percent of Aggregate Cut-off Date Balance(3) 80.22% 79.05% 65.61% 64.30% 63.01% 5.60% - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (except that an ARD Loan will be repaid on its Anticipated Repayment Date). (2) As of the Cut-off Date, (a) 106 Mortgage Loans, representing 91.1% of the Initial Pool Balance (91.0% of the Group 1 Balance and 92.1% of the Group 2 Balance) are subject to an initial lockout period after which defeasance is permitted, (b) one Mortgage Loan, representing 0.5% of the Initial Pool Balance (0.6% of the Group 1 Balance) is not subject to an initial lockout period but permits prepayment subject to the greater of a yield maintenance charge or a 1% prepayment premium for an initial period of time after which defeasance is permitted (for modeling purposes and in this table, it was assumed that such Mortgage Loan was instead prepayable with yield maintenance during the permitted defeasance period), (c) one Mortgage Loan, representing 1.0% of the Initial Pool Balance (1.1% of the Group 1 Balance), is not subject to an initial lockout period but permits prepayment subject to the greater of a yield maintenance charge or a 1% prepayment premium for an initial period of time after which either prepayment (subject to the greater of a yield maintenance charge or a 1% prepayment premium) or defeasance is permitted, (d) one Mortgage Loan, representing 0.2% of the Initial Pool Balance (1.2% of the Group 2 Balance), is subject to an initial lockout period after which prepayment subject to the greater of a yield maintenance charge or a 1% prepayment premium is permitted for a period of time and thereafter prepayment subject to a fixed 1% prepayment premium is permitted, (e) one Mortgage Loan, representing 0.8% of the Initial Pool Balance (0.9% of the Group 1 Balance), is subject to an initial lockout period after which prepayment subject to the greater of a yield maintenance charge or a 3% prepayment premium is permitted, and (f) 18 Mortgage Loans, representing 6.4% of the Initial Pool Balance (6.4% of the Group 1 Balance and 6.7% of the Group 2 Balance), are subject to an initial lockout period after which prepayment subject to the greater of a yield maintenance charge or a 1% prepayment premium is permitted. For modeling purposes and in this table, any Mortgage Loan that permits either prepayment with yield maintenance or defeasance during any period was assumed to be only prepayable with yield maintenance during such period. (3) As of the Cut-off Date. * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 to this term sheet also applies to this page. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS* - -------------------------------------------------------------------------------- The following table and summaries describe the ten largest Mortgage Loans in the Mortgage Pool by Cut-off Date Balance: TEN LARGEST MORTGAGE LOANS BY CUT-OFF DATE BALANCE <TABLE> % OF % OF CUT-OFF INITIAL APPLICABLE DATE LOAN POOL LOAN LOAN NAME BALANCE GROUP BALANCE GROUP - ---------------------------------------- --------------- ------- --------- ------------ Pacific Arts Plaza ..................... $110,000,000 1 6.9% 8.1% Renaissance Baltimore Harborplace ...... 110,000,000 1 6.9 8.1% Sotheby's Building ..................... 110,000,000 1 6.9 8.1% Peachtree Mall ......................... 94,687,985 1 6.0 7.0% One Liberty Center ..................... 80,000,000 1 5.0 5.9% The Terrace Apartments ................. 55,200,000 1 3.5 4.1% NYU Housing -- 201 East 14th Street..... 52,500,000 1 3.3 3.9% The Crossings .......................... 44,800,000 2 2.8 19.6% Colonade Apartments .................... 39,500,000 2 2.5 17.3% Barceloneta Outlet Center .............. 35,250,000 1 2.2 2.6% ------------ ---- TOP TEN LOAN TOTAL/WTD AVG. ............ $731,937,985 46.2% ============ ==== CUT-OFF LTV PROPERTY DATE LTV RATIO AT UNDERWRITTEN MORTGAGE LOAN NAME TYPE RATIO MATURITY DSCR RATE - ---------------------------------------- ------------- ---------- ---------- -------------- ----------- Pacific Arts Plaza ..................... Office 71.4% 71.4% 1.39x 4.924% Renaissance Baltimore Harborplace ...... Hotel 70.1% 56.0% 1.50x 5.130% Sotheby's Building ..................... Office 64.4% 59.9% 1.22x 5.254% Peachtree Mall ......................... Retail 76.1% 70.6% 1.32x 5.080% One Liberty Center ..................... Office 56.7% 56.7% 2.04x 5.075% The Terrace Apartments ................. Multifamily 55.9% 55.9% 1.95x 5.067% NYU Housing -- 201 East 14th Street..... Multifamily 70.8% 70.8% 1.37x 5.510% The Crossings .......................... Multifamily 79.3% 77.2% 1.17x 5.176% Colonade Apartments .................... Multifamily 72.3% 64.5% 1.27x 5.253% Barceloneta Outlet Center .............. Retail 64.1% 64.1% 2.29x 4.694% ---- ---- ---- ----- TOP TEN LOAN TOTAL/WTD AVG. ............ 68.1% 64.1% 1.51X 5.116% </TABLE> * See footnote (*) under the "GENERAL CHARACTERISTICS" table on page 7 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., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA SIGNIFICANT MORTGAGE LOANS PACIFIC ARTS PLAZA - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America ORIGINAL NOTE A-2 PRINCIPAL BALANCE: $110,000,000 FIRST PAYMENT DATE: May 1, 2005 TERM/AMORTIZATION: 84/0 months INTEREST ONLY PERIOD: 84 months MATURITY DATE: April 1, 2012 EXPECTED NOTE A-2 MATURITY BALANCE: $110,000,000 BORROWING ENTITY: Maguire Properties -- Pacific Arts Plaza, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 78 payments Open: 6 payments PARI PASSU DEBT: $132,000,000 (Note A-1 Senior Portion, excluded from the trust fund) SUBORDINATE PORTION: $28,000,000 (Note A-1 Junior Portion, excluded from the trust fund) UP-FRONT RESERVES: TAX RESERVE: Yes TI/LC RESERVE: $ 7,100,153 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes TI/LC RESERVE: $ 32,220 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN CUT-OFF DATE BALANCE: $270,000,000 WHOLE LOAN CUT-OFF DATE BALANCE (EXCLUDING NOTE A-1 JUNIOR PORTION): $242,000,000 NOTE A-2 CUT-OFF DATE BALANCE: $110,000,000 NOTE A-1 CUT-OFF DATE BALANCE: $160,000,000 NOTE A-1 SENIOR PORTION CUT-OFF DATE BALANCE: $132,000,000 NOTE A-1 JUNIOR PORTION CUT-OFF DATE BALANCE: $28,000,000 WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING NOTE A-1 JUNIOR NOTE A-1 JUNIOR COMPONENT)(1) COMPONENT)(1) -------------- -------------- CUT-OFF DATE LTV: 71.4% 79.6% MATURITY DATE LTV: 71.4% 79.6% UNDERWRITTEN DSCR(2): 1.39x 1.19x MORTGAGE RATE(3): 4.924% 5.153% - -------------------------------------------------------------------------------- (1) The Note A-1 Junior Portion (which is not part of the trust fund) is subordinate to the Note A-1 Senior Portion (which is not part of the trust fund) and Note A-2. (2) DSCR figures based on net cash flow unless otherwise noted. (3) The interest rate was rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB TYPE: Suburban LOCATION: Costa Mesa, CA YEAR BUILT/RENOVATED: 1979/2004 NET RENTABLE SQUARE FEET: 825,061 CUT-OFF BALANCE PER SF: $ 293 OCCUPANCY AS OF 08/03/05: 88.6% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Maguire Properties, L.P. U/W NET CASH FLOW: $ 16,834,132 APPRAISED VALUE: $339,000,000 - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA <TABLE> - ----------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ----------------------------------------------------------------------------------------- FULL YEAR FULL YEAR UNDERWRITTEN (12/31/04) (12/31/03) ---------------- ---------------- ---------------- Effective Gross Income .............. $ 28,613,628 $ 25,032,702 $ 22,496,082 Total Expenses ...................... $ 10,789,119 $ 8,868,391 $ 9,449,120 Net Operating Income (NOI) .......... $ 17,824,509 $ 16,164,311 $ 13,046,962 Cash Flow (CF) ...................... $ 16,834,132 $ 16,164,311 $ 13,046,962 DSCR on NOI(1) ...................... 1.48x 1.34x 1.08x DSCR on CF(1) ....................... 1.39x 1.34x 1.08x - ----------------------------------------------------------------------------------------- </TABLE> (1) Based on an aggregate principal balance of $242,000,000 (the original whole loan principal balance, excluding the Note A-1 Junior Portion). <TABLE> - ----------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ----------------------------------------------------------------------------------------- RATINGS TOTAL % OF TOP TENANTS FITCH/S&P TENANT SF TOTAL SF - ------------------------------------------------------------------------------------------ GMAC Mortgage Corporation ............... BB+/BB 170,518 20.7% Rutan & Tucker, LLP ..................... Not Rated 100,088 12.1 Comerica Bank ........................... A+/A 63,320 7.7 Washington Mutual Bank .................. A/A 28,087 3.4 Cambridge Integrated Services Group ..... Not Rated 26,684 3.2 Oracle Corporation ...................... A-/A- 25,273 3.1 Bank of America, N.A. ................... AA-/AA- 25,105 3.0 ------- ---- Total ................................... 439,075 53.2% RENT POTENTIAL % POTENTIAL LEASE TOP TENANTS PSF RENT RENT EXPIRATION - ----------------------------------------------------------------------------------------------- GMAC Mortgage Corporation ............... $ 24.00 $ 4,092,432 21.9% 04/19/2008 Rutan & Tucker, LLP ..................... $ 30.99 3,101,727 16.6 08/31/2009 Comerica Bank ........................... $ 14.52 919,407 4.9 11/30/2013 Washington Mutual Bank .................. $ 24.35 683,781 3.7 06/26/2011 Cambridge Integrated Services Group ..... $ 18.00 480,312 2.6 MTM Oracle Corporation ...................... $ 27.60 697,535 3.7 06/30/2010 Bank of America, N.A. ................... $ 22.24 558,450 3.0 03/31/2011 ----------- ---- Total ................................... $10,533,644 56.4% - ----------------------------------------------------------------------------------------------- </TABLE> (1) Information obtained from underwritten rent roll except for Ratings (Fitch/S&P) 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 % Potential Rent include base rent only and exclude common area maintenance and reimbursements. <TABLE> - --------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - --------------------------------------------------------------------------------------------------------------- # OF LEASES % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------------------ ------------- ------------- ---------- ------------ --------------- ------------- 2005 ........................ 7 35,676 4.3% 35,676 4.3% $ 640,493 2006 ........................ 6 41,747 5.1 77,423 9.4% $ 840,619 2007 ........................ 6 16,643 2.0 94,066 11.4% $ 367,772 2008 ........................ 16 252,892 30.7 346,958 42.1% $5,733,724 2009 ........................ 7 118,460 14.4 465,418 56.4% $3,714,336 2010 ........................ 4 59,925 7.3 525,343 63.7% $1,253,100 2011 ........................ 5 60,966 7.4 586,309 71.1% $1,372,834 2013 ........................ 6 71,613 8.7 657,922 79.7% $1,143,318 2014 ........................ 1 2,466 0.3 660,388 80.0% $ 45,868 2020 ........................ 1 14,000 1.7 674,388 81.7% $ 416,640 MTM ......................... 5 30,802 3.7 705,190 85.5% $ 593,964 Maintenance/Management ...... -- 5,669 0.7 710,859 86.2% -- Vacant ...................... -- 114,202 13.8 825,061 100.0% $2,555,983 -- ------- ----- Total. ...................... 64 825,061 100.0% - --------------------------------------------------------------------------------------------------------------- </TABLE> (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., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- <TABLE> NET RENTABLE YEAR BUILDING ADDRESS SQUARE FEET(1) BUILT - --------------------------------------------------------------------------------------- Pacific Arts Plaza I 611 Anton Boulevard 299,230 1981 Pacific Arts Plaza II 3200 Park Center Drive 299,657 1981 Pacific Arts Plaza III 675 Anton Boulevard 65,131 1981 Pacific Arts Plaza IV 3200 Bristol Street 120,384 1979 Jerry's Famous Deli, Inc. 3210 Park Center Drive 9,421 1981 Mastro's Steakhouse 633 Anton Boulevard 14,000 1981 Chat Noir LLC 655 Anton Boulevard 8,293 1981 TGI Friday's, Inc. 601 Anton Boulevard 8,945 1981 BUILDING TOP TENANTS (1) - --------------------------------------------------------------------------------------- Pacific Arts Plaza I Comerica Bank, Oracle Corporation, Rutan & Tucker, LLP Pacific Arts Plaza II GMAC Mortgage Corporation, Washington Mutual Bank Pacific Arts Plaza III Bank of America, N.A., Cambridge Integrated Services Group Pacific Arts Plaza IV Anza Capital Corporation, Mitel, Inc., BDO Seidman, L.L.P. Jerry's Famous Deli, Inc. Jerry's Famous Deli, Inc. Mastro's Steakhouse Mastro's Steakhouse Chat Noir LLC Chat Noir LLC TGI Friday's, Inc. TGI Friday's, Inc. </TABLE> (1) Information obtained from underwritten rent roll. - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The seven largest tenants representing 53.2% of the total net rentable square feet are: o GMAC MORTGAGE CORPORATION ("GMAC") (NYSE: "GM") (rated "BB+" by Fitch and "BB" by S&P) occupies a total of 170,518 square feet (20.7% of square feet, 21.9% of income) under three leases of various terms all expiring on April 19, 2008. The current rental rate per square foot of $24.00 increases to $25.80 on July 20, 2006. There is one five-year option to renew the lease with the rental rate per square foot determined at the then fair market. GMAC is one of the largest residential mortgage originators and servicers in the nation with over 2.0 million customers. GMAC is owned by General Motors Acceptance Corporation, which in turn is owned by General Motors Corporation. General Motors Acceptance Corporation, one of the largest financial services companies in the world, has 700 offices located in 41 countries with approximately 33,700 employees. As of the fiscal year ended December 31, 2004, General Motors Corporation reported revenue of approximately $193.5 billion, net income of $2.8 billion and stockholder equity of $27.7 billion. o RUTAN & TUCKER, LLP (not rated) occupies a total of 100,088 square feet (12.1% of square feet, 16.6% of income) under three leases of various terms all expiring on August 31, 2009. The current rental rate per square foot of $30.99 increases to $33.99 on May 1, 2006. There is one five-year option to renew the lease with the rental rate per square foot determined at 93% of the then fair market. Established in 1906, Rutan & Tucker, LLP currently employs more than 135 attorneys in two offices, making it the largest law firm based in Orange County. Rutan & Tucker, LLP represents a broad spectrum of clients, from major multinational corporations and financial institutions to family-owned businesses and private individuals. Practice disciplines include business litigation, corporate/securities, education, real estate and tax. o COMERICA BANK (NYSE: "CMA") (rated "A+" by Fitch and "A" by S&P) occupies a total of 63,320 square feet (7.7% of square feet, 4.9% of income) under four leases of various terms all expiring on November 30, 2013. The current rental rate per square foot of $14.52 increases to $16.92 on December 1, 2008. There are two three-year options to renew the lease with the rental rate per square foot determined at 95% of the then fair market. Comerica Bank, a bank holding company, provides financial services in three segments: Business Bank, Small Business and Personal Financial Services and Wealth and Institutional Management. Comerica Bank operates 506 banking branches, trust services locations and loan production or other financial services offices, primarily in the states of California, Michigan, Texas and Florida. As of the fiscal year ended December 31, 2004, Comerica Bank reported revenue of approximately $3.1 billion, net income of $757.0 million and stockholder equity of $5.1 billion. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- o WASHINGTON MUTUAL BANK ("WAMU") (NYSE: "WM") (rated "A" by Fitch and S&P) occupies a total of 28,087 square feet (3.4% of square feet, 3.7% of income) under a 30-year lease expiring on June 26, 2011. The blended rental rate per square foot of $24.35 remains constant throughout the remaining initial lease term. WAMU is a financial services company that serves consumers and small to mid-sized businesses. WAMU operates in two business segments: the Consumer Group and the Commercial Group. WAMU specializes in traditional consumer and commercial banking services, mortgages and other loans, securities brokerage and mutual funds. WAMU operates principally in California, Washington, Oregon, Florida, Texas and Utah, with operations in more than 30 states. As of the fiscal year ended December 31, 2004, WAMU reported revenue of approximately $19.0 billion, net income of $2.9 billion and stockholder equity of $21.2 billion. o CAMBRIDGE INTEGRATED SERVICES GROUP (not rated) occupies a total of 26,684 square feet (3.2% of square feet, 2.6% of income) on a month-to-month basis. The rental rate per square foot is $18.00. Cambridge Integrated Services Group is one of the largest business process outsourcing networks in the world. Offices are located in the United States, United Kingdom, Australia and India. Practice areas include property and casualty insurance processing and claims, professional liability claims, structured settlement services, product liability consulting and finance, accounting, banking, mortgage and insurance. o ORACLE CORPORATION ("Oracle") (NASDAQ: "ORCL") (rated "A-" by Fitch and S&P) occupies a total of 25,273 square feet (3.1% of square feet, 3.7% of income) under a five-year lease expiring on June 30, 2010. The current rental rate per square foot of $27.60 increases to $28.20 on July 1, 2006 and annually thereafter by $0.60. There is one five-year option to renew the lease with the rental rate per square foot determined at the then fair market. Oracle engages in the development, manufacture, marketing, distribution and servicing of computer software that enables organizations to manage their businesses. Software products are classified as database technology software and applications software. Oracle acquired PeopleSoft in January 2005. As of the fiscal year ended May 31, 2004, Oracle reported revenue of approximately $10.2 billion, net income of $2.7 billion and stockholder equity of $8.0 billion. o BANK OF AMERICA, N.A. (NYSE: "BAC") (rated "AA-" by Fitch and S&P) occupies a total of 25,105 square feet (3.0% of square feet, 3.0% of income) under a 30-year lease expiring on March 31, 2011. The blended rental rate per square foot of $22.24 remains constant throughout the remaining initial lease term. There are two ten-year options to renew the lease with the rental rate per square foot determined at the then fair market and adjusted in the sixth year of each lease renewal option period, but at no less than the rental rate in effect for the previous period. Bank of America, N.A. is a subsidiary of Bank of America Corporation which is the third largest bank in the United States, operating over 5,800 banking centers located in 29 states and the District of Columbia and employing over 175,000 employees. Through its Global Corporate and Investment Banking Group, Bank of America Corporation has offices in 35 countries, serving clients in more than 150 countries throughout the Americas, Europe and Asia. As of the fiscal year ended December 31, 2004, Bank of America Corporation reported revenue of approximately $63.3 billion, net income of $14.1 billion and stockholder equity of $99.6 billion. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Pacific Arts Plaza Mortgage Loan is a $110 million, seven-year fixed rate loan secured by a first mortgage on four office buildings and four freestanding restaurant buildings located in Costa Mesa, Orange County, California. The Pacific Arts Plaza Mortgage Loan is interest-only for the entire loan term and matures on April 1, 2012 at an annual interest rate, rounded to three decimal places, of 4.924%. THE BORROWER: o The Pacific Arts Plaza Borrower is Maguire Properties -- Pacific Arts Plaza, LLC, a Delaware limited liability company and a single purpose bankruptcy remote entity with at least two independent directors for which the Pacific Arts Plaza Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 100% by Maguire Properties Holdings II, LLC, a Delaware limited liability company, as the sole member of the Pacific Arts Plaza Borrower. Through a series of intermediate ownership levels, equity ownership of the Pacific Arts Plaza Borrower is eventually held by Maguire Properties, Inc. The borrower principal is Maguire Properties, L.P., a Maryland limited partnership. o Maguire Properties, Inc. is a real estate investment trust that owns, manages, leases, acquires and develops commercial real estate. Maguire Properties, L.P. is the operating partnership. Maguire Properties, Inc. owns 24 commercial properties, primarily office with some retail, containing a total of approximately 14.5 million square feet. Notable properties include 777 Tower, US Bank Tower, Gas Company Tower, Wells Fargo Tower, KPMG Tower and One California Place located in Los Angeles, Park Place Office Campus, Pacific Arts Plaza and Washington Mutual Irvine Campus located in Orange County, Wells Fargo Center located in Denver and One Renaissance Square located in Phoenix. Maguire Properties, Inc. also owns a 350-room Westin Hotel and three parking garages totaling 2,749 spaces. As of the fiscal year ended December 31, 2004, Maguire Properties, Inc. reported revenue of approximately $326.7 million, net income of $33.5 million and stockholder equity of $537.4 million. THE PROPERTY: o The Pacific Arts Plaza Mortgaged Property consists of a fee simple interest in four suburban, Class A office buildings and four freestanding restaurant buildings built from 1979 to 1981 and renovated in 2004, containing a total of 825,061 net rentable square feet situated on 17.57 acres. The four office buildings are known as Pacific Arts Plaza I (15-story), Pacific Arts Plaza II (15-story), Pacific Arts Plaza III (five-story) and Pacific Arts Plaza IV (eight-story). The four restaurant tenants are Mastro's Steakhouse, Jerry's Famous Deli, Inc., TGI Fridays, Inc. and Chat Noir LLC. The Pacific Arts Plaza is bounded by Bristol Street, Anton Boulevard, Avenue of the Arts and the 405 Freeway. The south elevation of the development runs parallel to the 405 Freeway and has direct freeway access via Bristol Street and Avenue of the Arts. The Avenue of the Arts exit ramp was recently completed and provides direct entry to the Pacific Arts Plaza Mortgaged Property. o The Pacific Arts Plaza Borrower is generally required at its sole cost and expense to keep the Pacific Arts Plaza 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 Maguire Properties, L.P. manages the Pacific Arts Plaza Mortgaged Property. Maguire Properties, L.P., founded in 1965 and headquartered in Los Angeles, currently manages 24 commercial properties, primarily office with some retail, containing a total of approximately 14.5 million square feet. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA - -------------------------------------------------------------------------------- SUBORDINATION: o As will be set forth in more detail in the prospectus supplement, the Pacific Arts Plaza Pari Passu Note A-2 Mortgage Loan is one of two mortgage loans that are part of a split loan structure that is secured by the same mortgage instrument on the Pacific Arts Plaza Mortgaged Property comprised of two pari passu notes, namely the Pacific Arts Plaza Pari Passu Note A-1 and the Pacific Arts Plaza Pari Passu Note A-2, with aggregate principal balances as of the Cut-off Date of $160,000,000 and $110,000,000, respectively. The Pacific Arts Plaza Pari Passu Note A-2 is pari passu in right of payment to the Pacific Arts Plaza Pari Passu Note A-1. However, as described in the prospectus supplement, a portion of the Pacific Arts Plaza Pari Passu Note A-1 has been subordinated to the Pacific Arts Plaza Pari Passu Note A-2 and the remaining portion of the Pacific Arts Plaza Pari Passu Note A-1. As will be set forth in more detail in the prospectus supplement, the holder of a designated class of certificates that is entitled to payments solely from the PA Pari Passu Note A-1 Component Mortgage Loan will be entitled in certain instances to exercise rights analogous to the rights of the directing certificateholder pursuant to the pooling and servicing agreement related to the securitization of the PA Pari Passu Note A-1 Component Mortgage Loan with respect to the PA Pari Passu Note A-1 Component Mortgage Loan and the Pacific Arts Plaza Pari Passu Note A-2 Mortgage Loan. Such rights may include the review and/or approval of certain actions taken by the Master Servicer or the Special Servicer in connection with the PA Pari Passu Note A-1 Component Mortgage Loan and the Pacific Arts Plaza Pari Passu Note A-2 Mortgage Loan. In addition, such holder may (but is not obliged to) purchase the Pacific Arts Plaza Whole Loan, if the PA Pari Passu Note A-1 Component Mortgage Loan or the Pacific Arts Plaza Pari Passu Note A-2 Mortgage Loan, as applicable, is then considered a "Defaulted Mortgage Loan" as more particularly described in the prospectus supplement, at a price generally equal to its (a) fair value as determined by the Special Servicer (or the Master Servicer or Trustee if the Special Servicer and the option holder are the same person or affiliated) or (b) unpaid principal balance, plus accrued and unpaid interest on such balance, all related unreimbursed advances (with interest if any), and all accrued special servicing fees and additional trust fund expenses, if the Special Servicer has not determined its fair value. RELEASE OR SUBSTITUTION OF PROPERTY: o The Pacific Arts Plaza Borrower may transfer and obtain a release of the portion of the Pacific Arts Plaza Mortgaged Property comprising one or more of the parcels or outlots described in a schedule to the related loan agreement, from the lien of the related mortgage in connection with a subdivision of the related Pacific Arts Plaza Mortgaged Property or the Pacific Arts Plaza Borrower may ground lease such a release parcel to an entity wholly owned and controlled by the related guarantor; provided, among other things, no event of default exists. With respect only to that certain parcel that may be released, which is located at 675 Anton Boulevard, the Pacific Arts Plaza Borrower will deposit the amount of $10,000,000, which will be held as additional collateral for the Pacific Arts Plaza Mortgage Loan, and the Pacific Arts Plaza Borrower will deliver an opinion of counsel acceptable to a prudent institutional lender and the rating agencies, that such permitted parcel release would not constitute a significant modification of the Pacific Arts Plaza Mortgage Loan. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PACIFIC ARTS PLAZA - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET RENAISSANCE BALTIMORE HARBORPLACE - -------------------------------------------------------------------------------- [PHOTOS OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET RENAISSANCE BALTIMORE HARBORPLACE - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS RENAISSANCE BALTIMORE HARBORPLACE <TABLE> LOAN INFORMATION LOAN SELLER: Bear Stearns ORIGINAL PRINCIPAL BALANCE: $110,000,000 FIRST PAYMENT DATE: August 1, 2005 TERM/AMORTIZATION: 126/300 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: January 1, 2016 EXPECTED MATURITY BALANCE: $ 87,990,488 BORROWING ENTITY: EP Holdings, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 123 payments Open: 3 payments UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $9,375 OTHER RESERVE(1): $1,893,000 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes INSURANCE RESERVE(2): Springing LOCKBOX: Springing, Soft to Hard </TABLE> (1) Post-closing, the other reserve of $1,893,000 was held back for property improvement expenditures. (2) An ongoing insurance escrow springs if the borrower fails to provide lender evidence of payment of the insurance premiums. <TABLE> FINANCIAL INFORMATION CUT-OFF DATE BALANCE: $110,000,000 CUT-OFF DATE LTV: 70.1% MATURITY DATE LTV: 56.0% UNDERWRITTEN DSCR(1): 1.50x MORTGAGE RATE: 5.130% </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> PROPERTY INFORMATION PROPERTY TYPE: Hotel PROPERTY SUB TYPE: Full Service LOCATION: Baltimore, MD YEAR BUILT/RENOVATED: 1988/2004 NO. OF KEYS: 622 CUT-OFF BALANCE PER KEY: $176,849 OCCUPANCY AS OF 06/17/05: 72.4% OWNERSHIP INTEREST: Leasehold PROPERTY MANAGEMENT: Renaissance Hotel Operating Company U/W NET CASH FLOW: $11,727,914 APPRAISED VALUE: $157,000,000 </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET RENAISSANCE BALTIMORE HARBORPLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> TRAILING 12 FULL YEAR FULL YEAR UNDERWRITTEN (6/17/05) (12/31/04) (12/31/03) ---------------- ---------------- ---------------- ---------------- Effective Gross Income .............. $47,382,299 $46,337,568 $45,423,667 $41,733,912 Total Expenses ...................... $33,285,270 $33,041,310 $32,302,470 $31,110,690 Net Operating Income (NOI) .......... $14,097,029 $13,296,259 $13,121,197 $10,623,222 Cash Flow (CF) ...................... $11,727,914 $10,979,380 $10,850,014 $ 8,536,526 DSCR on NOI ......................... 1.80x 1.70x 1.68x 1.36x DSCR on CF .......................... 1.50x 1.40x 1.39x 1.09x </TABLE> - -------------------------------------------------------------------------------- OPERATIONAL STATISTICS - -------------------------------------------------------------------------------- <TABLE> TRAILING 12 UNDERWRITTEN (6/17/05) 2004 2003 -------------- ------------ ------------ ------------ Average Daily Rate (ADR) ............ $189.25 $185.94 $183.79 $170.07 Occupancy ........................... 72.4% 72.4% 72.1% 70.9% RevPAR .............................. $137.05 $134.65 $132.57 $120.57 ADR Penetration Rate ................ 138.4% 138.7% 133.4% Occupancy Penetration Rate .......... 103.1% 102.6% 105.1% RevPAR Penetration Rate ............. 142.6% 142.2% 140.1% </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET RENAISSANCE BALTIMORE HARBORPLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Renaissance Baltimore Harborplace Mortgage Loan is a $110.0 million, 126-month fixed rate loan secured by a first leasehold mortgage on a 622-key, full service hotel located in Baltimore, Maryland. The Renaissance Baltimore Harborplace Mortgage Loan bears interest at an annual interest rate of 5.130%. The loan is interest-only for the first two years of its term and matures on January 1, 2016. THE BORROWER: o The Renaissance Baltimore Harborplace Borrower is EP Holdings, LLC, a Delaware limited liability company and a single purpose entity. The sponsor of the Renaissance Baltimore Harborplace Mortgage Loan is Sunstone Hotel Investors, Inc. o Sunstone Hotel Investors, Inc. ("Sunstone") (NYSE: "SHO"), is a southern California-based real estate investment trust ("REIT") that owns hotels throughout the United States. As of December 31, 2004, Sunstone owned 54 hotels, comprising 13,183 rooms, located in 17 states in the United States. Sunstone's hotels are operated under a number of flags, including Marriott, Hilton, Hyatt, InterContinental, Renaissance and Wyndham. THE PROPERTY: o The Renaissance Baltimore Harborplace Mortgaged Property is a 12-story, 622-key, full service, upscale hotel located in Baltimore, Maryland along the waterfront of Baltimore's Inner Harbor, at the intersection of East Pratt Street and South Street. The Renaissance Baltimore Harborplace Mortgaged Property is in close proximity to many of the city's attractions, which include the National Aquarium, Harborplace market, and Oriole Park at Camden Yards. Amenities at the Renaissance Baltimore Harborplace Mortgaged Property include approximately 26,000 square feet of meeting space (including a 14,560 square-foot ballroom), the Windows Restaurant and Lounge, Indulj Cafe & Bar, an indoor pool and hot tub, an exercise room and a business center. o The hotel is part of an attached mixed-use development consisting of the GGP owned, 282,000 square feet Gallery Mall and an office building containing approximately 260,000 square feet of Class "A" office space (both of which are not part of the mortgaged collateral). The hotel is built over the Gallery Mall. In addition to the hotel, collateral for the Renaissance Baltimore Harborplace Mortgage Loan includes a leasehold interest in the air rights over the Gallery Mall occupied by the hotel. The air rights agreement for the Renaissance Baltimore Harborplace Mortgaged Property expires on March 6, 2038 with an automatic extension until February 12, 2085. The base rent per the agreement is $1.00 per year. o The Renaissance Baltimore Harborplace Mortgaged Property was built in 1988 but has been continually upgraded to maintain its physical condition. From 2000-2004, the sponsor invested $7.8 million ($12,600 per key) in physical improvements. Additionally, the sponsor plans to invest approximately $3.7 million ($5,900 per key) in capital improvements to the Renaissance Baltimore Harborplace Mortgaged Property during 2005-2006. PROPERTY MANAGEMENT: o Renaissance Hotel Operating Company, an affiliate of Marriott International, Inc. ("Marriott"), manages the Renaissance Baltimore Harborplace Mortgaged Property. The Renaissance brand is a full-service brand providing guests with the ambiance of a boutique hotel. There are currently 130 Renaissance Hotels, Resorts and Suites world-wide, with 64 located in the United States and 66 located internationally. Marriott (NYSE: "MAR") (rated "BBB" by Fitch and "BBB+" by S&P) is a hospitality company with nearly 2,800 operating units in the United States and 69 other countries and territories. The company has approximately 133,000 employees as of year-end 2004 and is headquartered in Washington, D.C. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE PARI PASSU, MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - ------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 26 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET RENAISSANCE BALTIMORE HARBORPLACE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SOTHEBY'S BUILDING - -------------------------------------------------------------------------------- [PHOTOS OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SOTHEBY'S BUILDING - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS SOTHEBY'S BUILDING <TABLE> LOAN INFORMATION LOAN SELLER: Bank of America ORIGINAL NOTE A-1 PRINCIPAL BALANCE: $110,000,000 FIRST PAYMENT DATE: August 1, 2005 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: July 1, 2015 EXPECTED NOTE A-1 MATURITY BALANCE: $102,327,796 BORROWING ENTITY: 1334 York Avenue L.P. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 117 payments Open: 3 payments PARI PASSU DEBT: $100,000,000 (Note A-2, excluded from the trust fund) SUBORDINATE DEBT: $25,000,000 (Note B excluded from the trust fund) LOCKBOX: Hard </TABLE> <TABLE> FINANCIAL INFORMATION WHOLE LOAN CUT-OFF DATE BALANCE: $235,000,000 WHOLE LOAN CUT-OFF DATE BALANCE (EXCLUDING NOTE B): $210,000,000 NOTE A-1 CUT-OFF DATE BALANCE: $110,000,000 NOTE A-2 CUT-OFF DATE BALANCE: $100,000,000 NOTE B CUT-OFF DATE BALANCE: $25,000,000 WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING NOTE B)(1) NOTE B)(1) ------------ ------------ CUT-OFF DATE LTV: 64.4% 72.1% MATURITY DATE LTV: 59.9% 67.1% UNDERWRITTEN DSCR(2): 1.22x 1.05x MORTGAGE RATE(3): 5.254% 5.482% </TABLE> (1) The Note B (which is not part of the trust fund) is subordinate to the Note A-1 and Note A-2 (which is not part of the trust fund). (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). <TABLE> PROPERTY INFORMATION PROPERTY TYPE: Office PROPERTY SUB TYPE: Central Business District -- Single Tenant LOCATION: New York, NY YEAR BUILT/RENOVATED: 1921/2001 NET RENTABLE SQUARE FEET: 406,110 CUT-OFF BALANCE PER SF: $517 OCCUPANCY AS OF 06/22/05: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: RFR Realty LLC U/W NET CASH FLOW: $16,808,447 APPRAISED VALUE: $326,000,000 </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SOTHEBY'S BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> FULL YEAR FULL YEAR UNDERWRITTEN (12/31/04) (12/31/03) ---------------- ---------------- ---------------- Effective Gross Income .............. $18,322,412 $18,024,996 $16,201,038 Total Expenses ...................... $ 392,835 $ 251,165 $ 385,858 Net Operating Income (NOI) .......... $17,929,577 $17,773,831 $15,815,180 Cash Flow (CF) ...................... $16,808,447 $17,773,831 $15,815,180 DSCR on NOI(1) ...................... 1.30x 1.29x 1.15x DSCR on CF(1) ....................... 1.22x 1.29x 1.15x </TABLE> (1) Based on an aggregate principal balance of $210,000,000 (the original whole loan principal balance, excluding the Note B). - -------------------------------------------------------------------------------- TENANT INFORMATION(1) - -------------------------------------------------------------------------------- <TABLE> RATINGS TOTAL % OF RENT POTENTIAL % POTENTIAL LEASE TOP TENANT FITCH/S&P TENANT SF TOTAL SF PSF RENT RENT EXPIRATION - -------------------- ----------- ----------- ---------- ----------- -------------- ------------- ----------- Sotheby's ......... NR/BB- 406,110 100.0% $47.49 $19,286,750 100.0% 12/31/2022 ------- ----- ----------- ----- TOTAL ............. 406,110 100.0% $19,286,750 100.0% </TABLE> (1) Information obtained from underwritten rent roll except for Ratings (Fitch/S&P) 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 % Potential Rent include base rent only and exclude common area maintenance and reimbursements. - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The single tenant representing 100.0% of the total net rentable square feet is: o SOTHEBY'S (NYSE: "BID") (not rated by Fitch and "BB-" by S&P) occupies 406,110 square feet (100% of square feet, 100% of income) under a 20-year lease expiring on December 31, 2022. The current rental rate per square foot of $47.49 increases 7% every three lease years. There are two ten-year options to renew the lease. Sotheby's pays 100% of the operating expenses during lease years one to 15. After the 15th anniversary of the commencement of the initial lease term and prior to the expiration of the initial lease term, Sotheby's and the landlord will split all costs associated with the exterior facade, roof and elevators based upon a calculation of useful life. Sotheby's, headquartered in New York City, is one of the world's largest auctioneers of fine arts, antiques and collectibles. Sotheby's operates in 35 countries, with principal salesrooms located in New York and London. Sotheby's also regularly conducts auctions in 15 other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. In addition to both live and internet auctioneering, the Auction segment is engaged in a number of related activities, including the purchase and resale of art and other collectibles and the brokering of art and collectible purchases and sales through private treaty sales. Sotheby's also markets and brokers luxury residential real estate through its Real Estate segment, conducts art-related financing activities through its Finance segment and is engaged, to a lesser extent, in fine art insurance brokerage and art education activities. Sotheby's conducts internet auctions through a strategic alliance with eBay. As of the fiscal year ended December 31, 2004, Sotheby's reported revenue of approximately $496.7 million, net income of $62.4 million and stockholder equity of $235.9 million. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SOTHEBY'S BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Sotheby's Building Mortgage Loan is a $110 million, ten-year fixed rate loan secured by a first mortgage on a single tenant office building located in New York, New York County, New York. The Sotheby's Building Mortgage Loan is interest only for the first five years and pays principal and interest until the anticipated repayment date of July 1, 2015 at an annual interest rate, rounded to three decimal places, of 5.254%. o After the anticipated repayment date the loan documents call for a revised interest rate of 10.482% (the initial interest rate plus 5.0%) with the excess interest that accrues at the revised interest rate added to the principal balance of the Sotheby's Building Mortgage Loan. Payments after the anticipated repayment date will consist of (A) principal and interest, with interest in an amount equal to the interest that would have accrued on the debt at the initial interest rate and (B) all excess cash flow applied to the principal balance of the Sotheby's Building Mortgage Loan. THE BORROWER: o The Sotheby's Building Borrower is 1334 York Avenue L.P., a Delaware limited partnership and a single purpose bankruptcy remote entity with at least two independent directors for which the Sotheby's Building Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 5.0% by 1334 GP II LCC as the General Partner, 0.5% by 1334 MLP LLLC as a Limited Partner and 94.5% by 1334 York Avenue LLC as a Limited Partner. Equity ownership of 1334 York Avenue LLC is held 23.6% by Aby Rosen, 23.6% by Michael Fuchs, 26.4% by CHGARO Trust and 26.4% by SAGLA Trust. The borrower principals are Aby Rosen and Michael Fuchs, who hold significant equity interests in RFR Holding LLC ("RFR") and RFR Realty LLC. Both companies, located in New York City, are involved in real estate investment, development and management. The Rosen and Fuchs families, from Frankfurt, Germany, have been involved in real estate investment and development throughout Europe for the past 50 years. The RFR companies started in the United States in 1991 and, through various affiliates, presently own approximately 5.0 million square feet of office and retail space, plus approximately 2,500 apartment units. THE PROPERTY: o The Sotheby's Building Mortgaged Property consists of a fee simple interest in a ten-story, Class "A", single tenant, fine arts auction facility and office building built in 1921. The improvements contain 406,110 net rentable square feet and are situated on 0.93 acres. The Sotheby's Building Mortgaged Property was extensively renovated in 2001, at a cost of approximately $151 million, with the addition of six floors on top of the original four-story building. The ground floor contains the lobby, retail space, a restaurant and two loading docks. Floors 2 through 6 contain exhibition and sales space, auction areas, storage space and offices. The 7th floor has a mezzanine level used primarily for the private skyboxes that encircle the 7th floor auction area. Floors 8 and 9 contain office space. The 10th floor has a rooftop cafe and gallery space. o The Sotheby's Building Mortgaged Property is located within the Upper East Side area of Manhattan. Housing in the neighborhood is generally characterized by townhouses, along with mid- and high-rise cooperatives and condominiums. Complimenting the residential segment is a diversity of restaurants, boutiques, galleries, museums and entertainment facilities. The Upper East Side is also home to the largest complex of private hospitals in the nation, including New York Hospital-Cornell Medical Center, Rockefeller University and Memorial Sloane-Kettering Cancer Center. o The Sotheby's Building Borrower is generally required at its sole cost and expense to keep or cause Sotheby's to keep the Sotheby's Building 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 RFR Realty LLC manages the Sotheby's Building Mortgaged Property. RFR Realty, founded in 1983 and headquartered in New York City, currently manages approximately 5.0 million square feet of office and retail space, plus approximately 2,500 apartment units. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o $25,000,000 Note B held outside the trust. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SOTHEBY'S BUILDING - -------------------------------------------------------------------------------- FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o At any time during the term of the Sotheby's Building Mortgage Loan, a constituent (party or parties) (direct or indirect) of the Sotheby's Building Borrower that is (or are) not an SPE component will be permitted to incur mezzanine financing, provided that the terms and conditions listed in the related loan agreement are satisfied. The terms and conditions include, but are not limited to: (i) a limitation on the mezzanine loan amount, which when aggregated with the outstanding principal amount of the Sotheby's Building Mortgage Loan would not result in a loan-to-value in excess of 85%, or a debt service coverage ratio, calculated on a trailing 12-month basis, less than 1.25x; (ii) reasonable approval of the mortgagee; (iii) delivery of a satisfactory intercreditor agreement; and (iv) rating agency confirmation. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET SOTHEBY'S BUILDING - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- [PHOTOS OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS PEACHTREE MALL <TABLE> LOAN INFORMATION LOAN SELLER: Bank of America ORIGINAL PRINCIPAL BALANCE: $95,000,000 FIRST PAYMENT DATE: July 1, 2005 TERM/AMORTIZATION: 60/360 months MATURITY DATE: June 1, 2010 EXPECTED MATURITY BALANCE: $87,849,528 BORROWING ENTITY: Peachtree Mall L.L.C. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 55 payments Open: 5 payments ONGOING MONTHLY RESERVES: CAPITAL RESERVE(1): Springing TAX/INSURANCE RESERVE(2): Springing DEBT SERVICE RESERVE(3): Springing LOCKBOX: Hard </TABLE> (1) During a Cash Management Period (as defined in the related loan agreement), the Peachtree Mall Borrower is required to reserve a monthly deposit of $11,561. (2) During a Cash Management Period (as defined in the related loan agreement), the Peachtree Mall Borrower is required to reserve a monthly deposit equal to one-twelfth of the amount which would be sufficient to pay the estimated taxes and insurance premiums (3) During a Cash Management Period (as defined in the related loan agreement), the Peachtree Mall Borrower will automatically transfer the debt service payment into the cash management account. <TABLE> FINANCIAL INFORMATION CUT-OFF DATE BALANCE: $94,687,985 CUT-OFF DATE LTV: 76.1% MATURITY DATE LTV: 70.6% UNDERWRITTEN DSCR(1): 1.32 x MORTGAGE RATE: 5.080% </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> PROPERTY INFORMATION PROPERTY TYPE: Retail PROPERTY SUB TYPE: Anchored LOCATION: Columbus, GA YEAR BUILT/RENOVATED: 1975/1993 NET RENTABLE SQUARE FEET: 497,312 CUT-OFF BALANCE PER SF: $190 OCCUPANCY AS OF 08/16/05: 95.3% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $8,144,274 APPRAISED VALUE: $124,500,000 </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> TRAILING 12 FULL YEAR UNDERWRITTEN (7/31/05) (12/31/04) ---------------- ---------------- ---------------- Effective Gross Income ............. $13,008,971 $12,422,626 $11,562,299 Total Expenses ..................... $ 4,544,099 $ 4,015,092 $ 4,086,208 Net Operating Income (NOI) ......... $ 8,464,871 $ 8,407,534 $ 7,476,091 Cash Flow (CF) ..................... $ 8,144,274 $ 8,407,534 $ 7,476,091 DSCR on NOI ........................ 1.37x 1.36x 1.21x DSCR on CF ......................... 1.32x 1.36x 1.21x </TABLE> - -------------------------------------------------------------------------------- TENANT INFORMATION(1) - -------------------------------------------------------------------------------- <TABLE> RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS FITCH/S&P TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------------------------------- ----------- ----------- ---------- ---------- ------------- ------------- ------------- Macy's ....................... BBB+/BBB+ 139,219 28.0% $ 2.66 $ 370,323 4.5% 09/01/2022 JC Penney .................... BB+/BB+ 82,320 16.6 $ 4.25 349,860 4.3 11/30/2014 Picadilly Cafeterias ......... Not Rated 10,935 2.2 $11.50 125,753 1.5 12/31/2005 FYE .......................... Not Rated 10,418 2.1 $27.00 281,286 3.4 12/31/2012 ------- ---- ---------- ---- TOTAL ........................ 242,892 48.8% $1,127,222 13.7% </TABLE> (1) Information obtained from underwritten rent roll except for Ratings (Fitch/S&P) 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 and reimbursements. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - -------------------------------------------------------------------------------- <TABLE> # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - -------------------- ------------- ---------- ---------- ------------ --------------- ------------- 2005 .............. 12 24,628 5.0% 24,628 5.0% $ 557,377 2006 .............. 10 27,205 5.5 51,833 10.4% $ 647,416 2007 .............. 5 14,062 2.8 65,895 13.3% $ 365,759 2008 .............. 7 16,212 3.3 82,107 16.5% $ 429,114 2009 .............. 5 18,757 3.8 100,864 20.3% $ 311,215 2010 .............. 5 9,909 2.0 110,773 22.3% $ 191,750 2011 .............. 5 19,481 3.9 130,254 26.2% $ 592,706 2012 .............. 6 16,712 3.4 146,966 29.6% $ 781,606 2013 .............. 3 8,078 1.6 155,044 31.2% $ 229,099 2014 .............. 9 97,083 19.5 252,127 50.7% $ 841,850 2015 .............. 12 43,828 8.8 295,955 59.5% $1,185,998 2016 .............. 4 14,856 3.0 310,811 62.5% $ 393,631 2020 .............. 1 6,300 1.3 317,111 63.8% $ 99,981 2022 .............. 1 139,219 28.0 456,330 91.8% $ 370,323 MTM ............... 6 17,710 3.6 474,040 95.3% $ 580,357 Vacant ............ -- 23,272 4.7 497,312 100.0% $ 628,236 -- ------- ----- TOTAL ............. 91 497,312 100.0% </TABLE> (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., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The four largest tenants, representing 48.8% of the total net rentable square feet, are: o MACY'S (NYSE: "FD") (rated "BBB+" by Fitch and S&P) occupies 139,219 square feet (28.0% of square feet, 4.5% of income) under a 48-year lease expiring on September 1, 2022. The rental rate per square foot of $2.66 remains constant during the initial lease term. There are six five-year options to renew the lease at the same rental rate per square foot. Macy's is also required to pay percentage rent equal to 1% of the amount of net sales in excess of $35,000,000 (which equates to $251 per square foot) less the base rent. Macy's is owned by Federated Department Stores, Inc. ("Federated"). Federated is one of the country's leading department store retailers selling a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics and home furnishings. Federated operates 459 stores located in 34 states, Puerto Rico and Guam under the Macy's, Bloomingdale's, Bon, Burdines, Goldsmith's, Lazarus and Rich's brand names. As of the fiscal year ended January 29, 2005, Federated reported revenue of approximately $15.6 billion, net income of $689.0 million and stockholder equity of $6.2 billion. Macy's reported sales per square foot of approximately $148 in 2003 and $146 in 2004. Macy's has been a tenant at the Peachtree Mall Mortgaged Property since it opened in 1975. o JC PENNEY (NYSE: "JCP") (rated "BB+" by Fitch and S&P) occupies 82,320 square feet (16.6% of square feet, 4.3% of income) under a 20-year lease expiring on November 30, 2014. The rental rate per square foot of $4.25 remains constant during the initial lease term. There are four five-year options to renew the lease at the same rental rate per square foot. JC Penney pays its pro rata share of common area maintenance and real estate taxes above base year. JC Penney is also required to pay percentage rent equal to 1.5% of the amount of net sales in excess of $17,493,000 (which equates to $213 per square foot). JC Penney is a multi-line retailer selling family apparel, jewelry, shoes, accessories and home furnishings. The company operates 1,017 department stores located in the United States and Puerto Rico and 62 Renner department stores located in Brazil. As of the fiscal year ended January 29, 2005, JC Penney reported revenue of approximately $18.4 billion, net income of $524.0 million and stockholder equity of $4.9 billion. JC Penney reported sales per square foot of approximately $206 in both 2003 and 2004. JC Penney has been a tenant at the Peachtree Mall Mortgaged Property since 1994. o PICCADILLY CAFETERIAS (not rated) occupies 10,935 square feet (2.2% of square feet, 1.5% of income) under a five-year lease renewal period expiring on December 31, 2005. The rental rate per square foot of $11.50 remains constant during the lease renewal period. There are no further options to renew the lease. Piccadilly Cafeterias pays its pro rata share of operating expenses with a 6.0% annual cap on increases. Piccadilly Cafeterias is also required to pay percentage rent equal to 5.0% of the amount of net sales in excess of $2,515,039 (which equates to $230 per square foot). Piccadilly Cafeterias operates a chain of 130 cafeterias located in 15 Southeastern and Mid-Atlantic states catering to families, groups of friends and co-workers, senior citizens, couples and students. Piccadilly Cafeterias has been a tenant at the Peachtree Mall Mortgaged Property since 1995. o FYE (NASDAQ: "TWMC") (not rated) occupies 10,418 square feet (2.1% of square feet, 3.4% of income) under an 11-year lease expiring on December 31, 2012. The rental rate per square foot of $27.00 remains constant during the initial lease term. There are no options to renew the lease. FYE pays its pro rata share of operating expenses with a 5.0% annual cap on increases. FYE is also required to pay percentage rent equal to 6.0% of the amount of net sales in excess of $4,688,100 (which equates to $450 per square foot). FYE (For Your Entertainment) is a specialty retailer of entertainment software selling movies, music and games. FYE is owned by Trans World Entertainment ("TWE"). TWE operates approximately 800 retail stores located in 46 states, the U.S. Virgin Islands and Puerto Rico, of which approximately 650 are mall-based stores operating under the FYE brand name and 150 are located in neighborhood retail centers or as freestanding buildings operating under the Coconuts Music & Movies, Strawberries, Wherehouse Music, Spec's, Second Spin, Games, CD World, Planet Music and Saturday Matinee brand names. As of the fiscal year ended January 29, 2005, TWE reported revenue of approximately $1.4 billion, net income of $41.8 million and stockholder equity of $404.3 million. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Peachtree Mall Mortgage Loan is a $95 million, five-year fixed rate loan secured by a first mortgage on a regional mall located in Columbus, Muscogee County, Georgia. The Peachtree Mall Mortgage Loan matures on June 1, 2010 at an annual interest rate of 5.080%. THE BORROWER: o The Peachtree Mall Borrower is Peachtree Mall L.L.C., a Delaware limited liability company and a single purpose bankruptcy remote entity with at least two independent directors for which the Peachtree Mall Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 100% by GGPLP LLC., a Delaware limited liability company, as the managing member. Through a series of intermediate ownership levels, equity ownership of the Peachtree Mall Borrower is eventually held 80% by General Growth Properties, Inc., a Delaware corporation and the sponsor. o Founded in 1954, General Growth Properties, Inc. ("GGP"), a publicly traded Real Estate Investment Trust ("REIT"), is primarily engaged in the ownership, operation, management, leasing, acquisition, development and expansion of regional mall and community shopping centers located in the United States. GGP is the second largest owner/operator and the largest third party property manager of regional malls in the country. GGP, either directly or indirectly through limited partnerships and subsidiaries, owns and/or manages more than 200 retail properties located in 44 states containing approximately 200 million square feet and housing 18,000 tenants, numbers that continue to grow through development, expansion and acquisition. As of the fiscal year ended December 31, 2004, GGP reported revenue of approximately $1.8 billion, net income of $267.9 million and stockholder equity of $2.1 billion. THE PROPERTY: o The Peachtree Mall Mortgaged Property consists of a fee simple interest in a one-story regional mall built in 1975, renovated in 1993 and expanded in 1994. The improvements consist of two anchor tenant buildings, the main mall building, a retail strip building and two ground leased outparcels. The improvements contain a total of 497,312 gross leasable square feet and are situated on 48.92 acres. The anchor tenants are Macy's and JC Penney. The mall is further anchored by Dillard's and Parisian, both of which are separately owned, non-collateral shadow anchor tenants. Well-known mall tenants (5,000+ square feet) include Piccadilly Cafeterias, FYE, New York & Company, Abercrombie & Fitch, Victoria's Secret, Express, Waldenbooks, Charlotte Russe, Ann Taylor Loft, The Gap and Champs Sports. o The Peachtree Mall Mortgaged Property is located at the northwest quadrant of I-185 and Manchester Expressway. I-185 is a north/south interstate freeway connecting to I-85, which provides access to Atlanta and Montgomery. Manchester Expressway is a six-lane, limited access road and the primary east/west arterial in the area. The Peachtree Mall Mortgaged Property is the only regional mall located within the Columbus metropolitan statistical area. The closest regional mall is located 30 miles west in Auburn, Alabama. o The Peachtree Mall Borrower is generally required at its sole cost and expense to keep the Peachtree Mall 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 General Growth Management, Inc. ("GGM") manages the Peachtree Mall Mortgaged Property. GGM, a Peachtree Mall Borrower affiliated entity, founded in 1954 and headquartered in Chicago, currently manages more than 200 retail properties located in 44 states containing approximately 200 million square feet and housing 18,000 tenants. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o At any time during the term of the Peachtree Mall Mortgage Loan, certain permitted mezzanine borrowers will be permitted to incur mezzanine financing, provided that the terms and conditions listed in the related loan agreement are satisfied. The terms and conditions include, but are not limited to: (i) a limitation on the mezzanine loan amount, which when aggregated with the outstanding principal amount of the Peachtree Mall Mortgage Loan would not result in a loan-to-value in excess of 75% or a debt service coverage ratio immediately following the closing of such mezzanine loan of less than 1.25x on an actual basis; (ii) reasonable approval of the mortgagee; (iii) delivery of a satisfactory intercreditor agreement; and (iv) rating agency confirmation. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- RELEASE OF PROPERTY: o The release of one or more of the parcels or outparcels located at the Peachtree Mall Mortgaged Property (each a "Release Parcel") is permitted upon satisfaction of certain conditions which include, but are not limited to: (i) no event of default has occurred which is continuing; (ii) the Release Parcel is not necessary for the operation or use of the Peachtree Mall Mortgaged Property for its then current use and may be readily separated from the Peachtree Mall Mortgaged Property without a material diminution in value; (iii) the Release Parcel has been legally split or subdivided from the remainder of the Peachtree Mall Mortgaged Property, constitutes a separate tax lot and is not necessary for the Peachtree Mall Mortgaged Property to comply with any zoning, building, land use or parking or other legal requirements; (iv) ingress to and egress from all portions of the Peachtree Mall Mortgaged Property remaining after the release will be over physically open and fully dedicated public roads or easements; (v) the Release Parcel will be non-income producing and (a) vacant and unimproved (or improved only by surface parking areas or landscaping) or (b) subject to the mortgagee's express written consent, improved; and (vi) if a securitization has occurred, the mortgagee will have received a legal opinion from counsel reasonably acceptable to the mortgagee to the affect that the release of the Release Parcel will not affect the REMIC status of such securitization. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 39 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET PEACHTREE MALL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- [PHOTOS OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS ONE LIBERTY CENTER <TABLE> LOAN INFORMATION LOAN SELLER: Bank of America ORIGINAL PRINCIPAL BALANCE: $80,000,000 FIRST PAYMENT DATE: March 1, 2005 TERM/AMORTIZATION: 120/0 months INTEREST ONLY PERIOD: 120 months MATURITY DATE: February 1, 2015 EXPECTED MATURITY BALANCE: $80,000,000 BORROWING ENTITY: Ballston Investor Group I, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 117 payments Open: 3 payments UP-FRONT RESERVES: COMPLETION RESERVE(1): $4,519,847 LOCKBOX: Hard </TABLE> (1) As of March 4, 2005, $3,257,989 was released to the One Liberty Center Borrower for reimbursement of the expenses related to the completion of the One Liberty Center Mortgaged Property. <TABLE> FINANCIAL INFORMATION CUT-OFF DATE BALANCE: $80,000,000 CUT-OFF DATE LTV: 56.7% MATURITY DATE LTV: 56.7% UNDERWRITTEN DSCR(1): 2.04x MORTGAGE RATE: 5.075% </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> PROPERTY INFORMATION PROPERTY TYPE: Office PROPERTY SUB TYPE: Single Tenant LOCATION: Arlington, VA YEAR BUILT/RENOVATED: 2004/NAP NET RENTABLE SQUARE FEET: 316,348 CUT-OFF BALANCE PER SF: $253 OCCUPANCY AS OF 06/01/05: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Fred Schnider Company, LLC U/W NET CASH FLOW: $8,417,180 APPRAISED VALUE: $141,000,000 </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> UNDERWRITTEN ---------------- Effective Gross Income ............. $11,761,371 Total Expenses ..................... $ 2,775,934 Net Operating Income (NOI) ......... $ 8,985,437 Cash Flow (CF) ..................... $ 8,417,180 DSCR on NOI ........................ 2.18x DSCR on CF ......................... 2.04x </TABLE> - -------------------------------------------------------------------------------- TENANT INFORMATION(1) - -------------------------------------------------------------------------------- <TABLE> RATINGS TOTAL % OF RENT POTENTIAL % POTENTIAL LEASE TOP TENANTS FITCH/S&P TENANT SF TOTAL SF PSF RENT RENT EXPIRATION - ------------------------------------- ----------- ----------- ---------- ----------- -------------- ------------- ----------- GSA - ONR .......................... AAA/AAA 310,829 98.3% $36.25 $11,267,551 98.9% 09/1/2012 Navy Federal Credit Union .......... AAA/AAA 2,353 0.7 $28.75 67,649 0.6 09/1/2012 Laura's Deli ....................... Not Rated 1,995 0.6 $18.00 35,910 0.3 09/1/2012 ------- ---- ----------- ---- TOTAL .............................. 315,177 99.6% $11,371,110 99.8% </TABLE> (1) Information obtained from underwritten rent roll except for Ratings (Fitch/S&P) 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 % Potential Rent include base rent only and exclude common area maintenance and reimbursements. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - -------------------------------------------------------------------------------- <TABLE> # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - -------------------- ------------- ---------- ---------- ------------ --------------- -------------- 2012 .............. 3 315,177 99.6% 315,177 99.6% $11,371,110 Vacant ............ -- 1,171 0.4 316,348 100.0% $ 21,078 -- ------- ----- TOTAL ............. 3 316,348 100.0% </TABLE> (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., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The three largest tenants, representing 99.6% of the total net rentable square feet are: o GOVERNMENT SERVICES ADMINISTRATION/OFFICE OF NAVAL RESEARCH (rated "AAA" by Fitch and S&P) occupies 310,829 square feet (98.3% of square feet, 98.9% of income) under a ten-year lease expiring on September 1, 2012. The rental rate per square foot of $36.25 remains constant during the initial lease term. There is one five-year option to renew the lease with the rental rate per square foot increasing to $43.77. The Office of Naval Research ("ONR") coordinates, executes and promotes the science and technology programs of the United States Navy and Marine Corps through schools, universities, government laboratories and non-profit and for-profit organizations. ONR provides technical advice to the Chief of Naval Operations and Secretary of the Navy and works with the industry to improve technological manufacturing processes. o NAVAL FEDERAL CREDIT UNION (rated "AAA" by Fitch and S&P) occupies 2,353 square feet (0.7% of square feet, 0.6% of income) under a seven-year lease expiring on September 1, 2012. The rental rate per square foot of $28.75 remains constant during the initial lease term. Navy Federal Credit Union ("NFCU"), founded in 1933, is the world's largest credit union with over 2.4 million members. NFCU services all departments of the Navy ("DON"), DON contractors, Officer Candidates, employees of the United States Government and families of eligible members. As of December 31, 2004, NFCU reported revenues of $1.4 billion, net income of $274.0 million and stockholder equity of $20.0 billion. o LAURA'S DELI (not rated) occupies 1,995 square feet (0.6% of square feet, 0.3% of income) under a seven-year lease expiring on September 1, 2012. The rental rate per square foot is $18.00. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The One Liberty Center Mortgage Loan is an $80 million, ten-year fixed rate loan secured by a first mortgage on a 13-story, Class "A" suburban office building located in Arlington, Virginia. The One Liberty Center Mortgage Loan is interest only for the entire loan term and matures on February 1, 2015 at an annual interest rate of 5.075%. THE BORROWER: o The One Liberty Center Borrower is Ballston Investor Group I, LLC, a Virginia limited liability company and a single purpose bankruptcy remote entity for which the One Liberty Center Borrower's legal counsel has delivered a non-consolidation opinion. Equity is held 99.5% by Ballston Investor Group, LLC, a Virginia limited liability company and 0.5% by Ballston Investor Group Member, LLC, a Virginia corporation and single purpose bankruptcy remote entity with at least one independent director. The Fred Schnider Company, LLC is the manager and CEI Realty, Inc. and MLS Realty, Inc. are the co-managers. o Since formation in 1927, The Fred Schnider Company, LLC has developed approximately 1,000 residential units and several hundred thousand square feet of commercial space located in the Washington, D.C. area. The Fred Schnider Company, LLC is owned by family members and is chaired by Martin L. Schnider, who has 40 years of experience in financing, development and management of real estate throughout the Washington, D.C. area. o Clark Enterprises, Inc., one of the largest privately held companies in the metro Washington, D.C. area, provides ownership, investment and asset management services to its subsidiaries. Clark Enterprises, Inc. holds interests in real estate, private equities, technology development and construction companies. The Clark Construction Group, the main subsidiary, is a large contractor working on commercial, institutional and heavy construction projects. Other subsidiaries include residential developer Clark Realty Capital, heavy contractor Atkinson Construction and highway construction company Shirley Contracting. Chairman and CEO James Clark is the owner of the Clark Enterprises, Inc., which was founded in 1972 and is headquartered in Bethesda, Maryland. THE PROPERTY: o The One Liberty Center Mortgaged Property consists of a fee simple interest in a 13-story, Class "A", suburban office building built in 2004. The improvements contain 316,348 net rentable square feet and are situated on 1.25 acres. The One Liberty Center Mortgaged Property is part of the Liberty Center complex, which, when complete, will consist of 497,054 square feet of office space, 20,000 square feet of retail space and 513 apartment units. o The One Liberty Center Mortgaged Property is located in the Rosslyn-Ballston Corridor of the Ballston submarket between the Ballston and Virginia Square Metrorail stations. Major transportation highways are located nearby, such as I-66, Capital Beltway (I-495), George Washington Parkway and the Dulles Toll Road. The Ballston submarket contains approximately 6.0 million square feet of office space. o The One Liberty Center Borrower is generally required at its sole cost and expense to keep the One Liberty Center 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 Fred Schnider Company, LLC manages the One Liberty Center Mortgaged Property. The Fred Schnider Company, LLC, founded in 1927 and headquartered in Washington, D.C., currently manages several hundred thousand square feet of commercial space located in the Washington, D.C. area. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o At any time during the term of the One Liberty Center Mortgage Loan, certain permitted mezzanine borrowers will be permitted to incur mezzanine financing, provided that the terms and conditions listed in the related loan agreement are satisfied. The terms and conditions include, but are not limited to: (i) a limitation on the mezzanine loan amount, which when aggregated with the outstanding principal amount of the One Liberty Center Mortgage Loan would not result in a loan-to-value in excess of 70%, or a debt service coverage ratio of less than 1.30x; (ii) reasonable approval of the mortgagee; (iii) delivery of a satisfactory intercreditor agreement; and (iv) rating agency confirmation. - ------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET ONE LIBERTY CENTER - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE TERRACE APARTMENTS - -------------------------------------------------------------------------------- [PHOTO OMITTED] [PHOTO OMITTED] [PHOTO OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE TERRACE APARTMENTS - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS THE TERRACE APARTMENTS <TABLE> - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America ORIGINAL PRINCIPAL BALANCE: $55,200,000 FIRST PAYMENT DATE: August 1, 2005 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: July 1, 2010 EXPECTED MATURITY BALANCE: $55,200,000 BORROWING ENTITY: Westcreek Properties, Ltd. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 57 payments Open: 3 payments UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $20,917 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $14,200 - -------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $55,200,000 CUT-OFF DATE LTV: 55.9% MATURITY DATE LTV: 55.9% UNDERWRITTEN DSCR(1): 1.95x MORTGAGE RATE: 5.067% - -------------------------------------------------------------------------------- </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB TYPE: Garden Style LOCATION: Santa Clarita, CA YEAR BUILT/RENOVATED: 1991/NAP UNITS: 563 CUT-OFF BALANCE PER UNIT: $98,046 OCCUPANCY AS OF 06/05/05: 91.2% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Con Am Management Corporation U/W NET CASH FLOW: $5,525,999 APPRAISED VALUE: $98,800,000 - -------------------------------------------------------------------------------- </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE TERRACE APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TRAILING 12 FULL YEAR FULL YEAR UNDERWRITTEN (04/30/05) (12/31/04) (12/31/03) -------------- --------------- --------------- --------------- Effective Gross Income ............. $7,992,137 $7,903,656 $7,796,407 $7,703,125 Total Expenses ..................... $2,297,238 $2,154,317 $2,185,239 $2,217,575 Net Operating Income (NOI) ......... $5,694,899 $5,749,339 $5,611,168 $5,485,550 Cash Flow (CF) ..................... $5,525,999 $5,749,339 $5,611,168 $5,485,550 DSCR on NOI ........................ 2.01x 2.03x 1.98x 1.93x DSCR on CF ......................... 1.95x 2.03x 1.98x 1.93x - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 1 BEDROOM 2 BEDROOM 3 BEDROOM ----------- ----------- ---------- Number of Units ................ 48 455 60 Average Unit Size (SF) ......... 624 927 1,070 Average Rent ................... $1,041 $1,257 $1,459 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE TERRACE APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Terrace Apartments Mortgage Loan is a $55.2 million, five-year fixed rate loan secured by a first mortgage on a garden style apartment complex located in Santa Clarita, Los Angeles County, California. The Terrace Apartments Mortgage Loan is interest only for the entire loan term and matures on July 1, 2010 at an annual interest rate of 5.067%. THE BORROWER: o The Terrace Apartments Borrower is Westcreek Properties, Ltd., a California limited partnership and a single purpose bankruptcy remote entity with at least two independent directors for which The Terrace Apartments Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 10% by Geoffrey H. Palmer as a General Partner, 19% by Westcreek Terraces, Inc., a California corporation, as a General Partner and 71% by Geoffrey H. Palmer as a Limited Partner. The borrower principal is Geoffrey H. Palmer. o G. H. Palmer Associates, established in 1975 by Geoffrey H. Palmer, is a diversified real estate company involved in a variety of properties as a general partner for acquisition of residential, commercial and industrial properties. G. H. Palmer Associates currently owns a portfolio of over 7,885 Southern-California units, valued in excess of $1.0 billion and is actively seeking to diversify into other markets through acquisition and development of multifamily properties. G. H. Palmer Associates' recent activities include the acquisition and development of approximately 9,000 residential units throughout southern California including single-family homes, townhomes, apartments and condominiums, as well as industrial properties. THE PROPERTY: o The Terrace Apartments Mortgaged Property consists of a fee simple interest in a 563-unit, garden-style apartment complex consisting of 80 two-story buildings built in 1991. The improvements contain a total of 515,937 net rentable square feet and are situated on 44.94 acres. The apartment mix is 48 one bedroom/one bath units, 455 two bedroom/two bath units and 60 three bedroom/two bath units. Unit amenities include a standard kitchen package consisting of a range/oven with vent hood, dishwasher, garbage disposal and microwave. Other unit amenities include washer/dryers, walk-in closets, cathedral ceilings in the second floor units and patios/balconies. All units are equipped with sprinklers. Project amenities include a clubhouse with leasing office, two fitness centers, two pools, spa, sauna and a playground. o The Terrace Apartments Mortgaged Property is located in southern California, approximately 30 miles northwest of Los Angeles. The Los Angeles multifamily market contains approximately 740,000 units with an overall occupancy of 96.5%. The Santa Clarita multifamily submarket contains approximately 16,000 units with an overall occupancy of 92.6%. Comparable property occupancy rates range from 94% to 97% with a weighted average of 95%. o The Terrace Apartments Borrower is generally required at its sole cost and expense to keep the Terrace Apartments 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 Con Am Management Corporation ("Con Am") manages The Terrace Apartments Mortgaged Property. Con Am, founded in 1975 and headquartered in San Diego, currently manages approximately 45,000 apartment units. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The Terrace Apartments Borrower is be permitted to incur on a one-time basis mezzanine financing only upon the satisfaction of the following terms and conditions including, without limitation: (i) no event of default has occurred and be continuing; (ii) a limitation on the mezzanine loan amount, the loan-to-value, as determined by mortgagee taking into account the outstanding principal balance of the loan and the permitted mezzanine financing will not exceed 70% and the debt service coverage ratio, calculated on a trailing 12-month basis, will be greater than or equal to 1.15x based on a constant payment rate of 9.25% and underwritten net income; (iii) delivery of a satisfactory intercreditor agreement and (iv) rating agency confirmation. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE TERRACE APARTMENTS - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NYU HOUSING -- 201 EAST 14TH STREET - -------------------------------------------------------------------------------- [PHOTO OMITTED] [PHOTO OMITTED] [PHOTO OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NYU HOUSING -- 201 EAST 14TH STREET - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS NYU HOUSING -- 201 EAST 14TH STREET <TABLE> - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America ORIGINAL PRINCIPAL BALANCE: $52,500,000 FIRST PAYMENT DATE: June 1, 2005 TERM/AMORTIZATION: 120/0 months INTEREST ONLY PERIOD: 120 months MATURITY DATE: May 1, 2015 EXPECTED MATURITY BALANCE: $52,500,000 BORROWING ENTITY: Coral Crystal LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 117 payments Open: 3 payments UP-FRONT RESERVES: TAX RESERVE: Yes ONGOING MONTHLY RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $2,275 NYU LEASE RESERVE(1): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- </TABLE> (1) NYU Housing -- 201 East 14th Street Borrower is required to establish an excess cash reserve account after the occurrence and during the continuation of an event of default and 18 months prior to expiration of NYU master lease if the NYU master lease has not been extended for a term lasting at least two years beyond the related maturity date. <TABLE> - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $52,500,000 CUT-OFF DATE LTV: 70.8% MATURITY DATE LTV: 70.8% UNDERWRITTEN DSCR(1): 1.37x MORTGAGE RATE: 5.510% - -------------------------------------------------------------------------------- </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB TYPE: Student LOCATION: New York, NY YEAR BUILT/RENOVATED: 2000/NAP UNITS: 91 CUT-OFF BALANCE PER UNIT: $576,923 OCCUPANCY AS OF 09/01/05: 100.0% (Master Lease) OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Coral Realty Management, LLC U/W NET CASH FLOW: $4,015,435 APPRAISED VALUE: $74,200,000 - -------------------------------------------------------------------------------- </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NYU HOUSING -- 201 EAST 14TH STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> FULL YEAR FULL YEAR FULL YEAR UNDERWRITTEN (12/31/04) (12/31/03) (12/31/02) -------------- --------------- --------------- --------------- Effective Gross Income .............. $5,782,680 $5,677,842 $5,539,130 $5,457,896 Total Expenses ...................... $1,739,945 $1,558,217 $1,618,126 $1,545,014 Net Operating Income (NOI) .......... $4,042,735 $4,119,625 $3,921,004 $3,912,882 Cash Flow (CF) ...................... $4,015,435 $4,119,625 $3,921,004 $3,912,882 DSCR on NOI ......................... 1.38x 1.40x 1.34x 1.33x DSCR on CF .......................... 1.37x 1.40x 1.34x 1.33x - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 1 BEDROOM 2 BEDROOM 3 BEDROOM ----------- ----------- ----------- Number of Units ................. 26 52 13 Average Unit Size (SF) .......... 784 958 1,637 Average Rent(1) ................. NAP NAP NAP - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) The entire NYU Housing -- 201 East 14th Street Mortgaged Property is master leased to New York University therefore there are no applicable average rents. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NYU HOUSING -- 201 EAST 14TH STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The NYU Housing -- 201 East 14th Street Mortgage Loan is a $52.5 million, ten-year fixed rate loan secured by a first mortgage on a student housing apartment building located in New York, New York. The NYU Housing -- 201 East 14th Street Mortgage Loan is interest only for the entire loan term and matures on May 1, 2015 at an annual interest rate of 5.510%. THE BORROWER: o The NYU Housing -- 201 East 14th Street Borrower is Coral Crystal LLC, a New York limited liability company and a single purpose bankruptcy remote entity for which the NYU Housing -- 201 East 14th Street Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 1% by Coral Crystal Manager Corp., a New York corporation, as the managing member with at least two independent directors and 99% by Coral Realty LLC, a New York limited liability company. The borrower principals are Alex Forkosh and Galina Anissimova. o Mr. Forkosh and Ms. Anissimova have been involved in multifamily real estate in New York City since 1995, primarily focusing on student housing development and conversion for New York University ("NYU"). Mr. Forkosh and Ms. Anissimova renovated and converted 400 Broome Street in 1997, 636 Greenwich Street in 1998 and 80 Lafayette Street in 1999, and built 201 East 14th Street in 2000. The borrower principals have developed or renovated and currently own five student housing apartment buildings totaling 715 units, all of which are master leased to NYU and account for approximately 25% of the NYU student housing stock. The borrower principals have over 20 years of combined student housing real estate experience. THE PROPERTY: o The NYU Housing -- 201 East 14th Street Mortgaged Property consists of a fee simple interest in a 16-story plus basement, 91-unit student housing apartment building built in 2000. One retail tenant occupies portions of both the street and mezzanine level. The improvements contain 90,673 net rentable square feet and are situated on 0.19 acres. The apartment mix is 26 one bedroom/one bath units, 52 two bedroom/two bath units and 13 three bedroom/two bath units. Unit amenities include a refrigerator and range/oven and each unit is wired for cable TV, telephones and high-speed Internet access. Project amenities include a recreation terrace on the second floor, a recreation room and a laundry room in the basement. Two elevators serve the building. o The NYU Housing -- 201 East 14th Street Mortgaged Property is located in the Greenwich Village section of lower Manhattan, approximately one-half mile northeast of the main NYU Washington Square campus. Greenwich Village is a commercial, cultural and residential neighborhood located north of Little Italy and Chinatown, all of which are centers for dining, entertainment and tourism. Typical housing consists of four to six-story, walk-up apartment buildings constructed between 1890 and 1920. Many of these buildings, particularly along the avenues, also contain ground level commercial and retail space. Newly constructed residential buildings in the neighborhood have numerous amenities designed to attract higher-income residents. The majority of multifamily housing in the area is rental, although several buildings in the area were converted into cooperative or condominium ownership during the mid to late 1980s. o The street level retail tenant is Duane Reade, which occupies 8,232 square feet under a 15-year lease expiring on September 30, 2015. The current rental rate per square foot of $78.28 increases to $90.02 in lease year 11. There is one ten-year option to renew the lease. Duane Reade is the largest drug store chain in the metropolitan New York area, operating 255 drug stores located in commercial and residential neighborhoods. Duane Reade is a privately held company. o The NYU Housing -- 201 East 14th Street Borrower is generally required at its sole cost and expense to keep the NYU Housing -- 201 East 14th Street Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NYU HOUSING -- 201 EAST 14TH STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- NEW YORK UNIVERSITY MASTER LEASE: o The 91 student housing units are master leased to New York University ("NYU"), which in turn then sublets the units to students and faculty. The ten-year master lease commenced on August 1, 2000 and expires on August 31, 2010. NYU is obligated to use the NYU Housing -- 201 East 14th Street Mortgaged Property for sleeping and living purposes, plus incidental use in connection with other university functions, primarily for the benefit of enrolled students, faculty, visiting parents and others employed by NYU. NYU has the right to sublease units to persons that may not be affiliated with the university. o The current master lease annual rent is $5,177,711 (effective August 1, 2005), which increases to $5,330,163 on August 1, 2007 and $5,487,188 on August 1, 2009. NYU is responsible for utility expenses. Landlord is responsible for repairs and maintenance and trash removal. o NYU has the right of first refusal to purchase the NYU Housing -- 201 East 14th Street Mortgaged Property should the NYU Housing -- 201 East 14th Street Borrower receive an offer to buy. NYU has the right to terminate the lease on January 30, 2006, January 30, 2008 and January 30, 2010 with nine months prior written notice to the related landlord. NEW YORK UNIVERSITY: o NYU was founded in 1831 as a center for higher learning open to all regardless of national origin, religious beliefs or social background. Today, NYU enrollment is approximately 48,000 students attending 14 schools and colleges at six different campuses in Manhattan and in over 20 study-abroad countries around the world. There are approximately 3,100 full-time faculty members. The undergraduate program has a student to faculty ratio of 13 to 1, an average class size of under 30 and an enrollment of approximately 17,000 students. o Due to its multiple inner city campus locations, NYU does not offer traditional student housing, but rather provides housing to students and faculty through master lease contracts with numerous apartment buildings located in lower Manhattan. Approximately 10,000 students live in NYU housing. PROPERTY MANAGEMENT: o Coral Realty Management, LLC ("Coral Realty") manages the NYU Housing -- 201 East 14th Street Mortgaged Property. Coral Realty, founded in 1985 and headquartered in New York City, currently manages five student housing apartment buildings totaling 715 units located in New York City. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET NYU HOUSING -- 201 EAST 14TH STREET - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 and has not authorized the dissemination of this material. Each of the Underwriters is acting as an Underwriter and is not acting as an agent for the issuer in connection with the proposed transaction. 58 BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE CROSSINGS - -------------------------------------------------------------------------------- [PHOTO OMITTED] [PHOTO OMITTED] [PHOTO OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE CROSSINGS - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS THE CROSSINGS <TABLE> - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bear Stearns ORIGINAL PRINCIPAL BALANCE: $44,800,000 FIRST PAYMENT DATE: August 1, 2005 TERM/AMORTIZATION: 84/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: July 1, 2012 EXPECTED MATURITY BALANCE: $43,616,638 BORROWING ENTITY: Barry Crossings Owner LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 80 payments Open: 4 payments UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $261,379 REPLACEMENT RESERVE: $10,400 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes INSURANCE RESERVE(1): Springing REPLACEMENT RESERVE: $10,400 LOCKBOX: Springing, Soft to Hard - -------------------------------------------------------------------------------- </TABLE> (1) An ongoing insurance escrow springs if (a) an event of default occurs or (b) the borrower fails to provide lender evidence of payment of the insurance premiums. <TABLE> - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $44,800,000 CUT-OFF DATE LTV: 79.3% MATURITY DATE LTV: 77.2% UNDERWRITTEN DSCR(1): 1.17x MORTGAGE RATE: 5.176% - -------------------------------------------------------------------------------- </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB TYPE: Garden Style LOCATION: Kansas City, MO YEAR BUILT/RENOVATED: 1998/NAP UNITS: 624 CUT-OFF BALANCE PER UNIT: $71,795 OCCUPANCY AS OF 06/13/05: 93.1% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Creekstone Management, L.L.C. U/W NET CASH FLOW: $3,431,881 APPRAISED VALUE: $56,500,000 - -------------------------------------------------------------------------------- </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE CROSSINGS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TRAILING 12 FULL YEAR FULL YEAR UNDERWRITTEN (04/30/05) (12/31/04) (12/31/03) -------------- --------------- --------------- --------------- Effective Gross Income .............. $5,218,922 $4,852,143 $4,781,472 $4,848,610 Total Expenses ...................... $1,662,241 $1,422,910 $1,401,845 $1,509,396 Net Operating Income (NOI) .......... $3,556,681 $3,429,233 $3,379,627 $3,339,214 Cash Flow (CF) ...................... $3,431,881 $3,429,233 $3,379,627 $3,339,214 DSCR on NOI ......................... 1.21x 1.16x 1.15x 1.13x DSCR on CF .......................... 1.17x 1.16x 1.15x 1.13x - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 1 BEDROOM 2 BEDROOM ----------- ---------- Number of Units ................. 288 336 Average Unit Size (SF) .......... 716 1,080 Average Rent .................... $599 $769 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE CROSSINGS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Crossings Mortgage Loan is a $44.8 million, seven-year fixed rate loan secured by a first mortgage on a three-story garden apartment community containing 624 units in 53 buildings in Kansas City, Missouri. The Crossings Mortgage Loan bears interest at an annual interest rate of 5.176%. The Crossings Mortgage Loan is interest only for the first five years of its term and matures on July 1, 2012. THE BORROWER: o The Crossings Borrower, Barry Crossings Owner LLC, is a Delaware limited liability company and a single-purpose entity. The sponsors of the loan are Creekstone Partners and RealVest Fund III (a subsidiary of Wafra Investment Advisors). o Creekstone Partners is a division of Houston-based Creekstone Companies, which maintains a $600 million portfolio of multi-family and commercial real estate assets throughout the country. Wafra Investment Advisory Group, Inc. ("Wafra") is a U.S. registered investment adviser that was founded in 1985. Wafra offers a wide range of investment services including portfolio securities management, direct equity investing, real estate and other structured products management. Wafra's Real Estate Division currently has over $550 million in equity under management, representing committed capital and interests in real estate assets in the United States and Canada exceeding $1.5 billion. THE PROPERTY: o The collateral for the Crossings Mortgage Loan consists of a fee simple interest in a 624-unit apartment complex consisting of 53 three-story, garden style apartment buildings totalling approximately 569,004 square feet on 40.9 acres of land. The Crossings Mortgaged Property is located along Interstate-29, a primary artery from Kansas City International Airport to downtown Kansas City, and has direct access along Barry Road, which is the main thoroughfare into the heart of North Kansas City. o Constructed in 1998, the Crossings Mortgaged Property's 624 units are comprised of 288 one bed/one bath, 96 two bed/one bath and 240 two bed/two bath units. Amenities at the property include two pools and a Jacuzzi, a resident business center, 24-hour fitness center, lighted tennis and basketball courts, playground, 24-hour laundry facility, on-call emergency maintenance and garages with automatic door openers. Individual unit amenities include washer/dryer hook-ups, alarm system, roman tubs with ceramic tile, wood burning fireplaces, built-in microwaves and walk-in closets. o The Crossings Mortgaged Property is located 1/2-mile north of Zona Rosa, a new 650,000 square foot shopping, dining and entertainment lifestyle development. In addition, the Kansas City central business district is approximately 12 miles south of the Crossings Mortgaged Property. Major employers located within the central business district include American Airlines, CitiCards and Harley-Davidson Motor Co. PROPERTY MANAGEMENT: o The Crossings Mortgaged Property is managed by Creekstone Management, L.L.C., an affiliate of the Crossings Borrower. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o An intra-borrower mezzanine loan exists in the amount of $9,894,133 between an entity owned by Wafra Investment Advisors and RealVest III to an affiliate of the Crossings Borrower. The loan is secured by 100% of the ownership interests in the indirect parent of the Crossings Borrower. The mezzanine loan is co-terminus with the Crossings Mortgage Loan and is subject to transfer restrictions that generally confine the transfer of the loan to entities affiliated with the sponsor. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET THE CROSSINGS - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET COLONADE APARTMENTS - -------------------------------------------------------------------------------- [PHOTO OMITTED] [PHOTO OMITTED] [PHOTO OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET COLONADE APARTMENTS - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS COLONADE APARTMENTS <TABLE> - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bear Stearns ORIGINAL PRINCIPAL BALANCE: $39,500,000 FIRST PAYMENT DATE: March 1, 2005 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 36 months MATURITY DATE: February 1, 2015 EXPECTED MATURITY BALANCE: $35,215,357 BORROWING ENTITY: Old York LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 119 payments Open: 1 payment UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $117,000 REPLACEMENT RESERVE: $12,454 TI/LC RESERVE: $2,421 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes INSURANCE RESERVE(1): Springing REPLACEMENT RESERVE: $12,454 TI/LC RESERVE: $2,421 - -------------------------------------------------------------------------------- </TABLE> (1) An ongoing insurance escrow springs if the borrower fails to provide lender evidence of payment of the insurance premiums. <TABLE> - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $39,500,000 CUT-OFF DATE LTV: 72.3% MATURITY DATE LTV: 64.5% UNDERWRITTEN DSCR(1): 1.27x MORTGAGE RATE: 5.253% - -------------------------------------------------------------------------------- </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB TYPE: Multifamily/Office LOCATION: Jenkintown, PA YEAR BUILT/RENOVATED: 1955/2004 UNITS / SF (1): 535/78,463 CUT-OFF BALANCE PER UNIT: $73,832 OCCUPANCY AS OF 08/22/05 (1): 93.8%/66.5% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Core Properties, Inc. U/W NET CASH FLOW: $3,326,634 APPRAISED VALUE: $54,600,000 - -------------------------------------------------------------------------------- </TABLE> (1) The Colonade Apartments contains 535 residential multifamily units (451,475 sf) and 78,463 sf of commercial office space. The multifamily units are 93.8% occupied, and 66.5% of the office space is occupied. Combined occupancy, on a square footage basis, is 89.5%. This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET COLONADE APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TRAILING 12 FULL YEAR FULL YEAR UNDERWRITTEN (06/30/05) (12/31/04) (12/31/03) -------------- --------------- --------------- --------------- Effective Gross Income ............. $7,096,031 $6,793,024 $6,880,194 $6,934,783 Total Expenses ..................... $3,596,295 $4,070,910 $3,870,187 $3,791,956 Net Operating Income (NOI) ......... $3,499,736 $2,722,114 $3,010,007 $3,142,827 Cash Flow (CF) ..................... $3,326,634 $2,722,114 $3,010,007 $3,142,827 DSCR on NOI ........................ 1.34x 1.04x 1.15x 1.20x DSCR on CF ......................... 1.27x 1.04x 1.15x 1.20x - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM -------- ----------- ----------- ---------- Number of Units ................ 11 308 143 73 Average Unit Size (SF) ......... 379 675 1,012 1,350 Average Rent ................... $680 $806 $1,104 $1,370 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET COLONADE APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Colonade Apartments Mortgage Loan is a $39.5 million, ten-year fixed rate loan secured by a first mortgage on a 535-unit mid-rise apartment complex located in Jenkintown, Pennsylvania, approximately ten miles north of Center City Philadelphia. The Colonade Apartments Mortgage Loan bears interest at an annual interest rate of 5.253%. The Colonade Apartments Mortgage Loan is interest only for the first three years of its term and matures on February 1, 2015. THE BORROWER: o The Colonade Apartments Borrower is Old York LLC, a Massachusetts limited liability company. Old York LLC is a single purpose entity. o The sponsor of the Colonade Apartments Mortgage Loan is Jeffrey J. Cohen, the founder and CEO of Metropolitan Properties of America ("MPA"). MPA is a real estate services company that provides real estate investment management, property management and development services to institutions and investment partners throughout the United States. MPA currently owns and manages in excess of 6 million square feet of residential and commercial space in five states. THE PROPERTY: o The Colonade Apartments Mortgaged Property is a 535-unit mid-rise apartment complex located in Jenkintown, Pennsylvania, approximately ten miles north of Center City Philadelphia. The property is situated at the intersection of Routes 73 and 611, approximately three blocks southeast of the SEPTA train station and approximately 1/2 mile down the road from the Pennsylvania College of Optometry. The improvements consist of one 8-story, 246-unit building and one 12-story, 289-unit building situated on 11.3 acres. Additionally there is approximately 78,463 square feet of commercial office space leased by a diverse group of small tenants accounting for approximately 11% of total net rental income. The Colonade Apartments Mortgaged Property provides a full range of amenities including an outdoor Olympic-sized pool, an indoor heated pool, tennis courts, full-service fitness center, and a covered parking garage. The unit mix consists of 11 studio units, 308 one-bedroom units, 143 two-bedroom units, and 73 three-bedroom units. PROPERTY MANAGEMENT: o The property is managed by Core Properties, Inc., an affiliate of the Colonade Apartments Borrower. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The owners of the Colonade Apartments Borrower have pledged their ownership interests in the Colonade Apartments Borrower and in the parent of the managing member of the Colonade Apartments Borrower as well as certain other entities owned by them to secure certain lines of credit with a maximum balance of $4,000,000 with Citizens Bank of Massachusetts. As of August 31, 2005, the outstanding balance on this credit line was $2,376,512. There is no intercreditor or standstill agreement in connection with this pledge. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET COLONADE APARTMENTS - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BARCELONETA OUTLET CENTER - -------------------------------------------------------------------------------- [PHOTO OMITTED] [PHOTO OMITTED] [PHOTO OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BARCELONETA OUTLET CENTER - -------------------------------------------------------------------------------- SIGNIFICANT MORTGAGE LOANS BARCELONETA OUTLET CENTER <TABLE> - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America ORIGINAL PRINCIPAL BALANCE: $35,250,000 FIRST PAYMENT DATE: July 1, 2005 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: June 1, 2010 EXPECTED MATURITY BALANCE: $35,250,000 BORROWING ENTITY: PR Barceloneta, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 56 payments Open: 4 payments UP-FRONT RESERVES: CHILI'S RESERVE ACCOUNT(1): $96,000 TI/LC RESERVE: $172,460 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $2,937 LOCKBOX: Hard - -------------------------------------------------------------------------------- </TABLE> (1) At closing, the Barceloneta Outlet Center Borrower will deposit $96,000 which sum is an amount equal to one year of rent due under the Chili's lease. Provided no event of default has occurred and is continuing, upon request of Barceloneta Outlet Center Borrower, the mortgagee will disburse to borrower all funds on deposit in the reserve account provided the mortgagee has received evidence that Chili's has commenced paying rent as required under the terms of the Chili's lease. <TABLE> - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $35,250,000 CUT-OFF DATE LTV: 64.1% MATURITY DATE LTV: 64.1% UNDERWRITTEN DSCR(1): 2.29x MORTGAGE RATE: 4.694% - -------------------------------------------------------------------------------- </TABLE> (1) DSCR figures based on net cash flow unless otherwise noted. <TABLE> - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB TYPE: Unanchored LOCATION: Barceloneta, PR YEAR BUILT/RENOVATED: 2000/NAP NET RENTABLE SQUARE FEET: 176,219 CUT-OFF BALANCE PER SF: $200 OCCUPANCY AS OF 05/01/05: 96.7% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Prime Retail, L.P. U/W NET CASH FLOW: $3,840,460 APPRAISED VALUE: $55,000,000 - -------------------------------------------------------------------------------- </TABLE> This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BARCELONETA OUTLET CENTER - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIAL INFORMATION - ------------------------------------------------------------------------------------------------------------------------------------ ANNUALIZED MOST RECENT FULL YEAR FULL YEAR UNDERWRITTEN (3/31/05) (12/31/04) (12/31/03) -------------- --------------- --------------- --------------- Effective Gross Income ............. $6,136,689 $6,331,408 $5,954,254 $5,898,452 Total Expenses ..................... $2,129,922 $2,377,672 $2,100,246 $2,083,425 Net Operating Income (NOI) ......... $4,006,767 $3,953,736 $3,854,008 $3,815,027 Cash Flow (CF) ..................... $3,840,460 $3,953,736 $3,854,008 $3,815,027 DSCR on NOI ........................ 2.39x 2.36x 2.30x 2.27x DSCR on CF ......................... 2.29x 2.36x 2.30x 2.27x - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT INFORMATION(1) - ------------------------------------------------------------------------------------------------------------------------------------ RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS FITCH/S&P TENANT SF TOTAL SF RENT PSF RENT (2) RENT EXPIRATION - ---------------------------- ------------- ----------- ---------- ---------- ----------- ------------- ----------- Liz Claiborne ............. NR/BBB 12,000 6.8% $18.00 $216,000 4.6% 06/30/2010 Reebok .................... NR/BBB 10,044 5.7 $19.00 190,836 4.1 06/30/2010 Polo Ralph Lauren ......... NR/BBB 8,991 5.1 $0.00 -- 0.0 06/30/2010 The Gap ................... BBB-/BBB- 8,984 5.1 $21.00 188,664 4.0 06/30/2008 ------ ---- -------- --- TOTAL ..................... 40,019 22.7% $595,500 12.6% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Information obtained from underwritten rent roll except for Ratings (Fitch/S&P) 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 and reimbursements. (2) Polo Ralph Lauren pays percentage rent in an amount per lease year equal to three percent of all gross sales up to and including $4,000,000; and two percent of all gross sales in excess of $4,000,000. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ LEASE ROLLOVER SCHEDULE(1) - ------------------------------------------------------------------------------------------------------------------------------------ # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF(2) TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING(3) - -------------------- ------------- ---------- ---------- ------------ --------------- ------------ 2006 .............. 8 29,033 16.5% 29,033 16.5% $ 766,861 2007 .............. 2 4,067 2.3 33,100 18.8% $ 143,782 2008 .............. 2 11,184 6.3 44,284 25.1% $ 228,264 2009 .............. 3 13,919 7.9 58,203 33.0% $ 264,408 2010 .............. 17 62,713 35.6 120,916 68.6% $1,273,940 2011 .............. 1 640 0.4 121,556 69.0% $ 48,000 2012 .............. 1 672 0.4 122,228 69.4% $ 40,320 2013 .............. 2 6,122 3.5 128,350 72.8% $ 138,036 2014 .............. 1 4,000 2.3 132,350 75.1% $ 96,000 2020 .............. 1 -- 0.0 132,350 75.1% $ 65,000 2021 .............. 3 -- 0.0 132,350 75.1% $ 205,000 2026 .............. 1 -- 0.0 132,350 75.1% $ 84,000 2029 .............. 1 -- 0.0 132,350 75.1% $ 261,250 MTM ............... 12 27,909 15.8 160,259 90.9% $ 613,575 Vacant ............ -- 15,960 9.1 176,219 100.0% $ 479,917 -- ------ ----- TOTAL ............. 55 176,219 100.0% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Information obtained from underwritten rent roll. (2) Six ground leased tenants that contribute base rent have leases expiring in 2020, 2021, 2026 and 2029. (3) Expiring Base Rent excludes the $210,000 underwritten percentage rent for the following five tenants: Gamestop (MTM), Van Heusen (2006), Polo Ralph Lauren (2010), Panda Express (2010) and Ponderosa (2020). This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BARCELONETA OUTLET CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The four largest tenants, representing 22.7% of the total net rentable square feet, are: o LIZ CLAIBORNE (NYSE: "LIZ") (not rated by Fitch and "BBB" by S&P) occupies 12,000 square feet (6.8% of square feet, 4.6% of income) under a ten-year lease expiring on June 30, 2010. The rental rate per square foot is $18.00. Liz Claiborne engages in the design and marketing of women's and men's apparel, accessories and fragrance products worldwide. Liz Claiborne also offers decorative fabrics, blankets and throws, furniture, games and toys, tabletop products, bed and bath accessories, floor coverings and window treatments. Liz Claiborne operates 269 specialty retail stores and 622 concession stores. As of the 2004 fiscal year, Liz Claiborne reported revenue of approximately $4.6 billion, net income of $313.6 million and stockholder equity of $1.8 billion. o REEBOK (NYSE: "RBK") (not rated by Fitch and "BBB" by S&P) occupies 10,044 square feet (5.7% of square feet, 4.1% of income) under a ten-year lease expiring on June 30, 2010. The current rental rate per square foot of $19.00 increases to $19.50 on July 1, 2007 and $20.00 on July 1, 2008. Reebok engages in the design, marketing and distribution of sports, fitness and casual products, including footwear, apparel, equipment and accessories. Reebok offers its products under various brand names, including Reebok, Rockport, CCM, JOFA, KOHO, The Greg Norman Collection, Polo and Ralph Lauren. The Reebok brand business includes sports licensing, including products designed and marketed under license agreements with the National Football League and the National Basketball Association. Reebok also has licensees for eyewear, watches, heart rate monitors, children's apparel, team uniforms, socks and jogging strollers. As of the fiscal year ended December 31, 2004, Reebok reported revenue of approximately $3.8 billion, net income of $192.4 million and stockholder equity of $1.2 billion. Adidas Salomon AG (OTC: "ADDYY.PK") has tendered an offer to acquire Reebok for approximately $3.8 billion. The purchase is expected to close in the first half of 2006, pending regulatory and shareholder approval. Based in Herzogenaurach, Germany, adidas-Salomon is the second largest sporting goods company in the world, with its core brand adidas and Taylor Made-adidas golf. As of December 31, 2004, adidas-Salomon reported sales of Eurodollars 6.5 billion, net income of Eurodollars 314 million, and shareholder equity of Eurodollars 1.6 billion. o POLO RALPH LAUREN (NYSE: "RL") (not rated by Fitch and "BBB" by S&P) occupies 8,991 square feet (5.1% of square feet) under a ten-year lease expiring on June 30, 2010. Polo Ralph Lauren pays percentage rent in an amount per lease year equal to three (3%) percent of all gross sales up to and including $4,000,000; and two (2%) percent of all gross sales in excess of $4,000,000. Polo Ralph Lauren has 37 years of experience in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. Polo Ralph Lauren's brand names include Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren, Black Label, Blue Label, Lauren by Ralph Lauren, Polo Jeans Co., RRL, RLX, Rugby, RL Childrenswear, Chaps and Club Monaco. As of the fiscal year ended April 2, 2005, Polo Ralph Lauren reported revenue of approximately $3.3 billion, net income of $190.4 million and stockholder equity of $1.7 billion. o THE GAP (NYSE: "GPS") (rated "BBB--" by Fitch and S&P) occupies 8,984 square feet (5.1% of square feet, 4.0% of income) under an eight-year lease expiring on June 30, 2008. The rental rate per square foot is $21.00. There remains one four-year option to renew the lease with the rental rate per square foot increasing to $22.00. The Gap operates as a specialty retailing company that offers casual apparel, accessories and personal care products under The Gap, Banana Republic and Old Navy brand names. The Gap provides a range of products, including denim, khakis and T-shirts, fashion apparel, shoes, accessories, intimate apparel and personal care products for men, women, teens and children. The Gap operates 2,994 stores in the United States, Canada, the United Kingdom, France and Japan. In addition, The Gap offers products through the gap.com, bananarepublic.com and oldnavy.com. As of the fiscal year ended January 29, 2005, The Gap reported revenue of approximately $16.3 billion, net income of $1.2 billion and stockholder equity of $4.9 billion. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BARCELONETA OUTLET CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Barceloneta Outlet Center Mortgage Loan is a $35.25 million, five-year fixed rate loan secured by a first mortgage on an outlet mall located in Barceloneta, Puerto Rico. The Barceloneta Outlet Center Mortgage Loan is interest only for the entire loan term and matures on June 1, 2010 at an annual interest rate of 4.694%. THE BORROWER: o The Barceloneta Outlet Center Borrower is PR Barceloneta, LLC, d/b/a PR Barceloneta Outlets, LLC, a New Jersey limited liability company and a single purpose bankruptcy remote entity with at least one independent director for which the Barceloneta Outlet Center Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 65.67% by David Lichtenstein as a Class A Member, 33.33% collectively by numerous Class B Members and 1.00% by PR Lightstone Manager, LLC, a Delaware limited liability company, as a Class A Member and the Managing Member. The borrower principal is David Lichtenstein. Mr. Lichtenstein is the founder, President and CEO of The Lightstone Group. Since formation in 1988, The Lightstone Group has become one of the largest private real estate companies is the United States. THE PROPERTY: o The Barceloneta Outlet Center Mortgaged Property consists of a fee simple interest in an outlet mall consisting of four one-story buildings built in 2000. The improvements contain a total of 176,219 net rentable square feet and are situated on 49.46 acres. The Barceloneta Outlet Center Mortgaged Property is located along the north central coastline of Puerto Rico, with the Atlantic Ocean to the north, the city of Manati to the east, the city of Florida to the south and the city of Arecibo to the west. San Juan is 36 miles to the east via State Road No. 22. o The Barceloneta Outlet Center Borrower is generally required at its sole cost and expense to keep the Barceloneta Outlet Center 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 Prime Retail, L.P. manages the Barceloneta Outlet Center Mortgaged Property. Prime Retail, founded in 1988 and headquartered in Baltimore, currently manages approximately 10.2 million square feet of space located in 23 states, including 36 outlet centers and 154,000 square feet of office space. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - -------------------------------------------------------------------------------- This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 2005-4 - -------------------------------------------------------------------------------- COLLATERAL TERM SHEET BARCELONETA OUTLET CENTER - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information and none of Banc of America Securities LLC, Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the "Underwriters") is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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 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 (This Page Intentionally Left Blank)