JP Morgan Chase Commercial Mortgage Securities
Filed: 14 Sep 05, 12:00am
SEPTEMBER 9, 2005 JPMCC 2005-LDP4 STRUCTURAL AND COLLATERAL TERM SHEET -------------------------- $2,095,407,000 (Approximate) J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-LDP4 -------------------------- JPMORGAN CHASE BANK, N.A. LASALLE BANK NATIONAL ASSOCIATION EUROHYPO AG, NEW YORK BRANCH PNC BANK, NATIONAL ASSOCIATION KEYBANK NATIONAL ASSOCIATION ARTESIA MORTGAGE CAPITAL CORPORATION Mortgage Loan Sellers JPMORGAN ABN AMRO INCORPORATED DEUTSCHE BANK SECURITIES KEYBANC CAPITAL MARKETS PNC CAPITAL MARKETS, INC. The analysis in this report is based on information provided by JPMorgan Chase Bank, N.A., LaSalle Bank National Association, Eurohypo AG, New York Branch, PNC Bank, National Association, KeyBank National Assocation, and Artesia Mortgage Capital Corporation (the "Sellers"). The information contained herein is qualified in its entirety by the information in the prospectus and prospectus supplement for this transaction. The information contained herein supersedes any previous such information delivered to you. These materials are subject to change, completion or amendment from time to time. Any investment decision with respect to the securities should be made by you based solely upon the information contained in the final prospectus and prospectus supplement relating to the securities. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been prepared in reliance upon information furnished by the issuer and the Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials' appropriateness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of J.P. Morgan Securities Inc., ABN AMRO Incorporated, Deutsche Bank Securities Inc., KeyBanc Capital Markets, a Division of McDonald Investments Inc. and PNC Capital Markets, Inc. (the "Underwriters") or any of their affiliates makes any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. THIS INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER OF THE SECURITIES OR ANY OF ITS AFFILIATES OR ANY OF THE MORTGAGE LOAN SELLERS. THE UNDERWRITERS ARE NOT ACTING AS AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 KEY FEATURES <TABLE> CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner) ABN AMRO Incorporated CO-MANAGERS: Deutsche Bank Securities Inc. KeyBanc Capital Markets, a Division of McDonald Investments Inc. PNC Capital Markets, Inc. MORTGAGE LOAN SELLERS: JPMorgan Chase Bank, N.A. (36.3%); LaSalle Bank National Association (23.4%); Eurohypo AG, New York Branch (14.6%); PNC Bank, National Association (13.5%); KeyBank National Association (8.0%); Artesia Mortgage Capital Corporation (4.3%) MASTER SERVICERS: GMAC Commercial Mortgage Corporation with respect to 63.9% of the cut-off date principal balance of the mortgage loans Midland Loan Services, Inc. with respect to 36.1% of the cut-off date principal balance of the mortgage loans SPECIAL SERVICER: J. E. Robert Company, Inc. TRUSTEE: Wells Fargo Bank, N.A. PAYING AGENT: LaSalle Bank National Association RATING AGENCIES: Moody's Investors Service, Inc./ Fitch, Inc./ Dominion Bond Rating Service, Inc. PRICING DATE: On or about September 21, 2005 CLOSING DATE: On or about September 29, 2005 CUT-OFF DATE: With respect to each mortgage loan, the related due date of that mortgage loan in September 2005, or with respect to those loans have their first payment date in either October or November 2005, the later of September 1, 2005 or the origination date. DISTRIBUTION DATE: 15th of each month, or if the 15th day is not a business day, on the next succeeding business day, beginning in October 2005 PAYMENT DELAY: 15 days and with respect to the Class A-MFL Certificates, none TAX STATUS: REMIC ERISA CONSIDERATION: It is expected that the Offered Certificates will be ERISA eligible OPTIONAL TERMINATION: 1.0% (Clean-up Call) MINIMUM DENOMINATIONS: $10,000 ($1,000,000 in the case of Class X-2) SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking </TABLE> COLLATERAL CHARACTERISTICS <TABLE> COLLATERAL CHARACTERISTICS MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2 - -------------------------------------------------------------- ------------------- ------------------- ----------------- INITIAL POOL BALANCE (IPB): $2,704,754,880 $2,308,406,670 $396,348,210 NUMBER OF MORTGAGE LOANS: 186 149 37 NUMBER OF MORTGAGED PROPERTIES: 244 204 40 AVERAGE CUT-OFF DATE BALANCE PER MORTGAGE LOAN: $14,541,693 $15,492,662 $10,712,114 AVERAGE CUT-OFF DATE BALANCE PER PROPERTY: $11,085,061 $11,315,719 $9,908,705 WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.1871% 5.1670% 5.3042% WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.49x 1.51x 1.35x WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 73.1% 72.3% 77.4% WEIGHTED AVERAGE MATURITY DATE LTV(1): 66.0% 65.1% 71.2% WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(2): 105 104 109 WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(3): 347 346 354 WEIGHTED AVERAGE SEASONING (MONTHS): 1 1 2 10 LARGEST MORTGAGE LOANS AS % OF IPB: 38.5% 44.3% 56.8% % OF MORTGAGE LOANS WITH ADDITIONAL DEBT: 11.2% 7.5% 32.6% % OF MORTGAGE LOANS WITH SINGLE TENANTS(4): 14.1% 16.6% 0.0% </TABLE> - -------- (1) Excludes the fully amortizing mortgage loans. (2) Calculated with respect to the respective Anticipated Repayment Date for the ARD Loans. (3) Excludes mortgage loans that are interest only for the entire term. (4) Based on the allocated loan amounts. 2 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 APPROXIMATE SECURITIES STRUCTURE PUBLICLY OFFERED CLASSES - ------------------------ <TABLE> EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S / FITCH / DBRS) AMOUNT(1) (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3) ----- ------------------------ ---------------- ----------------- -------------------- ---------------- A-1 Aaa/AAA/AAA $85,160,000 30.000% 2.58 10/05 - 05/10 A-2 Aaa/AAA/AAA $427,323,000 30.000% 4.80 06/10 - 08/10 A-3 Aaa/AAA/AAA $254,929,000 30.000% 6.28 06/11 - 05/13 A-4 Aaa/AAA/AAA $597,343,000 30.000% 9.84 11/14 - 08/15 A-SB Aaa/AAA/AAA $132,225,000 30.000% 6.98 05/10 - 11/14 A-M Aaa/AAA/AAA $170,475,000 20.000% 9.89 08/15 - 09/15 A-MFL Aaa/AAA/AAA $100,000,000 20.000% 9.89 08/15 - 09/15 A-J Aaa/AAA/AAA $206,238,000 12.375% 9.96 09/15 - 09/15 X-2 Aaa/AAA/AAA $2,622,650,000 N/A N/A N/A B Aa2/AA/AA $50,714,000 10.500% 9.96 09/15 - 09/15 C Aa3/AA-/AA (low) $23,667,000 9.625% 9.96 09/15 - 09/15 D A2/A/A $47,333,000 7.875% 9.96 09/15 - 09/15 </TABLE> PRIVATELY OFFERED CLASSES - ------------------------- <TABLE> EXPECTED RATINGS APPROXIMATE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S / FITCH / DBRS) FACE AMOUNT(1) (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3) ----- ------------------------ -------------- ----------------- -------------------- ---------------- X-1 Aaa/AAA/AAA $2,704,754,880 N/A N/A N/A A-1A Aaa/AAA/AAA $396,348,000 30.000% N/A N/A E A3/A-/A (low) $23,667,000 7.000% N/A N/A F Baa1/BBB+/BBB (high) $40,571,000 5.500% N/A N/A G Baa2/BBB/BBB $27,047,000 4.500% N/A N/A H Baa3/BBB-/BBB (low) $30,429,000 3.375% N/A N/A J Ba1/BB+/BB (high) $10,143,000 3.000% N/A N/A K Ba2/BB/BB $13,524,000 2.500% N/A N/A L Ba3/BB-/BB (low) $13,523,000 2.000% N/A N/A M B1/B+/B (high) $3,381,000 1.875% N/A N/A N B2/B/B $6,762,000 1.625% N/A N/A P B3/B-/B (low) $10,143,000 1.250% N/A N/A NR NR/NR/NR $33,809,880 N/A N/A N/A </TABLE> (1) Approximate, subject to a permitted variance of plus or minus 10%. (2) The credit support percentages set forth for Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates are represented in the aggregate. Additionally, the credit support percentages set forth for Class A-M and Class A-MFL certificates are represented in the aggregate. (3) The weighted average life and period during which distributions of principal would be received with respect to each class of certificates is based on the assumptions set forth under "Yield and Maturity Considerations-Weighted Average Life" in the prospectus supplement, and the assumptions that (a) there are no prepayments (other than on each anticipated repayment date, if any) or losses on the mortgage loans, (b) each mortgage loan pays off on its scheduled maturity date or anticipated repayment date and (c) no excess interest is generated on the mortgage loans. 3 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 STRUCTURAL OVERVIEW o For the purposes of making distributions to the Class A-1, A-2, A-3, A-4, A-SB and A-1A Certificates, the pool of mortgage loans will be deemed to consist of two loan groups ("Loan Group 1" and "Loan Group 2"). Generally, interest and principal distributions on the Class A-1, A-2, A-3, A-4 and A-SB Certificates will be based on amounts available relating to Loan Group 1 and interest and principal distributions on the Class A-1A Certificates will be based on amounts available relating to Loan Group 2. o Interest payments will be made concurrently to the Class A-1, A-2, A-3, A-4, A-SB and A-1A Certificates (pro rata to the Class A-1, A-2, A-3, A-4 and A-SB Certificates, from Loan Group 1, and to the Class A-1A Certificates from Loan Group 2, the foregoing classes, collectively, the "Class A Certificates"), Class X-1 and X-2 Certificates and then, after payment of the principal distribution amount to such Classes (other than the Class X-1 and X-2 Certificates), interest will be paid to the Class A-M Certificates and the Class A-MFL Regular Interest (and the fixed interest payment on the Class A-MFL Regular Interest will be converted under a swap contract to a floating interest payment to the Class A-MFL Certificates as described in the prospectus supplement), pro rata, and then, after payment of the principal distribution amount to such Classes, pro rata, interest will be paid sequentially to the Class A-J, B, C, D, E, F, G, H, J, K, L, M, N, P and NR Certificates. o The pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, 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 P and Class NR Certificates and Class A-MFL Regular Interest will equal one of (i) a fixed rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) a rate equal to the lesser of a specified fixed pass-through rate and the rate described in clause (ii) above or (iv) the rate described in clause (ii) above less a specified percentage. In the aggregate, the Class X-1 and Class X-2 Certificates will receive the net interest on the mortgage loans in excess of the interest paid on the other Certificates. o The pass-through rate on the Class A-MFL Certificates will be based on LIBOR plus a specified percentage, provided, that interest payments made under the swap contract are subject to reduction as described in the prospectus supplement. The initial LIBOR rate will be determined 2 LIBOR business days prior to the Closing Date and subsequent LIBOR rates will be determined 2 LIBOR business days before the start of the Class A-MFL interest accrual period. Under certain circumstances described in the prospectus supplement, the pass-through rate for the Class A-MFL Certificates may convert to a fixed rate. See "Description of the Swap Contract--The Swap Contract" in the prospectus supplement. There may be special requirements under ERISA for purchasing the Class A-MFL Certificates. See "Certain ERISA Considerations" in the prospectus supplement. o All Classes, except for the Class A-MFL Certificates, will accrue interest on a 30/360 basis. The Class A-MFL Certificates will accrue interest on an actual/360 basis; provided that if the pass-through rate for the Class A-MFL Certificates converts to a fixed rate, interest will accrue on a 30/360 basis. o Generally, the Class A-1, A-2, A-3, A-4 and A-SB Certificates will be entitled to receive distributions of principal collected or advanced only 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 be entitled to receive distributions of principal collected or advanced only in respect of mortgage loans in Loan Group 2 until the certificate balance of the Class A-4 and Class A-SB Certificates has been reduced to zero. However, on any distribution date on which the certificate balances of the Class A-M Certificates through Class NR Certificates and the Class A-MFL Regular Interest have been reduced to zero, distributions of principal collected or advanced in respect of the mortgage loans will be distributed (without regard to loan group) to the Class A-1, A-2, A-3, A-4, A-SB and A-1A Certificates on a pro rata basis. Principal will generally be distributed on each Distribution Date to the Class of Certificates outstanding with the earliest alphabetical and numerical class designation until its certificate balance is reduced to zero (except that the Class A-SB Certificates are entitled to certain priority with respect to being paid down to their planned principal balance as described in the prospectus supplement). After the certificate balances of the Class A-1, A-2, A-3, A-4, A-SB and A-1A Certificates have been reduced to zero, principal payments will be paid to the Class A-M and Class A-MFL Regular Interest, pro rata, until the certificate balances for such classes have been reduced to zero and then sequentially to the Class A-J, B, C, D, E, F, G, H, J, K, L, M, N, P and NR Certificates, until the certificate balance for each such Class has been reduced to zero. The Class X-1 and Class X-2 Certificates do not have a certificate balance and therefore are not entitled to any principal distributions. 4 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 o Losses will be borne by the Classes (other than the Class X-1 and X-2 Certificates) in reverse sequential order, from the Class NR Certificates up to the Class A-J Certificates, then pro rata to the Class A-M and Class A-MFL Certificates, and then, pro rata, to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates (without regard to loan group or the Class A-SB planned principal balance). o Yield Maintenance Charges calculated by reference to a U.S. Treasury rate, to the extent received, will be allocated first to the offered certificates (other than the Class A-MFL Certificates and the Class X-2 Certificates) and the A-MFL Regular Interest and the Class A-1A, E, F, G and H Certificates in the following manner: the holders of each class of offered certificates (other than the Class A-MFL Certificates and the Class X-2 Certificates) and the A-MFL Regular Interest and the Class A-1A, E, F, G, and H Certificates will receive (with respect to the related Loan Group, if applicable in the case of the Class A-1, A-2, A-3, A-4, A-SB and A-1A Certificates) on each Distribution Date an amount of Yield Maintenance Charges determined in accordance with the formula specified below (with any remaining amount payable to the Class X-1 Certificates). Any Yield Maintenance Charges payable to the A-MFL Regular Interest will be paid to the Swap Counterparty. <TABLE> YM Group Principal Paid to Class (Pass-Through Rate on Class -- Discount Rate) x ------------------------------- x ---------------------------------------------- Charge Group Total Principal Paid (Mortgage Rate on Loan -- Discount Rate) </TABLE> o Any prepayment penalties based on a percentage of the amount being prepaid will be distributed to the Class X-1 certificates. o The transaction will provide for a collateral value adjustment feature (an appraisal reduction amount calculation) for problem or delinquent mortgage loans. Under certain circumstances, the special servicer will be required to obtain a new appraisal and to the extent any such appraisal results in a downward adjustment of the collateral value, the interest portion of any P&I Advance will be reduced in proportion to such adjustment. 5 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS <TABLE> CUT-OFF DATE PRINCIPAL BALANCE RANGE OF NUMBER PRINCIPAL % OF WA WA UW PRINCIPAL BALANCES OF LOANS BALANCE IPB LTV DSCR - --------------------------------- ---------- ----------------- --------- ---------- ---------- $1,080,000 - $2,999,999 40 $ 83,244,935 3.1% 66.5% 1.47x $3,000,000 - $3,999,999 23 77,645,113 2.9 71.8% 1.37x $4,000,000 - $4,999,999 15 67,256,934 2.5 70.7% 1.45x $5,000,000 - $6,999,999 20 118,473,476 4.4 74.4% 1.38x $7,000,000 - $9,999,999 22 181,341,295 6.7 74.8% 1.35x $10,000,000 - $14,999,999 26 319,381,195 11.8 75.2% 1.44x $15,000,000 - $24,999,999 17 336,004,758 12.4 72.4% 1.49x $25,000,000 - $49,999,999 12 429,937,985 15.9 73.7% 1.53x $50,000,000 - $149,999,999 10 741,739,189 27.4 71.7% 1.46x $150,000,000 - $349,730,000 1 349,730,000 12.9 75.1% 1.67x - --------------------------------- -- -------------- ------ ----- ----- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x - --------------------------------- --- -------------- ------ ----- ----- AVERAGE BALANCE PER LOAN: $ 14,541,693 AVERAGE BALANCE PER PROPERTY: $ 11,085,061 </TABLE> <TABLE> RANGE OF MORTGAGE INTEREST RATES RANGE OF MORTGAGE NUMBER PRINCIPAL % OF WA WA UW INTEREST RATES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ------------ ----------------- ---------- ---------- ---------- 4.7000% - 4.9999% 13 $ 324,239,385 12.0% 67.0% 1.65x 5.0000% - 5.2499% 77 1,461,297,817 54.0 73.1% 1.50x 5.2500% - 5.4999% 70 670,022,239 24.8 76.5% 1.36x 5.5000% - 5.9999% 25 242,199,350 9.0 71.5% 1.53x 6.3251% - 7.3600% 1 6,996,089 0.3 75.8% 1.25x - -------------------------- ------ -------------- ------ ----- ----- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x - -------------------------- ------ -------------- ------ ----- ----- WA INTEREST RATE: 5.1871% </TABLE> <TABLE> ORIGINAL TERM TO MATURITY/ARD IN MONTHS RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 60 8 $ 443,678,868 16.4% 74.0% 1.68x 61 - 84 17 376,524,971 13.9 73.5% 1.49x 85 - 120 152 1,808,259,775 66.9 73.0% 1.44x 121 - 180 6 53,525,677 2.0 69.3% 1.36x 181 - 240 3 22,765,590 0.8 64.7% 1.53x - -------------------------- --- -------------- ------ ----- ----- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x - -------------------------- --- -------------- ------ ----- ----- WA ORIGINAL LOAN TERM: 106 </TABLE> <TABLE> GEOGRAPHIC DISTRIBUTION NUMBER PRINCIPAL % OF WA WA UW GEOGRAPHIC LOCATION OF PROPERTIES BALANCE IPB LTV DSCR - -------------------------- --------------- ----------------- ---------- ---------- ---------- CALIFORNIA 26 $ 333,055,851 12.3% 72.1% 1.38x Southern 20 271,222,714 10.0 70.8% 1.41x Northern 6 61,833,137 2.3 77.9% 1.24x TEXAS 37 325,613,602 12.0 74.4% 1.48x PENNSYLVANIA 14 247,884,738 9.2 77.0% 1.49x VIRGINIA 12 202,095,515 7.5 74.6% 1.60x NEW JERSEY 8 149,757,255 5.5 72.1% 1.43x MASSACHUSETTES 4 149,129,971 5.5 68.8% 1.44x OTHER 143 1,297,217,948 48.0 72.6% 1.51x - -------------------------- --- -------------- ------ ----- ----- TOTAL/WEIGHTED AVERAGE: 244 $2,704,754,880 100.0% 73.1% 1.49x </TABLE> <TABLE> UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS RANGE OF NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- --------- ---------- ---------- 1.18X - 1.19X 2 $ 43,575,000 1.6% 79.4% 1.19x 1.20X - 1.29X 53 659,232,301 24.4 75.9% 1.24x 1.30X - 1.39X 50 501,500,168 18.5 75.5% 1.34x 1.40X - 1.49X 31 462,961,371 17.1 71.0% 1.43x 1.50X - 1.69X 28 677,609,248 25.1 75.1% 1.62x 1.70X - 1.99X 17 312,508,438 11.6 65.1% 1.80x 2.00X - 2.99X 4 11,368,354 0.4 49.4% 2.10x 3.00X - 3.60X 1 36,000,000 1.3 46.5% 3.60x - -------------------------- ---- -------------- ----- ----- ----- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x - -------------------------- ---- -------------- ----- ----- ----- WA UW DSCR: 1.49X </TABLE> <TABLE> REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 57 - 60 8 $ 443,678,868 16.4% 74.0% 1.68x 61 - 84 17 376,524,971 13.9 73.5% 1.49x 85 - 120 152 1,808,259,775 66.9 73.0% 1.44x 121 - 180 6 53,525,677 2.0 69.3% 1.36x 181 - 240 3 22,765,590 0.8 64.7% 1.53x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x - -------------------------- --- -------------- ----- ---- ---- WA REMAINING TERM: 105 </TABLE> <TABLE> PROPERTY TYPE DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------------------- RETAIL Anchored 52 $712,659,246 26.3% 73.2% 1.56x Unanchored 32 171,712,330 6.3 73.9% 1.45x Shadow Anchored 15 73,918,292 2.7 75.2% 1.37x ------------------------------------------------------------------------------------ Subtotal 99 $958,289,868 35.4% 73.5% 1.52x - ---------------------------------------------------------------------------------------------------------------- OFFICE Suburban 40 $548,555,932 20.3% 73.9% 1.39x CBD 7 251,343,574 9.3 72.6% 1.43x ------------------------------------------------------------------------------------ Subtotal 47 $799,899,506 29.6% 73.5% 1.40x - ---------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 46 $501,337,943 18.5% 77.2% 1.35x ------------------------------------------------------------------------------------ Subtotal 46 $501,337,943 18.5% 77.2% 1.35x - ---------------------------------------------------------------------------------------------------------------- INDUSTRIAL Warehouse/Distribution 26 $254,430,529 9.4% 68.6% 1.55x Flex 11 46,159,701 1.7 68.6% 1.46x ------------------------------------------------------------------------------------ Subtotal 37 $300,590,230 11.1% 68.6% 1.54x - ---------------------------------------------------------------------------------------------------------------- HOTEL Full Service 2 $89,100,000 3.3% 60.1% 2.48x ------------------------------------------------------------------------------------ Subtotal 2 $89,100,000 3.3% 60.1% 2.48x - ---------------------------------------------------------------------------------------------------------------- SELF STORAGE Self Storage 11 $51,965,974 1.9% 68.8% 1.46x ------------------------------------------------------------------------------------ Subtotal 11 $51,965,974 1.9% 68.8% 1.46x - ---------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 2 $3,571,360 0.1% 66.7% 1.47x ------------------------------------------------------------------------------------ Subtotal 2 $3,571,360 0.1% 66.7% 1.47x - ---------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 244 $2,704,754,880 100.0% 73.1% 1.49x </TABLE> 6 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS <TABLE> ORIGINAL AMORTIZATION TERM IN MONTHS(1) RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 120 - 240 11 $ 133,279,226 6.9% 64.4% 1.74x 241 - 300 11 93,402,449 4.9 66.6% 1.44x 331 - 360 140 1,694,028,447 88.2 74.1% 1.36x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 162 $1,920,710,122 100.0% 73.1% 1.39x - -------------------------- --- -------------- ----- ---- ---- WA ORIGINAL AMORT TERM: 347 </TABLE> <TABLE> LTV RATIOS AS OF THE CUT-OFF DATE RANGE OF NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ---------------- ---------- ---------- ---------- 28.0% - 50.0% 7 $ 46,643,664 1.7% 44.7% 3.21x 50.1% - 60.0% 14 103,065,952 3.8 57.6% 1.72x 60.1% - 65.0% 16 189,601,633 7.0 63.3% 1.60x 65.1% - 70.0% 23 484,781,829 17.9 68.3% 1.51x 70.1% - 75.0% 35 394,018,945 14.6 73.6% 1.36x 75.1% - 80.0% 88 1,460,080,555 54.0 77.6% 1.43x 80.1% - 82.9% 3 26,562,302 1.0 81.7% 1.43x - ----------------------------- ----- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x - ----------------------------- ----- -------------- ----- ---- ---- WA CUT-OFF DATE LTV RATIO: 73.1% </TABLE> <TABLE> AMORTIZATION TYPES NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - --------------------------- ---------- ------------------- ---------- ---------- ---------- BALLOON LOANS PARTIAL INTEREST-ONLY(4) 68 $1,074,686,900 39.7% 74.8% 1.33x BALLOON(2,5) 87 820,489,044 30.3 71.5% 1.46x INTEREST-ONLY(6) 24 784,044,758 29.0 73.1% 1.72x SUBTOTAL 179 $2,679,220,702 99.1% 73.3% 1.49x - --------------------------- ------ -------------- ------ ------ ------ FULLY AMORTIZING 7 $ 25,534,178 0.9% 52.1% 1.65x - --------------------------- ------ -------------- ------ ------ ------ TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x </TABLE> <TABLE> PARTIAL INTEREST-ONLY PERIODS PARTIAL NUMBER PRINCIPAL % OF WA WA UW INTEREST-ONLY PERIODS OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 12 12 $ 144,362,900 13.4% 72.4% 1.38x 13 - 24 22 234,556,000 21.8 74.3% 1.37x 25 - 36 14 155,253,000 14.4 76.6% 1.29x 37 - 48 2 30,200,000 2.8 74.3% 1.45x 49 - 60 18 510,315,000 47.5 75.1% 1.30x - -------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 68 $1,074,686,900 100.0% 74.8% 1.33x </TABLE> <TABLE> REMAINING AMORTIZATION TERM IN MONTHS(1) RANGE OF REMAINING NUMBER PRINCIPAL WA WA UW AMORTIZATION TERM OF LOANS BALANCE % OF IPB LTV DSCR - --------------------------- ---------- ----------------- ----------- ---------- ---------- 120 - 240 11 $ 133,279,226 6.9% 64.4% 1.74x 241 - 300 11 93,402,449 4.9 66.6% 1.44x 331 - 360 140 1,694,028,447 88.2 74.1% 1.36x - --------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 162 $1,920,710,122 100.0% 73.1% 1.39x - --------------------------- --- -------------- ----- ---- ---- WA REMAINING AMORT TERM: 347 </TABLE> <TABLE> LTV RATIOS AS OF THE MATURITY/ARD DATE(3) RANGE OF NUMBER PRINCIPAL % OF WA WA UW MATURITY LTV OF LOANS BALANCE IPB LTV DSCR - ------------------------------------- ---------- ----------------- --------- ---------- ---------- 34.4% - 50.0% 18 $ 259,020,182 9.7% 61.5% 1.93x 50.1% - 60.0% 38 276,425,919 10.3 66.0% 1.53x 60.1% - 70.0% 83 1,112,716,602 41.5 74.0% 1.39x 70.1% - 80.0% 40 1,031,058,000 38.5 77.4% 1.47x - ------------------------------------- ---- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 179 $2,679,220,702 100.0% 73.3% 1.49x - ------------------------------------- ---- -------------- ----- ---- ---- WA LTV RATIO AT MATURITY/ARD DATE: 66.0% </TABLE> <TABLE> YEAR BUILT/RENOVATED(7) RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- ---------------- ---------- ---------- ---------- 1956 - 1959 1 $ 2,300,000 0.1% 63.0% 1.49x 1960 - 1969 7 25,429,113 0.9 64.0% 1.65x 1970 - 1979 15 147,893,349 5.5 76.3% 1.33x 1980 - 1989 48 643,690,327 23.8 74.9% 1.45x 1990 - 1999 48 698,558,213 25.8 71.9% 1.57x 2000 - 2005 125 1,186,883,879 43.9 72.6% 1.47x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 244 $2,704,754,880 100.0% 73.1% 1.49x </TABLE> <TABLE> PREPAYMENT PROTECTION NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - ------------------------------- ---------- ----------------- ---------- ---------- ---------- DEFEASANCE 162 $2,137,493,358 79.0% 73.0% 1.45x DEFEASANCE/YIELD MAINTENANCE 2 360,050,000 13.3 75.2% 1.67x YIELD MAINTENANCE 22 207,211,522 7.7 70.5% 1.55x - ------------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 186 $2,704,754,880 100.0% 73.1% 1.49x </TABLE> (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans that pay interest-only for a portion of their term. (3) Excludes the fully amortizing mortgage loans. (4) Includes 3 partial interest-only ARD loans representing approximately 2.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (5) Includes 8 amortizing ARD loans representing approximately 0.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (6) Includes 1 interest-only ARD loan representing approximately 0.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (7) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. 7 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 CUT-OFF DATE PRINCIPAL BALANCE <TABLE> RANGE OF NUMBER PRINCIPAL WA WA UW PRINCIPAL BALANCES OF LOANS BALANCE % OF IPB LTV DSCR - --------------------------------- ---------- ----------------- ----------- ---------- ---------- $1,060,000 - $2,999,999 34 $ 70,609,488 3.1% 68.0% 1.48x $3,000,000 - $3,999,999 20 67,110,741 2.9 71.4% 1.37x $4,000,000 - $4,999,999 13 58,310,632 2.5 69.4% 1.48x $5,000,000 - $6,999,999 17 100,377,388 4.3 74.0% 1.40x $7,000,000 - $9,999,999 14 113,736,295 4.9 75.0% 1.33x $10,000,000 - $14,999,999 18 229,740,195 10.0 73.8% 1.44x $15,000,000 - $24,999,999 12 248,414,758 10.8 70.2% 1.52x $25,000,000 - $49,999,999 11 396,637,985 17.2 73.2% 1.56x $50,000,000 - $149,999,999 9 673,739,189 29.2 70.8% 1.49x $150,000,000 - $349,730,000 1 349,730,000 15.2 75.1% 1.67x - --------------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x - --------------------------------- --- -------------- ----- ---- ---- AVERAGE BALANCE PER LOAN: $ 15,492,662 AVERAGE BALANCE PER PROPERTY: $ 11,315,719 </TABLE> RANGE OF MORTGAGE INTEREST RATES <TABLE> RANGE OF MORTGAGE NUMBER PRINCIPAL % OF WA WA UW INTEREST RATES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ------------ ----------------- ---------- ---------- ---------- 4.7000% - 4.9999% 10 $ 309,900,020 13.4% 67.2% 1.66x 5.0000% - 5.2499% 63 1,253,560,307 54.3 72.3% 1.53x 5.2500% - 5.4999% 58 558,051,007 24.2 76.4% 1.37x 5.5000% - 5.9700% 18 186,895,337 8.1 69.1% 1.56x - -------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x - -------------------------- --- -------------- ----- ---- ---- WA INTEREST RATE: 5.1670% </TABLE> ORIGINAL TERM TO MATURITY/ARD IN MONTHS <TABLE> RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 60 6 $ 427,578,868 18.5% 73.8% 1.68x 61 - 84 8 258,454,971 11.2 70.9% 1.50x 85 - 120 130 1,570,108,020 68.0 72.4% 1.47x 121 - 180 3 36,495,311 1.6 70.0% 1.25x 181 - 240 2 15,769,501 0.7 59.8% 1.65x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x - -------------------------- --- -------------- ----- ---- ---- WA ORIGINAL LOAN TERM: 105 </TABLE> GEOGRAPHIC DISTRIBUTION <TABLE> NUMBER PRINCIPAL % OF WA WA UW GEOGRAPHIC LOCATION OF PROPERTIES BALANCE IPB LTV DSCR - -------------------------- --------------- ----------------- ---------- ---------- ---------- CALIFORNIA 25 $ 331,232,714 14.3% 72.1% 1.38x SOUTHERN 20 271,222,714 11.7 70.8% 1.41x NORTHERN 5 60,010,000 2.6 78.2% 1.24x TEXAS 25 205,666,002 8.9 71.9% 1.52x VIRGINIA 11 193,445,515 8.4 74.5% 1.61x PENNSYLVANIA 13 179,884,738 7.8 75.8% 1.60x NEW JERSEY 8 149,757,255 6.5 72.1% 1.43x MASSACHUSETTES 4 149,129,971 6.5 68.8% 1.44x ILLINOIS 7 121,819,731 5.3 75.6% 1.49x OTHER 111 977,470,745 42.3 71.6% 1.54x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 204 $2,308,406,670 100.0% 72.3% 1.51x </TABLE> UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS <TABLE> RANGE OF NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- --------- ---------- ---------- 1.19X - 1.19X 1 $ 38,775,000 1.7% 79.8% 1.19x 1.20X - 1.29X 39 476,743,764 20.7 75.3% 1.25x 1.30X - 1.39X 42 442,051,496 19.1 75.5% 1.34x 1.40X - 1.49X 26 408,951,371 17.7 70.1% 1.43x 1.50X - 1.69X 20 584,808,248 25.3 74.4% 1.64x 1.70X - 1.99X 16 309,708,438 13.4 65.5% 1.80x 2.00X - 2.99X 4 11,368,354 0.5 49.4% 2.10x 3.00X - 3.60X 1 36,000,000 1.6 46.5% 3.60x - -------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x - -------------------------- --- -------------- ----- ---- ---- WA UW DSCR: 1.51X </TABLE> REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS <TABLE> RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 57 - 60 6 $ 427,578,868 18.5% 73.8% 1.68x 61 - 84 8 258,454,971 11.2 70.9% 1.50x 85 - 120 130 1,570,108,020 68.0 72.4% 1.47x 121 - 180 3 36,495,311 1.6 70.0% 1.25x 181 - 240 2 15,769,501 0.7 59.8% 1.65x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x - -------------------------- --- -------------- ----- ---- ---- WA REMAINING TERM: 104 </TABLE> PROPERTY TYPE DISTRIBUTION <TABLE> NUMBER OF PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------------------- RETAIL Anchored 52 $ 712,659,246 30.9% 73.2% 1.56x Unanchored 32 171,712,330 7.4 73.9% 1.45x Shadow Anchored 15 73,918,292 3.2 75.2% 1.37x ----------------------------------------------------------------------------------- Subtotal 99 $ 958,289,868 41.5% 73.5% 1.52x - ---------------------------------------------------------------------------------------------------------------- OFFICE Suburban 40 $ 548,555,932 23.8% 73.9% 1.39x CBD 7 251,343,574 10.9 72.6% 1.43x ----------------------------------------------------------------------------------- Subtotal 47 $ 799,899,506 34.7% 73.5% 1.40x - ---------------------------------------------------------------------------------------------------------------- INDUSTRIAL Warehouse /DISTRIBUTION 26 $ 254,430,529 11.0% 68.6% 1.55x Flex 11 46,159,701 2.0 68.6% 1.46x ----------------------------------------------------------------------------------- Subtotal 37 $ 300,590,230 13.0% 68.6% 1.54x - ---------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 7 $ 106,812,871 4.6% 76.5% 1.35x ----------------------------------------------------------------------------------- Subtotal 7 $ 106,812,871 4.6% 76.5% 1.35x - ---------------------------------------------------------------------------------------------------------------- HOTEL Full Service 2 $ 89,100,000 3.9% 60.1% 2.48x ----------------------------------------------------------------------------------- Subtotal 2 $ 89,100,000 3.9% 60.1% 2.48x - ---------------------------------------------------------------------------------------------------------------- SELF STORAGE Self Storage 11 $ 51,965,974 2.3% 68.8% 1.46x ----------------------------------------------------------------------------------- Subtotal 11 $ 51,965,974 2.3% 68.8% 1.46x - ---------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 1 $ 1,748,222 0.1% 66.5% 1.70x ----------------------------------------------------------------------------------- Subtotal 1 $ 1,748,222 0.1% 66.5% 1.70x - ---------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 204 $2,308,406,670 100.0% 72.3% 1.51x </TABLE> 8 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 COLLATERAL CHARACTERISTICS -- LOAN GROUP (1) <TABLE> ORIGINAL AMORTIZATION TERM IN MONTHS(1) RANGE OF NUMBER PRINCIPAL % OF WA WA UW ORIGINAL AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - ---------------------------- ---------- ----------------- ---------- ---------- ---------- 120 - 240 8 $ 123,789,860 7.5% 65.4% 1.75x 241 - 300 9 88,431,365 5.4 66.1% 1.45x 331 - 360 118 1,432,610,687 87.1 73.5% 1.38x - ---------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 135 $1,644,831,912 100.0% 72.5% 1.41x - ---------------------------- --- -------------- ----- ---- ---- WA ORIGINAL AMORT TERM: 346 </TABLE> <TABLE> LTV RATIOS AS OF THE CUT-OFF DATE RANGE OF NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ---------------- ---------- ---------- ---------- 29.1% - 50.0% 6 $ 43,843,664 1.9% 45.7% 3.29x 50.1% - 60.0% 13 100,176,586 4.3 57.7% 1.73x 60.1% - 65.0% 15 179,726,633 7.8 63.3% 1.62x 65.1% - 70.0% 19 469,760,060 20.3 68.4% 1.52x 70.1% - 75.0% 33 369,268,945 16.0 73.6% 1.35x 75.1% - 80.0% 62 1,134,555,782 49.1 77.3% 1.46x 80.1% - 81.7% 1 11,075,000 0.5 81.7% 1.33x - ----------------------------- ---- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x - ----------------------------- ---- -------------- ----- ---- ---- WA CUT-OFF DATE LTV RATIO: 72.3% </TABLE> <TABLE> AMORTIZATION TYPES NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - --------------------------- ---------- ------------------- ---------- ---------- ---------- BALLOON LOANS PARTIAL INTEREST-ONLY(4) 55 $ 860,220,900 37.3% 74.1% 1.34x BALLOON(2,5) 75 764,766,201 33.1 71.1% 1.47x INTEREST-ONLY(6) 14 663,574,758 28.7 72.0% 1.77x SUBTOTAL 144 $2,288,561,859 99.1% 72.5% 1.51x - --------------------------- ------ -------------- ------ ------ ------ FULLY AMORTIZING 5 $ 19,844,812 0.9% 55.4% 1.65x - --------------------------- ------ -------------- ------ ------ ------ TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x </TABLE> <TABLE> PARTIAL INTEREST-ONLY PERIODS RANGE OF PARTIAL NUMBER PRINCIPAL % OF WA WA UW INTEREST-ONLY PERIODS OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- 12 10 $128,562,900 14.9% 72.0% 1.40x 13 - 24 19 203,715,000 23.7 73.5% 1.37x 25 - 36 7 55,428,000 6.4 78.3% 1.33x 37 - 48 2 30,200,000 3.5 74.3% 1.45x 49 - 60 17 442,315,000 51.4 74.4% 1.31x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 55 $860,220,900 100.0% 74.1% 1.34x </TABLE> <TABLE> REMAINING AMORTIZATION TERM IN MONTHS(1) RANGE OF REMAINING NUMBER OF PRINCIPAL WA WA UW AMORTIZATION TERM LOANS BALANCE % OF IPB LTV DSCR - --------------------------- ------------ ----------------- ----------- ---------- ---------- 120 - 240 8 $ 123,789,860 7.5% 65.4% 1.75x 241 - 300 9 88,431,365 5.4 66.1% 1.45x 331 - 360 118 1,432,610,687 87.1 73.5% 1.38x - --------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 135 $1,644,831,912 100.0% 72.5% 1.41x - --------------------------- --- -------------- ----- ---- ---- WA REMAINING AMORT TERM: 346 </TABLE> <TABLE> LTV RATIOS AS OF THE MATURITY/ARD DATE(3) RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW MATURITY LTV LOANS BALANCE IPB LTV DSCR - ------------------------------------- ------------ ----------------- ---------- ---------- ---------- 34.4% - 50.0% 17 $ 255,220,182 11.2% 61.4% 1.94x 50.1% - 60.0% 32 244,638,688 10.7 65.6% 1.56x 60.1% - 70.0% 70 1,016,864,989 44.4 73.7% 1.39x 70.1% - 80.0% 25 771,838,000 33.7 76.8% 1.51x - ------------------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 144 $2,288,561,859 100.0% 72.5% 1.51x - ------------------------------------- --- -------------- ----- ---- ---- WA LTV RATIO AT MATURITY/ARD DATE: 65.1% </TABLE> <TABLE> YEAR BUILT/RENOVATED(7) RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- ---------------- ---------- ---------- ---------- 1956 - 1959 1 $ 2,300,000 0.1% 63.0% 1.49x 1960 - 1969 5 20,805,975 0.9 68.6% 1.65x 1970 - 1979 10 65,855,058 2.9 72.0% 1.44x 1980 - 1989 38 525,690,327 22.8 74.1% 1.46x 1990 - 1999 43 660,886,238 28.6 71.5% 1.57x 2000 - 2005 107 1,032,869,073 44.7 72.1% 1.50x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 204 $2,308,406,670 100.0% 72.3% 1.51x </TABLE> <TABLE> PREPAYMENT PROTECTION NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - ------------------------------- ---------- ----------------- ---------- ---------- ---------- DEFEASANCE 130 $1,796,914,588 77.8% 72.2% 1.47x DEFEASANCE/YIELD MAINTENANCE 2 360,050,000 15.6 75.2% 1.67x YIELD MAINTENANCE 17 151,442,083 6.6 67.3% 1.63x - ------------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 149 $2,308,406,670 100.0% 72.3% 1.51x </TABLE> (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans that pay interest-only for a portion of their term. (3) Excludes the fully amortizing mortgage loans. (4) Includes 3 partial interest-only ARD loans representing approximately 2.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (5) Includes 8 amortizing ARD loans representing approximately 1.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (6) Includes 1 interest-only ARD loan representing approximately 0.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (7) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. 9 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 <TABLE> CUT-OFF DATE PRINCIPAL BALANCE RANGE OF PRINCIPAL NUMBER OF PRINCIPAL WA WA UW BALANCES LOANS BALANCE % OF IPB LTV DSCR - --------------------------------- ------------ -------------- ----------- ---------- ---------- $1,276,711 - $2,999,999 6 $ 12,635,446 3.2% 58.6% 1.44x $3,000,000 - $3,999,999 3 10,534,373 2.7 74.1% 1.37x $4,000,000 - $4,999,999 2 8,946,302 2.3 79.3% 1.24x $5,000,000 - $6,999,999 3 18,096,089 4.6 76.5% 1.23x $7,000,000 - $9,999,999 8 67,605,000 17.1 74.4% 1.38x $10,000,000 - $14,999,999 8 89,641,000 22.6 78.7% 1.45x $15,000,000 - $24,999,999 5 87,590,000 22.1 78.5% 1.41x $25,000,000 - $49,999,999 1 33,300,000 8.4 79.3% 1.24x $50,000,000 - $68,000,000 1 68,000,000 17.2 80.0% 1.21x - --------------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x - --------------------------------- -- ------------ ----- ---- ---- AVERAGE BALANCE PER LOAN: $ 10,712,114 AVERAGE BALANCE PER PROPERTY: $ 9,908,705 </TABLE> <TABLE> MORTGAGE INTEREST RATES RANGE OF MORTGAGE NUMBER PRINCIPAL % OF WA WA UW INTEREST RATES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ------------ -------------- --------- ---------- ---------- 4.7100% - 4.9999% 3 $ 14,339,366 3.6% 61.8% 1.46x 5.0000% - 5.2499% 14 207,737,510 52.4 78.1% 1.35x 5.2500% - 5.4999% 12 111,971,232 28.3 76.9% 1.31x 5.5000% - 5.9999% 7 55,304,013 14.0 79.8% 1.42x 6.3251% - 7.3600% 1 6,996,089 1.8 75.8% 1.25x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x - -------------------------- -- ------------ ----- ---- ---- WA INTEREST RATE: 5.3042% </TABLE> <TABLE> ORIGINAL TERM TO MATURITY/ARD IN MONTHS RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- -------------- --------- ---------- ---------- 60 2 $ 16,100,000 4.1% 77.3% 1.49x 61 - 84 9 118,070,000 29.8 79.0% 1.48x 85 - 120 22 238,151,755 60.1 77.3% 1.27x 121 - 180 3 17,030,366 4.3 67.6% 1.60x 181 - 216 1 6,996,089 1.8 75.8% 1.25x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x - -------------------------- -- ------------ ----- ---- ---- WA ORIGINAL LOAN TERM: 111 </TABLE> <TABLE> GEOGRAPHIC DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA UW GEOGRAPHIC LOCATION PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------ --------------- ---------- ---------- ---------- TEXAS 12 $119,947,600 30.3% 78.8% 1.43x PENNSYLVANIA 1 68,000,000 17.2 80.0% 1.21x FLORIDA 4 45,337,089 11.4 79.2% 1.45x ARIZONA 3 34,625,000 8.7 71.4% 1.31x KENTUCKY 2 23,750,000 6.0 79.9% 1.27x OTHER 18 104,688,521 26.4 74.6% 1.34x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 40 $396,348,210 100.0% 77.4% 1.35x </TABLE> <TABLE> UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS RANGE OF NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- -------------- --------- ---------- ------- 1.18X - 1.19X 1 $ 4,800,000 1.2% 76.2% 1.18x 1.20X - 1.29X 14 182,488,537 46.0 77.5% 1.23x 1.30X - 1.39X 8 59,448,672 15.0 75.6% 1.33x 1.40X - 1.49X 5 54,010,000 13.6 77.8% 1.46x 1.50X - 1.69X 8 92,801,000 23.4 79.4% 1.55x 1.70X - 1.95X 1 2,800,000 0.7 28.0% 1.95x - -------------------------- ---- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x - -------------------------- ---- ------------ ----- ---- ---- WA UW DSCR: 1.35 </TABLE> <TABLE> REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- -------------- --------- ---------- ---------- 59 - 60 2 $ 16,100,000 4.1% 77.3% 1.49x 61 - 84 9 118,070,000 29.8 79.0% 1.48x 85 - 120 22 238,151,755 60.1 77.3% 1.27x 121 - 180 3 17,030,366 4.3 67.6% 1.60x 181 - 215 1 6,996,089 1.8 75.8% 1.25x - -------------------------- --- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x - -------------------------- --- ------------ ----- ---- ---- WA REMAINING TERM: 109 </TABLE> <TABLE> PROPERTY TYPE DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - ---------------- -------------------- ------------ --------------- ---------- ---------- ---------- MULTIFAMILY Garden 39 $394,525,072 99.5% 77.4% 1.35x --------------------------------------------------------------------------------- Subtotal 39 $394,525,072 99.5% 77.4% 1.35x - -------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING 1 $ 1,823,137 0.5% 66.8% 1.24x - -------------------------------------------------------------------------------------------------- Subtotal 1 $ 1,823,137 0.5% 66.8% 1.24x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 40 $396,348,210 100.0% 77.4% 1.35x </TABLE> 10 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 <TABLE> ORIGINAL AMORTIZATION TERM IN MONTHS(1) RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- 180 - 240 3 $ 9,489,366 3.4% 51.6% 1.58x 241 - 300 2 4,971,084 1.8 76.5% 1.31x 331 - 360 22 261,417,760 94.8 77.6% 1.28x - -------------------------- --- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 27 $275,878,210 100.0% 76.7% 1.29x - -------------------------- --- ------------ ----- ---- ---- WA ORIGINAL AMORT TERM: 354 </TABLE> <TABLE> LTV RATIOS AS OF THE CUT-OFF DATE RANGE OF NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- --------------- ---------- ---------- ---------- 28.0% - 50.0% 1 $ 2,800,000 0.7% 28.0% 1.95x 50.1% - 60.0% 1 2,889,366 0.7 52.5% 1.38x 60.1% - 65.0% 1 9,875,000 2.5 63.7% 1.22x 65.1% - 70.0% 4 15,021,769 3.8 67.1% 1.29x 70.1% - 75.0% 2 24,750,000 6.2 74.2% 1.38x 75.1% - 80.0% 26 325,524,773 82.1 78.9% 1.34x 80.1% - 82.9% 2 15,487,302 3.9 81.7% 1.50x - ----------------------------- ---- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x - ----------------------------- ---- ------------ ----- ---- ---- WA CUT-OFF DATE LTV RATIO: 77.4% </TABLE> <TABLE> AMORTIZATION TYPES NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- BALLOON LOANS Partial Interest-Only 13 $214,466,000 54.1% 77.6% 1.26x Interest-Only 10 120,470,000 30.4 78.8% 1.50x Balloon(2) 12 55,722,844 14.1 77.1% 1.35x SUBTOTAL 35 $390,658,844 98.6% 77.9% 1.35x - -------------------------- -- ------------ ----- ---- ---- FULLY AMORTIZING 2 $ 5,689,366 1.4% 40.4% 1.66x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x </TABLE> <TABLE> PARTIAL INTEREST-ONLY PERIODS RANGE OF PARTIAL NUMBER PRINCIPAL % OF WA WA UW INTEREST-ONLY PERIODS OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- 12 2 $ 15,800,000 7.4% 75.6% 1.21x 13 - 24 3 30,841,000 14.4 79.3% 1.39x 25 - 36 7 99,825,000 46.5 75.7% 1.26x 49 - 60 1 68,000,000 31.7 80.0% 1.21x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 13 $214,466,000 100.0% 77.6% 1.26x </TABLE> <TABLE> REMAINING AMORTIZATION TERM IN MONTHS(1) RANGE OF REMAINING NUMBER PRINCIPAL WA WA UW AMORTIZATION TERM OF LOANS BALANCE % OF IPB LTV DSCR - --------------------------- ---------- --------------- ----------- ---------- ---------- 179 - 240 3 $ 9,489,366 3.4% 51.6% 1.58x 241 - 300 2 4,971,084 1.8 76.5% 1.31x 331 - 360 22 261,417,760 94.8 77.6% 1.28x - --------------------------- --- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 27 $275,878,210 100.0% 76.7% 1.29x - --------------------------- --- ------------ ----- ---- ---- WA REMAINING AMORT TERM: 353 </TABLE> <TABLE> LTV RATIOS AS OF THE MATURITY/ARD DATE(3) RANGE OF NUMBER PRINCIPAL % OF WA WA UW MATURITY LTV OF LOANS BALANCE IPB LTV DSCR - ------------------------------------- ---------- --------------- --------- ---------- ---------- 43.6% - 50.0% 1 $ 3,800,000 1.0% 68.2% 1.46x 50.1% - 60.0% 6 31,787,231 8.1 68.8% 1.24x 60.1% - 70.0% 13 95,851,613 24.5 77.6% 1.35x 70.1% - 80.0% 15 259,220,000 66.4 79.3% 1.36x - ------------------------------------- ---- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 35 $390,658,844 100.0% 77.9% 1.35x - ------------------------------------- ---- ------------ ----- ---- ---- WA LTV RATIO AT MATURITY/ARD DATE: 71.2% </TABLE> <TABLE> YEAR BUILT/RENOVATED(4) RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- --------------- ---------- ---------- ---------- 1967 - 1969 2 $ 4,623,137 1.2% 43.3% 1.67x 1970 - 1979 5 82,038,291 20.7 79.7% 1.23x 1980 - 1989 10 118,000,000 29.8 78.2% 1.42x 1990 - 1999 5 37,671,975 9.5 79.1% 1.55x 2000 - 2005 18 154,014,806 38.9 76.0% 1.31x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 40 $396,348,210 100.0% 77.4% 1.35x </TABLE> <TABLE> PREPAYMENT PROTECTION NUMBER PRINCIPAL % OF WA PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV WA UW - -------------------------- ---------- --------------- ---------- ---------- DSCR DEFEASANCE 32 $340,578,770 85.9% 77.1% 1.36x YIELD MAINTENANCE 5 55,769,439 14.1 79.0% 1.32x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 37 $396,348,210 100.0% 77.4% 1.35x </TABLE> (1) Excludes mortgage loans that are interest-only for the entire term. (2) Excludes the mortgage loans that pay interest-only for a portion of their term. (3) Excludes the fully amortizing mortgage loans. (4) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. 11 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 TOP 15 MORTGAGE LOANS <TABLE> LOAN LOAN NAME CUT-OFF DATE SELLER1 (LOCATION) BALANCE JPMCB Regency Portfolio $349,730,000 (Various) EHY Silver City Galleria $137,514,971 (Taunton, MA) PNC Plastipak Portfolio $100,000,000 (Various) LASALLE One World Trade Center $90,000,000 (Long Beach, CA) JPMCB Western US Alliance Data Systems Portfolio $70,750,000 (Various) - ---------- -------------------------------------------- ------------ EHY Creekside Apartments $68,000,000 (Bensalem, PA) LASALLE Gateway Center $64,874,218 (Pittsburgh, PA) LASALLE Roundy's Distribution Center $55,000,000 (Oconomowoc, WI) KEY Hilton Glendale $53,100,000 (Glendale, CA) PNC Waterway Plaza I & II $52,500,000 (Woodlands, TX) - ---------- -------------------------------------------- ------------ JPMCB Highland Landmark Building $50,000,000 (Downers Grove, IL) JPMCB 901 W. Landstreet Road Portfolio $49,952,442 (Various) LASALLE Metropolitan Bank Tower $49,950,542 (Little Rock, AR) LASALLE Church Street Plaza $39,000,000 (Evanston, IL) LASALLE Sterling Pointe Shopping Center $38,775,000 (Lincoln, CA) TOP 5 TOTAL/WEIGHTED AVERAGE $747,994,971 TOP 10 TOTAL/WEIGHTED AVERAGE $1,041,469,189 TOP 15 TOTAL/WEIGHTED AVERAGE $1,269,147,174 LOAN % OF UNIT OF LOAN PER UW CUT-OFF PROPERTY SELLER1 IPB UNITS MEASURE UNIT DSCR LTV RATIO TYPE - ------- --- ----- ------- ---- ---- --------- ---- JPMCB 12.9% 2,253,353 SF $155 1.67x 75.1% Retail EHY 5.1% 714,898 SF $192 1.42x 68.8% Retail PNC 3.7% 4,447,890 SF $ 22 1.79x 64.2% Industrial LASALLE 3.3% 573,300 SF $157 1.27x 68.7% Office JPMCB 2.6% 485,989 SF $146 1.34x 74.0% Office - ---------- ---- --------- ---------- -------- ---- ---- ------------ EHY 2.5% 1,026 Units $66,277 1.21x 80.0% Multifamily LASALLE 2.4% 1,464,595 SF $44 1.63x 76.3% Office LASALLE 2.0% 1,082,200 SF $51 1.45x 63.6% Industrial KEY 2.0% 351 Rooms $151,282 1.72x 69.4% Hotel PNC 1.9% 366,043 SF $143 1.36x 76.1% Office - ---------- ---- --------- ---------- -------- ---- ---- ------------ JPMCB 1.8% 276,461 SF $181 1.41x 79.4% Office JPMCB 1.8% 995,770 SF $50 1.26x 79.9% Industrial LASALLE 1.8% 624,527 SF $80 1.34x 79.9% Office LASALLE 1.4% 176,243 SF $221 1.57x 74.9% Retail LASALLE 1.4% 129,020 SF $301 1.19x 79.8% Retail 27.7% 1.56x 71.6% 38.5% 1.53x 72.1% 46.9% 1.50x 73.4% </TABLE> (1) "JPMCB" = JPMorgan Chase Bank, N.A.; "EHY" = Eurohypo AG, New York Branch; "PNC" = PNC Bank, National Association; "LaSalle" = LaSalle Bank National Association; "KEY" = KeyBank National Association 12 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 [THIS PAGE INTENTIONALLY LEFT BLANK] 13 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLIO [4 PHOTOS OF REGENCY PORTFOLIO OMITTED] 14 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLO <TABLE> MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $349,730,000 CUT-OFF DATE PRINCIPAL BALANCE: $349,730,000 % OF POOL BY IPB: 12.9% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: USRP I, LLC SPONSOR: Macquarie CountryWide Corporation Regency Centers Corporation ORIGINATION DATE: 06/16/05 INTEREST RATE: 5.00050% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 07/01/10 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def or Grtr1% or YM(30),O(4)2 CROSS-COLLATERALIZATION: Yes LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition </TABLE> <TABLE> ESCROWS - --------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------ TAXES: $0 $0 INSURANCE: $0 $0 REQUIRED REPAIRS: $0 $0 </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------ SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Fee1 PROPERTY TYPE: Retail -- Various SQUARE FOOTAGE: 2,253,353 LOCATION: Various YEAR BUILT/RENOVATED: Various OCCUPANCY: 94.1% OCCUPANCY DATE: 05/13/2005 NUMBER OF TENANTS: 471 HISTORICAL NOI: 2004: $29,903,860 UW REVENUES: $43,857,846 UW EXPENSES: $11,673,352 UW NOI: $32,184,494 UW NET CASH FLOW: $29,677,007 APPRAISED VALUE: $465,625,000 APPRAISAL DATE: Various </TABLE> <TABLE> FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $155 CUT-OFF DATE LTV: 75.1% MATURITY DATE LTV: 75.1% UW DSCR: 1.67x </TABLE> (1) Festival at Manchester Lakes is partially located on a ground lease which expires in 2088. The 44,118 square foot ground lease parcel is located behind The Shopper's Food and Pharmacy space but does not attribute any value to the property. If the ground lease was terminated, the value of the property would not decrease and it would still conform to the zoning requirements. (2) 24 month lockout, thereafter subject to defeasance or prepayment with the payment of the greater of 1% of principal loan amount or yield maintenance. 15 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLO <TABLE> PORTFOLIO PROPERTIES % OF ALLOCATED YEAR PORTFOLIO LOAN PROPERTY NAME LOCATION (CITY, STATE) BUILT SQUARE FEET GLA AMOUNT - ---------------------------------- -------------------------- -------- --------------- ----------- -------------- GREENBRIAR TOWN CENTER Fairfax, VA 1970 345,935 15.4% $ 73,250,000 FESTIVAL AT MANCHESTER LAKES Alexandria, VA 1989 165,568 7.3 33,260,000 VILLAGE COMMONS West Palm Beach, FL 1987 169,053 7.5 25,240,000 KAMP WASHINGTON SHOPPING CENTER Fairfax, VA 1961 71,825 3.2 22,330,000 PLAZA SQUARE Wayne, NJ 1990 103,842 4.6 21,560,000 KENHORST PLAZA Reading, PA 1990 161,424 7.2 20,780,000 WATKINS PARK PLAZA Upper Marlboro, MD 1986 113,444 5.0 19,400,000 FIRST STATE PLAZA Wilmington, DE 1988 164,576 7.3 17,940,000 WARWICK SQUARE SHOPPING CENTER Jamison, PA 1999 93,269 4.1 16,250,000 MERCER SQUARE SHOPPING CENTER Doylestown, PA 1989 91,400 4.1 15,710,000 NEWTOWN SQUARE SHOPPING CENTER Newtown, PA 1955 146,893 6.5 15,690,000 MAYFAIR SHOPPING CENTER Philadelphia, PA 1958 115,027 5.1 15,550,000 TAKOMA PARK Takoma Park, MD 1968 108,168 4.8 10,450,000 SHOPPES OF GRAYLYN Wilmington, DE 1959 66,676 3.0 9,390,000 GOSHEN PLAZA Gaithersburg, MD 1987 45,654 2.0 8,470,000 HANOVER VILLAGE SHOPPING CENTER Mechanicsville, VA 1971 96,146 4.3 7,980,000 LABURNUM PARK SHOPPING CENTER Richmond, VA 1988 64,992 2.9 7,320,000 FIRSTFIELD SHOPPING CENTER Gaithersburg, MD 1980 22,328 1.0 6,870,000 GLEN LEA CENTRE Richmond, VA 1965 78,493 3.5 2,290,000 COLONIAL SQUARE York, PA 1955 28,640 1.3 0 - ---------------------------------- -------------------------- ---- ------- ---- ------------ TOTAL/WEIGHTED AVERAGE 2,253,353 100% $349,730,000 </TABLE> <TABLE> LEASE ROLLOVER SCHEDULE NUMBER SQUARE % OF OF LEASES FEET GLA BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING - -------------- ----------- ------------ ---------- -------------- VACANT NAP 132,868 5.9% NAP 2005 & MTM 63 141,110 6.3 $ 2,577,759 2006 71 190,323 8.4 3,440,335 2007 89 325,284 14.4 5,607,582 2008 64 263,627 11.7 4,349,223 2009 64 247,249 11.0 4,166,873 2010 29 134,612 6.0 1,900,194 2011 16 191,079 8.5 2,257,139 2012 11 100,663 4.5 1,745,146 2013 17 78,052 3.5 1,469,254 2014 22 136,756 6.1 1,829,246 2015 8 129,499 5.7 2,271,141 AFTER 17 182,231 8.1 2,770,653 - ------ --- ------- ---- ----------- TOTAL 471 2,253,353 100% $34,384,546 CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE % OF % OF BASE RENT SQUARE FEET % OF GLA BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - -------------- ----------------- ------------- ------------- ------------- ------------ VACANT NAP 132,868 5.9% NAP NAP 2005 & MTM 7.5% 273,978 12.2% $2,577,759 7.5% 2006 10.0 464,301 20.6% $6,018,094 17.5% 2007 16.3 789,585 35.0% $11,625,676 33.8% 2008 12.6 1,053,212 46.7% $15,974,899 46.5% 2009 12.1 1,300,461 57.7% $20,141,772 58.6% 2010 5.5 1,435,073 63.7% $22,041,967 64.1% 2011 6.6 1,626,152 72.2% $24,299,106 70.7% 2012 5.1 1,726,815 76.6% $26,044,251 75.7% 2013 4.3 1,804,867 80.1% $27,513,506 80.0% 2014 5.3 1,941,623 86.2% $29,342,752 85.3% 2015 6.6 2,071,122 91.9% $31,613,892 91.9% AFTER 8.1 2,253,353 100.0% $34,384,546 100.0% - ------ ----- --------- ----- ----------- ----- TOTAL 100.0% </TABLE> 16 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLO THE LOAN. The loan is secured by first mortgage interests in 20 anchored retail centers comprised of approximately 2.25 million square feet, that are located along the east coast in Washington D.C., Pennsylvania, New Jersey, Delaware, Virginia and Florida. THE BORROWER. The borrowing entity will be a single purpose entity which will be 100% owned by the joint venture between Macquarie CountryWide Corporation ("Macquarie CountryWide") and Regency Centers Corporation ("Regency Centers"). Regency Centers, the managing member, owns a 35% interest and Macquarie CountryWide owns the remaining 65% interest. Macquarie CountryWide currently has investments in retail properties located in Australia, New Zealand and the United States. As of December 30, 2004, Macquarie CountryWide's financial statements reflected assets totaling $1.54 billion. Regency Centers is a fully integrated real estate investment trust ("REIT"). Regency Centers specializes in the acquisition, development and ownership of grocery-anchored neighborhood shopping centers. The REIT owns and manages more than 290 properties in 22 states, comprising more than 33 million square feet. THE PROPERTY. The Regency Portfolio is a 20 property retail portfolio purchased by a joint venture between Regency Centers and Macqurie CountryWide. The portfolio is part of the sponsor's $2.7 billion acquisition of the CalPERS/First Washington Shopping Center Portfolio totaling 101 properties. The Regency Portfolio consists of seventeen neighborhood centers and three community centers that are located along the east coast in five states and the District of Columbia. The portfolio comprises over 2.25 million square feet and is predominantly grocer or pharmacy anchored centers. The portfolio is currently 94% occupied with no more than 12% rollover during the term of the mortgage loan except for 2007, which has 14.4% rollover. For the entire portfolio, no tenant represents more than 4.10% of the base rents (Shop-Rite) or 5.71% of the square footage (Shoppers Food Warehouse). Shop-Rite is an independent and privately owned brand name supermarket which operates through a cooperatively owned organization. Shop-Rite is considered to be the largest retail cooperative in the nation. Detailed financial information for Shop-Rite is not available; however, $7 billion in annual sales are reported. Shoppers Food Warehouse offers large-scale one-stop shopping to customers in Delaware, Maryland, and Virginia. Its nearly 60 warehouse-style discount food stores average about 50,000 square feet and offer a variety of products and services. Shoppers Food Warehouse was incorporated in 1956 as Jumbo Food Stores and was bought in 1998 by wholesale food distributor Richfood Holdings, which was in turn bought by food wholesaler SuperValu Inc. in 1999. THE MARKETS(1). Geographic concentrations exist in the Washington D.C. metropolitan area (7 assets and 45.1% of portfolio square footage) and Pennsylvania (6 assets and 28.3% of portfolio square footage). WASHINGTON D.C. METROPOLITAN AREA - --------------------------------- Centrally located along the nation's mid-Atlantic coast, equidistant between Norfolk, Virginia and New York City and bisected by the Potomac River, is the Washington, D.C. Primary Metropolitan Statistical Area ("PMSA"). The PMSA is comprised of 19 counties located in three states, Maryland, Virginia, and West Virginia, and encompasses a total of 6,841 square miles. Based on data provided from the appraisal, 42% of the population has a 4-year degree or better, compared to just 28.2% for the top 100 metropolitan areas ("Top 100") and 24.6% for the U.S. overall. The median household income is more than 35% higher than the Top 100 and nearly 50% greater than the U.S. median. In addition, 45.8% of households earn $75,000 or greater, compared to 31.8% within the Top 100 and only 27.2% for the U.S. overall. According to the appraisal, the Washington PMSA median household income in 2004 was $69,500. From 1994 to 2004, Washington's 3.8% average annual growth rate in median household income outpaced the national average annual rate of 3.5%. The PMSA's population totals 5.3 million, of which only 559,200, or 10.5%, reside within the District of Columbia. The metro area's average annual growth in population of 1.7% was above the Top 100 average over the 10-year period from 1994 through 2004. PHILADELPHIA METROPOLITAN AREA - ------------------------------ The Philadelphia metropolitan area has 58 million square feet of neighborhood and community shopping centers. According to REIS, in the first quarter of 2005, the vacancy rate for the Philadelphia metropolitan area's neighborhood and community shopping centers dropped to 8.0% from 8.2% in the prior quarter. The average asking rent in the Philadelphia metropolitan area neighborhood and shopping center sector was $18.28 per square foot in the first quarter of 2005, down 0.1%. According to the appraisal, as of 2003, the Philadelphia metropolitan area had a population of 5.1 million with an expected annual growth of 0.32% from 2003-2008. The average household income during this same period is $69,756. According to the appraisal at the end of 2003, the aggregate retail sales level of the Philadelphia metropolitan area was $67.3 billion, with average retail sales per household of $34,521. By comparison, the average sales per household of Pennsylvania was $30,861 and the average sales per household of the U.S. was $34,036. PROPERTY MANAGEMENT. For an interim period, First Washington will maintain some management responsibilities for a designated contractual period (maximum of 24 months). Regency Centers will be overseeing and implementing their program on these assets immediately after origination. (1) Certain information was obtained from the GreenBrier Town Center and Mayfair Shopping Center appraisals dated March 11, 2005 and March 20, 2005, respectively. 17 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLO <TABLE> # OF PROPERTY NAME LOCATION (CITY, STATE) TENANTS - ---------------------------------- ------------------------- --------- GREENBRIAR TOWN CENTER Fairfax, VA 60 FESTIVAL AT MANCHESTER LAKES Alexandria, VA 37 VILLAGE COMMONS West Palm Beach, FL 47 KAMP WASHINGTON SHOPPING CENTER Fairfax, VA 10 PLAZA SQUARE Wayne, NJ 18 KENHORST PLAZA Reading, PA 24 WATKINS PARK PLAZA Upper Marlboro, MD 29 FIRST STATE PLAZA Wilmington, DE 22 WARWICK SQUARE SHOPPING CENTER Jamison, PA 18 MERCER SQUARE SHOPPING CENTER Doylestown, PA 16 NEWTOWN SQUARE SHOPPING CENTER Newtown, PA 32 MAYFAIR SHOPPING CENTER Philadelphia, PA 26 TAKOMA PARK Takoma Park, MD 20 SHOPPES OF GRAYLYN Wilmington, DE 17 GOSHEN PLAZA(2) Gaithersburg, MD 21 HANOVER VILLAGE SHOPPING CENTER Mechanicsville, VA 16 LABURNUM PARK SHOPPING CENTER(3) Richmond, VA 24 FIRSTFIELD SHOPPING CENTER(2) Gaithersburg, MD 12 GLEN LEA CENTRE Richmond, VA 10 COLONIAL SQUARE(2) York, PA 11 - ---------------------------------- ------------------------- -- TOTAL/WEIGHTED AVERAGE 471 % OF BASE RENT LEASE PROPERTY NAME ANCHOR TENANT SQUARE FEET GLA(1) PSF EXPIRATION YEAR - ---------------------------------- ------------------------- -------------- ---------- ------------ ---------------- GREENBRIAR TOWN CENTER Giant Food 62,319 18.0% $16.10 2012 FESTIVAL AT MANCHESTER LAKES Shoppers Food Warehouse 65,000 39.3% $12.05 2026 VILLAGE COMMONS Publix 39,975 23.6% $5.62 2007 KAMP WASHINGTON SHOPPING CENTER Borders Books & Music 30,000 41.8% $25.00 2011 PLAZA SQUARE Shop-Rite 60,000 57.8% $13.00 2015 KENHORST PLAZA Redner's Market 52,070 32.3% $8.00 2010 WATKINS PARK PLAZA Safeway 43,205 38.1% $6.82 2007 FIRST STATE PLAZA Shop-Rite 57,319 34.8% $11.00 2009 WARWICK SQUARE SHOPPING CENTER Genuardi's 50,658 54.3% $13.00 2019 MERCER SQUARE SHOPPING CENTER Genuardi's 50,708 55.5% $14.25 2015 NEWTOWN SQUARE SHOPPING CENTER Acme Market 56,226 38.3% $7.40 2014 MAYFAIR SHOPPING CENTER Shop 'N Bag Supermarket 25,673 22.3% $10.50 2013 TAKOMA PARK Shoppers Food Warehouse 63,643 58.8% $5.22 2011 SHOPPES OF GRAYLYN Rite Aid 23,500 35.2% $10.86 2016 GOSHEN PLAZA(2) CVS 10,162 22.3% $10.75 2008 HANOVER VILLAGE SHOPPING CENTER Rack & Sack 34,573 36.0% $5.72 2008 LABURNUM PARK SHOPPING CENTER(3) Rite Aid 10,010 15.4% $12.25 2007 FIRSTFIELD SHOPPING CENTER(2) Einstein Bagels 3,001 13.4% $27.40 2006 GLEN LEA CENTRE Dollar General 8,200 10.4% $ 7.00 2006 COLONIAL SQUARE(2) Minnichs Pharmacy 7,261 25.4% $15.28 2008 - ---------------------------------- ------------------------- ------ ---- ------ ---- TOTAL/WEIGHTED AVERAGE 2,253,353 </TABLE> (1) % of GLA represents the percentage of gross leasable area that the anchor tenant occupies in the related Regency Portfolio property. (2) Colonial Square, Goshen Place and Firstfield Shopping Center are unanchored retail properties. (3) Laburnum Park Shopping Center is shadow anchored by Ukrop's grocery store. <TABLE> SIGNIFICANT TENANTS MOODY'S/ # OF SQUARE % OF % OF TENANT NAME PARENT COMPANY FITCH(1) STORES FEET GLA BASE RENT BASE RENT - -------------------------- --------------------------- ----------- -------- --------- --------- ------------ ---------- SHOPPERS FOOD WAREHOUSE SuperValu Inc. Baa3/BBB 2 128,643 5.7% $1,115,466 3.2% SHOP-RITE Wakefern Food Corporation NR/NR 2 117,319 5.2% $1,410,509 4.1% GENUARDI'S Safeway Inc. Baa2/BBB 2 101,366 4.5% $1,381,143 4.0% GIANT FOOD Koninklijke Ahold N.V. Ba2/BB 1 62,319 2.8% $1,003,336 2.9% ACME MARKET Albertsons, Inc. Baa2/BBB 1 56,226 2.5% $ 416,072 1.2% RITE AID Rite Aid Corporation Caa1/B- 4 53,202 2.4% $ 514,816 1.5% REDNER'S MARKET Redner's Market NR/NR 1 52,070 2.3% $ 416,560 1.2% CVS PHARMACY CVS Pharmacy A3/A- 4 46,176 2.0% $ 599,813 1.7% SAFEWAY Safeway Inc. Baa2/BBB 1 43,205 1.9% $ 294,658 0.9% PUBLIX Publix NR/NR 1 39,975 1.8% $ 224,660 0.7% </TABLE> (1) Ratings provided are for the entry listed in the "Parent Company" field whether or not the Parent Company guarantees the lease. 18 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLIO [MAP INDICATING LOCATIONS OF REGENCY PORTFOLIO OMITTED] 19 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLIO [REGENCY PORTFOLIO SITE PLAN (GREENBRIAR TOWN CENTER AND FESTIVAL AT MANCHESTER LAKES) OMITTED] 20 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 REGENCY PORTFOLIO [REGENCY PORTFOLIO SITE PLAN (VILLAGE COMMONS, KAMP WASHINGTON AND PLAZA SQUARE) OMITTED] 21 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 SILVER CITY GALLERIA [5 PHOTOS OF SILVER CITY GALLERIA OMITTED] 22 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 SILVER CITY GALLERIA <TABLE> MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $138,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $137,514,971 % OF POOL BY IPB: 5.1% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: Silver City Galleria L.L.C. SPONSOR: General Growth Properties, Inc. Teacher's Retirement System of the State of Illinois ORIGINATION DATE: 06/06/05 INTEREST RATE: 4.76440% INTEREST ONLY PERIOD: N/A MATURITY DATE: 06/10/11 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 Months REMAINING AMORTIZATION: 357 Months CALL PROTECTION: L(24),Def(38),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No(1) ADDITIONAL DEBT TYPE: Mezzanine Debt Permitted1 LOAN PURPOSE: Refinance </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 714,898 LOCATION: Taunton, MA YEAR BUILT/RENOVATED: 1992/1999 OCCUPANCY(2): 89.1% OCCUPANCY DATE: 05/27/05 IN-LINE SALES (PSF): $440 OCCUPANCY COST RATIO: 15.3% NUMBER OF TENANTS: 103 HISTORICAL NOI: 2003: $10,993,858 2004: $11,354,072 TTM AS OF 05/31/05: $11,906,736 UW REVENUES: $19,979,595 UW EXPENSES: $7,063,883 UW NOI: $12,915,712 UW NET CASH FLOW: $12,318,535 APPRAISED VALUE: $200,000,000 APPRAISAL DATE: 05/18/05 </TABLE> (1) Future mezzanine financing is allowed upon the satisfaction of certain conditions including (i) a loan-to-value ratio of no greater than 75% (in the aggregate based on the principal balances of the mortgage loan and the mezzanine loan), (ii) a debt service coverage ratio of not less than 1.25x (in the aggregate based on the mortgage loan and the mezzanine loan), and (iii) receipt of confirmation from each rating agency then rating the certificates that the incurrence of such mezzanine debt will not result in the qualification, withdrawal or downgrade of the ratings on the certificates. (2) Includes one tenant that has signed a lease but is not yet in occupancy. <TABLE> ESCROWS - --------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------ TAXES: $0 $03 INSURANCE: $0 $03 CAPEX: $0 $04 TI/LC: $0 $05 </TABLE> <TABLE> FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $192 CUT-OFF DATE LTV: 68.8% MATURITY DATE LTV: 62.1% UW DSCR: 1.42x </TABLE> (3) Springing upon an event of default or if the debt service coverage ratio is less than 1.25x (each, a "Silver City Trigger Event"). (4) $11,919 only upon the occurrence of a Silver City Trigger Event and if the amount in such reserve is less than $143,025. (5) $37,126 only upon the occurrence of a Silver City Trigger Event and if the amount in such reserve is less than $445,509. <TABLE> SIGNIFICANT TENANTS MOODY'S/ TENANT NAME PARENT COMPANY FITCH(6) - ---------------------------------------- --------------------------------------- ----------- JC PENNEY JC Penney Corporation Ba1/BB+ STEVE & BARRY'S UNIVERSITY SPORTSWEAR Steve & Barry's University Sportswear NR/NR DICK'S SPORTING GOODS(7) Dick's Sporting Goods, Inc. NR/NR SILVER CITY CINEMAS Silver City Cinemas NR/NR TJ MAXX The TJX Companies, Inc. A3/NR LEASE SQUARE BASE EXPIRATION SALES PSF TENANT NAME FEET % OF GLA RENT PSF YEAR AS OF 2004 - ---------------------------------------- --------- ----------- ---------- ------------ ------------------ JC PENNEY 145,974 20.4% $4.05 2017 $120 STEVE & BARRY'S UNIVERSITY SPORTSWEAR 73,641 10.3% $9.00 2012 N/A DICK'S SPORTING GOODS(7) 50,000 7.0% $14.40 2020 N/A SILVER CITY CINEMAS 30,500 4.3% $10.35 2018 $260,000/screen TJ MAXX 27,083 3.8% $7.50 2008 N/A </TABLE> (6) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. (7) Tenant has signed lease but is not in occupancy. 23 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 SILVER CITY GALLERIA THE LOAN. The Silver City Galleria Loan is secured by a first mortgage interest in approximately 714,898 square feet of a 970,898 square foot super-regional mall located in Taunton, Massachusetts. THE BORROWER. The borrower is Silver City Galleria, L.L.C., a special purpose entity sponsored by Teacher's Retirement System of the State of Illinois (50%) and General Growth Properties, Inc. ("GGP") (50%). GGP (NYSE: GGP) has been based in the Chicago area since its inception in 1954 and has more than 5,000 employees nationwide. GGP completed the acquisition of the Rouse Company for $7.2 billion plus the assumption of approximately $5.4 million in debt in August 2004. GGP owns, develops, and/or manages shopping malls in 44 states with ownership interests in and/or management responsibility for more than 215 regional shopping malls totaling more than 200 million square feet of retail space. GGP is also a third-party manager for the owners of regional malls. THE PROPERTY. Silver City Galleria, located in Taunton, Massachusetts, is a 970,898 square foot (of which approximately 714,898 square feet is included in the collateral) regional mall situated on an approximately 147-acre parcel of land. The mall was built in 1992 and last renovated in 1999. It is anchored by Filene's (not part of collateral), Sears (not part of collateral), JC Penney, and Steve & Barry's University Sportswear. It is expected that Dick's Sporting Goods will be occupying approximately 50,000 square feet (7.0% of the net rentable area) beginning in October 2005. As of May 2005, the property was occupied by 103 tenants and the in-line space was 82.1% occupied. Nationally recognized tenants include H&M, Victoria's Secret, The Gap, American Eagle, Lane Bryant and Foot Locker. As of year-end 2004, comparable in-line sales of stores less than 10,000 square feet that have reported sales figures for the past four years is $440 per square foot, yielding an occupancy cost ratio of approximately 15.3%. THE MARKET(1). Taunton, Massachusetts is located in Southeastern Massachusetts, bordered by Rehoboth and Norton to the west, Easton to the north, Raynham and Lakeville to the east, and Berkley and Dighton to the south. Taunton is 14 miles north of Fall River; 33 miles south of Boston; 16 miles from Providence, Rhode Island; and 193 miles from New York City. According to the 2000 U.S. Census, Taunton comprises a total of 47.97 square miles with a population of 49,832. Directly opposite the property on the north side of Route 140 is the Liberty & Union Industrial Park, a 350-acre development, which is owned and managed by a not-for-profit corporation. Tenants in the park include Jordan Furniture, which occupies a 900,000 square foot distribution center and Advo-Supercoup, which occupies a 67,000 square foot direct mailing facility. The major employment center in the area is the Myles Standish Industrial Park, located approximately 10 miles from the property off Route 140. The surrounding area is primarily residential in character consisting of single-family homes. PROPERTY MANAGEMENT. The property is self-managed by the borrower, an affiliate of GGP. (1) Certain information was obtained from the Silver City Galleria appraisal dated May 18, 2005. <TABLE> LEASE ROLLOVER SCHEDULE NUMBER OF LEASES SQUARE % OF GLA BASE RENT YEAR EXPIRING FEET EXPIRING EXPIRING EXPIRING - ------------- ---------- --------------- ----------- -------------- VACANT N/A 77,760 10.9% N/A 2005 & MTM 9 10,191 1.4 $ 501,809 2006 4 12,727 1.8 391,949 2007 19 61,575 8.6 1,553,844 2008 13 57,680 8.1 1,219,999 2009 6 16,011 2.2 598,372 2010 7 16,811 2.4 545,737 2011 10 42,474 5.9 1,168,647 2012 11 103,668 14.5 1,466,909 2013 10 15,881 2.2 656,550 2014 6 50,982 7.1 641,492 2015 5 22,664 3.2 393,443 AFTER 3 226,474 31.7 1,626,870 - ----- --- ------- ------ ----------- TOTAL 103 714,898 100.00% $10,765,623 CUMULATIVE CUMULATIVE % OF BASE SQUARE CUMULATIVE CUMULATIVE % OF RENT FEET % OF GLA BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ------------ ------------- ------------- ------------- ------------ VACANT N/A 77,760 10.9% N/A N/A 2005 & MTM 4.7% 87,951 12.3% $501,809 4.7% 2006 3.6 99,071 14.1% $893,759 8.3% 2007 14.4 160,646 22.7% $2,447,603 22.7% 2008 11.3 218,326 30.8% $3,667,602 34.1% 2009 5.6 234,337 33.0% $4,265,974 39.6% 2010 5.1 251,148 35.4% $4,811,712 44.7% 2011 10.9 293,622 41.3% $5,980,359 55.6% 2012 13.6 397,290 55.8% $7,447,268 69.2% 2013 6.1 413,171 58.0% $8,103,818 75.3% 2014 6.0 464,153 65.2% $8,745,310 81.2% 2015 3.7 486,817 68.3% $9,138,753 84.9% AFTER 15.1 714,898 100.0% $10,765,623 100.0% - ----- ------ ------- ----- ----------- ----- TOTAL 100.00% </TABLE> 24 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 SILVER CITY GALLERIA [MAP INDICATING LOCATION OF SILVER CITY GALLERIA OMITTED] 25 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 SILVER CITY GALLERIA [PHOTO OF SILVER CITY GALLERIA OMITTED] 26 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 [THIS PAGE INTENTIONALLY LEFT BLANK] 27 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 PLASTIPAK PORTFOLIO [5 PHOTOS OF PLASTIPAK PORTFOLIO OMITTED] 28 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 PLASTIPAK PORTFOLIO <TABLE> MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $100,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $100,000,000 % OF POOL BY IPB: 3.7% LOAN SELLER: PNC Bank, National Association BORROWER: TABB Realty, LLC SPONSOR: Plastipak Holdings, Inc. ORIGINATION DATE: 09/ /05 INTEREST RATE: 5.54000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 10/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 240 REMAINING AMORTIZATION: 240 CALL PROTECTION: L(36),Def(80),0(4) CROSS-COLLATERALIZATION: Yes LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------ SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Fee PROPERTY TYPE: Industrial/warehouse SQUARE FOOTAGE: 4,447,890 LOCATION: Various YEAR BUILT/RENOVATED Various OCCUPANCY: 100% OCCUPANCY DATE: 08/31/05 NUMBER OF TENANTS: 2 UW REVENUES: $16,235,134 UW EXPENSES: $324,703 UW NOI: $15,910,432 UW NET CASH FLOW: $14,846,359 APPRAISED VALUE: $155,725,000 APPRAISAL DATE: Various </TABLE> <TABLE> ESCROWS - ------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ---------------------- REQUIRED REPAIRS: $182,875 $0 LOC(1) $1,000,000 $0 OTHER(2): $4,000,000 $0 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $22 CUT-OFF DATE LTV: 64.2%(3) MATURITY DATE LTV: 41.6% UW DSCR: 1.79x </TABLE> (1) The tenants delivered the Lender a $1,000,000 letter of credit in lieu of a cash security deposit. (2) The tenants are required to pay for all capital expenditures, taxes, insurance and leasing costs pursuant to their respective leases, therefore escrows will not be required unless the tenant's credit rating is downgraded. In the event of a rating downgrade, a capex reserve of $450,000 per year, reserve for leasing costs of $1 million per year and a taxes and insurance reserve will be collected. (3) The Cut-off Date LTV was based on a "stabilized" value for the Plant City property of $12,000,000 which assumes the occurrence of certain events in the future. We cannot assure you that these events will occur. If the "As-is" value of $4,950,000 for that property was used, the Cut-off Date LTV would be 67.3%. <TABLE> PORTFOLIO PROPERTIES - ------------------------------------------------------------------------ YEAR SQUARE PROPERTY NAME LOCATION (CITY, STATE) BUILT FEET - ------------------------- ------------------------- ------- ------------ MCCALLA McCalla, AL 2002 296,276 PLANT CITY Plant City, FL 1997 212,000 PINEVILLE Pineville, LA 2004 566,000 CHAMPAIGN Champaign, IL 1991 683,187 LONGMEADOW East Longmeadow, MA 1980 262,747 DUNDEE Dundee, MI 1967 135,257 PLYMOUTH Plymouth, MI 1968 128,800 WESTLAND Westland, MI 1975 184,631 JACKSON CTR HWY 65 Jackson Center, OH 1973 1,000,585 JACKSON CTR WASH ST. Jackson Center, OH 1970 66,000 LIMA Lima, OH 1975 126,615 MEDINA Medina, OH 1960 293,076 GARLAND Garland, TX 1996 408,597 HIGHLAND Highlands, TX 1981 84,119 - ------------------------- ------------------------- ---- --------- TOTAL/WEIGHTED AVERAGE 4,447,890 % OF GLA BASE RENT LEASE APPRAISED PROPERTY NAME PORTFOLIO PSF EXPIRATION YEAR VALUE - ------------------------- ----------- ------------ ----------------- -------------- MCCALLA 6.66% $4.25 2025 $ 13,900,000 PLANT CITY 4.77 $4.75 2025 12,000,000 PINEVILLE 12.73 $4.50 2025 30,750,000 CHAMPAIGN 15.36 $3.25 2025 22,000,000 LONGMEADOW 5.91 $3.50 2025 8,900,000 DUNDEE 3.04 $3.50 2025 4,300,000 PLYMOUTH 2.90 $10.00 2025 8,450,000 WESTLAND 4.15 $4.25 2025 7,500,000 JACKSON CTR HWY 65 22.50 $2.25 2025 16,000,000 JACKSON CTR WASH ST. 1.48 $2.50 2025 1,375,000 LIMA 2.85 $3.00 2025 3,300,000 MEDINA 6.59 $3.00 2025 8,200,000 GARLAND 9.19 $3.25 2025 15,400,000 HIGHLAND 1.89 $3.50 2025 3,650,000 - ------------------------- ----- ------- ---- ------------ TOTAL/WEIGHTED AVERAGE 100% $3.55 2025 $155,725,000 </TABLE> 29 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 PLASTIPAK PORTFOLIO THE LOAN. The loan is secured by first mortgage interests in 14 industrial properties comprised of approximately 4,447,890 square feet, located in 8 states. THE BORROWER. The borrower is TABB Realty, LLC, a Michigan limited liability company whose membership interests are owned by Plastipak Holdings and William C. Young. William C. Young, through his Revocable Trust Agreement dated December 23, 1998, owns 75.63% of the stock in Plastipak Holdings. Multi-Investments Limited Partnership (a Young family limited partnership) owns 13.90% of the stock in Plastipak Holdings and the remaining ownership is held by other key principals of Plastipak Holdings. The borrower, in conjunction with all other subsidiaries of Plastipak Holdings, has guaranteed the payment of a bond indenture of which Plastipak Holdings is the obligor. See "Description of the Mortgage Pool--Additional Debt" in the prospectus supplement. THE PROPERTIES. The portfolio consists of 13 light industrial properties in 8 states that are leased long-term to Plastipak Packaging, Inc. ("Plastipak") and one light industrial property that is leased long-term to Clean Tech, Inc. ("Clean Tech"). The 14 properties total 4,447,890 square feet and all leases are triple net. All of Plastipak Packaging's U.S. domestic production is produced in these properties. THE TENANT. The tenants are Plastipak and Clean Tech, both of which are wholly owned by Plastipak Holdings. Plastipak is a 38-year old privately held container maker. They are one of the largest 200 private companies in the United States and with revenues approaching $1 billion, one of the 5 largest blow molders in their industry. Their primary business is making plastic bottles for the food and consumer industry out of PET (polyethylene terephthalate) and HDPE (high density polyethylene), although the largest percentage of their business comes from beverage containers. Plastipak's major competitors include Constar International, Ball Corporation, Graham Packaging and Owens-Illinois. Last year, Plastipak manufactured and distributed more than 8 billion containers worldwide for over 450 customers. They are the exclusive supplier of plastic containers to Procter & Gamble for heavy-duty, liquid laundry detergents and the largest supplier of plastic containers to Kraft Foods for their salad dressings, barbecue sauces and grated cheeses. Plastipak is also a producer of beverage bottles for Pepsi Co. and other global beverage companies. The company has more than 130 U.S. patents for package-manufacturing processes. THE MARKETS(1). The properties are located in 12 cities in Michigan, Ohio, Illinois, Texas, Louisiana, Alabama, Florida, and Massachusetts. McCalla, Alabama is part of the Birmingham metropolitan area. McCalla is located approximately 18 miles southwest of the Birmingham central business district. The property neighborhood is a commercially developed area planned by the Jefferson County Economic Industrial Development Authority. The neighborhood has experienced recent development. Medina, Ohio is part of the Cleveland metropolitan area. The property's overall market is part of the East North Central Region as defined by the Society of Industrial and Office Realtors, which contains a total of nearly 2.8 billion square feet. As of year-end 2004, this region averaged a 9.5% vacancy rate with positive absorption of 32.7 million square feet, which in comparison to 21.5 million square feet of new construction provides a demand ratio of 1.52. Plant City, Florida is part of the Tampa metropolitan area. The property is part of the overall Tampa Industrial Market, which according to CBRE's second quarter 2005 market report contains over 135 million square feet with an average vacancy rate of 4.3%, down over 120 basis points from year-end 2004. The 963,000 square feet of absorption in second quarter 2005 represents the third consecutive quarter of positive absorption. The average asking rental rate for the quarter was $6.35 per square foot net. Pineville, Louisiana is part of the Alexandria metropolitan area. The property is located approximately 75 miles equidistant from Monroe, Baton Rouge, Lake Charles and Shreveport. This area comprised 53.4 million square feet of industrial space averaging 8.9% vacancy at the end of 2004. Last year this market absorbed 1.7 million square feet, while new construction was only 1.2 million square feet, resulting in a demand ratio of 1.42. According to a 2004 appraisal on the property completed by Manhattan Associates, the Alexandria/Pineville and Central Louisiana submarket has approximately 16 million square feet and a vacancy rate of 3.4%. (1) Certain information was obtained from the Plastipak Portfolio appraisals dated June, July and August 2005. 30 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 PLASTIPAK PORTFOLIO Champaign, Illinois is part of the Champaign-Urbana metropolitan area. According to Coldwell Banker Commercial/Devonshire-Realty, the Champaign industrial market is approximately 15 million square feet with a vacancy rate of 10%. Industrial rents range from $2.00 to $4.00 per square foot and average $3.50 per square foot net. New build-to-suit warehouse/distribution space is taking place 5 miles north of the property, and is already leased. East Longmeadow, Massachusetts is part of the Spingfield metropolitan area. CBRE's year-end 2004 Greater Springfield Industrial Report indicates there were 40.1 million square feet in 269 buildings averaging an 8% vacancy rate, down 100 basis points from the previous year. Industrial rents range from $4.00 to $5.50 per square foot net, while the cost of warehouse ranges from $3.25 to $4.75 per square foot net. The Plastipak building is in the South Submarket which contains nearly 8.7 million square feet in 97 buildings and has a 0.7% vacancy rate. East Longmeadow has a total of 3.9 million square feet in 46 buildings and also has a vacancy rate of 0.4%. Dundee/Plymouth/Westland, Michigan is part of the Detroit metropolitan area. According to Cushman & Wakefield's second quarter 2005 report, the Detroit industrial market experienced an increase in rental rates to $5.23 per square foot net since the beginning of the year, with over 7.8 million square feet of leasing activity year-to-date. The Detroit metro industrial market contains 540.4 million square feet with a 11.1% vacancy rate. Collier's reports a total of 445.5 million square feet of space averaging $4.98 per square foot net in second quarter 2005 with 3.7 million square feet of absorption year-to-date and 743,241 square feet under construction. Jackson Center, Ohio is part of the Dayton metropolitan area. Jackson Center is located within 60 miles of Toledo, Columbus, Dayton, and Fort Wayne. These markets form an industrial region that contains 337.2 million square feet of industrial space with an average vacancy rate of 12.8%. Industrial rents range from $2.25 to $3.75 per square foot net. Honda's 1.6 million square foot 2800-employee Anna, Ohio engine plant is less than 10 miles away. Garland, Texas is part of the Dallas metropolitan area. The Dallas Industrial Market contains more than 633 million square feet of industrial space and has an average vacancy rate of 9.3%. Industrial rents are increasing in the market and various market reports show average net rents ranging between $3.57 and $4.71 per square foot. This market recorded positive absorption of more than 3.7 million square feet in the 2nd quarter and continues a 2+ year positive trend. New completions during the quarter totaled just over 1.2 million square feet, most of which is located in 2 large build-to-suit facilities for Del Monte Foods and FedEx. Highlands, Texas is part of the Houston metropolitan area. Absorption has been positive for eight consecutive quarters (662,554 square feet in the first quarter of 2005) and vacancy has continued to trend downward, closing the first quarter of 2005 at 7.93%. Houston's 12 month job growth rate of 1.2% through March 2005 produced 27,200 new jobs and the area experienced 1.6 million square feet of leasing activity in the first quarter. The Houston Industrial Market contains over 320 million square feet with average net rents for industrial space and warehouse/manufacturing reported at $5.28 per square foot and $4.08 per square foot, respectively. THE PROPERTY MANAGEMENT. The properties are managed by Plastipak a wholly owned subsidiary of Plastipak Holdings. 31 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 PLASTIPAK PORTFOLIO [MAP INDICATING LOCATIONS OF PLASTIPAK PORTFOLIO OMITTED] 32 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 [THIS PAGE INTENTIONALLY LEFT BLANK] 33 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ONE WORLD TRADE CENTER [2 PHOTOS OF ONE WORLD TRADE CENTER OMITTED] 34 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ONE WORLD TRADE CENTER <TABLE> MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $90,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $90,000,000 % OF POOL BY IPB: 3.3% LOAN SELLER: LaSalle Bank National Association BORROWER: GREIT -- One World Trade Center, L.P. SPONSOR: G REIT, Inc. ORIGINATION DATE: 07/12/05 INTEREST RATE: 5.17500% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 08/01/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance </TABLE> <TABLE> ESCROWS - -------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------ ------ TAXES: $543,319 $108,664 INSURANCE: $136,973 $17,122 CAP EX: $0 $9,555 TI/LC: $250,000 $22,932 REQUIRED REPAIRS: $55,000 $0 </TABLE> <TABLE> PROPERTY INFORMATION - --------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 573,300 LOCATION: Long Beach, CA YEAR BUILT/RENOVATED: 1989 OCCUPANCY: 85.7% OCCUPANCY DATE: 07/31/05 NUMBER OF TENANTS: 67 HISTORICAL NOI: 2002: $6,140,143 2003: $7,147,243 2004: $9,015,282 TTM AS OF 03/31/05: $9,057,993 UW REVENUES: $14,484,289 UW EXPENSES: $6,269,908 UW NOI: $8,214,382 UW NET CASH FLOW: $7,521,974 APPRAISED VALUE: $131,000,000 APPRAISAL DATE: 06/03/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $157 CUT-OFF DATE LTV: 68.7% MATURITY DATE LTV: 63.5% UW DSCR: 1.27x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/FITCH(1) FEET GLA PSF YEAR - --------------------------------------------------------------------------------------------------------------------------------- US CUSTOMS United States of America Aaa/AAA 50,774 8.9% $ 27.46 2012(2) EXECUTIVE MEETING AT HILTON LBWTC Real Estate Partners, LLC NR/NR 46,661 8.1% $ 10.54(3) 2014 LONG BEACH FORD, WALKER, HAGGERTY & Ford, Walker, Haggerty & Behar, LLP NR/NR 35,754 6.2% $ 28.44 2006(4) BEHAR, LLP FBI United States of America Aaa/AAA 29,745 5.2% $ 35.28 2012 APRISO CORPORATION Apriso Corporation NR/NR 26,365 4.6% $ 24.00 2008 </TABLE> 1 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 2 Tenant has the right to terminate a portion of its leased space (which portion shall be less than 7,124 square feet) at any time upon 30 days notice to borrower. 3 In addition to Base Rent of $10.06 per square foot, Tenant pays its proportionate share of expenses as it is a triple net lease. 4 Tenant may terminate its lease in whole or in part at any time after June 30, 2007 upon 180 days notice to borrower. 35 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ONE WORLD TRADE CENTER THE LOAN. The loan is secured by a first mortgage interest in an approximately 573,300 square foot office building, with a retail component, known as "One World Trade Center," located in Long Beach, California. THE BORROWER. The borrower, GREIT -- One World Trade Center, L.P., a California limited partnership, is structured as a single purpose entity, for which a non-consolidation opinion was delivered at origination. The borrower is sponsored by G REIT, Inc. G REIT, Inc. is a real estate investment trust formed to acquire and operate office, industrial and service properties. G REIT, Inc. is currently the subject of an SEC investigation and has reported that numerical and other information in its disclosure documents were incorrect as further described under "Risk Factors-Litigation or Other Legal Proceedings Could Adversely Affect the Mortgage Loans" in the Prospectus Supplement. THE PROPERTY(1). Built in 1989, One World Trade Center is a Class A, 27 story office building, with a retail component, containing approximately 573,300 square feet with two levels of underground parking and surface parking. One World Trade Center is situated on approximately 4.1 acres on Ocean Boulevard in downtown Long Beach, California. The two story retail component is separate but adjacent to the office building and surrounds an open air courtyard. The courtyard was recently renovated and a walkway was added from an adjacent Hilton Hotel to the "Hilton Conference Center" located within One World Trade Center. The retail component and the office building are connected on the first, second, and third levels. The ground floor of One World Trade Center contains three main lobbies. The primary lobby is oriented toward Ocean Boulevard. The other two lobbies connect with the retail component. One World Trade Center includes a two story atrium at the front entrance. Given its height and location, One World Trade Center provides water views. THE MARKET(1). Long Beach, California encompasses a land area of approximately 50 square miles, is situated in the southern portion of Los Angeles County and is one of the largest incorporated cities in Los Angeles County. The Long Beach central business district is in a redevelopment area that incorporates most of downtown. The Long Beach central business district Redevelopment Area was established in 1975 and contains approximately 420 acres. Since its inception, over $3 billion of government and private funds have been invested in the downtown area. One World Trade Center is located approximately one block from the Long Beach Civic Center and approximately one-half mile from the Long Beach Convention Center. The nearest Blue Line train stop, which provides service to downtown Los Angeles, is located approximately one-quarter mile from One World Trade Center. Regional access to One World Trade Center is provided by the Long Beach Freeway (Interstate 710) located approximately one-half block from One World Trade Center. Based upon rent comparables from other properties, the appraisal concluded that market rent for office space at One World Trade Center is $24.60 per square foot, with an average vacancy rate of 14.0% attributed for the comparables. PROPERTY MANAGEMENT. The property is managed by Triple Net Properties Realty, Inc., an affiliate of the borrower. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the One World Trade Center appraisal dated June 3, 2005. <TABLE> LEASE ROLLOVER SCHEDULE NUMBER % OF CUMULATIVE CUMULATIVE % OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE OF BASE LEASES FEET GLA BASE RENT RENT FEET % OF GLA BASE RENT RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------- ---------- ---------- ---------- -------------- ---------- ------------- ------------- ------------- -------------- VACANT 81,801 14.3% N/A N/A N/A N/A N/A N/A MTM 13 23,606 4.1 $ 273,475 2.8% 107,386 18.4% $ 273,475 2.4% 2005 6 19,641 3.4 499,267 3.9 124,327 21.8% $ 772,742 6.7% 2006 12 57,561 10.0 1,537,203 13.4 181,888 31.9% $ 2,309,945 20.1% 2007 5 27,349 4.8 654,943 5.7 209,237 36.6% $ 2,964,888 25.8% 2008 6 45,476 7.9 960,881 8.4 254,713 44.6% $ 3,925,769 34.2% 2009 8 68,475 11.9 1,734,303 15.1 323,188 56.5% $ 5,660,072 49.3% 2010 9 62,263 10.9 1,382,345 12.1 386,172 67.4% $ 7,042,417 61.4% 2011 3 11,429 2.0 294,868 2.6 397,601 69.4% $ 7,337,285 64.0% 2012 11 111,133 19.4 3,184,365 27.7 508,734 88.7% $10,521,649 91.7% 2013 0 0 0.0 0 0.0 508,734 88.7% $10,521,649 91.7% 2014 3 46,661 8.1 491,923 4.3 555,395 96.9% $11,013,573 96.0% 2015 2 17,905 3.1 459,134 4.0 573,300 100.0% $11,472,706 100.0% AFTER 0 0 0.0 0 0.0 573,300 100.0% $11,472,706 100.0% - ----- -- ------- ----- ----------- ----- ------- ----- ----------- ----- TOTAL 78 573,300 100.0% $11,472,706 100.0% </TABLE> 36 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ONE WORLD TRADE CENTER [MAP INDICATING LOCATION OF ONE WORLD TRADE CENTER OMITTED] 37 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WESTERN US ALLIANCE PORTFOLIO [5 PHOTOS OF WESTERN US ALLIANCE PORTFOLIO OMITTED] 38 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WESTERN US ALLIANCE PORTFOLIO <TABLE> MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $70,750,000 CUT-OFF DATE PRINCIPAL BALANCE: $70,750,000 % OF POOL BY IPB: 2.6% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Behringer Harvard Western Portfolio LP SPONSOR: Behringer REIT I, Inc. ORIGINATION DATE: 07/20/05 INTEREST RATE: 5.07650% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 08/01/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(91),O(4) CROSS-COLLATERALIZATION: Yes LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition </TABLE> <TABLE> ESCROWS - ------------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY -------- -------- TAXES: $909,670 $114,181 INSURANCE: $51,820 $7,403 CAPEX: $0 $8,100 TI/LC: $0 $40,499 </TABLE> <TABLE> PROPERTY INFORMATION - --------------------------------------------- SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Fee PROPERTY TYPE: Office-Suburban SQUARE FOOTAGE: 485,989 LOCATION: Various YEAR BUILT/RENOVATED: Various OCCUPANCY: 100% OCCUPANCY DATE: 06/13/05 NUMBER OF TENANTS: 8 HISTORICAL NOI: TTM AS OF 05/31/05: $7,364,740 UW REVENUES: $9,999,318 UW EXPENSES: $3,249,594 UW NOI: $6,749,724 UW NET CASH FLOW: $6,166,537 APPRAISED VALUE: $95,650,000 APPRAISAL DATE: Various </TABLE> <TABLE> FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $146 CUT-OFF DATE LTV: 74.0% MATURITY DATE LTV: 68.3% UW DSCR: 1.34x </TABLE> <TABLE> PORTFOLIO PROPERTIES % OF YEAR SQUARE PORTFOLIO ALLOCATED LOAN PROPERTY NAME LOCATION (CITY, STATE) BUILT FEET GLA AMOUNT - ----------------------------------- -------------------------- -------- ---------- ----------- ---------------- WESTERN US ALLIANCE DATA SYSTEMS Dallas, TX 1998 230,061 47.30% $26,750,000 SW CENTER Tigard, OR 2001 88,335 18.20 15,375,000 GATEWAY 23 Diamond Bar, CA 1999 71,739 14.80 13,000,000 GATEWAY 22 Diamond Bar, CA 1999 55,095 11.30 9,750,000 GATEWAY 12 Diamond Bar, CA 1999 40,759 8.40 5,875,000 - ----------------------------------- -------------------------- ---- ------- ------ ----------- TOTAL/WEIGHTED AVERAGE 485,989 100.00% $70,750,000 </TABLE> 39 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WESTERN US ALLIANCE PORTFOLIO THE LOAN. The loan is secured by a first mortgage interest in five Class B+ office buildings totaling approximately 485,989 square feet. The properties are located in Los Angeles, California, Tigard, Oregon and Dallas, Texas. THE BORROWER. The borrower, Behringer Harvard Western Portfolio LP, is a single purpose entity controlled by the sponsor, Behringer Harvard REIT I, Inc. ("Behringer"). Behringer Harvard Western Portfolio LP is a national real estate investment fund sponsor offering a family of real estate funds to the public through the independent broker-dealer community. Behringer was formed in June 2002 to invest in office buildings and other commercial properties. Behringer was launched in 2004 and currently holds a total of nine properties with approximately 1.9 million square feet of institutional office space in seven separate markets. As of December 31, 2004, Behringer had raised approximately $115 million in equity. THE PROPERTY. The Western US Alliance portfolio is comprised of five Class B+ office buildings totaling approximately 485,989 square feet. The five properties are all cross-collateralized. WESTERN ALLIANCE DATA The property consists of two 3-story Class B+ office buildings containing 230,061 square feet. The collateral occupies over 10 acres and also includes a parking deck with a 312 vehicle capacity. The buildings were built in 1998 and 2000 and are located in the Richardson/Plano area of the Dallas market. Both buildings are 100% occupied by a single tenant, Alliance Data Systems, whose lease expires on October 31, 2010 with two 5-year renewal options. Alliance Data Systems, is a private-label credit card service, providing transaction and marketing services to over 300 clients. Alliance Data Systems, based out of Waterview Parkway, in Dallas, Texas provides CRM-based transaction and marketing services for companies located in North America. Alliance Data Systems provides payment processing, private label credit, billing, customer care, and loyalty and database marketing services to the retail, petroleum, financial services, utility, and transportation markets. The property houses over 1,000 employees and is the corporate headquarters for Alliance Data Systems. GATEWAY 12 The property consists of one 2-story Class B+ office building containing 40,759 square feet. The building was built in 1999 and is located in Diamond Bar, California, a suburb of Los Angeles. The building is 100% occupied by a single tenant, Goodrich Corporation, whose lease expires on November 30, 2011 with one 5-year renewal option. Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to the aerospace and defense industries. The property serves as an operational office and engineering department for the company's industrial winch division. The property is located in the master-planned Gateway Corporate Center office park in Los Angeles' San Gabriel Valley and offers views, nearby amenities and is located directly off the Pomona Freeway and the Orange Freeway. Gateway Corporate Center offers a premier location that gives its tenants the ability to serve clients in both Orange County and Los Angeles. GATEWAY 22 The property consists of one 2-story Class B+ office building containing 55,095 square feet. The building was built in 1999 and is located in Diamond Bar, California, a suburb of Los Angeles. The building is 100% occupied by a single tenant, Allstate, whose lease expires on December 31, 2009 with two 5-year renewal options. The Allstate Corporation ("Allstate") is based in Northbrook, Illinois. Allstate is the nation's largest publicly held personal lines insurer. A Fortune 50 company with $149 billion in assets, Allstate sells 13 major lines of insurance, including auto, property, life and commercial. Allstate also offers retirement and investment products and banking services. Allstate has operations in 49 states and Canada, insuring one out of every eight autos and homes in the U.S. Allstate encompasses approximately 70,000 professionals, including nearly 39,000 employees, more than 13,000 agents and financial specialists, and licensed sales professionals. Allstate had over $33.9 billion in annual revenues in 2004 along with $3.2 billion in annual net income. GATEWAY 23 The property consists of one 3-story Class B+ office building containing 71,739 square feet. The building was built in 1999 and is located in Diamond Bar, California. The building is 100% occupied by a single tenant, Allstate, whose lease expires on December 31, 2009 with two 5-year renewal options. - ------------------------------------------------------------------------------- 40 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WESTERN US ALLIANCE PORTFOLIO SOUTHWEST CENTER The property consists of one 3-story Class B+ office building containing 88,335 square feet. The building was built in 2001 and is located in Tigard, Oregon, a suburb of the Portland market. The building is 100% occupied by four tenants. Two of four tenants, Allstate and United Healthcare lease more than 79,475 square feet, approximately 90% of the net rentable area. United Healthcare along with its sister company Uniprise Solutions, serves more than 18 million individual customers. They provide access to care from more than 470,000 physicians and 4,500 hospitals across all 50 states and in 4 international markets, with more than 5,000 employees worldwide. United Healthcare is the largest business unit of the parent company, United Health Group, Inc. ("United Health"), a Fortune 100 company. United Health serves more than 50 million patients. United Health had over $37 billion in revenues and reported a profit of more than $4 billion in 2004. The property is located in Portland, Oregon in the Kruse Way Corridor, approximately one-half mile from Interstate 5. Interstate 5 provides access to Southwest Center, as does nearby public transportation. The property features a parking ratio of 4 spaces per 1,000 square feet. Southwest Center is located in close proximity to the executive housing located in the communities of Lake Oswego and Dunthorpe. THE MARKET(1). WESTERN ALLIANCE DATA The property is located within the Richardson/Plano submarket at the convergence of three cities: Richardson, Plano and Dallas. Although most of Dallas is within Dallas County, the property is situated in a part of Dallas that is within Collin County. The immediate vicinity of the property is approximately ten miles north of the Dallas central business district. Central Expressway is located approximately two miles east of the property. This highway extends north from Galveston through Texas and is primarily known as Interstate 45. The average vacancy rate for Class B buildings in the Richardson/Plano submarket is 18.5%. The submarket's average Class B rental rate is $15.26 per square foot. The Richardson/Plano submarket is comprised of 19.549 million square feet of office space. This total consists of 6.2 million square feet of Class A office space, 12.25 million square feet of Class B office space, and 1.0 million square feet of Class C office space. The average vacancy for Class A, B, and C office space in the Richardson/Plano submarket is 19.47%, 18.5%, and 10.8% respectively. Within the Richardson/Plano submarket, there is one 55,000 square foot building now under construction and two projects comprising 78,000 square feet were delivered in 2004. All of these properties are 100% pre-leased. GATEWAY 12, GATEWAY 22 AND GATEWAY 23 The properties are located in the San Gabriel Valley area of Los Angeles County; a region located east of downtown Los Angeles in the northern portion of Diamond Bar, just east of the Orange Freeway in the San Gabriel Valley. Diamond Bar is located in the southeastern portion of Los Angeles County, west of the San Bernardino County line and two miles north of the Orange County border. According to the first quarter 2005 REIS, Inc. MetroTrend report for Los Angeles County, this office submarket is comprised of 156 buildings with a total rentable area of 9.75 million square feet. The weighted average vacancy rate for the market is 9.3% and the asking rent as of 1st quarter 2005 was $21.81 per square foot. According to the CBRE first quarter 2005 Regional Office Market Report, the subject is located in the San Gabriel Valley office market which contains approximately 12,624,341 square feet in 174 buildings. San Gabriel Valley maintains the lowest vacancy rate of the entire Los Angeles region at 6.1% verses a 12.6% vacancy rate for the entire Los Angeles County office market. Within the San Gabriel Valley market, Diamond Bar has a vacancy rate of 2.06% SOUTHWEST CENTER The property is located in Tigard, which is in the Portland, Oregon market, and within the Washington Square submarket. Tigard, Oregon is located southwest of Highway 217 in the community of King City. Tigard is bordered by Beaverton on the north and Tualatin on the south. The Portland metropolitan area has a population of approximately 1.9 million and constitutes the 25th largest metropolitan area in the country. First quarter 2005 continues to show increased leasing with overall vacancy rates declining slightly from 13.7% to 13%. One year ago, overall vacancy rates were nearly 17%. The Portland market experienced rapid leasing velocity in 2004, recording over 1.3 million square feet of positive net absorption of office space. Absorption levels for Portland's suburban office market have averaged more than 400,000 square feet annually from 1999 through 2004. Overall average asking lease rates for the Portland Metro was $18.83 per square foot. The Washington Square submarket lease rates average $20.89 per square foot. Construction activity continues to be slow with only 142,191 square feet currently under construction-the lowest level in ten years. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Western Alliance Data Systems appraisal dated June 30, 2005 and Gateway 22 appraisal dated July 12, 2005. 41 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WESTERN US ALLIANCE PORTFOLIO PORTFOLIO PROPERTIES <TABLE> LARGEST TENANTS BASE LEASE SQUARE % OF RENT EXPIRATION PROPERTY NAME LOCATION (CITY, STATE) MAJOR TENANT FEET GLA(1) PSF YEAR - ----------------------- ------------------------- --------------------------- --------- -------- ----------- ---------- WESTERN US ALLIANCE DATA SYSTEMS Dallas, TX Alliance Data Systems 230,061 100% $13.04 2010 SW CENTER Tigard, OR Allstate Insurance Company 48,760 55.2% $25.68 2009 GATEWAY 23 Diamond Bar, CA All State Insurance Company 71,739 100% $17.52 2009 GATEWAY 22 Diamond Bar, CA All State Insurance Company 55,095 100% $16.68 2009 GATEWAY 12 Diamond Bar, CA Goodrich 40,759 100% $14.88 2011 </TABLE> 1 % of GLA represents the percentage of gross leasable area that the anchor tenant occupies in the related Western US Alliance Portfolio property. <TABLE> LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE BASE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ---------- ---------- ----------- ------------ ------------ ------------ ------------- ------------- -------------- VACANT N/A N/A N/A N/A N/A N/A N/A N/A N/A 2005 & MTM N/A N/A N/A N/A N/A N/A N/A N/A N/A 2006 3 37,531 7.7% $ 897,081 11.3% 37,531 7.7% $897,081 11.3% 2007 0 0 0.0 0 0.0 37,531 7.7% $897,081 11.3% 2008 0 0 0.0 0 0.0 37,531 7.7% $897,081 11.3% 2009 3 173,684 35.7 3,379,218 42.4 211,215 43.5% $4,276,299 53.7% 2010 1 230,061 47.3 3,000,650 37.7 441,276 90.8% $7,276,949 91.4% 2011 2 44,713 9.2 685,574 8.6 485,989 100.0% $7,962,523 100.0% 2012 0 0 0.0 0 0.0 485,989 100.0% $7,962,523 100.0% 2013 0 0 0.0 0 0.0 485,989 100.0% $7,962,523 100.0% 2014 0 0 0.0 0 0.0 485,989 100.0% $7,962,523 100.0% 2015 0 0 0.0 0 0.0 485,989 100.0% $7,962,523 100.0% AFTER 0 0 0.0 0 0.0 485,989 100.0% $7,962,523 100.0% - ----- -- ------- ----- ---------- ----- ------- ----- ---------- ----- TOTAL 9 485,989 100.0% $7,962,523 100.0% </TABLE> 42 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WESTERN US ALLIANCE PORTFOLIO [4 MAPS INDICATING LOCATIONS OF WESTERN US ALLIANCE PORTFOLIO OMITTED] 43 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 CREEKSIDE APARTMENTS [2 PHOTOS OF CREEKSIDE APARTMENTS OMITTED] 44 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 CREEKSIDE APARTMENTS <TABLE> MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $68,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $68,000,000 % OF POOL BY IPB: 2.5% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: Creekside Associates, Ltd. SPONSOR: Israel Feit ORIGINATION DATE: 07/12/05 INTEREST RATE: 5.11500% INTEREST ONLY PERIOD: 60 Months MATURITY DATE: 08/11/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 Months REMAINING AMORTIZATION: 360 Months CALL PROTECTION: L(24),Def(94),O(1) CROSS-COLLATERALIZATION: No LOCK BOX: Springing(1) ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance </TABLE> 1 Upon an event of default. <TABLE> ESCROWS - ----------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------ ------- TAXES: $104,026 $52,013 INSURANCE: $ 41,331 $24,817 CAPEX: $ 21,375 $21,375 REQUIRED REPAIRS: $ 6,250 $0 </TABLE> <TABLE> PROPERTY INFORMATION - --------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily- Garden UNITS: 1,026 LOCATION: Bensalem, PA YEAR BUILT: 1971 OCCUPANCY: 94.4% OCCUPANCY DATE: 05/31/05 HISTORICAL NOI: 2003: $5,010,982 2004: $5,472,420 TTM AS OF 04/30/05: $5,353,043 UW REVENUES: $9,391,177 UW EXPENSES: $3,749,840 UW NOI: $5,641,337 UW NET CASH FLOW: $5,384,837 APPRAISED VALUE: $85,000,000 APPRAISAL DATE: 06/01/05 </TABLE> <TABLE> FINANCIAL INFORMATION - -------------------------------------------- CUT-OFF DATE LOAN/UNIT: $66,277 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 73.9% UW DSCR: 1.21x </TABLE> <TABLE> MULTIFAMILY INFORMATION APPROXIMATE AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY UNIT MIX NO. OF UNITS SQUARE FEET SF SF ASKING RENT MARKET RENT - ------------------------- --------------- --------------- -------------- ------------- ------------------ ----------------- ONE BEDROOM 524 621 325,560 46.8% $810 $812 TWO BEDROOM 502 737 369,974 53.2 $859 $865 - ------------------------- ----- --- ------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE 1,026 678 695,534 100.0% $834 $838 </TABLE> 45 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 CREEKSIDE APARTMENTS THE LOAN. The Creekside Apartments loan is secured by a first mortgage interest in a 1,026-unit garden-style multifamily property located in Bensalem, Pennsylvania. THE BORROWER. The borrower is Creekside Associates, Ltd., a special purpose entity controlled by Israel Feit. Mr. Feit owns 10% of the partnership interests in the borrower and also owns and controls Creekside Management LLC, the general partner of the borrower. Mr. Feit is an owner and manager of the Feit Management Company and has been a real estate investor since 1970. In addition, he has owned and/or managed over 2,600 units of multifamily housing since 2001. (The remaining equity in the borrower is held by fifteen other individuals, with no single person owning more than a 10% interest.) THE PROPERTY. Creekside Apartments is located on Knights Road in Bensalem, Pennsylvania. The 37-acre site has frontage and vehicular access on both Knights Road to the south and Dunks Ferry Road to the north. The Pennsylvania Turnpike (Interstate 276) is located two miles to the north and Interstate 95 is located two miles to the southeast of the property. The property's immediate vicinity consists of a mix of retail and residential uses and is characterized by residential apartment complexes, single-family residences, retail shops, supermarkets, and chain discount stores. Constructed in 1971, the site is improved with a three-story garden apartment community containing 1,026 units in 171 six-unit buildings. The property's unit mix consists of one and two bedroom units with an average unit size of 678 square feet. The property has a 3,420 square foot community center with a central laundry room for residents as well as classroom space. In addition, there are four playgrounds interspersed throughout the property and 1,223 striped surface parking spaces (including 87 handicapped spaces). As of May 2005, the property was 94.4% occupied. THE MARKET(1). The property is located in Bucks County in suburban Philadelphia, approximately 25 miles north of the Philadelphia central business district. The population of Bucks County increased at a compounded annual rate of 0.96% and employment grew at an average compound rate of 1.77% from 1999 to 2004. Bucks County accounted for 11.73% of Philadelphia's employment in 2004 and has an average household income of $101,700 as of year-end 2004. The property is located in Bensalem Township in an area known as Lower Bucks, a portion of Bucks County that lies closest to Philadelphia and just west of New Jersey. The Lower Bucks County apartment submarket has an overall vacancy rate of 3.2% as of the first quarter 2005 and no new projects under construction. The effective rental rate is $795 per unit, and has increased annually at an average rate of 3.0% over the past eight years. The properties located within one mile of the property have an average vacancy rate of 6% and were built around 1971. PROPERTY MANAGEMENT. The property is managed by Feit Management Company, an affiliate of the borrower. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Creekside Apartments appraisal dated June 1, 2005. 46 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 CREEKSIDE APARTMENTS [MAP INDICATING LOCATION OF CREEKSIDE APARTMENTS OMITTED] 47 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 GATEWAY CENTER [2 PHOTOS OF GATEWAY CENTER OMITTED] 48 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 GATEWAY CENTER <TABLE> MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $65,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $64,874,218 % OF POOL BY IPB: 2.4% LOAN SELLER: LaSalle Bank National Association BORROWER: Hertz Gateway Center, LP SPONSOR: Isaac Hertz, Judah Hertz, Sarah Hertz, William Z. Hertz ORIGINATION DATE: 06/30/05 INTEREST RATE: 5.40000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 07/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 358 months CALL PROTECTION: L(24),Def(93),O(1) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance </TABLE> <TABLE> ESCROWS - -------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- ------- TAXES: $1,031,881 $171,980 INSURANCE: $310,011 $38,751 CAPEX: $0 $24,407 TILC: $0 $152,543 </TABLE> <TABLE> PROPERTY INFORMATION - ----------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 1,464,595 LOCATION: Pittsburgh, PA YEAR BUILT/RENOVATED: 1960/2000 OCCUPANCY: 80.5% OCCUPANCY DATE: 06/30/05 NUMBER OF TENANTS: 141 HISTORICAL NOI: 2002: $8,679,809 2003: $8,119,990 2004: $7,843,471 TTM AS OF 03/31/05: $7,664,748 UW REVENUES: $23,908,925 UW EXPENSES: $15,146,642 UW NOI: $8,762,283 UW NET CASH FLOW: $7,126,611 APPRAISED VALUE: $85,000,000 APPRAISAL DATE: 06/06/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $44 CUT-OFF DATE LTV: 76.3% MATURITY DATE LTV: 63.7% UW DSCR: 1.63x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY FITCH1 FEET GLA PSF YEAR - ------------------------------ ------------------------------------- ----------- --------- --------- ------------ ----------- DOLLAR BANK Dollar Bank, Federal Savings Bank NR/NR 90,874 6.2% $19.50 2010 CBS BROADCASTING Viacom, Inc. A3/BBB+ 63,615 4.3% $14.14 2009 STRATEGIC ENERGY LLC Strategic Energy LLC Baa3/BBB 39,355 2.7% $17.21 2008 LEBOUF, LAMB, GREEN & MCRAE, L.L.P. LeBouf, Lamb, Green & McRae, L.L.P. NR/NR 30,939 2.1% $18.31 2006 BABST, CALLAND, CLEMENTS & ZOMNIR Babst, Calland, Clements & Zomnir NR/NR 38,653 2.6% $17.74 2008(2) </TABLE> 1 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 2 Tenant has a termination right effective as of December 31, 2006. 49 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 GATEWAY CENTER THE LOAN. The loan is secured by a first mortgage interest in approximately 1,464,595 square feet located in a four building office complex known as "Gateway Center," in Pittsburgh, Pennsylvania. THE BORROWER. The borrower, Hertz Gateway Center, LP, a Delaware limited partnership, was structured as a special purpose entity for which a non-consolidation opinion was delivered at origination. The sponsors of the borrower are members of the Hertz family. The Hertz family, through related entities, have been involved in acquiring, marketing and managing commercial properties for over 25 years. THE PROPERTY(1). The property consists of four Class A office buildings totaling approximately 1,464,595 square feet and occupying the southwest and northwest corners of Liberty Avenue and Stanwix Street in the central business district of Pittsburgh.2 The property is located near the Allegheny River on approximately 8.8 acres. The property includes two interconnected underground garages. Of the 141 tenants, no one tenant occupies more than 6.2% of the total space or pays more than 8.9% of the total rent. One Gateway Center has 20 stories and approximately 344,061 square feet; Two Gateway Center has 20 stories and approximately 324,145 square feet; Three Gateway Center has 25 stories and approximately 370,924 square feet; and Four Gateway Center has 22 stories and approximately 425,465 square feet. One, Two, and Three Gateway Center were built in 1952, renovated in 2000 and are of a cruciform design.3 Four Gateway Center was built in 1960, renovated in 2000 and is a rectangular design. All of the buildings are interconnected on lower levels. The buildings provide river and downtown views and are within walking distance of downtown restaurants and shopping. Features include multi-story atriums, card controlled access and on site 24 hour security. Public transportation access to the property is provided by the "T" subway station located one block from the property. THE MARKET(1). Pittsburgh, Pennsylvania is centrally located within Allegheny County and encompasses approximately 55 square miles on the northerly and southerly sides of the Allegheny, Monongahela, and Ohio Rivers. The predominant use in the Pittsburgh central business district is office space, with a governmental presence (the City of Pittsburgh is the County Seat of Allegheny County), cultural facilities, hotels and restaurants. The expansion of the Pittsburgh Convention Center has recently occurred within the Pittsburgh central business district. In addition, the immediate area between the expanded Convention Center and Point State Park (located within walking distance from the property) is being upgraded to a river walk along the south bank of the Allegheny River. The Pittsburgh central business district is often referred to as the "Golden Triangle." This half mile triangular area is bordered on the north by the Allegheny River and the south by the Monongahela River extending east to the Crosstown Boulevard (Interstate 579). The aforementioned two rivers join at the triangle's apex to form the Ohio River. Based upon the appraisal, market rent for office space at the property is $17.00 per square foot. PROPERTY MANAGEMENT. The property is managed by the Hertz Investment Corporation, an affiliate of the borrower. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Gateway Center appraisal dated June 6, 2005. 2 A portion of the mortgage encumbers property commonly known as the "Hilton Parcel". The Hilton Parcel was not considered part of the collateral for the mortgage loan for underwriting purposes and thus was given no value during the underwriting of the loan. The borrower may request a release of the mortgage on the Hilton Parcel after it satisfies certain administrative provisions in the loan documents. 3 As a result of a recent City of Pittsburgh water main break, a portion of the property below grade level, including the parking garage that services One, Two, and Three Gateway Center suffered flood damage. This damage is currently being repaired. The parking garage is expected to re-open on September 12, 2005. <TABLE> LEASE ROLLOVER SCHEDULE % OF CUMULATIVE CUMULATIVE CUMULATIVE NUMBER % OF BASE SQUARE % OF CUMULATIVE % OF OF LEASES SQUARE FEET GLA BASE RENT RENT FEET GLA BASE RENT BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING RENT EXPIRING - ------- ----------- -------------- ---------- -------------- ---------- ------------- ------------- ------------- --------------- VACANT 285,260 19.5% N/A N/A N/A N/A N/A N/A MTM 7 28 0.0 $ -- 0.0% 285,288 19.5% -- 0.0% 2005 45 89,649 6.1 1,429,376 7.2 374,937 25.6% $ 1,429,376 7.2% 2006 60 138,112 9.4 2,566,379 12.8 513,049 35.0% $ 3,995,755 20.0% 2007 48 109,861 7.5 2,081,498 10.4 622,910 42.5% $ 6,077,253 30.4% 2008 86 260,663 17.8 4,449,123 22.3 883,573 60.3% $10,526,376 52.7% 2009 36 157,402 10.7 2,637,600 13.2 1,040,975 71.1% $13,163,975 65.9% 2010 31 158,511 10.8 2,788,602 14.0 1,199,486 81.9% $15,952,577 79.8% 2011 16 69,147 4.7 830,410 4.2 1,268,633 86.6% $16,782,987 84.0% 2012 2 7,686 0.5 130,662 0.7 1,276,319 87.1% $16,913,649 84.6% 2013 6 40,139 2.7 738,993 3.7 1,316,458 89.9% $17,652,642 88.3% 2014 13 125,261 8.6 1,861,803 9.3 1,441,719 98.4% $19,514,444 97.7% 2015 3 10,687 0.7 252,246 1.3 1,452,406 99.2% $19,766,690 98.9% AFTER 2 12,189 0.8 215,889 1.1 1,464,595 100.0% $19,982,580 100.0% ----- --- --------- ------ ----------- ------ --------- ----- ----------- ----- TOTAL 355 1,464,595 100.00% $19,982,580 100.00% </TABLE> 50 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 GATEWAY CENTER [PHOTO OF GATEWAY CENTER OMITTED] 51 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 GATEWAY CENTER [MAP INDICATING LOCATION OF GATEWAY CENTER OMITTED] 52 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 [THIS PAGE INTENTIONALLY LEFT BLANK] 53 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ROUNDY'S DISTRIBUTION CENTER [3 PHOTOS OF ROUNDY'S DISTRIBUTION CENTER OMITTED] 54 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ROUNDY'S DISTRIBUTION CENTER <TABLE> MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $55,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $55,000,000 % OF POOL BY IPB: 2.0% LOAN SELLER: LaSalle Bank National Association BORROWER: Pabst Farms -- RDC, LLC SPONSOR: Peter Paul Bell ORIGINATION DATE: 08/09/05 INTEREST RATE: 4.70000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 09/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 264 months REMAINING AMORTIZATION: 264 months CALL PROTECTION: L(24),Def(92),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: Yes ADDITIONAL DEBT TYPE: B-Note(1) LOAN PURPOSE: Refinance </TABLE> <TABLE> ESCROWS - ---------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- -------- OTHER: $334,654(2) $0 </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------------------------ SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Leasehold PROPERTY TYPE: Industrial -- Warehouse/Distribution SQUARE FOOTAGE: 1,082,200 LOCATION: Oconomowoc/Summit, WI YEAR BUILT/RENOVATED: 2005 OCCUPANCY: 100% OCCUPANCY DATE: 09/01/05 NUMBER OF TENANTS: 1 UW REVENUES: $6,388,440 UW EXPENSES: $191,653 UW NOI: $6,196,787 UW NET CASH FLOW: $5,823,193 APPRAISED VALUE: $86,450,000 APPRAISAL DATE: 07/01/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $51 CUT-OFF DATE LTV: 63.6% MATURITY DATE LTV: 43.0% UW DSCR: 1.45x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE MOODY'S/ % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY FITCH(3) SQUARE FEET GLA PSF YEAR - ------------------------------- ---------------------------- ----------- -------------- ----------- ----------- ----------- ROUNDY'S DISTRIBUTION CENTER Roundy's Supermarket, Inc. Ba3/NR 1,082,200 100.0% $5.84 2020 </TABLE> 1 B-Note in the amount of $18.5 million is held by Scottsdale Capital LLC, an affiliate of the borrower. Of the $18.5 million, $6 million was funded at origination. 2 First month's debt service payment. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 55 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ROUNDY'S DISTRIBUTION CENTER THE LOAN. The loan is secured by a first mortgage on a leasehold interest in approximately 1,082,200 square feet of warehouse/distribution and related support space. The property is located in Oconomowoc and Summit, Wisconsin. The loan is structured with a 22 year amortization schedule. THE BORROWER. The borrower, Pabst Farms -- RDC, LLC, a Wisconsin limited liability company, is structured as a special purpose entity, for which a non-consolidation opinion was delivered at origination. The sponsor of the borrower is Peter Paul Bell. Mr. Bell has over 30 years of experience developing, owning and managing commercial real estate. Mr. Bell is the developer of "Pabst Farms," the development where the property is located. THE PROPERTY(1). The property totals approximately 114 acres and is located in the Pabst Farms development. Pabst Farms is an approximately 1,500 acre master planned community which integrates residential, retail and commercial development. Other tenants located in the commercial area of the development include the Ace Precision Headquarters building and a Harley Davidson dealership. The property is improved with three newly constructed buildings consisting of a combined total of approximately 1,082,200 square feet. The main industrial building, a warehouse/ distribution center, has approximately 1,065,500 square feet and consists of three major sections on the main floor; dry, refrigerated and storage space. Mezzanine office space is also located in the main industrial building. The secondary buildings consist of an approximately 16,500 square foot maintenance building and an approximately 200 square foot guardhouse. The property was built-to-suit one tenant, Roundy's Supermarket, Inc. ("Roundy's"). Tenant improvements installed on behalf of and paid for by Roundy's had an estimated value of approximately $32.9 million. Roundy's, founded in 1872, is a Fortune 500 company and is the nation's eighth largest grocery wholesaler, providing wholesale distribution of food and non-food products to supermarkets and warehouse food stores. Roundy's also operates retail grocery stores under the names Pick 'n Save, Copps Food Stores and Rainbow Food Stores and recently had the grand opening of an approximately 66,000 square foot Pick 'n Save in Pabst Farms. Roundy's has seven lease extension options of five years each. In the first quarter of 2005, Roundy's had net sales and service fees of approximately $911.4 million and net income of approximately $10.7 million. THE MARKET(1). The property is located in Waukesha County, which is located in the southeastern section of Wisconsin within the Milwaukee metropolitan area. Major industrial employers in the Milwaukee metropolitan area include: Allen-Bradley Company, Briggs-Stratton Company and Cooper Power Systems. Fortune 1000 companies headquartered in metropolitan Milwaukee include: Northwestern Mutual Life, Johnson Controls, Inc, Harnischfeger Industries, Manpower, Kohl's Corporation, and Harley-Davidson, Inc. The property location for distribution is benefited by its close access to Interstate 94, approximately 1/2 mile from the property, which stretches north from Chicago, Illinois through Milwaukee and west to Madison, the state capital of Wisconsin. Interstate 43, which intersects with Interstate 94, is the primary north/south thoroughfare in Wisconsin. PROPERTY MANAGEMENT. The property is managed by Roundy's. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Roundy's Distribution Center appraisal dated July 1, 2005. 56 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ROUNDY'S DISTRIBUTION CENTER [1 PHOTO OF ROUNDY'S DISTRIBUTION CENTER OMITTED] 57 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 ROUNDY'S DISTRIBUTION CENTER [MAP INDICATING LOCATION OF ROUNDY'S DISTRIBUTION CENTER OMITTED] 58 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 [THIS PAGE INTENTIONALLY LEFT BLANK] 59 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 HILTON GLENDALE [3 PHOTOS OF HILTON GLENDALE OMITTED] 60 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 HILTON GLENDALE <TABLE> MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $53,100,000 CUT-OFF DATE PRINCIPAL BALANCE: $53,100,000 % OF POOL BY IPB: 2.0% LOAN SELLER: KeyBank National Association BORROWER: EHP Glendale, LLC SPONSOR: Eagle Hospitality Properties Trust, Inc. ORIGINATION DATE: 07/07/05 INTEREST RATE: 5.21000% INTEREST ONLY PERIOD: 84 months MATURITY DATE: 08/01/12 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def(55),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Soft ADDITIONAL DEBT: Permitted up to $2,655,000 ADDITIONAL DEBT TYPE: Unsecured(1) LOAN PURPOSE: Acquisition </TABLE> <TABLE> ESCROWS - ---------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- ---------- TAXES: $0 Springing(2) INSURANCE: $0 Springing(3) FF & E $0 Springing(4) COMPLETION REPAIR: $348,950 $0(5) MOLD REMEDIATION: 56,250 $0(6) </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------------ SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Hotel -- Full Service ROOMS: 351 LOCATION: Glendale, CA YEAR BUILT/RENOVATED: 1992 / 1996 OCCUPANCY: 76.9% OCCUPANCY DATE: 05/01/05 HISTORICAL NOI: 2003: $4,380,635 2004: $4,851,505 TTM AS OF 6/30/05: $5,255,606 UW REVENUES: $21,388,625 UW EXPENSES: $15,721,615 UW NOI: $5,667,010 UW NET CASH FLOW: $4,811,465 APPRAISED VALUE: $76,500,000 APPRAISAL DATE: 06/10/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------------ CUT-OFF DATE LOAN/UNIT: $151,282 CUT-OFF DATE LTV: 69.4% MATURITY LTV: 69.4% UW DSCR: 1.72x </TABLE> 1 Unsecured debt permitted in the form of membership loans not to exceed $2,655,000. 2 In the event of a failure to provide timely evidence of payment of taxes or a "Sweep Event", the borrower is required to make monthly payments into a tax reserve to accumulate funds necessary to pay all taxes prior to their respective due dates. A "Sweep Event" is defined as (i) an event of default under the loan documents or (ii) the debt service coverage ratio is less than 1.35x ("DSCR Failure"). A Sweep Event resulting from a DSCR Failure shall be terminated if, for two consecutive calendar quarters, the debt service coverage ratio equals or exceeds 1.35x. 3 The borrower is required to make monthly deposits of one-twelfth of the insurance premiums into the insurance reserve fund that the lender estimates will be payable during the next ensuing 12 months. However, the borrower will not be required to make any payments into the insurance reserve fund provided the borrower furnishes satisfactory evidence that the Hilton Glendale property is insured under a satisfactory blanket policy. 4 In the event of a "Sweep Event", the borrower is required to make monthly deposits of $70,833 into a repair and replacement reserve for furniture, fixtures and equipment until a balance of $2,550,000 is achieved. 5 The completion repair reserve was established at origination to fund immediate repairs. 6 The mold remediation reserve was established at origination to fund specified required mold remediation. <TABLE> HOTEL OPERATING HISTORY - --------------------------------------------------------------------------------------------------------------------- T-12 AS OF 2002 2003 2004 6/30/05 UNDERWRITTEN --------------- --------------- --------------- --------------- --------------- OCCUPANCY 77.23% 73.50% 78.00% 77.00% 77.30% AVERAGE DAILY RATE (ADR) $127.88 $127.19 $127.73 $135.44 $136.00 REVPAR $98.77 $93.49 $99.63 $104.29 $105.13 REVENUE $19,770,569 $18,808,042 $20,623,849 $21,281,042 $21,388,625 EXPENSES $14,558,712 $14,427,407 $15,772,344 $16,025,436 $15,721,615 NOI $5,211,857 $4,380,635 $4,851,505 $5,255,606 $5,667,010 FF&E $592,861 $564,241 $620,569 $569,436 $855,545 CASH FLOW $4,618,996 $3,816,394 $4,230,936 $4,686,170 $4,811,465 </TABLE> <TABLE> HISTORICAL PENETRATION RATES(1) - ---------------------------------------------------------------------------------------------------- YTD JULY YTD JULY HILTON GLENDALE 2003 2004 2005 2004 2005 - ----------------------------- ----------- ----------- --------- ------------- ------------ OCCUPANCY 106.7% 103.4% 98.6% 104.5% 96.3% AVERAGE DAILY RATE 118.6% 111.3% 113.9% 109.4% 114.7% REVENUE PER AVAILABLE ROOM 126.7% 115.1% 112.3% 114.1% 110.5% </TABLE> 1 The 2003, 2004 and 2005 numbers represent trailing 12 months as of July 31. 61 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 HILTON GLENDALE THE LOAN. The loan is secured by a fee simple interest in a 351 room, full-service hotel located in downtown Glendale, California, a northern suburb of Los Angeles. Loan proceeds were used to acquire the property from Hilton Glendale LP, a subsidiary of Hilton Hotels Corporation, for a purchase price of $80,000,000. THE BORROWER. The borrower is EHP Glendale, LLC, a special purpose entity. The indemnitor and general partner of the managing member is Eagle Hospitality Properties Trust, Inc. ("Eagle"), a publicly traded self-advised REIT. Eagle reported a net worth as of June 2005 of approximately $202,952,000 and owns an interest in 12 hotels with approximately 3,200 suites/rooms in 7 states (Kentucky, New York, Illinois, Ohio, Colorado, Arizona and Florida) and Puerto Rico. Eagle targets full-service and all-suites hotels under brands in geographically diversified primary, secondary and resort markets in the United States. The borrower leases the property to Glendale Hotel TRS, Inc. ("Operating Tenant"), a single purpose entity, pursuant to an operating lease. The lender obtained a security interest in the personal property of the Operating Tenant and the borrower. The operating lease is subordinate to the loan and such subordination includes the certain rights of the lender to terminate the operating lease following acceleration or loan maturity. The borrower may obtain loans from its sole member provided the aggregate outstanding principal amount of such loans does not exceed $2,655,000, the loans are unsecured, the terms of loans are in accordance with borrower's operating agreement, and the loans are subordinate. THE PROPERTY. The Hilton Glendale is a four diamond, full-service hotel located in downtown Glendale, California. The hotel contains 351 guest rooms (including 13 suites), two restaurants (Coffee Garden Restaurant and Porter's Steak House), approximately 14,920 square feet of interior meeting space, a fitness facility, gift/sundry shop, outdoor pool and spa with sundeck, a business center, a rental car center and a 550-space underground parking garage. All guestrooms are equipped with a two-line speaker telephone with voice mail and data port, digital clock radio, nightstands with lamps, armoire, refrigerated mini-bar, remote-controlled color television with in-room movies, upholstered chair and ottoman, work desk with lamp, coffee maker, and iron with ironing board. All rooms have individually controlled thermostats, ceiling-mounted sprinklers, and a single-station hardwired smoke detector. Bathroom amenities include a tiled floor, tub with tiled surround, granite sink, chrome fixtures, framed mirror, and a wall-mounted hair dryer. The demand generators for the Hilton Glendale consist of 42% business travelers, 20% corporate/association groups, 13% airline crew, 9% leisure travelers, 8% third party booking channels, 5% SMERF group and 3% government travelers. The property was constructed in 1992 as a City of Glendale redevelopment project. In 2000, it was converted from a Red Lion Hotel to the Hilton flag. The borrower purchased the property subject to the condition that the property must be used solely and perpetually for the purposes of operating a first class hotel. If the property fails to be used for such purposes, title will revert to the local redevelopment agency with no impairment of the lender's lien. THE MARKET.(1) The Hilton Glendale is located in northern Los Angeles County in the City of Glendale, 10 miles north of downtown Los Angeles. The hotel is adjacent to the Glendale central business district and within a block of the Ventura Freeway, a major regional highway linking the Northern suburbs to the Los Angeles central business district. Glendale contains approximately 10.6 million square feet of commercial office space, has a civilian work force of approximately 90,000, and is estimated to be the third largest financial center in the state. Companies that are significant demand generators with large offices or headquarters in downtown Glendale include Nestle USA, Baskin-Robbins USA, IHOP Corporation, Dream Works Animation Studios, Walt Disney Imagineering, Cigna Healthcare of CA, The Disney Store Inc., Glendale Federal Bank, and Public Storage Inc. Glendale is also in close proximity to Pasadena, Burbank and Universal City. Prominent leisure attractions within a ten mile radius of the property include the Los Angeles Zoo, Rose Bowl, Universal Studios, Dodger Stadium and the Hollywood Bowl. A significant retail demand generator is the Glendale Galleria, a 1.5 million square foot, multilevel enclosed super-regional mall and office tower complex, which is situated on 34.5 acres approximately one mile south of the subject. The center is estimated to attract over 26 million visitors each year, ranking it in the top five percent of U.S. shopping centers. The center has over 250 retailers and is anchored by Nordstrom, Macy's, JCPenney, Mervyn's and Robinson-May. The Hilton Glendale's market consists of the cities of Glendale, Pasadena and Burbank, commonly referred to as the "Tri-Cities." It is estimated that there are 60 hotels in this market with a total of approximately 5,680 rooms. Of the total rooms, 56% are represented by 10 hotels that range in size from 190 to 490 rooms. Glendale has a supply of 14 hotels with 975 total rooms. The Hilton Glendale, with 351 rooms, is the largest and only full-service hotel in Glendale. The competitive set includes 8 hotels totaling 2,716 rooms in the cities of Pasadena, Burbank, Universal City, and Van Nuys. The hotels are considered full-service hotels with national brand names. As of July 2005, this segment reported a twelve-month rolling average occupancy of 78.4%, ADR of $119.42, and a RevPAR of $93.61. According to Smith Travel Research ("STR"), the existing market penetration rates for the property are summarized below. The index is based upon a property's performance relative to its competitive set as determined by STR. An index above 100% indicates a property is performing above the average of its competitive set. Properties considered competitive to the Hilton Glendale include the Westin Pasadena, Sheraton Hotel Pasadena, Courtyard Los Angeles Old Pasadena, Courtyard Los Angeles Burbank Airport, Sheraton Hotel Universal, Airtel Plaza Hotel, and Holiday Inn Burbank Media Center. PROPERTY MANAGEMENT. The property is managed by Hilton Hotels Corporation, which currently manages approximately 206 hotels, representing approximately 51,380 rooms, which are wholly owned by others. Hilton Hotels Corporation has retained a long-term franchise agreement on the property and will continue to manage it through the transition period of new ownership. The borrower anticipates replacing Hilton with Commonwealth Hotels, Inc, an approved Hilton franchise operator. Commonwealth, headquartered in Covington (Cincinnati MSA), Kentucky, is a full service hotel management company founded in 1986. Commonwealth currently manages nine hotels owned by the sponsor, Eagle Hospitality Properties Trust, Inc. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Hilton Glendale appraisal dated June 10, 2005. 62 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 HILTON GLENDALE [MAP INDICATING LOCATION OF HILTON GLENDALE OMITTED] 63 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WATERWAY PLAZA I & II [3 PHOTOS OF WATERWAY PLAZA I & II OMITTED] 64 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WATERWAY PLAZA I & II <TABLE> MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $52,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $52,500,000 % OF POOL BY IPB: 1.9% LOAN SELLER: PNC Bank, National Association BORROWER: NNN Waterway Plaza SPONSOR: Triple Net Properties, LLC, Anthony W. Thompson ORIGINATION DATE: 06/17/05 INTEREST RATE: 5.22000% INTEREST ONLY PERIOD: 60 Months MATURITY DATE: 07/01/15 AMORTIZATION TYPE: IO Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(34), Def(80), O(4) CROSS-COLLATERALIZATION: N/A LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition </TABLE> <TABLE> ESCROWS - ------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- ---------- TAXES: $0 $113,954 REQUIRED REPAIRS: $0 $6,101 INSURANCE: $0 $5,655 TI/LC RESERVE: $0 $25,000 PANTELLOS LETTER OF CREDIT $1,185,000 </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 366,043 LOCATION: Woodlands, Texas YEAR BUILT/RENOVATED: 2001 OCCUPANCY: 96.0% OCCUPANCY DATE: 04/30/05 NUMBER OF TENANTS: 24 UW REVENUES: $8,534,439 UW EXPENSES: $3,354,086 UW NOI: $5,180,353 UW NET CASH FLOW: $4,701,158 APPRAISED VALUE: $69,000,000 APPRAISAL DATE: 05/26/05 </TABLE> <TABLE> FINANCIAL INFORMATION - -------------------------------- CUT-OFF DATE LOAN/SF: $143 CUT-OFF DATE LTV: 76.1% MATURITY DATE LTV: 70.5% UW DSCR: 1.36x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/FITCH(1) FEET GLA PSF YEAR - -------------------------- ------------------------- ----------------- --------- ----------- --------- ---------- HUNTSMAN LLC Huntsman Corporation B1/NR 134,129 36.64% $20.55 2019 PANTELLOS CORPORATION Pantellos Corporation NR/NR 70,637 19.30% $24.93 2006 JONES, WALKER, WAECHTER Jones, Walker, Waechter NR/NR 15,396 4.21% $26.60 2009 BBVA BANCOMER FINANCIAL Bbva Bancomer Financial NR/NR 15,065 4.12% $25.85 2010 UBS PAINEWEBBER, INC. UBS, AG Aa2/NR 14,321 3.91% $26.13 2011 </TABLE> 1 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 65 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WATERWAY PLAZA I & II THE LOAN. The loan is secured by a first mortgage on two suburban office buildings containing a total of 366,043 square feet. The borrowers are multiple single-member Delaware limited liability companies under a syndicated tenant in common structure. Each borrower owns a percentage interest in the property. The sponsors are Triple Net Properties, LLC ("Triple Net") and Anthony W. Thompson. An affiliate of Triple Net, GREIT, Inc., is currently the subject of an SEC investigation and has reported that numerical and other information in its disclosure documents were incorrect as further described under "Risk Factors-Litigation or Other Legal Proceedings Could Adversely Affect the Mortgage Loans" in the Prospectus Supplement. THE PROPERTY. The property is known as the Waterway Plaza I & II, two Class "A" office buildings with structured parking located at 10001 and 10003 Woodloch Forest Drive, The Woodlands, Texas. Plaza I is a 9-story, approximately 223,483 square foot building completed in 2000 and Plaza II is a 6-story, approximately 142,560 square foot building completed in 2001. The structured parking has 7 stories with 1,314 parking spaces. THE MARKET. The property is located in Montgomery County, Texas which is one of the ten counties that make up the Houston/Baytown/ Sugar Land, Texas metropolitan area, the 6th largest metro area in the country. The property is part of The Woodlands, an approximately 27,000 acre master planned community. According to CoStar, The Woodlands submarket contains 6.125 million square feet of office space with an overall occupancy rate of 88.7% as of first quarter 2005. Class A space in the market is 2.36 million square feet and has a 96.2% occupancy rate as of first quarter 2005. The average quoted rate for class A space in The Woodlands is $24.33 per square foot. PROPERTY MANAGEMENT. The subject is managed by NNN Waterway Plaza Manager LLC, an affiliate of the sponsor, Triple Net. Triple Net manages nearly 125 commercial properties totaling more than 23 million square feet. Triple Net employs 287 people, directly or through affiliated partners and is headquartered in Santa Ana, California with regional management offices in Dallas and San Antonio, Texas. Triple Net is an Accredited Management Organization by the Institute of Real Estate Management. - ------------------------------------------------------------------------------- <TABLE> LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE CUMULATIVE CUMULATIVE OF SQUARE % OF % OF BASE SQUARE % OF CUMULATIVE % OF LEASES FEET GLA BASE RENT RENT FEET GLA BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ---------- ---------- ---------- ------------ ------------ ------------- ------------- ------------- ------------ VACANT 4 14,629 3.5% N/A N/A N/A N/A N/A N/A 2005 & MTM 3 12,524 3.4 $ 26,474 4.2% 27,153 7.4% $ 26,474 4.2% 2006 10 115,207 31.4 181,017 28.9 142,360 38.9% $207,491 33.1% 2007 3 11,936 3.3 26,425 4.2 154,296 42.2% $233,916 37.3% 2008 2 18,040 4.9 40,382 6.4 172,336 47.1% $274,298 43.7% 2009 2 11,131 3.0 24,235 3.9 183,467 50.1% $298,533 47.6% 2010 1 15,065 4.1 32,453 5.2 195,532 53.4% $330,986 52.8% 2011 1 14,321 3.9 31,182 5.0 212,853 58.1% $362,168 57.8% 2012 1 18,108 5.0 37,317 6.0 230,961 63.1% $399,485 63.7% 2013 1 10,050 2.7 21,358 3.4 241,011 65.8% $420,843 67.1% 2014 1 10,449 2.8 21,769 3.5 251,460 68.7% $442,612 70.6% 2015 0 0 0.0 0 0.0 251,460 68.7% $442,612 70.6% AFTER 5 134,129 36.6 184,429 29.3 435,889 100.0% $627,041 100.0% ----- -- ------- ----- -------- ----- ------- ----- -------- ----- 34 366,043 100.0% $627,041 100.0% </TABLE> 66 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 WATERWAY PLAZA I & II [MAP INDICATING LOCATION OF WATERWAY PLAZA I & II OMITTED] 67 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 HIGHLAND LANDMARK BUILDING [MAP INDICATING LOCATION OF HIGHLAND LANDMARK BUILDING OMITTED] [2 PHOTOS OF HIGHLAND LANDMARK BUILDING OMITTED] 68 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 HIGHLAND LANDMARK BUILDING <TABLE> MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $50,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $50,000,000 % OF POOL BY IPB: 1.8% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Highland Owner LLC SPONSOR: Falcon Real Estate Investment Company, Ltd. ORIGINATION DATE: 07/25/05 INTEREST RATE: 5.32000% INTEREST ONLY PERIOD: 120 months MATURITY DATE: 08/01/15 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def(91),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition </TABLE> <TABLE> ESCROWS - -------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- -------- TAXES: $63,140 $63,140 INSURANCE: $91,370 $ 9,137 CAPEX: $50,000 $0 TILC: $4,044,878(1) $0 OTHER: $1,679,464(2) $0 </TABLE> <TABLE> PROPERTY INFORMATION - --------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 276,461 LOCATION: Downers Grove, IL YEAR BUILT/RENOVATED: 1997 OCCUPANCY: 99.9% OCCUPANCY DATE: 06/30/05 NUMBER OF TENANTS: 7 HISTORICAL NOI: 2002: $4,167,845 2003: $3,929,799 2004: $3,706,084 UW REVENUES: $6,583,879 UW EXPENSES: $2,461,421 UW NOI: $4,122,458 UW NET CASH FLOW: $3,795,747 APPRAISED VALUE: $63,000,000 APPRAISAL DATE: 06/02/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $181 CUT-OFF DATE LTV: 79.4% MATURITY DATE LTV: 79.4% UW DSCR: 1.41x </TABLE> <TABLE> LEASE SQUARE EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/ FITCH(3) FEET % OF GLA BASE RENT PSF YEAR - ------------------------------ ------------------------------ ------------------ -------- ---------- ---------------- ---------- RR DONNELLEY RR Donnelley and Sons Co. Baa2/NR 122,690 44.4% $16.02 2012 HAVI GROUP Havi Group LP NR/NR 66,400 24.0% $15.94 2013 DEUTSCHE FINANCIAL SERVICES Deutsche Bank Financial Inc. Aa3/AA- 50,000 18.1% $19.37 2008 </TABLE> 1 $3,044,877.50 escrowed for tenant improvement allowance reserve owed to tenants by the borrower and $1,000,000 escrowed for rollover reserve deposit owed to tenants by the borrower. 2 $1,679,464 escrowed for rent abatement owed to tenants by the borrower. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 69 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 901 W. LANDSTREET PORTFOLIO [MAP INDICATING LOCATIONS OF 901 W. LANDSTREET PORTFOLIO OMITTED] [2 PHOTOS OF 901 W. LANDSTREET PORTFOLIO OMITTED] 70 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 901 W. LANDSTREET PORTFOLIO <TABLE> MORTGAGE LOAN INFORMATION - ----------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $50,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $49,952,442 % OF POOL BY IPB: 1.8% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Hurricane Associates, L.L.C. SPONSOR: Sidney R. Brown, Irwin J. Brown, Jeffrey S. Brown ORIGINATION DATE: 07/20/05 INTEREST RATE: 5.46000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 08/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 359 months CALL PROTECTION: L(24),Def(91),O(4) CROSS-COLLATERALIZATION: Yes LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance </TABLE> <TABLE> ESCROWS - -------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- --------- TAXES: $272,542 $70,861 INSURANCE: $66,115 $8,264 CAPEX: $0 $11,613 ENVIRONMENTAL: $227,375 $0 TILC: $0 $20,000 USPS HOLDBACK: $1,000,000(1) OTHER: $225,000(2) $0 </TABLE> <TABLE> PROPERTY INFORMATION - ----------------------------------------------------- SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Fee PROPERTY TYPE: Industrial/warehouse SQUARE FOOTAGE: 995,770 LOCATION: Various YEAR BUILT/RENOVATED: Various OCCUPANCY: 99.9% OCCUPANCY DATE: 07/15/05 NUMBER OF TENANTS: 4 HISTORICAL NOI: 2002: $3,248,410 2003: $3,866,459 2004: $4,106,502 TTM AS OF 03/31/05: $4,326,249 UW REVENUES: $6,219,898 UW EXPENSES: $1,575,742 UW NOI: $4,644,156 UW NET CASH FLOW: $4,276,014 APPRAISED VALUE: $62,500,000 APPRAISAL DATE: Various </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $50 CUT-OFF DATE LTV: 79.9% MATURITY DATE LTV: 66.7% UW DSCR: 1.26x </TABLE> <TABLE> LEASE MOODY'S/ SQUARE BASE RENT EXPIRATION TENANT NAME PARENT COMPANY FITCH(3) FEET % OF GLA PSF YEAR - ------------------------------- ----------------- ----------- --------- ----------- ----------- ---------- UNITED STATES POSTAL SERVICE US Government Aaa/AAA 400,206 40.2% $6.95 2008 RHODES INC. Rooms To Go NR/NR 222,964 22.4% $3.55 2011 WHIRLPOOL CORPORATION Whirlpool Baa/BBB+ 180,000 18.1% $3.75 2006 CONSTAR, INC. Constar, Inc. NR/NR 180,000 18.1% $3.05 2006 </TABLE> 1 Borrower has deposited with lender the cash sum of $1,000,000 referred to as the holdback funds to be released to borrower for premises which have been leased to new tenants or to United States Post Office if it leases a portion of the space. 2 Borrower has deposited with lender the cash sum of $225,000.00 to secure payment of the monthly rent payable by Whirlpool until such time as ConStar, Inc. expands into the space vacated by Whirlpool. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 71 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 METROPOLITAN BANK TOWER [1 PHOTO OF METROPOLITAN BANK TOWER OMITTED] [MAP INDICATING LOCATION OF METROPOLITAN BANK TOWER OMITTED] 72 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 METROPOLITAN BANK TOWER <TABLE> MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $50,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $49,950,542 % OF POOL BY IPB: 1.8% LOAN SELLER: LaSalle Bank National Association BORROWER: CADC-1, LLC SPONSOR: John J. Flake, Henry C. Kelley, Jr., Doyle W. Rogers ORIGINATION DATE: 07/29/05 INTEREST RATE: 5.30000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 08/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 359 months CALL PROTECTION: L(24),Def(93),O(2) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: Yes ADDITIONAL DEBT TYPE: Mezzanine Debt(1) LOAN PURPOSE: Refinance </TABLE> <TABLE> ESCROWS ESCROWS/RESERVES: INITIAL MONTHLY ------- ----------- TAXES: $590,422 $56,025 INSURANCE: $108,521 $10,852 CAPEX: $0 $8,198(2) TILC: $0 Springing(3) </TABLE> <TABLE> PROPERTY INFORMATION - ---------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 624,527 LOCATION: Little Rock, AR YEAR BUILT/RENOVATED: 1986 OCCUPANCY: 90.0% OCCUPANCY DATE: 06/01/05 NUMBER OF TENANTS: 44 HISTORICAL NOI: 2002: $5,936,158 2003: $6,275,917 2004: $4,348,988 TTM AS OF 03/31/05: $4,401,886 UW REVENUES: $8,926,733 UW EXPENSES: $3,762,035 UW NOI: $5,164,698 UW NET CASH FLOW: $4,467,912 APPRAISED VALUE: $62,500,000 APPRAISAL DATE: 05/25/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $88 CUT-OFF DATE LTV: 79.9% MATURITY DATE LTV: 66.4% UW DSCR: 1.34x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY FITCH(4) FEET GLA PSF YEAR - --------------------------------- ---------------------------------- ----------- --------- --------- ----------- ---------- ENTERGY SERVICES Entergy Corporation Baa3/NR 168,995 27.1% $13.56 2013 METROPOLITAN NATIONAL BANK Rogers Bancshares, Inc. NR/NR 66,081 10.6% $12.50 2014 MITCHELL, WILLIAMS, SELIG, GATES AND WOODYARD, LLC Mitchell, Williams, Selig, Gates and Woodyard, LLC NR/NR 49,940 8.0% $10.76 2010 MOORE STEPHENS FROST PA Moore Stephens Frost PA NR/NR 34,737 5.6% $13.30 2013 HEIFER PROJECT INTERNATIONAL Heifer Project International NR/NR 29,077 4.7% $16.51 2006 </TABLE> 1 Membership interests in the borrower were pledged to secure the payment of a note in the amount of $22,645,203.00 of which $2,128,957.87 remains to be funded. The mezzanine loan is held by Rogers-Flake Investment, LLC, an affiliate of the borrower. 2 The borrower is required to make monthly payments until such time as the balance equals $300,000. Thereafter, if there is a draw causing the reserve to go below such balance, borrower shall commence making payments until the $300,000 minimum balance is maintained. 3 Commencing on October 1, 2009, the borrower is required to make monthly payments of $31,423, until such time as the balance equals $1,508,312.52. 4 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 73 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 CHURCH STREET PLAZA [2 PHOTOS OF CHURCH STREET PLAZA OMITTED] [MAP INDICATING LOCATION OF CHURCH STREET PLAZA OMITTED] 74 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 CHURCH STREET PLAZA <TABLE> MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $39,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $39,000,000 % OF POOL BY IPB: 1.4% LOAN SELLER: LaSalle Bank National Association BORROWER: Church Street Plaza, LLC SPONSOR: Arthur Hill & Co., L.L.C. ORIGINATION DATE: 07/21/05 INTEREST RATE: 5.23000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 08/01/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def(30),O(5) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance </TABLE> <TABLE> ESCROWS - ---------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY -------- --------- TAXES: $537,268 $107,454 INSURANCE: $34,890 $3,489 CAPEX: $0 $2,203(1) TILC: $0 $11,015(2) </TABLE> <TABLE> PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 176,243 LOCATION: Evanston, IL YEAR BUILT/RENOVATED: 2003 OCCUPANCY: 100.0 OCCUPANCY DATE: 07/20/05 NUMBER OF TENANTS: 17 HISTORICAL NOI: 2003: $3,235,266 2004: $3,706,637 TTM AS OF 05/31/05: $3,835,226 UW REVENUES: $5,560,079 UW EXPENSES: $2,124,649 UW NOI: $3,435,430 UW NET CASH FLOW: $3,253,218 APPRAISED VALUE: $52,100,000 APPRAISAL DATE: 07/01/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $221 CUT-OFF DATE LTV: 74.9% MATURITY DATE LTV: 74.9% UW DSCR: 1.57x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION SALES PSF TENANT NAME PARENT COMPANY FITCH(3) FEET GLA PSF YEAR AS OF 2004 - ------------------------- ------------------------ ----------- --------- ---------- ------------ ------------ ----------- CENTURY THEATRES Century Theatres, Inc. NR/NR 69,000 39.2% $23.19 2020 $601,334(4) BORDERS Borders Group Inc. NR/NR 21,979 12.5% $30.29 2023 N/A COST PLUS WORLD MARKET Cost Plus, Inc. NR/NR 18,160 10.3% $22.00 2011 $ 178 URBAN OUTFITTERS Urban Outfitters, Inc. NR/NR 14,100 8.0% $20.85 2010 N/A THE ART STORE, INC. The Art Store, Inc. NR/NR 9,615 5.5% $23.50 2010 N/A </TABLE> 1 The borrower is required to make monthly payments until such time as the balance equals $79,310. Thereafter, if there is a draw causing the reserve to go below such balance, borrower shall commerce making payments until the $79,310 minimum balance is maintained. 2 The borrower is required to make monthly payments until such time as the balance equals $400,000. Thereafter, if there is a draw causing the reserve to go below such balance, borrower shall commerce making payments until the $400,000 minimum balance is maintained. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 4 Sales are represented on a per screen basis. 75 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 STERLING POINTE SHOPPING CENTER [MAP INDICATING LOCATION OF STERLING POINTE SHOPPING CENTER OMITTED] [2 PHOTOS OF STERLING POINTE SHOPPING CENTER OMITTED] 76 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 STERLING POINTE SHOPPING CENTER <TABLE> MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $38,775,000 CUT-OFF DATE PRINCIPAL BALANCE: $38,775,000 % OF POOL BY IPB: 1.4% LOAN SELLER: LaSalle Bank National Association BORROWER: MAH--Sterling Pointe, LLC SPONSOR: G. Drew Gibson, David P. Middlemas ORIGINATION DATE: 07/22/05 INTEREST RATE: 5.30000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 08/01/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition </TABLE> <TABLE> ESCROWS - ---------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- -------- OTHER: $225,000(1) $0 </TABLE> 1 This holdback will be disbursed once the borrower provides proof that certain identified tenants have commenced paying full rent, have taken possession and are open for business. The borrower must also have a final certificate of occupancy ("C of O") for the building located on Parcel 9 before it can get a release of the holdback. If it does not obtain the final C of O within 90 days following the closing date, the lender is permitted to use up to $116,460 of the holdback to obtain the final C of O. <TABLE> PROPERTY INFORMATION - ------------------------------------------------ SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Anchored Retail SQUARE FOOTAGE: 129,020 LOCATION: Lincoln, CA YEAR BUILT/RENOVATED: 2005 OCCUPANCY: 96.5% OCCUPANCY DATE: 09/01/05 NUMBER OF TENANTS: 29 UW REVENUES: $4,120,521 UW EXPENSES: $986,059 UW NOI: $3,134,462 UW NET CASH FLOW: $3,078,007 APPRAISED VALUE: $48,600,000 APPRAISAL DATE: 05/24/05 </TABLE> <TABLE> FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $301 CUT-OFF DATE LTV: 79.8% MATURITY DATE LTV: 73.9% UW DSCR: 1.19x </TABLE> <TABLE> SIGNIFICANT TENANTS LEASE MOODY'S/ % OF BASE RENT EXPIRATION SALES PSF TENANT NAME PARENT COMPANY FITCH(2) SQUARE FEET GLA PSF YEAR AS OF 2004 - ---------------------- -------------------------- ----------- ------------- ------ ----------- ------------ ---------- RALEY'S SUPERMARKET RALEY'S NA/NA 65,283 50.6% $17.95 2025 NA HOLLYWOOD VIDEO Hollywood Entertainment Corporation B2/NA 5,500 4.3% $24.00 2015 NA BANK OF AMERICA Bank of America, N.A. Aa2/AA-- 5,060 3.2% $36.00 2025 NA WELLS FARGO BANK Wells Fargo Bank, N.A. Aa1/AA 4,300 3.3% $34.00 2015 NA WENDY'S Wendy's International Inc. Baa2/NA 3,263 2.5% $22.07 2015 NA </TABLE> 2 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 77 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP4 [THIS PAGE INTENTIONALLY LEFT BLANK] 78 of 78 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE.