BANC OF AMERICA COMMERCIAL MORTGAGE INC.
This material is for your private information and Banc of America Securities LLC
(the "Underwriter") is not soliciting any action based upon it. This material is
not to be construed as an offer to sell or the solicitation of any offer to buy
any security in any jurisdiction where such an offer or solicitation would be
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and it should not be relied upon as such. By accepting this material the
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other person. The information contained in this material may pertain to
securities that ultimately are not sold. The information contained in this
material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
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Securities and Exchange Commission (the SEC) and incorporated by reference into
an effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including all cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing in this material only. Information in this material regarding
any assets backing any securities discussed herein supersedes all prior
information regarding such assets. Any information in the material, whether
regarding the assets backing any securities discussed herein or otherwise, will
be superseded in its entirety by the information contained in any final
prospectus and prospectus supplement for any securities actually sold to you,
which you should read before making any investment decision. This material is
furnished solely by the Underwriter and not by the issuer of the securities. The
issuer of the securities has not prepared, reviewed or participated in the
preparation of this material, is not responsible for the accuracy of this
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Underwriter is acting as Underwriter and not acting as agent for the issuer in
connection with the proposed transaction.
Final Structure
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CERTIFICATE
BALANCE OR APPROXIMATE
NOTIONAL PERCENTAGE OF APPROXIMATE
CLASS RATING (1) AMOUNT (2) POOL BALANCE (2) CREDIT SUPPORT
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Offered Certificates
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A-1(9) AAA/Aaa $ 23,000,000 1.991% 14.250%
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A-2(9) AAA/Aaa $ 34,000,000 2.943% 14.250%
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A-3(9) AAA/Aaa $ 125,000,000 10.821% 14.250%
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A-4(9) AAA/Aaa $ 110,000,000 9.522% 14.250%
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A-5(9) AAA/Aaa $ 414,397,485 35.873% 14.250%
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B AA/Aa2 $ 28,879,200 2.500% 11.750%
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C AA-/Aa3 $ 11,551,680 1.000% 10.750%
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D A/A2 $ 24,547,319 2.125% 8.625%
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E A-/A3 $ 11,551,680 1.000% 7.625%
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Private Certificates - Not Offered (7)
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A-1A(9) AAA/Aaa $ 284,159,066 24.599% 14.250%
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F BBB+/Baa1 $ 15,883,560 1.375% 6.250%
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G BBB/Baa2 $ 11,551,680 1.000% 5.250%
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H BBB-/Baa3 $ 15,883,560 1.375% 3.875%
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J BB+/Ba1 $ 4,331,880 0.375% 3.500%
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K BB/Ba2 $ 5,775,840 0.500% 3.000%
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L BB-/Ba3 $ 5,775,840 0.500% 2.500%
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M B+/B1 $ 4,331,880 0.375% 2.125%
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N B/B2 $ 2,887,920 0.250% 1.875%
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O B-/B3 $ 2,887,920 0.250% 1.625%
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P NR/NR $ 18,771,480 1.625% 0.000%
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X AAA/Aaa $1,155,167,990 (8) N/A N/A
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APPROXIMATE
INTIAL WEIGHTED
PASS-THROUGH AVERAGE
RATE AS OF LIFE
CLASS RATE TYPE DELIVERY DATE (YEARS) (3) PRINCIPAL WINDOW (3)
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Offered Certificates
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A-1(9) Fixed 2.975% 1.258 8/10/2004 - 12/10/2006
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A-2(9) Fixed 4.348% 3.642 12/10/2006 - 4/10/2009
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A-3(9) Fixed 4.875% 5.558 4/10/2009 - 4/10/2011
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A-4(9) Fixed 5.176% 7.234 4/10/2011 - 3/10/2013
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A-5(9) WAC(4) 5.48360268% (4) 9.723 3/10/2013 - 5/10/2014
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B WAC(5) 5.53860268% (5) 10.022 6/10/2014 - 11/10/2014
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C WAC(5) 5.53860268% (5) 11.192 11/10/2014 - 11/10/2015
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D WAC(5) 5.53860268% (5) 11.613 11/10/2015 - 7/10/2016
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E WAC(5) 5.53860268% (5) 11.989 7/10/2016 - 7/10/2016
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Private Certificates - Not Offered (7)
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A-1A(9) Fixed(6) 5.207% (6) 7.748 8/10/2004 - 6/10/2014
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F WAC(5) 5.53860268% (5) 11.989 7/10/2016 - 7/10/2016
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G WAC(5) 5.53860268% (5) 11.989 7/10/2016 - 7/10/2016
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H WAC(5) 5.53860268% (5) 11.989 7/10/2016 - 7/10/2016
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J Fixed(6) 5.102% (6) 11.989 7/10/2016 - 7/10/2016
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K Fixed(6) 5.102% (6) 11.989 7/10/2016 - 7/10/2016
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L Fixed(6) 5.102% (6) 11.989 7/10/2016 - 7/10/2016
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M Fixed(6) 5.102% (6) 11.989 7/10/2016 - 7/10/2016
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N Fixed(6) 5.102% (6) 11.989 7/10/2016 - 7/10/2016
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O Fixed(6) 5.102% (6) 11.989 7/10/2016 - 7/10/2016
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P Fixed(6) 5.102% (6) 14.623 7/10/2016 - 6/10/2019
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X Variable Rate (8) 0.31064165% (8) (8) N/A
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(1) Ratings shown are those of Standard & Poor's, a division of The McGraw-Hill
Companies, Inc. and Moody's Investors Service, Inc. Ratings Services,
respectively.
(2) As of the delivery date. Subject to a variance of plus or minus 10%.
(3) Based on the maturity assumptions (as defined under "Yield and Maturity
Considerations" in the prospectus supplement). As of the delivery date,
calculations for the certificates assume no prepayments will be made on (or, in
the case of the mortgage loan with an anticipated the mortgage loans prior to
their related maturity dates repayment date, the related anticipated repayment
date).
(4) The Class A-5 Certificates will accrue interest at the weighted average net
mortgage rate less 0.055%.
(5) The Class B, Class C, Class D, Class E, Class F, Class G and Class H
Certificates will accrue interest at the weighted average net mortgage rate.
(6) The Class A-1A, Class J, Class K, Class L, Class M, Class N, Class O and
Class P Certificates will accrue interest at a fixed rate subject to a cap at
the weighted average net mortgage rate.
(7) Not offered. Any information we provide herein regarding the terms of these
certificates is provided only to enhance your understanding of the offered
certificates.
(8) The Class X Certificates are not offered. Any information we provide herein
regarding the terms of these certificates is provided only to enhance your
understanding of the offered certificates. The Class X Certificates will not
have a certificate balance and their holders will not receive distributions of
principal, but such holders are entitled to receive payments of the aggregate
interest accrued on the notional amount of the Class X Certificates, as
described in the prospectus supplement. The interest rate applicable to the
Class X Certificates for each distribution date will be as described in the
prospectus supplement. See "Description of the Certificates-- Pass-Through
Rates" in the prospectus supplement.
(9) For purposes of making distributions to the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5 and Class A-1A Certificates, the pool of mortgage loans
will be deemed to consist of two distinct loan groups, loan group 1 and loan
group 2. Loan group 1 will consist of 64 mortgage loans, representing
approximately 75.4% of the initial pool balance as of the cut-off date. Loan
group 2 will consist of 30 mortgage loans, representing approximately 24.6% of
the initial pool balance as of the cut off date. Loan group 2 will include
approximately 67.0% of the initial pool balance of all the mortgage loans
secured by multifamily properties and approximately 70.6% of the initial pool
balance of all the mortgage loans secured by manufactured housing properties.
So long as funds are sufficient on any distribution date to make distributions
of all interest on such distribution date to the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-1A and Class X Certificates, interest
distributions on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5
Certificates will be based upon amounts available relating to mortgage loans in
loan group 1 and interest distributions on the Class A-1A Certificates will be
based upon amounts available relating to mortgage loans in loan group 2. In
addition, generally, the Class A-1, Class A-2, Class A-3, Class A-4 and Class
A-5 Certificates will only be entitled to receive distributions of principal
collected or advanced in respect of mortgage loans in loan group 1 until the
certificate balance of the Class A-1A Certificates has been reduced to zero, and
the Class A-1A Certificates will only be entitled to receive distributions of
principal collected or advanced in respect of mortgage loans in loan group 2
until the certificate balance of the Class A-5 Certificates has been reduced to
zero. However, on and after any distribution date on which the certificate
balances of the Class B through Class P Certificates have been reduced to zero,
distributions of principal collected or advanced in respect of the pool of
mortgage loans will be distributed to the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5 and Class A-1A Certificates pro rata.