Banc of America $300MM Alternative Loan Trust 2003-3 Rated By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 5, 2003

Banc of America Alternative Loan Trust (BoAALT) 2003-3 mortgage pass-through certificates, classes A-1 through A-5, A-R, A-LR, A-WIO, and A-P (senior certificates, $285.8 million) are rated 'AAA' by Fitch Ratings. In addition, Fitch rates class B-1 ($6.8 million) 'AA', class B-2 ($3 million) 'A', class B-3 ($1.5 million) 'BBB', class B-4 ($1.5 million) 'BB' and class B-5 ($1.1 million) 'B'.

The 'AAA' rating on the senior certificates reflects the 5% subordination provided by the 2.25% class B-1, 1% class B-2, 0.50% class B-3, 0.50% privately offered class B-4, 0.35% privately offered class B-5 and 0.40% privately offered class B-6. Classes B-1, B-2, B-3, and the privately offered classes B-4, B-5 and B-6 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination.

The ratings also reflect the quality of the underlying collateral, the capabilities of Bank of America Mortgage, Inc. as servicer (rated 'RPS1' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

Approximately 42.56% of the mortgage loans were underwritten using Bank of America's 'Alternative A' guidelines. These guidelines are less stringent than Bank of America's general underwriting guidelines and could include limited documentation or higher maximum loan-to-value ratios. Mortgage loans underwritten to 'Alternative A' guidelines could experience higher rates of default and losses than loans underwritten using Bank of America's general underwriting guidelines.

The collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 180 to 360 months. The weighted average original loan-to-value ratio for the mortgage loans in the pool is approximately 68.21%. The average balance of the mortgage loans is $148,686 and the weighted average coupon of the loans is 6.253%. The weighted average FICO credit score for the group is 738. The states that represent the largest geographic concentration are California (49.95%), Florida (9.91%), and Massachusetts (2.92%).

Approximately 1.82% of the mortgage loans are secured by properties located in the state of Georgia, none of which are governed under the Georgia Fair Lending Act (GFLA), effective as of Oct. 2, 2002 and amended effective as of March 7, 2003. For additional information on this amendment, please see Fitch's press release issued on March 14, 2003 entitled, 'Fitch To Rate RMBS After Amendment To Georgia Predatory Lending Statute, GFLA', available on the Fitch Ratings web site at 'www.fitchratings.com'. In addition, none of the mortgage loans originated in the state of New York are high cost loans. For additional information on the New York State anti-predatory lending legislation, please see Fitch's press release issued on March 26, 2003 entitled, 'Fitch: New York State Anti-Predatory Lending Legislation' also available at 'www.fitchratings.com'.

Banc of America Mortgage Securities, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, elections will be made to treat the trust as two separate real estate mortgage investment conduits (REMICs). Wells Fargo Bank Minnesota, National Association will act as trustee.