BoAALT $476.9MM Series 2004-5 Rated By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 1, 2004

Banc of America Alternative Loan Trust's (BoAALT) mortgage pass-through certificates, series 2004-5, are rated by Fitch Ratings as follows:

Groups 1, 2, and 3 certificates:

-- $325,741,000 classes 1-A-1, 2-A-1, 3-A-1 through 3-A-3, CB-IO,

3-IO and 30-B-IO 'AAA' (Groups 1, 2 and 3 senior

certificates);

-- $100 classes 1-A-R and 1-A-LR 'AAA' ('senior certificates);

-- $6,864,000 class 30-B-1 'AA';

-- $3,251,000 class 30-B-2 'A';

-- $1,806,000 class 30-B-3 'BBB';

-- $1,806,000 class 30-B-4 'BB';

-- $1,265,000 class 30-B-5 'B';

Group 4 certificates:

-- $112,428,000 classes 4-A-1, 4-A-2 and 4-IO 'AAA' (Group 4

senior certificates);

-- $1,525,000 class 4-B-1 'AA';

-- $235,000 class 4-B-2 'A';

-- $352,000 class 4-B-3 'BBB';

-- $176,000 class 4-B-4 'BB';

-- $176,000 class 4-B-5 'B'.

and certificates of all groups:

-- $21,361,292 class PO 'AAA'.

The 'AAA' ratings on the groups 1, 2, and 3 senior certificates reflect the 4.55% subordination provided by the 1.90% class 30-B-1, 0.90% class 30-B-2, 0.50% class 30-B-3, 0.50% privately offered class 30-B-4, 0.35% privately offered class 30-B-5 and 0.40% privately offered class 30-B-6. Classes 30-B-1, 30-B-2, 30-B-3 and the privately offered classes 30-B-4 and 30-B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination.

The 'AAA' ratings on the group 4 senior certificates reflects the 2.20% subordination provided by the 1.30% class 4-B-1, 0.20% class 4-B-2, 0.30% class 4-B-3, 0.15% privately offered class 4-B-4, 0.15% privately offered class 4-B-5 and 0.10% privately offered class 4-B-6. Classes 4-B-1, 4-B-2, 4-B-3 and the privately offered classes 4-B-4 and 4-B-5 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 primary servicing capabilities of Bank of America Mortgage, Inc. (rated 'RPS1' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

The transaction is secured by four pools of mortgage loans. Loan groups 1, 2, and 3 are cross-collateralized and are supported by one set of subordinate certificates. The class 4-A certificates and its set of subordinate certificates correspond to loan group 4. The class PO certificates consists of four non-severable components relating to each loan group for distribution purposes only.

Approximately 6.55%, 66.38%, 71.36%, and 23.36% of the mortgage loans in groups 1, 2, 3, and 4, respectively, 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 group 1 collateral consists of 1,451 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans, with original terms to stated maturity ranging from 252 to 360 months. The aggregate outstanding balance of the pool as of May 1, 2004 (the cut-off date) is $198,287,787, with an average balance of $136,656 and a weighted average coupon (WAC) of 5.897%. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 65.70%. The weighted average FICO credit score for the group is 740. Second homes and investor-occupied properties comprise 2.60% and 97.40% of the loans in group 1, respectively. Rate/Term and cashout refinances account for 29.76% and 36.82% of the loans in group 1, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (45.20%) and Florida (12.96%). All other states represent less than 5% of the group 1 mortgage loans.

The group 2 collateral consists of 672 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans, with original terms to stated maturity ranging from 300 to 360 months. The aggregate outstanding balance of the pool as of the cut-off date is $105,732,257, with an average balance of $157,340 and a WAC of 5.945%. The weighted average OLTV for the mortgage loans in the pool is approximately 81.10%. The weighted average FICO credit score for the group is 728. All of the loans in group 2 are owner-occupied. Rate/Term and cashout refinances account for 13.89% and 19.88% of the loans in group 2, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (25.27%), Florida (15.20%), and Texas (6.13%). All other states represent less than 5% of the group 2 mortgage loans.

The group 3 collateral consists of 114 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to two-family residential mortgage loans, with original term to stated maturity ranging from 300 to 360 months. The aggregate outstanding balance of the pool as of the cut-off date is $57,212,359, with an average balance of $501,863 and a WAC of 5.938%. The weighted average OLTV for the mortgage loans in the pool is approximately 67.77%. The weighted average FICO credit score for the group is 719. Second homes and investor-occupied properties comprise 8.93% and 7.89% of the loans in group 3, respectively. Rate/Term and cashout refinances account for 32.97% and 27.59% of the loans in group 3, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (54.16%) and Maryland (5.29%). All other states represent less than 5% of the group 3 mortgage loans.

The group 4 collateral consists of 914 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans, with original terms to stated maturity ranging from 120 to 180 months. The aggregate outstanding balance of the pool as of the cut-off date is $117,316,612, with an average balance of $128,355 and a WAC of 5.288%. The weighted average OLTV for the mortgage loans in the pool is approximately 57.16%. The weighted average FICO credit score for the group is 738. Second homes and investor-occupied properties comprise 0.77% and 77.22% of the loans in group 4, respectively. Rate/Term and cashout refinances account for 45.48% and 41.11% of the loans in group 4, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (47.18%) and Florida (9.69%). All other states represent less than 5% of the group 4 mortgage loans.

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, see the press release issued May 1, 2003 entitled, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site 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, National Association will act as trustee.