Fitch Affirms LB Commercial Mortgage Trust Century City 1999-C2A.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 28, 2003

Century City Mortgage Trust's commercial mortgage pass-through certificates, series 1999-C2A, are affirmed by Fitch Ratings as follows:

-- $3 million class B-1 'AA-';

-- $7 million class B-2 'A';

-- $3 million class B-3 'A-';

-- $9 million class B-4 'BBB';

-- $10 million class B-5 'BBB-'.

The certificates evidence interest in a trust fund consisting primarily of the B-Note portion of a first mortgage loan, with a balance of $32 million as of August 2003 secured by the regional mall known as Century City Mall, located in Century City, West Los Angeles, California. The $123.8 million A-Note portion of the loan is securitized in the Lehman Brothers Commercial Mortgage Trust, series 1999-C2. Completed in 1987, Century City contains approximately 784,000 square feet (sf) and is currently 94% occupied. Fitch affirms the transaction, due to the stable occupancy and net cash flow (NCF) of the collateral, strong market position, and experienced ownership and management of the property.

Fitch analyzed the borrower-reported financial statements for the year-ended Dec. 31, 2002, (YE 2002) as part of the overall review. Fitch's NCF, which was adjusted for normalized capital costs and non-cash items, was approximately $20.4 million, as compared to $18 million at origination. The corresponding debt service coverage ratio, based on refinance constant of 9% and the actual current loan balance, is 1.45 times (x) at YE 2002 as compared to 1.32x at securitization. The corresponding Fitch loan-to-value (LTV) ratio, based on an 8.5% capitalization rate, is 65%, compared to 66.8% at issuance.

The borrower is controlled and owned by Urban Shopping Centers, Inc., a self-administered real estate investment trust (REIT) with an extensive portfolio of retail properties, including regional and super-regional malls.

Fitch will continue to monitor this transaction, as surveillance is ongoing.