Fitch Affirms Lennar Partners' 'CSS1' Special Servicer Rating.

Business Editors

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

Fitch Ratings affirms Lennar Partners, Inc.'s (Lennar) 'CSS1' special servicer rating, the highest rating currently assigned to any servicer. The affirmation is due to Lennar's continued outstanding ability to specially service, workout and resolve assets securing commercial mortgage-backed securities (CMBS). The rating also reflects Lennar's highly tenured management and staff, comprehensive surveillance procedures, strong use of technology and the addition of three experienced asset managers to its real estate-owned (REO) team.

Lennar continues to be highly effective in managing and liquidating assets in their portfolios. As of Feb. 15, 2004, Lennar was named special servicer on 117 CMBS transactions totaling $85.7 billion. At the same date, Lennar was actively servicing 305 assets totaling $2.5 billion and managed 91 REO assets totaling $914 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April. 11, 2002, available on the Fitch Ratings web site, 'www.fitchratings.com'.