Fitch Rates Banc of America $457Mm Alternative Loan Trust 2003-5.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 24, 2003

Banc of America Alternative Loan Trust (BoAALT) 2003-5 mortgage pass-through certificates are rated by Fitch Ratings as follows:

Group 1 certificates (Group 1CB and Group 1NC):

-- $258,140,000 classes CB-1, NC-1, NC-2, NC-3, CB-WIO, and NC-WIO

'AAA';

-- $100 classes CB-R 'AAA';

-- $5,850,000 class 1-B-1 'AA';

-- $2,720,000 class 1-B-2 'A';

-- $1,361,000 class 1-B-3 'BBB';

-- $1,360,000 class 1-B-4 'BB';

-- $953,000 class 1-B-5 'B'.

Group 2 certificates:

-- $180,719,000 classes 2-A-1 and 2-A-WIO 'AAA';

-- $1,673,000 class 2-B-1 'AA';

-- $650,000 class 2-B-2 'A';

-- $651,000 class 2-B-3 'BBB';

-- $372,000 class 2-B-4 'BB';

-- $186,000 class 2-B-5 'B'.

Certificates of both groups:

-- $1,962,080 class A-PO, 'AAA'.

The 'AAA' rating on the group 1 senior certificates reflects the 4.90% subordination provided by the 2.15% class 1-B-1, 1% class 1-B-2, 0.50% class 1-B-3, 0.50% privately offered class 1-B-4, 0.35% privately offered class 1-B-5 and 0.40% privately offered class 1-B-6. Classes 1-B-1, 1-B-2, 1-B-3, and the privately offered classes 1-B-4, and 1-B-5 are rated 'AA', 'A', 'BBB', 'BB' and 'B', respectively, based on their respective subordination.

The 'AAA' rating on the group 2 senior certificates reflects the 2.05% subordination provided by the 0.90% class 2-B-1, 0.35% class 2-B-2, 0.35% class 2-B-3, 0.20% privately offered class 2-B-4, 0.10% privately offered class 2-B-5 and 0.15% privately offered class 2-B-6. Classes 2-B-1, 2-B-2, 2-B-3, and the privately offered classes 2-B-4, and 2-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 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.

The transaction is secured by three pools of mortgage loans. The loan groups 1CB and 1NC are cross-collateralized. The class A-PO consists of three separate components which are not severable.

Approximately 45.69%, 84.97%, and 15.88% of the mortgage loans in group 1CB, INC and group 2, respectively, were underwritten using Bank of America's 'Alternative A' guidelines, which 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 1CB 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 120 to 360 months. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 70.13%. The average balance of the mortgage loans is $145,161 and the weighted average coupon of the loans is 6.096%. The weighted average FICO credit score for the group is 737. The states that represent the largest portion of mortgage loans are California (45.25%), Florida (11.26%), and Virginia (3.69%).

The Group 1NC 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 of 360 months. The weighted average OLTV for the mortgage loans in the pool is approximately 70.24%. The average balance of the mortgage loans is $437,839 and the weighted average coupon of the loans is 6.163%. The weighted average FICO credit score for the group is 729. The states that represent the largest portion of mortgage loans are California (63.51%), Illinois (4.75%), and Florida (4.43%).

The Group 2 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 120 to 180 months. The weighted average OLTV for the mortgage loans in the pool is approximately 56.41%. The average balance of the mortgage loans is $108,832 and the weighted average coupon of the loans is 5.569%. The weighted average FICO credit score for the group is 741. The states that represent the largest portion of mortgage loans are California (49.93%), Florida (9.93%), and Virginia (4%).

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, please 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 a real estate mortgage investment conduit (REMIC). Wells Fargo Bank Minnesota, National Association will act as trustee.