Fitch Rates Morgan Stanley Dean Witter Capital I Trust Series 2004-TOP13.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 5, 2004

Fitch Ratings assigned ratings to the following Morgan Stanley Dean Witter Capital I Trust 2004-TOP13, series 2004-TOP13, commercial mortgage pass-through certificates as follows:

-- $115,000,000 class A-1 'AAA';

-- $233,000,000 class A-2 'AAA';

-- $127,000,000 class A-3 'AAA';

-- $589,157,000 class A-4 'AAA';

-- $1,210,990,408 class X-1* 'AAA';

-- $1,146,984,000 class X-2* 'AAA';

-- $31,789,000 class B 'AA';

-- $12,110,000 class C 'AA-';

-- $24,220,000 class D 'A';

-- $12,109,000 class E 'A-';

-- $9,083,000 class F 'BBB+';

-- $10,596,000 class G 'BBB';

-- $9,082,000 class H 'BBB-';

-- $9,083,000 class J 'BB+';

-- $3,027,000 class K 'BB';

-- $3,028,000 class L 'BB-';

-- $3,027,000 class M 'B+';

-- $4,542,000 class N 'B';

-- $3,027,000 class O 'B-';

-- $12,110,408 class P 'NR'.

*Interest-Only

Classes A-1, A-2, A-3, A-4, B, C, D, and E are offered publicly, while classes X-1, X-2, F, G, H, J, K, L, M, N, O, and P are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are 175 fixed-rate loans having an aggregate principal balance of approximately $1,210,990,408 as of the cutoff date.

For a detailed description of Fitch's rating analysis, please see the report titled 'Morgan Stanley Dean Witter Capital I Trust, series 2004-TOP13', dated Jan. 14, 2004 and available on the Fitch Ratings web site at 'www.fitchratings.com'.