LBUBS 2004-C4

Lead Underwriter: Lehman Brothers / UBS Investment Bank Currency: USD Deal Type: Conduit Master Servicer: Wachovia Bank
Cut-off Balance: $1,439,230,586 Cut-off Loan Count: 98 Cut-off Date: 05/01/2004 Trustee: Wells Fargo Bank Special Servicer: Lennar Partners

Tape Date 02/15/2006 DSCR LTV Balance $1,420,573,159 WACg 5.3614% WACn 5.3228% Current 99.69% In Bankruptcy $(000's) %
Settle Date 03/16/2006 Cut-off 1.96x 62.5% Factor 98.7037% Age 25 WAMP 69 Late 1 Month 0.17% Special Serviced $0 0.0%
Record Date 04/10/2006 Current 1.89x 51.1% Loans 97 WAML 6 WAMM 73 Late 2 Months 0.0% Other $0 0.0%
Next Pay 04/15/2006 Maturity 1.91x 46.2% WAL NA WAMYM 69 WAMO 73 Late 3+ Months 0.15% Total $0 0.0%

BOND SUMMARY
Bond CUSIP Type S&P FII Original Factor Orig.Sub Cur.Sub Coupon Desc Life(!CPR=0) Principal Window
A-1 52108HD92 P&I AAA NA $50,000,000 70.113501% 12.625% 12.794% 3.83% Fixed 1.605 04/15/2006 01/15/2009
A-2 52108HE26 P&I AAA NA $391,000,000 100.0% 12.625% 12.794% 4.57% Fixed 2.941 01/15/2009 04/15/2009
A-3 52108HE34 P&I AAA NA $218,000,000 100.0% 12.625% 12.794% 5.15% WAC-15b 5.218 04/15/2009 12/15/2013
A-4 52108HE42 P&I AAA NA $374,953,000 100.0% 12.625% 12.794% 5.3% WAC-0b 8.126 12/15/2013 06/15/2014
B 52108HE59 P&I AA+ NA $14,116,000 100.0% 11.625% 11.781% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
C 52108HE67 P&I AA NA $15,881,000 100.0% 10.5% 10.641% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
D 52108HE75 P&I AA- NA $12,355,000 100.0% 9.625% 9.754% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
E 52108HE83 P&I A+ NA $19,410,000 100.0% 8.25% 8.361% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
F 52108HE91 P&I A NA $12,352,000 100.0% 7.375% 7.474% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
G 52108HF41 P&I A- NA $26,472,000 100.0% 5.5% 5.574% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
H 52108HF66 P&I BBB+ NA $12,351,000 100.0% 4.625% 4.687% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
J 52108HF82 P&I BBB NA $15,884,000 100.0% 3.5% 3.547% 5.3% WAC-0b 8.247 06/15/2014 06/15/2014
K 52108HG24 P&I BBB- NA $15,881,000 100.0% 2.375% 2.407% 5.3% WAC-0b 8.944 06/15/2014 12/15/2015
L 52108HG40 P&I BB+ NA $3,530,000 100.0% 2.125% 2.153% 5.3% Fixed 9.747 12/15/2015 12/15/2015
M 52108HG65 P&I BB NA $3,529,000 100.0% 1.875% 1.9% 5.3% Fixed 9.935 12/15/2015 10/15/2016
N 52108HG81 P&I BB- NA $3,529,000 100.0% 1.625% 1.647% 5.3% Fixed 11.423 10/15/2016 06/15/2018
P 52108HH23 P&I NR NA $3,530,000 100.0% 1.375% 1.393% 5.3% Fixed 12.718 06/15/2018 01/15/2019
Q 52108HH49 P&I NR NA $3,529,000 100.0% 1.125% 1.14% 5.3% Fixed 12.964 01/15/2019 03/15/2019
S 52108HH64 P&I NR NA $3,529,000 100.0% 0.875% 0.887% 5.3% Fixed 12.997 03/15/2019 03/15/2019
T 52108HH80 P&I NR NA $12,353,586 100.0% 0.0% 0.0% 5.3% Fixed 13.359 03/15/2019 08/15/2021
A-1b 52108HF25 P&I AAA NA $199,546,000 98.138673% 12.625% 12.794% 5.19% WAC-11.3b 5.752 04/15/2006 06/15/2014
X-1 52108HJ21 IO AAA NA $1,411,730,586 98.678398% 0.0% NA 0.28% WAC/IO 5.838 04/15/2006 08/15/2021
R SPC28D7FA Residual NA NA NA NA NA NA NA NA NA NA NA

LOAN SUMMARY
Status Count Balance Pct. Cum. Perform DSCR LTV Months Late Count Balance Pct. Cum. Perform DSCR LTV
Special 2 $4,942,668 0.3% 0.3% 0.0% 1.35x 65.4% Late 7-12 Mo 1 $2,118,375 0.1% 0.1% 0.0% 1.52x 76.1%
Late 1 Mo 1 $2,352,531 0.2% 0.5% 0.0% 0.73x 78.3% Late 1 Mo 1 $2,352,531 0.2% 0.3% 0.0% 0.73x 78.3%
Late <1 Mo 2 $7,002,902 0.5% 1.0% 100.0% 1.42x 74.6% Late <1 Mo 3 $9,827,195 0.7% 1.0% 71.3% 1.37x 69.7%
Perform 92 $1,406,275,031 99.0% 100.0% 100.0% 1.9x 50.9% Current 92 $1,406,275,031 99.0% 100.0% 100.0% 1.9x 50.9%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1% All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%

DSCR Count Balance Pct. Cum. Perform DSCR LTV LTV Count Balance Pct. Cum. Perform DSCR LTV
< 0.80x 3 $27,603,798 1.9% 1.9% 91.5% 0.67x 75.4% 75% to 90% 36 $233,737,159 16.5% 16.5% 98.1% 1.32x 77.2%
0.80x to 0.99x 1 $5,772,174 0.4% 2.3% 100.0% 0.95x 73.8% 60% to 74% 44 $453,189,510 31.9% 48.4% 100.0% 1.66x 68.1%
1.00x to 1.09x 5 $26,891,588 1.9% 4.2% 100.0% 1.02x 71.9% < 60% 17 $733,646,463 51.6% 100.0% 99.6% 2.21x 32.2%
1.10x to 1.24x 13 $106,641,527 7.5% 11.7% 97.4% 1.16x 72.4% All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
1.25x to 1.49 32 $197,315,890 13.9% 25.6% 100.0% 1.36x 73.6%
> 1.49 43 $1,056,348,156 74.4% 100.0% 99.8% 2.12x 43.4%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%

Balance Count Balance Pct. Cum. Perform DSCR LTV Gross Coupon Count Balance Pct. Cum. Perform DSCR LTV
$260,000,000 to $260,000,000 1 $260,000,000 18.3% 18.3% 100.0% 2.28x 26.6% 3.01% to 3.5% 1 $112,702,729 7.9% 7.9% 100.0% 2.12x 61.8%
$185,000,000 to $189,999,999 1 $187,500,000 13.2% 31.5% 100.0% 2.61x 25.7% 4.51% to 5.0% 8 $715,518,946 50.4% 58.3% 100.0% 2.21x 34.8%
$145,000,000 to $149,999,999 1 $149,785,665 10.5% 42.0% 100.0% 1.96x 34.4% 5.01% to 5.5% 10 $117,565,301 8.3% 66.6% 98.2% 1.52x 60.5%
$110,000,000 to $114,999,999 1 $112,702,729 7.9% 50.0% 100.0% 2.12x 61.8% 5.51% to 6.0% 45 $240,948,505 17.0% 83.5% 100.0% 1.37x 73.0%
$90,000,000 to $94,999,999 1 $91,000,000 6.4% 56.4% 100.0% 1.89x 68.9% 6.01% to 6.5% 19 $129,508,901 9.1% 92.7% 98.2% 1.55x 69.9%
$40,000,000 to $44,999,999 1 $41,773,372 2.9% 59.3% 100.0% 1.63x 35.9% 6.51% to 7.0% 8 $60,906,041 4.3% 96.9% 95.4% 1.28x 72.0%
$35,000,000 to $39,999,999 1 $35,416,731 2.5% 61.8% 100.0% 2.24x 58.9% 7.01% to 7.5% 3 $34,390,910 2.4% 99.4% 100.0% 1.89x 53.7%
$20,000,000 to $24,999,999 3 $70,305,137 4.9% 66.8% 100.0% 1.55x 66.8% 8.51% to 8.6% 3 $9,031,800 0.6% 100.0% 100.0% 1.0x 75.3%
$15,000,000 to $19,999,999 4 $66,237,612 4.7% 71.4% 100.0% 1.07x 75.5% All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
$10,000,000 to $14,999,999 7 $80,604,426 5.7% 77.1% 100.0% 1.45x 74.5%
$5,000,000 to $9,999,999 25 $186,188,411 13.1% 90.2% 100.0% 1.33x 70.9%
$0 to $4,999,999 51 $139,059,048 9.8% 100.0% 94.8% 1.47x 71.4%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
 LBUBS 2004-C4

Coupon Description Count Balance Pct. Cum. Perform DSCR LTV Gross Margin Count Balance Pct. Cum. Perform DSCR LTV
Fixed 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1% All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%

Maturity Count Balance Pct. Cum. Perform DSCR LTV Months Seasoned Count Balance Pct. Cum. Perform DSCR LTV
01/01/2009 to 12/31/2009 14 $473,221,491 33.3% 33.3% 100.0% 2.13x 50.7% 21 to 30 94 $1,411,541,332 99.4% 99.4% 99.5% 1.9x 50.9%
01/01/2011 to 12/31/2011 3 $194,227,762 13.7% 47.0% 100.0% 2.0x 40.6% 71 to 80 3 $9,031,800 0.6% 100.0% 100.0% 1.0x 75.3%
01/01/2012 to 12/31/2012 3 $30,714,638 2.2% 49.1% 100.0% 1.87x 55.2% All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
01/01/2013 to 12/31/2013 3 $11,306,585 0.8% 49.9% 100.0% 1.65x 73.5%
01/01/2014 to 12/31/2014 65 $656,444,606 46.2% 96.2% 99.3% 1.73x 52.1%
01/01/2015 to 12/31/2015 1 $13,620,945 1.0% 97.1% 100.0% 1.74x 67.7%
01/01/2019 to 12/31/2019 5 $32,005,306 2.3% 99.4% 91.2% 1.37x 74.4%
01/01/2021 to 08/10/2021 3 $9,031,800 0.6% 100.0% 100.0% 1.0x 75.3%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%

Remaining Terms Count Balance Pct. Cum. Perform DSCR LTV Originator Count Balance Pct. Cum. Perform DSCR LTV
Lock; Defease 87 $1,371,512,822 96.5% 96.5% 99.5% 1.91x 50.3% NA 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
Lock; YM Charges 5 $26,816,136 1.9% 98.4% 100.0% 1.41x 68.9% All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%
YM Charges 2 $13,212,373 0.9% 99.4% 100.0% 1.67x 77.5%
Defease 3 $9,031,800 0.6% 100.0% 100.0% 1.0x 75.3%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1%

Ten Largest Loans ID City State Sector Status Originator Balance Pct. Coupon Due Protection Occ DSCR LTV
Westfield 1 Paramus NJ Retail Anchored Perform NA $260,000,000 18.3% 4.98% 06/2014 L(3), D(89), O(7) 98.1% 2.28x26.6%
666 Fifth 2 New York NY Office Perform NA $187,500,000 13.2% 4.53% 01/2009 L(2), D(28), O(4) 95.0% 2.61x25.7%
Two Penn Plaza 3 New York NY Office Perform NA $149,785,665 10.54% 4.97% 02/2011 L(2), D(50), O(7) 0.0% 1.96x34.4%
Town East 4 Mesquite TX Retail Anchored Perform NA $112,702,729 7.93% 3.46% 04/2009 L(2), D(30), O(5) 96.0% 2.12x61.8%
Airport Corporate 5 Miami FL Office Perform NA $91,000,000 6.41% 4.78% 03/2009 L(2), D(30), O(4) 88.0% 1.89x68.9%
Ritz-Carlton 6 Chicago IL Full Service Hotel Perform NA $41,773,372 2.94% 5.31% 02/2014 L(2), D(89), O(4) 64.0% 1.63x35.9%
Enterprise 7 Scotts Valley CA Office Perform NA $35,416,731 2.49% 6.44% 05/2011 L(2), D(56), O(4) 86.0% 2.24x58.9%
Park Parthenia 8 Northridge CA Multi-family Perform NA $23,891,108 1.68% 5.29% 05/2014 L(25), D(70), O* 99.0% 1.4x72.3%
Sirata Beach 9 St. Pete Beach FL Full Service Hotel Perform NA $23,840,331 1.68% 7.02% 05/2012 L(2), D(68), O(4) 66.0% 1.97x50.8%
Rivercrest 10 Sacramento CA Multi-family Perform NA $22,573,698 1.59% 5.12% 04/2014 L(2), D(93), O(2) 88.0% 1.26x77.7%

PROPERTY SUMMARY
First Second Third Weighted Avg Months
Property Sector Count Balance Pct. Cum. Perform DSCR LTV State Pct. State Pct. State Pct. Balance WAC Age Lock YM FP Due Option
Office 10 $510,048,093 35.9% 35.9% 100.0% 2.15x 42.5% NY 66.7% FL 18.8% CA 8.0% $51,004,809 5.15% 26 3 45 45 49 49
Retail Anchored 29 $497,208,811 35.0% 70.9% 99.4% 2.04x 45.9% NJ 52.3% TX 27.3% GA 3.8% $17,145,131 5.05% 23 4 82 82 87 87
Multi-family 25 $193,509,081 13.6% 84.5% 97.7% 1.3x 73.4% CA 50.4% FL 15.0% TX 14.1% $7,740,363 5.69% 24 14 70 70 73 73
Retail Unanchored 18 $100,682,290 7.1% 91.6% 100.0% 1.27x 72.9% FL 33.1% CA 16.2% AZ 15.1% $5,593,461 6.33% 29 10 105 105 109 109
Full Service Hotel 4 $76,164,281 5.4% 97.0% 100.0% 1.75x 44.0% IL 54.8% FL 31.3% CA 13.9% $19,041,070 6.29% 25 2 85 85 89 89
Industrial 7 $30,974,639 2.2% 99.2% 100.0% 1.3x 75.6% CA 34.8% TX 22.0% MO 20.2% $4,424,948 6.32% 24 20 91 91 93 93
Self Storage 3 $9,662,835 0.7% 99.8% 100.0% 1.63x 65.0% VR 53.1% VA 26.2% SC 20.8% $3,220,945 5.36% 25 19 61 61 65 65
Mobile Home 1 $2,323,102 0.2% 100.0% 100.0% 1.5x 77.3% IL 100.0% NA NA NA NA $2,323,102 6.17% 23 25 94 94 98 98
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1% NY 26.4% NJ 18.3% FL 13.8% $14,645,084 5.36% 25 6 69 69 73 73

State Count Balance Pct. Cum. Perform DSCR LTV Pct Apartment Pct Hotel Pct Office Pct Retail Pct Industrial Pct CTL Pct Other
New York 6 $375,543,844 26.4% 26.4% 100.0% 2.21x 33.9% 6.8% 0.0% 90.6% 2.6% 0.0% 0.0% 0.0%
New Jersey 1 $260,000,000 18.3% 44.7% 100.0% 2.28x 26.6% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0%
Florida 13 $195,924,591 13.8% 58.5% 100.0% 1.72x 68.4% 14.9% 12.2% 49.0% 24.0% 0.0% 0.0% 0.0%
California 18 $190,687,893 13.4% 72.0% 100.0% 1.42x 70.4% 51.1% 5.5% 21.4% 16.3% 5.6% 0.0% 0.0%
Texas 16 $177,471,843 12.5% 84.4% 100.0% 1.84x 64.9% 15.4% 0.0% 0.0% 80.7% 3.8% 0.0% 0.0%
Illinois 3 $46,836,531 3.3% 87.7% 100.0% 1.63x 40.3% 0.0% 89.2% 0.0% 5.9% 0.0% 0.0% 5.0%
Maryland 3 $23,511,059 1.7% 89.4% 100.0% 1.35x 77.6% 0.0% 0.0% 65.9% 34.1% 0.0% 0.0% 0.0%
Georgia 5 $21,335,586 1.5% 90.9% 86.8% 1.45x 70.6% 4.6% 0.0% 0.0% 95.4% 0.0% 0.0% 0.0%
Pennsylvania 2 $16,179,916 1.1% 92.0% 100.0% 1.38x 71.5% 0.0% 0.0% 64.3% 35.7% 0.0% 0.0% 0.0%
Arizona 2 $15,211,646 1.1% 93.1% 100.0% 1.63x 73.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0%
NA 1 $5,126,807 0.4% 93.5% 100.0% 1.6x 58.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%
other 27 $92,743,414 6.5% 100.0% 95.2% 1.42x 73.1% 14.2% 0.0% 7.6% 58.9% 14.4% 0.0% 4.9%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1% 13.6% 5.4% 35.9% 42.1% 2.2% 0.0% 0.8%
 LBUBS 2004-C4

MSA Count Balance Pct. Cum. Perform DSCR LTV Pct Apartment Pct Hotel Pct Office Pct Retail Pct Industrial Pct CTL Pct Other
New York, NY [5600] 4 $362,728,740 25.5% 25.5% 100.0% 2.24x 32.4% 4.3% 0.0% 93.0% 2.7% 0.0% 0.0% 0.0%
Bergen, NJ [0875] 1 $260,000,000 18.3% 43.8% 100.0% 2.28x 26.6% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0%
Dallas, TX [1920] 7 $137,209,475 9.7% 53.5% 100.0% 1.98x 62.4% 13.3% 0.0% 0.0% 85.3% 1.4% 0.0% 0.0%
Miami, FL [5000] 3 $112,278,670 7.9% 61.4% 100.0% 1.82x 68.3% 0.0% 0.0% 81.0% 19.0% 0.0% 0.0% 0.0%
Los Angeles, CA [4480] 7 $67,058,338 4.7% 66.1% 100.0% 1.1x 70.8% 48.3% 0.0% 8.0% 30.3% 13.4% 0.0% 0.0%
Chicago, IL [1600] 1 $41,773,372 2.9% 69.1% 100.0% 1.63x 35.9% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Tampa, FL [8280] 2 $37,474,561 2.6% 71.7% 100.0% 1.79x 60.6% 0.0% 63.6% 0.0% 36.4% 0.0% 0.0% 0.0%
Santa Cruz, CA [7485] 1 $35,416,731 2.5% 74.2% 100.0% 2.24x 58.9% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0%
Fort Lauderdale, FL [2680] 4 $23,679,180 1.7% 75.9% 100.0% 1.37x 76.0% 35.8% 0.0% 21.0% 43.2% 0.0% 0.0% 0.0%
NA 5 $38,575,071 2.7% 78.6% 100.0% 1.43x 72.1% 74.4% 0.0% 0.0% 12.3% 0.0% 0.0% 13.3%
other 62 $304,378,994 21.4% 100.0% 97.6% 1.41x 73.8% 29.6% 3.5% 11.8% 46.3% 6.6% 0.0% 2.3%
All Loans 97 $1,420,573,132 100.0% 100.0% 99.5% 1.89x 51.1% 13.6% 5.4% 35.9% 42.1% 2.2% 0.0% 0.8%

LEASE SUMMARY
Loan Lease Months Lease Loan Pct of Weighted Avg Months
Tenant Count Remaining Exposure Pct. Cum. Balance Total Perform DSCR LTV Balance WAC Age Lock YM FP Due Option
Macy's 1 187 $57,527,788 9.6% 4.0% $260,000,000 18.3% 100.0% 2.28x 26.6% $260,000,000 5.15% 22 3 92 92 99 99
The McGraw-Hill Companies 1 171 $50,755,384 8.5% 7.6% $149,785,665 10.5% 100.0% 1.96x 34.4% $149,785,665 5.13% 26 2 52 52 59 59
Citibank N.A. 1 20 $36,304,772 6.1% 10.2% $187,500,000 13.2% 100.0% 2.61x 25.7% $187,500,000 4.68% 27 2 30 30 34 34
Nordstrom 1 7 $32,104,869 5.4% 12.4% $260,000,000 18.3% 100.0% 2.28x 26.6% $260,000,000 5.15% 22 3 92 92 99 99
Orrick, Herrington & Sutcliffe 1 51 $29,323,469 4.9% 14.5% $187,500,000 13.2% 100.0% 2.61x 25.7% $187,500,000 4.68% 27 2 30 30 34 34
Information Builders, Inc. 1 89 $26,267,156 4.4% 16.4% $149,785,665 10.5% 100.0% 1.96x 34.4% $149,785,665 5.13% 26 2 52 52 59 59
JCPenney 1 191 $23,123,676 3.9% 18.0% $260,000,000 18.3% 100.0% 2.28x 26.6% $260,000,000 5.15% 22 3 92 92 99 99
Sears (16) 1 0 $19,252,328 3.2% 19.3% $112,702,729 7.9% 100.0% 2.12x 61.8% $112,702,729 3.58% 24 2 32 32 37 37
Dillard's 1 0 $18,706,057 3.1% 20.7% $112,702,729 7.9% 100.0% 2.12x 61.8% $112,702,729 3.58% 24 2 32 32 37 37
JCPenney (16) 1 0 $17,664,573 2.9% 21.9% $112,702,729 7.9% 100.0% 2.12x 61.8% $112,702,729 3.58% 24 2 32 32 37 37
other 60 108 $288,273,138 48.1% 42.2% $761,477,841 53.6% 99.0% 1.53x 66.8% $12,691,297 6.1% 26 9 87 87 91 91
All Leases 62 99 $599,303,210 100.0% 42.2% $1,134,180,570 79.8% 99.5% 1.9x 50.1% $18,293,235 5.41% 25 6 72 72 77 77

* See Bloomberg Terminal