MORGAN STANLEY CAPITAL I TRUST 2005 - TOP19, CLASS A2

<TABLE>

     PRICE/YIELD
---------------------------------------------------------------------------------------------------------------------------
    GIVEN: PRICE                                     BASE               EXTEND            DEFAULT             PREPAY
---------------------------------------------------------------------------------------------------------------------------

      100.50135               Price               100.50135           100.50135          100.50135          100.50135
---------------------------------------------------------------------------------------------------------------------------
                              Yield                 4.5796              4.6028             4.5441             5.1359
---------------------------------------------------------------------------------------------------------------------------
                              Spread                  24                  22                 25                 85
---------------------------------------------------------------------------------------------------------------------------
                               WAL                   4.81                5.80               3.82               3.82
---------------------------------------------------------------------------------------------------------------------------
                             Mod Durn               4.210               4.966              3.417              3.410
---------------------------------------------------------------------------------------------------------------------------
                          Mod Convexity             0.211               0.293              0.143              0.141
---------------------------------------------------------------------------------------------------------------------------
                         Principal Window       Apr10 to Oct11      Mar11 to Oct11     Apr08 to Apr10     Aug08 to Mar10
---------------------------------------------------------------------------------------------------------------------------
                       Principal Writedown       0.00 (0.00%)        0.00 (0.00%)       0.00 (0.00%)       0.00 (0.00%)
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
 Swap Curve  Mat   1MO   2MO   3MO   4MO   5MO   6MO   7MO   8MO   9MO  10MO  11MO   1YR   2YR   3YR   4YR   5YR   6YR   7YR   8YR
-----------------------------------------------------------------------------------------------------------------------------------

             Yld 3.404 3.510 3.586 3.652 3.717 3.790 3.831 3.864 3.895 3.920 3.944 3.964 4.174 4.248 4.300 4.349 4.390 4.432 4.473
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>

-----------------------------------------------------------------------
 Swap Curve  Mat   9YR  10YR  11YR  12YR  13YR  14YR  15YR  20YR  30YR
-----------------------------------------------------------------------

             Yld 4.509 4.545 4.582 4.614 4.643 4.673 4.700 4.780 4.823
-----------------------------------------------------------------------
</TABLE>




NOTES:
1)   "Extend" means extend all loans with <= 5yr balloon by 12 months
2)   "Default" means 3.4%CDR, 35% severity, 12month lag to recov
3)   "Prepay" means 12% CPR



STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES
AND OTHER INFORMATION

The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information", please refer to this
statement instead. The Information is illustrative and is not intended to
predict actual results which may differ substantially from those reflected in
the Information. Performance analysis is based on certain assumptions with
respect to significant factors that may prove not to be as assumed. You should
understand the assumptions and evaluate whether they are appropriate for your
purposes. Performance results are based on mathematical models that use inputs
to calculate results. As with all models, results may vary significantly
depending upon the value of the inputs given. Inputs to these models include but
are not limited to: prepayment expectations (econometric prepayment models,
single expected lifetime prepayments or a vector of periodic prepayments),
interest rate assumptions (parallel and nonparallel changes for different
maturity instruments), collateral assumptions (actual pool level data,
aggregated pool level data, reported factors or imputed factors), volatility
assumptions (historically observed or implied current) and reported information
(paydown factors, rate resets and trustee statements). Models used in any
analysis may be proprietary making the results difficult for any third party to
reproduce. Contact your registered representative for detailed explanations of
any modelling techniques employed in the Information. The Information addresses
only certain aspects of the applicable security's characteristics and thus does
not provide a complete assessment. As such, the Information may not reflect the
impact of all structural characteristics of the security, including call events
and cash flow priorities at all prepayment speeds and/or interest rates. You
should consider whether the behavior of these securities should be tested at
assumptions different from those included in the Information. The assumptions
underlying the Information, including structure and collateral, may be modified
from time to time to reflect changed circumstances. Any investment decision
should be based only on the data in the prospectus and the prospectus supplement
or private placement memorandum (Offering Documents) and the then current
version of the Information. Offering Documents contain data that is current as
of their publication dates and after publication may no longer be complete or
current. Contact your registered representative for Offering Documents, current
Information or additional materials, including other models for performance
analysis, which are likely to produce different results, and any further
explanation regarding the Information. Any pricing estimates Bear Stearns has
supplied at your request (a) represent our view, at the time determined, of the
investment value of the securities between the estimated bid and offer levels,
the spread between which may be significant due to market volatility or
illiquidity, (b) do not constitute a bid by any person for any security, (c) may
not constitute prices at which the securities could have been purchased or sold
in any market, (d) have not been confirmed by actual trades, may vary from the
value Bear Stearns assigns any such security while in its inventory, and may not
take into account the size of a position you have in the security, and (e) may
have been derived from matrix pricing that uses data relating to other
securities whose prices are more readily ascertainable to produce a hypothetical
price based on the estimated yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.




MORGAN STANLEY CAPITAL I TRUST 2005 - TOP19, CLASS AAB

<TABLE>

     PRICE/YIELD
--------------------------------------------------------------------------------------------------------------------------
    GIVEN: PRICE                                   BASE                EXTEND            DEFAULT             PREPAY
--------------------------------------------------------------------------------------------------------------------------

      100.50966              Price               100.50966           100.50966          100.50966          100.50966
--------------------------------------------------------------------------------------------------------------------------
                             Yield                4.7226               4.7226             4.6892             4.9477
--------------------------------------------------------------------------------------------------------------------------
                             Spread                 28                   28                 33                 59
--------------------------------------------------------------------------------------------------------------------------
                              WAL                  7.26                 7.26               5.30               5.19
--------------------------------------------------------------------------------------------------------------------------
                            Mod Durn               5.972               5.972              4.575              4.488
--------------------------------------------------------------------------------------------------------------------------
                         Mod Convexity             0.437               0.437              0.251              0.241
--------------------------------------------------------------------------------------------------------------------------
                        Principal Window      Jul10 to Oct14       Jul10 to Oct14     Apr10 to Oct11     Apr10 to Jul11
--------------------------------------------------------------------------------------------------------------------------
                      Principal Writedown      0.00 (0.00%)         0.00 (0.00%)       0.00 (0.00%)       0.00 (0.00%)
--------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>

--------------------------------------------------------------------------------------------------------------------------------
     Swap Curve       Mat   1MO   2MO   3MO   4MO   5MO   6MO   7MO   8MO   9MO  10MO  11MO   1YR   2YR   3YR   4YR   5YR   6YR
--------------------------------------------------------------------------------------------------------------------------------

                      Yld 3.404 3.510 3.586 3.652 3.717 3.790 3.831 3.864 3.895 3.920 3.944 3.964 4.174 4.248 4.300 4.349 4.390
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>

-----------------------------------------------------------------------------------------------
     Swap Curve       Mat       7YR   8YR   9YR  10YR  11YR  12YR  13YR  14YR  15YR  20YR  30YR
-----------------------------------------------------------------------------------------------

                      Yld     4.432 4.473 4.509 4.545 4.582 4.614 4.643 4.673 4.700 4.780 4.823
-----------------------------------------------------------------------------------------------
</TABLE>


NOTES:
1)   "Extend" means extend all loans with <= 5yr balloon by 12 months
2)   "Default" means 3.4%CDR, 35% severity, 12month lag to recov
3)   "Prepay" means 12% CPR



STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES
AND OTHER INFORMATION

The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information", please refer to this
statement instead. The Information is illustrative and is not intended to
predict actual results which may differ substantially from those reflected in
the Information. Performance analysis is based on certain assumptions with
respect to significant factors that may prove not to be as assumed. You should
understand the assumptions and evaluate whether they are appropriate for your
purposes. Performance results are based on mathematical models that use inputs
to calculate results. As with all models, results may vary significantly
depending upon the value of the inputs given. Inputs to these models include but
are not limited to: prepayment expectations (econometric prepayment models,
single expected lifetime prepayments or a vector of periodic prepayments),
interest rate assumptions (parallel and nonparallel changes for different
maturity instruments), collateral assumptions (actual pool level data,
aggregated pool level data, reported factors or imputed factors), volatility
assumptions (historically observed or implied current) and reported information
(paydown factors, rate resets and trustee statements). Models used in any
analysis may be proprietary making the results difficult for any third party to
reproduce. Contact your registered representative for detailed explanations of
any modelling techniques employed in the Information. The Information addresses
only certain aspects of the applicable security's characteristics and thus does
not provide a complete assessment. As such, the Information may not reflect the
impact of all structural characteristics of the security, including call events
and cash flow priorities at all prepayment speeds and/or interest rates. You
should consider whether the behavior of these securities should be tested at
assumptions different from those included in the Information. The assumptions
underlying the Information, including structure and collateral, may be modified
from time to time to reflect changed circumstances. Any investment decision
should be based only on the data in the prospectus and the prospectus supplement
or private placement memorandum (Offering Documents) and the then current
version of the Information. Offering Documents contain data that is current as
of their publication dates and after publication may no longer be complete or
current. Contact your registered representative for Offering Documents, current
Information or additional materials, including other models for performance
analysis, which are likely to produce different results, and any further
explanation regarding the Information. Any pricing estimates Bear Stearns has
supplied at your request (a) represent our view, at the time determined, of the
investment value of the securities between the estimated bid and offer levels,
the spread between which may be significant due to market volatility or
illiquidity, (b) do not constitute a bid by any person for any security, (c) may
not constitute prices at which the securities could have been purchased or sold
in any market, (d) have not been confirmed by actual trades, may vary from the
value Bear Stearns assigns any such security while in its inventory, and may not
take into account the size of a position you have in the security, and (e) may
have been derived from matrix pricing that uses data relating to other
securities whose prices are more readily ascertainable to produce a hypothetical
price based on the estimated yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.




MORGAN STANLEY CAPITAL I TRUST 2005 - TOP19, CLASS A3

<TABLE>

     PRICE/YIELD
---------------------------------------------------------------------------------------------------------------------------
    GIVEN: PRICE                                    BASE                EXTEND            DEFAULT             PREPAY
---------------------------------------------------------------------------------------------------------------------------

      100.51650               Price               100.51650           100.51650          100.51650          100.51650
---------------------------------------------------------------------------------------------------------------------------
                              Yield                4.7165               4.7165             4.6789             4.7503
---------------------------------------------------------------------------------------------------------------------------
                             Spread                  31                   31                 34                 42
---------------------------------------------------------------------------------------------------------------------------
                               WAL                  6.39                 6.39               4.71               4.68
---------------------------------------------------------------------------------------------------------------------------
                            Mod Durn                5.384               5.384              4.119              4.102
---------------------------------------------------------------------------------------------------------------------------
                          Mod Convexity             0.346               0.346              0.202              0.201
---------------------------------------------------------------------------------------------------------------------------
                        Principal Window       Oct11 to Feb12       Oct11 to Feb12     Apr10 to Apr10     Mar10 to Apr10
---------------------------------------------------------------------------------------------------------------------------
                       Principal Writedown      0.00 (0.00%)         0.00 (0.00%)       0.00 (0.00%)       0.00 (0.00%)
---------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>

--------------------------------------------------------------------------------------------------------------------------------
     Swap Curve       Mat   1MO   2MO   3MO   4MO   5MO   6MO   7MO   8MO   9MO  10MO  11MO   1YR   2YR   3YR   4YR   5YR   6YR
--------------------------------------------------------------------------------------------------------------------------------

                      Yld 3.404 3.510 3.586 3.652 3.717 3.790 3.831 3.864 3.895 3.920 3.944 3.964 4.174 4.248 4.300 4.349 4.390
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>

--------------------------------------------------------------------------------------------
     Swap Curve       Mat    7YR   8YR   9YR  10YR  11YR  12YR  13YR  14YR  15YR  20YR  30YR
--------------------------------------------------------------------------------------------

                      Yld  4.432 4.473 4.509 4.545 4.582 4.614 4.643 4.673 4.700 4.780 4.823
--------------------------------------------------------------------------------------------
</TABLE>



NOTES:
1)   "Extend" means extend all loans with <= 5yr balloon by 12 months
2)   "Default" means 3.4%CDR, 35% severity, 12month lag to recov
3)   "Prepay" means 12% CPR




STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES
AND OTHER INFORMATION

The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information", please refer to this
statement instead. The Information is illustrative and is not intended to
predict actual results which may differ substantially from those reflected in
the Information. Performance analysis is based on certain assumptions with
respect to significant factors that may prove not to be as assumed. You should
understand the assumptions and evaluate whether they are appropriate for your
purposes. Performance results are based on mathematical models that use inputs
to calculate results. As with all models, results may vary significantly
depending upon the value of the inputs given. Inputs to these models include but
are not limited to: prepayment expectations (econometric prepayment models,
single expected lifetime prepayments or a vector of periodic prepayments),
interest rate assumptions (parallel and nonparallel changes for different
maturity instruments), collateral assumptions (actual pool level data,
aggregated pool level data, reported factors or imputed factors), volatility
assumptions (historically observed or implied current) and reported information
(paydown factors, rate resets and trustee statements). Models used in any
analysis may be proprietary making the results difficult for any third party to
reproduce. Contact your registered representative for detailed explanations of
any modelling techniques employed in the Information. The Information addresses
only certain aspects of the applicable security's characteristics and thus does
not provide a complete assessment. As such, the Information may not reflect the
impact of all structural characteristics of the security, including call events
and cash flow priorities at all prepayment speeds and/or interest rates. You
should consider whether the behavior of these securities should be tested at
assumptions different from those included in the Information. The assumptions
underlying the Information, including structure and collateral, may be modified
from time to time to reflect changed circumstances. Any investment decision
should be based only on the data in the prospectus and the prospectus supplement
or private placement memorandum (Offering Documents) and the then current
version of the Information. Offering Documents contain data that is current as
of their publication dates and after publication may no longer be complete or
current. Contact your registered representative for Offering Documents, current
Information or additional materials, including other models for performance
analysis, which are likely to produce different results, and any further
explanation regarding the Information. Any pricing estimates Bear Stearns has
supplied at your request (a) represent our view, at the time determined, of the
investment value of the securities between the estimated bid and offer levels,
the spread between which may be significant due to market volatility or
illiquidity, (b) do not constitute a bid by any person for any security, (c) may
not constitute prices at which the securities could have been purchased or sold
in any market, (d) have not been confirmed by actual trades, may vary from the
value Bear Stearns assigns any such security while in its inventory, and may not
take into account the size of a position you have in the security, and (e) may
have been derived from matrix pricing that uses data relating to other
securities whose prices are more readily ascertainable to produce a hypothetical
price based on the estimated yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.