EX-99.1 3 y92020kexv99w1.txt COMPUTATIONAL MATERIALS EXHIBIT 99.1 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 ABS NEW TRANSACTION COMPUTATIONAL MATERIALS $[425,000,000] (APPROXIMATE) SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-BC4 [SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE LOGO] LITTON LOAN SERVICING, L.P. SERVICER J.P. MORGAN CHASE BANK TRUSTEE NOVEMBER 20, 2003 ---------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 1 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 The attached tables and other statistical analyses (the "Computational Materials") are furnished to you solely by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by the issuer of the securities or any of its affiliates. The issuer of these securities has not prepared or taken part in the preparation of these materials. None of Merrill Lynch, the issuer of the securities nor any of their affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable Prospectus Supplement and by any other information subsequently filed with the Securities and Exchange Commission. Except as provided in the following paragraphs, the information herein may not be provided by the addressees to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Notwithstanding anything to the contrary contained herein, except to the extent necessary to comply with applicable securities laws, any recipient of these Computational Materials (and each employee, representative or other agent of the recipient) may disclose to any and all persons, without limitation of any kind, the federal income tax treatment and tax structure of the issuer and the certificates, any fact relevant to understanding the federal tax treatment or tax structure of the issuer or the certificates, and all materials of any kind (including opinions and other tax analyses) relating to such federal tax treatment or tax structure other than the identity of the issuer and information that would permit the identification of the issuer. Numerous assumptions were used in preparing the Computational Materials, which may or may not be stated therein. As such, no assurance can be given as to the accuracy, appropriateness or completeness of the Computational Materials in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any yields or weighted average lives shown in the Computational Materials are based on prepayment assumptions and actual prepayment experience may dramatically affect such yields or weighted average lives. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates assumed in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Although a registration statement (including the prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with the Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Prospective purchasers are referred to the final prospectus and prospectus supplement relating to the securities discussed in this communication for definitive information on any matter discussed in this communication. A final prospectus and prospectus supplement may be obtained by contacting the Merrill Lynch Trading Desk at (212) 449-3659. Please be advised that asset-backed securities may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayments, yield curve and interest rate risk. Investors should fully consider the risk of an investment in these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. ---------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 2 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TERM SHEET NOVEMBER 20, 2003 SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-BC4 $425,000,000 (APPROXIMATE) SUBJECT TO REVISION
-------------------------------------------------------------------------------------------------------------------------------- PAYMENT EXPECTED STATED WAL (YRS) WINDOW FINAL FINAL APPROX (CALL (4)/ (CALL (4)/ PAYMENT INTEREST MATURITY MATURITY EXPECTED RATINGS CLASS SIZE ($) COUPON MATURITY) MATURITY) DELAY ACCRUAL (4) (5) (MOODY'S / S&P) -------------------------------------------------------------------------------------------------------------------------------- CLASS A-1 259,029,000 INFORMATION NOT PROVIDED HEREBY Aaa/AAA -------------------------------------------------------------------------------------------------------------------------------- CLASS A-2 36,324,000 LIBOR + [ ] 2.16 / 2.20 1 - 93 / 1 - 123 0 Actual/360 9/2011 11/2034 Aaa/AAA (1), (2) -------------------------------------------------------------------------------------------------------------------------------- CLASS A-3A 20,697,000 LIBOR + [ ] 0.90 / 0.90 1 - 21 / 1 - 21 0 Actual/360 9/2011 11/2034 Aaa/AAA (6) -------------------------------------------------------------------------------------------------------------------------------- CLASS A-3B 34,575,000 [ ]%(6) 4.90 / 6.21 21 - 93 / 21 - 212 24 30/360 9/2005 11/2034 Aaa/AAA -------------------------------------------------------------------------------------------------------------------------------- CLASS M-1 27,625,000 LIBOR + [ ] 5.18 / 5.75 40 - 93 / 40 - 175 0 Actual/360 9/2011 11/2034 Aa2/AA+ (1), (3) -------------------------------------------------------------------------------------------------------------------------------- CLASS M-2 22,313,000 LIBOR + [ ] 5.13 / 5.63 38 - 93 / 38 - 158 0 Actual/360 9/2011 11/2034 A2/A (1), (3) -------------------------------------------------------------------------------------------------------------------------------- CLASS M-3 6,375,000 LIBOR + [ ] 5.12 / 5.52 38 - 93 / 38 - 135 0 Actual/360 9/2011 11/2034 A3/A- (1), (3) -------------------------------------------------------------------------------------------------------------------------------- CLASS B-1 6,375,000 LIBOR + [ ] 5.11 / 5.42 37 - 93 / 37 - 125 0 Actual/360 9/2011 11/2034 Baa1/BBB+ (1), (3) -------------------------------------------------------------------------------------------------------------------------------- CLASS B-2 5,950,000 LIBOR + [ ] 5.10 / 5.25 37 - 93 / 37 - 112 0 Actual/360 9/2011 11/2034 Baa2/BBB (1), (3) -------------------------------------------------------------------------------------------------------------------------------- CLASS B-3 5,737,000 LIBOR + [ ] 4.84 / 4.84 37 - 93 / 37 - 94 0 Actual/360 9/2011 11/2034 Baa3/BBB- (1), (3) -------------------------------------------------------------------------------------------------------------------------------- TOTAL 425,000,000 OFFERED: --------------------------------------------------------------------------------------------------------------------------------
1) Subject to the Available Funds Cap and the Maximum Rate Cap. 2) If the 10% cleanup call is not exercised on the first Distribution Date on which it is exercisable, the margin on Class A- 1, Class A-2, and Class A-3A will increase to 2x its margin on the following Distribution Date. 3) If the 10% cleanup call is not exercised on the first Distribution Date on which it is exercisable, the margin on each of the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates will increase to 1.5x their respective margins on the following Distribution Date. 4) The Certificates will be priced at 20% HEP for the fixed rate collateral and at 28% CPR for the adjustable rate collateral. Assumes 10% call. 5) Assumes latest maturity date of Mortgage Loans plus one year. 6) Subject to the Group 3 Net WAC Cap. ------------ Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 3 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 CONTACTS MBS/ABS TRADING/SYNDICATE Scott Soltas 212-449-3659 scott_soltas@ml.com Charles Sorrentino 212-449-3659 charles_sorrentino@ml.com GLOBAL ASSET BACKED FINANCE Matt Whalen 212-449-0752 matthew_whalen@ml.com Paul Park 212-449-6380 paul_park@ml.com Ted Bouloukos 212-449-5029 ted_bouloukos@ml.com Fred Hubert 212-449-5071 fred_hubert@ml.com Alan Chan 212-449-8140 alan_chan@ml.com Alice Chang 212-449-1701 alice_chang@ml.com Sonia Lee 212-449-5067 sonia_lee@ml.com Amanda DeZutter 212-449-0425 amanda_dezutter@ml.com ABS RESEARCH Glenn Costello 212-449-4457 glenn_costello@ml.com --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 4 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TITLE OF OFFERED Specialty Underwriting & Residential Finance CERTIFICATES ("SURF"), Mortgage Loan Asset-Backed Certificates, Series 2003-BC4, consisting of: Class A-1, Class A-2, Class A-3-A and Class A-3-B Certificates, (collectively, the "Class A Certificates"), Class M-1, Class M-2 and Class M-3 Certificates (collectively, the "Class M Certificates"), Class B-1, Class B-2 and Class B-3 Certificates (collectively, the "Class B Certificates") UNDERWRITERS Merrill Lynch, Pierce, Fenner & Smith Incorporated and Countrywide Securities Corporation DEPOSITOR Merrill Lynch Mortgage Investors, Inc. SELLER Merrill Lynch Mortgage Capital Inc. SERVICER Litton Loan Servicing, LP TRUSTEE J.P. Morgan Chase Bank LOSS MITIGATION The Murrayhill Company ADVISOR CUT-OFF DATE December 1, 2003 PRICING DATE On or about November [21], 2003 CLOSING DATE On or about December [29], 2003 DISTRIBUTION DATES Distribution of principal and interest on the certificates will be made on the 25th day of each month or, if such day is not a business day, on the first business day thereafter, commencing in January 2004. ERISA CONSIDERATIONS The offered certificates will be ERISA eligible as of the Closing Date. However, investors should consult with their counsel with respect to the consequences under ERISA and the Internal Revenue Code of an ERISA Plan's acquisition and ownership of such Certificates. LEGAL INVESTMENT The offered certificates will not constitute "mortgage-related securities" for the purposes of SMMEA. TAX STATUS For federal income tax purposes, the Trust Fund will include two or more segregated asset pools, with respect to which elections will be made to treat each as a "real estate mortgage investment conduit" ("REMIC"). OPTIONAL TERMINATION The Trustee has the option to terminate the trust when the aggregate stated principal balance of the Mortgage Loans is less than or equal to 10% of the aggregate stated principal balance of the Mortgage Loans as of the Cut-Off Date. The termination will be effected by auctioning the remaining trust assets via a solicitation of bids from at least three bidders. Any such termination will occur only if the highest bid received is at least equal to the sum of (i) the aggregate outstanding stated principal balance of the Mortgage Loans, plus accrued interest thereon and (ii) any unreimbursed out-of-pocket costs and expenses and the principal portion of Advances, in each case previously incurred by the Servicer in the performance of its servicing obligations. --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 5 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 MORTGAGE LOANS The mortgage pool will consist of fixed rate and adjustable rate, first and second lien, sub-prime mortgage loans ("Mortgage Loans") having an aggregate stated principal balance as of the Cut-Off Date of approximately $427,429,785 originated under the SURF program and will be serviced by Litton Loan Servicing, L.P. TOTAL DEAL SIZE Approximately $425,000,000 ADMINISTRATIVE FEES The Servicer, Trustee and Loss Mitigation Advisor will be paid fees aggregating approximately 51.50 bps per annum (payable monthly) on the stated principal balance of the Mortgage Loans. CREDIT ENHANCEMENTS 1. Excess interest 2. Over-Collateralization 3. Subordination EXCESS INTEREST Excess interest cashflow will be available as credit enhancement. OVER-COLLATERALIZATION The over-collateralization ("O/C") amount is equal to the excess of the aggregate principal balance of the Mortgage Loans over the aggregate principal balance of the Offered Certificates. On the Closing Date, the over-collateralization amount will equal approximately 0.00% of the aggregate principal balance of the Mortgage Loans. The trust fund will apply some or all of the Excess Interest as principal payments on the senior certificates (commencing with the distribution date in July 2004) until the overcollateralization target is reached, resulting in a limited acceleration of principal of the certificates relative to the mortgage loans. Once the over-collateralization target amount is reached, the acceleration feature will cease, unless it becomes necessary again to maintain the over-collateralization target amount as described below. Initial: 0.00% of original balance Target: 1.20% of original balance before stepdown, 2.40% of current balance after stepdown Floor: 0.50% of original balance (PRELIMINARY AND SUBJECT TO REVISION) --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 6 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4
SUBORDINATION: CLASSES RATING (M/S) SUBORDINATION (1) ------- ------------ ----------------- (1) includes OC target Class A [Aaa/AAA] 18.70% Class M-1 [Aa2/AA+] 12.20% Class M-2 [A2/A] 6.95% Class M-3 [A3/A-] 5.45% Class B-1 [Baa1/BBB+] 3.95% Class B-2 [Baa2/BBB] 2.55% Class B-3 [Baa3/BBB-] 1.20%
CLASS SIZES: CLASSES RATING (M/S) CLASS SIZES ------------ ------- ------------ ----------- Class A [Aaa/AAA] 82.50% Class M-1 [Aa2/AA+] 6.50% Class M-2 [A2/A] 5.25% Class M-3 [A3/A-] 1.50% Class B-1 [Baa1/BBB+] 1.50% Class B-2 [Baa2/BBB] 1.40% Class B-3 [Baa3/BBB-] 1.35%
INTEREST ACCRUAL Interest will initially accrue from the Closing Date to (but excluding) the first Distribution Date, and thereafter, from the prior Distribution Date to (but excluding) the current Distribution Date. COUPON STEP UP If the 10% clean-up call for the Certificates is not exercised on the first distribution date on which it is exercisable, (i) the margin on Class A-1, Class A-2, and Class A-3A will increase to 2x its margin, and (ii) the margins on the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates will increase to 1.5x their respective margins, in both cases on the following Distribution Dates. GROUP 3 NET WAC The pass-through rate of Class A-3A and Class A-3B CAP: will be subject to the "Group 3 Net WAC Cap", which is a per annum rate equal to the weighted average net mortgage rate on the Group 3 Mortgage Loans. Any interest shortfall due to the Group 3 Net WAC Cap will not be reimbursed. "Net Mortgage Rate" means, with respect to any mortgage loan the mortgage rate less the administrative fees. AVAILABLE FUNDS The pass-through rates of the Offered Certificates CAP (except Class A-3A and Class A-3B) will be subject to the "Available Funds Cap" which is a per annum rate equal to (A) 12 times the quotient of (x) the total scheduled interest based on the Net Mortgage Rates in effect on the related due date, divided by (y) the aggregate principal balance of the Offered Certificates as of the first day of the applicable accrual period multiplied by 30 and divided by the actual number of days in the related accrual period. Reimbursement for shortfalls arising as a result of the application of the Available Funds Cap will be paid only on a subordinated basis. "Net Mortgage Rate" means, with respect to any mortgage loan the mortgage rate less the administrative fees. MAXIMUM RATE CAP The pass-through rates of the Offered Certificates (except Class A-3A and Class A-3B) will also be subject to the "Maximum Rate Cap", which is a per annum rate equal the product of (i) the weighted average of the net maximum lifetime mortgage rates on the adjustable rate mortgage loans and net mortgage rates on the fixed rate mortgage loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the number of days in the related Interest Accrual period. Any interest shortfall due to the Maximum Rate Cap will not be reimbursed. --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 7 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 SHORTFALL If on any Distribution Date the pass-through rate is REIMBURSEMENT limited by the Available Funds Cap, the amount of such interest that would have been distributed if the pass-through rate had not been so limited by the Available Funds Cap, up to but not exceeding the Maximum Rate Cap and the aggregate of such shortfalls from previous Distribution Dates together with accrued interest at the pass-through rate will be carried over to the next Distribution Date until paid (herein referred to as "Carryover"). Such reimbursement will be paid only on a subordinated basis, as described below in the "Cashflow Priority" section. No such Carryover will be paid once the Certificate principal balance has been reduced to zero. NET WAC The per annum rate equal to the weighted average of the Net Mortgage Rates on the mortgage loans. CASHFLOW PRIORITY 1. Repayment of any unreimbursed Servicer advances. 2. Servicing Fees and Loss Mitigation Advisor Fees. 3. Available interest funds, as follows: monthly interest, including any unpaid monthly interest from prior months, concurrently, to each class of the Class A Certificates, then monthly interest, including any unpaid monthly interest from prior months, to the Class M-1 Certificates, then to the Class M-2 Certificates, then to the Class M-3 Certificates, then to the Class B-1 Certificates, then to the Class B-2 Certificates, and then to the Class B-3 Certificates. 4. Available principal funds, as follows: monthly principal to the Class A Certificates as described under "PRINCIPAL PAYDOWN", then monthly principal to the Class M-1 Certificates, then monthly principal to the Class M-2 Certificates, then monthly principal to the Class M-3 Certificates, then monthly principal to the Class B-1 Certificates, then monthly principal to the Class B-2 Certificates and then monthly principal to the Class B-3 Certificates, in each case as described under "PRINCIPAL PAYDOWN." 5. Excess interest in the order as described under "PRINCIPAL PAYDOWN" if necessary to restore O/C to the required level. 6. Excess interest to pay subordinate principal shortfalls. 7. Excess interest to pay Carryover resulting from imposition of the Available Funds Cap. 8. Any remaining amount will be paid in accordance with the Pooling and Servicing Agreement and will not be available for payment to holders of the offered certificates. --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 8 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 PRINCIPAL PAYDOWN IF THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION TEST IS NOT MET: All scheduled and unscheduled principal received from the Mortgage Loans plus excess spread (commencing with the distribution date in July 2004) to the extent distributable as principal to replenish O/C to the required level will be paid to the Class A Certificates, as follows: 1) The Group 1 Principal Distribution Percentage of (i) scheduled and unscheduled principal received from the Mortgage Loans and (ii) excess spread to the extent distributable as principal to replenish O/C to the required level will be paid to the Class A-1 Certificates. 2) The Group 2 Principal Distribution Percentage of (i) scheduled and unscheduled principal received from the Mortgage Loans and (ii) excess spread to the extent distributable as principal to replenish O/C to the required level will be paid to the Class A-2 Certificates. 3) The Group 3 Principal Distribution Percentage of (i) scheduled and unscheduled principal received from the Mortgage Loans and (ii) excess spread to the extent distributable as principal to replenish O/C to the required level will be paid to the Class A-3-A and Class A-3-B Certificates. Amounts allocated to the Class A-3-A and A-3-B Certificates shall be distributed sequentially, with all amounts paid to the Class A-3-A Certificates until its Certificate principal balance has been reduced to zero and thereafter to the Class A-3-B Certificates until its Certificate principal balance has been reduced to zero. "Group 1 Principal Distribution Percentage" means with respect to any Distribution Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal received with respect to Group 1 mortgage loans and distributable on such Distribution Date, and the denominator of which is the amount of scheduled and unscheduled principal received from the Mortgage Loans and distributable on such Distribution Date. "Group 2 Principal Distribution Percentage" means with respect to any Distribution Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal received with respect to Group 2 mortgage loans and distributable on such Distribution Date, and the denominator of which is the amount of scheduled and unscheduled principal received from Mortgage Loans and distributable on such Distribution Date. "Group 3 Principal Distribution Percentage" means with respect to any Distribution Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal received with respect to Group 3 mortgage loans and distributable on such Distribution Date, and the denominator of which is the amount of scheduled and unscheduled principal received from Mortgage Loans and distributable on such Distribution Date. After the Certificate principal balance of any of the Class A-1, Class A-2 or Class A-3-B Certificates has been reduced to zero, the amounts referred to in (1), (2) or (3) above, as applicable, will be distributed to the remaining Class A Certificates (i.e., whichever such class or classes remain outstanding) on a pro rata basis, as the case may be. After the aggregate Certificate principal balance of the Class A-1, Class A-2, Class A-3-A and Class A-3-B Certificates has been reduced to zero, the amounts referred to in (1), (2) and (3) above will be distributed sequentially to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, and Class B-3 Certificates. IF THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION TEST IS MET: All Certificates will be entitled to receive payments of principal, in the following order of priority: first to the Class A Certificates (allocated between the Class A-1, Class A-2, Class A-3-A and the Class A-3-B Certificates as described immediately above), second to the Class M-1 Certificates, third to the Class M-2 Certificates, fourth to the Class M-3 Certificates, fifth to the Class B-1 Certificates, sixth to the Class B-2 Certificates, and seventh to the Class B-3 Certificates, in each case up to amounts necessary to maintain the subordination for each class at its required level. Such required levels of subordination are as follows: --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 9 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 CLASS A 37.40% CLASS M-1 24.40% CLASS M-2 13.90% CLASS M-3 10.90% CLASS B-1 7.90% CLASS B-2 5.10% CLASS B-3 2.40% THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION TEST IS MET IF: i) The Distribution Date is on or after the January 2007 Distribution Date; and ii) The applicable Subordinate Class Principal Distribution Date has occurred (as described below); and iii) A Step Down Loss Trigger Event does not exist. SUBORDINATE The first Distribution Date on which the Senior CLASS PRINCIPAL Enhancement Percentage (i.e., the sum of the DISTRIBUTION outstanding principal balance of the subordinate DATE Certificates and the O/C amount divided by the aggregate stated principal balance of the Mortgage Loans) is greater than or equal to the Senior Specified Enhancement Percentage (including O/C), which is equal to two times the initial AAA subordination percentage. SENIOR SPECIFIED ENHANCEMENT PERCENTAGE: 37.40% or (17.50%+1.20%)*2 --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 10 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 STEP DOWN LOSS The situation that exists with respect to any TRIGGER EVENT Distribution Date after the Stepdown Date, if (a) the all Mortgage Loans 60 or more days delinquent, measured on a rolling three month basis (including Mortgage Loans in foreclosure and REO Properties) and (2) the Stated Principal Balance of all the Mortgage Loans as of the preceding Servicer Remittance Date, equals or exceeds the product of (i) [TBD] and (ii) the Required Percentage or (b) the quotient (expressed as a percentage)of (1) the aggregate Realized Losses incurred from the Cut-off Date through the last day of the calendar month preceding such Distribution Date and (2) the aggregate principal balance of the Mortgage Loans as of the Cut-off Date exceeds the Required Loss Percentage.
DISTRIBUTION DATE OCCURRING LOSS PERCENTAGE --------------------------- --------------- January 2007 - December 2008 [TBD]% with respect to January 2007, plus an additional 1/12th of [TBD] % for each month thereafter January 2008 - December 2009 [TBD]% with respect to January 2008, plus an additional 1/12th of [TBD] % for each month thereafter January 2009 - December 2010 [TBD]% with respect to January 2009, plus an additional 1/12th of [TBD] % for each month thereafter January 2010 and thereafter [TBD]%
(PRELIMINARY AND SUBJECT TO REVISION) PROSPECTUS The Certificates will be offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Certificates and the Mortgage Loans is contained in the Prospectus. The foregoing is qualified in its entirety by the information appearing in the Prospectus. To the extent that the foregoing is inconsistent with the Prospectus, the Prospectus shall govern in all respects. Sales of the Certificates may not be consummated unless the purchaser has received the Prospectus. MORTGAGE LOAN TABLES The following tables describe the mortgage loans and the related mortgaged properties as of the close of business on the Cut-off Date. The sum of the columns below may not equal the total indicated due to rounding. --------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 11 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE Aggregate Outstanding Principal Balance $427,429,785 Aggregate Original Principal Balance $428,180,610 Number of Mortgage Loans 2,764
MINIMUM MAXIMUM AVERAGE (1) ------- ------- ----------- Original Principal Balance $10,500 $707,000 $154,913 Outstanding Principal Balance $10,423 $706,267 $154,642
MINIMUM MAXIMUM WEIGHTED AVERAGE (2) ------- ------- -------------------- Original Term (mos) 120 360 354 Stated Remaining Term (mos) 117 359 351 Loan Age (mos) 1 16 3 Current Interest Rate 5.200% 13.500% 7.234% Initial Interest Rate Cap (3) 1.000% 3.000% 2.998% Periodic Rate Cap (3) 1.000% 1.500% 1.064% Gross Margin (3) 3.125% 11.280% 6.710% Maximum Mortgage Rate (3) 11.200% 21.500% 13.380% Minimum Mortgage Rate (3) 3.125% 11.400% 7.109% Months to Roll (3) 3 57 24 Original Loan-to-Value 17.54% 100.00% 81.68% Credit Score (4) 495 797 626
EARLIEST LATEST -------- ------ Maturity Date 09/07/13 11/01/33
LIEN POSITION PERCENT OF MORTGAGE POOL ------------------------ 1st Lien 98.49% 2nd Lien 1.51%
OCCUPANCY PERCENT OF MORTGAGE POOL ------------------------ Primary 94.61% Second Home 0.68% Investment 4.72%
LOAN TYPE PERCENT OF MORTGAGE POOL ------------------------ Fixed Rate 30.53% ARM 69.47%
YEAR OF ORIGINATION PERCENT OF MORTGAGE POOL ------------------------ 2002 0.03% 2003 99.97%
LOAN PURPOSE PERCENT OF MORTGAGE POOL ------------------------ Purchase 24.80% Refinance - Rate Term 8.81% Refinance - Cashout 66.39%
PROPERTY TYPE PERCENT OF MORTGAGE POOL ------------------------ Single Family 80.31% Rowhouse 0.03% Townhouse 0.33% Condominium 4.25% Two- to Four-Family 4.21% Planned Unit Development 10.36% Manufactured Housing 0.49%
(1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Adjustable Rate Mortgage Loans only. (4) Minimum and Weighting only for loans with scores. ----------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 12 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE MORTGAGE RATES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF MORTGAGE RATES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------------ 6.500% or less 554 $113,633,316 26.59% 6.130% 659 $ 205,114 78.39% 67.23% ----------------------------------------------------------------------------------------------------------------------------- 6.501% to 7.000% 611 110,205,175 25.78 6.844 630 180,369 81.33 57.46 ----------------------------------------------------------------------------------------------------------------------------- 7.001% to 7.500% 415 64,149,125 15.01 7.326 614 154,576 82.89 59.36 ----------------------------------------------------------------------------------------------------------------------------- 7.501% to 8.000% 473 65,783,683 15.39 7.800 608 139,078 83.83 56.63 ----------------------------------------------------------------------------------------------------------------------------- 8.001% to 8.500% 209 26,614,524 6.23 8.307 600 127,342 83.86 54.67 ----------------------------------------------------------------------------------------------------------------------------- 8.501% to 9.000% 215 27,204,873 6.36 8.771 588 126,534 83.06 66.72 ----------------------------------------------------------------------------------------------------------------------------- 9.001% to 9.500% 81 7,530,456 1.76 9.284 579 92,969 82.93 62.06 ----------------------------------------------------------------------------------------------------------------------------- 9.501% to 10.000% 88 6,807,862 1.59 9.826 584 77,362 84.23 78.32 ----------------------------------------------------------------------------------------------------------------------------- 10.001% to 10.500% 34 1,420,062 0.33 10.211 621 41,767 93.50 85.19 ----------------------------------------------------------------------------------------------------------------------------- 10.501% to 11.000% 33 1,598,149 0.37 10.746 619 48,429 90.56 60.07 ----------------------------------------------------------------------------------------------------------------------------- 11.001% to 11.500% 12 581,025 0.14 11.374 628 48,419 93.17 41.64 ----------------------------------------------------------------------------------------------------------------------------- 11.501% to 12.000% 17 920,758 0.22 11.902 672 54,162 98.68 14.79 ----------------------------------------------------------------------------------------------------------------------------- 12.001% to 12.500% 11 592,455 0.14 12.427 685 53,860 100.00 7.29 ----------------------------------------------------------------------------------------------------------------------------- 12.501% to 13.000% 9 338,402 0.08 12.920 659 37,600 99.94 0.00 ----------------------------------------------------------------------------------------------------------------------------- 13.001% to 13.500% 2 49,923 0.01 13.345 706 24,961 100.00 0.00 ----------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% -----------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 5.200% per annum to 13.500% per annum and the weighted average Mortgage Rate of the Rate Mortgage Loans was approximately 7.234% per annum. REMAINING MONTHS TO STATED MATURITY
AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT REMAINING MONTHS NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL TO STATED MATURITY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------------- 109 to 120 4 $ 285,555 0.07% 8.136% 593 $ 71,389 76.35% 100.00% ------------------------------------------------------------------------------------------------------------------------- 169 to 180 180 11,393,508 2.67 8.803 641 63,297 86.06 66.67 ------------------------------------------------------------------------------------------------------------------------- 229 to 240 54 4,558,873 1.07 8.577 633 84,424 85.07 58.28 ------------------------------------------------------------------------------------------------------------------------- 289 to 300 12 411,022 0.10 8.868 643 34,252 92.77 95.09 ------------------------------------------------------------------------------------------------------------------------- 337 to 348 1 131,206 0.03 10.750 518 131,206 80.00 100.00 ------------------------------------------------------------------------------------------------------------------------- 349 to 360 2513 410,649,621 96.07 7.172 625 163,410 81.52 60.71 ------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% -------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 117 months to 359 months and the weighted average remaining term to stated maturity of the Mortgage Loans was approximately 351 months. --------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 13 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES
AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF ORIGINAL PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOAN NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PRINCIPAL BALANCES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------- $50,000 or less 180 $ 6,525,243 1.53% 9.601% 636 $ 36,251 87.08% 69.68% --------------------------------------------------------------------------------------------------------------------------- $50,001 to $100,000 713 55,210,370 12.92 7.943 614 77,434 81.58 72.60 --------------------------------------------------------------------------------------------------------------------------- $100,001 to $150,000 748 93,349,615 21.84 7.358 622 124,799 81.60 62.40 --------------------------------------------------------------------------------------------------------------------------- $150,001 to $200,000 476 82,886,311 19.39 7.218 620 174,131 80.97 58.01 --------------------------------------------------------------------------------------------------------------------------- $200,001 to $250,000 256 57,163,926 13.37 7.052 625 223,297 81.81 58.17 --------------------------------------------------------------------------------------------------------------------------- $250,001 to $300,000 165 45,290,432 10.60 7.016 625 274,487 81.47 48.94 --------------------------------------------------------------------------------------------------------------------------- $300,001 to $350,000 95 30,596,331 7.16 6.858 637 322,067 81.44 51.49 --------------------------------------------------------------------------------------------------------------------------- $350,001 to $400,000 52 19,698,202 4.61 6.741 643 378,812 82.18 55.76 --------------------------------------------------------------------------------------------------------------------------- $400,001 to $450,000 43 18,324,320 4.29 6.594 653 426,147 85.05 69.64 --------------------------------------------------------------------------------------------------------------------------- $450,001 to $500,000 24 11,498,946 2.69 6.819 635 479,123 82.11 70.90 --------------------------------------------------------------------------------------------------------------------------- $500,001 to $550,000 4 2,069,165 0.48 6.490 625 517,291 85.01 100.00 --------------------------------------------------------------------------------------------------------------------------- $550,001 to $600,000 5 2,806,259 0.66 6.145 677 561,252 75.34 79.73 --------------------------------------------------------------------------------------------------------------------------- $600,001 to $650,000 1 624,998 0.15 5.990 638 624,998 75.00 100.00 --------------------------------------------------------------------------------------------------------------------------- $650,001 to $700,000 1 679,400 0.16 6.625 663 679,400 72.34 100.00 --------------------------------------------------------------------------------------------------------------------------- $700,001 to $750,000 1 706,267 0.17 5.790 758 706,267 70.00 100.00 --------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% ---------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $10,423 to approximately $706,267 and the average outstanding principal balance of the Mortgage Loans was approximately $154,642 PRODUCT TYPES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PRODUCT TYPES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------------- 15 Year Balloon Loans 120 $ 5,853,620 1.37% 10.105% 661 $ 48,780 96.33% 59.90% --------------------------------------------------------------------------------------------------------------------------------- 10 to 14 Year Fixed Loans 4 285,555 0.07 8.136 593 71,389 76.35 100.00 --------------------------------------------------------------------------------------------------------------------------------- 15 to 19 Year Fixed Loans 60 5,539,889 1.30 7.428 621 92,331 75.21 73.83 --------------------------------------------------------------------------------------------------------------------------------- 20 to 24 Year Fixed Loans 54 4,558,873 1.07 8.577 633 84,424 85.07 58.28 --------------------------------------------------------------------------------------------------------------------------------- 25 to 29 Year Fixed Loans 12 411,022 0.10 8.868 643 34,252 92.77 95.09 --------------------------------------------------------------------------------------------------------------------------------- 30 Year Fixed Loans 673 113,835,667 26.63 7.064 646 169,147 79.25 63.18 --------------------------------------------------------------------------------------------------------------------------------- Six-Month LIBOR Loans 1 316,105 0.07 5.500 648 316,105 90.00 100.00 --------------------------------------------------------------------------------------------------------------------------------- 2/28 LIBOR ARM 1,365 220,896,187 51.68 7.265 616 161,829 82.20 60.04 --------------------------------------------------------------------------------------------------------------------------------- 3/27 LIBOR ARM 473 75,199,985 17.59 7.088 621 158,985 82.93 58.54 --------------------------------------------------------------------------------------------------------------------------------- 5/25 LIBOR ARM 2 532,882 0.12 5.755 667 266,441 77.48 100.00 --------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% ---------------------------------------------------------------------------------------------------------------------------------
---------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 14 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT STATE DISTRIBUTIONS NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL OF MORTGAGED PROPERTIES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------------- Alabama 25 $ 2,827,983 0.66% 7.957% 604 $ 113,119 80.07% 85.34% --------------------------------------------------------------------------------------------------------------------------------- Arizona 85 10,986,913 2.57 7.026 648 129,258 85.38 55.79 --------------------------------------------------------------------------------------------------------------------------------- Arkansas 22 2,259,543 0.53 7.451 643 102,707 85.65 67.91 --------------------------------------------------------------------------------------------------------------------------------- California 606 138,091,603 32.31 6.776 637 227,874 79.17 57.73 --------------------------------------------------------------------------------------------------------------------------------- Colorado 59 9,129,368 2.14 6.981 641 154,735 83.22 56.39 --------------------------------------------------------------------------------------------------------------------------------- Connecticut 35 5,561,270 1.30 7.141 624 158,893 80.35 69.94 --------------------------------------------------------------------------------------------------------------------------------- Delaware 14 1,627,241 0.38 8.270 608 116,231 77.10 66.41 --------------------------------------------------------------------------------------------------------------------------------- Florida 190 23,804,585 5.57 7.455 616 125,287 82.07 45.91 --------------------------------------------------------------------------------------------------------------------------------- Georgia 95 12,129,673 2.84 7.744 612 127,681 83.41 66.51 --------------------------------------------------------------------------------------------------------------------------------- Illinois 112 16,502,634 3.86 7.632 611 147,345 83.97 63.35 --------------------------------------------------------------------------------------------------------------------------------- Indiana 70 6,994,405 1.64 7.262 610 99,920 84.32 76.68 --------------------------------------------------------------------------------------------------------------------------------- Iowa 15 1,247,442 0.29 8.055 614 83,163 83.46 58.62 --------------------------------------------------------------------------------------------------------------------------------- Kansas 39 3,822,044 0.89 7.592 606 98,001 84.59 81.75 --------------------------------------------------------------------------------------------------------------------------------- Kentucky 33 2,573,743 0.60 7.388 630 77,992 84.00 79.83 --------------------------------------------------------------------------------------------------------------------------------- Louisiana 34 3,218,327 0.75 8.191 592 94,657 80.84 67.08 --------------------------------------------------------------------------------------------------------------------------------- Maine 7 1,219,793 0.29 7.146 623 174,256 81.47 34.96 --------------------------------------------------------------------------------------------------------------------------------- Maryland 83 15,406,368 3.60 7.128 615 185,619 83.78 81.74 --------------------------------------------------------------------------------------------------------------------------------- Massachusetts 85 15,635,463 3.66 7.550 623 183,947 78.69 45.20 --------------------------------------------------------------------------------------------------------------------------------- Michigan 82 11,100,423 2.60 7.680 618 135,371 84.61 66.79 --------------------------------------------------------------------------------------------------------------------------------- Minnesota 57 9,270,149 2.17 7.692 632 162,634 83.46 47.13 --------------------------------------------------------------------------------------------------------------------------------- Mississippi 17 1,378,414 0.32 8.028 624 81,083 85.20 59.18 --------------------------------------------------------------------------------------------------------------------------------- Missouri 64 7,452,299 1.74 7.371 630 116,442 83.73 74.42 --------------------------------------------------------------------------------------------------------------------------------- Montana 1 126,880 0.03 6.940 651 126,880 80.00 0.00 --------------------------------------------------------------------------------------------------------------------------------- Nebraska 13 1,767,694 0.41 7.294 626 135,976 85.33 49.09 --------------------------------------------------------------------------------------------------------------------------------- Nevada 67 10,607,885 2.48 7.291 655 158,327 81.92 47.84 --------------------------------------------------------------------------------------------------------------------------------- New Hampshire 11 1,509,487 0.35 7.882 612 137,226 78.12 50.46 --------------------------------------------------------------------------------------------------------------------------------- New Jersey 45 8,574,189 2.01 7.493 594 190,538 82.94 71.17 --------------------------------------------------------------------------------------------------------------------------------- New Mexico 5 704,536 0.16 7.455 645 140,907 84.04 61.89 --------------------------------------------------------------------------------------------------------------------------------- New York 42 9,203,182 2.15 7.137 605 219,123 76.83 49.67 --------------------------------------------------------------------------------------------------------------------------------- North Carolina 60 6,946,994 1.63 7.646 635 115,783 83.40 49.37 --------------------------------------------------------------------------------------------------------------------------------- North Dakota 1 78,736 0.02 5.440 699 78,736 71.82 0.00 --------------------------------------------------------------------------------------------------------------------------------- Ohio 132 14,643,327 3.43 7.296 623 110,934 84.33 71.41 --------------------------------------------------------------------------------------------------------------------------------- Oklahoma 11 1,308,751 0.31 8.080 631 118,977 87.81 55.94 --------------------------------------------------------------------------------------------------------------------------------- Oregon 31 3,847,465 0.90 7.232 638 124,112 84.10 52.76 --------------------------------------------------------------------------------------------------------------------------------- Pennsylvania 74 8,584,392 2.01 7.391 603 116,005 81.92 74.49 --------------------------------------------------------------------------------------------------------------------------------- Rhode Island 36 5,310,726 1.24 7.482 606 147,520 78.54 56.71 --------------------------------------------------------------------------------------------------------------------------------- South Carolina 39 4,044,363 0.95 7.841 612 103,702 85.41 70.84 --------------------------------------------------------------------------------------------------------------------------------- South Dakota 6 642,149 0.15 7.914 606 107,025 82.59 84.46 --------------------------------------------------------------------------------------------------------------------------------- Tennessee 61 6,206,174 1.45 7.865 625 101,741 84.95 73.31 --------------------------------------------------------------------------------------------------------------------------------- Texas 44 5,125,793 1.20 7.877 639 116,495 82.49 36.87 --------------------------------------------------------------------------------------------------------------------------------- Utah 10 1,672,419 0.39 7.424 607 167,242 81.41 67.85 --------------------------------------------------------------------------------------------------------------------------------- Virginia 130 19,033,453 4.45 7.456 615 146,411 84.11 73.67 --------------------------------------------------------------------------------------------------------------------------------- Washington 40 6,430,947 1.50 7.012 644 160,774 84.00 61.09 --------------------------------------------------------------------------------------------------------------------------------- West Virginia 18 1,828,120 0.43 7.914 603 101,562 83.44 79.57 --------------------------------------------------------------------------------------------------------------------------------- Wisconsin 55 6,811,027 1.59 7.282 611 123,837 84.29 71.65 --------------------------------------------------------------------------------------------------------------------------------- Wyoming 3 181,413 0.04 8.666 573 60,471 81.70 100.00 --------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% ---------------------------------------------------------------------------------------------------------------------------------
No more than approximately 0.41% of the Mortgage Loans will be secured by mortgaged properties located in any one zip code. ---------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 15 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL LOAN-TO-VALUE RATIOS
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL LOAN-TO-VALUE RATIOS MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------- 50.00% or less 54 $ 6,285,586 1.47% 6.990% 624 $ 116,400 41.46% 56.45% ---------------------------------------------------------------------------------------------------------------------------- 50.01% to 55.00% 32 4,586,016 1.07 6.790 632 143,313 53.08 47.46 ---------------------------------------------------------------------------------------------------------------------------- 55.01% to 60.00% 45 6,699,718 1.57 6.817 630 148,883 57.87 63.24 ---------------------------------------------------------------------------------------------------------------------------- 60.01% to 65.00% 75 11,557,115 2.70 6.971 612 154,095 63.14 52.79 ---------------------------------------------------------------------------------------------------------------------------- 65.01% to 70.00% 135 20,491,163 4.79 7.234 608 151,786 68.55 62.21 ---------------------------------------------------------------------------------------------------------------------------- 70.01% to 75.00% 193 31,995,814 7.49 7.201 599 165,781 73.91 63.92 ---------------------------------------------------------------------------------------------------------------------------- 75.01% to 80.00% 821 134,367,619 31.44 6.933 638 163,663 79.58 51.53 ---------------------------------------------------------------------------------------------------------------------------- 80.01% to 85.00% 425 68,340,806 15.99 7.344 610 160,802 84.41 59.42 ---------------------------------------------------------------------------------------------------------------------------- 85.01% to 90.00% 655 108,831,319 25.46 7.308 629 166,155 89.65 65.69 ---------------------------------------------------------------------------------------------------------------------------- 90.01% to 95.00% 132 22,048,905 5.16 7.607 628 167,037 94.44 92.37 ---------------------------------------------------------------------------------------------------------------------------- 95.01% to 100.00% 197 12,225,724 2.86 9.458 661 62,060 99.91 76.78 ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $ 427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% ----------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 17.54% to 100.00%. With respect to the Mortgage Loans which are in a second lien position, this table was calculated using the Combined Loan-to-Value Ratio for such Mortgage Loans. Approximately 1.51% of the Mortgage Loans are in a second lien position and the weighted average Combined Loan-to-Value Ratio for such Mortgage Loans was approximately 99.80%. The weighted average Second Lien ratio for the Mortgage Loans which are in a second lien position was approximately 19.82%. LOAN PURPOSE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL LOAN PURPOSE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------------------- Refinance - Cashout 1,780 $283,758,013 66.39% 7.228% 614 $ 159,415 80.67% 65.93% ------------------------------------------------------------------------------------------------------------------------------- Purchase 745 106,000,838 24.80 7.316 656 142,283 84.45 46.69 ------------------------------------------------------------------------------------------------------------------------------- Refinance - Rate/Term 239 37,670,934 8.81 7.048 634 157,619 81.50 63.11 ------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% -------------------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PROPERTY TYPE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC --------------------------------------------------------------------------------------------------------------------------------- Single Family 2,249 $343,268,064 80.31% 7.235% 624 $ 152,631 81.71% 61.36% -------------------------------------------------------------------------------------------------------------------------------- Rowhouse 1 139,686 0.03 7.490 673 139,686 80.00 0.00 -------------------------------------------------------------------------------------------------------------------------------- Townhouse 14 1,426,489 0.33 8.139 634 101,892 83.07 41.04 -------------------------------------------------------------------------------------------------------------------------------- Condominium 127 18,174,848 4.25 7.247 638 143,109 80.02 58.65 -------------------------------------------------------------------------------------------------------------------------------- Two- to Four-Family 103 18,011,167 4.21 7.294 638 174,866 79.18 53.82 -------------------------------------------------------------------------------------------------------------------------------- Manufactured Housing 21 2,109,414 0.49 7.140 631 100,448 76.41 100.00 -------------------------------------------------------------------------------------------------------------------------------- Planned Unit Development 249 44,300,117 10.36 7.171 631 177,912 83.40 60.19 -------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $ 154,642 81.68% 60.91% --------------------------------------------------------------------------------------------------------------------------------
---------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 16 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE DOCUMENTATION
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL DOCUMENTATION MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------------------ Full Documentation 1,758 $260,352,079 60.91% 7.189% 616 $148,096 82.51% 100.00% ----------------------------------------------------------------------------------------------------------------------------------- Stated Documentation 972 160,903,502 37.64 7.316 641 165,539 80.30 0.00 ----------------------------------------------------------------------------------------------------------------------------------- Lite Documentation 34 6,174,204 1.44 7.043 639 181,594 82.56 0.00 ----------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $154,642 81.68% 60.91% -----------------------------------------------------------------------------------------------------------------------------------
OCCUPANCY
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL OCCUPANCY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC --------------------------------------------------------------------------------------------------------------------------------- Primary 2,569 $404,374,549 94.61% 7.219% 623 $157,405 81.72% 60.48% -------------------------------------------------------------------------------------------------------------------------------- Investment 176 20,169,134 4.72 7.511 666 114,597 81.21 72.27 -------------------------------------------------------------------------------------------------------------------------------- Second Home 19 2,886,103 0.68 7.374 680 151,900 80.06 42.31 -------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $154,642 81.68% 60.91% --------------------------------------------------------------------------------------------------------------------------------
The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. MORTGAGE LOAN AGE SUMMARY
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOAN AGE NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL SUMMARY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ---------------------------------------------------------------------------------------------------------------------------------- 1 5 $ 614,700 0.14% 7.326% 609 $122,940 83.11% 62.91% --------------------------------------------------------------------------------------------------------------------------------- 2 835 121,285,324 28.38 7.322 629 145,252 81.58 61.01 --------------------------------------------------------------------------------------------------------------------------------- 3 1,218 198,203,420 46.37 7.124 628 162,729 81.18 61.32 --------------------------------------------------------------------------------------------------------------------------------- 4 590 90,939,294 21.28 7.305 617 154,134 82.65 59.27 --------------------------------------------------------------------------------------------------------------------------------- 5 90 12,418,292 2.91 7.333 626 137,981 82.19 57.70 --------------------------------------------------------------------------------------------------------------------------------- 6 15 2,684,575 0.63 7.897 610 178,972 85.95 77.24 --------------------------------------------------------------------------------------------------------------------------------- 7 7 800,061 0.19 8.096 607 114,294 89.73 100.00 --------------------------------------------------------------------------------------------------------------------------------- 8 2 249,303 0.06 8.821 581 124,651 77.45 100.00 --------------------------------------------------------------------------------------------------------------------------------- 9 1 103,611 0.02 9.875 543 103,611 83.20 100.00 --------------------------------------------------------------------------------------------------------------------------------- 16 1 131,206 0.03 10.750 518 131,206 80.00 100.00 --------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $154,642 81.68% 60.91% ---------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 3 months. ---------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 17 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL PREPAYMENT PENALTY TERM
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL PREPAYMENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PENALTY TERM MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC --------------------------------------------------------------------------------------------------------------------------------- None 240 $ 29,193,184 6.83% 7.687% 623 $121,638 82.25% 58.53% -------------------------------------------------------------------------------------------------------------------------------- 6 Months 4 390,571 0.09 7.606 633 97,643 86.16 100.00 -------------------------------------------------------------------------------------------------------------------------------- 12 Months 141 27,302,192 6.39 7.431 624 193,633 81.44 60.69 -------------------------------------------------------------------------------------------------------------------------------- 13 Months 7 1,512,289 0.35 6.832 657 216,041 75.02 74.89 -------------------------------------------------------------------------------------------------------------------------------- 24 Months 1,176 183,608,885 42.96 7.292 617 156,130 82.62 58.72 -------------------------------------------------------------------------------------------------------------------------------- 30 Months 1 220,840 0.05 7.625 748 220,840 85.00 0.00 -------------------------------------------------------------------------------------------------------------------------------- 36 Months 977 146,328,410 34.23 7.123 635 149,773 81.38 61.86 -------------------------------------------------------------------------------------------------------------------------------- 48 Months 44 11,840,310 2.77 6.267 669 269,098 78.54 67.55 -------------------------------------------------------------------------------------------------------------------------------- 60 Months 174 27,033,105 6.32 7.192 624 155,363 78.22 69.69 -------------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $154,642 81.68% 60.91% --------------------------------------------------------------------------------------------------------------------------------
The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties was approximately 31 months. CREDIT SCORES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF CREDIT SCORES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------- 451 to 500 1 $ 96,342 0.02% 8.500% 495 $ 96,342 67.89% 100.00% ---------------------------------------------------------------------------------------------------------------------------- 501 to 550 277 38,286,984 8.96 7.921 536 138,220 74.52 83.58 ---------------------------------------------------------------------------------------------------------------------------- 551 to 600 734 111,579,634 26.10 7.558 577 152,016 81.50 70.88 ---------------------------------------------------------------------------------------------------------------------------- 601 to 650 933 146,644,552 34.31 7.147 626 157,175 84.01 60.63 ---------------------------------------------------------------------------------------------------------------------------- 651 to 700 564 87,550,375 20.48 6.976 672 155,231 82.21 43.58 ---------------------------------------------------------------------------------------------------------------------------- 701 to 750 180 30,551,735 7.15 6.710 724 169,732 80.60 43.54 ---------------------------------------------------------------------------------------------------------------------------- 751 to 800 75 12,720,165 2.98 6.365 771 169,602 77.05 69.19 ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.23% 626 $154,642 81.68% 60.91% ----------------------------------------------------------------------------------------------------------------------------
The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 495 to 797 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 626. CREDIT GRADE
AGGREGATE AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED WEIGHTED PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE AVERAGE BALANCE ORIGINAL FULL CREDIT GRADE MORTGAGE LOANS OUTSTANDING POOL COUPON FICO OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------ A+ 1,257 $200,288,562 46.86% 6.909% 671 $159,339 82.43% 48.98% ----------------------------------------------------------------------------------------------------------------------- A 338 55,920,717 13.08 7.296 617 165,446 84.96 59.57 ----------------------------------------------------------------------------------------------------------------------- A- 658 99,725,536 23.33 7.441 591 151,559 82.42 70.38 ----------------------------------------------------------------------------------------------------------------------- B 283 40,089,262 9.38 7.741 566 141,658 78.53 80.04 ----------------------------------------------------------------------------------------------------------------------- C 132 18,206,892 4.26 7.726 540 137,931 73.60 85.86 ----------------------------------------------------------------------------------------------------------------------- C- 96 13,198,815 3.09 8.125 538 137,488 71.64 83.54 ----------------------------------------------------------------------------------------------------------------------- TOTAL: 2,764 $427,429,785 100.00% 7.234% 626 $154,642 81.68% 60.91% -----------------------------------------------------------------------------------------------------------------------
---------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 18 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE MARGINS
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF MARGINS MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------------------- 3.001% to 3.500% 1 $ 316,105 0.11% 5.500% 648 $316,105 90.00% 100.00% -------------------------------------------------------------------------------------------------------------------------------- 3.501% to 4.000% 7 2,180,865 0.73 6.884 639 311,552 85.75 59.74 -------------------------------------------------------------------------------------------------------------------------------- 4.001% to 4.500% 18 3,815,180 1.28 5.880 643 211,954 77.68 89.56 -------------------------------------------------------------------------------------------------------------------------------- 4.501% to 5.000% 54 11,491,959 3.87 6.201 631 212,814 77.04 70.04 -------------------------------------------------------------------------------------------------------------------------------- 5.001% to 5.500% 107 22,917,512 7.72 6.301 634 214,182 81.06 70.23 -------------------------------------------------------------------------------------------------------------------------------- 5.501% to 6.000% 205 37,928,081 12.77 6.405 631 185,015 80.26 60.54 -------------------------------------------------------------------------------------------------------------------------------- 6.001% to 6.500% 356 61,760,290 20.80 6.817 630 173,484 82.45 53.79 -------------------------------------------------------------------------------------------------------------------------------- 6.501% to 7.000% 326 55,263,860 18.61 7.167 622 169,521 83.41 55.59 -------------------------------------------------------------------------------------------------------------------------------- 7.001% to 7.500% 287 40,570,843 13.66 7.683 604 141,362 83.45 58.72 -------------------------------------------------------------------------------------------------------------------------------- 7.501% to 8.000% 182 24,585,513 8.28 8.023 601 135,085 85.05 59.65 -------------------------------------------------------------------------------------------------------------------------------- 8.001% to 8.500% 140 18,624,769 6.27 8.492 589 133,034 82.97 56.36 -------------------------------------------------------------------------------------------------------------------------------- 8.501% to 9.000% 90 10,573,514 3.56 8.899 585 117,483 82.24 74.56 -------------------------------------------------------------------------------------------------------------------------------- 9.001% to 9.500% 42 4,868,248 1.64 9.469 568 115,911 83.32 64.26 -------------------------------------------------------------------------------------------------------------------------------- 9.501% to 10.000% 20 1,679,547 0.57 9.911 559 83,977 81.44 62.44 -------------------------------------------------------------------------------------------------------------------------------- 10.001% to 10.500% 3 178,520 0.06 9.658 552 59,507 81.57 100.00 -------------------------------------------------------------------------------------------------------------------------------- 10.501% to 11.000% 1 103,611 0.03 9.875 543 103,611 83.20 100.00 -------------------------------------------------------------------------------------------------------------------------------- 11.001% to 11.500% 2 86,743 0.03 11.400 529 43,372 70.00 100.00 -------------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,841 $296,945,160 100.00% 7.215% 618 $161,296 82.38% 59.78% --------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Gross Margins for the Adjustable Rate Mortgage Loans ranged from 3.125% per annum to 11.280% per annum and the weighted average Gross Margin of the Adjustable Rate Mortgage Loans was approximately 6.710% per annum. MAXIMUM MORTGAGE RATES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF MAXIMUM NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL MORTGAGE RATES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------------------- 13.000% or less 696 $130,891,557 44.08% 6.502% 630 $188,063 81.31% 62.17% ------------------------------------------------------------------------------------------------------------------------------- 13.001% to 13.500% 290 48,574,043 16.36 7.170 619 167,497 82.82 56.84 ------------------------------------------------------------------------------------------------------------------------------- 13.501% to 14.000% 344 52,868,762 17.80 7.535 615 153,688 83.54 55.28 ------------------------------------------------------------------------------------------------------------------------------- 14.001% to 14.500% 182 25,091,347 8.45 7.974 603 137,865 84.18 58.46 ------------------------------------------------------------------------------------------------------------------------------- 14.501% to 15.000% 192 25,195,431 8.48 8.430 599 131,226 83.79 62.18 ------------------------------------------------------------------------------------------------------------------------------- 15.001% to 15.500% 69 7,015,539 2.36 9.022 574 101,674 80.88 55.43 ------------------------------------------------------------------------------------------------------------------------------- 15.501% to 16.000% 52 5,878,125 1.98 9.383 575 113,041 81.19 68.88 ------------------------------------------------------------------------------------------------------------------------------- 16.001% to 16.500% 4 330,070 0.11 9.368 586 82,518 84.09 57.14 ------------------------------------------------------------------------------------------------------------------------------- 16.501% to 17.000% 7 766,653 0.26 9.911 569 109,522 79.74 79.07 ------------------------------------------------------------------------------------------------------------------------------- 17.001% to 17.500% 3 173,506 0.06 10.800 552 57,835 75.00 100.00 ------------------------------------------------------------------------------------------------------------------------------- 17.501% to 18.000% 1 53,764 0.02 10.900 529 53,764 41.38 100.00 ------------------------------------------------------------------------------------------------------------------------------- 21.001% to 21.500% 1 106,363 0.04 7.750 615 106,363 85.00 0.00 ------------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,841 $296,945,160 100.00% 7.215% 618 $161,296 82.38% 59.78% -------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from 11.200% per annum to 21.500% per annum and the weighted average Maximum Mortgage Rate of the Adjustable Rate Mortgage Loans was approximately 13.380% per annum. ------------------------------------------------------------------------------- Recipients must read the information contained in the attached Do not use or rely on this information if you have not received statement. or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 19 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TOTAL MORTGAGE LOANS AS OF CUT-OFF DATE NEXT RATE ADJUSTMENT DATE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL NEXT RATE ADJUSTMENT DATE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------------- March 2004 1 $ 316,105 0.11% 5.500% 648 $ 316,105 90.00% 100.00% ---------------------------------------------------------------------------------------------------------------------------------- August 2004 1 131,206 0.04 10.750 518 131,206 80.00 100.00 ---------------------------------------------------------------------------------------------------------------------------------- March 2005 1 103,611 0.03 9.875 543 103,611 83.20 100.00 ---------------------------------------------------------------------------------------------------------------------------------- April 2005 3 542,396 0.18 7.769 600 180,799 84.74 100.00 ---------------------------------------------------------------------------------------------------------------------------------- May 2005 4 540,221 0.18 8.083 590 135,055 87.83 100.00 ---------------------------------------------------------------------------------------------------------------------------------- June 2005 6 1,179,849 0.40 8.176 614 196,641 87.46 100.00 ---------------------------------------------------------------------------------------------------------------------------------- July 2005 54 7,781,932 2.62 7.356 623 144,110 82.59 58.35 ---------------------------------------------------------------------------------------------------------------------------------- August 2005 354 57,555,308 19.38 7.279 610 162,586 82.43 56.66 ---------------------------------------------------------------------------------------------------------------------------------- September 2005 526 87,157,775 29.35 7.223 617 165,699 82.32 58.68 ---------------------------------------------------------------------------------------------------------------------------------- October 2005 413 65,535,690 22.07 7.258 621 158,682 81.63 63.63 ---------------------------------------------------------------------------------------------------------------------------------- November 2005 3 368,200 0.12 7.564 602 122,733 82.69 38.08 ---------------------------------------------------------------------------------------------------------------------------------- May 2006 1 67,263 0.02 8.750 587 67,263 90.00 100.00 ---------------------------------------------------------------------------------------------------------------------------------- June 2006 3 512,476 0.17 7.944 625 170,825 88.09 100.00 ---------------------------------------------------------------------------------------------------------------------------------- July 2006 2 382,219 0.13 6.576 643 191,110 85.63 100.00 ---------------------------------------------------------------------------------------------------------------------------------- August 2006 53 7,642,857 2.57 7.265 618 144,205 85.34 55.17 ---------------------------------------------------------------------------------------------------------------------------------- September 2006 259 41,450,867 13.96 6.991 616 160,042 82.68 63.83 ---------------------------------------------------------------------------------------------------------------------------------- October 2006 154 24,955,303 8.40 7.179 630 162,047 82.39 48.88 ---------------------------------------------------------------------------------------------------------------------------------- November 2006 1 189,000 0.06 7.190 608 189,000 90.00 100.00 ---------------------------------------------------------------------------------------------------------------------------------- September 2008 2 532,882 0.18 5.755 667 266,441 77.48 100.00 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,841 $296,945,160 100.00% 7.215% 618 $ 161,296 82.38% 59.78% ----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 20 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE Aggregate Outstanding Principal Balance $ 44,281,070 Aggregate Original Principal Balance $ 44,351,059 Number of Mortgage Loans 122
MINIMUM MAXIMUM AVERAGE (1) --------- --------- ------------ Original Principal Balance $ 45,000 $ 680,000 $ 363,533 Outstanding Principal Balance $ 44,941 $ 679,400 $ 362,960
MINIMUM MAXIMUM WEIGHTED AVERAGE (2) --------- --------- -------------------- Original Term (mos) 360 360 360 Stated Remaining Term (mos) 354 358 357 Loan Age (mos) 2 6 3 Current Interest Rate 5.240% 8.750% 6.836% Initial Interest Rate Cap (3) 3.000% 3.000% 3.000% Periodic Rate Cap (3) 1.000% 1.500% 1.065% Gross Margin (3) 3.850% 8.630% 6.222% Maximum Mortgage Rate (3) 11.240% 15.640% 12.984% Minimum Mortgage Rate (3) 3.990% 8.750% 6.653% Months to Roll (3) 18 34 24 Original Loan-to-Value 36.11% 100.00% 83.35% Credit Score (4) 501 767 626
EARLIEST LATEST -------- -------- Maturity Date 06/01/33 10/06/33
LIEN POSITION PERCENT OF MORTGAGE POOL ------------- ------------------------ 1st Lien 100.00%
OCCUPANCY PERCENT OF MORTGAGE POOL --------- ------------------------ Primary 99.70% Second Home 0.70% Investment
LOAN TYPE PERCENT OF MORTGAGE POOL --------- ------------------------ ARM 100.00%
YEAR OF ORIGINATION PERCENT OF MORTGAGE POOL ------------------- ------------------------ 2003 100.00%
LOAN PURPOSE PERCENT OF MORTGAGE POOL ------------ ------------------------ Purchase 30.63% Refinance - Rate Term 7.49% Refinance - Cashout 61.88%
PROPERTY TYPE PERCENT OF MORTGAGE POOL ------------- ------------------------ Single Family 83.84% Condominium 3.78% Two- to Four-Family 1.01% Planned Unit Development 11.37%
(1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Adjustable Rate Mortgage Loans only. (4) Minimum and Weighting only for loans with scores. --------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 21 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE MORTGAGE RATES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF MORTGAGE RATES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------- 6.500% or less 42 $16,632,499 37.56% 6.104% 638 $ 396,012 82.07% 69.57% ------------------------------------------------------------------------------------------------------------------- 6.501% to 7.000% 39 14,355,803 32.42 6.847 617 368,098 83.45 64.64 ------------------------------------------------------------------------------------------------------------------- 7.001% to 7.500% 15 5,403,863 12.20 7.358 633 360,258 85.69 46.41 ------------------------------------------------------------------------------------------------------------------- 7.501% to 8.000% 16 4,900,972 11.07 7.754 622 306,311 85.21 56.53 ------------------------------------------------------------------------------------------------------------------- 8.001% to 8.500% 8 2,104,232 4.75 8.274 591 263,029 83.27 42.98 ------------------------------------------------------------------------------------------------------------------- 8.501% to 9.000% 2 883,701 2.00 8.702 624 441,850 81.29 56.51 ------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% -------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 5.240% per annum to 8.750% per annum and the weighted average Mortgage Rate of the Rate Mortgage Loans was approximately 6.836% per annum. REMAINING MONTHS TO STATED MATURITY
AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT REMAINING MONTHS NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL TO STATED MATURITY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------- 349 to 360 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% -------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 354 months to 358 months and the weighted average remaining term to stated maturity of the Mortgage Loans was approximately 357 months. ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL MORTGAGE LOAN NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PRINCIPAL BALANCE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ---------------------------------------------------------------------------------------------------------------------------- $50,000 or less 1 $ 44,941 0.10% 8.500% 711 $ 44,941 90.00% 100.00% -------------------------------------------------------------------------------------------------------------------------- $50,001 to $100,000 6 492,604 1.11 7.788 596 82,101 79.09 65.96 -------------------------------------------------------------------------------------------------------------------------- $100,001 to $150,000 3 364,965 0.82 7.439 617 121,655 73.59 100.00 -------------------------------------------------------------------------------------------------------------------------- $150,001 to $200,000 5 930,983 2.10 6.808 697 186,197 86.21 59.06 -------------------------------------------------------------------------------------------------------------------------- $200,001 to $250,000 1 212,345 0.48 7.600 635 212,345 85.00 0.00 -------------------------------------------------------------------------------------------------------------------------- $300,001 to $350,000 30 10,041,582 22.68 7.068 608 334,719 81.58 46.77 -------------------------------------------------------------------------------------------------------------------------- $350,001 to $400,000 34 12,822,266 28.96 6.756 632 377,125 83.27 58.56 -------------------------------------------------------------------------------------------------------------------------- $400,001 to $450,000 22 9,424,493 21.28 6.582 639 428,386 85.13 63.75 -------------------------------------------------------------------------------------------------------------------------- $450,001 to $500,000 16 7,672,716 17.33 6.973 615 479,545 84.57 75.08 -------------------------------------------------------------------------------------------------------------------------- $500,001 to $550,000 2 1,035,696 2.34 6.045 633 517,848 87.48 100.00 -------------------------------------------------------------------------------------------------------------------------- $550,001 to $600,000 1 559,077 1.26 6.990 627 559,077 80.00 100.00 -------------------------------------------------------------------------------------------------------------------------- $650,001 to $700,000 1 679,400 1.53 6.625 663 679,400 72.34 100.00 -------------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% --------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $44,941 to approximately $679,400 and the average outstanding principal balance of the Mortgage Loans was approximately $362,960 ------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 22 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE PRODUCT TYPES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PRODUCT TYPES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------- 2/28 LIBOR ARM 95 $33,541,386 75.75% 6.899% 627 $ 353,067 82.95% 61.15% ------------------------------------------------------------------------------------------------------------ 3/27 LIBOR ARM 27 10,739,684 24.25 6.639 623 397,766 84.60 65.39 ------------------------------------------------------------------------------------------------------------ TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ------------------------------------------------------------------------------------------------------------
STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT STATE DISTRIBUTIONS NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL OF MORTGAGED PROPERTIES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ---------------------------------------------------------------------------------------------------------------------- Arizona 2 $ 797,560 1.80% 6.391% 640 $ 398,780 88.60% 100.00% --------------------------------------------------------------------------------------------------------------------- California 61 23,972,462 54.14 6.620 628 392,991 82.57 56.40 --------------------------------------------------------------------------------------------------------------------- Colorado 3 1,246,933 2.82 6.734 663 415,644 84.11 62.55 --------------------------------------------------------------------------------------------------------------------- Connecticut 2 765,997 1.73 6.620 652 382,998 84.63 47.88 --------------------------------------------------------------------------------------------------------------------- Florida 2 763,308 1.72 6.118 586 381,654 90.00 100.00 --------------------------------------------------------------------------------------------------------------------- Illinois 3 1,067,880 2.41 7.388 662 355,960 80.88 30.64 --------------------------------------------------------------------------------------------------------------------- Indiana 4 1,369,796 3.09 6.130 609 342,449 79.50 75.55 --------------------------------------------------------------------------------------------------------------------- Maryland 4 1,199,322 2.71 6.780 596 299,830 87.23 91.86 --------------------------------------------------------------------------------------------------------------------- Massachusetts 2 716,721 1.62 7.952 627 358,361 87.72 0.00 --------------------------------------------------------------------------------------------------------------------- Michigan 5 1,761,219 3.98 7.099 637 352,244 84.31 80.54 --------------------------------------------------------------------------------------------------------------------- Minnesota 3 1,194,386 2.70 8.206 590 398,129 82.85 32.50 --------------------------------------------------------------------------------------------------------------------- Missouri 1 70,028 0.16 8.490 646 70,028 73.74 0.00 --------------------------------------------------------------------------------------------------------------------- Nevada 3 1,099,848 2.48 7.640 627 366,616 79.74 32.35 --------------------------------------------------------------------------------------------------------------------- New Jersey 2 781,418 1.76 7.428 615 390,709 87.87 100.00 --------------------------------------------------------------------------------------------------------------------- New York 3 1,132,817 2.56 6.502 582 377,606 78.30 60.49 --------------------------------------------------------------------------------------------------------------------- North Carolina 2 926,249 2.09 6.302 625 463,124 81.06 56.03 --------------------------------------------------------------------------------------------------------------------- Ohio 8 1,314,652 2.97 7.589 649 164,331 89.14 69.76 --------------------------------------------------------------------------------------------------------------------- Oklahoma 1 323,965 0.73 7.450 678 323,965 85.00 0.00 --------------------------------------------------------------------------------------------------------------------- Oregon 1 335,529 0.76 8.090 548 335,529 85.00 100.00 --------------------------------------------------------------------------------------------------------------------- Tennessee 1 499,386 1.13 8.750 673 499,386 89.97 100.00 --------------------------------------------------------------------------------------------------------------------- Utah 1 334,409 0.76 7.240 602 334,409 69.83 100.00 --------------------------------------------------------------------------------------------------------------------- Virginia 7 2,214,287 5.00 7.278 623 316,327 88.41 100.00 --------------------------------------------------------------------------------------------------------------------- Washington 1 392,899 0.89 5.900 623 392,899 74.99 100.00 --------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ---------------------------------------------------------------------------------------------------------------------
No more than approximately 2.91% of the Mortgage Loans will be secured by mortgaged properties located in any one zip code. --------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 23 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL LOAN-TO-VALUE RATIOS
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL LOAN-TO-VALUE RATIOS MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ---------------------------------------------------------------------------------------------------------------------- 50.00% or less 1 $ 64,903 0.15% 7.490% 529 $ 64,903 36.11% 100.00% ---------------------------------------------------------------------------------------------------------------------- 50.01% to 55.00% 1 114,839 0.26 7.800 577 114,839 54.97 100.00 ---------------------------------------------------------------------------------------------------------------------- 60.01% to 65.00% 3 885,110 2.00 6.147 638 295,037 61.95 61.05 ---------------------------------------------------------------------------------------------------------------------- 65.01% to 70.00% 3 1,124,375 2.54 7.542 599 374,792 69.95 29.74 ---------------------------------------------------------------------------------------------------------------------- 70.01% to 75.00% 8 3,119,123 7.04 6.653 598 389,890 73.34 71.90 ---------------------------------------------------------------------------------------------------------------------- 75.01% to 80.00% 40 14,666,964 33.12 6.585 633 366,674 79.78 55.74 ---------------------------------------------------------------------------------------------------------------------- 80.01% to 85.00% 24 8,578,641 19.37 6.928 626 357,443 83.87 34.98 ---------------------------------------------------------------------------------------------------------------------- 85.01% to 90.00% 31 11,819,628 26.69 6.956 628 381,278 89.68 77.43 ---------------------------------------------------------------------------------------------------------------------- 90.01% to 95.00% 8 3,509,619 7.93 7.258 621 438,702 94.15 100.00 ---------------------------------------------------------------------------------------------------------------------- 95.01% to 100.00% 3 397,867 0.90 7.362 693 132,622 100.00 100.00 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 36.11% to 100.00%. LOAN PURPOSE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL LOAN PURPOSE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ---------------------------------------------------------------------------------------------------------------------- Refinance - Cashout 74 $27,401,847 61.88% 6.891% 610 $ 370,295 82.57% 67.71% --------------------------------------------------------------------------------------------------------------------- Purchase 39 13,564,229 30.63 6.817 659 347,801 84.59 50.29 --------------------------------------------------------------------------------------------------------------------- Refinance - Rate/Term 9 3,314,994 7.49 6.458 631 368,333 84.75 65.06 --------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ---------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PROPERTY TYPE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- Single Family 102 $37,124,463 83.84% 6.836% 630 $ 363,965 83.34% 59.99% ---------------------------------------------------------------------------------------------------------------------- Condominium 5 1,672,252 3.78 7.267 595 334,450 81.74 57.50 ---------------------------------------------------------------------------------------------------------------------- Two- to Four-Family 1 447,625 1.01 6.890 581 447,625 80.00 0.00 ---------------------------------------------------------------------------------------------------------------------- Planned Unit Development 14 5,036,729 11.37 6.687 611 359,766 84.28 85.37 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
-------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 24 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE DOCUMENTATION
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL DOCUMENTATION MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- Full Documentation 75 $27,532,783 62.18% 6.731% 618 $ 367,104 84.48% 100.00% ---------------------------------------------------------------------------------------------------------------------- Stated Documentation 45 15,905,169 35.92 6.995 642 353,448 81.14 0.00 ---------------------------------------------------------------------------------------------------------------------- Lite Documentation 2 843,117 1.90 7.228 617 421,559 88.14 0.00 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
OCCUPANCY
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL OCCUPANCY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- Primary 119 $43,972,956 99.30% 6.832% 626 $ 369,521 83.32% 61.91% ---------------------------------------------------------------------------------------------------------------------- Investment 3 308,114 0.70 7.411 675 102,705 87.11 100.00 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. MORTGAGE LOAN AGE SUMMARY
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOAN AGE NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL SUMMARY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- 2 42 $14,379,736 32.47% 6.840% 630 $ 342,375 81.44% 57.19% ---------------------------------------------------------------------------------------------------------------------- 3 53 20,216,544 45.66 6.689 629 381,444 83.73 68.77 ---------------------------------------------------------------------------------------------------------------------- 4 22 8,206,444 18.53 7.113 613 373,020 84.72 48.71 ---------------------------------------------------------------------------------------------------------------------- 5 4 1,090,172 2.46 6.999 637 272,543 86.96 93.58 ---------------------------------------------------------------------------------------------------------------------- 6 1 388,173 0.88 7.990 641 388,173 95.00 100.00 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 3 months. ----------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 25 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL PREPAYMENT PENALTY TERM
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL PREPAYMENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PENALTY TERM MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- None 8 $ 2,944,245 6.65% 6.665% 633 $ 368,031 82.40% 59.57% ----------------------------------------------------------------------------------------------------------------------- 12 Months 16 6,446,429 14.56 7.204 636 402,902 85.32 72.31 ----------------------------------------------------------------------------------------------------------------------- 13 Months 1 679,400 1.53 6.625 663 679,400 72.34 100.00 ----------------------------------------------------------------------------------------------------------------------- 24 Months 57 22,105,038 49.92 6.793 623 387,808 82.50 57.62 ----------------------------------------------------------------------------------------------------------------------- 36 Months 24 10,060,118 22.72 6.668 618 419,172 85.21 63.78 ----------------------------------------------------------------------------------------------------------------------- 60 Months 16 2,045,839 4.62 7.276 652 127,865 82.20 62.79 ----------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% -----------------------------------------------------------------------------------------------------------------------
The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties was approximately 27 months. CREDIT SCORES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF CREDIT SCORES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- 501 to 550 9 $ 2,722,501 6.15% 6.828% 532 $ 302,500 75.41% 75.45% ---------------------------------------------------------------------------------------------------------------------- 551 to 600 28 10,558,208 23.84 7.059 578 377,079 81.52 63.25 ---------------------------------------------------------------------------------------------------------------------- 601 to 650 50 18,359,685 41.46 6.738 627 367,194 86.12 76.56 ---------------------------------------------------------------------------------------------------------------------- 651 to 700 28 10,434,475 23.56 6.890 674 372,660 82.92 35.20 ---------------------------------------------------------------------------------------------------------------------- 701 to 750 4 1,250,196 2.82 6.331 739 312,549 84.11 36.56 ---------------------------------------------------------------------------------------------------------------------- 751 to 800 3 956,005 2.16 6.328 757 318,668 76.51 64.16 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.84% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 501 to 767 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 626. CREDIT GRADE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL CREDIT GRADE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- A+ 63 $22,760,287 51.40% 6.716% 664 $ 361,274 83.32% 52.17% ---------------------------------------------------------------------------------------------------------------------- A 18 7,046,009 15.91 6.842 612 391,445 88.44 87.34 ---------------------------------------------------------------------------------------------------------------------- A- 27 10,002,177 22.59 7.064 588 370,451 82.33 60.49 ---------------------------------------------------------------------------------------------------------------------- B 5 1,970,785 4.45 7.203 563 394,157 83.61 82.25 ---------------------------------------------------------------------------------------------------------------------- C 8 2,157,095 4.87 6.657 537 269,637 75.21 84.99 ---------------------------------------------------------------------------------------------------------------------- C- 1 344,717 0.78 6.99 501 344,717 60.53 - ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
---------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 26 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE MARGINS
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF MARGINS MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- 3.501% to 4.000% 3 $ 1,309,571 2.96% 6.446% 667 $ 436,524 86.18% 66.85% ---------------------------------------------------------------------------------------------------------------------- 4.001% to 4.500% 1 370,794 0.84 5.500 638 370,794 80.00 100.00 ---------------------------------------------------------------------------------------------------------------------- 4.501% to 5.000% 7 2,682,465 6.06 5.760 625 383,209 73.72 60.09 ---------------------------------------------------------------------------------------------------------------------- 5.001% to 5.500% 18 7,469,839 16.87 6.237 620 414,991 83.28 76.35 ---------------------------------------------------------------------------------------------------------------------- 5.501% to 6.000% 16 6,484,462 14.64 6.385 628 405,279 81.10 70.74 ---------------------------------------------------------------------------------------------------------------------- 6.001% to 6.500% 31 10,508,792 23.73 6.821 638 338,993 84.55 56.76 ---------------------------------------------------------------------------------------------------------------------- 6.501% to 7.000% 22 8,392,962 18.95 7.186 625 381,498 85.25 50.59 ---------------------------------------------------------------------------------------------------------------------- 7.001% to 7.500% 13 3,686,078 8.32 7.751 611 283,544 85.35 64.64 ---------------------------------------------------------------------------------------------------------------------- 7.501% to 8.000% 7 1,939,533 4.38 8.181 606 277,076 88.02 66.64 ---------------------------------------------------------------------------------------------------------------------- 8.001% to 8.500% 3 937,187 2.12 8.500 569 312,396 72.86 0.00 ---------------------------------------------------------------------------------------------------------------------- 8.501% to 9.000% 1 499,386 1.13 8.750 673 499,386 89.97 100.00 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Gross Margins for the Adjustable Rate Mortgage Loans ranged from 3.850% per annum to 8.630% per annum and the weighted average Gross Margin of the Adjustable Rate Mortgage Loans was approximately 6.222% per annum. MAXIMUM MORTGAGE RATES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF MAXIMUM NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL MORTGAGE RATES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- 13.000% or less 73 $27,540,422 62.19% 6.430% 626 $ 377,266 82.42% 64.49% ---------------------------------------------------------------------------------------------------------------------- 13.001% to 13.500% 18 6,609,627 14.93 7.128 633 367,201 85.62 56.19 ---------------------------------------------------------------------------------------------------------------------- 13.501% to 14.000% 17 5,586,712 12.62 7.415 626 328,630 84.57 70.24 ---------------------------------------------------------------------------------------------------------------------- 14.001% to 14.500% 8 2,375,687 5.37 8.145 596 296,961 85.24 52.44 ---------------------------------------------------------------------------------------------------------------------- 14.501% to 15.000% 4 1,714,279 3.87 8.051 661 428,570 86.30 51.77 ---------------------------------------------------------------------------------------------------------------------- 15.001% to 15.500% 1 70,028 0.16 8.490 646 70,028 73.74 0.00 ---------------------------------------------------------------------------------------------------------------------- 15.501% to 16.000% 1 384,315 0.87 8.640 560 384,315 70.00 0.00 ---------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% ----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from 11.240% per annum to 15.640% per annum and the weighted average Maximum Mortgage Rate of the Adjustable Rate Mortgage Loans was approximately 12.984% per annum. --------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 27 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS AS OF CUT-OFF DATE NEXT RATE ADJUSTMENT DATE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL NEXT RATE ADJUSTMENT DATE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------- June 2005 1 $ 388,173 0.88% 7.990% 641 $ 388,173 95.00% 100.00% ----------------------------------------------------------------------------------------------------------------------- July 2005 3 912,268 2.06 7.009 628 304,089 87.34 92.32 ----------------------------------------------------------------------------------------------------------------------- August 2005 20 7,404,792 16.72 7.074 615 370,240 85.18 48.34 ----------------------------------------------------------------------------------------------------------------------- September 2005 39 14,154,177 31.96 6.836 627 362,928 83.11 67.75 ----------------------------------------------------------------------------------------------------------------------- October 2005 32 10,681,975 24.12 6.811 636 333,812 80.38 57.20 ----------------------------------------------------------------------------------------------------------------------- July 2006 1 177,904 0.40 6.950 683 177,904 85.00 100.00 ----------------------------------------------------------------------------------------------------------------------- August 2006 2 801,652 1.81 7.474 596 400,826 80.41 52.06 ----------------------------------------------------------------------------------------------------------------------- September 2006 14 6,062,367 13.69 6.346 633 433,026 85.20 71.16 ----------------------------------------------------------------------------------------------------------------------- October 2006 10 3,697,761 8.35 6.923 611 369,776 84.50 57.15 ----------------------------------------------------------------------------------------------------------------------- TOTAL 122 $44,281,070 100.00% 6.836% 626 $ 362,960 83.35% 62.18% -----------------------------------------------------------------------------------------------------------------------
---------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 28 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE Aggregate Outstanding Principal Balance $67,378,710 Aggregate Original Principal Balance $67,517,580 Number of Mortgage Loans 461
MINIMUM MAXIMUM AVERAGE (1) ------- ------- ----------- Original Principal Balance $10,500 $707,000 $ 146,459 Outstanding Principal Balance $10,423 $706,267 $ 146,158
MINIMUM MAXIMUM WEIGHTED AVERAGE (2) ------- ------- -------------------- Original Term (mos) 120 360 331 Stated Remaining Term (mos) 117 358 328 Loan Age (mos) 2 6 3 Current Interest Rate 5.250% 13.500% 7.439% Initial Interest Rate Cap (3) NA NA NA Periodic Rate Cap (3) NA NA NA Gross Margin (3) NA NA NA Maximum Mortgage Rate (3) NA NA NA Minimum Mortgage Rate (3) NA NA NA Months to Roll (3) NA NA NA Original Loan-to-Value 25.00% 100.00% 81.60% Credit Score (4) 513 795 643
EARLIEST LATEST -------- -------- Maturity Date 09/07/13 10/15/33
LIEN POSITION PERCENT OF MORTGAGE POOL ------------- ----------------------- 1st Lien 90.83% 2nd Lien 9.17%
OCCUPANCY PERCENT OF MORTGAGE POOL ----------- ------------------------ Primary 96.23% Second Home 0.88% Investment 2.88%
LOAN TYPE PERCENT OF MORTGAGE POOL ---------- -------------------------- Fixed Rate 100.00%
YEAR OF ORIGINATION PERCENT OF MORTGAGE POOL ------------------- ------------------------ 2003 100.00%
LOAN PURPOSE PERCENT OF MORTGAGE POOL ------------ ------------------------ Purchase 17.25% Refinance - Rate Term 13.43% Refinance - Cashout 69.33%
PROPERTY TYPE PERCENT OF MORTGAGE POOL ----------------------- ------------------------ Single Family 81.90% Townhouse 0.04% Condominium 2.75% Two- to Four-Family 1.54% Planned Unit Development 13.43% Manufactured Housing 0.34%
(1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Adjustable Rate Mortgage Loans only. (4) Minimum and Weighting only for loans with scores. ------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 29 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE MORTGAGE RATES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF MORTGAGE RATES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------ 6.500% or less 88 $25,332,297 37.60% 6.016% 684 $ 287,867 75.28% 70.97% ----------------------------------------------------------------------------------------------------------------------- 6.501% to 7.000% 47 11,573,088 17.18 6.810 644 246,236 81.19 66.75 ----------------------------------------------------------------------------------------------------------------------- 7.001% to 7.500% 28 5,546,916 8.23 7.319 617 198,104 85.93 73.38 ----------------------------------------------------------------------------------------------------------------------- 7.501% to 8.000% 39 5,709,211 8.47 7.797 589 146,390 84.10 53.63 ----------------------------------------------------------------------------------------------------------------------- 8.001% to 8.500% 12 1,839,709 2.73 8.364 602 153,309 88.50 75.71 ----------------------------------------------------------------------------------------------------------------------- 8.501% to 9.000% 57 7,396,995 10.98 8.829 595 129,772 82.58 63.26 ----------------------------------------------------------------------------------------------------------------------- 9.001% to 9.500% 28 2,105,456 3.12 9.291 612 75,195 88.57 65.91 ----------------------------------------------------------------------------------------------------------------------- 9.501% to 10.000% 50 2,768,460 4.11 9.830 606 55,369 87.49 86.81 ----------------------------------------------------------------------------------------------------------------------- 10.001% to 10.500% 32 1,297,580 1.93 10.217 627 40,549 95.19 86.54 ----------------------------------------------------------------------------------------------------------------------- 10.501% to 11.000% 31 1,413,179 2.10 10.740 632 45,586 93.41 54.84 ----------------------------------------------------------------------------------------------------------------------- 11.001% to 11.500% 10 494,282 0.73 11.369 645 49,428 97.24 31.39 ----------------------------------------------------------------------------------------------------------------------- 11.501% to 12.000% 17 920,758 1.37 11.902 672 54,162 98.68 14.79 ----------------------------------------------------------------------------------------------------------------------- 12.001% to 12.500% 11 592,455 0.88 12.427 685 53,860 100.00 7.29 ----------------------------------------------------------------------------------------------------------------------- 12.501% to 13.000% 9 338,402 0.50 12.920 659 37,600 99.94 0.00 ----------------------------------------------------------------------------------------------------------------------- 13.001% to 13.500% 2 49,923 0.07 13.345 706 24,961 100.00 0.00 ----------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% -----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 5.250% per annum to 13.500% per annum and the weighted average Mortgage Rate of the Rate Mortgage Loans was approximately 7.439% per annum. REMAINING MONTHS TO STATED MATURITY
AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT REMAINING MONTHS NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL TO STATED MATURITY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------ 109 to 120 2 $ 143,345 0.21% 8.460% 551 $ 71,673 75.72% 100.00% ----------------------------------------------------------------------------------------------------------------------- 169 to 180 143 8,220,837 12.20 9.442 638 57,488 90.14 66.21 ----------------------------------------------------------------------------------------------------------------------- 229 to 240 41 3,359,067 4.99 9.009 629 81,928 85.54 62.91 ----------------------------------------------------------------------------------------------------------------------- 289 to 300 12 411,022 0.61 8.868 643 34,252 92.77 95.09 ----------------------------------------------------------------------------------------------------------------------- 349 to 360 263 55,244,438 81.99 7.032 645 210,055 80.02 66.69 ----------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% -----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 117 months to 358 months and the weighted average remaining term to stated maturity of the Mortgage Loans was approximately 328 months. ---------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 30 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES
AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF ORIGINAL PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOAN NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PRINCIPAL BALANCES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------ $50,000 or less 124 $ 4,225,665 6.27% 10.379% 646 $ 34,078 93.70% 61.69% ----------------------------------------------------------------------------------------------------------------------- $50,001 to $100,000 126 9,404,831 13.96 9.246 619 74,642 86.24 64.93 ----------------------------------------------------------------------------------------------------------------------- $100,001 to $150,000 58 7,093,127 10.53 7.775 603 122,295 79.45 79.02 ----------------------------------------------------------------------------------------------------------------------- $150,001 to $200,000 37 6,332,455 9.40 7.244 636 171,147 81.21 61.07 ----------------------------------------------------------------------------------------------------------------------- $200,001 to $250,000 25 5,613,143 8.33 7.305 624 224,526 78.92 67.59 ----------------------------------------------------------------------------------------------------------------------- $250,001 to $300,000 17 4,756,107 7.06 6.918 644 279,771 80.03 64.43 ----------------------------------------------------------------------------------------------------------------------- $300,001 to $350,000 23 7,458,897 11.07 6.705 656 324,300 79.17 56.11 ----------------------------------------------------------------------------------------------------------------------- $350,001 to $400,000 16 6,115,787 9.08 6.657 661 382,237 79.22 56.81 ----------------------------------------------------------------------------------------------------------------------- $400,001 to $450,000 21 8,899,827 13.21 6.607 667 423,801 84.97 75.87 ----------------------------------------------------------------------------------------------------------------------- $450,001 to $500,000 6 2,866,957 4.25 6.137 671 477,826 73.30 49.96 ----------------------------------------------------------------------------------------------------------------------- $500,001 to $550,000 2 1,033,469 1.53 6.937 617 516,735 82.53 100.00 ----------------------------------------------------------------------------------------------------------------------- $550,001 to $600,000 4 2,247,182 3.34 5.934 689 561,796 74.18 74.69 ----------------------------------------------------------------------------------------------------------------------- $600,001 to $650,000 1 624,998 0.93 5.990 638 624,998 75.00 100.00 ----------------------------------------------------------------------------------------------------------------------- $700,001 to $750,000 1 706,267 1.05 5.790 758 706,267 70.00 100.00 ----------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% -----------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $10,423 to approximately $706,267 and the average outstanding principal balance of the Mortgage Loans was approximately $146,158 PRODUCT TYPES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PRODUCT TYPES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------ 15 Year Balloon Loans 108 $ 5,140,779 7.63% 10.514% 656 $ 47,600 97.81% 56.72% ------------------------------------------------------------------------------------------------------------------------ 10 to 14 Year Fixed Loans 2 143,345 0.21 8.460 551 71,673 75.72 100.00 ------------------------------------------------------------------------------------------------------------------------ 15 to 19 Year Fixed Loans 35 3,080,058 4.57 7.653 609 88,002 77.33 82.06 ------------------------------------------------------------------------------------------------------------------------ 20 to 24 Year Fixed Loans 41 3,359,067 4.99 9.009 629 81,928 85.54 62.91 ------------------------------------------------------------------------------------------------------------------------ 25 to 29 Year Fixed Loans 12 411,022 0.61 8.868 643 34,252 92.77 95.09 ------------------------------------------------------------------------------------------------------------------------ 30 Year Fixed Loans 263 55,244,438 81.99 7.032 645 210,055 80.02 66.69 ------------------------------------------------------------------------------------------------------------------------ TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% ------------------------------------------------------------------------------------------------------------------------
--------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 31 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT STATE DISTRIBUTIONS NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL OF MORTGAGED PROPERTIES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------------ Alabama 2 $ 171,435 0.25% 8.212% 554 $ 85,718 87.31% 100.00% ----------------------------------------------------------------------------------------------------------------------- Arizona 14 1,337,693 1.99 8.173 670 95,550 93.45 64.95 ----------------------------------------------------------------------------------------------------------------------- Arkansas 2 49,279 0.07 13.038 663 24,640 99.59 0.00 ----------------------------------------------------------------------------------------------------------------------- California 132 30,194,527 44.81 6.764 671 228,746 78.64 60.34 ----------------------------------------------------------------------------------------------------------------------- Colorado 9 649,689 0.96 9.189 616 72,188 96.57 80.59 ----------------------------------------------------------------------------------------------------------------------- Connecticut 5 609,758 0.90 7.171 636 121,952 76.75 88.66 ----------------------------------------------------------------------------------------------------------------------- Delaware 7 648,941 0.96 8.823 570 92,706 80.89 83.73 ----------------------------------------------------------------------------------------------------------------------- Florida 34 3,927,728 5.83 7.690 609 115,521 82.45 61.78 ----------------------------------------------------------------------------------------------------------------------- Georgia 21 1,876,543 2.79 9.053 590 89,359 85.40 75.22 ----------------------------------------------------------------------------------------------------------------------- Illinois 6 628,086 0.93 8.305 614 104,681 90.88 100.00 ----------------------------------------------------------------------------------------------------------------------- Indiana 5 321,107 0.48 8.673 616 64,221 91.82 69.22 ----------------------------------------------------------------------------------------------------------------------- Iowa 1 58,373 0.09 9.840 602 58,373 82.98 100.00 ----------------------------------------------------------------------------------------------------------------------- Kansas 2 87,740 0.13 9.881 627 43,870 100.00 15.72 ----------------------------------------------------------------------------------------------------------------------- Kentucky 5 178,250 0.26 9.371 613 35,650 82.66 34.49 ----------------------------------------------------------------------------------------------------------------------- Louisiana 7 994,642 1.48 8.104 605 142,092 77.26 48.65 ----------------------------------------------------------------------------------------------------------------------- Maryland 24 5,376,359 7.98 7.080 626 224,015 81.71 78.49 ----------------------------------------------------------------------------------------------------------------------- Massachusetts 6 525,473 0.78 9.105 658 87,579 78.67 40.31 ----------------------------------------------------------------------------------------------------------------------- Michigan 7 531,335 0.79 9.584 611 75,905 82.31 83.86 ----------------------------------------------------------------------------------------------------------------------- Minnesota 4 261,615 0.39 7.981 646 65,404 82.73 71.90 ----------------------------------------------------------------------------------------------------------------------- Mississippi 4 265,217 0.39 8.935 608 66,304 92.82 87.42 ----------------------------------------------------------------------------------------------------------------------- Missouri 3 583,720 0.87 6.420 701 194,573 84.26 100.00 ----------------------------------------------------------------------------------------------------------------------- Nebraska 1 40,899 0.06 9.800 668 40,899 100.00 100.00 ----------------------------------------------------------------------------------------------------------------------- Nevada 4 570,737 0.85 7.638 692 142,684 88.76 9.63 ----------------------------------------------------------------------------------------------------------------------- New Jersey 5 1,149,104 1.71 8.140 596 229,821 88.45 57.91 ----------------------------------------------------------------------------------------------------------------------- New York 8 1,899,970 2.82 7.980 610 237,496 77.82 63.38 ----------------------------------------------------------------------------------------------------------------------- North Carolina 12 747,605 1.11 8.050 716 62,300 91.00 83.70 ----------------------------------------------------------------------------------------------------------------------- Ohio 29 2,594,269 3.85 7.810 605 89,458 83.04 81.81 ----------------------------------------------------------------------------------------------------------------------- Oklahoma 3 403,315 0.60 8.940 583 134,438 90.83 56.08 ----------------------------------------------------------------------------------------------------------------------- Oregon 8 420,542 0.62 9.444 653 52,568 92.40 21.53 ----------------------------------------------------------------------------------------------------------------------- Pennsylvania 11 1,404,327 2.08 7.123 643 127,666 78.52 73.84 ----------------------------------------------------------------------------------------------------------------------- Rhode Island 1 43,680 0.06 12.990 680 43,680 100.00 0.00 ----------------------------------------------------------------------------------------------------------------------- South Carolina 6 720,706 1.07 8.696 613 120,118 88.29 92.31 ----------------------------------------------------------------------------------------------------------------------- South Dakota 1 45,979 0.07 9.900 637 45,979 100.00 100.00 ----------------------------------------------------------------------------------------------------------------------- Tennessee 6 575,816 0.85 8.634 614 95,969 85.70 73.03 ----------------------------------------------------------------------------------------------------------------------- Texas 6 591,258 0.88 8.490 610 98,543 88.93 94.42 ----------------------------------------------------------------------------------------------------------------------- Utah 2 129,916 0.19 11.589 639 64,958 100.00 59.22 ----------------------------------------------------------------------------------------------------------------------- Virginia 44 5,701,208 8.46 7.799 618 129,573 81.88 72.06 ----------------------------------------------------------------------------------------------------------------------- Washington 7 344,848 0.51 9.043 691 49,264 93.35 90.08 ----------------------------------------------------------------------------------------------------------------------- West Virginia 5 547,864 0.81 8.385 583 109,573 85.89 82.94 ----------------------------------------------------------------------------------------------------------------------- Wisconsin 2 169,155 0.25 7.768 544 84,578 82.91 100.00 ----------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% -----------------------------------------------------------------------------------------------------------------------
No more than approximately 1.56% of the Mortgage Loans will be secured by mortgaged properties located in any one zip code. ------------------ Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 32 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL LOAN-TO-VALUE RATIOS
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL LOAN-TO-VALUE RATIOS MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC --------------------------------------------------------------------------------------------------------------------------------- 50.00% or less 9 $ 1,337,357 1.98% 6.698% 662 $ 148,595 45.00% 53.59% -------------------------------------------------------------------------------------------------------------------------------- 50.01% to 55.00% 5 1,033,962 1.53 6.150 662 206,792 53.34 38.79 -------------------------------------------------------------------------------------------------------------------------------- 55.01% to 60.00% 9 1,735,413 2.58 6.475 671 192,824 56.49 82.83 -------------------------------------------------------------------------------------------------------------------------------- 60.01% to 65.00% 13 2,480,167 3.68 6.527 681 190,782 62.78 58.45 -------------------------------------------------------------------------------------------------------------------------------- 65.01% to 70.00% 31 5,579,196 8.28 7.049 647 179,974 68.58 58.18 -------------------------------------------------------------------------------------------------------------------------------- 70.01% to 75.00% 24 4,777,292 7.09 7.044 627 199,054 74.10 66.28 -------------------------------------------------------------------------------------------------------------------------------- 75.01% to 80.00% 81 16,042,159 23.81 6.753 641 198,051 79.02 63.71 -------------------------------------------------------------------------------------------------------------------------------- 80.01% to 85.00% 52 9,695,167 14.39 7.325 625 186,446 84.37 60.82 -------------------------------------------------------------------------------------------------------------------------------- 85.01% to 90.00% 67 13,387,286 19.87 7.387 645 199,810 89.64 74.51 -------------------------------------------------------------------------------------------------------------------------------- 90.01% to 95.00% 24 4,406,338 6.54 7.826 628 183,597 94.73 97.94 -------------------------------------------------------------------------------------------------------------------------------- 95.01% to 100.00% 146 6,904,373 10.25 10.538 663 47,290 99.84 59.47 -------------------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% --------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 25.00% to 100.00%. With respect to the Mortgage Loans which are in a second lien position, this table was calculated using the Combined Loan-to-Value Ratio for such Mortgage Loans. Approximately 9.17% of the Mortgage Loans are in a second lien position and the weighted average Combined Loan-to-Value Ratio for such Mortgage Loans was approximately 99.79%. The weighted average Second Lien ratio for the Mortgage Loans which are in a second lien position was approximately 19.81%. LOAN PURPOSE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL LOAN PURPOSE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------------------------- Refinance - Cashout 293 $46,710,591 69.33% 7.319% 630 $159,422 80.13% 67.69% ------------------------------------------------------------------------------------------------------------------------- Purchase 122 11,621,572 17.25 8.438 672 95,259 89.95 55.69 ------------------------------------------------------------------------------------------------------------------------- Refinance - Rate/Term 46 9,046,547 13.43 6.775 672 196,664 78.47 75.62 ------------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $146,158 81.60% 66.68% -------------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PROPERTY TYPE MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------------------- Single Family 377 $55,182,201 81.90% 7.411% 641 $ 146,372 81.62% 66.36% ---------------------------------------------------------------------------------------------------------------------------- Townhouse 1 29,543 0.04 10.160 691 29,543 100.00 0.00 ---------------------------------------------------------------------------------------------------------------------------- Condominium 21 1,850,558 2.75 8.294 673 88,122 82.74 70.79 ---------------------------------------------------------------------------------------------------------------------------- Two- to Four-Family 7 1,036,543 1.54 7.676 668 148,078 76.78 36.44 ---------------------------------------------------------------------------------------------------------------------------- Manufactured Housing 3 230,424 0.34 8.929 611 76,808 78.46 100.00 ---------------------------------------------------------------------------------------------------------------------------- Planned Unit Development 52 9,049,440 13.43 7.356 649 174,028 81.82 70.65 ---------------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $ 146,158 81.60% 66.68% ----------------------------------------------------------------------------------------------------------------------------
----------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 33 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE DOCUMENTATION
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL DOCUMENTATION MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ----------------------------------------------------------------------------------------------------------------- Full Documentation 304 $44,930,960 66.68% 7.281% 644 $147,799 82.27% 100.00% ----------------------------------------------------------------------------------------------------------------- Stated Documentation 146 20,516,326 30.45 7.812 642 140,523 80.10 0.00 ----------------------------------------------------------------------------------------------------------------- Lite Documentation 11 1,931,424 2.87 7.131 645 175,584 81.86 0.00 ----------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $146,158 81.60% 66.68% -----------------------------------------------------------------------------------------------------------------
OCCUPANCY
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL OCCUPANCY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC -------------------------------------------------------------------------------------------------------- Primary 434 $64,841,901 96.23% 7.406% 642 $149,405 81.70% 66.46% -------------------------------------------------------------------------------------------------------- Investment 25 1,943,410 2.88 8.717 657 77,736 76.92 74.21 -------------------------------------------------------------------------------------------------------- Second Home 2 593,399 0.88 6.836 736 296,699 86.20 66.51 -------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $146,158 81.60% 66.68% --------------------------------------------------------------------------------------------------------
The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. MORTGAGE LOAN AGE SUMMARY
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOAN AGE NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL SUMMARY MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC --------------------------------------------------------------------------------------------------------------- 2 146 $13,856,060 20.56% 8.119% 650 $ 94,905 85.00% 65.38% --------------------------------------------------------------------------------------------------------------- 3 217 38,518,509 57.17 7.152 650 177,505 79.65 65.46 --------------------------------------------------------------------------------------------------------------- 4 81 13,056,072 19.38 7.496 624 161,186 83.62 75.20 --------------------------------------------------------------------------------------------------------------- 5 13 1,307,188 1.94 7.938 601 100,553 83.91 61.91 --------------------------------------------------------------------------------------------------------------- 6 4 640,883 0.95 7.772 586 160,221 79.47 4.67 --------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $146,158 81.60% 66.68% ---------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 3 months. -------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 34 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 3 MORTGAGE LOANS AS OF CUT-OFF DATE ORIGINAL PREPAYMENT PENALTY TERM
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL PREPAYMENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PENALTY TERM MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ---------------------------------------------------------------------------------------------------------------- None 54 $ 2,797,468 4.15% 9.830% 620 $ 51,805 91.18% 67.60% ---------------------------------------------------------------------------------------------------------------- 12 Months 14 2,824,183 4.19 8.434 612 201,727 83.17 60.85 ---------------------------------------------------------------------------------------------------------------- 13 Months 2 79,947 0.12 10.578 636 39,974 100.00 62.49 ---------------------------------------------------------------------------------------------------------------- 24 Months 66 4,204,939 6.24 9.969 650 63,711 94.63 46.48 ---------------------------------------------------------------------------------------------------------------- 36 Months 123 20,644,598 30.64 7.430 660 167,842 83.60 66.68 ---------------------------------------------------------------------------------------------------------------- 48 Months 44 11,840,310 17.57 6.267 669 269,098 78.54 67.55 ---------------------------------------------------------------------------------------------------------------- 60 Months 158 24,987,265 37.08 7.185 622 158,147 77.90 70.25 ---------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $146,158 81.60% 66.68% ----------------------------------------------------------------------------------------------------------------
The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties was approximately 46 months. CREDIT SCORES
AGGREGATE WEIGHTED AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL RANGE OF CREDIT SCORES MORTGAGE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC ------------------------------------------------------------------------------------------------------------------- 501 to 550 42 $ 4,955,298 7.35% 8.658% 537 $117,983 74.86% 84.09% ------------------------------------------------------------------------------------------------------------------- 551 to 600 82 12,349,898 18.33 7.932 576 150,609 81.07 67.33 ------------------------------------------------------------------------------------------------------------------- 601 to 650 166 23,153,363 34.36 7.435 630 139,478 84.90 62.92 ------------------------------------------------------------------------------------------------------------------- 651 to 700 114 14,418,231 21.40 7.495 672 126,476 84.62 56.41 ------------------------------------------------------------------------------------------------------------------- 701 to 750 34 7,840,315 11.64 6.500 725 230,597 75.35 71.79 ------------------------------------------------------------------------------------------------------------------- 751 to 800 23 4,661,606 6.92 6.258 773 202,679 74.97 88.35 ------------------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.44% 643 $146,158 81.60% 66.68% -------------------------------------------------------------------------------------------------------------------
The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 513 to 795 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 643. CREDIT GRADE
AGGREGATE AVERAGE WEIGHTED PRINCIPAL PERCENT OF WEIGHTED WEIGHTED PRINCIPAL AVERAGE PERCENT NUMBER OF BALANCE MORTGAGE AVERAGE AVERAGE BALANCE ORIGINAL FULL CREDIT GRADE MORTGAGE LOANS OUTSTANDING POOL COUPON FICO OUTSTANDING LTV DOC --------------------------------------------------------------------------------------------------------- A+ 274 $40,199,663 59.66% 7.176% 679 $146,714 82.32% 62.74% -------------------------------------------------------------------------------------------------------- A 39 6,621,034 9.83 7.228 629 169,770 82.44 63.97 -------------------------------------------------------------------------------------------------------- A- 75 12,056,351 17.89 7.804 593 160,751 83.49 69.15 -------------------------------------------------------------------------------------------------------- B 36 4,432,954 6.58 7.874 572 123,138 75.76 81.12 -------------------------------------------------------------------------------------------------------- C 20 2,594,016 3.85 8.722 541 129,701 73.99 79.62 -------------------------------------------------------------------------------------------------------- C- 17 1,474,692 2.19 8.986 532 86,747 73.75 100.00 -------------------------------------------------------------------------------------------------------- TOTAL 461 $67,378,710 100.00% 7.439% 643 $146,158 81.60% 66.68% ---------------------------------------------------------------------------------------------------------
--------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 35 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 ASSUMED MORTGAGE POOLS GROUP 1 FIXED RATE MORTGAGE LOANS
ORIGINAL ORIGINAL REMAINING MONTHS TO NET ORIGINAL REMAINING AMORTIZATION AMORTIZATION PREPAYMENT CURRENT MORTGAGE MORTGAGE TERM TERM TERM TERM PENALTY BALANCE ($) RATE(%) RATE(%) (MONTHS) (MONTHS) (MONTHS) (MONTHS) EXPIRATION ----------- ------- ------- -------- -------- -------- -------- ---------- 201,642.89 6.841 6.326 180 177 360 357 24 507,143.14 7.279 6.764 180 177 360 357 36 141,401.10 7.808 7.293 120 118 120 118 36 356,322.51 7.120 6.605 180 176 180 176 0 193,640.68 7.655 7.140 180 177 180 177 12 1,895,877.15 7.098 6.583 180 177 180 177 36 155,257.62 6.990 6.475 240 237 240 237 0 188,486.26 7.250 6.735 240 235 240 235 12 849,237.87 7.463 6.948 240 236 240 236 36 2,280,137.14 7.444 6.929 360 357 360 357 0 54,845.31 7.500 6.985 360 358 360 358 6 3,153,912.85 7.300 6.785 360 356 360 356 12 202,434.88 6.000 5.485 360 357 360 357 13 3,266,374.54 7.216 6.701 360 357 360 357 24 49,300,286.06 7.062 6.547 360 357 360 357 36 ------------- 62,747,000.00 -----------------------------------------------------------------------------------------------------------
GROUP 1 ADJUSTABLE RATE MORTGAGE LOANS
INITIAL NET ORIGINAL REMAINING RATE CURRENT MORTGAGE MORTGAGE TERM TERM GROSS CHANGE PERIODIC BALANCE ($) RATE(%) RATE(%) (MONTHS) (MONTHS) MARGIN(%) CAP(%) CAP(%) ----------- ------- ------- -------- -------- --------- ------ ------ 314,308.22 5.500 4.985 360 357 3.125 1.000 1.000 16,162,343.84 7.682 7.167 360 357 7.353 3.000 1.023 333,505.89 7.623 7.108 360 356 6.809 3.000 1.500 11,844,474.30 7.413 6.898 360 357 6.953 3.000 1.041 546,225.95 6.851 6.336 360 358 5.669 3.000 1.500 149,239,081.25 7.288 6.773 360 357 6.745 3.000 1.093 8,164,284.49 7.306 6.791 360 357 6.841 3.000 1.057 4,364,106.84 7.227 6.712 360 357 6.943 3.000 1.000 2,548,564.45 7.134 6.619 360 357 6.729 3.000 1.000 3,697,741.64 7.496 6.981 360 357 7.171 3.000 1.000 219,584.84 7.625 7.110 360 358 7.505 3.000 1.000 53,263,924.86 7.134 6.619 360 357 6.744 3.000 1.007 529,853.43 5.755 5.240 360 357 4.316 3.000 1.000 -------------- 251,228,000.00 -------------------------------------------------------------------------------------------------------------------------- NUMBER OF MONTHS ORIGINAL RATE UNTIL NEXT MONTHS TO CHANGE RATE PREPAYMENT CURRENT MAXIMUM MINIMUM FREQUENCY ADJUSTMENT PENALTY BALANCE ($) RATE(%) RATE(%) (MONTHS) DATE INDEX EXPIRATION ----------- ------- ------- -------- ---- ----- ---------- 314,308.22 11.500 3.125 6 3 6 Month LIBOR 36 16,162,343.84 13.824 7.697 6 21 6 Month LIBOR 0 333,505.89 14.623 7.623 6 20 6 Month LIBOR 6 11,844,474.30 13.511 7.371 6 21 6 Month LIBOR 12 546,225.95 13.851 6.851 6 22 6 Month LIBOR 13 149,239,081.25 13.513 7.206 6 21 6 Month LIBOR 24 8,164,284.49 13.552 7.202 6 21 6 Month LIBOR 36 4,364,106.84 13.393 7.137 6 33 6 Month LIBOR 0 2,548,564.45 13.134 6.997 6 33 6 Month LIBOR 12 3,697,741.64 13.582 7.336 6 33 6 Month LIBOR 24 219,584.84 13.625 7.625 6 34 6 Month LIBOR 30 53,263,924.86 13.155 6.997 6 33 6 Month LIBOR 36 529,853.43 11.755 4.316 6 57 6 Month LIBOR 36 -------------- 251,228,000.00 -------------------------------------------------------------------------------------------------------
--------------------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 36 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 GROUP 2 MORTGAGE LOANS
INITIAL NET ORIGINAL REMAINING RATE CURRENT MORTGAGE MORTGAGE TERM TERM GROSS CHANGE PERIODIC BALANCE ($) RATE(%) RATE(%) (MONTHS) (MONTHS) MARGIN(%) CAP(%) CAP(%) ----------- ------- ------- -------- -------- --------- ------ ------ 2,146,622.68 6.803 6.288 360 357 6.047 3.000 1.187 6,070,384.80 7.244 6.729 360 357 6.520 3.000 1.029 675,532.58 6.625 6.110 360 358 5.625 3.000 1.500 21,197,806.60 6.826 6.311 360 357 6.285 3.000 1.072 1,527,481.90 6.292 5.777 360 357 5.559 3.000 1.000 1,732,623.26 7.344 6.829 360 357 6.854 3.000 1.020 780,861.75 6.287 5.772 360 357 6.063 3.000 1.000 339,348.38 6.500 5.985 360 358 6.250 3.000 1.000 781,398.65 5.913 5.398 360 357 5.111 3.000 1.000 8,475,369.14 6.735 6.220 360 357 6.044 3.000 1.046 301,570.26 6.888 6.373 360 356 6.388 3.000 1.000 ------------- 44,029,000.00 --------------------------------------------------------------------------------------------------------------------------- NUMBER OF MONTHS ORIGINAL RATE UNTIL NEXT MONTHS TO CHANGE RATE PREPAYMENT CURRENT MAXIMUM MINIMUM FREQUENCY ADJUSTMENT PENALTY BALANCE ($) RATE(%) RATE(%) (MONTHS) DATE INDEX EXPIRATION ----------- ------- ------- -------- ---- ----- ---------- 2,146,622.68 13.177 6.803 6 21 6 Month LIBOR 0 6,070,384.80 13.370 6.957 6 21 6 Month LIBOR 12 675,532.58 13.625 6.625 6 22 6 Month LIBOR 13 21,197,806.60 12.970 6.738 6 21 6 Month LIBOR 24 1,527,481.90 12.292 5.740 6 21 6 Month LIBOR 36 1,732,623.26 13.384 7.344 6 21 6 Month LIBOR 60 780,861.75 12.779 6.287 6 33 6 Month LIBOR 0 339,348.38 12.500 6.500 6 34 6 Month LIBOR 12 781,398.65 11.913 5.250 6 33 6 Month LIBOR 24 8,475,369.14 12.827 6.374 6 33 6 Month LIBOR 36 301,570.26 12.888 6.888 6 32 6 Month LIBOR 60 ------------- 44,029,000.00 -----------------------------------------------------------------------------------------------------
GROUP 3 MORTGAGE LOANS
ORIGINAL ORIGINAL REMAINING MONTHS TO NET ORIGINAL REMAINING AMORTIZATION AMORTIZATION PREPAYMENT CURRENT MORTGAGE MORTGAGE TERM TERM TERM TERM PENALTY BALANCE ($) RATE(%) RATE(%) (MONTHS) (MONTHS) (MONTHS) (MONTHS) EXPIRATION ----------- ------- ------- -------- -------- -------- -------- ---------- 919,862.47 10.426 9.911 180 178 360 358 0 184,862.88 11.339 10.824 180 178 360 358 12 79,493.38 10.578 10.063 180 177 360 357 13 2,205,487.25 10.823 10.308 180 178 360 358 24 1,187,739.73 10.648 10.133 180 178 360 358 36 534,134.19 8.797 8.282 180 177 360 357 60 51,689.70 9.990 9.475 120 117 120 117 36 90,841.34 7.590 7.075 120 117 120 117 60 461,367.34 9.430 8.915 180 176 180 176 0 96,484.98 10.200 9.685 180 177 180 177 12 30,171.00 12.750 12.235 180 178 180 178 24 266,130.08 9.554 9.039 180 177 180 177 36 242,836.28 5.450 4.935 180 177 180 177 48 1,965,573.53 7.048 6.533 180 177 180 177 60 142,096.59 11.187 10.672 240 237 240 237 0 23,037.44 9.900 9.385 240 238 240 238 12 720,574.76 11.613 11.098 240 238 240 238 24 562,426.62 9.546 9.031 240 238 240 238 36 1,891,852.63 7.683 7.168 240 236 240 236 60 185,034.01 10.060 9.545 300 298 300 298 0 70,744.94 10.338 9.823 300 298 300 298 36 152,908.41 6.744 6.229 300 297 300 297 60 1,073,217.55 9.271 8.756 360 357 360 357 0 2,503,756.73 8.137 7.622 360 356 360 356 12 1,224,822.07 7.394 6.879 360 357 360 357 24 18,388,605.53 7.108 6.593 360 357 360 357 36 11,530,220.93 6.284 5.769 360 357 360 357 48 20,210,027.64 7.111 6.596 360 357 360 357 60 ------------- 66,996,000.00 -----------------------------------------------------------------------------------------------------------
--------------------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 37 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 HYPOTHETICAL AVAILABLE FUNDS CAP TABLE
AVAILABLE AVAILABLE FUNDS FUNDS PERIOD DATE CAP (1),(2) CAP (1),(3) ------------------------------------------------ 1 1/25/04 7.466 7.466 2 2/25/04 6.503 6.503 3 3/25/04 6.952 6.952 4 4/25/04 6.503 6.504 5 5/25/04 6.720 6.721 6 6/25/04 6.503 6.505 7 7/25/04 6.720 6.722 8 8/25/04 6.530 6.506 9 9/25/04 6.558 6.508 10 10/25/04 6.805 6.727 11 11/25/04 6.605 6.511 12 12/25/04 6.828 6.730 13 1/25/05 6.611 6.514 14 2/25/05 6.614 6.516 15 3/25/05 7.325 7.216 16 4/25/05 6.620 6.520 17 5/25/05 6.844 6.740 18 6/25/05 6.626 6.524 19 7/25/05 6.850 6.744 20 8/25/05 6.633 6.528 21 9/25/05 6.636 6.533 22 10/25/05 7.203 8.190 23 11/25/05 6.974 7.934 24 12/25/05 7.210 8.199 25 1/25/06 6.980 7.935 26 2/25/06 6.983 7.935 27 3/25/06 7.735 8.787 28 4/25/06 6.990 8.432 29 5/25/06 7.226 8.717 30 6/25/06 6.997 8.436 31 7/25/06 7.234 8.718 32 8/25/06 7.004 8.438 33 9/25/06 7.008 8.441 34 10/25/06 7.376 9.698 35 11/25/06 7.143 9.392 36 12/25/06 7.385 9.705 37 1/25/07 7.151 9.392 38 2/25/07 7.110 9.393 39 3/25/07 7.870 10.401 40 4/25/07 7.107 10.007 41 5/25/07 7.343 10.345 42 6/25/07 7.105 10.013 43 7/25/07 7.340 10.348 44 8/25/07 7.102 10.017 45 9/25/07 7.101 10.020 46 10/25/07 7.336 10.516 47 11/25/07 7.098 10.167 48 12/25/07 7.334 10.495 49 1/25/08 7.096 10.145 50 2/25/08 7.094 10.134 51 3/25/08 7.582 10.822 52 4/25/08 7.092 10.259 53 5/25/08 7.327 10.590 54 6/25/08 7.089 10.237 55 7/25/08 7.324 10.567 56 8/25/08 7.086 10.215 57 9/25/08 7.085 10.203 58 10/25/08 7.320 10.537 59 11/25/08 7.082 10.186 60 12/25/08 7.317 10.514 61 1/25/09 7.080 10.163 62 2/25/09 7.078 10.152 63 3/25/09 7.835 11.227 64 4/25/09 7.076 10.130 65 5/25/09 7.315 10.459 66 6/25/09 7.082 10.116 67 7/25/09 7.321 10.448 68 8/25/09 7.089 10.106 69 9/25/09 7.092 10.101 70 10/25/09 7.332 10.434 71 11/25/09 7.099 10.093 72 12/25/09 7.340 10.425 73 1/25/10 7.107 10.085 74 2/25/10 7.111 10.081 75 3/25/10 7.878 11.157 76 4/25/10 7.120 10.074 77 5/25/10 7.362 10.407 78 6/25/10 7.130 10.068 79 7/25/10 7.372 10.400 80 8/25/10 7.139 10.062 81 9/25/10 7.145 10.059 82 10/25/10 7.388 10.392 83 11/25/10 7.156 10.055 84 12/25/10 7.400 10.388 85 1/25/11 7.167 10.051 86 2/25/11 7.174 10.050 87 3/25/11 7.949 11.125 88 4/25/11 7.187 10.048 89 5/25/11 7.433 10.382 90 6/25/11 7.200 10.047 91 7/25/11 7.448 10.382 92 8/25/11 7.215 10.047 93 9/25/11 7.223 10.047 94 10/25/11 0.000 10.383
(1) Available Funds Cap means a per annum rate equal to (A) 12 times the quotient of (x) the total scheduled interest based on the Net Mortgage Rates in effect on the related due date, divided by (y) the aggregate principal balance of the Offered Certificates as of the first day of the applicable accrual period multiplied by 30 and divided by the actual number of days in the related accrual period. (2) Assumes no losses, 10% cleanup call, 20% HEP on fixed rate collateral and 28% CPR on the adjustable rate collateral, and 1 month LIBOR and 6 month LIBOR remain constant at 1.12% and 1.23%, respectively. (3) Assumes no losses, 10% cleanup call, 20% HEP on fixed rate collateral and 28% CPR on the adjustable rate collateral, and 1 month LIBOR and 6 month LIBOR start at 1.12% and 1.23% in month 1, respectively, both increasing The values indicated to 20.00% thereafter. include proceeds from 1ML Cap, although such proceeds are excluded from the calculation of the Available Funds Cap described herein. --------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 38 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO CALL
PREPAYMENT SPEED 0% 80% 100% 150% 200% ----------------------------------------------------------------------------------------------------- A-2 DM DM DM DM DM 100 34 34 34 34 34 WAL(YEARS) 18.22 2.8 2.16 1.13 0.77 MOD DURN(YEARS) 15.72 2.72 2.12 1.13 0.77 PRINCIPAL WINDOW Jan04 - Jun32 Jan04 - Sep13 Jan04 - Sep11 Jan04 - Nov08 Jan04 - Jan06 ----------------------------------------------------------------------------------------------------- A-3-A DM DM DM DM DM 100 20 20 20 20 20 WAL(YEARS) 8.22 1.08 0.90 0.65 0.53 MOD DURN(YEARS) 7.74 1.08 0.90 0.66 0.53 PRINCIPAL WINDOW Jan04 - Jul18 Jan04 - Jan06 Jan04 - Sep05 Jan04 - Feb05 Jan04 - Nov04 ----------------------------------------------------------------------------------------------------- A-3-B YIELD YIELD YIELD YIELD YIELD 99.97428 4.55 4.52 4.51 4.48 4.42 WAL(YEARS) 20.97 6.11 4.90 2.95 1.77 MOD DURN(YEARS) 13.10 5.09 4.22 2.67 1.66 PRINCIPAL WINDOW Jul18 - Jun32 Jan06 - Sep13 Sep05 - Sep11 Feb05 - Nov08 Nov04 - Jun06 ----------------------------------------------------------------------------------------------------- M1 DM DM DM DM DM 100 65 65 65 65 65 WAL(YEARS) 25.96 6.35 5.18 4.58 2.78 MOD DURN(YEARS) 20.86 6.00 4.95 4.42 2.73 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Sep13 Apr07 - Sep11 Dec07 - Nov08 Jun06 - May07 ----------------------------------------------------------------------------------------------------- M2 DM DM DM DM DM 100 145 145 145 145 145 WAL(YEARS) 25.96 6.35 5.13 4.01 3.41 MOD DURN(YEARS) 18.89 5.81 4.78 3.81 3.27 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Sep13 Feb07 - Sep11 May07 - Nov08 May07 - May07 ----------------------------------------------------------------------------------------------------- M3 DM DM DM DM DM 100 170 170 170 170 170 WAL(YEARS) 25.96 6.35 5.12 3.82 3.41 MOD DURN(YEARS) 18.33 5.75 4.73 3.62 3.25 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Sep13 Feb07 - Sep11 Apr07 - Nov08 May07 - May07 ----------------------------------------------------------------------------------------------------- B1 DM DM DM DM DM 100 200 200 200 200 200 WAL(YEARS) 25.96 6.35 5.11 3.77 3.41 MOD DURN(YEARS) 17.68 5.69 4.68 3.55 3.23 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Sep13 Jan07 - Sep11 Mar07 - Nov08 May07 - May07 ----------------------------------------------------------------------------------------------------- B2 DM DM DM DM DM 100 260 260 260 260 260 WAL(YEARS) 25.96 6.35 5.10 3.72 3.38 MOD DURN(YEARS) 16.49 5.55 4.58 3.45 3.16 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Sep13 Jan07 - Sep11 Feb07 - Nov08 Apr07 - May07 ----------------------------------------------------------------------------------------------------- B3 DM DM DM DM DM 87.77321 384 548 600 698 731 WAL(YEARS) 25.82 6.02 4.84 3.51 3.21 MOD DURN(YEARS) 14.91 5.05 4.17 3.15 2.91 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Sep13 Jan07 - Sep11 Jan07 - Nov08 Feb07 - May07 -----------------------------------------------------------------------------------------------------
------------------------ Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 39 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY
PREPAYMENT SPEED 0% 80% 100% 150% 200% ----------------------------------------------------------------------------------------------------- A-2 DM DM DM DM DM 100 34 35 34 34 34 WAL(YEARS) 18.28 2.85 2.20 1.13 0.77 MOD DURN(YEARS) 15.76 2.76 2.15 1.13 0.77 PRINCIPAL WINDOW Jan04 - Sep33 Jan04 - Apr17 Jan04 - Mar14 Jan04 - Apr09 Jan04 - Jan06 ----------------------------------------------------------------------------------------------------- A-3-A DM DM DM DM DM 100 20 20 20 20 20 WAL(YEARS) 8.22 1.08 0.90 0.65 0.53 MOD DURN(YEARS) 7.74 1.08 0.90 0.66 0.53 PRINCIPAL WINDOW Jan04 - Jul18 Jan04 - Jan06 Jan04 - Sep05 Jan04 - Feb05 Jan04 - Nov04 ----------------------------------------------------------------------------------------------------- A-3-B YIELD YIELD YIELD YIELD YIELD 99.97428 4.56 4.53 4.52 4.5 4.41 WAL(YEARS) 20.97 7.56 6.21 4.04 1.77 MOD DURN(YEARS) 13.10 5.87 5.00 3.45 1.66 PRINCIPAL WINDOW Jul18 - Nov32 Jan06 - May25 Sep05 - Aug21 Feb05 - Sep15 Nov04 - Jun06 ----------------------------------------------------------------------------------------------------- M1 DM DM DM DM DM 100 65 68 68 67 68 WAL(YEARS) 26.09 7.04 5.75 4.98 3.15 MOD DURN(YEARS) 20.94 6.56 5.43 4.79 3.06 PRINCIPAL WINDOW Jul25 - Aug33 Jan07 - Oct21 Apr07 - Jul18 Dec07 - May13 Jun06 - Apr12 ----------------------------------------------------------------------------------------------------- M2 DM DM DM DM DM 100 145 150 150 150 168 WAL(YEARS) 26.09 6.96 5.63 4.33 5.10 MOD DURN(YEARS) 18.95 6.27 5.18 4.09 4.77 PRINCIPAL WINDOW Jul25 - Jun33 Jan07 - Feb20 Feb07 - Feb17 May07 - May12 Dec07 - Dec10 ----------------------------------------------------------------------------------------------------- M3 DM DM DM DM DM 100 170 175 175 175 181 WAL(YEARS) 26.08 6.85 5.52 4.09 3.96 MOD DURN(YEARS) 18.38 6.12 5.05 3.85 3.75 PRINCIPAL WINDOW Jul25 - Apr33 Jan07 - Dec17 Feb07 - Mar15 Apr07 - Feb11 Sep07 - Dec08 ----------------------------------------------------------------------------------------------------- B1 DM DM DM DM DM 100 200 205 205 205 207 WAL(YEARS) 26.06 6.74 5.42 3.97 3.69 MOD DURN(YEARS) 17.72 5.97 4.92 3.72 3.48 PRINCIPAL WINDOW Jul25 - Mar33 Jan07 - Dec16 Jan07 - May14 Mar07 - Aug10 Jun07 - Aug08 ----------------------------------------------------------------------------------------------------- B2 DM DM DM DM DM 100 260 263 263 263 263 WAL(YEARS) 26.02 6.54 5.25 3.81 3.45 MOD DURN(YEARS) 16.51 5.69 4.69 3.53 3.22 PRINCIPAL WINDOW Jul25 - Dec32 Jan07 - Aug15 Jan07 - Apr13 Feb07 - Nov09 Apr07 - Jan08 ----------------------------------------------------------------------------------------------------- B3 DM DM DM DM DM 87.77321 384 548 600 698 731 WAL(YEARS) 25.82 6.03 4.84 3.51 3.21 MOD DURN(YEARS) 14.91 5.05 4.17 3.15 2.91 PRINCIPAL WINDOW Jul25 - Jun32 Jan07 - Oct13 Jan07 - Oct11 Jan07 - Nov08 Feb07 -May07 -----------------------------------------------------------------------------------------------------
--------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 40 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS A-2 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 97 70 64 47 30 25-Dec-05 96 49 39 17 * 25-Dec-06 95 32 21 * 0 25-Dec-07 93 24 17 * 0 25-Dec-08 92 18 12 * 0 25-Dec-09 90 13 8 0 0 25-Dec-10 88 10 5 0 0 25-Dec-11 86 7 3 0 0 25-Dec-12 84 5 1 0 0 25-Dec-13 82 3 * 0 0 25-Dec-14 79 2 0 0 0 25-Dec-15 77 1 0 0 0 25-Dec-16 74 * 0 0 0 25-Dec-17 71 0 0 0 0 25-Dec-18 68 0 0 0 0 25-Dec-19 64 0 0 0 0 25-Dec-20 60 0 0 0 0 25-Dec-21 56 0 0 0 0 25-Dec-22 52 0 0 0 0 25-Dec-23 47 0 0 0 0 25-Dec-24 42 0 0 0 0 25-Dec-25 38 0 0 0 0 25-Dec-26 34 0 0 0 0 25-Dec-27 30 0 0 0 0 25-Dec-28 26 0 0 0 0 25-Dec-29 21 0 0 0 0 25-Dec-30 16 0 0 0 0 25-Dec-31 11 0 0 0 0 25-Dec-32 5 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 18.28 2.85 2.20 1.13 0.77
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 41 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS A-3-A CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ----- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 92 51 40 13 0 25-Dec-05 88 3 0 0 0 25-Dec-06 83 0 0 0 0 25-Dec-07 78 0 0 0 0 25-Dec-08 73 0 0 0 0 25-Dec-09 68 0 0 0 0 25-Dec-10 62 0 0 0 0 25-Dec-11 55 0 0 0 0 25-Dec-12 49 0 0 0 0 25-Dec-13 41 0 0 0 0 25-Dec-14 33 0 0 0 0 25-Dec-15 25 0 0 0 0 25-Dec-16 16 0 0 0 0 25-Dec-17 6 0 0 0 0 25-Dec-18 0 0 0 0 0 25-Dec-19 0 0 0 0 0 25-Dec-20 0 0 0 0 0 25-Dec-21 0 0 0 0 0 25-Dec-22 0 0 0 0 0 25-Dec-23 0 0 0 0 0 25-Dec-24 0 0 0 0 0 25-Dec-25 0 0 0 0 0 25-Dec-26 0 0 0 0 0 25-Dec-27 0 0 0 0 0 25-Dec-28 0 0 0 0 0 25-Dec-29 0 0 0 0 0 25-Dec-30 0 0 0 0 0 25-Dec-31 0 0 0 0 0 25-Dec-32 0 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 8.22 1.08 0.90 0.65 0.53
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 42 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS A-3-B CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 91 25-Dec-05 100 100 90 63 39 25-Dec-06 100 78 64 33 0 25-Dec-07 100 66 57 33 0 25-Dec-08 100 56 47 33 0 25-Dec-09 100 47 38 27 0 25-Dec-10 100 40 32 22 0 25-Dec-11 100 34 27 19 0 25-Dec-12 100 30 23 12 0 25-Dec-13 100 25 19 7 0 25-Dec-14 100 22 17 2 0 25-Dec-15 100 19 14 0 0 25-Dec-16 100 17 12 0 0 25-Dec-17 100 15 11 0 0 25-Dec-18 85 13 8 0 0 25-Dec-19 80 11 4 0 0 25-Dec-20 74 10 1 0 0 25-Dec-21 68 9 0 0 0 25-Dec-22 61 6 0 0 0 25-Dec-23 54 3 0 0 0 25-Dec-24 47 1 0 0 0 25-Dec-25 41 0 0 0 0 25-Dec-26 36 0 0 0 0 25-Dec-27 31 0 0 0 0 25-Dec-28 25 0 0 0 0 25-Dec-29 20 0 0 0 0 25-Dec-30 13 0 0 0 0 25-Dec-31 6 0 0 0 0 25-Dec-32 0 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 20.97 7.56 6.21 4.04 1.77
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 43 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS M-1 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ---- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 100 25-Dec-05 100 100 100 100 100 25-Dec-06 100 100 100 100 9 25-Dec-07 100 78 60 94 9 25-Dec-08 100 62 45 29 9 25-Dec-09 100 49 33 12 9 25-Dec-10 100 38 25 8 9 25-Dec-11 100 30 18 5 1 25-Dec-12 100 24 14 1 0 25-Dec-13 100 19 10 0 0 25-Dec-14 100 15 8 0 0 25-Dec-15 100 12 6 0 0 25-Dec-16 100 9 4 0 0 25-Dec-17 100 7 1 0 0 25-Dec-18 100 5 0 0 0 25-Dec-19 100 4 0 0 0 25-Dec-20 100 2 0 0 0 25-Dec-21 100 0 0 0 0 25-Dec-22 100 0 0 0 0 25-Dec-23 100 0 0 0 0 25-Dec-24 100 0 0 0 0 25-Dec-25 96 0 0 0 0 25-Dec-26 86 0 0 0 0 25-Dec-27 76 0 0 0 0 25-Dec-28 65 0 0 0 0 25-Dec-29 53 0 0 0 0 25-Dec-30 41 0 0 0 0 25-Dec-31 27 0 0 0 0 25-Dec-32 12 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 26.09 7.04 5.75 4.98 3.15
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 44 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS M-2 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 100 25-Dec-05 100 100 100 100 100 25-Dec-06 100 100 100 100 100 25-Dec-07 100 78 60 30 98 25-Dec-08 100 62 45 19 47 25-Dec-09 100 49 33 12 16 25-Dec-10 100 38 25 8 0 25-Dec-11 100 30 18 2 0 25-Dec-12 100 24 14 0 0 25-Dec-13 100 19 10 0 0 25-Dec-14 100 15 8 0 0 25-Dec-15 100 12 4 0 0 25-Dec-16 100 9 * 0 0 25-Dec-17 100 7 0 0 0 25-Dec-18 100 3 0 0 0 25-Dec-19 100 * 0 0 0 25-Dec-20 100 0 0 0 0 25-Dec-21 100 0 0 0 0 25-Dec-22 100 0 0 0 0 25-Dec-23 100 0 0 0 0 25-Dec-24 100 0 0 0 0 25-Dec-25 96 0 0 0 0 25-Dec-26 86 0 0 0 0 25-Dec-27 76 0 0 0 0 25-Dec-28 65 0 0 0 0 25-Dec-29 53 0 0 0 0 25-Dec-30 41 0 0 0 0 25-Dec-31 27 0 0 0 0 25-Dec-32 12 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 26.09 6.96 5.63 4.33 5.10
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 45 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS M-3 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 100 25-Dec-05 100 100 100 100 100 25-Dec-06 100 100 100 100 100 25-Dec-07 100 78 60 30 13 25-Dec-08 100 62 45 19 0 25-Dec-09 100 49 33 12 0 25-Dec-10 100 38 25 2 0 25-Dec-11 100 30 18 0 0 25-Dec-12 100 24 14 0 0 25-Dec-13 100 19 10 0 0 25-Dec-14 100 15 2 0 0 25-Dec-15 100 12 0 0 0 25-Dec-16 100 9 0 0 0 25-Dec-17 100 0 0 0 0 25-Dec-18 100 0 0 0 0 25-Dec-19 100 0 0 0 0 25-Dec-20 100 0 0 0 0 25-Dec-21 100 0 0 0 0 25-Dec-22 100 0 0 0 0 25-Dec-23 100 0 0 0 0 25-Dec-24 100 0 0 0 0 25-Dec-25 96 0 0 0 0 25-Dec-26 86 0 0 0 0 25-Dec-27 76 0 0 0 0 25-Dec-28 65 0 0 0 0 25-Dec-29 53 0 0 0 0 25-Dec-30 41 0 0 0 0 25-Dec-31 27 0 0 0 0 25-Dec-32 12 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 26.08 6.85 5.52 4.09 3.96
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 46 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS B-1 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 100 25-Dec-05 100 100 100 100 100 25-Dec-06 100 100 100 100 100 25-Dec-07 100 78 60 30 13 25-Dec-08 100 62 45 19 0 25-Dec-09 100 49 33 10 0 25-Dec-10 100 38 25 0 0 25-Dec-11 100 30 18 0 0 25-Dec-12 100 24 14 0 0 25-Dec-13 100 19 4 0 0 25-Dec-14 100 15 0 0 0 25-Dec-15 100 9 0 0 0 25-Dec-16 100 0 0 0 0 25-Dec-17 100 0 0 0 0 25-Dec-18 100 0 0 0 0 25-Dec-19 100 0 0 0 0 25-Dec-20 100 0 0 0 0 25-Dec-21 100 0 0 0 0 25-Dec-22 100 0 0 0 0 25-Dec-23 100 0 0 0 0 25-Dec-24 100 0 0 0 0 25-Dec-25 96 0 0 0 0 25-Dec-26 86 0 0 0 0 25-Dec-27 76 0 0 0 0 25-Dec-28 65 0 0 0 0 25-Dec-29 53 0 0 0 0 25-Dec-30 41 0 0 0 0 25-Dec-31 27 0 0 0 0 25-Dec-32 10 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 26.06 6.74 5.42 3.97 3.69
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 47 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS B-2 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 100 25-Dec-05 100 100 100 100 100 25-Dec-06 100 100 100 100 100 25-Dec-07 100 78 60 30 2 25-Dec-08 100 62 45 18 0 25-Dec-09 100 49 33 0 0 25-Dec-10 100 38 25 0 0 25-Dec-11 100 30 16 0 0 25-Dec-12 100 24 3 0 0 25-Dec-13 100 17 0 0 0 25-Dec-14 100 6 0 0 0 25-Dec-15 100 0 0 0 0 25-Dec-16 100 0 0 0 0 25-Dec-17 100 0 0 0 0 25-Dec-18 100 0 0 0 0 25-Dec-19 100 0 0 0 0 25-Dec-20 100 0 0 0 0 25-Dec-21 100 0 0 0 0 25-Dec-22 100 0 0 0 0 25-Dec-23 100 0 0 0 0 25-Dec-24 100 0 0 0 0 25-Dec-25 96 0 0 0 0 25-Dec-26 86 0 0 0 0 25-Dec-27 76 0 0 0 0 25-Dec-28 65 0 0 0 0 25-Dec-29 53 0 0 0 0 25-Dec-30 41 0 0 0 0 25-Dec-31 27 0 0 0 0 25-Dec-32 0 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 26.02 6.54 5.25 3.81 3.45
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 48 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2003-BC4 TO MATURITY PERCENTAGE OF CLASS B-3 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING DATE SPEED SPEED SPEED SPEED 200% PRICING SPEED ---- ----- ----- ----- ----- ------------------ Initial Percentage 100 100 100 100 100 25-Dec-04 100 100 100 100 100 25-Dec-05 100 100 100 100 100 25-Dec-06 100 100 100 100 100 25-Dec-07 100 78 60 20 0 25-Dec-08 100 62 45 0 0 25-Dec-09 100 49 26 0 0 25-Dec-10 100 35 10 0 0 25-Dec-11 100 20 0 0 0 25-Dec-12 100 8 0 0 0 25-Dec-13 100 0 0 0 0 25-Dec-14 100 0 0 0 0 25-Dec-15 100 0 0 0 0 25-Dec-16 100 0 0 0 0 25-Dec-17 100 0 0 0 0 25-Dec-18 100 0 0 0 0 25-Dec-19 100 0 0 0 0 25-Dec-20 100 0 0 0 0 25-Dec-21 100 0 0 0 0 25-Dec-22 100 0 0 0 0 25-Dec-23 100 0 0 0 0 25-Dec-24 100 0 0 0 0 25-Dec-25 96 0 0 0 0 25-Dec-26 86 0 0 0 0 25-Dec-27 76 0 0 0 0 25-Dec-28 65 0 0 0 0 25-Dec-29 53 0 0 0 0 25-Dec-30 40 0 0 0 0 25-Dec-31 14 0 0 0 0 25-Dec-32 0 0 0 0 0 25-Dec-33 0 0 0 0 0 Average Life (years) 25.82 6.03 4.84 3.51 3.21
* = less than 0.5% ------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 49