EX-99.1 2 x08946exv99w1.txt COMPUTATIONAL MATERIALS Exhibit 99.1 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- ABS NEW TRANSACTION COMPUTATIONAL MATERIALS $[840,000,000] (APPROXIMATE) SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2005-BC2 [SURF LOGO] WILSHIRE CREDIT CORPORATION SERVICER J.P. MORGAN CHASE BANK TRUSTEE MAY [9], 2005 -------------------------------------------------------------------------------- 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previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 1 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- 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 The information herein is preliminary, and will be superseded by the applicable Prospectus Supplement and by any other information subsequently filed with the Securities and Exchange Commission. 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. 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 2005-BC2 -------------------------------------------------------------------------------- TERM SHEET MAY [9], 2005 SPECIALTY UNDERWRITING & RESIDENTIAL FINANCE MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2005-BC2 $840,000,000 (APPROXIMATE) SUBJECT TO REVISION
PRINCIPAL EXPECTED WAL (YRS) WINDOW EXPECTED STATED RATINGS APPROX (CALL(4)/ (CALL(4)/ PAYMENT INTEREST FINAL FINAL (MOODY'S/ CLASS SIZE ($) COUPON MATURITY) MATURITY) DELAY ACCRUAL MATURITY(4) MATURITY S&P) ----- -------- ------ --------- --------- ----- ------- ----------- -------- ---- CLASS A-1A 410,861,000 LIBOR + [ ] 1.96 / 2.15 1 - 74 / 1 - 176 0 Actual/360 12/2006 03/2014 Aaa/AAA (1), (2) CLASS A-2A 155,721,000 LIBOR + [ ] 1.00 / 1.00 1 - 22 / 1 - 22 0 Actual/360 05/2011 12/2035(5) Aaa/AAA (1), (2) CLASS A-2B 87,802,000 LIBOR + [ ] 3.00 / 3.01 22 - 74 / 22 - 82 0 Actual/360 05/2011 12/2035(5) Aaa/AAA (1), (2) CLASS A-2C 14,256,000 LIBOR + [ ] 6.18 / 9.52 74 - 74 / 82 - 176 0 Actual/360 05/2011 12/2035(5) Aaa/AAA (1), (2) CLASS M-1 39,480,000 LIBOR + [ ] 4.83 / 5.35 48 - 74 / 48 - 153 0 Actual/360 05/2011 12/2035(5) Aa1/AA+ (1), (3) CLASS M-2 28,980,000 LIBOR + [ ] 4.59 / 5.09 44 - 74 / 44-144 0 Actual/360 05/2011 12/2035(5) Aa2/AA (1), (3) CLASS M-3 49,980,000 LIBOR + [ ] 4.44 / 4.90 40 - 74 / 40 - 136 0 Actual/360 05/2011 12/2035(5) A2/A (1), (3) CLASS M-4 13,860,000 LIBOR + [ ] 4.36 / 4.75 39 - 74 / 39 - 117 0 Actual/360 05/2011 12/2035(5) A3/A- (1), (3) CLASS B-1 12,600,000 LIBOR + [ ] 4.33 / 4.68 39 - 74 / 39 - 110 0 Actual/360 05/2011 12/2035(5) Baa1/BBB+ (1), (3) CLASS B-2 9,660,000 LIBOR + [ ] 4.31 / 4.59 38 - 74 / 38 - 101 0 Actual/360 05/2011 12/2035(5) Baa2/BBB (1), (3) CLASS B-3 8,400,000 LIBOR + [ ] 4.30 / 4.50 38 - 74 / 38 - 93 0 Actual/360 05/2011 12/2035(5) Baa3/BBB- (1), (3) CLASS B-4(6) 8,400,000 LIBOR + [ ] 4.28 / 4.36 37 - 74 / 37 - 84 0 Actual/360 05/2011 12/2035(5) Ba1/BB+ (1), (3) TOTAL: 840,000,000
1) Subject to the related Available Funds Cap and the related 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 each of the Class A-1A, Class A-2A, Class A-2B and Class A-2C Certificates 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 M-4, Class B-1, Class B-2 and Class B-3 Certificates will increase to 1.5x its respective margin on the following Distribution Date. 4) The Certificates will be priced at 20% HEP for the fixed rate collateral and at 100% PPC (2% CPR in month 1, building linearly (rounded to the nearest hundredth) to 30% CPR in month 12, remaining at 30% CPR until month 22, 50% CPR, from month 23 to month 27, and 35% CPR in month 28 and thereafter) for the adjustable rate collateral. Assumes 10% call. The maximum CPR in any one period is 95%. 5) Latest maturity date for any mortgage loan plus one year. 6) The Class B-4 Certificates will be privately placed. All information presented herein with respect to the Class B-4 Certificates is solely to assist your understanding 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. 3 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- CONTACTS MBS/ABS TRADING/SYNDICATE Scott Soltas 212-449-3659 scott_soltas@ml.com Charles Sorrentino 212-449-3659 charles_sorrentino@ml.com Colin Sheen 212-449-3659 colin_sheen@ml.com Edgar Seah 212-449-3659 edgar_seah@ml.com Gregory Ikhilov 212-449-3659 gregory_ikhilov@ml.com GLOBAL ASSET BACKED FINANCE Matt Whalen 212-449-0752 matthew_whalen@ml.com Paul Park 212-449-6380 paul_park@ml.com Tom Saywell 212-449-2122 tom_saywell@ml.com Alan Chan 212-449-8140 alan_chan@ml.com Parkson Young 212-449-1768 parkson_young@ml.com Fred Hubert 212-449-5071 fred_hubert@ml.com Alice Chu 212-449-1701 alice_chu@ml.com Sonia Lee 212-449-5067 sonia_lee@ml.com Oleg Saitskiy 212-449-1901 oleg_saitskiy@ml.com Keith Singletary 212-449-9431 keith_singletary@ml.com Calvin Look 212-449-5029 calvin_look@ml.com MOODY'S Sang Shin 212-553-4976 sang.shin@moodys.com STANDARD & POOR'S Victor Bhagat 212-438-1130 victor_bhagat@sandp.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 2005-BC2 -------------------------------------------------------------------------------- TITLE OF OFFERED CERTIFICATES Specialty Underwriting & Residential Finance ("SURF"), Mortgage Loan Asset-Backed Certificates, Series 2005-BC2, consisting of: Class A-1A Certificates (collectively, the "Class A-1 Certificates"), Class A-2A, Class A-2B and Class A-2C Certificates (collectively, the "Class A-2 Certificates", and together, with the Class A-1 Certificates, the "Class A Certificates"), Class M-1, Class M-2, Class M-3 and Class M-4 Certificates (collectively, the "Class M Certificates"), Class B-1, Class B-2, Class B-3 and Class B-4 Certificates (collectively, the "Class B Certificates" and together with the Class M Certificates, the "Subordinate Certificates") The Class A, Class M, Class B-1, Class B-2 and Class B-3 Certificates are collectively known as the "Offered Certificates"). LEAD MANAGER Merrill Lynch, Pierce, Fenner & Smith Incorporated CO-MANAGER WaMu Capital Corp. ISSUER Specialty Underwriting and Residential Finance Trust, Series 2005-BC2 DEPOSITOR Merrill Lynch Mortgage Investors, Inc. SELLER Merrill Lynch Mortgage Lending Inc. SERVICER Wilshire Credit Corporation TRUSTEE J.P. Morgan Chase Bank CUT-OFF DATE May 1, 2005 PRICING DATE On or about May [10], 2005 CLOSING DATE On or about May [19], 2005 DISTRIBUTION DATES Distribution of principal and interest on the offered 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 June 2005. 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"). -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- OPTIONAL TERMINATION The Trustee will attempt 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, (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 or by the Trustee in the performance of its obligations, including conducting the auction and (iii) certain other amounts specified in the prospectus supplement. MORTGAGE LOANS The mortgage pool will consist of fixed rate and adjustable rate, first and second lien, sub-prime mortgage loans ("Mortgage Loans") originated under the SURF program and will be serviced by Wilshire Capital Corporation. The information described herein is based on a pool of Mortgage Loans having an aggregate principal balance of approximately $840,000,557, as of the Cut-Off Date. TOTAL DEAL SIZE Approximately $840,000,000 ADMINISTRATIVE FEES The Servicer and the Trustee will be paid fees aggregating approximately 50.00 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 O/C 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 Class A Certificates until the O/C target is reached, resulting in a limited acceleration of principal of the Offered Certificates relative to the Mortgage Loans. Once the O/C target amount is reached, the acceleration feature will cease, unless it becomes necessary again to maintain the O/C target amount (i.e., 2.35% of the aggregate principal balance of the Mortgage Loans as of the Closing Date). Initial: 0.00% of original balance Target: 2.35% of original balance before stepdown, 4.70% of current balance after stepdown Floor: 0.50% of original balance
SUBORDINATION: CLASSES RATING (M/S) SUBORDINATION (1) ------- ------------ ----------------- (1) includes OC target Class A Aaa/AAA 22.75% Class M-1 Aa1/AA+ 18.05% Class M-2 Aa2/AA 14.60% Class M-3 A2/A 8.65% Class M-4 A3/A- 7.00% Class B-1 Baa1/BBB+ 5.50% Class B-2 Baa2/BBB 4.35% Class B-3 Baa3/BBB- 3.35% Class B-4 Ba1/BB+ 2.35%
-------------------------------------------------------------------------------- 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 2005-BC2 --------------------------------------------------------------------------------
CLASS SIZES: CLASSES RATING (M/S) CLASS SIZES ------- ------------ ----------- Class A Aaa/AAA 79.60% Class M-1 Aa1/AA+ 4.70% Class M-2 Aa2/AA 3.45% Class M-3 A2/A 5.95% Class M-4 A3/A- 1.65% Class B-1 Baa1/BBB+ 1.50% Class B-2 Baa2/BBB 1.15% Class B-3 Baa3/BBB- 1.00% Class B-4 Ba1/BB+ 1.00%
INTEREST ACCRUAL For the Offered Certificates, 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 optional termination of the Certificates does not occur on the first distribution date on which it can occur, (i) the margins on each class of the Class A Certificates will increase to 2x their respective margins, and (ii) the margins on each class of the Subordinate Certificates will increase to 1.5x their respective margins, in each case on the following Distribution Date. AVAILABLE FUNDS CAPS Class A-1 Certificates: The per annum rate equal to (A) 12 times the quotient of (x) the total scheduled interest based on the Group 1 Net Mortgage Rates in effect on the related due date, divided by (y) the aggregate principal balance of the Group 1 Mortgage Loans 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. Class A-2 Certificates: The per annum rate equal to (A) 12 times the quotient of (x) the total scheduled interest based on the Group 2 Net Mortgage Rates in effect on the related due date, divided by (y) the aggregate principal balance of the Group 2 Mortgage Loans 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. Subordinate Certificates: The per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate principal balance of each loan group, the current principal balance of the related Class A Certificates) of the Class A-1 Available Funds Cap and the Class A-2 Available Funds Cap. "Net Mortgage Rate" means, with respect to any mortgage loan the mortgage rate on such mortgage loan less the administrative fees. CAP CONTRACT The Certificates will each have the benefit of one of the three cap contracts as specified below:
BEGINNING 1ML STRIKE, CLASS NUMBER OF MONTHS DISTRIBUTION DATE UPPER COLLAR ----- ---------------- ----------------- ------------ Class A-1 Certificates 32 June 2005 9.780% Class A-2 Certificates 32 June 2005 9.320% Subordinate Certificates 32 June 2005 8.700%
Payments received on the related cap contract will be available to pay amounts to the holders of the Certificates, in respect of shortfalls arising as a result of the applicable Available Funds Cap, as described herein (except to the extent attributable to the fact that Realized Losses are not allocated to the Class A Certificates after the Subordinate Certificates have been written down to zero). -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- MAXIMUM RATE CAPS The pass-through rates of each of the Offered Certificates will also be subject to a related "Maximum Rate Cap", which will be calculated in the same manner as the Available Funds Cap, but based on the net maximum lifetime mortgage rates for the adjustable rate Mortgage loans and the net mortgage rates for the fixed rate Mortgage Loans rather than the net mortgage rate. Any interest shortfall due to the Maximum Rate Cap will not be reimbursed. SHORTFALL REIMBURSEMENT If on any Distribution Date the pass-through rate is limited by the related 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 related Available Funds Cap, up to but not exceeding the greater of (i) the related Maximum Rate Cap and (ii) the lesser of (A) One Month LIBOR and (B) the applicable rate for the related class or classes of certificates shown under the heading "1ML Strike, Upper Collar", under the heading, "Cap Contracts" shown above), 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. CASHFLOW PRIORITY 1. Repayment of any unreimbursed Servicer advances. 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 M-4 Certificates, then to the Class B-1 Certificates, then to the Class B-2 Certificates, then to the Class B-3 Certificates and then to the Class B-4 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 M-4 Certificates, then monthly principal to the Class B-1 Certificates, then monthly principal to the Class B-2 Certificates, then monthly principal to the Class B-3 Certificates and then monthly principal to the Class B-4 Certificates, in each case as described under "PRINCIPAL PAYDOWN." 5. Excess interest in the order as described under "PRINCIPAL PAYDOWN" if necessary to build or 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. Payments received on the related Cap Contract will only be available to the related classes of Certificates to pay amounts in respect of Carryovers other than any Carryovers resulting from the fact that realized losses are not allocated to the Class A Certificates after the Subordinate Certificates have been written down to zero. Any excess of amounts received on the related Cap Contract over amounts needed to pay such Carryovers on the related classes of Certificates will be distributed in respect of other classes of certificates not 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. 8 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- 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 June 2005) 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. Amounts allocated to the Class A-2A, Class A-2B and Class A-2C Certificates shall be distributed sequentially, with all amounts paid to the Class A-2A Certificates until its Certificate principal balance has been reduced to zero, then to the Class A-2B Certificates until its Certificate principal balance has been reduced to zero and thereafter to the Class A-2C Certificates until its Certificate principal balance has been reduced to zero; provided, however, that on and after the Distribution Date on which the aggregate Certificate Principal Balance of the Subordinate Certificates have been reduced to zero, any principal distributions allocated to the Class A-2A, Class A-2B and Class A-2C Certificates are required to be allocated pro rata among such classes of Certificates based on their respective Certificate Principal Balances, until their Certificate Principal Balances have 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. After the Certificate principal balance of either the Class A-1 or Class A-2 Certificates has been reduced to zero, the amounts referred to in (1) or (2) above, as applicable, will be distributed to the remaining Class A Certificates (i.e., whichever such class remains outstanding) as the case may be. After the aggregate Certificate principal balance of the Class A-1 and Class A-2 Certificates has been reduced to zero, the amounts referred to in (1) and (2) above will be distributed sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 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 and Class A-2 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 M-4 Certificates, sixth to the Class B-1 Certificates, seventh to the Class B-2 Certificates, eighth to the Class B-3 Certificates and ninth to the Class B-4 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 approximately 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 2005-BC2 -------------------------------------------------------------------------------- CLASS A 45.50% CLASS M-1 36.10% CLASS M-2 29.20% CLASS M-3 17.30% CLASS M-4 14.00% CLASS B-1 11.00% CLASS B-2 8.70% CLASS B-3 6.70% CLASS B-4 4.70% THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION TEST IS MET IF: i) The Distribution Date is on or after the June 2008 Distribution Date; and ii) The 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 Class A subordination percentage. SENIOR SPECIFIED ENHANCEMENT PERCENTAGE: 45.50% or (20.40%+2.35%)*2 STEP DOWN LOSS The situation that exists with respect to any TRIGGER EVENT Distribution Date after the Stepdown Date, if (a) Balance of 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) [34.50]% 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 --------------------------- --------------- June 2008 - May 2009 [3.25]% with respect to June 2008, plus an additional 1/12th of [2.00]% for each month thereafter June 2009 - May 2010 [5.25]% with respect to June 2009, plus an additional 1/12th of [1.25]% for each month thereafter June 2010 - May 2011 [6.50]% with respect to June 2010, plus an additional 1/12th of [1.00]% for each month thereafter June 2011 and thereafter [7.50]%
(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. -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- MORTGAGE LOAN TABLES The following tables describe the Mortgage Loans and the related mortgaged properties as of 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS Aggregate Outstanding Principal Balance $840,000,557 Aggregate Original Principal Balance $842,432,206 Number of Mortgage Loans 6,288
MINIMUM MAXIMUM AVERAGE (1) ------- ------- ----------- Original Principal Balance $12,500 $750,000 $133,975 Outstanding Principal Balance $3,383 $750,000 $133,588
MINIMUM MAXIMUM WEIGHTED AVERAGE (2) ------- ------- -------------------- Original Term (mos) 120 360 347 Stated remaining Term (mos) 114 358 343 Loan Age (mos)(5) 2 10 4 Current Interest Rate 4.250% 12.400% 7.307% Initial Interest Rate Cap (3) 1.000% 5.000% 2.914% Periodic Rate Cap (3) 1.000% 2.000% 1.091% Gross Margin (3) 2.250% 12.000% 6.162% Maximum Mortgage Rate (3) 10.700% 18.000% 13.559% Minimum Mortgage Rate (3) 2.250% 11.250% 6.976% Months to Roll (3) 1 57 22 Original Loan-to-Value 13.01% 100.00% 83.13% Credit Score (4) 500 806 616
EARLIEST LATEST -------- ------ Maturity Date 11/01/2014 03/01/2035
LIEN POSITION PERCENT OF MORTGAGE POOL ------------- ------------------------ 1st Lien 93.47% 2nd Lien 6.53%
Year of Origination Percent of Mortgage Pool ------------------- ------------------------ 2004 76.59% 2005 23.41%
OCCUPANCY PERCENT OF MORTGAGE POOL --------- ------------------------ Primary 97.80% Second Home 0.35% Investment 1.86%
LOAN PURPOSE PERCENT OF MORTGAGE POOL ------------ ------------------------ Purchase 48.79% Refinance - Rate/Term 5.99% Refinance - Cashout 45.22%
LOAN TYPE PERCENT OF MORTGAGE POOL --------- ------------------------ Fixed Rate 16.28% ARM 83.72%
AMORTIZATION TYPE PERCENT OF MORTGAGE POOL ----------------- ------------------------ Fully Amortizing 70.69% Interest-Only 23.17% Balloon 6.14%
PROPERTY TYPE PERCENT OF MORTGAGE POOL ------------- ------------------------ Single Family 73.69% Planned Unit Development 16.57% Two- to Four-Family 3.69% Condominium 5.06% Townhouse 0.83% Manufactured Housing 0.06% Rowhouse 0.10%
(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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS MORTGAGE RATES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF MORTGAGE RATES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 5.500% or less 111 $ 24,479,582 2.91% 5.273% 638 $220,537 79.36% 79.58% 45.82% 5.501% to 6.000% 365 76,358,596 9.09 5.842 637 209,202 79.37 71.10 41.82 6.001% to 6.500% 715 139,560,495 16.61 6.318 627 195,190 80.14 56.46 37.45 6.501% to 7.000% 1148 197,084,680 23.46 6.807 620 171,677 80.53 52.98 29.32 7.001% to 7.500% 809 121,322,387 14.44 7.295 606 149,966 82.87 57.40 21.05 7.501% to 8.000% 791 108,166,581 12.88 7.790 600 136,747 84.59 60.19 10.95 8.001% to 8.500% 417 51,824,146 6.17 8.286 589 124,279 86.01 66.07 5.28 8.501% to 9.000% 308 32,592,776 3.88 8.767 586 105,821 86.53 64.18 2.93 9.001% to 9.500% 271 21,086,744 2.51 9.351 607 77,811 90.91 61.39 1.18 9.501% to 10.000% 505 28,887,720 3.44 9.813 616 57,203 92.00 68.26 0.00 10.001% to 10.500% 225 13,219,035 1.57 10.309 621 58,751 91.08 58.66 1.08 10.501% to 11.000% 458 19,670,401 2.34 10.815 649 42,948 98.93 23.07 0.00 11.001% to 11.500% 76 2,908,906 0.35 11.297 625 38,275 97.92 35.10 0.00 11.501% to 12.000% 85 2,729,456 0.32 11.904 630 32,111 99.32 18.19 0.00 12.001% to 12.500% 4 109,052 0.01 12.284 629 27,263 100.00 76.50 0.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 4.250% per annum to 12.400% per annum and the weighted average Mortgage Rate of the Mortgage Loans was approximately 7.307% per annum. REMAINING MONTHS TO STATED MATURITY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT REMAINING MONTHS MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT TO STATED MATURITY LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------ ----- ----------- ---- ------ ----- ----------- --- --- -- 109 to 120 2 $160,214 0.02% 7.474% 595 $80,107 39.45% 9.67% 0.00% 169 to 180 1,335 58,111,746 6.92 10.110 651 43,529 97.80 39.35 0.00 229 to 240 41 2,616,391 0.31 8.530 608 63,814 82.43 68.30 0.00 289 to 300 1 94,815 0.01 8.100 613 94,815 90.78 100.00 0.00 349 to 360 4,909 779,017,392 92.74 7.093 613 158,692 82.05 60.16 24.99 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 114 months to 358 months and the weighted average remaining term to stated maturity of the Mortgage Loans was approximately 343 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL MORTGAGE LOAN MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PRINCIPAL BALANCES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------ ----- ----------- ---- ------ ----- ----------- --- --- -- $50,000 or less 1,050 $33,796,088 4.02% 10.103% 642 $32,187 96.45% 48.17% 0.26% $50,001 to $100,000 1,815 137,415,629 16.36 8.124 613 75,711 84.87 68.27 3.53 $100,001 to $150,000 1,368 167,636,333 19.96 7.383 609 122,541 82.47 68.68 11.45 $150,001 to $200,000 804 139,561,393 16.61 7.151 612 173,584 81.72 61.30 19.27 $200,001 to $250,000 512 113,679,848 13.53 6.892 616 222,031 81.76 56.11 29.90 $250,001 to $300,000 299 82,136,506 9.78 6.808 620 274,704 81.90 46.05 35.20 $300,001 to $350,000 192 62,035,324 7.39 6.840 620 323,101 82.61 43.94 44.33 $350,001 to $400,000 130 48,808,869 5.81 6.588 620 375,453 82.07 42.15 43.29 $400,001 to $450,000 49 20,929,333 2.49 6.576 616 427,129 82.21 67.46 67.27 $450,001 to $500,000 52 24,628,044 2.93 6.441 622 473,616 82.57 54.07 52.20 $500,001 to $550,000 10 5,176,554 0.62 6.282 634 517,655 80.46 30.49 40.72 $550,001 to $600,000 5 2,806,636 0.33 6.576 620 561,327 88.13 100.00 59.86 $600,001 to $650,000 1 640,000 0.08 5.750 628 640,000 76.19 100.00 100.00 $700,001 to $750,000 1 750,000 0.09 6.275 620 750,000 79.62 100.00 100.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $3,383 to approximately $750,000 and the average outstanding principal balance of the Mortgage Loans was approximately $133,588. PRODUCT TYPES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PRODUCT TYPES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------ ----- ----------- ---- ------ ----- ----------- --- --- -- Balloon Loans 1,190 $51,569,984 6.14% 10.295% 655 $43,336 99.40% 36.66% 0.00% 10 Year Fixed Loans 2 160,214 0.02 7.474 595 80,107 39.45 9.67 0.00 15 Year Fixed Loans 145 6,541,761 0.78 8.648 626 45,116 85.15 60.54 0.00 20 Year Fixed Loans 41 2,616,391 0.31 8.530 608 63,814 82.43 68.30 0.00 25 Year Fixed Loans 1 94,815 0.01 8.100 613 94,815 90.78 100.00 0.00 30 Year Fixed Loans 563 75,809,529 9.02 7.226 614 134,653 80.23 73.96 6.93 Six-Month LIBOR Loans 73 11,238,320 1.34 6.594 604 153,950 83.73 72.31 0.00 1/29 LIBOR Loans 1 150,458 0.02 8.625 576 150,458 90.00 100.00 0.00 2/28 LIBOR Loans 3,622 581,191,435 69.19 7.090 613 160,461 82.15 57.90 27.70 3/27 LIBOR Loans 629 107,393,016 12.78 7.088 612 170,736 82.68 60.15 24.60 5/25 LIBOR Loans 21 3,234,634 0.39 6.434 608 154,030 79.78 100.00 61.42 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS AMORTIZATION TYPE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT AMORTIZATION TYPE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------ ----- ----------- ---- ------ ----- ----------- --- --- -- Fully Amortizing 4,267 $593,768,009 70.69% 7.285% 607 $139,154 82.21% 63.54% 0.00% Balloon 1,190 51,569,984 6.14 10.295 655 43,336 99.40 36.66 0.00 12 Month Interest-Only 3 764,000 0.09 6.539 675 254,667 79.58 40.31 100.00 24 Month Interest-Only 218 42,680,053 5.08 6.600 621 195,780 83.44 75.39 100.00 36 Month Interest-Only 25 5,161,029 0.61 6.862 628 206,441 84.48 72.88 100.00 60 Month Interest-Only 535 132,763,730 15.81 6.551 634 248,157 80.86 41.46 100.00 120 Month Interest-Only 50 13,293,752 1.58 6.721 641 265,875 82.56 44.87 100.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT STATE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----- ----- ----------- ---- ------ ----- ----------- --- --- -- Alabama 49 $ 4,135,497 0.49% 8.330% 609 $ 84,398 86.21% 54.87% 7.40% Arizona 243 26,632,676 3.17 7.268 624 109,599 83.74 56.40 34.43 Arkansas 32 2,211,004 0.26 7.470 638 69,094 85.73 80.90 0.00 California 792 178,080,697 21.20 6.820 625 224,849 81.36 45.20 52.70 Colorado 79 11,336,371 1.35 7.201 615 143,498 83.37 64.15 35.79 Connecticut 89 11,577,897 1.38 7.281 620 130,089 82.66 42.48 5.45 Delaware 7 1,139,456 0.14 6.898 634 162,779 72.29 81.61 39.95 Florida 322 40,127,842 4.78 7.311 625 124,621 83.37 46.14 19.83 Georgia 97 11,863,197 1.41 7.658 622 122,301 85.79 55.87 26.24 Idaho 25 2,630,093 0.31 7.131 622 105,204 83.73 68.06 42.12 Illinois 517 71,503,649 8.51 7.366 620 138,305 84.35 52.82 9.45 Indiana 144 14,392,786 1.71 7.570 607 99,950 85.31 82.85 5.57 Iowa 36 3,983,752 0.47 8.012 596 110,660 83.23 74.66 14.66 Kansas 72 7,769,437 0.92 7.791 606 107,909 87.42 80.47 12.05 Kentucky 64 5,886,958 0.70 7.568 604 91,984 82.66 84.93 18.95 Louisiana 81 7,064,148 0.84 7.856 613 87,212 85.67 59.52 4.69 Maine 9 1,756,314 0.21 7.239 571 195,146 77.33 31.61 0.00 Maryland 134 24,312,765 2.89 7.183 598 181,439 81.40 69.87 11.62 Massachusetts 35 7,590,796 0.90 6.988 625 216,880 81.17 41.89 13.58 Michigan 291 30,255,223 3.60 7.669 603 103,970 83.39 71.22 7.69 Minnesota 223 32,601,117 3.88 7.384 613 146,193 85.43 58.56 20.54 Mississippi 29 2,369,728 0.28 7.981 610 81,715 86.30 51.62 0.00 Missouri 265 26,054,823 3.10 7.698 604 98,320 84.76 74.34 5.77 Montana 4 475,877 0.06 6.407 615 118,969 77.21 100.00 0.00 Nebraska 15 1,779,018 0.21 7.359 616 118,601 84.49 30.55 20.46 Nevada 160 27,345,197 3.26 7.082 616 170,907 81.12 63.03 31.32 New Hampshire 11 1,902,412 0.23 7.083 592 172,947 84.30 62.13 0.00 New Jersey 48 11,205,186 1.33 7.056 608 233,441 80.21 48.42 31.35 New Mexico 22 2,065,597 0.25 7.548 623 93,891 83.68 85.83 0.00 New York 70 15,070,322 1.79 6.812 607 215,290 77.85 50.12 14.73 North Carolina 73 7,823,885 0.93 7.648 625 107,177 85.34 62.96 10.34 North Dakota 2 188,220 0.02 7.441 585 94,110 84.70 100.00 0.00 Ohio 361 36,088,633 4.30 7.335 602 99,969 84.06 78.14 10.92 Oklahoma 44 4,525,073 0.54 7.710 587 102,843 82.05 85.25 0.00 Oregon 66 7,792,192 0.93 7.131 627 118,064 83.66 64.80 30.51 Pennsylvania 111 14,214,697 1.69 7.149 603 128,060 83.22 58.51 5.43 Rhode Island 20 3,433,555 0.41 7.126 612 171,678 80.06 76.06 5.69 South Carolina 43 4,430,557 0.53 7.749 617 103,036 85.53 39.80 25.60 South Dakota 2 230,078 0.03 7.899 585 115,039 89.10 49.77 0.00 Tennessee 103 9,212,763 1.10 7.820 597 89,444 83.31 73.90 6.09 Texas 928 88,241,977 10.50 7.887 611 95,088 84.00 65.78 4.54 Utah 47 5,663,845 0.67 7.157 645 120,507 84.79 50.41 26.46 Virginia 195 30,694,699 3.65 7.264 621 157,409 84.00 58.14 30.87 Washington 194 27,142,788 3.23 7.092 619 139,911 83.39 63.39 32.01 West Virginia 14 1,559,672 0.19 7.354 616 111,405 80.77 61.45 0.00 Wisconsin 117 13,147,472 1.57 7.843 607 112,372 84.85 78.43 7.63 Wyoming 3 490,616 0.06 6.606 607 163,539 67.58 100.00 0.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
(1) No more than approximately 0.31% 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. 16 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS ORIGINAL LOAN-TO-VALUE RATIOS
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN-TO-VALUE RATIOS LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 50.00% or less 52 $ 6,468,570 0.77% 7.073% 577 $124,396 43.75% 65.56% 11.33% 50.01% to 55.00% 39 7,623,432 0.91 6.657 590 195,473 52.93 68.89 8.72 55.01% to 60.00% 51 7,796,164 0.93 6.700 584 152,866 57.99 64.07 8.54 60.01% to 65.00% 88 16,230,305 1.93 6.837 579 184,435 63.38 63.05 24.39 65.01% to 70.00% 107 16,869,822 2.01 7.084 572 157,662 68.31 54.54 12.19 70.01% to 75.00% 255 41,979,688 5.00 6.944 589 164,626 73.79 55.34 18.82 75.01% to 80.00% 2544 381,585,893 45.43 6.912 626 149,994 79.79 54.58 30.75 80.01% to 85.00% 579 98,146,057 11.68 7.170 594 169,510 84.30 57.93 22.65 85.01% to 90.00% 739 126,871,896 15.10 7.275 605 171,681 89.49 70.38 22.48 90.01% to 95.00% 365 55,298,850 6.58 7.774 619 151,504 94.66 66.16 16.80 95.01% to 100.00% 1469 81,129,879 9.66 9.526 645 55,228 99.91 55.80 1.58 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 13.01% 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 6.53% 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 99.68%. The weighted average Second Lien ratio for the Mortgage Loans which are in a second lien position was approximately 19.96%. LOAN PURPOSE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN PURPOSE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- Purchase 3,588 $409,801,925 48.79% 7.517% 632 $114,215 84.65% 50.91% 23.49% Refinance - Cashout 2,341 379,859,311 45.22 7.101 599 162,264 81.39 65.53 23.00 Refinance - Rate/Term 359 50,339,322 5.99 7.154 604 140,221 83.93 71.29 21.90 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS PROPERTY TYPE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PROPERTY TYPE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Single Family 4,757 $619,025,122 73.69% 7.305% 613 $130,129 83.06% 59.63% 22.47% Planned Unit Development 947 139,211,918 16.57 7.369 619 147,003 83.56 58.86 27.47 Two- to Four-Family 189 31,009,132 3.69 7.252 624 164,069 81.27 47.20 5.38 Condominium 319 42,493,814 5.06 7.181 630 133,209 83.74 52.66 33.74 Townhouse 61 6,946,721 0.83 7.238 619 113,881 85.01 58.99 16.81 Manufactured Housing 6 462,034 0.06 7.142 675 77,006 78.72 100.00 32.90 Rowhouse 9 851,816 0.10 7.442 606 94,646 89.46 95.74 0.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
DOCUMENTATION
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT DOCUMENTATION LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Full Documentation 3,793 $493,435,714 58.74% 7.237% 599 $130,091 83.31% 100.00% 19.71% Stated Documentation 2,431 332,844,854 39.62 7.421 641 136,917 82.84 0.00 28.03 Lite Documentation 64 13,719,989 1.63 7.054 599 214,375 83.83 0.00 29.93 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
OCCUPANCY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT OCCUPANCY LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO --------- ----- ----------- ---- ------ ----- ----------- --- --- -- Primary 6,134 $821,512,001 97.80% 7.304% 616 $133,928 83.15% 58.28% 23.70% Investment 133 15,587,792 1.86 7.430 623 117,201 82.65 82.38 0.00 Second Home 21 2,900,765 0.35 7.319 618 138,132 79.97 62.46 0.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS MORTGAGE LOANS AGE SUMMARY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOANS AGE MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT (MONTHS) LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------- ----- ----------- ---- ------ ----- ----------- --- --- -- 2 47 $ 5,877,261 0.70% 7.558% 593 $125,048 82.91% 89.10% 16.29% 3 1,559 204,676,897 24.37 7.403 611 131,287 82.97 61.62 21.70 4 2,411 340,246,320 40.51 7.265 617 141,122 82.84 59.72 27.62 5 1,642 215,356,831 25.64 7.262 617 131,155 83.56 55.23 19.47 6 564 65,505,593 7.80 7.313 620 116,145 83.40 54.34 18.39 7 59 7,530,643 0.90 7.559 617 127,638 85.93 51.43 17.78 8 4 559,839 0.07 7.656 599 139,960 89.42 47.59 0.00 9 1 197,538 0.02 7.500 618 197,538 90.00 100.00 0.00 10 1 49,637 0.01 7.750 585 49,637 40.98 0.00 0.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 4 months. ORIGINAL PREPAYMENT PENALTY TERM
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL PREPAYMENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PENALTY TERM LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- None 1,332 $132,942,040 15.83% 8.002% 617 $ 99,806 85.53% 57.80% 10.38% 6 Months 3 687,901 0.08 8.261 581 229,300 91.65 100.00 0.00 12 Months 250 36,834,438 4.39 7.403 618 147,338 83.22 51.26 20.81 13 Months 2 606,865 0.07 7.239 615 303,432 69.60 0.00 49.43 24 Months 3,051 450,324,757 53.61 7.180 616 147,599 82.65 55.22 29.32 30 Months 2 338,974 0.04 8.222 547 169,487 87.03 55.02 0.00 36 Months 1,471 194,967,350 23.21 7.135 614 132,541 82.76 68.26 19.42 48 Months 2 121,320 0.01 7.810 575 60,660 81.68 100.00 0.00 60 Months 175 23,176,913 2.76 7.033 610 132,440 81.81 64.62 12.99 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties was approximately 28 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. 19 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS CREDIT SCORES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF CREDIT SCORES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Not Available 9 $ 752,775 0.09% 9.011% NA $ 83,642 77.36% 84.59% 0.00% 500 2 315,074 0.04 8.415 500 157,537 84.17 100.00 0.00 501 to 525 94 13,476,409 1.60 8.018 515 143,366 73.72 76.04 0.00 526 to 550 345 51,173,322 6.09 7.586 540 148,328 77.34 83.70 8.39 551 to 575 762 109,070,591 12.98 7.727 564 143,137 80.76 78.29 10.58 576 to 600 1,008 140,385,314 16.71 7.295 588 139,271 82.01 78.23 19.18 601 to 625 1,407 185,274,648 22.06 7.201 613 131,681 84.01 66.51 25.77 626 to 650 1,220 165,536,423 19.71 7.167 638 135,686 85.96 45.66 28.26 651 to 675 770 95,417,421 11.36 7.176 661 123,919 85.31 31.95 31.60 676 to 700 350 41,371,505 4.93 7.098 686 118,204 82.75 23.30 36.66 701 to 725 152 16,788,575 2.00 7.109 711 110,451 83.30 17.31 38.85 726 to 750 101 12,029,211 1.43 7.085 736 119,101 84.01 11.01 26.50 751 to 775 44 5,044,276 0.60 7.262 762 114,643 83.93 13.81 16.41 776 to 800 21 3,050,650 0.36 7.339 792 145,269 83.92 9.87 50.04 801 to 806 3 314,364 0.04 7.501 803 104,788 85.82 11.32 0.00 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 500 to 806 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 616. CREDIT GRADE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT CREDIT GRADE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- A+ 709 $ 99,926,722 11.90% 7.167% 631 $140,940 87.02% 51.62% 29.72% A 2054 264,125,261 31.44 7.224 607 128,591 83.43 70.76 22.78 A- 746 108,356,158 12.9 7.607 585 145,250 81.54 75.57 14.73 B 630 92,609,376 11.02 7.473 571 146,999 79.79 75.92 13.69 C 222 33,972,905 4.04 7.374 543 153,031 76.40 82.97 11.39 C- 148 20,926,837 2.49 7.926 531 141,398 73.36 77.89 1.91 SA1 555 62,222,377 7.41 7.141 715 112,112 83.79 15.95 33.19 SA2 386 46,396,606 5.52 7.266 671 120,198 83.49 18.97 35.29 SA3 838 111,464,316 13.27 7.172 650 133,012 86.63 35.49 31.27 TOTAL: 6,288 $840,000,557 100.00% 7.307% 616 $133,588 83.13% 58.74% 23.17%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS GROSS MARGINS
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF GROSS MARGINS LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 2.001% to 2.500% 1 $ 282,520 0.04% 6.130% 751 $282,520 80.00% 0.00% 0.00% 2.501% to 3.000% 2 503,531 0.07 5.590 652 251,766 82.19 100.00 40.22 3.001% to 3.500% 11 2,295,177 0.33 5.655 636 208,652 79.68 50.62 19.57 3.501% to 4.000% 32 7,297,357 1.04 5.571 623 228,042 81.76 86.45 49.77 4.001% to 4.500% 113 24,674,968 3.51 5.686 624 218,363 80.79 95.18 54.06 4.501% to 5.000% 321 62,021,911 8.82 6.033 622 193,215 79.47 72.48 39.04 5.001% to 5.500% 498 93,109,080 13.24 6.409 624 186,966 80.73 58.33 38.84 5.501% to 6.000% 769 128,958,409 18.34 6.775 628 167,696 81.67 52.07 29.49 6.001% to 6.500% 884 143,134,023 20.35 7.070 616 161,916 81.23 51.75 26.27 6.501% to 7.000% 738 116,055,552 16.50 7.472 605 157,257 82.82 48.13 20.36 7.001% to 7.500% 421 61,514,445 8.75 7.903 594 146,115 86.81 61.70 14.41 7.501% to 8.000% 258 33,067,010 4.70 8.565 582 128,167 86.65 69.67 7.85 8.001% to 8.500% 170 18,330,267 2.61 9.304 575 107,825 85.29 79.12 3.76 8.501% to 9.000% 98 9,543,838 1.36 9.642 578 97,386 84.78 75.67 0.00 9.001% to 9.500% 21 1,682,570 0.24 9.899 576 80,122 85.29 87.45 0.00 9.501% to 10.000% 5 366,656 0.05 9.899 566 73,331 84.99 100.00 0.00 10.001% to 10.500% 1 44,898 0.01 10.500 550 44,898 90.00 100.00 0.00 10.501% to 11.000% 2 202,327 0.03 11.173 521 101,163 76.70 33.52 0.00 11.501% to 12.000% 1 123,325 0.02 6.550 619 123,325 77.99 100.00 0.00 TOTAL: 4,346 $703,207,863 100.00% 7.079% 613 $161,806 82.24% 58.67% 26.93%
As of the Cut-off Date, the Gross Margins for the Adjustable Rate Mortgage Loans ranged from 2.250% per annum to 12.000% per annum and the weighted average Gross Margin of the Adjustable Rate Mortgage Loans was approximately 6.162% 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. 21 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS MAXIMUM MORTGAGE RATES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF MAXIMUM MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT MORTGAGE RATES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 11.500% or less 28 $ 7,361,300 1.05% 5.325% 656 $262,904 78.51% 45.84% 44.57% 11.501% to 12.000% 179 40,428,602 5.75 5.787 646 225,858 78.75 56.27 39.96 12.001% to 12.500% 400 85,024,930 12.09 6.179 633 212,562 79.75 50.04 46.51 12.501% to 13.000% 731 136,869,839 19.46 6.574 624 187,236 80.52 53.11 36.55 13.001% to 13.500% 654 114,942,761 16.35 6.824 610 175,753 82.18 61.25 28.94 13.501% to 14.000% 760 122,826,255 17.47 7.227 608 161,613 83.33 60.77 22.78 14.001% to 14.500% 479 67,284,335 9.57 7.569 604 140,468 84.62 62.07 18.53 14.501% to 15.000% 432 53,334,344 7.58 7.969 598 123,459 84.74 59.69 8.66 15.001% to 15.500% 242 29,399,695 4.18 8.364 586 121,486 85.33 63.23 5.16 15.501% to 16.000% 164 18,790,044 2.67 8.808 581 114,573 85.20 65.83 1.62 16.001% to 16.500% 98 9,770,274 1.39 9.329 583 99,697 86.86 68.63 1.13 16.501% to 17.000% 109 11,213,834 1.59 9.762 575 102,879 84.01 83.00 0.00 17.001% to 17.500% 61 5,447,009 0.77 10.247 568 89,295 79.93 93.97 2.63 17.501% to 18.000% 9 514,642 0.07 10.709 568 57,182 80.00 100.00 0.00 TOTAL: 4,346 $703,207,863 100.00% 7.079% 613 $161,806 82.24% 58.67% 26.93%
As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from 10.700% per annum to 18.000% per annum and the weighted average Maximum Mortgage Rate of the Adjustable Rate Mortgage Loans was approximately 13.559% 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. 22 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TOTAL MORTGAGE LOANS NEXT RATE ADJUSTMENT DATE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT NEXT RATE ADJUSTMENT DATE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- June 2005 6 $ 1,162,513 0.17% 5.849% 624 $193,752 89.62% 36.40% 0.00% July 2005 35 5,638,379 0.80 6.439 595 161,097 81.53 90.18 0.00 August 2005 28 3,786,727 0.54 7.171 606 135,240 86.10 65.74 0.00 September 2005 1 184,153 0.03 7.100 612 184,153 85.00 0.00 0.00 October 2005 1 44,704 0.01 7.250 612 44,704 90.00 100.00 0.00 November 2005 2 421,844 0.06 5.250 633 210,922 74.49 19.96 0.00 February 2006 1 150,458 0.02 8.625 576 150,458 90.00 100.00 0.00 August 2006 1 197,538 0.03 7.500 618 197,538 90.00 100.00 0.00 September 2006 3 534,919 0.08 7.511 596 178,306 88.93 49.81 0.00 October 2006 38 5,597,495 0.80 7.512 615 147,302 87.54 56.47 14.18 November 2006 282 45,893,749 6.53 6.957 619 162,744 82.24 51.54 21.89 December 2006 783 129,514,080 18.42 6.922 617 165,408 82.44 55.36 23.50 January 2007 1,468 245,605,972 34.93 7.071 615 167,307 81.94 56.92 33.08 February 2007 1,009 149,021,578 21.19 7.271 607 147,692 81.95 62.64 25.18 March 2007 38 4,826,105 0.69 7.657 588 127,003 82.84 90.54 19.84 October 2007 5 1,172,998 0.17 6.296 607 234,600 71.72 30.57 46.46 November 2007 40 6,198,946 0.88 6.854 604 154,974 80.04 68.40 28.39 December 2007 263 45,229,165 6.43 7.137 610 171,974 82.68 56.39 23.57 January 2008 183 31,486,937 4.48 6.998 613 172,060 82.13 70.22 23.78 February 2008 136 23,086,531 3.28 7.225 618 169,754 84.71 52.71 25.86 March 2008 2 218,438 0.03 6.313 611 109,219 81.08 100.00 0.00 December 2009 2 294,940 0.04 6.183 608 147,470 75.01 100.00 100.00 January 2010 12 1,681,970 0.24 6.446 605 140,164 76.87 100.00 60.90 February 2010 7 1,257,724 0.18 6.476 611 179,675 84.78 100.00 53.07 TOTAL: 4,346 $703,207,863 100.00% 7.079% 613 $161,806 82.24% 58.67% 26.93%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS Aggregate Outstanding Principal Balance $516,157,509 Aggregate Original Principal Balance $517,852,949 Number of Mortgage Loans 4,623
MINIMUM MAXIMUM AVERAGE (1) ------- ------- ----------- Original Principal Balance $12,750 $400,000 $112,017 Outstanding Principal Balance $3,383 $398,703 $111,650
MINIMUM MAXIMUM WEIGHTED AVERAGE (2) ------- ------- -------------------- Original Term (mos) 120 360 347 Stated remaining Term (mos) 114 358 343 Loan Age (mos)(5) 2 9 4 Current Interest Rate 4.250% 11.000% 7.374% Initial Interest Rate Cap (3) 1.000% 5.000% 2.932% Periodic Rate Cap (3) 1.000% 2.000% 1.098% Gross Margin (3) 2.610% 12.000% 6.241% Maximum Mortgage Rate (3) 11.250% 16.550% 13.651% Minimum Mortgage Rate (3) 3.250% 9.550% 7.054% Months to Roll (3) 1 57 22 Original Loan-to-Value 13.01% 100.00% 82.79% Credit Score (4) 500 806 608
EARLIEST LATEST -------- ------ Maturity Date 11/01/2014 03/01/2035
LIEN POSITION PERCENT OF MORTGAGE POOL ------------------------ 1st Lien 93.37% 2nd Lien 6.63%
OCCUPANCY PERCENT OF MORTGAGE POOL ------------------------ Primary 96.62% Second Home 0.56% Investment 2.82%
LOAN TYPE PERCENT OF MORTGAGE POOL ------------------------ Fixed Rate 16.58% ARM 83.42%
AMORTIZATION TYPE PERCENT OF MORTGAGE POOL ------------------------ Fully Amortizing 78.97% Interest-Only 14.87% Balloon 6.16%
Year of Origination Percent of Mortgage Pool ------------------- ------------------------ 2004 74.81% 2005 25.19%
LOAN PURPOSE PERCENT OF MORTGAGE POOL ------------------------ Purchase 35.64% Refinance - Rate/Term 7.71% Refinance - Cashout 56.65%
PROPERTY TYPE PERCENT OF MORTGAGE POOL ------------------------ Single Family 76.58% Planned Unit Development 13.73% Two- to Four-Family 3.85% Condominium 4.69% Townhouse 0.99% Manufactured Housing 0.09% Rowhouse 0.08%
(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. 24 [MERRILL LYNCH LOGO] COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS MORTGAGE RATES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF MORTGAGE RATES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 5.500% or less 66 $ 9,397,620 1.82% 5.238% 627 $142,388 78.46% 88.79% 15.82% 5.501% to 6.000% 236 38,699,250 7.50 5.845 625 163,980 78.44 80.64 30.32 6.001% to 6.500% 462 68,517,638 13.27 6.331 619 148,307 79.48 67.72 20.33 6.501% to 7.000% 855 123,340,149 23.90 6.815 612 144,257 80.07 62.88 20.71 7.001% to 7.500% 665 86,826,980 16.82 7.308 600 130,567 82.24 62.77 17.12 7.501% to 8.000% 659 77,667,076 15.05 7.788 595 117,856 83.53 65.76 8.70 8.001% to 8.500% 360 39,674,443 7.69 8.292 589 110,207 85.27 69.21 4.09 8.501% to 9.000% 276 25,937,500 5.03 8.771 581 93,976 85.49 69.58 2.09 9.001% to 9.500% 229 16,380,071 3.17 9.343 599 71,529 89.54 63.74 1.51 9.501% to 10.000% 329 12,139,609 2.35 9.819 646 36,899 97.85 62.39 0.00 10.001% to 10.500% 123 4,674,079 0.91 10.379 663 38,001 99.76 32.28 0.00 10.501% to 11.000% 363 12,903,095 2.50 10.822 652 35,546 99.79 23.19 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 4.250% per annum to 11.000% per annum and the weighted average Mortgage Rate of the Mortgage Loans was approximately 7.374% per annum. REMAINING MONTHS TO STATED MATURITY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT REMAINING MONTHS MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT TO STATED MATURITY LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------ ----- ----------- ---- ------ ----- ----------- --- --- -- 109 to 120 2 $ 160,214 0.03% 7.474% 595 $ 80,107 39.45% 9.67% 0.00% 169 to 180 976 37,009,994 7.17 9.924 651 37,920 97.58 44.62 0.00 229 to 240 20 1,294,668 0.25 8.411 623 64,733 82.85 60.85 0.00 289 to 300 1 94,815 0.02 8.100 613 94,815 90.78 100.00 0.00 349 to 360 3,624 477,597,817 92.53 7.173 605 131,787 81.65 66.94 16.07 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 114 months to 358 months and the weighted average remaining term to stated maturity of the Mortgage Loans was approximately 343 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF ORIGINAL OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN PRINCIPAL BALANCES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- $50,000 or less 863 $28,100,886 5.44% 9.896% 645 $32,562 96.66% 49.87% 0.31% $50,001 to $100,000 1,472 111,645,913 21.63 7.725 611 75,846 83.45 71.48 4.34 $100,001 to $150,000 1,263 154,978,835 30.03 7.245 610 122,707 82.24 68.32 12.22 $150,001 to $200,000 468 80,594,166 15.61 7.143 601 172,210 80.73 66.84 17.72 $200,001 to $250,000 303 67,254,343 13.03 6.904 600 221,962 81.27 64.31 22.00 $250,001 to $300,000 167 45,740,245 8.86 6.801 601 273,894 80.97 54.98 30.57 $300,001 to $350,000 80 25,249,580 4.89 6.898 606 315,620 82.10 52.75 38.81 $350,001 to $400,000 7 2,593,541 0.50 6.707 618 370,506 78.72 69.76 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $3,383 to approximately $398,703 and the average outstanding principal balance of the Mortgage Loans was approximately $111,650. PRODUCT TYPES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PRODUCT TYPES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Balloon Loans 857 $31,814,015 6.16% 10.126% 656 $37,123 99.38% 41.73% 0.00% 10 Year Fixed Loans 2 160,214 0.03 7.474 595 80,107 39.45 9.67 0.00 15 Year Fixed Loans 119 5,195,980 1.01 8.689 624 43,664 86.52 62.32 0.00 20 Year Fixed Loans 20 1,294,668 0.25 8.411 623 64,733 82.85 60.85 0.00 25 Year Fixed Loans 1 94,815 0.02 8.100 613 94,815 90.78 100.00 0.00 30 Year Fixed Loans 399 47,033,833 9.11 7.300 613 117,879 79.44 74.61 4.32 Six-Month LIBOR Loans 55 6,651,051 1.29 6.887 597 120,928 84.05 81.77 0.00 1/29 LIBOR Loans 1 150,458 0.03 8.625 576 150,458 90.00 100.00 0.00 2/28 LIBOR Loans 2,660 350,370,339 67.88 7.159 604 131,718 81.74 66.33 17.59 3/27 LIBOR Loans 490 71,145,001 13.78 7.194 605 145,194 82.37 62.33 16.99 5/25 LIBOR Loans 19 2,247,134 0.44 6.855 613 118,270 83.88 100.00 44.47 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- AMORTIZATION TYPE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT AMORTIZATION TYPE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Fully Amortizing 3,326 $407,609,030 78.97% 7.271% 602 $122,552 81.70% 68.35% 0.00% Balloon 857 31,814,015 6.16 10.126 656 37,123 99.38 41.73 0.00 12 Month Interest-Only 2 308,000 0.06 6.078 662 154,000 80.00 100.00 100.00 24 Month Interest-Only 138 19,424,266 3.76 6.840 613 140,756 83.32 81.46 100.00 36 Month Interest-Only 20 3,530,526 0.68 6.818 620 176,526 84.22 72.82 100.00 60 Month Interest-Only 264 49,902,026 9.67 6.754 622 189,023 80.66 49.72 100.00 120 Month Interest-Only 16 3,569,646 0.69 6.847 626 223,103 84.28 48.06 100.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT STATE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----- ----- ----------- ---- ------ ----- ----------- --- --- -- Alabama 39 $3,154,258 0.61% 7.912% 616 $80,878 84.84% 50.47% 9.70% Arizona 206 20,103,314 3.89 7.296 622 97,589 83.82 66.99 28.10 Arkansas 28 1,908,227 0.37 7.426 635 68,151 86.46 77.87 0.00 California 352 61,904,422 11.99 6.999 603 175,865 78.60 53.06 34.52 Colorado 56 7,381,155 1.43 7.045 614 131,806 82.63 66.45 38.98 Connecticut 68 8,097,681 1.57 7.256 619 119,084 81.94 48.25 4.02 Delaware 5 516,679 0.10 7.667 601 103,336 63.00 91.88 0.00 Florida 234 26,188,747 5.07 7.320 619 111,918 83.03 52.58 12.96 Georgia 73 8,078,041 1.57 7.682 614 110,658 85.66 58.21 15.23 Idaho 24 2,289,993 0.44 6.987 617 95,416 82.06 78.17 33.52 Illinois 414 49,221,913 9.54 7.367 613 118,894 83.41 58.53 9.81 Indiana 122 12,119,875 2.35 7.493 601 99,343 85.21 82.09 6.61 Iowa 28 2,753,905 0.53 7.714 592 98,354 85.18 90.18 5.03 Kansas 60 5,476,487 1.06 7.782 605 91,275 86.78 81.18 6.91 Kentucky 53 4,496,645 0.87 7.466 600 84,842 83.59 92.78 14.69 Louisiana 71 6,208,726 1.20 7.825 614 87,447 85.76 57.79 5.33 Maine 6 1,039,103 0.20 7.559 573 173,184 76.59 22.78 0.00 Maryland 96 16,288,629 3.16 7.231 588 169,673 81.31 72.66 14.75 Massachusetts 21 3,930,488 0.76 7.014 606 187,166 77.58 60.23 12.58 Michigan 236 23,313,359 4.52 7.645 601 98,785 83.83 71.72 8.87 Minnesota 183 24,791,850 4.80 7.348 610 135,475 84.57 57.70 15.97 Mississippi 23 2,043,415 0.40 7.811 605 88,844 85.88 54.04 0.00 Missouri 231 22,185,343 4.30 7.581 600 96,040 84.71 78.40 5.86 Montana 3 304,380 0.06 6.467 594 101,460 72.82 100.00 0.00 Nebraska 11 1,333,942 0.26 7.226 611 121,267 85.53 36.91 0.00 Nevada 112 15,803,083 3.06 7.132 602 141,099 80.02 74.32 15.63 New Hampshire 9 1,584,903 0.31 6.994 586 176,100 83.88 58.01 0.00 New Jersey 25 4,834,585 0.94 7.187 585 193,383 75.67 54.75 25.50 New Mexico 20 1,875,373 0.36 7.574 617 93,769 83.88 94.54 0.00 New York 33 6,267,507 1.21 6.801 590 189,924 72.91 71.42 15.54 North Carolina 53 5,095,865 0.99 7.676 625 96,148 85.98 61.02 11.37 North Dakota 2 188,220 0.04 7.441 585 94,110 84.70 100.00 0.00 Ohio 285 27,768,884 5.38 7.205 602 97,435 84.01 78.73 10.12 Oklahoma 34 3,070,888 0.59 7.507 596 90,320 83.34 92.18 0.00 Oregon 61 7,106,791 1.38 7.068 625 116,505 83.40 71.05 33.45 Pennsylvania 88 10,212,309 1.98 7.200 597 116,049 82.21 63.66 0.00 Rhode Island 16 2,475,342 0.48 7.165 605 154,709 79.68 97.62 0.00 South Carolina 26 2,505,885 0.49 7.696 606 96,380 84.38 60.47 23.08 South Dakota 2 230,078 0.04 7.899 585 115,039 89.10 49.77 0.00 Tennessee 80 6,631,611 1.28 7.571 599 82,895 83.38 75.51 8.46 Texas 710 56,208,606 10.89 7.790 614 79,167 83.97 63.64 3.18 Utah 38 3,538,348 0.69 7.284 637 93,114 85.17 63.51 13.77 Virginia 118 14,158,916 2.74 7.390 608 119,991 84.45 70.10 21.85 Washington 150 18,568,392 3.60 7.206 618 123,789 83.27 63.79 29.60 West Virginia 9 985,284 0.19 7.329 610 109,476 79.47 64.16 0.00 Wisconsin 107 11,636,545 2.25 7.780 611 108,753 84.83 78.20 8.62 Wyoming 2 279,518 0.05 7.253 590 139,759 58.19 100.00 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
No more than approximately 0.38% 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. 28 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- ORIGINAL LOAN-TO-VALUE RATIOS
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN-TO-VALUE RATIOS LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 50.00% or less 48 $5,935,606 1.15% 7.121% 578 $123,658 43.32% 66.57% 12.35% 50.01% to 55.00% 35 6,119,675 1.19 6.728 585 174,848 52.81 69.71 10.86 55.01% to 60.00% 44 6,582,702 1.28 6.682 585 149,607 58.18 70.75 10.12 60.01% to 65.00% 71 11,545,921 2.24 7.070 570 162,619 63.17 62.86 9.29 65.01% to 70.00% 87 11,619,942 2.25 7.054 576 133,563 68.27 60.51 10.56 70.01% to 75.00% 210 31,032,031 6.01 7.048 587 147,772 73.68 57.13 14.87 75.01% to 80.00% 1,748 207,811,251 40.26 6.985 616 118,885 79.73 63.04 18.26 80.01% to 85.00% 470 68,505,871 13.27 7.272 589 145,757 84.32 62.18 17.33 85.01% to 90.00% 582 85,632,042 16.59 7.351 603 147,134 89.40 76.39 14.66 90.01% to 95.00% 264 32,296,006 6.26 7.775 619 122,333 94.63 75.30 14.51 95.01% to 100.00% 1,064 49,076,463 9.51 9.494 646 46,124 99.88 58.81 1.43 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 13.01% 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 6.63% 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 99.77%. The weighted average Second Lien ratio for the Mortgage Loans which are in a second lien position was approximately 20.01%. LOAN PURPOSE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN PURPOSE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- Purchase 2,333 $183,984,023 35.64% 7.758% 626 $78,862 85.30% 61.08% 8.61% Refinance - Cashout 1,977 292,385,396 56.65 7.157 598 147,893 81.03 66.85 18.24 Refinance - Rate/Term 313 39,788,091 7.71 7.193 602 127,119 84.07 73.51 18.98 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- PROPERTY TYPE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PROPERTY TYPE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Single Family 3,575 $395,272,820 76.58% 7.366% 607 $110,566 82.80% 65.85% 14.25% Planned Unit Development 617 70,865,916 13.73 7.430 612 114,856 83.20 65.53 18.32 Two- to Four-Family 138 19,851,261 3.85 7.314 611 143,850 79.11 58.19 5.42 Condominium 231 24,194,198 4.69 7.414 617 104,737 83.88 61.40 23.40 Townhouse 51 5,110,044 0.99 7.275 615 100,197 84.85 61.87 10.19 Manufactured Housing 6 462,034 0.09 7.142 675 77,006 78.72 100.00 32.90 Rowhouse 5 401,238 0.08 7.570 612 80,248 88.07 90.95 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
DOCUMENTATION
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT DOCUMENTATION LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Full Documentation 2,978 $337,102,242 65.31% 7.266% 597 $113,198 82.98% 100.00% 13.42% Stated Documentation 1,605 172,528,893 33.43 7.593 631 107,495 82.40 0.00 17.45 Lite Documentation 40 6,526,375 1.26 7.138 600 163,159 82.85 0.00 21.53 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
OCCUPANCY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT OCCUPANCY LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO --------- ----- ----------- ---- ------ ----- ----------- --- --- -- Primary 4,477 $498,718,442 96.62% 7.371% 608 $111,396 82.79% 64.78% 15.39% Investment 125 14,538,302 2.82 7.485 624 116,306 83.05 84.16 0.00 Second Home 21 2,900,765 0.56 7.319 618 138,132 79.97 62.46 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- MORTGAGE LOANS AGE SUMMARY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOANS AGE MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT (MONTHS) LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------- ----- ----------- ---- ------ ----- ----------- --- --- -- 2 33 $3,650,389 0.71% 7.281% 602 $110,618 83.00% 92.86% 13.95% 3 1,201 137,178,202 26.58 7.421 606 114,220 82.72 67.00 14.79 4 1,692 193,215,342 37.43 7.352 607 114,193 82.59 69.00 17.27 5 1,231 135,989,394 26.35 7.344 610 110,471 82.92 59.92 12.31 6 420 40,880,700 7.92 7.429 616 97,335 83.11 58.38 11.58 7 42 4,752,528 0.92 7.341 617 113,155 85.50 62.02 23.25 8 3 293,416 0.06 7.434 623 97,805 84.36 0.00 0.00 9 1 197,538 0.04 7.500 618 197,538 90.00 100.00 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 4 months. ORIGINAL PREPAYMENT PENALTY TERM
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL PREPAYMENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PENALTY TERM LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- None 1,033 $88,017,594 17.05% 7.986% 610 $85,206 84.89% 66.97% 8.73% 6 Months 3 687,901 0.13 8.261 581 229,300 91.65 100.00 0.00 12 Months 185 21,719,182 4.21 7.528 610 117,401 83.20 60.17 8.01 13 Months 2 606,865 0.12 7.239 615 303,432 69.60 0.00 49.43 24 Months 2,208 268,010,581 51.92 7.240 607 121,382 82.19 63.27 18.77 30 Months 1 152,480 0.03 8.005 603 152,480 95.63 0.00 0.00 36 Months 1,191 136,962,905 26.54 7.214 610 114,998 82.52 69.23 12.20 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties was approximately 27 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. 31 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- CREDIT SCORES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF CREDIT SCORES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Not Available 5 $354,568 0.07% 8.506% 0 $70,914 77.70% 67.28% 0.00% 500 2 315,074 0.06 8.415 500 157,537 84.17 100.00 0.00 501 to 525 82 11,513,716 2.23 7.959 515 140,411 73.16 76.02 0.00 526 to 550 282 37,899,842 7.34 7.602 539 134,397 77.56 86.35 6.33 551 to 575 534 70,937,576 13.74 7.527 564 132,842 80.17 79.14 7.96 576 to 600 828 100,834,788 19.54 7.280 588 121,781 81.35 79.89 14.80 601 to 625 1,057 120,581,144 23.36 7.213 613 114,079 83.74 69.03 17.47 626 to 650 862 93,564,002 18.13 7.313 637 108,543 85.75 49.42 19.17 651 to 675 530 47,734,527 9.25 7.400 660 90,065 86.38 42.66 17.87 676 to 700 234 17,751,070 3.44 7.516 686 75,859 84.40 30.83 23.88 701 to 725 104 7,683,328 1.49 7.504 711 73,878 84.65 20.74 16.91 726 to 750 67 4,814,364 0.93 7.673 738 71,856 87.17 18.63 11.63 751 to 775 23 1,364,836 0.26 7.971 762 59,341 88.55 16.54 8.85 776 to 800 11 717,271 0.14 7.819 784 65,206 86.03 41.98 0.00 801 to 806 2 91,404 0.02 9.760 804 45,702 100.00 38.93 0.00 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 500 to 806 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 608. CREDIT GRADE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT CREDIT GRADE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- A+ 496 $57,784,301 11.20% 7.282% 631 $116,501 86.45% 51.98% 19.56% A 1604 178,599,966 34.6 7.231 606 111,347 82.92 73.21 16.58 A- 513 67,806,360 13.14 7.416 586 132,176 81.13 76.74 8.70 B 509 66,616,093 12.91 7.478 571 130,876 80.05 81.07 12.47 C 191 27,398,825 5.31 7.425 542 143,449 76.49 81.15 9.93 C- 118 16,390,560 3.18 7.867 528 138,903 72.15 79.43 - SA1 369 25,631,245 4.97 7.62 711 69,461 86.38 21.23 17.98 SA2 242 19,522,333 3.78 7.612 670 80,671 85.00 25.84 18.24 SA3 581 56,407,826 10.93 7.386 650 97,087 87.57 43.50 19.01 TOTAL: 4,623 $516,157,509 100.00% 7.374% 608 $111,650 82.79% 65.31% 14.87%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- GROSS MARGINS
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF GROSS MARGINS LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 2.001% to 2.500% 2 $503,531 0.12% 5.590% 652 $251,766 82.19% 100.00% 40.22% 2.501% to 3.000% 7 1,229,283 0.29 5.504 637 175,612 76.55 59.63 18.81 3.001% to 3.500% 23 3,917,196 0.91 5.501 608 170,313 81.94 93.53 22.14 3.501% to 4.000% 67 9,637,774 2.24 5.777 615 143,847 78.97 94.13 30.47 4.001% to 4.500% 224 31,888,975 7.41 6.118 610 142,361 78.88 85.30 24.64 4.501% to 5.000% 345 49,544,097 11.51 6.473 613 143,606 80.39 71.55 23.57 5.001% to 5.500% 585 78,502,968 18.23 6.846 615 134,193 81.00 64.63 17.83 5.501% to 6.000% 687 91,780,279 21.32 7.120 608 133,596 81.04 59.78 17.29 6.001% to 6.500% 601 81,202,236 18.86 7.514 599 135,112 82.49 56.66 15.60 6.501% to 7.000% 352 45,564,929 10.58 7.904 589 129,446 85.40 65.12 14.21 7.001% to 7.500% 214 24,625,680 5.72 8.543 579 115,073 85.30 72.85 5.58 7.501% to 8.000% 81 8,545,039 1.98 8.915 580 105,494 88.29 64.24 6.39 8.001% to 8.500% 31 2,945,907 0.68 8.864 564 95,029 82.54 90.23 0.00 8.501% to 9.000% 5 552,767 0.13 9.362 589 110,553 91.88 87.15 0.00 9.001% to 9.500% 1 123,325 0.03 6.550 619 123,325 77.99 100.00 0.00 TOTAL: 3,225 $430,563,984 100.00% 7.159% 604 $133,508 81.89% 66.10% 17.35%
As of the Cut-off Date, the Gross Margins for the Adjustable Rate Mortgage Loans ranged from 2.610% per annum to 12.000% per annum and the weighted average Gross Margin of the Adjustable Rate Mortgage Loans was approximately 6.241% 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. 33 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- MAXIMUM MORTGAGE RATES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF MAXIMUM MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT MORTGAGE RATES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------- -------- ----------- ---------- -------- -------- ----------- -------- ------- ------- 11.500% or less 14 $2,253,609 0.52% 5.424% 651 $160,972 76.51% 64.39% 26.81% 11.501% to 12.000% 105 18,402,937 4.27 5.752 631 175,266 78.22 72.18 28.66 12.001% to 12.500% 237 36,993,633 8.59 6.229 621 156,091 78.88 58.64 19.93 12.501% to 13.000% 531 82,819,083 19.24 6.591 613 155,968 79.91 61.46 26.08 13.001% to 13.500% 508 74,737,211 17.36 6.917 602 147,120 81.84 67.30 22.15 13.501% to 14.000% 603 80,910,080 18.79 7.230 601 134,179 82.50 69.00 16.69 14.001% to 14.500% 404 48,218,462 11.20 7.603 600 119,353 83.91 67.24 11.21 14.501% to 15.000% 383 41,463,160 9.63 7.970 593 108,259 83.94 66.03 6.75 15.001% to 15.500% 208 22,002,584 5.11 8.399 586 105,782 84.53 65.52 5.35 15.501% to 16.000% 137 13,652,434 3.17 8.745 579 99,653 84.50 76.88 2.23 16.001% to 16.500% 87 8,144,656 1.89 9.307 583 93,617 86.40 68.43 1.36 16.501% to 17.000% 8 966,136 0.22 9.550 569 120,767 80.60 88.76 0.00 TOTAL: 3,225 $430,563,984 100.00% 7.159% 604 $133,508 81.89% 66.10% 17.35%
As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from 11.250% per annum to 16.550% per annum and the weighted average Maximum Mortgage Rate of the Adjustable Rate Mortgage Loans was approximately 13.651% 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. 34 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 MORTGAGE LOANS -------------------------------------------------------------------------------- NEXT RATE ADJUSTMENT DATE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT NEXT RATE ADJUSTMENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT DATE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---- ----- ----------- ---- ------ ----- ----------- --- --- -- June 2005 4 $613,076 0.14% 5.970% 600 $153,269 84.79% 69.02% 0.00% July 2005 26 3,380,003 0.79 6.522 593 130,000 83.59 97.64 0.00 August 2005 23 2,529,059 0.59 7.645 602 109,959 84.51 62.71 0.00 October 2005 1 44,704 0.01 7.250 612 44,704 90.00 100.00 0.00 November 2005 1 84,210 0.02 5.250 589 84,210 80.00 100.00 0.00 February 2006 1 150,458 0.03 8.625 576 150,458 90.00 100.00 0.00 August 2006 1 197,538 0.05 7.500 618 197,538 90.00 100.00 0.00 September 2006 2 268,496 0.06 7.126 619 134,248 82.91 0.00 0.00 October 2006 28 3,539,476 0.82 7.382 614 126,410 85.78 65.13 15.83 November 2006 209 28,206,891 6.55 7.056 612 134,961 82.10 56.78 12.85 December 2006 586 80,173,763 18.62 6.981 607 136,815 81.50 62.47 15.16 January 2007 1,022 135,392,065 31.45 7.191 602 132,478 81.68 67.99 20.11 February 2007 786 99,741,575 23.17 7.270 601 126,898 81.72 69.34 17.59 March 2007 26 2,850,537 0.66 7.422 596 109,636 82.98 90.86 17.87 October 2007 4 776,929 0.18 6.319 610 194,232 80.01 46.15 70.15 November 2007 32 4,022,599 0.93 6.854 604 125,706 77.63 67.07 27.63 December 2007 201 29,323,157 6.81 7.307 602 145,886 82.20 55.45 13.79 January 2008 148 21,750,570 5.05 7.064 607 146,963 81.70 75.38 18.68 February 2008 103 15,053,307 3.50 7.313 610 146,149 85.08 55.90 15.45 March 2008 2 218,438 0.05 6.313 611 109,219 81.08 100.00 0.00 December 2009 2 294,940 0.07 6.183 608 147,470 75.01 100.00 100.00 January 2010 11 1,194,470 0.28 6.852 613 108,588 81.72 100.00 44.94 February 2010 6 757,724 0.18 7.120 615 126,287 90.74 100.00 22.11 TOTAL: 3,225 $430,563,984 100.00% 7.159% 604 $133,508 81.89% 66.10% 17.35%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- Aggregate Outstanding Principal Balance $323,843,048 Aggregate Original Principal Balance $324,579,257 Number of Mortgage Loans 1,665
MINIMUM MAXIMUM AVERAGE (1) ------- ------- ----------- Original Principal Balance $12,500 $750,000 $194,942 Outstanding Principal Balance $12,418 $750,000 $194,500
MINIMUM MAXIMUM WEIGHTED AVERAGE (2) ------- ------- -------------------- Original Term (mos) 180 360 348 Stated remaining Term (mos) 173 358 344 Loan Age (mos)(5) 2 10 4 Current Interest Rate 4.400% 12.400% 7.200% Initial Interest Rate Cap (3) 1.000% 3.000% 2.886% Periodic Rate Cap (3) 1.000% 2.000% 1.079% Gross Margin (3) 2.250% 10.780% 6.036% Maximum Mortgage Rate (3) 10.700% 18.000% 13.413% Minimum Mortgage Rate (3) 2.250% 11.250% 6.853% Months to Roll (3) 1 57 21 Original Loan-to-Value 40.98% 100.00% 83.68% Credit Score (4) 502 803 627
EARLIEST LATEST -------- ------ Maturity Date 10/01/2019 03/01/2035
LIEN POSITION PERCENT OF MORTGAGE POOL ------------------------ 1st Lien 3.63% 2nd Lien 6.37%
OCCUPANCY PERCENT OF MORTGAGE POOL ------------------------ Primary 99.68% Investment 0.32%
LOAN TYPE PERCENT OF MORTGAGE POOL ------------------------ Fixed Rate 15.81% ARM 84.19%
AMORTIZATION TYPE PERCENT OF MORTGAGE POOL ------------------------ Fully Amortizing 57.48% Interest-Only 36.42% Balloon 6.10%
Year of Origination PERCENT OF MORTGAGE POOL 2004 79.42% 2005 20.58%
LOAN PURPOSE PERCENT OF MORTGAGE POOL ------------------------ Purchase 69.73% Refinance - Rate/Term 3.26% Refinance - Cashout 27.01%
PROPERTY TYPE PERCENT OF MORTGAGE POOL ------------------------ Single Family 69.09% Planned Unit Development 21.10% Condominium 5.65% Two-to-Four Family 3.45% Townhouse 0.57% Rowhouse 0.14%
(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. 36 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- MORTGAGE RATES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF MORTGAGE RATES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 5.500% or less 45 $15,081,962 4.66% 5.294% 645 $335,155 79.91% 73.84% 64.51% 5.501% to 6.000% 129 37,659,345 11.63 5.840 649 291,933 80.32 61.30 53.64 6.001% to 6.500% 253 71,042,857 21.94 6.305 634 280,802 80.77 45.60 53.96 6.501% to 7.000% 293 73,744,531 22.77 6.794 634 251,688 81.31 36.43 43.72 7.001% to 7.500% 144 34,495,407 10.65 7.262 622 239,551 84.45 43.86 30.91 7.501% to 8.000% 132 30,499,504 9.42 7.795 611 231,057 87.29 46.00 16.70 8.001% to 8.500% 57 12,149,703 3.75 8.268 589 213,153 88.45 55.82 9.15 8.501% to 9.000% 32 6,655,277 2.06 8.750 602 207,977 90.59 43.11 6.19 9.001% to 9.500% 42 4,706,673 1.45 9.377 636 112,064 95.66 53.22 0.00 9.501% to 10.000% 176 16,748,111 5.17 9.809 595 95,160 87.77 72.52 0.00 10.001% to 10.500% 102 8,544,956 2.64 10.270 598 83,774 86.34 73.10 1.68 10.501% to 11.000% 95 6,767,306 2.09 10.800 644 71,235 97.29 22.84 0.00 11.001% to 11.500% 76 2,908,906 0.90 11.297 625 38,275 97.92 35.10 0.00 11.501% to 12.000% 85 2,729,456 0.84 11.904 630 32,111 99.32 18.19 0.00 12.001% to 12.500% 4 109,052 0.03 12.284 629 27,263 100.00 76.50 0.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 4.400% per annum to 12.400% per annum and the weighted average Mortgage Rate of the Mortgage Loans was approximately 7.200% per annum. REMAINING MONTHS TO STATED MATURITY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED RANGE OF OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT REMAINING MONTHS MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT TO STATED MATURITY LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------ ----- ----------- ---- ------ ----- ----------- --- --- -- 173 to 180 359 $21,101,751 6.52% 10.436% 652 $58,779 98.18% 30.11% 0.00% 229 to 240 21 1,321,723 0.41 8.647 595 62,939 82.01 75.60 0.00 349 to 358 1,285 301,419,574 93.08 6.967 626 234,568 82.68 49.43 39.12 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 173 months to 358 months and the weighted average remaining term to stated maturity of the Mortgage Loans was approximately 344 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. 37 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL MORTGAGE MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN PRINCIPAL BALANCES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- $50,000 or less 187 $5,695,202 1.76% 11.123% 623 $30,456 95.43% 39.77% 0.00% $50,001 to $100,000 343 25,769,716 7.96 9.854 622 75,130 91.01 54.33 0.00 $100,001 to $150,000 105 12,657,498 3.91 9.080 598 120,548 85.37 73.08 2.06 $150,001 to $200,000 336 58,967,227 18.21 7.162 627 175,498 83.08 53.73 21.38 $200,001 to $250,000 209 46,425,505 14.34 6.873 640 222,132 82.47 44.24 41.34 $250,001 to $300,000 132 36,396,261 11.24 6.816 644 275,729 83.08 34.84 41.01 $300,001 to $350,000 112 36,785,744 11.36 6.800 629 328,444 82.97 37.89 48.11 $350,001 to $400,000 123 46,215,327 14.27 6.581 620 375,734 82.25 40.60 45.72 $400,001 to $450,000 49 20,929,333 6.46 6.576 616 427,129 82.21 67.46 67.27 $450,001 to $500,000 52 24,628,044 7.60 6.441 622 473,616 82.57 54.07 52.20 $500,001 to $550,000 10 5,176,554 1.60 6.282 634 517,655 80.46 30.49 40.72 $550,001 to $600,000 5 2,806,636 0.87 6.576 620 561,327 88.13 100.00 59.86 $600,001 to $650,000 1 640,000 0.20 5.750 628 640,000 76.19 100.00 100.00 $700,001 to $750,000 1 750,000 0.23 6.275 620 750,000 79.62 100.00 100.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $12,418 to approximately $750,000 and the average outstanding principal balance of the Mortgage Loans was approximately $194,500. PRODUCT TYPES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PRODUCT TYPES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Balloon Loans 333 $19,755,970 6.10% 10.569% 653 $59,327 99.43% 28.50% 0.00% 15 Year Fixed Loans 26 1,345,782 0.42 8.491 633 51,761 79.83 53.65 0.00 20 Year Fixed Loans 21 1,321,723 0.41 8.647 595 62,939 82.01 75.60 0.00 30 Year Fixed Loans 164 28,775,696 8.89 7.104 614 175,462 81.53 72.89 11.22 Six-Month LIBOR Loans 18 4,587,268 1.42 6.171 613 254,848 83.27 58.60 0.00 2/28 LIBOR Loans 962 230,821,096 71.28 6.986 628 239,939 82.76 45.09 43.05 3/27 LIBOR Loans 139 36,248,014 11.19 6.879 625 260,777 83.29 55.88 39.54 5/25 LIBOR Loans 2 987,500 0.30 5.475 596 493,750 70.45 100.00 100.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- AMORTIZATION TYPE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT AMORTIZATION TYPE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Fully Amortizing 941 $186,158,979 57.48% 7.315% 617 $197,831 83.32% 53.01% 0.00% Balloon 333 19,755,970 6.10 10.569 653 59,327 99.43 28.50 0.00 12 Month Interest-Only 1 456,000 0.14 6.850 684 456,000 79.30 0.00 100.00 24 Month Interest-Only 80 23,255,787 7.18 6.399 627 290,697 83.53 70.33 100.00 36 Month Interest-Only 5 1,630,503 0.50 6.957 644 326,101 85.05 73.01 100.00 60 Month Interest-Only 271 82,861,704 25.59 6.429 642 305,763 80.98 36.49 100.00 120 Month Interest-Only 34 9,724,106 3.00 6.675 646 286,003 81.92 43.70 100.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT STATE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ----- ----- ----------- ---- ------ ----- ----------- --- --- -- Alabama 10 $981,239 0.30% 9.677% 585 $98,124 90.64% 69.02% 0.00% Arizona 37 6,529,362 2.02 7.180 632 176,469 83.49 23.81 53.91 Arkansas 4 302,777 0.09 7.751 660 75,694 81.17 100.00 0.00 California 440 116,176,275 35.87 6.724 637 264,037 82.83 41.00 62.38 Colorado 23 3,955,216 1.22 7.493 616 171,966 84.75 59.84 29.85 Connecticut 21 3,480,216 1.07 7.339 621 165,725 84.36 29.04 8.76 Delaware 2 622,777 0.19 6.259 661 311,388 80.00 73.09 73.09 Florida 88 13,939,096 4.30 7.293 637 158,399 84.00 34.06 32.75 Georgia 24 3,785,156 1.17 7.607 637 157,715 86.08 50.88 49.74 Idaho 1 340,100 0.11 8.100 658 340,100 95.00 0.00 100.00 Illinois 103 22,281,736 6.88 7.361 634 216,328 86.41 40.20 8.64 Indiana 22 2,272,911 0.70 7.979 637 103,314 85.87 86.89 0.00 Iowa 8 1,229,847 0.38 8.678 604 153,731 78.87 39.90 36.23 Kansas 12 2,292,950 0.71 7.813 607 191,079 88.95 78.78 24.32 Kentucky 11 1,390,312 0.43 7.896 618 126,392 79.65 59.55 32.69 Louisiana 10 855,422 0.26 8.080 610 85,542 85.03 72.07 0.00 Maine 3 717,211 0.22 6.776 569 239,070 78.41 44.42 0.00 Maryland 38 8,024,136 2.48 7.086 618 211,161 81.58 64.20 5.28 Massachusetts 14 3,660,307 1.13 6.960 646 261,451 85.02 22.20 14.64 Michigan 55 6,941,864 2.14 7.748 610 126,216 81.93 69.55 3.75 Minnesota 40 7,809,268 2.41 7.498 621 195,232 88.14 61.27 35.04 Mississippi 6 326,313 0.10 9.041 635 54,386 88.90 36.49 0.00 Missouri 34 3,869,480 1.19 8.370 627 113,808 85.05 51.10 5.23 Montana 1 171,498 0.05 6.300 653 171,498 85.00 100.00 0.00 Nebraska 4 445,076 0.14 7.758 629 111,269 81.35 11.48 81.78 Nevada 48 11,542,114 3.56 7.013 635 240,461 82.63 47.57 52.80 New Hampshire 2 317,510 0.10 7.528 625 158,755 86.42 82.70 0.00 New Jersey 23 6,370,601 1.97 6.957 626 276,983 83.66 43.60 35.79 New Mexico 2 190,224 0.06 7.299 683 95,112 81.66 0.00 0.00 New York 37 8,802,815 2.72 6.820 619 237,914 81.38 34.95 14.16 North Carolina 20 2,728,019 0.84 7.597 624 136,401 84.14 66.58 8.42 Ohio 76 8,319,749 2.57 7.770 601 109,470 84.23 76.18 13.58 Oklahoma 10 1,454,186 0.45 8.137 569 145,419 79.33 70.62 0.00 Oregon 5 685,400 0.21 7.778 653 137,080 86.35 0.00 0.00 Pennsylvania 23 4,002,388 1.24 7.020 619 174,017 85.78 45.37 19.29 Rhode Island 4 958,214 0.30 7.027 632 239,553 81.06 20.37 20.37 South Carolina 17 1,924,672 0.59 7.818 631 113,216 87.02 12.89 28.88 Tennessee 23 2,581,152 0.80 8.460 593 112,224 83.14 69.76 0.00 Texas 218 32,033,371 9.89 8.058 604 146,942 84.06 69.55 6.91 Utah 9 2,125,496 0.66 6.945 658 236,166 84.16 28.59 47.58 Virginia 77 16,535,783 5.11 7.157 633 214,750 83.61 47.91 38.60 Washington 44 8,574,396 2.65 6.847 621 194,873 83.64 62.53 37.23 West Virginia 5 574,388 0.18 7.396 626 114,878 83.00 56.80 0.00 Wisconsin 10 1,510,927 0.47 8.335 581 151,093 84.96 80.22 0.00 Wyoming 1 211,098 0.07 5.750 630 211,098 80.00 100.00 0.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
No more than approximately 0.50% 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. 40 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- ORIGINAL LOAN-TO-VALUE RATIOS
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF ORIGINAL MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN-TO-VALUE RATIOS LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 50.00% or less 4 $532,964 0.16% 6.538% 568 $133,241 48.57% 54.26% 0.00% 50.01% to 55.00% 4 1,503,758 0.46 6.367 613 375,939 53.39 65.56 0.00 55.01% to 60.00% 7 1,213,462 0.37 6.794 580 173,352 56.95 27.84 0.00 60.01% to 65.00% 17 4,684,384 1.45 6.262 603 275,552 63.90 63.53 61.62 65.01% to 70.00% 20 5,249,880 1.62 7.152 561 262,494 68.41 41.34 15.79 70.01% to 75.00% 45 10,947,657 3.38 6.648 596 243,281 74.09 50.25 30.03 75.01% to 80.00% 796 173,774,643 53.66 6.824 639 218,310 79.86 44.47 45.70 80.01% to 85.00% 109 29,640,187 9.15 6.936 604 271,928 84.24 48.09 34.95 85.01% to 90.00% 157 41,239,853 12.73 7.115 611 262,674 89.66 57.89 38.72 90.01% to 95.00% 101 23,002,844 7.10 7.773 618 227,751 94.70 53.34 20.01 95.01% to 100.00% 405 32,053,417 9.90 9.575 644 79,144 99.96 51.19 1.82 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 40.98% 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 6.37% 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 99.55%. The weighted average Second Lien ratio for the Mortgage Loans which are in a second lien position was approximately 19.87%. LOAN PURPOSE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT LOAN PURPOSE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- Purchase 1,255 $225,817,902 69.73% 7.320% 638 $179,935 84.12% 42.62% 35.62% Refinance - Cashout 364 87,473,915 27.01 6.912 603 240,313 82.59 61.10 38.89 Refinance - Rate/Term 46 10,551,231 3.26 7.007 608 229,375 83.41 62.91 32.94 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- PROPERTY TYPE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PROPERTY TYPE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Single Family 1,182 $223,752,302 69.09% 7.197% 625 $189,300 83.52% 48.64% 36.99% Planned Unit Development 330 68,346,003 21.10 7.306 627 207,109 83.94 51.95 36.95 Two- to Four-Family 51 11,157,871 3.45 7.143 645 218,782 85.10 27.64 5.29 Condominium 88 18,299,617 5.65 6.872 647 207,950 83.54 41.10 47.42 Townhouse 10 1,836,677 0.57 7.136 630 183,668 85.46 50.96 35.24 Rowhouse 4 450,578 0.14 7.327 602 112,645 90.69 100.00 0.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
DOCUMENTATION
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT DOCUMENTATION LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Full Documentation 815 $156,333,473 48.27% 7.173% 604 $191,820 84.01% 100.00% 33.28% Stated Documentation 826 160,315,961 49.50 7.236 651 194,087 83.31 0.00 39.42 Lite Documentation 24 7,193,615 2.22 6.978 599 299,734 84.72 0.00 37.56 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
OCCUPANCY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT OCCUPANCY LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO --------- ----- ----------- ---- ------ ----- ----------- --- --- -- Primary 1,657 $322,793,558 99.68% 7.201% 627 $194,806 83.70% 48.24% 36.53% Investment 8 1,049,490 0.32 6.655 621 131,186 77.02 57.64 0.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- MORTGAGE LOANS AGE SUMMARY
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE LOANS AGE MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT (MONTHS) LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------- ----- ----------- ---- ------ ----- ----------- --- --- -- 2 14 $2,226,873 0.69% 8.012% 579 $159,062 82.76% 82.94% 20.12% 3 358 67,498,695 20.84 7.367 621 188,544 83.48 50.71 35.75 4 719 147,030,977 45.40 7.151 630 204,494 83.17 47.52 41.22 5 411 79,367,436 24.51 7.120 630 193,108 84.66 47.21 31.75 6 144 24,624,892 7.60 7.120 628 171,006 83.87 47.63 29.70 7 17 2,778,115 0.86 7.932 616 163,419 86.67 33.32 8.41 8 1 266,423 0.08 7.900 573 266,423 94.99 100.00 0.00 10 1 49,637 0.02 7.750 585 49,637 40.98 0.00 0.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 4 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. 43 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- ORIGINAL PREPAYMENT PENALTY TERM
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT ORIGINAL PREPAYMENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT PENALTY TERM LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- None 299 $44,924,445 13.87% 8.034% 631 $150,249 86.78% 39.83% 13.61% 12 Months 65 15,115,256 4.67 7.224 631 232,542 83.23 38.46 39.20 24 Months 843 182,314,176 56.30 7.092 630 216,268 83.32 43.37 44.82 30 Months 1 186,493 0.06 8.400 502 186,493 80.00 100.00 0.00 36 Months 280 58,004,445 17.91 6.947 623 207,159 83.30 65.97 36.49 48 Months 2 121,320 0.04 7.810 575 60,660 81.68 100.00 0.00 60 Months 175 23,176,913 7.16 7.033 610 132,440 81.81 64.62 12.99 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties was approximately 29 months. CREDIT SCORES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF CREDIT SCORES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- Not Available 4 $398,206 0.12% 9.461% 0 $99,552 77.06% 100.00% 0.00% 501 to 525 12 1,962,693 0.61 8.369 512 163,558 76.98 76.15 0.00 526 to 550 63 13,273,480 4.10 7.540 541 210,690 76.70 76.13 14.26 551 to 575 228 38,133,016 11.78 8.100 565 167,250 81.86 76.69 15.45 576 to 600 180 39,550,525 12.21 7.333 588 219,725 83.69 73.99 30.32 601 to 625 350 64,693,504 19.98 7.180 613 184,839 84.50 61.82 41.23 626 to 650 358 71,972,421 22.22 6.977 639 201,040 86.24 40.77 40.07 651 to 675 240 47,682,895 14.72 6.953 661 198,679 84.23 21.22 45.34 676 to 700 116 23,620,435 7.29 6.784 686 203,624 81.51 17.63 46.26 701 to 725 48 9,105,247 2.81 6.775 712 189,693 82.16 14.41 57.37 726 to 750 34 7,214,847 2.23 6.692 735 212,201 81.91 5.92 36.42 751 to 775 21 3,679,440 1.14 6.999 761 175,211 82.22 12.80 19.22 776 to 800 10 2,333,379 0.72 7.191 794 233,338 83.27 0.00 65.42 801 to 825 1 222,960 0.07 6.575 803 222,960 80.00 0.00 0.00 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 502 to 803 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 627. -------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- CREDIT GRADE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT CREDIT GRADE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------ ----- ----------- ---- ------ ----- ----------- --- --- -- A+ 213 $42,142,421 13.01% 7.009% 631 $197,852 87.80% 51.14% 43.67% A 450 85,525,295 26.41 7.209 608 190,056 84.50 65.63 35.73 A- 233 40,549,798 12.52 7.927 583 174,033 82.24 73.61 24.81 B 121 25,993,283 8.03 7.458 571 214,821 79.12 62.70 16.82 C 31 6,574,080 2.03 7.159 544 212,067 76.04 90.58 17.50 C- 30 4,536,277 1.4 8.143 542 151,209 77.73 72.32 8.82 SA1 186 36,591,132 11.3 6.805 717 196,727 81.98 12.25 43.85 SA2 144 26,874,273 8.3 7.015 671 186,627 82.39 13.99 47.67 SA3 257 55,056,490 17 6.953 650 214,228 85.66 27.30 43.83 TOTAL: 1,665 $323,843,048 100.00% 7.200% 627 $194,500 83.68% 48.27% 36.42%
GROSS MARGINS
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT RANGE OF GROSS MARGINS LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ---------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 2.001% to 2.500% 1 $282,520 0.10% 6.130% 751 $282,520 80.00% 0.00% 0.00% 3.001% to 3.500% 4 1,065,894 0.39 5.829 635 266,473 83.28 40.22 20.45 3.501% to 4.000% 9 3,380,161 1.24 5.652 641 375,573 81.54 78.24 81.78 4.001% to 4.500% 46 15,037,194 5.52 5.627 629 326,896 81.95 95.85 69.17 4.501% to 5.000% 97 30,132,936 11.05 5.943 634 310,649 80.09 58.92 54.27 5.001% to 5.500% 153 43,564,983 15.98 6.336 635 284,738 81.11 43.29 56.20 5.501% to 6.000% 184 50,455,441 18.51 6.664 647 274,214 82.72 32.53 47.62 6.001% to 6.500% 197 51,353,744 18.84 6.982 629 260,679 81.56 37.42 42.33 6.501% to 7.000% 137 34,853,316 12.78 7.373 619 254,404 83.58 28.28 31.44 7.001% to 7.500% 69 15,949,516 5.85 7.901 611 231,152 90.83 51.92 14.98 7.501% to 8.000% 44 8,441,330 3.10 8.629 592 191,848 90.59 60.38 14.47 8.001% to 8.500% 89 9,785,228 3.59 9.644 570 109,946 82.67 92.11 1.46 8.501% to 9.000% 67 6,597,932 2.42 9.990 585 98,477 85.77 69.16 0.00 9.001% to 9.500% 16 1,129,803 0.41 10.161 569 70,613 82.06 87.59 0.00 9.501% to 10.000% 5 366,656 0.13 9.899 566 73,331 84.99 100.00 0.00 10.001% to 10.500% 1 44,898 0.02 10.500 550 44,898 90.00 100.00 0.00 10.501% to 11.000% 2 202,327 0.07 11.173 521 101,163 76.70 33.52 0.00 TOTAL: 1,121 $272,643,878 100.00% 6.952% 627 $243,215 82.80% 46.95% 42.07%
As of the Cut-off Date, the Gross Margins for the Adjustable Rate Mortgage Loans ranged from 2.250% per annum to 10.780% per annum and the weighted average Gross Margin of the Adjustable Rate Mortgage Loans was approximately 6.036% 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. 45 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- MAXIMUM MORTGAGE RATES
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT RANGE OF MAXIMUM MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT MORTGAGE RATES LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO -------------- ----- ----------- ---- ------ ----- ----------- --- --- -- 11.500% or less 14 $5,107,692 1.87% 5.281% 659 $364,835 79.40% 37.65% 52.41% 11.501% to 12.000% 74 22,025,665 8.08 5.817 659 297,644 79.20 42.98 49.40 12.001% to 12.500% 163 48,031,298 17.62 6.142 642 294,671 80.42 43.41 66.98 12.501% to 13.000% 200 54,050,756 19.82 6.549 640 270,254 81.45 40.31 52.59 13.001% to 13.500% 146 40,205,549 14.75 6.651 625 275,380 82.81 50.02 41.55 13.501% to 14.000% 157 41,916,175 15.37 7.222 620 266,982 84.94 44.88 34.53 14.001% to 14.500% 75 19,065,873 6.99 7.482 613 254,212 86.42 48.98 37.03 14.501% to 15.000% 49 11,871,184 4.35 7.965 615 242,269 87.53 37.52 15.36 15.001% to 15.500% 34 7,397,111 2.71 8.261 585 217,562 87.71 56.42 4.60 15.501% to 16.000% 27 5,137,609 1.88 8.974 586 190,282 87.05 36.47 0.00 16.001% to 16.500% 11 1,625,618 0.60 9.438 586 147,783 89.17 69.68 0.00 16.501% to 17.000% 101 10,247,698 3.76 9.782 576 101,462 84.33 82.46 0.00 17.001% to 17.500% 61 5,447,009 2.00 10.247 568 89,295 79.93 93.97 2.63 17.501% to 18.000% 9 514,642 0.19 10.709 568 57,182 80.00 100.00 0.00 TOTAL: 1,121 $272,643,878 100.00% 6.952% 627 $243,215 82.80% 46.95% 42.07%
As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from 10.700% per annum to 18.000% per annum and the weighted average Maximum Mortgage Rate of the Adjustable Rate Mortgage Loans was approximately 13.413% 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. 46 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 MORTGAGE LOANS -------------------------------------------------------------------------------- NEXT RATE ADJUSTMENT DATE
NUMBER AGGREGATE WEIGHTED AVERAGE WEIGHTED OF PRINCIPAL PERCENT OF WEIGHTED AVERAGE PRINCIPAL AVERAGE PERCENT MORTGAGE BALANCE MORTGAGE AVERAGE CREDIT BALANCE ORIGINAL FULL PERCENT NEXT RATE ADJUSTMENT DATE LOANS OUTSTANDING POOL COUPON SCORE OUTSTANDING LTV DOC IO ------------------------- ----- ----------- ---- ------ ----- ----------- --- --- -- June 2005 2 $549,437 0.20% 5.715% 650 $274,719 95.00% 0.00% 0.00% July 2005 9 2,258,376 0.83 6.316 598 250,931 78.44 79.02 0.00 August 2005 5 1,257,668 0.46 6.220 616 251,534 89.30 71.83 0.00 September 2005 1 184,153 0.07 7.100 612 184,153 85.00 0.00 0.00 November 2005 1 337,634 0.12 5.250 644 337,634 73.12 0.00 0.00 September 2006 1 266,423 0.10 7.900 573 266,423 94.99 100.00 0.00 October 2006 10 2,058,018 0.75 7.736 617 205,802 90.58 41.58 11.35 November 2006 73 17,686,858 6.49 6.800 630 242,286 82.47 43.18 36.31 December 2006 197 49,340,317 18.10 6.826 632 250,458 83.97 43.82 37.05 January 2007 446 110,213,908 40.42 6.924 631 247,116 82.26 43.31 49.01 February 2007 223 49,280,003 18.07 7.274 618 220,987 82.40 49.08 40.56 March 2007 12 1,975,569 0.72 7.997 576 164,631 82.65 90.09 22.68 October 2007 1 396,068 0.15 6.250 601 396,068 55.46 0.00 0.00 November 2007 8 2,176,347 0.80 6.854 605 272,043 84.48 70.86 29.79 December 2007 62 15,906,008 5.83 6.824 624 256,549 83.57 58.12 41.59 January 2008 35 9,736,367 3.57 6.851 627 278,182 83.10 58.70 35.19 February 2008 33 8,033,224 2.95 7.061 632 243,431 84.03 46.73 45.37 January 2010 1 487,500 0.18 5.450 588 487,500 65.00 100.00 100.00 February 2010 1 500,000 0.18 5.500 604 500,000 75.76 100.00 100.00 TOTAL: 1,121 $272,643,878 100.00% 6.952% 627 $243,215 82.80% 46.95% 42.07%
-------------------------------------------------------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the final prospectus supplement. 47 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- MORTGAGE POOL GROUP 1 FIXED RATE MORTGAGE LOANS
ORIGINAL ORIGINAL REMAINING ORIGINAL REMAINING MONTHS TO NET ORIGINAL REMAINING AMORTIZATION AMORTIZATION IO IO PREPAYMENT CURRENT MORTGAGE MORTGAGE TERM TERM TERM TERM TERM TERM PENALTY BALANCE ($) RATE(%) RATE(%) (MONTHS) (MONTHS) (MONTHS) (MONTHS) (MONTHS) (MONTHS) EXPIRATION ----------- ------- ------- -------- -------- -------- -------- -------- -------- ---------- 179,689.06 7.947 7.447 180 176 360 356 0 0 0 480,886.21 7.059 6.559 180 176 360 356 0 0 36 144,717.99 7.150 6.650 120 114 120 114 0 0 36 479,529.56 8.017 7.517 180 176 180 176 0 0 0 106,521.17 7.375 6.875 180 175 180 175 0 0 24 2,093,531.00 7.345 6.845 180 176 180 176 0 0 36 246,638.67 8.564 8.064 240 235 240 235 0 0 0 61,029.91 8.990 8.490 240 235 240 235 0 0 24 610,901.69 7.093 6.593 240 235 240 235 0 0 36 94,815.24 8.100 7.600 300 295 300 295 0 0 36 6,079,042.21 7.442 6.942 360 356 360 356 0 0 0 1,791,523.41 7.574 7.074 360 355 360 355 0 0 12 2,097,919.10 7.336 6.836 360 356 360 356 0 0 24 34,873,712.33 7.286 6.786 360 356 360 356 0 0 36 30,781.88 9.610 9.110 180 175 240 235 0 0 0 12,990,870.63 10.003 9.503 180 175 360 355 0 0 0 1,272,163.17 10.344 9.844 180 176 360 356 0 0 12 12,093,655.63 10.406 9.906 180 176 360 356 0 0 24 4,765,967.98 10.086 9.586 180 176 360 356 0 0 36 15,496.24 10.500 10.000 120 116 120 116 0 0 36 2,209,251.17 9.985 9.485 180 176 180 176 0 0 0 30,083.45 8.500 8.000 180 174 180 174 0 0 12 176,873.88 10.446 9.946 180 176 180 176 0 0 24 100,189.29 9.740 9.240 180 175 180 175 0 0 36 297,475.27 10.234 9.734 240 236 240 236 0 0 0 41,800.66 10.900 10.400 240 236 240 236 0 0 24 36,822.00 10.738 10.238 240 236 240 236 0 0 36 105,128.33 9.898 9.398 360 354 360 354 0 0 0 56,901.90 10.190 9.690 360 356 360 356 0 0 24 421,956.25 6.601 6.101 360 356 240 240 120 116 36 250,000.00 6.550 6.050 360 357 300 300 60 57 0 1,357,649.49 6.646 6.146 360 356 300 300 60 56 36
-------------------------------------------------------------------------------- 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 2005-BC2 -------------------------------------------------------------------------------- GROUP 1 ADJUSTABLE RATE MORTGAGE LOANS --------------------------------------------------------------------------------
ORIG REM ORIG REM INITIAL NET ORIGINAL REMAINING AMORT AMORT IO IO GROSS RATE CURRENT MORTGAGE MORTGAGE TERM TERM TERM TERM TERM TERM MARGIN CHANGE PERIODIC MAXIMUM MINIMUM BALANCE ($) RATE(%) RATE(%) (MOS) (MOS) (MOS) (MOS) (MOS) (MOS) (%) CAP(%) CAP(%) RATE(%) RATE(%) ----------- ------- ------- ----- ----- ----- ------ ----- ----- --- ------ ------ ------- ------- 150,458.11 8.625 8.125 360 357 360 357 0 0 6.950 2.000 1.000 15.625 8.525 815,266.61 7.046 6.546 360 355 360 355 0 0 6.761 2.000 2.000 13.046 7.046 2,268,115.35 6.848 6.348 360 355 360 355 0 0 6.431 2.000 2.000 12.848 6.848 234,439.19 8.015 7.515 360 354 360 354 0 0 7.991 2.000 2.000 14.015 8.015 45,955,287.21 7.607 7.107 360 356 360 356 0 0 6.455 2.982 1.058 14.125 7.365 13,536,754.39 7.356 6.856 360 356 360 356 0 0 6.549 3.000 1.009 13.705 7.274 306,864.59 6.250 5.750 360 356 360 356 0 0 5.250 3.000 1.500 13.250 6.250 191,003,072.79 7.160 6.660 360 356 360 356 0 0 6.223 2.977 1.092 13.687 7.048 34,095,785.42 7.100 6.600 360 356 360 356 0 0 5.964 3.000 1.237 13.957 7.036 537,442.70 8.159 7.659 360 357 360 357 0 0 7.126 2.423 1.000 14.735 7.582 326,862.11 6.469 5.969 360 355 360 355 0 0 8.370 2.000 2.000 12.469 6.469 1,005,419.26 6.751 6.251 360 356 360 356 0 0 6.501 2.000 2.000 12.751 6.751 10,443,088.27 7.732 7.232 360 356 360 356 0 0 6.749 2.981 1.080 13.975 7.480 2,778,942.59 7.585 7.085 360 355 360 355 0 0 6.698 3.000 1.000 13.669 7.404 5,899,589.24 7.242 6.742 360 356 360 356 0 0 6.154 3.000 1.022 13.386 7.211 152,480.34 8.005 7.505 360 355 360 355 0 0 7.765 3.000 1.000 14.005 8.005 38,450,326.71 7.191 6.691 360 356 360 356 0 0 6.411 2.993 1.093 13.439 7.060 80,058.80 8.900 8.400 360 356 360 356 0 0 7.590 3.000 1.000 15.900 8.900 1,167,820.50 7.190 6.690 360 357 360 357 0 0 5.655 3.000 1.000 14.190 7.190 170,823.49 8.885 8.385 360 357 360 357 0 0 8.665 1.000 1.000 15.885 8.722 488,930.53 5.968 5.468 360 356 360 356 0 0 5.970 1.000 1.000 12.968 5.968 3,904,737.80 7.032 6.532 360 356 360 356 0 0 6.999 1.092 1.000 13.929 7.011 2,086,559.47 6.666 6.166 360 356 360 356 0 0 6.569 1.108 1.000 13.558 6.642 308,000.00 6.078 5.578 360 355 348 348 12 7 5.390 1.968 1.500 13.078 6.078 504,700.00 7.826 7.326 360 356 240 240 120 116 6.581 2.000 1.000 14.826 7.826 2,359,489.78 6.769 6.269 360 356 240 240 120 116 5.776 2.000 1.000 13.769 6.769 283,500.00 6.125 5.625 360 356 240 240 120 116 5.125 2.000 1.000 13.125 6.125 3,275,935.42 6.799 6.299 360 356 336 336 24 20 5.313 2.958 1.014 13.799 6.799 1,027,165.80 7.078 6.578 360 356 336 336 24 20 5.557 3.000 1.000 14.078 7.078 13,059,352.97 6.752 6.252 360 356 336 336 24 20 5.298 2.860 1.051 13.660 6.752 1,136,164.69 7.021 6.521 360 356 336 336 24 20 5.514 2.657 1.114 14.021 7.021 925,647.55 7.746 7.246 360 355 336 336 24 19 6.738 3.000 1.000 13.807 7.746 449,400.00 6.610 6.110 360 356 324 324 36 32 4.980 3.000 1.000 13.610 6.610 380,300.00 6.960 6.460 360 356 324 324 36 32 5.945 3.000 1.000 13.684 6.960 2,700,825.83 6.833 6.333 360 356 324 324 36 32 5.665 2.847 1.051 13.443 6.832 2,581,605.19 7.212 6.712 360 356 300 300 60 56 6.935 2.957 1.000 13.212 7.212 713,559.99 6.967 6.467 360 355 300 300 60 55 6.443 3.000 1.000 12.967 6.967 300,000.00 8.250 7.750 360 356 300 300 60 56 7.250 3.000 1.000 15.250 8.250 33,754,471.28 6.817 6.317 360 356 300 300 60 56 6.389 2.993 1.041 12.930 6.818 2,147,465.88 6.158 5.658 360 355 300 300 60 55 5.217 3.000 1.427 13.086 6.158 695,319.40 7.267 6.767 360 356 300 300 60 56 6.005 3.000 1.497 13.267 6.452 369,649.99 6.466 5.966 360 355 300 300 60 55 5.466 3.000 1.149 12.764 6.466 6,733,050.21 6.421 5.921 360 355 300 300 60 55 5.844 3.000 1.089 12.747 6.421 999,255.00 6.299 5.799 360 356 300 300 60 56 5.009 3.660 1.000 12.969 6.299
NUMBER OF MONTHS ORIGINAL RATE UNTIL NEXT MONTHS TO CHANGE RATE PREPAY CURRENT FREQUENCY ADJUSTMENT PENALTY BALANCE ($) (MOS) DATE INDEX EXPIRATION ----------- ----- ---- ----- ---------- 150,458.11 6 9 6 Month LIBOR 6 815,266.61 12 19 1 Year LIBOR 0 2,268,115.35 12 19 1 Year LIBOR 24 234,439.19 12 18 1 Year LIBOR 36 45,955,287.21 6 20 6 Month LIBOR 0 13,536,754.39 6 20 6 Month LIBOR 12 306,864.59 6 20 6 Month LIBOR 13 191,003,072.79 6 20 6 Month LIBOR 24 34,095,785.42 6 20 6 Month LIBOR 36 537,442.70 6 21 6 Month LIBOR 6 326,862.11 12 31 1 Year LIBOR 0 1,005,419.26 12 32 1 Year LIBOR 36 10,443,088.27 6 32 6 Month LIBOR 0 2,778,942.59 6 31 6 Month LIBOR 12 5,899,589.24 6 32 6 Month LIBOR 24 152,480.34 6 31 6 Month LIBOR 30 38,450,326.71 6 32 6 Month LIBOR 36 80,058.80 6 56 6 Month LIBOR 12 1,167,820.50 6 57 6 Month LIBOR 36 170,823.49 6 3 6 Month LIBOR 0 488,930.53 6 2 6 Month LIBOR 12 3,904,737.80 6 2 6 Month LIBOR 24 2,086,559.47 6 2 6 Month LIBOR 36 308,000.00 6 19 6 Month LIBOR 24 504,700.00 6 20 6 Month LIBOR 0 2,359,489.78 6 20 6 Month LIBOR 24 283,500.00 6 32 6 Month LIBOR 36 3,275,935.42 6 20 6 Month LIBOR 0 1,027,165.80 6 20 6 Month LIBOR 12 13,059,352.97 6 20 6 Month LIBOR 24 1,136,164.69 6 20 6 Month LIBOR 36 925,647.55 6 31 6 Month LIBOR 36 449,400.00 6 20 6 Month LIBOR 24 380,300.00 6 32 6 Month LIBOR 0 2,700,825.83 6 32 6 Month LIBOR 36 2,581,605.19 6 20 6 Month LIBOR 0 713,559.99 6 19 6 Month LIBOR 12 300,000.00 6 20 6 Month LIBOR 13 33,754,471.28 6 20 6 Month LIBOR 24 2,147,465.88 6 19 6 Month LIBOR 36 695,319.40 6 32 6 Month LIBOR 0 369,649.99 6 31 6 Month LIBOR 24 6,733,050.21 6 31 6 Month LIBOR 36 999,255.00 6 56 6 Month LIBOR 36
-------------------------------------------------------------------------------- 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 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 FIXED RATE MORTGAGE LOANS --------------------------------------------------------------------------------
ORIGINAL ORIGINAL REMAINING ORIGINAL REMAINING MONTHS TO NET ORIGINAL REMAINING AMORTIZATION AMORTIZATION IO IO PREPAYMENT CURRENT MORTGAGE MORTGAGE TERM TERM TERM TERM TERM TERM PENALTY BALANCE ($) RATE(%) RATE(%) (MONTHS) (MONTHS) (MONTHS) (MONTHS) (MONTHS) (MONTHS) EXPIRATION ----------- ------- ------- -------- -------- -------- -------- -------- -------- ---------- 101,487.92 10.900 10.400 180 177 360 357 0 0 36 83,449.41 9.850 9.350 180 175 180 175 0 0 0 39,404.45 9.700 9.200 180 174 180 174 0 0 36 881,535.56 7.213 6.713 180 176 180 176 0 0 60 69,516.16 9.750 9.250 240 235 240 235 0 0 0 791,884.61 7.186 6.686 240 236 240 236 0 0 60 1,172,799.34 8.926 8.426 360 356 360 356 0 0 0 651,292.24 9.134 8.634 360 356 360 356 0 0 12 11,329,157.51 7.179 6.679 360 356 360 356 0 0 36 102,592.21 7.250 6.750 360 355 360 355 0 0 48 12,118,377.17 6.825 6.325 360 356 360 356 0 0 60 6,769,443.33 10.549 10.049 180 175 360 355 0 0 0 553,151.04 11.041 10.541 180 176 360 356 0 0 12 8,724,923.80 10.528 10.028 180 176 360 356 0 0 24 2,407,495.13 10.617 10.117 180 176 360 356 0 0 36 18,728.27 10.880 10.380 180 177 360 357 0 0 48 1,180,740.32 10.633 10.133 180 176 360 356 0 0 60 186,807.14 11.990 11.490 180 175 180 175 0 0 0 96,850.31 10.380 9.880 180 176 180 176 0 0 24 44,245.83 11.337 10.837 180 176 180 176 0 0 36 13,488.91 8.750 8.250 180 177 180 177 0 0 60 55,838.86 11.769 11.269 240 234 240 234 0 0 0 228,273.65 10.785 10.285 240 236 240 236 0 0 24 110,744.05 11.512 11.012 240 235 240 235 0 0 36 65,465.31 10.174 9.674 240 234 240 234 0 0 60 103,861.32 11.075 10.575 360 356 360 356 0 0 0 69,924.25 10.990 10.490 360 357 360 357 0 0 36 428,798.85 6.875 6.375 360 356 240 240 120 116 36 252,000.00 6.100 5.600 360 356 300 300 60 56 24 1,442,850.00 6.300 5.800 360 355 300 300 60 55 36 1,104,042.91 7.001 6.501 360 356 300 300 60 56 60
-------------------------------------------------------------------------------- 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. 50 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- GROUP 2 ADJUSTABLE RATE MORTGAGE LOANS --------------------------------------------------------------------------------
ORIG REM ORIG REM INITIAL NET ORIGINAL REMAINING AMORT AMORT IO IO GROSS RATE CURRENT MORTGAGE MORTGAGE TERM TERM TERM TERM TERM TERM MARGIN CHANGE PERIODIC MAXIMUM MINIMUM BALANCE ($) RATE(%) RATE(%) (MOS) (MOS) (MOS) (MOS) (MOS) (MOS) (%) CAP(%) CAP(%) RATE(%) RATE(%) ----------- ------- ------- ----- ----- ----- ----- ------ ----- --- ------ ------ ------- ------- 994,113.35 7.222 6.722 360 355 360 355 0 0 7.028 2.000 2.000 13.222 7.222 161,672.09 6.600 6.100 360 355 360 355 0 0 6.350 2.000 2.000 12.600 6.600 25,831,794.12 7.528 7.028 360 356 360 356 0 0 6.424 2.976 1.042 14.013 7.159 7,296,038.64 7.239 6.739 360 356 360 356 0 0 6.401 2.969 1.000 13.596 7.070 86,303,985.83 7.339 6.839 360 356 360 356 0 0 6.308 2.949 1.098 13.926 7.235 7,018,824.52 7.701 7.201 360 356 360 356 0 0 6.544 3.000 1.132 14.482 7.568 3,835,450.28 6.937 6.437 360 356 360 356 0 0 6.687 3.000 1.000 12.937 6.937 3,111,620.79 8.215 7.715 360 356 360 356 0 0 7.103 3.000 1.031 14.449 8.075 518,369.00 7.177 6.677 360 356 360 356 0 0 6.146 3.000 1.000 13.177 7.177 3,660,869.73 7.638 7.138 360 356 360 356 0 0 6.382 3.000 1.077 13.665 7.265 186,493.16 8.400 7.900 360 354 360 354 0 0 8.160 3.000 1.000 14.400 8.400 14,226,099.18 6.864 6.364 360 355 360 355 0 0 6.161 3.000 1.115 13.118 6.640 210,872.01 7.138 6.638 360 357 360 357 0 0 6.888 3.000 1.000 13.138 7.138 430,585.10 7.329 6.829 360 356 360 356 0 0 7.448 1.000 1.000 14.329 7.448 171,497.80 6.300 5.800 360 356 360 356 0 0 6.170 1.000 1.000 13.300 6.300 1,424,632.45 6.224 5.724 360 357 360 357 0 0 6.199 1.000 1.000 13.224 6.195 1,491,160.42 5.542 5.042 360 355 360 355 0 0 5.534 1.521 1.000 12.021 5.542 1,069,392.68 6.489 5.989 360 357 360 357 0 0 6.239 2.000 1.000 12.489 6.489 456,000.00 6.850 6.350 360 355 348 348 12 7 5.850 1.500 1.500 13.850 6.850 530,500.00 7.053 6.553 360 356 240 240 120 116 6.053 2.000 1.000 14.053 7.053 405,000.00 6.525 6.025 360 356 240 240 120 116 5.525 2.000 1.000 13.525 6.525 8,359,806.93 6.648 6.148 360 356 240 240 120 116 5.660 2.000 1.000 13.648 6.648 1,594,877.61 7.039 6.539 360 357 336 336 24 21 5.410 3.000 1.000 13.936 7.039 1,410,907.12 6.711 6.211 360 356 336 336 24 20 5.457 3.000 1.000 13.414 6.711 17,009,632.23 6.273 5.773 360 356 336 336 24 20 4.867 2.695 1.107 13.198 6.252 1,952,469.72 6.294 5.794 360 356 336 336 24 20 4.750 3.000 1.000 13.294 6.294 1,287,900.00 7.094 6.594 360 355 336 336 24 19 5.880 2.809 1.064 13.221 6.588 316,352.80 7.630 7.130 360 355 324 324 36 31 7.120 3.000 1.000 13.630 7.630 1,314,150.00 6.795 6.295 360 356 324 324 36 32 5.582 2.746 1.252 13.562 6.459 3,130,735.78 7.160 6.660 360 356 300 300 60 56 6.706 2.734 1.000 13.426 7.160 4,108,999.99 6.670 6.170 360 356 300 300 60 56 6.129 3.000 1.000 12.670 6.670 55,635,528.59 6.460 5.960 360 356 300 300 60 56 5.802 3.000 1.052 12.628 6.460 2,879,095.62 5.812 5.312 360 356 300 300 60 56 4.812 2.904 1.243 12.812 5.812 1,905,663.20 6.368 5.868 360 356 300 300 60 56 6.118 3.000 1.000 12.368 6.368 542,150.00 6.221 5.721 360 357 300 300 60 57 5.221 3.000 2.000 12.221 6.221 10,873,137.58 6.212 5.712 360 356 300 300 60 56 5.467 2.968 1.123 12.410 6.212 987,500.00 5.475 4.975 360 357 300 300 60 57 4.003 3.000 1.000 12.475 5.475
NUMBER OF MONTHS ORIGINAL RATE UNTIL NEXT MONTHS TO CHANGE RATE PREPAY CURRENT FREQUENCY ADJUSTMENT PENALTY BALANCE ($) (MOS) DATE INDEX EXPIRATION ----------- ----- ---- ----- ---------- 994,113.35 12 19 1 Year LIBOR 0 161,672.09 12 19 1 Year LIBOR 24 25,831,794.12 6 20 6 Month LIBOR 0 7,296,038.64 6 20 6 Month LIBOR 12 86,303,985.83 6 20 6 Month LIBOR 24 7,018,824.52 6 20 6 Month LIBOR 36 3,835,450.28 6 20 6 Month LIBOR 60 3,111,620.79 6 32 6 Month LIBOR 0 518,369.00 6 32 6 Month LIBOR 12 3,660,869.73 6 32 6 Month LIBOR 24 186,493.16 6 30 6 Month LIBOR 30 14,226,099.18 6 31 6 Month LIBOR 36 210,872.01 6 33 6 Month LIBOR 60 430,585.10 6 2 6 Month LIBOR 0 171,497.80 6 2 6 Month LIBOR 12 1,424,632.45 6 3 6 Month LIBOR 24 1,491,160.42 6 3 6 Month LIBOR 36 1,069,392.68 6 3 6 Month LIBOR 60 456,000.00 6 19 6 Month LIBOR 24 530,500.00 6 20 6 Month LIBOR 0 405,000.00 6 20 6 Month LIBOR 12 8,359,806.93 6 20 6 Month LIBOR 24 1,594,877.61 6 21 6 Month LIBOR 0 1,410,907.12 6 20 6 Month LIBOR 12 17,009,632.23 6 20 6 Month LIBOR 24 1,952,469.72 6 20 6 Month LIBOR 36 1,287,900.00 6 31 6 Month LIBOR 36 316,352.80 6 31 6 Month LIBOR 0 1,314,150.00 6 32 6 Month LIBOR 36 3,130,735.78 6 20 6 Month LIBOR 0 4,108,999.99 6 20 6 Month LIBOR 12 55,635,528.59 6 20 6 Month LIBOR 24 2,879,095.62 6 20 6 Month LIBOR 36 1,905,663.20 6 20 6 Month LIBOR 60 542,150.00 6 33 6 Month LIBOR 0 10,873,137.58 6 32 6 Month LIBOR 36 987,500.00 6 57 6 Month LIBOR 36
-------------------------------------------------------------------------------- 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. 51 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- ONE MONTH LIBOR CAP TABLE FOR THE CLASS A-1 CERTIFICATES
PERIOD BEGINNING ENDING NOTIONAL BALANCE 1ML STRIKE 1ML STRIKE ACCRUAL ACCRUAL ($) LOWER COLLAR (%) UPPER COLLAR (%) ------ --------- ------- ---------------- ---------------- ---------------- 1 5/19/05 6/25/05 410,861,000 5.353 9.780 2 6/25/05 7/25/05 403,927,950 6.654 9.780 3 7/25/05 8/25/05 396,997,740 6.446 9.780 4 8/25/05 9/25/05 388,958,756 6.447 9.780 5 9/25/05 10/25/05 379,827,230 6.669 9.780 6 10/25/05 11/25/05 369,636,146 6.448 9.780 7 11/25/05 12/25/05 358,448,455 6.671 9.780 8 12/25/05 1/25/06 346,442,004 6.450 9.780 9 1/25/06 2/25/06 333,702,622 6.464 9.780 10 2/25/06 3/25/06 321,322,418 7.183 9.780 11 3/25/06 4/25/06 309,295,568 6.469 9.780 12 4/25/06 5/25/06 297,611,837 6.694 9.780 13 5/25/06 6/25/06 286,261,329 6.473 9.780 14 6/25/06 7/25/06 275,234,435 6.698 9.780 15 7/25/06 8/25/06 264,521,825 6.489 9.780 16 8/25/06 9/25/06 254,114,951 6.491 9.780 17 9/25/06 10/25/06 244,004,496 6.717 9.780 18 10/25/06 11/25/06 234,177,872 6.495 9.780 19 11/25/06 12/25/06 224,331,594 6.723 9.780 20 12/25/06 1/25/07 207,896,679 6.533 9.780 21 1/25/07 2/25/07 192,314,602 8.388 9.780 22 2/25/07 3/25/07 177,626,546 9.306 9.780 23 3/25/07 4/25/07 163,728,106 8.377 9.780 24 4/25/07 5/25/07 150,747,139 8.654 9.780 25 5/25/07 6/25/07 142,450,971 8.365 9.780 26 6/25/07 7/25/07 134,453,149 8.655 9.780 27 7/25/07 8/25/07 126,722,734 9.027 9.780 28 8/25/07 9/25/07 119,263,844 9.023 9.780 29 9/25/07 10/25/07 112,053,463 9.325 9.780 30 10/25/07 11/25/07 105,083,060 9.011 9.780 31 11/25/07 12/25/07 98,344,433 9.314 9.780 32 12/25/07 1/25/08 91,829,675 9.074 9.780
-------------------------------------------------------------------------------- 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. 52 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- ONE MONTH LIBOR CAP TABLE FOR THE CLASS A-2 CERTIFICATES
PERIOD BEGINNING ENDING NOTIONAL BALANCE 1ML STRIKE 1ML STRIKE ACCRUAL ACCRUAL ($) LOWER COLLAR (%) UPPER COLLAR (%) ------ --------- ------- ---------------- ---------------- ---------------- 1 5/19/05 6/25/05 257,779,000 5.252 9.320 2 6/25/05 7/25/05 253,488,836 6.520 9.320 3 7/25/05 8/25/05 249,188,396 6.306 9.320 4 8/25/05 9/25/05 244,188,826 6.324 9.320 5 9/25/05 10/25/05 238,501,700 6.541 9.320 6 10/25/05 11/25/05 232,146,195 6.325 9.320 7 11/25/05 12/25/05 225,159,278 6.543 9.320 8 12/25/05 1/25/06 217,649,960 6.327 9.320 9 1/25/06 2/25/06 209,692,382 6.331 9.320 10 2/25/06 3/25/06 201,946,244 7.044 9.320 11 3/25/06 4/25/06 194,420,932 6.347 9.320 12 4/25/06 5/25/06 187,109,622 6.567 9.320 13 5/25/06 6/25/06 180,006,158 6.352 9.320 14 6/25/06 7/25/06 173,104,565 6.572 9.320 15 7/25/06 8/25/06 166,399,038 6.358 9.320 16 8/25/06 9/25/06 159,883,988 6.372 9.320 17 9/25/06 10/25/06 153,554,226 6.592 9.320 18 10/25/06 11/25/06 147,400,880 6.376 9.320 19 11/25/06 12/25/06 141,101,793 6.597 9.320 20 12/25/06 1/25/07 130,827,387 6.395 9.320 21 1/25/07 2/25/07 121,006,177 8.312 9.320 22 2/25/07 3/25/07 111,733,391 9.244 9.320 23 3/25/07 4/25/07 102,959,766 8.327 9.320 24 4/25/07 5/25/07 94,841,750 8.602 9.320 25 5/25/07 6/25/07 89,575,715 8.316 9.320 26 6/25/07 7/25/07 84,546,258 8.599 9.320 27 7/25/07 8/25/07 79,685,087 8.992 9.320 28 8/25/07 9/25/07 74,992,879 9.002 9.320 29 9/25/07 10/25/07 70,457,363 9.303 9.320 30 10/25/07 11/25/07 66,072,961 8.992 9.320 31 11/25/07 12/25/07 61,834,504 9.294 9.320 32 12/25/07 1/25/08 57,737,026 9.115 9.320
-------------------------------------------------------------------------------- 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. 53 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- ONE MONTH LIBOR CAP TABLE FOR THE SUBORDINATE CERTIFICATES
PERIOD BEGINNING ENDING NOTIONAL BALANCE 1ML STRIKE 1ML STRIKE ACCRUAL ACCRUAL ($) LOWER COLLAR (%) UPPER COLLAR (%) ------ --------- ------- ---------------- ---------------- ---------------- 1 5/19/05 6/25/05 171,360,000 4.719 8.700 2 6/25/05 7/25/05 171,360,000 6.007 8.700 3 7/25/05 8/25/05 171,360,000 5.796 8.700 4 8/25/05 9/25/05 171,360,000 5.804 8.700 5 9/25/05 10/25/05 171,360,000 6.024 8.700 6 10/25/05 11/25/05 171,360,000 5.805 8.700 7 11/25/05 12/25/05 171,360,000 6.026 8.700 8 12/25/05 1/25/06 171,360,000 5.807 8.700 9 1/25/06 2/25/06 171,360,000 5.818 8.700 10 2/25/06 3/25/06 171,360,000 6.534 8.700 11 3/25/06 4/25/06 171,360,000 5.827 8.700 12 4/25/06 5/25/06 171,360,000 6.050 8.700 13 5/25/06 6/25/06 171,360,000 5.831 8.700 14 6/25/06 7/25/06 171,360,000 6.054 8.700 15 7/25/06 8/25/06 171,360,000 5.843 8.700 16 8/25/06 9/25/06 171,360,000 5.850 8.700 17 9/25/06 10/25/06 171,360,000 6.074 8.700 18 10/25/06 11/25/06 171,360,000 5.854 8.700 19 11/25/06 12/25/06 171,360,000 6.079 8.700 20 12/25/06 1/25/07 171,360,000 5.884 8.700 21 1/25/07 2/25/07 171,360,000 7.763 8.700 22 2/25/07 3/25/07 171,360,000 8.687 8.700 23 3/25/07 4/25/07 171,360,000 7.762 8.700 24 4/25/07 5/25/07 171,360,000 8.039 8.700 25 5/25/07 6/25/07 171,360,000 7.751 8.700 26 6/25/07 7/25/07 171,360,000 8.038 8.700 27 7/25/07 8/25/07 171,360,000 8.418 8.700 28 8/25/07 9/25/07 171,360,000 8.420 8.700 29 9/25/07 10/25/07 171,360,000 8.700 8.700 30 10/25/07 11/25/07 171,360,000 8.408 8.700 31 11/25/07 12/25/07 171,360,000 8.700 8.700 32 12/25/07 1/25/08 171,360,000 8.494 8.700
-------------------------------------------------------------------------------- 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. 54 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- CLASS A-1 AVAILABLE FUNDS CAP TABLE
AVAIL. FUNDS CAP AVAIL. FUNDS PERIOD PAYMENT DATE (%) (1)(2) CAP (%) (1)(3) ------- ------------- ------------------- --------------- 1 6/25/05 5.573 5.573 2 7/25/05 6.874 10.000 3 8/25/05 6.666 10.000 4 9/25/05 6.667 10.000 5 10/25/05 6.889 10.000 6 11/25/05 6.668 10.000 7 12/25/05 6.891 10.000 8 1/25/06 6.670 10.000 9 2/25/06 6.684 10.000 10 3/25/06 7.403 10.000 11 4/25/06 6.689 10.000 12 5/25/06 6.914 10.000 13 6/25/06 6.693 10.000 14 7/25/06 6.918 10.000 15 8/25/06 6.709 10.000 16 9/25/06 6.711 10.000 17 10/25/06 6.937 10.000 18 11/25/06 6.715 10.000 19 12/25/06 6.942 10.000 20 1/25/07 6.750 10.000 21 2/25/07 8.277 10.000 22 3/25/07 9.162 10.000 23 4/25/07 8.271 10.000 24 5/25/07 8.541 10.000 25 6/25/07 8.263 10.000 26 7/25/07 8.537 10.000 27 8/25/07 8.262 10.000 28 9/25/07 8.260 10.000 29 10/25/07 8.533 10.000 30 11/25/07 8.256 10.000 31 12/25/07 8.530 10.000 32 1/25/08 8.310 10.000 33 2/25/08 8.563 10.233 34 3/25/08 9.149 10.929 35 4/25/08 8.556 10.214 36 5/25/08 8.837 10.543 37 6/25/08 8.548 10.192 38 7/25/08 8.830 10.547 39 8/25/08 8.541 10.928 40 9/25/08 8.538 10.916 41 10/25/08 8.818 11.265 42 11/25/08 8.530 10.887 43 12/25/08 8.811 11.236 44 1/25/09 8.524 10.888 45 2/25/09 8.522 11.138 46 3/25/09 9.431 12.315 47 4/25/09 8.514 11.107 48 5/25/09 8.794 11.460 49 6/25/09 8.506 11.074 50 7/25/09 8.786 11.445 51 8/25/09 8.498 11.159 52 9/25/09 8.494 11.142 53 10/25/09 8.773 11.495 54 11/25/09 8.486 11.107 55 12/25/09 8.765 11.459 56 1/25/10 8.479 11.074 57 2/25/10 8.478 11.069 58 3/25/10 9.386 12.241 59 4/25/10 8.473 11.038 60 5/25/10 8.751 11.388 61 6/25/10 8.465 11.002 62 7/25/10 8.742 11.350 63 8/25/10 8.456 10.967 64 9/25/10 8.452 10.950 65 10/25/10 8.729 11.296 66 11/25/10 8.443 10.913 67 12/25/10 8.720 11.257 68 1/25/11 8.434 10.875 69 2/25/11 8.430 10.858 70 3/25/11 9.328 12.002 71 4/25/11 8.421 10.821 72 5/25/11 8.697 11.162 73 6/25/11 8.412 10.783 74 7/25/11 8.688 11.122
(1) Available Funds Cap for the Class A-1 Certificates is a per annum rate equal to (A) 12 times the quotient of (x) the total scheduled interest based on the Group 1 Net Mortgage Rates in effect on the related due date, divided by (y) the aggregate principal balance of the Group 1 Mortgage Loans 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% optional termination, 20% HEP on fixed rate collateral and 100% PPC on the adjustable rate collateral, and 1 month LIBOR, 6 month LIBOR and 1 year LIBOR remain constant at 3.09000%, 3.41188% and 3.66000%, respectively. (3) Assumes no losses, 10% optional termination, 20% HEP on fixed rate collateral and 100% PPC on the adjustable rate collateral, and 1 month LIBOR, 6 month LIBOR and 1 year LIBOR are 3.09000%, 3.41188% and 3.66000%, respectively, for the first Distribution Date and both increase to 20.0000% for each Distribution Date thereafter. The values indicated include proceeds from the related 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. 55 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- CLASS A-2 AVAILABLE FUNDS CAP TABLE
AVAIL. FUNDS CAP AVAIL. FUNDS PERIOD PAYMENT DATE (%) (1)(2) CAP (%) (1)(3) ------- ------------- ------------------- --------------- 1 6/25/05 5.432 5.432 2 7/25/05 6.700 9.500 3 8/25/05 6.486 9.500 4 9/25/05 6.504 9.500 5 10/25/05 6.721 9.500 6 11/25/05 6.505 9.500 7 12/25/05 6.723 9.500 8 1/25/06 6.507 9.500 9 2/25/06 6.511 9.500 10 3/25/06 7.224 9.500 11 4/25/06 6.527 9.500 12 5/25/06 6.747 9.500 13 6/25/06 6.532 9.500 14 7/25/06 6.752 9.500 15 8/25/06 6.538 9.500 16 9/25/06 6.548 9.500 17 10/25/06 6.769 9.500 18 11/25/06 6.553 9.500 19 12/25/06 6.774 9.500 20 1/25/07 6.572 9.500 21 2/25/07 8.186 9.500 22 3/25/07 9.070 9.500 23 4/25/07 8.189 9.500 24 5/25/07 8.457 9.500 25 6/25/07 8.183 9.500 26 7/25/07 8.455 9.500 27 8/25/07 8.197 9.500 28 9/25/07 8.195 9.500 29 10/25/07 8.467 9.500 30 11/25/07 8.192 9.500 31 12/25/07 8.465 9.500 32 1/25/08 8.306 9.500 33 2/25/08 8.436 10.110 34 3/25/08 9.020 10.817 35 4/25/08 8.436 10.110 36 5/25/08 8.714 10.437 37 6/25/08 8.430 10.092 38 7/25/08 8.709 10.466 39 8/25/08 8.425 10.824 40 9/25/08 8.422 10.823 41 10/25/08 8.700 11.170 42 11/25/08 8.417 10.797 43 12/25/08 8.694 11.143 44 1/25/09 8.411 10.821 45 2/25/09 8.408 11.060 46 3/25/09 9.306 12.235 47 4/25/09 8.402 11.036 48 5/25/09 8.679 11.388 49 6/25/09 8.396 11.006 50 7/25/09 8.673 11.398 51 8/25/09 8.390 11.087 52 9/25/09 8.387 11.071 53 10/25/09 8.664 11.423 54 11/25/09 8.381 11.039 55 12/25/09 8.657 11.390 56 1/25/10 8.375 11.006 57 2/25/10 8.372 10.992 58 3/25/10 9.271 12.159 59 4/25/10 8.371 10.966 60 5/25/10 8.647 11.314 61 6/25/10 8.365 10.932 62 7/25/10 8.640 11.279 63 8/25/10 8.358 10.898 64 9/25/10 8.355 10.883 65 10/25/10 8.630 11.228 66 11/25/10 8.349 10.848 67 12/25/10 8.624 11.192 68 1/25/11 8.342 10.813 69 2/25/11 8.339 10.796 70 3/25/11 9.229 11.935 71 4/25/11 8.333 10.762 72 5/25/11 8.607 11.103 73 6/25/11 8.326 10.727 74 7/25/11 8.600 11.066
(1) Available Funds Cap for the Class A-2 Certificates is a per annum rate equal to (A) 12 times the quotient of (x) the total scheduled interest based on the Group 2 Net Mortgage Rates in effect on the related due date, divided by (y) the aggregate principal balance of the Group 2 Mortgage Loans 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% optional termination, 20% HEP on fixed rate collateral and 100% PPC on the adjustable rate collateral, and 1 month LIBOR, 6 month LIBOR and 1 year LIBOR remain constant at 3.09000%, 3.41188% and 3.66000%, respectively. (3) Assumes no losses, 10% optional termination, 20% HEP on fixed rate collateral and 100% PPC on the adjustable rate collateral, and 1 month LIBOR, 6 month LIBOR and 1 year LIBOR are 3.09000%, 3.41188% and 3.66000%, respectively, for the first Distribution Date and both increase to 20.0000% for each Distribution Date thereafter. The values indicated include proceeds from the related 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. 56 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- SUBORDINATE AVAILABLE FUNDS CAP TABLE
AVAIL. FUNDS CAP AVAIL. FUNDS PERIOD PAYMENT DATE (%) (1)(2) CAP (%) (1)(3) ------- ------------- ------------------- --------------- 1 6/25/05 5.519 5.519 2 7/25/05 6.807 9.500 3 8/25/05 6.596 9.500 4 9/25/05 6.604 9.500 5 10/25/05 6.824 9.500 6 11/25/05 6.605 9.500 7 12/25/05 6.826 9.500 8 1/25/06 6.607 9.500 9 2/25/06 6.618 9.500 10 3/25/06 7.334 9.500 11 4/25/06 6.627 9.500 12 5/25/06 6.850 9.500 13 6/25/06 6.631 9.500 14 7/25/06 6.854 9.500 15 8/25/06 6.643 9.500 16 9/25/06 6.648 9.500 17 10/25/06 6.872 9.500 18 11/25/06 6.652 9.500 19 12/25/06 6.877 9.500 20 1/25/07 6.682 9.500 21 2/25/07 8.242 9.500 22 3/25/07 9.127 9.500 23 4/25/07 8.239 9.500 24 5/25/07 8.508 9.500 25 6/25/07 8.232 9.500 26 7/25/07 8.506 9.500 27 8/25/07 8.237 9.500 28 9/25/07 8.235 9.500 29 10/25/07 8.508 9.521 30 11/25/07 8.231 9.500 31 12/25/07 8.505 9.511 32 1/25/08 8.308 9.500 33 2/25/08 8.514 10.186 34 3/25/08 9.100 10.886 35 4/25/08 8.509 10.174 36 5/25/08 8.790 10.502 37 6/25/08 8.503 10.154 38 7/25/08 8.783 10.516 39 8/25/08 8.496 10.888 40 9/25/08 8.493 10.880 41 10/25/08 8.773 11.228 42 11/25/08 8.486 10.852 43 12/25/08 8.766 11.200 44 1/25/09 8.480 10.862 45 2/25/09 8.478 11.108 46 3/25/09 9.383 12.284 47 4/25/09 8.471 11.080 48 5/25/09 8.750 11.432 49 6/25/09 8.464 11.048 50 7/25/09 8.742 11.427 51 8/25/09 8.457 11.131 52 9/25/09 8.453 11.115 53 10/25/09 8.731 11.468 54 11/25/09 8.446 11.081 55 12/25/09 8.724 11.432 56 1/25/10 8.439 11.048 57 2/25/10 8.437 11.039 58 3/25/10 9.342 12.210 59 4/25/10 8.434 11.011 60 5/25/10 8.711 11.359 61 6/25/10 8.426 10.975 62 7/25/10 8.703 11.322 63 8/25/10 8.419 10.940 64 9/25/10 8.415 10.924 65 10/25/10 8.691 11.270 66 11/25/10 8.407 10.888 67 12/25/10 8.683 11.232 68 1/25/11 8.399 10.851 69 2/25/11 8.395 10.834 70 3/25/11 9.290 11.976 71 4/25/11 8.387 10.799 72 5/25/11 8.663 11.139 73 6/25/11 8.379 10.761 74 7/25/11 8.654 11.100
(1) Available Funds Cap for the Subordinate Certificates is a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate principal balance of each loan group the current principal balance of the related Class A Certificates) of the Class A-1 Available Funds Cap and the Class A-2 Available Funds Cap. (2) Assumes no losses, 10% optional termination, 20% HEP on fixed rate collateral and 100% PPC on the adjustable rate collateral, and 1 month LIBOR, 6 month LIBOR and 1 year LIBOR remain constant at 3.09000%, 3.41188% and 3.66000%, respectively. (3) Assumes no losses, 10% optional termination, 20% HEP on fixed rate collateral and 100% PPC on the adjustable rate collateral, and 1 month LIBOR, 6 month LIBOR and 1 year LIBOR are 3.09000%, 3.41188% and 3.66000%, respectively, for the first Distribution Date and both increase to 20.0000% for each Distribution Date thereafter. The values indicated include proceeds from the related 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. 57 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- DISCOUNT MARGIN TABLE (TO CALL)
--------------------------------------------------------------------------------------------------------------- 0% 80% 100% 150% 200% PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED TO CALL TO CALL TO CALL TO CALL TO CALL --------------------------------------------------------------------------------------------------------------- DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN =============================================================================================================== CLASS A-1A 100.00000% 22 22 22 22 22 WAL (YRS) 17.95 2.58 1.96 1.15 0.9 PRINCIPAL WINDOW Jun05 - Dec33 Jun05 - Apr13 Jun05 - Jul11 Jun05 - Oct07 Jun05 - Feb07 --------------------------------------------------------------------------------------------------------------- CLASS A-2A 100.00000% 9 9 9 9 9 WAL (YRS) 13.61 1.18 1 0.72 0.57 PRINCIPAL WINDOW Jun05 - Oct26 Jun05 - Aug07 Jun05 - Mar07 Jun05 - Sep06 Jun05 - May06 --------------------------------------------------------------------------------------------------------------- CLASS A-2B 100.00000% 20 20 20 20 20 WAL (YRS) 25.36 4.23 3 1.72 1.35 PRINCIPAL WINDOW Oct26 - Dec33 Aug07 - Apr13 Mar07 - Jul11 Sep06 - Jun07 May06 - Jan07 --------------------------------------------------------------------------------------------------------------- CLASS A-2C 100.00000% 30 30 30 30 30 WAL (YRS) 28.6 7.93 6.18 2.27 1.69 PRINCIPAL WINDOW Dec33 - Dec33 Apr13 - Apr13 Jul11 - Jul11 Jun07 - Oct07 Jan07 - Feb07 --------------------------------------------------------------------------------------------------------------- CLASS M-1 100.00000% 40 40 40 40 40 WAL (YRS) 26.29 5.33 4.83 2.59 1.79 PRINCIPAL WINDOW Jul27 - Dec33 Oct08 - Apr13 May09 - Jul11 Oct07 - Feb08 Feb07 - Mar07 --------------------------------------------------------------------------------------------------------------- CLASS M-2 100.00000% 42 42 42 42 42 WAL (YRS) 26.29 5.29 4.59 3.09 1.89 PRINCIPAL WINDOW Jul27 - Dec33 Sep08 - Apr13 Jan09 - Jul11 Feb08 - Feb09 Mar07 - Apr07 --------------------------------------------------------------------------------------------------------------- CLASS M-3 100.00000% 65 65 65 65 65 WAL (YRS) 26.29 5.26 4.44 3.77 2.18 PRINCIPAL WINDOW Jul27 - Dec33 Jul08 - Apr13 Sep08 - Jul11 Feb09 - Feb09 Apr07 - Sep07 --------------------------------------------------------------------------------------------------------------- CLASS M-4 100.00000% 70 70 70 70 70 WAL (YRS) 26.29 5.25 4.36 3.77 2.35 PRINCIPAL WINDOW Jul27 - Dec33 Jul08 - Apr13 Aug08 - Jul11 Feb09 - Feb09 Sep07 - Sep07 ---------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- 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. 58 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- DISCOUNT MARGIN TABLE (TO CALL)
--------------------------------------------------------------------------------------------------------------- 0% 80% 100% 150% 200% PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED TO CALL TO CALL TO CALL TO CALL TO CALL --------------------------------------------------------------------------------------------------------------- DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN =============================================================================================================== CLASS B-1 100.00000% 125 125 125 125 125 WAL (YRS) 26.29 5.25 4.33 3.72 2.35 PRINCIPAL WINDOW Jul27 - Dec33 Jun08 - Apr13 Aug08 - Jul11 Dec08 - Feb09 Sep07 - Sep07 --------------------------------------------------------------------------------------------------------------- CLASS B-2 100.00000% 135 135 135 135 135 WAL (YRS) 26.29 5.24 4.31 3.59 2.35 PRINCIPAL WINDOW Jul27 - Dec33 Jun08 - Apr13 Jul08 - Jul11 Oct08 - Feb09 Sep07 - Sep07 --------------------------------------------------------------------------------------------------------------- CLASS B-3 100.00000% 175 175 175 175 175 WAL (YRS) 26.29 5.24 4.3 3.48 2.35 PRINCIPAL WINDOW Jul27 - Dec33 Jun08 - Apr13 Jul08 - Jul11 Sep08 - Feb09 Sep07 - Sep07 --------------------------------------------------------------------------------------------------------------- CLASS B-4 100.00000% 350 350 350 350 350 WAL (YRS) 26.29 5.23 4.28 3.41 2.35 PRINCIPAL WINDOW Jul27 - Dec33 Jun08 - Apr13 Jun08 - Jul11 Aug08 - Feb09 Sep07 - Sep07 ---------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- 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. 59 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- DISCOUNT MARGIN TABLE (TO MATURITY)
-------------------------------------------------------------------------------------------------------- 0% 80% 100% 150% 200% PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED TO MATURITY TO MATURITY TO MATURITY TO MATURITY TO MATURITY -------------------------------------------------------------------------------------------------------- DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN ======================================================================================================== CLASS A-1A 100.00000% 22 23 24 22 22 WAL (YRS) 17.98 2.79 2.15 1.15 0.9 PRINCIPAL WINDOW Jun05 - Dec34 Jun05 - Sep22 Jun05 - Jan20 Jun05 - Oct07 Jun05 - Feb07 -------------------------------------------------------------------------------------------------------- CLASS A-2A 100.00000% 9 9 9 9 9 WAL (YRS) 13.61 1.18 1 0.72 0.57 PRINCIPAL WINDOW Jun05 - Oct26 Jun05 - Aug07 Jun05 - Mar07 Jun05 - Sep06 Jun05 - May06 -------------------------------------------------------------------------------------------------------- CLASS A-2B 100.00000% 20 20 20 20 20 WAL (YRS) 25.37 4.25 3.01 1.72 1.35 PRINCIPAL WINDOW Oct26 - Apr34 Aug07 - Feb14 Mar07 - Mar12 Sep06 - Jun07 May06 - Jan07 -------------------------------------------------------------------------------------------------------- CLASS A-2C 100.00000% 30 38 39 30 30 WAL (YRS) 29.37 11.88 9.52 2.27 1.69 PRINCIPAL WINDOW Apr34 - Jan35 Feb14 - Dec22 Mar12 - Jan20 Jun07 - Oct07 Jan07 - Feb07 -------------------------------------------------------------------------------------------------------- CLASS M-1 100.00000% 40 42 42 40 40 WAL (YRS) 26.4 5.94 5.35 2.59 1.79 PRINCIPAL WINDOW Jul27 - Dec34 Oct08 - Mar20 May09 - Feb18 Oct07 - Feb08 Feb07 - Mar07 -------------------------------------------------------------------------------------------------------- CLASS M-2 100.00000% 42 44 44 46 42 WAL (YRS) 26.4 5.9 5.09 4.08 1.89 PRINCIPAL WINDOW Jul27 - Dec34 Sep08 - Jan20 Jan09 - May17 Feb08 - Mar15 Mar07 - Apr07 -------------------------------------------------------------------------------------------------------- CLASS M-3 100.00000% 65 67 67 74 65 WAL (YRS) 26.4 5.83 4.9 5.46 2.2 PRINCIPAL WINDOW Jul27 - Nov34 Jul08 - Sep19 Sep08 - Sep16 Jul09 - Mar13 Apr07 - Nov07 -------------------------------------------------------------------------------------------------------- CLASS M-4 100.00000% 70 72 72 73 74 WAL (YRS) 26.39 5.74 4.75 4.19 2.66 PRINCIPAL WINDOW Jul27 - Oct34 Jul08 - Oct17 Aug08 - Feb15 Mar09 - May11 Nov07 - Feb08 --------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- 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. 60 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- DISCOUNT MARGIN TABLE (TO MATURITY)
-------------------------------------------------------------------------------------------------------- 0% 80% 100% 150% 200% PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED PRICING SPEED TO MATURITY TO MATURITY TO MATURITY TO MATURITY TO MATURITY -------------------------------------------------------------------------------------------------------- DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN DISC MARGIN ======================================================================================================== CLASS B-1 100.00000% 125 129 129 128 143 WAL (YRS) 26.38 5.68 4.68 3.94 3.38 PRINCIPAL WINDOW Jul27 - Sep34 Jun08 - Dec16 Aug08 - Jul14 Dec08 - Dec10 Feb08 - Apr12 -------------------------------------------------------------------------------------------------------- CLASS B-2 100.00000% 135 138 138 138 171 WAL (YRS) 26.37 5.59 4.59 3.76 5.37 PRINCIPAL WINDOW Jul27 - Jul34 Jun08 - Feb16 Jul08 - Oct13 Oct08 - Jul10 Jan10 - Sep11 -------------------------------------------------------------------------------------------------------- CLASS B-3 100.00000% 175 178 178 178 212 WAL (YRS) 26.35 5.48 4.5 3.61 4.33 PRINCIPAL WINDOW Jul27 - Jun34 Jun08 - Apr15 Jul08 - Feb13 Sep08 - Feb10 May09 - Jan10 -------------------------------------------------------------------------------------------------------- CLASS B-4 100.00000% 350 352 352 352 411 WAL (YRS) 26.31 5.32 4.36 3.45 3.79 PRINCIPAL WINDOW Jul27 - Mar34 Jun08 - May14 Jun08 - May12 Aug08 - Aug09 Dec08 - May09 --------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- 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. 61 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS A-1A CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 96 73 67 52 37 25-May-07 95 43 32 7 0 25-May-08 94 24 12 0 0 25-May-09 93 21 12 0 0 25-May-10 91 16 10 0 0 25-May-11 90 12 7 0 0 25-May-12 89 9 5 0 0 25-May-13 87 7 4 0 0 25-May-14 85 5 3 0 0 25-May-15 83 4 2 0 0 25-May-16 81 3 1 0 0 25-May-17 79 2 1 0 0 25-May-18 76 2 1 0 0 25-May-19 73 1 * 0 0 25-May-20 64 1 0 0 0 25-May-21 61 * 0 0 0 25-May-22 57 * 0 0 0 25-May-23 53 0 0 0 0 25-May-24 49 0 0 0 0 25-May-25 45 0 0 0 0 25-May-26 40 0 0 0 0 25-May-27 35 0 0 0 0 25-May-28 31 0 0 0 0 25-May-29 27 0 0 0 0 25-May-30 23 0 0 0 0 25-May-31 19 0 0 0 0 25-May-32 15 0 0 0 0 25-May-33 9 0 0 0 0 25-May-34 4 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 17.98 2.79 2.15 1.15 0.90
-------------------------------------------------------------------------------- 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. 62 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS A-2A CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 95 55 46 21 0 25-May-07 93 6 0 0 0 25-May-08 92 0 0 0 0 25-May-09 91 0 0 0 0 25-May-10 89 0 0 0 0 25-May-11 87 0 0 0 0 25-May-12 85 0 0 0 0 25-May-13 82 0 0 0 0 25-May-14 79 0 0 0 0 25-May-15 76 0 0 0 0 25-May-16 72 0 0 0 0 25-May-17 68 0 0 0 0 25-May-18 64 0 0 0 0 25-May-19 59 0 0 0 0 25-May-20 43 0 0 0 0 25-May-21 38 0 0 0 0 25-May-22 32 0 0 0 0 25-May-23 26 0 0 0 0 25-May-24 19 0 0 0 0 25-May-25 11 0 0 0 0 25-May-26 3 0 0 0 0 25-May-27 0 0 0 0 0 25-May-28 0 0 0 0 0 25-May-29 0 0 0 0 0 25-May-30 0 0 0 0 0 25-May-31 0 0 0 0 0 25-May-32 0 0 0 0 0 25-May-33 0 0 0 0 0 25-May-34 0 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 13.61 1.18 1.00 0.72 0.57
-------------------------------------------------------------------------------- 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. 63 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS A-2B CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 92 25-May-07 100 100 78 5 0 25-May-08 100 56 20 0 0 25-May-09 100 47 20 0 0 25-May-10 100 31 15 0 0 25-May-11 100 19 5 0 0 25-May-12 100 10 0 0 0 25-May-13 100 3 0 0 0 25-May-14 100 0 0 0 0 25-May-15 100 0 0 0 0 25-May-16 100 0 0 0 0 25-May-17 100 0 0 0 0 25-May-18 100 0 0 0 0 25-May-19 100 0 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 89 0 0 0 0 25-May-28 79 0 0 0 0 25-May-29 68 0 0 0 0 25-May-30 56 0 0 0 0 25-May-31 44 0 0 0 0 25-May-32 30 0 0 0 0 25-May-33 15 0 0 0 0 25-May-34 0 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 25.37 4.25 3.01 1.72 1.35
-------------------------------------------------------------------------------- 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. 64 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS A-2C CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 0 25-May-08 100 100 100 0 0 25-May-09 100 100 100 0 0 25-May-10 100 100 100 0 0 25-May-11 100 100 100 0 0 25-May-12 100 100 92 0 0 25-May-13 100 100 65 0 0 25-May-14 100 91 46 0 0 25-May-15 100 69 33 0 0 25-May-16 100 53 24 0 0 25-May-17 100 40 18 0 0 25-May-18 100 31 12 0 0 25-May-19 100 24 6 0 0 25-May-20 100 13 0 0 0 25-May-21 100 7 0 0 0 25-May-22 100 3 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 100 0 0 0 0 25-May-29 100 0 0 0 0 25-May-30 100 0 0 0 0 25-May-31 100 0 0 0 0 25-May-32 100 0 0 0 0 25-May-33 100 0 0 0 0 25-May-34 86 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 29.37 11.88 9.52 2.27 1.69
-------------------------------------------------------------------------------- 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. 65 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS M-1 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 0 25-May-08 100 100 100 0 0 25-May-09 100 62 92 0 0 25-May-10 100 46 31 0 0 25-May-11 100 35 21 0 0 25-May-12 100 26 15 0 0 25-May-13 100 19 10 0 0 25-May-14 100 15 7 0 0 25-May-15 100 11 5 0 0 25-May-16 100 8 4 0 0 25-May-17 100 6 3 0 0 25-May-18 100 5 0 0 0 25-May-19 100 4 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 12 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.40 5.94 5.35 2.59 1.79
-------------------------------------------------------------------------------- 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. 66 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS M-2 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 0 25-May-08 100 100 100 20 0 25-May-09 100 62 45 20 0 25-May-10 100 46 31 20 0 25-May-11 100 35 21 20 0 25-May-12 100 26 15 20 0 25-May-13 100 19 10 17 0 25-May-14 100 15 7 6 0 25-May-15 100 11 5 0 0 25-May-16 100 8 4 0 0 25-May-17 100 6 0 0 0 25-May-18 100 5 0 0 0 25-May-19 100 4 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 12 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.4 5.90 5.09 4.08 1.89
-------------------------------------------------------------------------------- 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. 67 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS M-3 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 73 25-May-08 100 100 100 100 0 25-May-09 100 62 45 100 0 25-May-10 100 46 31 56 0 25-May-11 100 35 21 28 0 25-May-12 100 26 15 10 0 25-May-13 100 19 10 0 0 25-May-14 100 15 7 0 0 25-May-15 100 11 5 0 0 25-May-16 100 8 1 0 0 25-May-17 100 6 0 0 0 25-May-18 100 3 0 0 0 25-May-19 100 1 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 12 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.4 5.83 4.90 5.46 2.20
-------------------------------------------------------------------------------- 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. 68 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS M-4 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 100 25-May-08 100 100 100 100 0 25-May-09 100 62 45 38 0 25-May-10 100 46 31 10 0 25-May-11 100 35 21 0 0 25-May-12 100 26 15 0 0 25-May-13 100 19 10 0 0 25-May-14 100 15 7 0 0 25-May-15 100 11 0 0 0 25-May-16 100 8 0 0 0 25-May-17 100 3 0 0 0 25-May-18 100 0 0 0 0 25-May-19 100 0 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 12 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.39 5.74 4.75 4.19 2.66
-------------------------------------------------------------------------------- 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. 69 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS B-1 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 100 25-May-08 100 100 100 100 13 25-May-09 100 62 45 17 13 25-May-10 100 46 31 10 13 25-May-11 100 35 21 0 13 25-May-12 100 26 15 0 0 25-May-13 100 19 10 0 0 25-May-14 100 15 1 0 0 25-May-15 100 11 0 0 0 25-May-16 100 6 0 0 0 25-May-17 100 0 0 0 0 25-May-18 100 0 0 0 0 25-May-19 100 0 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 12 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.38 5.68 4.68 3.94 3.38
-------------------------------------------------------------------------------- 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. 70 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS B-2 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 100 25-May-08 100 100 100 100 100 25-May-09 100 62 45 17 100 25-May-10 100 46 31 3 67 25-May-11 100 35 21 0 11 25-May-12 100 26 15 0 0 25-May-13 100 19 6 0 0 25-May-14 100 15 0 0 0 25-May-15 100 9 0 0 0 25-May-16 100 0 0 0 0 25-May-17 100 0 0 0 0 25-May-18 100 0 0 0 0 25-May-19 100 0 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 12 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.37 5.59 4.59 3.76 5.37
-------------------------------------------------------------------------------- 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. 71 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS B-3 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 100 25-May-08 100 100 100 100 100 25-May-09 100 62 45 17 93 25-May-10 100 46 31 0 0 25-May-11 100 35 21 0 0 25-May-12 100 26 14 0 0 25-May-13 100 19 0 0 0 25-May-14 100 14 0 0 0 25-May-15 100 0 0 0 0 25-May-16 100 0 0 0 0 25-May-17 100 0 0 0 0 25-May-18 100 0 0 0 0 25-May-19 100 0 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 2 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.35 5.48 4.50 3.61 4.33
-------------------------------------------------------------------------------- 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. 72 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- TO MATURITY PERCENTAGE OF CLASS B-4 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
0% PRICING 80% PRICING 100% PRICING 150% PRICING 200% PRICING ----------- ------------ ------------- ------------- ------------ Date SPEED SPEED SPEED SPEED SPEED ---- ----- ----- ----- ----- ----- Initial Percentage 100 100 100 100 100 25-May-06 100 100 100 100 100 25-May-07 100 100 100 100 100 25-May-08 100 100 100 100 100 25-May-09 100 62 45 7 0 25-May-10 100 46 31 0 0 25-May-11 100 35 21 0 0 25-May-12 100 26 0 0 0 25-May-13 100 15 0 0 0 25-May-14 100 0 0 0 0 25-May-15 100 0 0 0 0 25-May-16 100 0 0 0 0 25-May-17 100 0 0 0 0 25-May-18 100 0 0 0 0 25-May-19 100 0 0 0 0 25-May-20 100 0 0 0 0 25-May-21 100 0 0 0 0 25-May-22 100 0 0 0 0 25-May-23 100 0 0 0 0 25-May-24 100 0 0 0 0 25-May-25 100 0 0 0 0 25-May-26 100 0 0 0 0 25-May-27 100 0 0 0 0 25-May-28 92 0 0 0 0 25-May-29 81 0 0 0 0 25-May-30 70 0 0 0 0 25-May-31 57 0 0 0 0 25-May-32 44 0 0 0 0 25-May-33 29 0 0 0 0 25-May-34 0 0 0 0 0 25-May-35 0 0 0 0 0 Average Life (years) 26.31 5.32 4.36 3.45 3.79
-------------------------------------------------------------------------------- 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. 73 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2005-BC2 -------------------------------------------------------------------------------- BREAKEVEN CDR TABLE The tables below display the Constant Default Rate ("CDR"), and the related cumulative collateral loss, at which the referenced Class first incurs a writedown. Calculations are run to maturity at both static (1ML =3.09000%, 6ML = 3.41188% and 1YR=3.66000%) and forward LIBOR (shown in the graph below), and at varying loss severity percentages. Other assumptions include: (1) prepayment speed is 100% PPC, (2) 0 month lag from default to loss, and (3) triggers fail (i.e., no stepdown):
STATIC LIBOR FORWARD LIBOR ----------------------------------------- ------------------------------------- 25% LOSS 35% LOSS 45% LOSS 25% LOSS 35% LOSS 45% LOSS SEVERITY SEVERITY SEVERITY SEVERITY SEVERITY SEVERITY ====================================================================================== CLASS M-1 CDR Break 37.035% 26.909% 21.128% 34.761% 25.102% 19.643% Cum Loss 20.56% 21.78% 22.66% 19.82% 20.83% 21.54% -------------------------------------------------------------------------------------- CLASS M-2 CDR Break 29.488% 21.947% 17.479% 27.262% 20.188% 16.028% Cum Loss 17.95% 19.03% 19.81% 17.09% 17.97% 18.59% -------------------------------------------------------------------------------------- CLASS M-3 CDR Break 19.101% 14.717% 11.970% 16.998% 13.046% 10.584% Cum Loss 13.43% 14.26% 14.84% 12.35% 13.00% 13.45% -------------------------------------------------------------------------------------- CLASS M-4 CDR Break 16.675% 12.953% 10.590% 14.607% 11.305% 9.220% Cum Loss 12.18% 12.92% 13.45% 11.03% 11.61% 12.01% -------------------------------------------------------------------------------------- CLASS B-1 CDR Break 14.518% 11.357% 9.327% 12.480% 9.728% 7.972% Cum Loss 10.97% 11.64% 12.12% 9.77% 10.27% 10.63% -------------------------------------------------------------------------------------- CLASS B-2 CDR Break 12.980% 10.211% 8.420% 10.985% 8.625% 7.099% Cum Loss 10.07% 10.68% 11.12% 8.82% 9.29% 9.62% -------------------------------------------------------------------------------------- CLASS B-3 CDR Break 11.899% 9.421% 7.802% 10.050% 7.944% 6.568% Cum Loss 9.40% 10.00% 10.42% 8.21% 8.67% 8.99% -------------------------------------------------------------------------------------- CLASS B-4 CDR Break 10.820% 8.626% 7.173% 9.102% 7.234% 6.002% Cum Loss 8.71% 9.29% 9.70% 7.56% 8.00% 8.31% --------------------------------------------------------------------------------------
(FORWARD LIBOR CHART) -------------------------------------------------------------------------------- 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. 74 (MERRILL LYNCH LOGO) COMPUTATIONAL MATERIALS FOR SURF 2004-BC4 -------------------------------------------------------------------------------- EXCESS SPREAD The table below displays excess spread in bps. Calculations are run to maturity at both static LIBOR (1ML=3.09000%, 6ML=3.41188% and 1YR=3.66000%) and forward LIBOR (shown in the table below). Excess spread means the per annum rate equal to 12 times the quotient of (x) the difference between (a) the total scheduled interest based on the Net Mortgage Rates in effect on the related due date minus (b) the total interest due on the Offered Certificates, 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. Other assumptions include: (1) prepayment speed is 20% HEP for the fixed rate collateral and 100% PPC for the adjustable rate collateral, (2) no defaults and no losses:
-------------------------------------------------------------------------------- EXCESS SPREAD IN BPS EXCESS SPREAD IN BPS PERIOD (STATIC LIBOR) (FORWARD LIBOR) -------------------------------------------------------------------------------- Avg yr1 333 272 Avg yr2 411 304 Avg yr3 536 469 Avg yr4 546 488 Avg yr5 546 480 --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ EXCESS SPREAD EXCESS SPREAD EXCESS SPREAD 1 MONTH 6 MONTH IN IN 1 MONTH 6 MONTH EXCESS SPREAD IN IN BPS FORWARD FORWARD BPS BPS FORWARD FORWARD BPS PERIOD (STATIC LIBOR) LIBOR LIBOR (FORWARD LIBOR) PERIOD (STATIC LIBOR) LIBOR LIBOR (FORWARD LIBOR) ------------------------------------------------------------------------------------------------------------------------------------ 1 212 2.4800% 2.8900% 212 40 527 4.3709% 4.4670% 474 2 341 2.6566% 3.0461% 333 41 557 4.3939% 4.4886% 505 3 322 2.8274% 3.1670% 295 42 528 4.4126% 4.5118% 469 4 324 2.9932% 3.2679% 279 43 558 4.4360% 4.5371% 498 5 348 3.1433% 3.3611% 289 44 528 4.4592% 4.5621% 463 6 327 3.1781% 3.4416% 261 45 529 4.4796% 4.5877% 468 7 352 3.3002% 3.5225% 279 46 624 4.5004% 4.6097% 571 8 331 3.4199% 3.6030% 251 47 529 4.5261% 4.6332% 465 9 334 3.4439% 3.6606% 246 48 558 4.5648% 4.6581% 497 10 410 3.5385% 3.7172% 313 49 528 4.5854% 4.6778% 466 11 337 3.6341% 3.7716% 240 50 558 4.6046% 4.6993% 499 12 360 3.6583% 3.8159% 261 51 528 4.6183% 4.7216% 469 13 338 3.7408% 3.8531% 236 52 528 4.6385% 4.7444% 468 14 361 3.7960% 3.8865% 255 53 558 4.6618% 4.7684% 498 15 339 3.7764% 3.9161% 230 54 528 4.6897% 4.7938% 462 16 340 3.8430% 3.9466% 227 55 557 4.7086% 4.8188% 489 17 363 3.9057% 3.9757% 246 56 528 4.7309% 4.8469% 453 18 340 3.8759% 3.9976% 221 57 527 4.7596% 4.8711% 456 19 364 3.9267% 4.0254% 242 58 622 4.7786% 4.8947% 559 20 343 3.9778% 4.0502% 219 59 527 4.8023% 4.9190% 454 21 506 3.9572% 4.0700% 411 60 556 4.8448% 4.9439% 487 22 599 4.0018% 4.0933% 507 61 526 4.8648% 4.9634% 457 23 507 4.0455% 4.1148% 414 62 555 4.8826% 4.9861% 491 24 536 4.0350% 4.1339% 446 63 525 4.9050% 5.0062% 457 25 507 4.0751% 4.1564% 415 64 525 4.9216% 5.0258% 457 26 536 4.1088% 4.1742% 443 65 554 4.9416% 5.0487% 487 27 509 4.0934% 4.1926% 448 66 524 4.9645% 5.0694% 451 28 509 4.1259% 4.2155% 446 67 553 4.9817% 5.0937% 478 29 538 4.1586% 4.2365% 476 68 523 5.0013% 5.1201% 441 30 510 4.1550% 4.2557% 444 69 523 5.0295% 5.1416% 444 31 539 4.1855% 4.2808% 474 70 616 5.0479% 5.1635% 546 32 519 4.2152% 4.3028% 452 71 522 5.0708% 5.1873% 440 33 542 4.2241% 4.3241% 481 72 550 5.1097% 5.2065% 472 34 605 4.2535% 4.3466% 549 73 521 5.1277% 5.2226% 440 35 543 4.2780% 4.3653% 482 74 552 5.1424% 5.2401% 474 36 574 4.2958% 4.3853% 516 75 *** 5.1600% 5.2560% 445 37 544 4.3230% 4.4063% 484 76 *** 5.1747% 5.2717% *** 38 551 4.3455% 4.4248% 494 77 *** 5.1904% 5.2892% *** 39 525 4.3468% 4.4454% 474 78 *** 5.2053% 5.3042% *** ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- 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. 75