Presale: CPTS 2019-CPT Mortgage Trust October 29, 2019 PRIMARY CREDIT ANALYST Preliminary Ratings John V Connorton III New York Market value decline Debt yield (1) 212-438-3892 Class Preliminary rating(i) Preliminary amount ($) LTV (%) (%)(ii) (%)(iii) john.connorton A AAA (sf) 269,952,000 45.0 72.2 16.2 @spglobal.com X AAA (sf) 269,952,000(iv) N/A N/A N/A SECONDARY CONTACT B AA- (sf) 59,990,000 55.0 66.1 13.2 Ryan Butler New York C A- (sf) 44,992,000 62.5 61.4 11.6 (1) 212-438-2122 D BBB- (sf) 117,845,000 71.7 55.7 10.2 ryan.butler @spglobal.com E NR 139,950,000 82.1 49.3 8.9 F NR 32,271,000 84.5 47.9 8.6 VRR interest NR 35,000,000 N/A N/A N/A Note: This presale report is based on information as of Oct. 29, 2019. The ratings shown are preliminary. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (i)The certificates will be issued to qualified institutional buyers according to Rule 144A of the Securities Act of 1933. (ii)Reflects the approximate decline in the $2.302 billion "as-is" appraised value that would be necessary to experience a principal loss at the given rating level. (iii)Based on S&P Global Ratings' net cash flow and the associated whole loan balance. (iv)Notional balance. The notional amount of the class X certificates will be equal to the class A certificates balance. LTV--Loan-to-value, which is based on S&P Global Ratings Services' value. NR--Not rated. N/A--Not applicable. Profile Expected Nov. 9, 2019 closing date Collateral The trust's assets will consist primarily of a $700,000,000 portion (the trust loan) of a $1,200,000,000 whole loan made to the borrower. The trust loan (together with $500,000,000 of companion loans that are not asset of the trust) is secured by, among other things, the borrower's fee simple interest in Century Plaza Towers, two 44-story, class A office buildings comprising 2.4 million sq. ft. in the Century City submarket of Los Angeles. Of the $700,000,000 trust loan portion, $665,000,000 will be offered, and $35,000,000 will be retained by affiliates of the loan sellers German American Capital Corp., Wells Fargo Bank N.A., and Morgan Stanley Mortgage Capital Holdings LLC. Payment Principal payments will be made sequentially to the class A, then B, then C, then D, then E, and then F structure certificates. Interest payments on the certificates will be made to the class A and Xcertificates pro rata, based on the interest due, and then sequentially to the class B, then C, then D, then E, and then F certificates. Realized losses will be allocated in reverse sequential order. Loan sellers German American Capital Corp., Wells Fargo Bank N.A., and Morgan Stanley Mortgage Capital Holdings LLC. www.standardandpoors.com October 29, 2019 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2328497 on the last page. Presale: CPTS 2019-CPT Mortgage Trust Profile (cont.) Borrower One Hundred Towers LLC, a recycled bankruptcy-remote, special-purpose entity. The borrower is a joint venture between the Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank N.A. and a joint venture between an institutional account managed by both Hines and Hines Investment Management Holdings L.P. Master Wells Fargo Bank N.A. servicer Special Situs Holdings LLC. servicer Trustee Wilmington Trust N.A. Rationale The preliminary ratings assigned to CPTS 2019-CPT Mortgage Trust's commercial mortgage pass-through certificates reflect S&P Global Ratings' view of the collateral's historical and projected performance, the sponsor's and manager's experience, the trustee-provided liquidity, the loan's terms, and the transaction's structure. We determined that the loan has a beginning and ending loan-to-value (LTV) ratio of 84.5%, based on S&P Global Ratings' value. All S&P Global Ratings' LTVs, debt yields, and debt-service coverage ratio (DSCR) metrics are calculated based on the $1.2 billion whole loan balance. Transaction- And Property-Level Strengths The transaction exhibits the following strengths: - The property is well-located in the Century City submarket of Los Angeles, a master-planned commercial, retail, and residential community with state-of-the-art office buildings, the Westfield Century City Shopping Center, high-end restaurants, apartments, and hotels. - The mortgage collateral comprises two 44-story, class A office towers, totaling 2.4 million square feet (sq. ft.) The buildings were constructed in 1975 and had approximately $87.0 million ($35.80 per sq. ft.) in renovations from 2006 through 2013, with $32.0 million ($13.17 per sq. ft.) in 2008 alone. Since 2014, an additional $47.9 million of capital has been invested in the buildings to update the restrooms, multitenant corridors, and lobbies, and to create a new tenant-only fitness center. The buildings have above-average finishes and are in excellent condition. They are also Leadership In Energy And Environmental Design (LEED) gold-certified. The buildings are part of the larger Century Park Complex, a 14-acre complex that includes 2000 Avenue of the Stars (not part of the collateral), a four acre-central park, and a six-level subterranean paid-parking garage with 6,566 spaces. - The trust loan balance has moderate leverage, with an S&P Global Ratings LTV of 84.5%, based on S&P Global Ratings' valuation. The LTV, based on the appraiser's valuation, is 52.1%. Our estimate of the collateral's long-term sustainable value is 38.3% lower than the appraiser's "as-is" valuation. - The trust loan balance has a debt service coverage (DSC) of 2.83x, calculated using a 3.0045% in-place mortgage note interest rate and S&P Global Ratings' net cash flow (NCF). - The property was 92.8% occupied as of September 2019, as calculated by S&P Global Ratings, versus 79.2% at the time of the prior securitization of the asset in 2014. Both the property and www.standardandpoors.com October 29, 2019 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2328497 on the last page. Presale: CPTS 2019-CPT Mortgage Trust its submarket have experienced strong demand growth since then. CBRE-EA's Century City submarket class A vacancy rate stands at 4.2% as of third quarter of 2019, continuing the downward trend begun in 2012. Along with Beverly Hills and Santa Monica, Century City has been one of the top three performing markets in Greater Los Angeles area. The property has benefited from the substantial capital improvements invested over the past several years. Market rents, as detailed by CBRE-EA, have increased approximately 13% since 2014, while the weighted average in-place rents at the property have increased more than 50%. - The property is 92.8% leased, as calculated by S&P Global Ratings, to more than 120 distinct tenants across approximately 1.2 million sq. ft. of office space in the North Tower, approximately 1.2 million sq. ft. of office space in the South Tower, and approximately 39,500 sq. ft. of ground floor retail space. The property is home to several law firms that hold an American Lawyer's Am Law 100 ranking, a measure of the 100-largest law firms in the U.S. by financial performance. We believe the granularity of the rent roll and the presence of strong credit tenants are a significant credit positive for the loan. - The largest tenants include Bank of America ('A-'; 5.2% of the net rentable area [NRA], 5.2% of the total in place rents, and $57.0 gross per sq. ft.), Manatt Phelps & Phillips (Am Law No. 105; 4.8% of NRA, 4.9% of total in place rents, and $62.3 gross per sq. ft.), JPMorgan Chase Bank N.A. ('A+'; 4.1% of NRA, 4.1% of total in place rents and $57.0 gross per sq. ft.), Kirkland & Ellis (AM Law No. 1; 3.6% of NRA, 4.0% of total in place rents, and $68.8 gross per sq. ft.), and Greenberg Glusker (3.5% of NRA, 3.9% of total in place rents, and $66.0 gross per sq. ft.). We included the present value of future rent steps for 14 investment-grade tenants in our valuation, increasing it by approximately 1.1%. - The loan has experienced sponsors, J.P. Morgan Asset Management (JPMAM) and Hines Interests L.P. JPMAM is a premier real estate and infrastructure investment manager that manages various asset classes from real estate to hedge funds. As of June 2019, JPMAM had $2.2 trillion in total assets under management, $66 billion of which were real estate assets. Hines is a privately owned, international real estate firm that builds, acquires, and manages properties in over 214 cities in 24 countries and has approximately $120.6 billion of assets under management. - The transaction is structured so that the borrower is responsible for expenses that would typically result in shortfalls to the certificateholders, such as special servicing, work-out, and liquidation fees, as well as costs and expenses for appraisals and inspections that the special servicer conducts.