Banc of America Alternative Loan Trust (BoAALT) 2004-11 mortgage pass-through certificates are rated by Fitch Ratings as follows:

Groups 1 and 2 certificates:

-- $190,596,259 classes 1-CB-1, 2-CB-1, 2-CB-2, and CB-IO (consisting of classes 1-CB-IO and 2-CB-IO)(Groups 1 and 2 senior certificates) 'AAA';

-- $100 class 1-CB-R (senior certificates) 'AAA';

-- $4,502,000 class 30-B-1 'AA';

-- $1,701,000 class 30-B-2 'A';

-- $1,001,000 class 30-B-3 'BBB';

-- $900,000 class 30-B-4 'BB';

-- $601,000 class 30-B-5 'B'.

Group 3 and 4 certificates:

-- $46,853,193 classes 3-A-1, 4-A-1, 15-IO (consisting of classes 3-15-IO and 4-15-IO), and 15-PO (consisting of classes 3-15-PO and 4-15-PO), (Groups 3 and 4 senior certificates) 'AAA';

-- $918,000 class 15-B-1 'AA';

-- $120,000 class 15-B-2 'A';

-- $169,000 class 15-B-3 'BBB';

-- $73,000 class 15-B-4 'BB';

-- $48,000 class 15-B-5 'B'.

Groups 1 through 4 certificates:

-- $3,803,159 class X-PO, (consisting of classes 1-X-PO, 2-X-PO, 3-X-PO and 4-X-PO components) 'AAA';

The 'AAA' ratings on the groups 1 and 2 senior certificates reflect the 4.75% subordination provided by the 2.25% class 30-B-1, the 0.85% class 30-B-2, the 0.50% class 30-B-3, the 0.45% privately offered class 30-B-4, the 0.30% privately offered class 30-B-5, and the 0.40% privately offered class 30-B-6. Classes 30-B-1, 30-B-2, 30-B-3, and the privately offered classes 30-B-4 and 30-B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination. The class 30-B-6 is not rated by Fitch.

The 'AAA' ratings on the groups 3 and 4 senior certificates reflect the 2.90% subordination provided by the 1.90% class 15-B-1, the 0.25% class 15-B-2, the 0.35% class 15-B-3, the 0.15% privately offered class 15-B-4, the 0.10% privately offered class 15-B-5, and the 0.15% privately offered class 15-B-6. Classes 15-B-1, 15-B-2, 15-B-3, and the privately offered classes 15-B-4 and 15-B-5 are rated 'AA', 'A', 'BBB', 'BB', and 'B', respectively, based on their respective subordination. The class 15-B-6 is not rated by Fitch.

The ratings also reflect the quality of the underlying collateral, the primary servicing capabilities of Bank of America Mortgage, Inc. (rated 'RPS1-' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

The transaction is secured by four pools of mortgage loans. Loan groups 1 and 2, the 30-year crossed loan group, are cross-collateralized and supported by the 30-B-1 through 30-B-6 subordinate certificates. Loan groups 3 and 4, the 15-year crossed loan group, are cross-collateralized and supported by the 15-B-1 through 15-B-6 subordinate certificates. The class X-PO certificates consist of four nonseverable components relating to each loan group for distribution purposes only.

Approximately 26.32% of the mortgage loans in the 30-year crossed group and 27.64% in the 15-year crossed group were underwritten using Bank of America's 'Alternative A' guidelines. These guidelines are less stringent than Bank of America's general underwriting guidelines and could include limited documentation or higher maximum loan-to-value ratios. Mortgage loans underwritten to 'Alternative A' guidelines could experience higher rates of default and losses than loans underwritten using Bank of America's general underwriting guidelines.

Loan groups 1 and 2 in the aggregate consist of 1,450 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 240 to 360 months. The aggregate outstanding balance of the pool as of Nov. 1, 2004 (the cut-off date) is $200,101,765, with an average balance of $138,001 and a weighted average coupon (WAC) of 6.208%. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 73.45%. The weighted average FICO credit score is 734. Second homes and investor-occupied properties comprise 2.46% and 51.96% of the loans in the group, respectively. Rate/Term and cash-out refinances account for 10.92% and 26.86% of the loans in the group, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (24.81%), Florida (12.93%), and Texas (6.53%). All other states represent less than 5% of the aggregate pool balance as of the cut-off date.

Loan groups 3 and 4 in the aggregate consist of 423 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 120 to 180 months. The aggregate outstanding balance of the pool as of Nov. 1, 2004 (the cut-off date) is $48,253,938, with an average balance of $114,076 and a WAC of 5.663%. The weighted average OLTV for the mortgage loans in the pool is approximately 62.46%. The weighted average FICO credit score is 732. Second homes and investor-occupied properties comprise 1.19% and 69.74% of the loans in the group, respectively. Rate/Term and cash-out refinances account for 28.78% and 38.20% of the loans in the group, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (32.40%), Florida (11.87%), and Texas (10.41%). All other states represent less than 5% of the aggregate pool balance as of the cut-off date.

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at 'www.fitchratings.com.'

Banc of America Mortgage Securities, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust as one real estate mortgage investment conduit (REMIC). Wells Fargo Bank, National Association, will act as trustee.