|FREE WRITING PROSPECTUS|
|FILED PURSUANT TO RULE 433|
|REGISTRATION FILE NO.: 333-226123-10|
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <firstname.lastname@example.org>
Sent: Tuesday, October 13, 2020 10:13 AM
Subject: ★IPTS★ $746.733MM BMARK 2020-B20 **PUBLIC CMBS**
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2020-B20 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-B20
JOINT BOOKRUNNERS & CO-LEAD MANAGERS: J.P. MORGAN SECURITIES LLC, DEUTSCHE BANK SECURITIES INC., CITIGROUP GLOBAL MARKETS INC. AND GOLDMAN SACHS & CO. LLC.
CO-MANAGERS: DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES: S&P/FITCH/KBRA
OFFERING TYPE: SEC-REGISTERED
***OFFERED CERTIFICATES - PUBLIC***
|A-4||AAA/AAA/AAA||** SEE BELOW **||30.000%||86A||101-00|
|A-5||AAA/AAA/AAA||** SEE BELOW **||30.000%||88A||103-00|
**The exact initial certificate balances of the Class A-4 and Class A-5 certificates will be determined based on the final pricing. The respective initial certificate balances and weighted average lives of the Class A-4 and Class A-5 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial certificate balance of the Class A-4 and Class A-5 certificates is expected to be approximately $430,642,000, subject to a variance of plus or minus 5%.
|Class of Certificates||Exp. Range of Initial Balance||Exp. Range of WAL|
|Class A-4||$0.000 - $170.000||N/A - 9.00|
|Class A-5||$260.642 - $430||642 9.79 - 9.48|
JPM SPG SYNDICATE CONTACTS
JENNIFER KORNBLAU 212-834-4154
KAILIN TWOMEY 212-834-4154
JPM CMBS BANKING CONTACTS
KUNAL SINGH 212-834-5467
DWAYNE MCNICHOLAS 212-834-9328
HARRIS RENDELSTEIN 212-834-6737
JPM CMBS TRADING DESK CONTACTS
AVINASH SHARMA 212-834-3111
DERRICK FETZER 212-834-3111
DEUTSCHE BANK TRADING DESK CONTACT
RYAN HORVATH 212-250-5149
DAN PENN 212-250-5149
CITIGROUP SYNDICATE DESK CONTACTS
RAUL OROZCO 212-723-1295
MATT PERRY 212-723-1295
GOLDMAN SACHS CMBS BANKING CONTACTS
LEAH NIVISON 212-357-2702
SCOTT EPPERSON 212-934-2882
JUSTIN PETERSON 212-902-4283
GOLDMAN SACHS SYNDICATE CONTACTS
SCOTT WALTER 212-357-8910
GOLDMAN SACHS CAPITAL MARKETS CONTACTS
MARK ROMANCZUK 212-902-0290
NITIN JAGGA 212-855-9035
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