<PAGE>

                 J.P. MORGAN COMMERCIAL MORTGAGE FINANCE CORP.
[LOGO}           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1999-C8
                             B302              PAYMENT DATE: DECEMBER 15, 1999
TRUSTREE'S REPORT TO CERTIFICATEHOLDERS        RECORD DATE:  NOVEMBER 30, 1999
PAYMENT SUMMARY
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                  Pass-Through  Interest     Original         Beginning      Principal    Interest        Total         Ending
Class    CUSIP       Rate        Type        Balance           Balance        Paid         Paid           Paid          Balance
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>        <C>          <C>        <C>              <C>             <C>          <C>            <C>          <C>
  A1   617059GD6   7.3250000%    Fixed    171,500,000.00    169,514,318.15   761,391.52  1,034,743.65  1,796,135.17  168,752,926.63
  A2   617059GE4   7.4000000%    Fixed    357,019,000.00    357,019,000.00      0.00     2,201,617.17  2,201,617.17  357,019,000.00
  B    617059GG9   7.4470318%    Fixed     36,575,000.00    36,575,000.00       0.00      226,979.32    226,979.32    36,575,000.00
  C    617059GH7   7.4470318%   Variable   32,918,000.00    32,918,000.00       0.00      204,284.49    204,284.49    32,918,000.00
  D    617059GJ3   7.4470318%   Variable   14,630,000.00    14,630,000.00       0.00      90,791.73     90,791.73     14,630,000.00
  E    617059GK0   7.4470318%   Variable   25,603,000.00    25,603,000.00       0.00      158,888.63    158,888.63    25,603,000.00
  F    617059GN4   7.4470318%    Fixed     10,972,000.00    10,972,000.00       0.00      68,090.69     68,090.69     10,972,000.00
  G    617059GP9   6.0000000%    Fixed     16,459,000.00    16,459,000.00       0.00      82,295.00     82,295.00     16,459,000.00
  H    617059GQ7   6.0000000%    Fixed     20,116,000.00    20,116,000.00       0.00      100,580.00    100,580.00    20,116,000.00
  J    617059GR5   6.0000000%    Fixed     23,774,000.00    23,774,000.00       0.00      118,870.00    118,870.00    23,774,000.00
  K    617059GW4   6.0000000%    Fixed     7,315,000.00      7,315,000.00       0.00      36,575.00     36,575.00     7,315,000.00
  NR   617059GS3   6.0000000%    Fixed     14,635,500.00    14,635,500.00       0.00      72,703.02     72,703.02     14,635,500.00
  X*   617059GF1   0.2146138%   Variable  731,516,500.00    729,530,818.15      0.00      130,472.80    130,472.80   728,769,426.63
 R-I   617059GT1   0.0000000%   Residual       0.00              0.00           0.00         0.00          0.00           0.00
 R-II  617059GU8   0.0000000%   Residual       0.00              0.00           0.00         0.00          0.00           0.00
R-III  617059GV6   0.0000000%   Residual       0.00              0.00           0.00         0.00          0.00           0.00
-----------------------------------------------------------------------------------------------------------------------------------
* Based on a Notional Balance    TOTALS:  731,516,500.00    729,530,818.15   761,391.52  4,526,891.50  5,288,283.02  728,769,426.63
                                 --------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                   DISTRIBUTIONS PER CERTIFICATE
                                   -------------------------------------------------------------------------
                                                 Beginning                                       Ending
                                    Class       Certificate      Principal       Interest      Certificate
                                                  Factor      Distribution(1) Distribution(1)    Factor
                                   -------------------------------------------------------------------------
                                   <S>         <C>            <C>             <C>             <C>
                                     A-1        0.9884216802   4.4396006997    6.0334906706   0.9839820795
                                     A-2        1.0000000000   0.0000000000    6.1666666760   1.0000000000
                                      B         1.0000000000   0.0000000000    6.2058597403   1.0000000000
                                      C         1.0000000000   0.0000000000    6.2058597120   1.0000000000
                                      D         1.0000000000   0.0000000000    6.2058598770   1.0000000000
                                      E         1.0000000000   0.0000000000    6.2058598602   1.0000000000
                                      F         1.0000000000   0.0000000000    6.2058594604   1.0000000000
                                      G         1.0000000000   0.0000000000    5.0000000000   1.0000000000
                                      H         1.0000000000   0.0000000000    5.0000000000   1.0000000000
                                      J         1.0000000000   0.0000000000    5.0000000000   1.0000000000
                                      K         1.0000000000   0.0000000000    5.0000000000   1.0000000000
                                      NR        1.0000000000   0.0000000000    4.9675801988   1.0000000000
                                      X         0.9972855269   0.0000000000    0.1783593398   0.9962446871
                                     R-I            N/A             N/A            N/A             N/A
                                     R-II           N/A             N/A            N/A             N/A
                                     R-III          N/A             N/A            N/A             N/A
                                   -------------------------------------------------------------------------
</TABLE>

                                   (1) represents net payment per certificate

<PAGE>

                 J.P. MORGAN COMMERCIAL MORTGAGE FINANCE CORP.
[LOGO]           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1999-C8
                                      B302

TRUSTEE'S REPORT TO CERTIFICATEHOLDERS         PAYMENT DATE: DECEMBER 15, 1999
                                               RECORD DATE:  NOVEMBER 30, 1999
PRINCIPAL DETAIL

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                    Other      Total
                                                  Principal/  Principal    Realized   Appraisal                Cumulative Cumulative
          Beginning     Scheduled   Unscheduled     Cash     Distribution   Losses/   Reduction      Ending     Realized  Appraisal
Class      Balance      Principal    Principal   Adjustments   Amount     Balance Adj.  Amount       Balance     Losses      Red.
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>          <C>        <C>          <C>             <C>       <C>      <C>              <C>      <C>
  A-1   169,514,318.15  761,391.52     0.00         0.00     761,391.52      0.00        0.00     168,752,926.63   0.00      0.00
  A-2   357,019,000.00     0.00        0.00         0.00        0.00         0.00        0.00     357,019,000.00   0.00      0.00
   B    36,575,000.00      0.00        0.00         0.00        0.00         0.00        0.00     36,575,000.00    0.00      0.00
   C    32,918,000.00      0.00        0.00         0.00        0.00         0.00        0.00     32,918,000.00    0.00      0.00
   D    14,630,000.00      0.00        0.00         0.00        0.00         0.00        0.00     14,630,000.00    0.00      0.00
   E    25,603,000.00      0.00        0.00         0.00        0.00         0.00        0.00     25,603,000.00    0.00      0.00
   F    10,972,000.00      0.00        0.00         0.00        0.00         0.00        0.00     10,972,000.00    0.00      0.00
   G    16,459,000.00      0.00        0.00         0.00        0.00         0.00        0.00     16,459,000.00    0.00      0.00
   H    20,116,000.00      0.00        0.00         0.00        0.00         0.00        0.00     20,116,000.00    0.00      0.00
   J    23,774,000.00      0.00        0.00         0.00        0.00         0.00        0.00     23,774,000.00    0.00      0.00
   K     7,315,000.00      0.00        0.00         0.00        0.00         0.00        0.00      7,315,000.00    0.00      0.00
   NR   14,635,500.00      0.00        0.00         0.00        0.00         0.00        0.00     14,635,500.00    0.00      0.00
   X*   729,530,818.15     0.00        0.00         0.00        0.00         0.00        0.00     728,769,426.63   0.00      0.00
  R-I        0.00          0.00        0.00         0.00        0.00         0.00        0.00          0.00        0.00      0.00
  R-II       0.00          0.00        0.00         0.00        0.00         0.00        0.00          0.00        0.00      0.00
  R-III      0.00          0.00        0.00         0.00        0.00         0.00        0.00          0.00        0.00      0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTALS: 729,530,818.15  761,391.52     0.00         0.00     761,391.52      0.00        0.00     728,769,426.63   0.00      0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

INTEREST DETAIL

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                      Payments   Interest      Total      Cumulative
               Accrued       Beginning   Prepayment   Current     Yield                  to         on        Interest      Unpaid
             Certificate      Unpaid        Int.     Interest     Main.   Prepayment  Interest    Unpaid       Distr.      Interest
    Class      Interest       Interest   Shortfall  Shortfalls   Charge    Premiums   Shortfall  Interest      Amount      Shortfall
------------------------------------------------------------------------------------------------------------------------------------
   <S>      <C>             <C>         <C>         <C>          <C>      <C>         <C>        <C>        <C>           <C>
  A-1       1,034,743.65       0.00         0.00        0.00       0.00      0.00       0.00       0.00     1,034,743.65     0.00
  A-2       2,201,617.17       0.00         0.00        0.00       0.00      0.00       0.00       0.00     2,201,617.17     0.00
   B         226,979.32        0.00         0.00        0.00       0.00      0.00       0.00       0.00      226,979.32      0.00
   C         204,284.49        0.00         0.00        0.00       0.00      0.00       0.00       0.00      204,284.49      0.00
   D         90,791.73         0.00         0.00        0.00       0.00      0.00       0.00       0.00       90,791.73      0.00
   E         158,888.63        0.00         0.00        0.00       0.00      0.00       0.00       0.00      158,888.63      0.00
   F         68,090.69         0.00         0.00        0.00       0.00      0.00       0.00       0.00       68,090.69      0.00
   G         82,295.00         0.00         0.00        0.00       0.00      0.00       0.00       0.00       82,295.00      0.00
   H         100,580.00        0.00         0.00        0.00       0.00      0.00       0.00       0.00      100,580.00      0.00
   J         118,870.00        0.00         0.00        0.00       0.00      0.00       0.00       0.00      118,870.00      0.00
   K         36,575.00         0.00         0.00        0.00       0.00      0.00       0.00       0.00       36,575.00      0.00
   NR        73,177.50         0.00         0.00       474.48      0.00      0.00       0.00       0.00       72,703.02     474.48
   X*        130,472.80        0.00         0.00        0.00       0.00      0.00       0.00       0.00      130,472.80      0.00
  R-I           0.00           0.00         0.00        0.00       0.00      0.00       0.00       0.00         0.00         0.00
  R-II          0.00           0.00         0.00        0.00       0.00      0.00       0.00       0.00         0.00         0.00
 R-III          0.00           0.00         0.00        0.00       0.00      0.00       0.00       0.00         0.00         0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTALS:     4,527,365.98       0.00         0.00       474.48      0.00      0.00       0.00       0.00     4,526,891.50    474.48
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                 J.P. MORGAN COMMERCIAL MORTGAGE FINANCE CORP.
[LOGO]           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1999-C8
                                      B302

REPORT TO CERTIFICATEHOLDERS:                  PAYMENT DATE: DECEMBER 15, 1999
                                               RECORD DATE:  NOVEMBER 30, 1999

ADDITIONAL REPORTING INFORMATION
MORTGAGE LOAN ACTIVITY FOR RELATED PAYMENT DATE:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
# of Mortgage    Weighted Average       Beginning Agg Stated       Ending Agg Stated      Ending Actual Unpaid
    Loans       Note Mortgage Rate       Principal Balance         Principal Balance       Principal Balance
-----------------------------------------------------------------------------------------------------------------
<S>               <C>                    <C>                       <C>                      <C>
     128             7.54238%              729,530,818.38           728,769,426.86          728,769,426.86
-----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------
   Current              Current Additional                          Principal
Realized Losses           Trust Fund Exp         # of Payoffs      Prepayments
------------------------------------------------------------------------------
<S>                       <C>                    <C>               <C>
     0.00                     0.00                   0.00             0.00
------------------------------------------------------------------------------
</TABLE>

P&I ADVANCE & FEE INFORMATION:
<TABLE>
---------------------------------------------
<S>                          <C>
Advances:
- Outstanding P&I             948,114.10
- Servicing                      0.00
- Nonrecoverable P&I             0.00
Interest on:
- P&I Advances                   0.00
- Servicing Advances             0.00
Servicing Compensation:
- to Master Servicer           42,555.96
- to Special Servicer            0.00
---------------------------------------------
</TABLE>

APPRAISAL REDUCTION INFORMATION:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
     Loan #    SPB of Apr Red Loan    All Unpd Int & Fees    Appraised Value     P&I Advance on Loan
-----------------------------------------------------------------------------------------------------
<S>            <C>                    <C>                    <C>                 <C>
      N/A            0.00                    0.00                  0.00                 0.00
-----------------------------------------------------------------------------------------------------
</TABLE>

AGGREGATE DELINQUENCY INFORMATION FOR RELATED PAYMENT DATE:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                     One Month   Two Months   3 Months +   Foreclosures       Class     Maturity Date @o%CPR
---------------------------------------------------------------------------------------------------------------
<S>                <C>           <C>          <C>          <C>                <C>       <C>
   # of Loans            1            0           0             0              A-1           April 2008
---------------------------------------------------------------------------
Agg Prin Balance   6,102,803.00     0.00        0.00          0.00             A-2           April 2009
---------------------------------------------------------------------------     B            April 2009
                                                                                C            April 2009
                                                                                D            April 2009
                                                                                E            April 2009
                                                                                F               NR
                                                                                G               NR
                                                                                H               NR
                                                                                J               NR
                                                                                K               NR
                                                                                NR              NR
                                                                           ------------------------------------
</TABLE>

REO PROPERTY WITH FINAL RECOVERY DETERMINATION:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Mortgage           Basis for Final               All Proceeds       Portion Proceeds       Amount of
 Loan #        Recovery Determination              Received          to Certificates     Realized Loss
------------------------------------------------------------------------------------------------------
<S>          <C>                             <C>                      <C>                <C>
 Loan #      Nature of Liquidation Event     Liquidation Proceeds           0                  0
------------------------------------------------------------------------------------------------------
  N/A                   N/A                          N/A                    0                  0
------------------------------------------------------------------------------------------------------
</TABLE>

SUBORDINATION LEVELS
<TABLE>
<CAPTION>
----------------------------------------
 Class          Current        Original
----------------------------------------
<S>            <C>             <C>
Seniors         27.85%          27.75%
   B            22.84%          22.75%
   C            18.32%          18.25%
   D            16.31%          16.25%
   E            12.80%          12.75%
   F            11.29%          11.25%
   G             9.03%          9.00%
   H             6.27%          6.25%
   J             3.01%          3.00%
   K             2.01%          2.00%
  NR             0.00%          0.00%
----------------------------------------
</TABLE>

PREPAYMENT
SPEED HISTORY
<TABLE>
<CAPTION>
---------------------------
                    CPR *
                      %
---------------------------
<S>                <C>
  1 MONTH           0.00%
  3 MONTH           0.00%
  6 MONTH           0.00%
 12 MONTH           0.00%
   LIFE             0.00%
---------------------------
</TABLE>

* Principal received within 1 month of maturity is not
considered prepayment in the calculation of CPR.

<PAGE>

                 J.P. MORGAN COMMERCIAL MORTGAGE FINANCE CORP.
[LOGO]           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                      B302

REPORT TO CERTIFICATEHOLDERS:                  PAYMENT DATE: DECEMBER 15, 1999
                                               RECORD DATE:  NOVEMBER 30, 1999

HISTORICAL INFORMATION ROLLING 24 MONTHS (FROM 5/99)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
           One Month Del.     Two Months Del.    Three Plus Del.      Pre-Payments        Mod./REO/Workouts         Liquidations
 Date     Count   Balance    Count    Balance   Count     Balance   Count     Balance    Count         Balance    Count      Balance
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C> <C>            <C>      <C>        <C>      <C>       <C>      <C>        <C>           <C>        <C>        <C>
12/15/1999  1  6,102,803.00    0       0.00        0       0.00        0        0.00       0             0.00        0         0.00
11/15/1999  0      0.00        0       0.00        0       0.00        0        0.00       0             0.00        0         0.00
10/15/1999  1  6,126,710.59    0       0.00        0       0.00        0        0.00       0             0.00        0         0.00
9/15/1999   0      0.00        0       0.00        0       0.00        0        0.00       0             0.00        0         0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                            ORIGINAL/CURRENT RATINGS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
           Original  Current  Original  Current  Original  Current  Original  Current
 Class       DCR       DCR     Fitch     Fitch    Moody's  Moodys     S&P       S&P
--------------------------------------------------------------------------------------
<S>        <C>       <C>      <C>       <C>      <C>       <C>      <C>       <C>
   A-1        AAA      AAA                         Aaa       Aaa      AAA       AAA
   A-2        AAA      AAA                         Aaa       Aaa      AAA       AAA
    B          AA      AA                          Aa2       Aa2      AA        AA
    C          A        A                           A2       A2       A          A
    D          A-      A-                           A3       A3       A-        A-
    E         BBB      BBB                         Baa2     Baa2      BBB       BBB
    F         BBB-    BBB-                         Baa3     Baa3     BBB-      BBB-
    G         BB+      BB+                         Ba1       Ba1      NR        NR
    H          BB      BB                          Ba2       Ba2      NR        NR
    J          B        B                           B2       B2       NR        NR
    K          B-      B-                           B3       B3       NR        NR
   NR         UNR      UNR                         UNR       UNR      UNR       UNR
    X         AAA      AAA                         Aaa       Aaa     AAAR      AAAR
   R-I
   R-II
   R-III
--------------------------------------------------------------------------------------
</TABLE>