Banc of America Merrill Lynch Commercial Mortgage
Filed: 22 Sep 06, 12:00am
FILED PURSUANT TO RULE 433 REGISTRATION STATEMENT NO.: 333-130755 COLLATERAL INFORMATION $2,243,271,168 (APPROXIMATE TOTAL COLLATERAL BALANCE) BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 BANK OF AMERICA COMMERCIAL MORTGAGE TRUST 2006-5 ISSUING ENTITY BANK OF AMERICA, NATIONAL ASSOCIATION SPONSOR AND MORTGAGE LOAN SELLER BARCLAYS CAPITAL REAL ESTATE INC. SPONSOR AND MORTGAGE LOAN SELLER BEAR STEARNS COMMERCIAL MORTGAGE, INC. SPONSOR AND MORTGAGE LOAN SELLER SUNTRUST BANK MORTGAGE LOAN SELLER CITIGROUP GLOBAL MARKETS REALTY CORP. MORTGAGE LOAN SELLER BANK OF AMERICA, NATIONAL ASSOCIATION MASTER SERVICER MIDLAND LOAN SERVICES, INC. SPECIAL SERVICER SEPTEMBER 2006 THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING TOLL-FREE 1-800-294-1322 OR YOU E-MAIL A REQUEST TO DG.PROSPECTUS_DISTRIBUTION@BOFASECURITIES.COM. THE SECURITIES MAY NOT BE SUITABLE FOR ALL INVESTORS. BANC OF AMERICA SECURITIES LLC AND THE OTHER UNDERWRITERS AND THEIR AFFILIATES MAY ACQUIRE, HOLD OR SELL POSITIONS IN THESE SECURITIES, OR IN RELATED DERIVATIVES, AND MAY HAVE AN INVESTMENT OR COMMERCIAL BANKING RELATIONSHIP WITH THE ISSUER. SEE "IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES" IN THIS FREE WRITING PROSPECTUS. BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC. ----------------- BARCLAYS CAPITAL SUNTRUST ROBINSON HUMPHREY ----------------- MORGAN STANLEY RBS GREENWICH CAPITAL BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES - -------------------------------------------------------------------------------- THE ASSET-BACKED SECURITIES REFERRED TO IN THESE MATERIALS, AND THE ASSET POOLS BACKING THEM, ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING THE POSSIBILITY THAT ONE OR MORE CLASSES OF SECURITIES MAY BE SPLIT, COMBINED OR ELIMINATED AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL PROSPECTUS) AND ARE OFFERED ON A "WHEN, AS AND IF ISSUED" BASIS. YOU UNDERSTAND THAT, WHEN YOU ARE CONSIDERING THE PURCHASE OF THESE SECURITIES, A CONTRACT OF SALE WILL COME INTO BEING NO SOONER THAN THE DATE ON WHICH THE RELEVANT CLASS HAS BEEN PRICED AND WE HAVE CONFIRMED THE ALLOCATION OF SECURITIES TO BE MADE TO YOU; ANY "INDICATIONS OF INTEREST" EXPRESSED BY YOU, AND ANY "SOFT CIRCLES" GENERATED BY US, WILL NOT CREATE BINDING CONTRACTUAL OBLIGATIONS FOR YOU OR US. BECAUSE THE ASSET-BACKED SECURITIES ARE BEING OFFERED ON A "WHEN, AS AND IF ISSUED" BASIS, ANY SUCH CONTRACT WILL TERMINATE, BY ITS TERMS, WITHOUT ANY FURTHER OBLIGATION OR LIABILITY BETWEEN US, IF THE SECURITIES THEMSELVES, OR THE PARTICULAR CLASS TO WHICH THE CONTRACT RELATES, ARE NOT ISSUED. BECAUSE THE ASSET-BACKED SECURITIES ARE SUBJECT TO MODIFICATION OR REVISION, ANY SUCH CONTRACT ALSO IS CONDITIONED UPON THE UNDERSTANDING THAT NO MATERIAL CHANGE WILL OCCUR WITH RESPECT TO THE RELEVANT CLASS OF SECURITIES PRIOR TO THE CLOSING DATE. IF A MATERIAL CHANGE DOES OCCUR WITH RESPECT TO SUCH CLASS, OUR CONTRACT WILL TERMINATE, BY ITS TERMS, WITHOUT ANY FURTHER OBLIGATION OR LIABILITY BETWEEN US (THE "AUTOMATIC TERMINATION"). IF AN AUTOMATIC TERMINATION OCCURS, WE WILL PROVIDE YOU WITH REVISED OFFERING MATERIALS REFLECTING THE MATERIAL CHANGE AND GIVE YOU AN OPPORTUNITY TO PURCHASE SUCH CLASS. TO INDICATE YOUR INTEREST IN PURCHASING THE CLASS, YOU MUST COMMUNICATE TO US YOUR DESIRE TO DO SO WITHIN SUCH TIMEFRAME AS MAY BE DESIGNATED IN CONNECTION WITH YOUR RECEIPT OF THE REVISED OFFERING MATERIALS. ---------------------------- The information contained in these materials may be based on assumptions regarding market conditions and other matters as reflected herein. Banc of America Securities LLC, Bear, Stearns & Co. Inc., Barclays Capital Inc., SunTrust Capital Markets, Inc., Morgan Stanley & Co. Incorporated and Greenwich Capital Markets, Inc. (each an "Underwriter" and, collectively, the "Underwriters") make no representation regarding the reasonableness of such assumptions or the likelihood that any such assumptions will coincide with actual market conditions or events, and these materials should not be relied upon for such purposes. The Underwriters and their respective affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of these materials, may, from time to time, have long or short positions in, and buy and sell, the securities mentioned herein or derivatives thereof (including options). Information in these materials is current as of the date appearing on the material only. This free writing prospectus is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The information in this free writing prospectus is preliminary and subject to change. Information in these materials regarding any securities discussed herein supersedes all prior information regarding such securities. These materials are not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send to you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their respective affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. ---------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ---------------------------- IRS CIRCULAR 230 NOTICE THIS FREE WRITING PROSPECTUS IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING U.S. FEDERAL, STATE OR LOCAL TAX PENALTIES. THIS FREE WRITING PROSPECTUS IS WRITTEN AND PROVIDED BY THE UNDERWRITERS IN CONNECTION WITH THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN. INVESTORS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR. ---------------------------- The file number of the registration statement to which this free writing prospectus relates is 333-130755. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. TABLE OF CONTENTS Transaction Terms...................................................... 4 Contact Information.................................................... 5 Mortgage Pool Characteristics as of the Cut-off Date General Characteristics........................................... 6 Property Type..................................................... 7 Amortization Type................................................. 7 Property Location................................................. 8 Mortgage Pool Characteristics..................................... 9 Five Year Loans................................................... 12 Seven Year Loans.................................................. 12 Ten Largest Mortgage Loans or Crossed Portfolios Crossed Southern Walgreens Portfolios............................. 14 Eastridge Mall.................................................... 20 Trinity Hotel Portfolio........................................... 27 The Shoreham...................................................... 35 Pamida Portfolio.................................................. 41 Temecula Town Center.............................................. 49 Citizens Bank Portfolio........................................... 56 Essex Green Shopping Center....................................... 64 Puerto Rico Self Storage Portfolio................................ 70 Camp Group Portfolio.............................................. 76 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT DATED SEPTEMBER 2006. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-off Date, which is October 1, 2006 (or, with respect to Loan No. 20061737, October 5, 2006). MORTGAGE POOL The Mortgage Pool consists of 183 Mortgage Loans (the "Mortgage Loans") with an aggregate balance as of the Cut-off Date of $2,243,271,168 (the "Initial Pool Balance"). The Mortgage Loans are secured by 392 properties (the "Mortgaged Properties") located throughout 46 states and the Commonwealth of Puerto Rico. DEPOSITOR Banc of America Commercial Mortgage Inc. ISSUING ENTITY Banc of America Commercial Mortgage Trust 2006-5. SPONSORS Bank of America, National Association ("Bank of America" or "BofA"), Barclays Capital Real Estate Inc. ("Barclays" or "BCRE") and Bear Stearns Commercial Mortgage, Inc. ("Bear Stearns" or "BSCMI"). MORTGAGE Bank of America, Barclays, Bear Stearns, SunTrust Bank LOAN SELLERS ("SunTrust") and Citigroup Global Markets Realty Corp. ("Citi"). UNDERWRITERS Banc of America Securities, LLC Barclays Capital Inc., and Bear, Stearns & Co. Inc. are acting as co-lead managers. Banc of America Securities LLC and Bear, Stearns & Co. Inc. are acting as joint bookrunners. SunTrust Capital Markets, Inc., Morgan Stanley & Co. Incorporated and Greenwich Capital Markets, Inc. are acting as co-managers. TRUSTEE LaSalle Bank National Association MASTER SERVICER Bank of America, National Association. See "THE SERVICERS--The Master Servicer" in the prospectus supplement. SPECIAL SERVICER Midland Loan Services, Inc. See "The SERVICERS--The Special Servicer" in the prospectus supplement. RATING AGENCIES Moody's Investors Service, Inc. ("Moody's") and Standard and Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P"). SETTLEMENT DATE On or about October , 2006. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 4 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CONTACT INFORMATION - -------------------------------------------------------------------------------- BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC. BARCLAYS CAPITAL INC. Bill Hale Craig Sedmak Haejin Baek (704) 388-1597 (Phone) (212) 272-4953 (Phone) (212) 412-1863 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) (212) 412-7489 (Fax) bill.e.hale@bankofamerica.com csedmak@bear.com haejin.baek@barcap.com Geordie Walker Tim Koltermann Brian Dixon (704) 388-1597 (Phone) (212) 272-4953 (Phone) (212) 412-2663 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) (212) 412-7305 (Fax) geordie.r.walker@bankofamerica.com tkoltermann@bear.com brian.dixon@barcap.com Chris Springer Jignesh Patel Craig Leonard (704) 388-1597 (Phone) (212) 272-6184 (Phone) (212) 412-2663 (Phone) (704) 388-9677 (Fax) (917) 849-0223 (Fax) (212) 412-7305 (Fax) chris.springer@bankofamerica.com jignesh.patel@bear.com craig.leonard@barcap.com Sang Yu (212) 412-3685 (Phone) (212) 412-1678 (Fax) sang.yu@barcap.com SUNTRUST CAPITAL MARKETS, INC. MORGAN STANLEY & CO. INCORPORATED GREENWICH CAPITAL MARKETS, INC. Patrick Guidera Kara McShane Chris McCormack (404) 230-5061 (Phone) (212) 761-2164 (Phone) (203) 625-2900 (Phone) (404) 588-8753 (Fax) (212) 507-5062 (Fax) (203) 618-2052 (Fax) patrick.guidera@suntrust.com kara.mcshane@morganstanley.com mccormc@rbsgc.com Roberto Lumpris Jon Miller Andrew Flick (404) 532-0715 (Phone) (212) 761-1317 (Phone) (203) 625-2900 (Phone) (404) 813-0000 (Fax) (212) 507-6994 (Fax) (203) 302-7228 (Fax) roberto.lumpris@suntrust.com jon.miller@morganstanley.com andrew.flick@rbsgc.com The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 5 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- GENERAL CHARACTERISTICS MORTGAGE POOL LOAN GROUP 1 LOAN GROUP 2 ---------------- ---------------- ---------------- Number of Mortgage Loans..................................................... 183 158 25 Number of Mortgaged Properties............................................... 392 367 25 Aggregate Balance of all Mortgage Loans(1)................................... $2,243,271,168 $2,013,072,464 $230,198,704 Number of Balloon Payment Mortgage Loans(2)(3)............................... 167 147 20 Aggregate Balance of Balloon Payment Mortgage Loans(2)(3).................... $1,733,283,168 $1,581,457,464 $151,825,704 Number of Anticipated Repayment Date Mortgage Loans(3)(4).................... 5 5 0 Aggregate Balance of Anticipated Repayment Date Mortgage Loans(3)(4)......... $226,650,000 $226,650,000 $0 Number of Interest Only Mortgage Loans(4).................................... 16 11 5 Aggregate Balance of Interest Only Mortgage Loans............................ $509,988,000 $431,615,000 $78,373,000 Maximum Balance.............................................................. $133,500,000 $133,500,000 $30,523,000 Minimum Balance.............................................................. $514,071 $514,071 $2,120,000 Average Balance.............................................................. $12,258,312 $12,740,965 $9,207,948 Number of Cross-Collateralized and Cross-Defaulted Loan Pools................ 3 3 0 Maximum Balance for a Group of Cross-Collateralized and Cross-Defaulted...... $152,000,000 $152,000,000 $0 Weighted Average Cut-off Date LTV Ratio...................................... 70.9% 70.7% 73.3% Maximum Cut-off Date LTV Ratio............................................... 83.3% 83.3% 80.0% Minimum Cut-off Date LTV Ratio............................................... 35.7% 35.7% 58.7% Weighted Average DSCR........................................................ 1.34x 1.35x 1.28x Maximum DSCR................................................................. 2.64x 2.64x 1.63x Minimum DSCR................................................................. 1.07x 1.07x 1.15x Weighted Average LTV at Maturity or Anticipated Repayment Date............... 66.1% 65.8% 68.8% Range of Mortgage Loan Interest Rates........................................ 4.960% to 6.840% 4.960% to 6.840% 5.312% to 6.550% Weighted Average Mortgage Loan Interest Rate................................. 6.114% 6.113% 6.125% Range of Remaining Term to Maturity or Anticipated Repayment Date (months)(5) 51 to 120 51 to 120 111 to 119 Weighted Average Remaining Term to Maturity or Anticipated Repayment Date(5). 105 104 118 ______________ (1) Subject to a permitted variance of plus or minus 5.0%. (2) Excludes Mortgage Loans (including anticipated repayment date mortgage loans) that are Interest Only until maturity or until the anticipated repayment date. (3) Four Mortgage Loans, Loan Nos. 47621, 48430, 48429, and 47563 (such Loan Numbers are set forth in ANNEX A to the prospectus supplement), representing 2.3%, 2.3%, 2.2%, and 0.5% of the Initial Pool Balance (2.5%, 2.5%, 2.5%, and 0.6% of the Group 1 Balance), respectively, are all Anticipated Repayment Date Loans and Balloon Mortgage Loans which results in such Mortgage Loans appearing in each category. (4) One Mortgage Loan, Loan No. 47200, representing 2.8% of the Initial Pool Balance (3.1% of the Group 1 Balance) is both an ARD Loan and Interest Only Mortgage Loan which results is such Mortgage Loan appearing in each category. (5) In the case of mortgage loans that have an anticipated repayment date, the maturity is based on the related anticipated repayment date. * The sum of aggregate percentage calculations may not equal 100% due to rounding. Debt service coverage ratio was calculated based on the net cash flow unless otherwise noted in this free writing prospectus. One mortgage loan referred to as the Eastridge Mall A/B Loan is evidenced by a split loan structure comprised of a note A, referred to as the Eastridge Mall A/B Note A, and a subordinate note B referred to as the Eastridge Mall A/B Note B. Only the Eastridge Mall A/B Note A is included in the trust fund. The aggregate principal balance as of the cut-off date of the Eastridge Mall A/B Note A is $133,500,000 and the aggregate principal balance as of the cut-off date of the Eastridge Mall A/B Note B is $36,500,000. Unless otherwise stated, all references to the principal balance and the related information (including cut-off date balances) of the Eastridge Mall A/B Loan are references only to the Eastridge Mall A/B Note A (and exclude the Eastridge Mall A/B Note B). One mortgage loan referred to as the Camp Group Portfolio A/B Loan is evidenced by a split loan structure comprised of a note A, referred to as the Camp Group Portfolio A/B Note A, and a subordinate note B referred to as the Camp Group Portfolio A/B Note B. Only the Camp Group Portfolio A/B Note A is included in the trust fund. The aggregate principal balance as of the cut-off date of the Camp Group Portfolio A/B Note A is $45,800,000 and the aggregate principal balance as of the cut-off date of the Camp Group Portfolio A/B Note B is $4,050,000. Unless otherwise stated, all references to the principal balance and the related information (including cut-off date balances) of the Camp Group Portfolio A/B Loan are references only to the Camp Group Portfolio A/B Note A (and exclude the Camp Group Portfolio A/B Note B). One mortgage loan referred to as the Seville Plaza A/B Loan is evidenced by a split loan structure comprised of a note A, referred to as the Seville Plaza A/B Note A, and a subordinate note B referred to as the Seville Plaza A/B Note B. Only the Seville Plaza A/B Note A is included in the trust fund. The aggregate principal balance as of the cut-off date of the Seville Plaza A/B Note A is $21,650,000 and the aggregate principal balance as of the cut-off date of the Seville Plaza A/B Note B is $3,000,000. Unless otherwise stated, all references to the principal balance and the related information (including cut-off date balances) of the Seville Plaza A/B Loan are references only to the Seville Plaza A/B Note A (and exclude the Seville Plaza A/B Note B). See also "SUMMARY OF THE PROSPECTUS SUPPLEMENT--Certain Mortgage Loan Calculations" and "GLOSSARY OF PRINCIPAL DEFINITIONS" in the prospectus supplement for definitions and information relating to the calculation of loan-to-value and debt service coverage ratios. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 6 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* [PIE CHART] Office 12.4% Hotel 12.2% Industrial 5.2% Self Storage 4.7% Other 4.5% Manfactured Housing 3.1% Mixed Use 0.8% Retail 42.8% Multifamily 14.3% PROPERTY TYPE % OF WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE MORTGAGED CUT-OFF DATE POOL UNDERWRITTEN PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR - ------------------------------------------------------------------------------------------- Retail 219 $960,482,226 42.8% 1.35x - ------------------------------------------------------------------------------------------- Anchored 197 884,059,392 39.4 1.35x - ------------------------------------------------------------------------------------------- Unanchored 14 52,239,113 2.3 1.37x - ------------------------------------------------------------------------------------------- Shadow Anchored 8 24,183,721 1.1 1.29x - ------------------------------------------------------------------------------------------- Multifamily 34 320,276,583 14.3 1.30x - ------------------------------------------------------------------------------------------- Office 31 278,309,267 12.4 1.25x - ------------------------------------------------------------------------------------------- Hotel 34 272,991,926 12.2 1.43x - ------------------------------------------------------------------------------------------- Industrial 21 117,451,564 5.2 1.32x - ------------------------------------------------------------------------------------------- Self Storage 15 105,722,417 4.7 1.33x - ------------------------------------------------------------------------------------------- Other 20 101,420,529 4.5 1.52x - ------------------------------------------------------------------------------------------- Manufactured Housing 15 68,706,656 3.1 1.23x - ------------------------------------------------------------------------------------------- Mixed Use 3 17,910,000 0.8 1.27x - ------------------------------------------------------------------------------------------- TOTAL/WTD AVG: 392 $2,243,271,168 100.0% 1.34X - ------------------------------------------------------------------------------------------- WEIGHTED WEIGHTED MIN-MAX AVERAGE MIN-MAX AVERAGE UNDERWRITTEN CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR LTV RATIO LTV RATIO RATE - ----------------------------------------------------------------------------------------------- Retail 1.07x / 2.64x 70.8% 39.0% / 83.3% 6.063% - ----------------------------------------------------------------------------------------------- Anchored 1.07x / 2.64x 71.3% 39.0 / 83.3 6.052% - ----------------------------------------------------------------------------------------------- Unanchored 1.17x / 1.81x 64.0% 50.5 / 79.4 6.203% - ----------------------------------------------------------------------------------------------- Shadow Anchored 1.15x / 1.38x 68.0% 54.1 / 80.1 6.163% - ----------------------------------------------------------------------------------------------- Multifamily 1.15x / 1.63x 70.1% 58.7 / 80.0 6.008% - ----------------------------------------------------------------------------------------------- Office 1.12x / 2.08x 69.7% 35.7 / 80.0 6.012% - ----------------------------------------------------------------------------------------------- Hotel 1.19x / 2.36x 71.2% 50.9 / 75.8 6.392% - ----------------------------------------------------------------------------------------------- Industrial 1.15x / 1.56x 73.0% 64.7 / 79.9 6.116% - ----------------------------------------------------------------------------------------------- Self Storage 1.20x / 1.43x 69.8% 49.4 / 80.0 6.126% - ----------------------------------------------------------------------------------------------- Other 1.21x / 1.74x 72.3% 60.5 / 79.9 6.228% - ----------------------------------------------------------------------------------------------- Manufactured Housing 1.19x / 1.47x 74.6% 46.7 / 79.7 6.423% - ----------------------------------------------------------------------------------------------- Mixed Use 1.22x / 1.42x 78.6% 75.1 / 80.0 6.184% - ----------------------------------------------------------------------------------------------- TOTAL/WTD AVG: 1.07X / 2.64X 70.9% 35.7% / 83.3% 6.114% - ----------------------------------------------------------------------------------------------- AMORTIZATION TYPE % OF INITIAL % OF % OF NUMBER AGGREGATE CUT-OFF POOL GROUP 1 GROUP 2 AMORTIZATION TYPE OF MORTGAGE LOANS DATE BALANCE BALANCE BALANCE BALANCE - ------------------------------------------------------------------------------------------------------------------ IO, Balloon 88 $1,134,473,168 50.6% 49.9% 56.4% - ------------------------------------------------------------------------------------------------------------------ 6 month IO loans 2 34,600,000 1.5 1.7 0.0 - ------------------------------------------------------------------------------------------------------------------ 12 month IO loans 5 28,830,000 1.3 0.8 5.8 - ------------------------------------------------------------------------------------------------------------------ 23 month IO loans 1 5,150,000 0.2 0.3 0.0 - ------------------------------------------------------------------------------------------------------------------ 24 month IO loans 27 194,318,668 8.7 8.6 9.5 - ------------------------------------------------------------------------------------------------------------------ 30 month IO loans 1 4,600,000 0.2 0.2 0.0 - ------------------------------------------------------------------------------------------------------------------ 36 month IO loans 13 161,695,000 7.2 8.0 0.0 - ------------------------------------------------------------------------------------------------------------------ 42 month IO loans 1 130,000,000 5.8 6.5 0.0 - ------------------------------------------------------------------------------------------------------------------ 48 month IO loans 7 80,120,000 3.6 1.7 20.1 - ------------------------------------------------------------------------------------------------------------------ 60 month IO loans 31 495,159,500 22.1 22.2 20.9 - ------------------------------------------------------------------------------------------------------------------ Interest Only 15 447,188,000 19.9 18.3 34.0 - ------------------------------------------------------------------------------------------------------------------ Balloon 75 434,959,999 19.4 20.5 9.6 - ------------------------------------------------------------------------------------------------------------------ IO, Hyper Am 4 163,850,000 7.3 8.1 0.0 - ------------------------------------------------------------------------------------------------------------------ Interest Only, Hyper Am 1 62,800,000 2.8 3.1 0.0 - ------------------------------------------------------------------------------------------------------------------ TOTAL: 183 $2,243,271,168 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------------------------------------ * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to this Structural and Collateral Information also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 7 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [MAP OMITTED] GEOGRAPHIC DISTRIBUTION WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE AVERAGE AVERAGE AVERAGE MORTGAGED CUT-OFF DATE % OF INITIAL UNDERWRITTEN CUT-OFF DATE MORTGAGE PROPERTY LOCATION PROPERTIES BALANCE POOL BALANCE DSCR LTV RATIO RATE - ---------------------------------------------------------------------------------------------------------------------------- California 23 $351,786,366 15.7% 1.52x 67.2% 5.937% - ---------------------------------------------------------------------------------------------------------------------------- Illinois 29 151,064,948 6.7 1.30x 67.4% 5.941% - ---------------------------------------------------------------------------------------------------------------------------- Maryland 8 128,513,000 5.7 1.28x 72.3% 6.213% - ---------------------------------------------------------------------------------------------------------------------------- Florida 13 123,065,597 5.5 1.29x 69.3% 5.762% - ---------------------------------------------------------------------------------------------------------------------------- Texas 23 110,201,447 4.9 1.20x 75.1% 6.245% - ---------------------------------------------------------------------------------------------------------------------------- New Jersey 8 109,986,570 4.9 1.34x 65.4% 6.066% - ---------------------------------------------------------------------------------------------------------------------------- Virginia 10 102,351,158 4.6 1.27x 76.2% 5.845% - ---------------------------------------------------------------------------------------------------------------------------- Massachusetts 16 85,923,257 3.8 1.38x 67.9% 6.156% - ---------------------------------------------------------------------------------------------------------------------------- Ohio 31 85,377,317 3.8 1.29x 75.7% 6.168% - ---------------------------------------------------------------------------------------------------------------------------- Michigan 27 76,317,670 3.4 1.33x 76.5% 6.201% - ---------------------------------------------------------------------------------------------------------------------------- Other 204 918,683,838 41.0 1.32x 71.9% 6.247% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL/WTD AVG: 392 $2,243,271,168 100.0% 1.34X 70.9% 6.114% - ---------------------------------------------------------------------------------------------------------------------------- o THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 46 STATES AND THE COMMONWEALTH OF PUERTO RICO. * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to this Structural and Collateral Information also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 8 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS CUT-OFF DATE BALANCE - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- $514,071 -- $999,999 4 $ 2,373,828 0.1% $1,000,000 -- $1,999,999 10 15,823,599 0.7 $2,000,000 -- $2,999,999 22 54,514,479 2.4 $3,000,000 -- $3,999,999 27 95,854,456 4.3 $4,000,000 -- $4,999,999 18 78,969,206 3.5 $5,000,000 -- $7,499,999 25 153,576,505 6.8 $7,500,000 -- $9,999,999 20 169,050,143 7.5 $10,000,000 -- $14,999,999 21 248,815,383 11.1 $15,000,000 -- $19,999,999 10 174,000,000 7.8 $20,000,000 -- $29,999,999 8 188,771,063 8.4 $30,000,000 -- $49,999,999 7 239,763,000 10.7 $50,000,000 -- $99,999,999 9 558,259,506 24.9 $100,000,000 -- $133,500,000 2 263,500,000 11.7 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: $514,071 Max: $133,500,000 Avg: $12,258,312 - ------------------------------------------------------------------------- LOCATION - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGED CUT-OFF DATE % OF PROPERTIES BALANCE POOL - ------------------------------------------------------------------------- California 23 $ 351,786,366 15.7% Illinois 29 151,064,948 6.7 Maryland 8 128,513,000 5.7 Florida 13 123,065,597 5.5 Texas 23 110,201,447 4.9 New Jersey 8 109,986,570 4.9 Virginia 10 102,351,158 4.6 Massachusetts 16 85,923,257 3.8 Ohio 31 85,377,317 3.8 Michigan 27 76,317,670 3.4 Other 204 918,683,838 41.0 - ------------------------------------------------------------------------- TOTAL: 392 $2,243,271,168 100.0% - ------------------------------------------------------------------------- PROPERTY TYPE - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGED CUT-OFF DATE % OF PROPERTIES BALANCE POOL - ------------------------------------------------------------------------- Retail 219 $ 960,482,226 42.8% Anchored 197 884,059,392 39.4 Unanchored 14 52,239,113 2.3 Shadow Anchored 8 24,183,721 1.1 Multifamily 34 320,276,583 14.3 Office 31 278,309,267 12.4 Hotel 34 272,991,926 12.2 Industrial 21 117,451,564 5.2 Self Storage 15 105,722,417 4.7 Other 20 101,420,529 4.5 Manufactured Housing 15 68,706,656 3.1 Mixed Use 3 17,910,000 0.8 - ------------------------------------------------------------------------- TOTAL: 392 $2,243,271,168 100.0% - ------------------------------------------------------------------------- MORTGAGE RATE - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- 4.960% -- 4.999% 5 $ 3,598,499 0.2% 5.000% -- 5.249% 1 31,000,000 1.4 5.250% -- 5.499% 2 44,887,000 2.0 5.500% -- 5.749% 6 112,017,482 5.0 5.750% -- 5.999% 27 563,448,882 25.1 6.000% -- 6.249% 68 757,508,626 33.8 6.250% -- 6.499% 52 515,146,983 23.0 6.500% -- 6.840% 22 215,663,695 9.6 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: 4.960% Max: 6.840% Wtd. Avg: 6.114% - ------------------------------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- 60 -- 83 9 $ 433,182,549 19.3% 84 -- 99 6 37,841,407 1.7 100 -- 120 168 1,772,247,212 79.0 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: 60 Max: 120 Wtd. Avg: 108 - ------------------------------------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- 51 -- 59 6 $ 245,542,549 10.9% 60 -- 79 3 187,640,000 8.4 80 -- 99 7 40,953,889 1.8 100 -- 109 9 150,718,573 6.7 110 -- 119 137 1,320,181,156 58.9 120 21 298,235,000 13.3 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: 51 Max: 120 Wtd. Avg: 105 - ------------------------------------------------------------------------- PREPAYMENT PROVISION SUMMARY - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- Lockout/Defeasance/Open 152 $1,772,168,668 79.0% Lockout/Yield Maintenance/ Open 28 435,109,224 19.4 Yield Maintenance/Open 2 32,000,000 1.4 Lockout/Defeasance or Yield Maintenance/ Open 1 3,993,275 0.2 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- 35.7% -- 49.9% 6 $ 12,595,029 0.6% 50.0% -- 54.9% 15 60,222,417 2.7 55.0% -- 59.9% 9 195,797,209 8.7 60.0% -- 64.9% 23 320,985,639 14.3 65.0% -- 69.9% 33 400,463,765 17.9 70.0% -- 74.9% 39 346,408,063 15.4 75.0% -- 79.9% 52 857,121,663 38.2 80.0% -- 83.3% 6 49,677,382 2.2 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: 35.7% Max: 83.3% Wtd. Avg: 70.9% - ------------------------------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY OR ARD - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- 28.3% -- 49.9% 23 $ 82,329,801 3.7% 50.0% -- 59.9% 47 548,038,351 24.4 60.0% -- 64.9% 39 370,645,227 16.5 65.0% -- 69.9% 34 384,432,788 17.1 70.0% -- 74.9% 31 591,852,000 26.4 75.0% -- 79.3% 9 265,973,000 11.9 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: 28.3% Max: 79.3% Wtd. Avg: 66.1% - ------------------------------------------------------------------------- DEBT SERVICE COVERAGE RATIOS - ------------------------------------------------------------------------- NO. OF AGGREGATE MORTGAGE CUT-OFF DATE % OF LOANS BALANCE POOL - ------------------------------------------------------------------------- 1.07x -- 1.19x 24 $ 385,752,576 17.2% 1.20x -- 1.24x 51 482,077,001 21.5 1.25x -- 1.29x 20 155,390,977 6.9 1.30x -- 1.34x 30 490,039,278 21.8 1.35x -- 1.39x 14 234,181,467 10.4 1.40x -- 1.49x 21 142,902,593 6.4 1.50x -- 1.59x 11 128,145,812 5.7 1.60x -- 1.69x 1 6,000,000 0.3 1.70x -- 1.79x 2 48,300,000 2.2 1.80x -- 1.89x 4 146,753,739 6.5 1.90x -- 1.99x 2 12,442,948 0.6 2.00x -- 2.64x 3 11,284,778 0.5 - ------------------------------------------------------------------------- TOTAL: 183 $2,243,271,168 100.0% - ------------------------------------------------------------------------- Min: 1.07x Max: 2.64x Wtd. Avg: 1.34x - ------------------------------------------------------------------------- * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to this Structural and Collateral Information also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 9 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- LOAN GROUP 1 CHARACTERISTICS CUT-OFF DATE BALANCE - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- $514,071 -- $999,999 4 $ 2,373,828 0.1% $1,000,000 -- $1,999,999 10 15,823,599 0.8 $2,000,000 -- $2,999,999 19 47,530,844 2.4 $3,000,000 -- $3,999,999 25 88,754,456 4.4 $4,000,000 -- $4,999,999 14 62,236,160 3.1 $5,000,000 -- $7,499,999 20 123,577,482 6.1 $7,500,000 -- $9,999,999 17 144,950,143 7.2 $10,000,000 -- $14,999,999 17 192,055,383 9.5 $15,000,000 -- $19,999,999 8 136,000,000 6.8 $20,000,000 -- $29,999,999 7 168,771,063 8.4 $30,000,000 -- $49,999,999 6 209,240,000 10.4 $50,000,000 -- $99,999,999 9 558,259,506 27.7 $100,000,000 -- $133,500,000 2 263,500,000 13.1 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- Min: $514,071 Max: $133,500,000 Wtd. Avg: $12,740,965 - ------------------------------------------------------------------------- LOCATION - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGED CUT-OFF DATE LOAN PROPERTIES BALANCE GROUP 1 - ------------------------------------------------------------------------- California 21 $ 324,086,366 16.1% Illinois 29 151,064,948 7.5 Florida 12 116,172,019 5.8 New Jersey 8 109,986,570 5.5 Texas 21 104,693,515 5.2 Virginia 10 102,351,158 5.1 Maryland 6 83,180,000 4.1 Ohio 29 75,041,662 3.7 Massachusetts 15 71,773,257 3.6 Michigan 25 63,917,670 3.2 Other 191 810,805,300 40.3 - ------------------------------------------------------------------------- TOTAL: 367 $2,013,072,464 100.0% - ------------------------------------------------------------------------- PROPERTY TYPE - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGED CUT-OFF DATE LOAN PROPERTIES BALANCE GROUP 1 - ------------------------------------------------------------------------- Retail 219 $ 960,482,226 47.7% Anchored 197 884,059,392 43.9 Unanchored 14 52,239,113 2.6 Shadow Anchored 8 24,183,721 1.2 Office 31 278,309,267 13.8 Hotel 34 272,991,926 13.6 Industrial 21 117,451,564 5.8 Self Storage 15 105,722,417 5.3 Multifamily 12 105,368,999 5.2 Other 20 101,420,529 5.0 Manufactured Housing 12 53,415,537 2.7 Mixed Use 3 17,910,000 0.9 - ------------------------------------------------------------------------- TOTAL: 367 $2,013,072,464 100.0% - ------------------------------------------------------------------------- MORTGAGE RATE - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- 4.960% -- 4.999% 5 $ 3,598,499 0.2% 5.000% -- 5.249% 1 31,000,000 1.5 5.250% -- 5.499% 1 40,800,000 2.0 5.500% -- 5.749% 4 103,087,482 5.1 5.750% -- 5.999% 25 545,398,882 27.1 6.000% -- 6.249% 54 598,769,791 29.7 6.250% -- 6.499% 47 477,062,047 23.7 6.500% -- 6.840% 21 213,355,763 10.6 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- Min: 4.960% Max: 6.840% Wtd. Avg: 6.113% - ------------------------------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- 60 -- 83 9 $ 433,182,549 21.5% 84 -- 99 6 37,841,407 1.9 100 -- 120 143 1,542,048,508 76.6 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- Min: 60 Max: 120 Wtd. Avg: 106 - ------------------------------------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- 51 -- 59 6 $ 245,542,549 12.2% 60 -- 79 3 187,640,000 9.3 80 -- 99 7 40,953,889 2.0 100 -- 109 9 150,718,573 7.5 110 -- 119 112 1,089,982,452 54.1 120 21 298,235,000 14.8 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.00% - ------------------------------------------------------------------------- Min: 51 Max: 120 Wtd. Avg: 104 - ------------------------------------------------------------------------- PREPAYMENT PROVISION SUMMARY - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- Lockout/Defeasance/Open 131 $1,590,479,965 79.0% Lockout/Yield Maintenance/Open 24 386,599,224 19.2 Yield Maintenance/Open 2 32,000,000 1.6 Lockout/Defeasance or Yield Maintenance/ Open 1 3,993,275 0.2 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- 35.7% -- 49.9% 6 $ 12,595,029 0.6% 50.0% -- 54.9% 15 60,222,417 3.0 55.0% -- 59.9% 8 181,647,209 9.0 60.0% -- 64.9% 21 307,285,639 15.3 65.0% -- 69.9% 30 356,433,765 17.7 70.0% -- 74.9% 34 313,844,085 15.6 75.0% -- 79.9% 39 735,766,938 36.5 80.0% -- 83.3% 5 45,277,382 2.2 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- Min: 35.7% Max: 83.3% Wtd. Avg: 70.7% - ------------------------------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY OR ARD - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- 28.3% -- 49.9% 23 $ 82,329,801 4.1% 50.0% -- 59.9% 45 528,158,351 26.2 60.0% -- 64.9% 33 328,891,249 16.3 65.0% -- 69.9% 25 307,728,063 15.3 70.0% -- 74.9% 24 530,515,000 26.4 75.0% -- 78.8% 8 235,450,000 11.7 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- Min: 28.3% Max: 78.8% Wtd. Avg: 65.8% - ------------------------------------------------------------------------- DEBT SERVICE COVERAGE RATIOS - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 1 - ------------------------------------------------------------------------- 1.07x -- 1.19x 22 $ 363,496,873 18.1% 1.20x -- 1.24x 40 409,078,510 20.3 1.25x -- 1.29x 17 131,639,466 6.5 1.30x -- 1.34x 27 432,816,278 21.5 1.35x -- 1.39x 11 202,481,467 10.1 1.40x -- 1.49x 19 126,632,593 6.3 1.50x -- 1.59x 11 128,145,812 6.4 1.70x -- 1.79x 2 48,300,000 2.4 1.80x -- 1.89x 4 146,753,739 7.3 1.90x -- 1.99x 2 12,442,948 0.6 2.00x -- 2.64x 3 11,284,778 0.6 - ------------------------------------------------------------------------- TOTAL: 158 $2,013,072,464 100.0% - ------------------------------------------------------------------------- Min: 1.07x Max: 2.64x Wtd. Avg: 1.35x - ------------------------------------------------------------------------- * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to this Structural and Collateral Information also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 10 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- LOAN GROUP 2 CHARACTERISTICS CUT-OFF DATE BALANCE - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- $2,120,000 -- $2,999,999 3 $ 6,983,635 3.0% $3,000,000 -- $3,999,999 2 7,100,000 3.1 $4,000,000 -- $4,999,999 4 16,733,046 7.3 $5,000,000 -- $7,499,999 5 29,999,023 13.0 $7,500,000 -- $9,999,999 3 24,100,000 10.5 $10,000,000 -- $14,999,999 4 56,760,000 24.7 $15,000,000 -- $19,999,999 2 38,000,000 16.5 $20,000,000 -- $29,999,999 1 20,000,000 8.7 $30,000,000 -- $30,523,000 1 30,523,000 13.3 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: $2,120,000 Max: $30,523,000 Wtd. Avg: $9,207,948 - ------------------------------------------------------------------------- LOCATION - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGED CUT-OFF DATE LOAN PROPERTIES BALANCE GROUP 2 - ------------------------------------------------------------------------- Maryland 2 $ 45,333,000 19.7% California 2 27,700,000 12.0 Missouri 3 21,237,000 9.2 Alabama 2 20,420,000 8.9 Utah 1 19,700,000 8.6 Indiana 2 18,950,000 8.2 Massachusetts 1 14,150,000 6.1 Michigan 2 12,400,000 5.4 Ohio 2 10,335,655 4.5 New York 1 8,000,000 3.5 Other 7 31,973,048 13.9 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- PROPERTY TYPE - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGED CUT-OFF DATE LOAN PROPERTIES BALANCE GROUP 2 - ------------------------------------------------------------------------- Multifamily 22 $ 214,907,584 93.4% Manufactured Housing 3 15,291,120 6.6 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- MORTGAGE RATE - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- 5.312% -- 5.499% 1 $ 4,087,000 1.8% 5.500% -- 5.749% 2 8,930,000 3.9 5.750% -- 5.999% 2 18,050,000 7.8 6.000% -- 6.249% 14 158,738,835 69.0 6.250% -- 6.499% 5 38,084,937 16.5 6.500% -- 6.550% 1 2,307,932 1.0 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: 5.312% Max: 6.550% Wtd. Avg: 6.125% - ------------------------------------------------------------------------- ORIGINAL TERM TO STATED MATURITY OR ARD (MOS) - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- 120 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: 120 Max: 120 Wtd. Avg: 120 - ------------------------------------------------------------------------- REMAINING TERM TO STATED MATURITY OR ARD (MOS) - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- 111 -- 119 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: 111 Max: 119 Wtd. Avg: 118 - ------------------------------------------------------------------------- PREPAYMENT PROVISION SUMMARY - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- Lockout/Defeasance/Open 21 $ 181,688,704 78.9% Lockout/Yield Maintenance/Open 4 48,510,000 21.1 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- 58.7% -- 59.9% 1 $ 14,150,000 6.1% 60.0% -- 64.9% 2 13,700,000 6.0 65.0% -- 69.9% 3 44,030,000 19.1 70.0% -- 74.9% 5 32,563,978 14.1 75.0% -- 79.9% 13 121,354,726 52.7 80.0% 1 4,400,000 1.9 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: 58.7% Max: 80.0% Wtd. Avg: 73.3% - ------------------------------------------------------------------------- LOAN-TO-VALUE RATIO AT MATURITY OR ARD - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- 58.5% -- 59.9% 2 $ 19,880,000 8.6% 60.0% -- 64.9% 6 41,753,978 18.1 65.0% -- 69.9% 9 76,704,726 33.3 70.0% -- 74.9% 7 61,337,000 26.6 75.0% -- 79.3% 1 30,523,000 13.3 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: 58.5% Max: 79.3% Wtd. Avg: 68.8% - ------------------------------------------------------------------------- DEBT SERVICE COVERAGE RATIOS - ------------------------------------------------------------------------- NO. OF AGGREGATE % OF MORTGAGE CUT-OFF DATE LOAN LOANS BALANCE GROUP 2 - ------------------------------------------------------------------------- 1.15x -- 1.19x 2 $ 22,255,703 9.7% 1.20x -- 1.24x 11 72,998,490 31.7 1.25x -- 1.29x 3 23,751,510 10.3 1.30x -- 1.34x 3 57,223,000 24.9 1.35x -- 1.39x 3 31,700,000 13.8 1.40x -- 1.49x 2 16,270,000 7.1 1.60x -- 1.63x 1 6,000,000 2.6 - ------------------------------------------------------------------------- TOTAL: 25 $ 230,198,704 100.0% - ------------------------------------------------------------------------- Min: 1.15x Max: 1.63x Wtd. Avg: 1.28x - ------------------------------------------------------------------------- * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to Structural and Collateral Information also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 11 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- FIVE YEAR LOANS % OF MORTGAGE CUT-OFF INITIAL LOAN PROPERTY DATE POOL LOAN PROPERTY NAME SELLER CITY STATE TYPE BALANCE BALANCE GROUP - ---------------- -------- ------------ ------- ---------- ------------ -------- ------ San Eastridge Mall.......... BofA Jose CA Retail $133,500,000 6.0% 1 Trinity Hotel Portfolio............. BSCMI Various Various Hotel 130,000,000 5.8 1 Citizens Bank Portfolio............. BSCMI Various Various Retail 62,800,000 2.8 1 Ohio Industrial Portfolio............. BCRE Various OH Industrial 30,640,000 1.4 1 Sheraton St Louis City Center........... BCRE St. Louis MO Hotel 27,000,000 1.2 1 San Seville Plaza........... BofA Diego CA Office 21,650,000 1.0 1 Water Tower Hill........ BCRE Colchester VT Office 15,500,000 0.7 1 Manufactured Timbercrest Village..... BCRE Spring TX Housing 8,700,000 0.4 1 Manufactured Homestead Village....... BCRE Queensbury NY Housing 3,392,549 0.2 1 ------------ ---- TOTAL/WTD AVG:.......... $433,182,549 19.3% ============ ==== REMAINING % OF LOAN LTV RATIO INTEREST REMAINING APPLICABLE BALANCE CUT-OFF AT MATURITY ONLY TERM TO LOAN TOTAL PER UNDERWRITTEN DATE OR ARD PERIOD MATURITY PROPERTY NAME GROUP UNITS UNIT DSCR LTV DATE (MONTHS) (MONTHS) - ------------- ---------- -------- -------- ------------ ------- ----------- ---------- --------- Eastridge Mall.......... 6.6% 741,552 $180 1.89x 59.3% 59.3% 59 59 Trinity Hotel Portfolio............. 6.5% 2,567 $50,643 1.35x 75.8% 74.6% 42 60 Citizens Bank Portfolio............. 3.1% 237,172 $265 1.31x 74.1% 74.1% 57 57 Ohio Industrial Portfolio............. 1.5% 599,811 $51 1.31x 78.4% 75.5% 24 60 Sheraton St Louis City Center........... 1.3% 288 $93,750 1.19x 67.5% 64.2% 6 60 Seville Plaza........... 1.1% 136,340 $159 1.28x 74.7% 74.7% 51 51 Water Tower Hill........ 0.8% 133,823 $116 1.23x 71.4% 70.0% 35 59 Timbercrest Village..... 0.4% 565 $15,398 1.19x 73.7% 71.3% 23 59 Homestead Village....... 0.2% 160 $21,203 1.43x 62.8% 59.6% 0 57 ----- ---- ---- TOTAL/WTD AVG:.......... 1.49X 69.8% 68.9% SEVEN YEAR LOANS % OF MORTGAGE CUT-OFF INITIAL LOAN PROPERTY DATE POOL LOAN PROPERTY NAME SELLER CITY STATE TYPE BALANCE BALANCE GROUP - ------------- -------- ------------ ----- ------------ ----------- --------- ----- Ferncroft Corporate Center................. BCRE Middletown MA Office $18,000,000 0.8% 1 Missa Bay................ BofA Swedesboro NJ Industrial 6,300,000 0.3 1 Quail Ridge Manufactured Estates.................. BCRE Lake Charles LA Housing 5,150,000 0.2 1 9295 Flamingo............ BofA Las Vegas NV Retail 4,494,024 0.2 1 Office Max - Lake Jackson................ BCRE Lake Jackson TX Retail 2,000,000 0.1 1 University Walk.......... SunTrust Sarasota FL Retail 1,897,382 0.1 1 ----------- ---- TOTAL/WTD AVG:........... $37,841,407 1.7% =========== ==== REMAINING % OF LOAN LTV RATIO INTEREST REMAINING APPLICABLE BALANCE CUT-OFF AT MATURITY ONLY TERM TO LOAN TOTAL PER UNDERWRITTEN DATE OR ARD PERIOD MATURITY PROPERTY NAME GROUP UNITS UNIT DSCR LTV DATE (MONTHS) (MONTHS) - ----------------- ----------- ------ --------- ------------- ------- ----------- --------- -------- Ferncroft Corporate Center................. 0.9% 226,338 $80 1.17x 61.2% 59.8% 59 83 Missa Bay................ 0.3% 143,267 $44 1.56x 70.0% 70.0% 87 87 Quail Ridge Estates.................. 0.3% 373 $13,807 1.20x 79.7% 74.7% 23 84 9295 Flamingo............ 0.2% 58,164 $77 1.30x 50.5% 43.9% 0 83 Office Max - Lake Jackson................ 0.1% 23,500 $85 1.40x 61.3% 57.5% 23 83 University Walk.......... 0.1% 6,500 $292 1.32x 80.1% 69.3% 0 83 ----- ----- ----- TOTAL/WTD AVG:........... 1.27X 64.8% 62.0% * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to this Structural and Collateral Term Sheet also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 12 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS OR CROSSED PORTFOLIOS* - -------------------------------------------------------------------------------- The following table and summaries describe the ten largest Mortgage Loans or Crossed Portfolios in the Mortgage Pool by Cut-off Date Balance: TEN LARGEST MORTGAGE LOANS BY CUT-OFF DATE BALANCE % OF % OF MORTGAGE INITIAL APPLICABLE LOAN CUT-OFF POOL LOAN GROUP 1 PROPERTY SELLER BALANCE BALANCE GROUP BALANCE TYPE ------------ ------------ ------- ----- ---------- -------- Crossed Southern Walgreens Portfolios.......................... BSCMI $152,000,000 6.8% 1 7.6% Retail Eastridge Mall........................ BofA 133,500,000 6.0 1 6.6% Retail Trinity Hotel Portfolio............... BSCMI 130,000,000 5.8 1 6.5% Hotel The Shoreham.......................... BofA 94,180,000 4.2 1 4.7% Multifamily Pamida Portfolio...................... BCRE/Citi(3) 68,754,506 3.1 1 3.4% Various Temecula Town Center.................. BofA 67,500,000 3.0 1 3.4% Retail Citizens Bank Portfolio............... BSCMI 62,800,000 2.8 1 3.1% Retail Essex Green Shopping Center........... BofA 57,525,000 2.6 1 2.9% Retail Puerto Rico Self Storage Portfolio.... BofA 55,500,000 2.5 1 2.8% Self Storage Camp Group Portfolio.................. BofA 45,800,000 2.0 1 2.3% Other ------------ ---- TOTAL/WTD AVG:........................ $867,559,506 38.7% ============ ==== CUT-OFF LTV RATIO CUT-OFF DATE AT MATURITY DATE BALANCE LTV OR ARD UNDERWRITTEN MORTGAGE PER UNIT RATIO DATE DSCR RATE ----------- ------- ------------ ------------ -------- Crossed Southern Walgreens Portfolios.......................... $ 245 79.6% 78.8% 1.07x 6.205% Eastridge Mall........................ $ 180 59.3% 59.3% 1.89x 5.859%(1)(2) Trinity Hotel Portfolio............... $ 50,643 75.8% 74.6% 1.35x 6.297% The Shoreham.......................... $171,861 62.8% 62.8% 1.33x 5.774%(1) Pamida Portfolio...................... $ 29 69.0% 59.8% 1.52x 6.588%(1) Temecula Town Center.................. $ 230 79.9% 74.5% 1.20x 5.652%(1) Citizens Bank Portfolio............... $ 265 74.1% 74.1% 1.31x 6.239% Essex Green Shopping Center........... $ 164 63.7% 63.7% 1.35x 5.900% Puerto Rico Self Storage Portfolio.... $ 15,464 69.8% 65.4% 1.32x 5.999% Camp Group Portfolio.................. $ 43,495 79.9% 67.7% 1.74x 6.392%(1)(2) ----- ----- ----- ----- TOTAL/WTD AVG:........................ 71.2% 68.8% 1.40X 6.085% ________________ (1) Interest Rate rounded to three decimals. (2) Interest Rate subject to change prior to pricing. (3) Co-originated by Barclays Capital Real Estate Inc. and Citigroup Global Markets Realty Corp. * Footnote (*) to the "GENERAL CHARACTERISTICS" table in the "Mortgage Pool Characteristics as of the Cut-off Date" section to this Structural and Collateral Information also applies to this page. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 13 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CROSSED SOUTHERN WALGREENS PORTFOLIOS - -------------------------------------------------------------------------------- [PHOTO OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 14 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CROSSED SOUTHERN WALGREENS PORTFOLIOS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bear Stearns ORIGINAL PRINCIPAL BALANCE: $152,000,000 FIRST PAYMENT DATE: October 1, 2006 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 108 months ANTICIPATED REPAYMENT DATE(1): September 1, 2016 EXPECTED ARD BALANCE: $150,491,208 BORROWING ENTITIES: Cornerstone I, LLC, Cornerstone II, LLC and Cornerstone III, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout: 48 payments GRTR1% PPMT or YM: 69 payments Open: 3 payments ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE(2): Springing REPLACEMENT RESERVE(3): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) After the anticipated repayment date, the loan will hyper-amortize and have a final maturity date of September 1, 2036. (2) Tax reserves are not required so long as (i) the sole tenant at each property is obligated to pay property taxes per its lease; (ii) such lease is in full force and effect; and (iii) borrower has delivered to lender evidence that such property taxes have been paid. Insurance reserves are not required so long as (i) the sole tenant at each property is obligated to pay property insurance per its lease; (ii) such lease is in full force and effect; and (iii) borrower has delivered to lender evidence that such property insurance premiums have been paid. (3) Replacement reserves are not required so long as (i) the sole tenant at each property is obligated to perform all property maintenance per its lease; (ii) such lease is in full force and effect; and (iii) borrower has delivered to lender evidence that such property maintenance has been performed. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $152,000,000 SHADOW RATING (MOODY'S/S&P): Baa3/BBB- CUT-OFF DATE LTV: 79.6% ARD LTV: 78.8% UNDERWRITTEN DSCR: 1.07x INTEREST ONLY DSCR(1): 1.25x MORTGAGE RATE: 6.205% - -------------------------------------------------------------------------------- (1) The Underwritten DSCR during the initial 9-year interest only period. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Various YEAR BUILT/RENOVATED: Various/NAP NET RENTABLE SQUARE FEET: 621,473 CUT-OFF BALANCE PER SF: $244.58 OCCUPANCY AS OF 10/01/2006: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed UNDERWRITTEN NET CASH FLOW: $11,960,077 APPRAISED VALUE: $190,865,000 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 15 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CROSSED SOUTHERN WALGREENS PORTFOLIOS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN ------------ Effective Gross Income................................. $12,204,160 Total Expenses......................................... $ 244,083 Net Operating Income (NOI)............................. $11,960,077 Cash Flow (CF)......................................... $11,960,077 DSCR on NOI............................................ 1.07x DSCR on CF............................................. 1.07x Interest Only DSCR on NOI.............................. 1.25x Interest Only DSCR on CF............................... 1.25x - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF RENT POTENTIAL % POTENTIAL LEASE TOP TENANTS MOODY'S/S&P TENANT SF TOTAL SF PSF RENT RENT EXPIRATION - ----------- ----------- --------- -------- ------ ----------- ----------- ---------- Walgreen Co............. Aa3/A+ 621,473 100.0% $19.64 $12,204,160 100.0% 01/31/2077 ------- ------ ----------- ------ TOTAL................... 621,473 100.0% $12,204,160 100.0% - ------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll except for Ratings (Moody's/S&P) and unless otherwise stated. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance and reimbursements. - ------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1)(2) - ------------------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE % BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF OF TOTAL SF EXPIRING - ------------------ -------- -------- -------- ---------- ------------ ----------- 2077.................... 42 621,473 100.0% 621,473 100.0% $12,204,160 Vacant.................. -- 0 0.0 621,473 100.0% $ 0 -- ------- ----- TOTAL................... 42 621,473 100.0% - ------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll. (2) The leases allow for a termination option in January 2027. The leases do not have any rent steps during the loan term. - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The sole tenant in each of the forty-two properties, representing 100.0% of the total net rentable square feet, is: o WALGREEN CO. (NYSE: WAG) (rated "Aa3" by Moody's and "A+" by S&P) leases a total of 621,473 square feet (100% of square feet, 100% of income) under separate leases each with an expiration date of January 31, 2077. The average rental rate per square foot is $19.64 which averages approximately 12% below the appraiser's estimated market rent. Walgreen Co. is the nation's largest retail pharmacy chain by sales. In fiscal year 2005, Walgreen Co. had 4,953 stores located in 45 states and Puerto Rico and anticipated opening approximately 475 new stores by the end of fiscal year 2006. Walgreen Co.'s fiscal year 2005 sales were more than $42 billion with shareholder's equity of more than $8.8 billion. Walgreen Co. has ranked No. 1 among food and drugstores in Fortune magazine's America's Most Admired Companies (published March 6, 2006) for eight consecutive years and was ranked 234th of the 2,000 largest public companies worldwide in Forbes Global 2000 (published April 17, 2006). - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 16 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CROSSED SOUTHERN WALGREENS PORTFOLIOS - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- SUMMARY OF PROPERTIES - ---------------------------------------------------------------------------------------------------------------------------- % OF TOTAL PORTFOLIO (BY NET ALLOCATED ALLOCATED RENTABLE CUT-OFF LOAN CUT-OFF LOAN PROPERTY ADDRESSES CITY STATE AREA YEAR BUILT AMOUNT AMOUNT) - -------------------------------------------- ----------------- ------- -------- ---------- ------------ ------------- 4814 North Sheridan Road.................... Peoria IL 15,120 2000 $ 5,630,000 3.7% 13992 Manchester Road....................... Ballwin MO 15,608 2000 5,510,000 3.6 2882 South Maryland Parkway................. Las Vegas NV 13,905 1999 5,400,000 3.6 1115 North Riverside Drive.................. Espanola NM 17,828 2000 5,010,000 3.3 2205 West 22nd Street....................... Oak Brook IL 11,294 1999 4,810,000 3.2 901 West Touhy Avenue....................... Park Ridge IL 13,825 1998 4,800,000 3.2 305 West Rollins Road....................... Round Lake Beach IL 13,833 1999 4,301,000 2.8 3425 Middle Road............................ Bettendorf IA 14,902 2000 4,280,000 2.8 438 West Illinios Avenue.................... Dallas TX 15,120 1998 4,210,000 2.8 550 South Main Street....................... Cottonwood AZ 15,038 2000 4,190,000 2.8 2650 FM 620................................. Round Rock TX 14,986 2000 4,090,000 2.7 3601 16th Street............................ Moline IL 15,120 2000 3,940,000 2.6 7850 Enchanted Hills Boulevard Northeast.... Rio Rancho NM 13,905 2000 3,940,000 2.6 4650 Morningside Avenue..................... Sioux City IA 15,030 1999 3,890,000 2.6 280 Main Street............................. Security CO 13,833 1998 3,840,000 2.5 6302 Fairmont Parkway....................... Pasadena TX 15,120 1999 3,820,000 2.5 1251 4th Street............................. Mason City IA 15,048 2000 3,770,000 2.5 3140 Southeast 14th Street.................. Des Moines IA 15,795 2000 3,730,000 2.5 4445 Calumet Avenue......................... Hammond IN 15,054 2000 3,700,000 2.4 420 South Sossaman Road..................... Mesa AZ 14,950 2000 3,550,000 2.3 555 North Maize Road........................ Wichita KS 15,120 2001 3,510,000 2.3 9500 Golf Course Road Northwest............. Albuquerque NM 15,160 2000 3,500,000 2.3 3201 FM 528 Road............................ Friendswood TX 13,905 1999 3,360,000 2.2 9400 Mentor Avenue.......................... Mentor OH 15,120 1998 3,320,000 2.2 20226 North Lake Pleasant Road.............. Peoria AZ 15,083 2000 3,260,000 2.1 2503 5th Avenue South....................... Fort Dodge IA 15,120 1999 3,209,000 2.1 1226 West McDermott Drive................... Allen TX 13,905 1999 3,160,000 2.1 1438 North Lewis Avenue..................... Tulsa OK 15,120 1999 3,120,000 2.1 1920 South Chelton Road..................... Colorado Springs CO 13,820 1998 3,070,000 2.0 2 Mathis Drive.............................. Dickson TN 15,040 2000 3,060,000 2.0 1520 West Freddy Gonzalez Drive............. Edinburg TX 15,019 2000 3,020,000 2.0 7923 East McDowell Road..................... Scottsdale AZ 14,936 1997 2,960,000 1.9 4995 E US Route 36.......................... Decatur IL 15,268 2000 2,910,000 1.9 8310 West Deer Valley Road.................. Peoria AZ 15,120 1999 2,870,000 1.9 833 Southwest Wilshire Boulevard............ Burleson TX 14,986 1999 2,850,000 1.9 7914 Fegenbush Lane......................... Louisville KY 13,905 1998 2,830,000 1.9 3445 Terry Road............................. Jackson MS 13,801 1998 2,830,000 1.9 801 Independence Boulevard.................. Virginia Beach VA 13,905 2002 2,800,000 1.8 3732 Nameoki Road........................... Granite City IL 16,308 1997 2,660,000 1.8 1620 South Gordon Street.................... Alvin TX 13,905 2002 2,540,000 1.7 8450 151st Street........................... Overland Park KS 13,833 1998 2,380,000 1.6 1514 East Florence Boulevard................ Casa Grande AZ 17,780 1998 2,370,000 1.6 ------- ------------ ----- 621,473 $152,000,000 100.0% - ---------------------------------------------------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 17 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CROSSED SOUTHERN WALGREENS PORTFOLIOS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOANS: o The Crossed Southern Walgreens Portfolios Mortgage Loans consist of three cross-collateralized, cross-defaulted loans totaling $152.0 million. The Mortgage Loans have a ten-year term and are secured by first mortgages on 42 Walgreen Co. properties located in 16 states throughout the United States. The Crossed Southern Walgreens Portfolios Mortgage Loans are interest-only for the first 108 months and have an anticipated repayment date of September 1, 2016. After the anticipated repayment date, the Mortgage Loans will hyper-amortize and have a final maturity date of September 1, 2036. THE BORROWERS: o The borrowers, Cornerstone I, LLC, Cornerstone II, LLC and Cornerstone III, LLC, are Delaware limited liability companies and single purpose entities with at least two independent directors for which a non-consolidation opinion has been provided by the borrower's counsel. o The sponsors of the Crossed Southern Walgreens Portfolios Mortgage Loans are John E. Gross (carve-out indemnitor and managing member of the borrowing entities) and Michael Supera. John E. Gross has over 25 years of real estate experience and is currently the Chief Operating Officer of NORCOR Investments, Inc., a principal and a managing member of Newcastle Properties, L.L.C. THE PROPERTIES: o The Crossed Southern Walgreens Portfolios Mortgaged Properties consist of the fee interest in 42 free-standing Walgreen Co. properties located in 16 states throughout the United States. Across the portfolio, the average population and household income within a 3-mile radius of each property is approximately 61,188 and $64,398, respectively. The Trade Dimensions Retail Site Database states estimated average annual sales for the 42 portfolio stores to be $806 per square foot. The stores all have updated configurations and the vast majority of the properties have drive-through pharmacies. PROPERTY MANAGEMENT: o Borrower/Owner Managed. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. RELEASE OF PROPERTIES: o The borrowers are permitted to obtain a release of any property during the term of the loan, subject to the satisfaction of certain conditions set forth in the mortgage loan documents, including, among others, payment of a release price of 115% of the allocated loan amount and satisfaction of certain loan-to-value and debt service coverage ratio requirements. The debt service coverage ratio immediately after the release must be greater than or equal to the greater of 1.09x (based on a 7.27% loan constant and assuming a 30-year amortization schedule) and the debt service coverage ratio immediately preceding the release. The loan-to-value immediately after the release must be less than or equal to the lower of 80% and the loan-to-value immediately preceding the release. SUBSTITUTION OF PROPERTIES: o The Crossed Southern Walgreens Portfolios Borrowers are permitted four substitutions (no more than 33% of the Crossed Southern Walgreens Portfolios Mortgage Loans amount) with replacement properties that are similar in property type, lease terms and tenant credit subject to the satisfaction of certain conditions set forth in the Mortgage Loan documents including, among others: (i) the debt service coverage ratio of the portfolio, after giving effect to the substitution, is not less than the debt service coverage ratio immediately before the substitution; (ii) the loan-to-value of the portfolio, after giving effect to the substitution, is not greater than the loan-to-value immediately before the substitution; (iii) delivery of acceptable environmental and engineering reports; (iv) if the replacement property is a single tenant property, the lease must be comparable to current property's lease, the tenant must have comparable credit quality and financial strength as the substituted property's tenant; (v) delivery of an acceptable legal opinion; and (vi) confirmation from the rating agencies of no withdrawal, qualification or downgrade of the then-current ratings of the Certificates. - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 18 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CROSSED SOUTHERN WALGREENS PORTFOLIOS - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 19 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- [PHOTO OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 20 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America LOAN PURPOSE: Refinance ORIGINAL NOTE A PRINCIPAL BALANCE: $133,500,000 FIRST PAYMENT DATE: October 1, 2006 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: September 1, 2011 EXPECTED NOTE A MATURITY BALANCE: $133,500,000 BORROWING ENTITY: Eastridge Shopping Center L.L.C. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 53 payments Open: 7 payments ADDITIONAL FINANCING: $36,500,000 Note B FUTURE MEZZANINE DEBT: Yes LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN CUT-OFF DATE: $170,000,000 NOTE A CUT-OFF DATE BALANCE: $133,500,000 NOTE B CUT-OFF DATE BALANCE: $36,500,000 SHADOW RATING (MOODY'S/S&P): Baa3/BBB- WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING NOTE B)(1) NOTE B)(1) ---------- ---------- CUT-OFF DATE LTV: 59.3% 75.6% MATURITY DATE LTV: 59.3% 75.6% UNDERWRITTEN DSCR: 1.89x 1.50x MORTGAGE RATE(2): 5.859% 5.788% - -------------------------------------------------------------------------------- (1) The Note B is not part of the trust fund. (2) The interest rate was rounded to three decimal places and is subject to change prior to pricing. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB--TYPE: Anchored LOCATION: San Jose, California YEAR BUILT/RENOVATED: 1971/2006 NET RENTABLE SQUARE FEET(1): 741,552 CUT-OFF BALANCE PER SF(1)(2): $180 OCCUPANCY AS OF 07/28/2006: 94.4% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed UNDERWRITTEN NET CASH FLOW: $14,990,849 APPRAISED VALUE: $225,000,000 - -------------------------------------------------------------------------------- (1) An additional 196,255 square feet of improvements are on ground leases and part of the collateral. The cut-off date balance per square foot including the ground leased square footage equals $142. (2) The cut-off date balance per square foot including the Note B and (A) including the improvements on the ground leases, equals $181 and (B) excluding the improvements on the ground leases equals $229. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 21 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN ------------ Effective Gross Income ......................................... $25,385,447 Total Expenses ................................................. $ 9,710,893 Net Operating Income (NOI) ..................................... $15,674,554 Cash Flow (CF) ................................................. $14,990,849 DSCR on NOI(1) ................................................. 1.98x DSCR on CF(2) .................................................. 1.89x - -------------------------------------------------------------------------------- (1) The debt service coverage ratio on net operating income including the Note B is 1.57x (2) The debt service coverage ratio on net cash flow including the Note B is 1.50x - ---------------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RATINGS TENANT % OF TOTAL POTENTIAL % POTENTIAL LEASE TOP TENANTS MOODYS/S&P SF SF RENT PSF RENT RENT EXPIRATION - ----------- ---------- ------- ---------- -------- ---------- ----------- ---------- JC Penney ........................... Baa3/BBB- 246,261 26.3% $ 0.24 $ 60,000 0.4% 05/31/2011 AMC 15 (Ground Lease) ............... B3/B 75,000 8.0 $ 25.00 $1,875,000 12.7 08/31/2020 Beshoff Infiniti (Ground Lease)...... Baa1/BBB+ 75,000 8.0 $ 7.33 $ 549,750 3.7 10/31/2027 Sports Chalet ....................... Not Rated 44,000 4.7 $ 16.00 $ 704,000 4.8 10/31/2016 Bed Bath & Beyond ................... NR/BBB 43,133 4.6 $ 12.25 $ 528,379 3.6 01/31/2023 ------- ---- ---------- ---- TOTAL ............................... 483,394 51.5% $3,717,129 25.1% - ---------------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll except for Ratings (Moodys/S&P) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance and reimbursements. - ---------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - ---------------------------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ ----------- -------- -------- ---------- ------------- ----------- 2007 ........................................... 5 16,985 1.8% 16,985 1.8% $ 229,717 2008 ........................................... 6 40,381 4.3 57,366 6.1% $ 764,004 2010 ........................................... 8 10,212 1.1 67,578 7.2% $ 664,329 2011 ........................................... 5 273,613 29.2 341,191 36.4% $ 670,530 2012 ........................................... 3 1,926 0.2 343,117 36.6% $ 95,699 2013 ........................................... 5 16,304 1.7 359,421 38.3% $ 278,572 2014 ........................................... 5 12,890 1.4 372,311 39.7% $ 472,684 2015 ........................................... 48 94,899 10.1 467,210 49.8% $ 2,917,001 2016 ........................................... 31 176,025 18.8 643,235 68.6% $ 3,594,038 2017 ........................................... 1 5,679 0.6 648,914 69.2% $ 125,563 2023 ........................................... 1 43,133 4.6 692,047 73.8% $ 528,379 Ground Lease ................................... 10 194,178 20.7 886,225 94.5% $ 3,043,184 Vacant Ground Lease ............................ -- 2,077 0.2 888,302 94.7% $ 32,551 Vacant ......................................... -- 49,505 5.3 937,807 100.0% $ 1,371,783 --- ------- ----- TOTAL .......................................... 128 937,807 100.0% - ---------------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 22 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- o The five largest tenants representing 51.5% of the total net rentable square feet are: o JC PENNEY (NYSE: "JCP") (rated "Baa3" by Moody's and "BBB-" by S&P) occupies 246,261 square feet (26.3% of square feet, 0.4% of income) under a forty-year lease expiring on May 31, 2011 with three 10-year renewal options. J.C. Penney is a multi-line retailer selling family apparel, jewelry, shoes, accessories and home furnishings. J.C. Penney operates 1,021 department stores located in 49 states and Puerto Rico. J.C. Penney employs approximately 151,000 people. As of the fiscal year ended January 28, 2006, J.C. Penney reported revenue of approximately 18.8 billion, net income of $1.1 billion and stockholder equity of $4.0 billion. o AMC 15 (AMC Entertainment, Inc.) (rated "B3" by Moody's and "B" by S&P) occupies 75,000 square feet (8.0% of square feet, 12.7% of income) under a 15-year ground lease expiring on August 31, 2020. The rental rate per square foot is $25.00. The theater contains 15-screens and 2,954 seats in a stadium seating format. AMC 15 recently constructed its space and opened in November of 2005. AMC Entertainment, Inc. is the second largest movie theater chain in the United States and owns about 415 theaters that offer over 5,500 screens. Approximately three quarters of these theatres are multiplexes (units with more than 14 screens and stadium seating). AMC Entertainment, Inc.'s theatres can be found in approximately. 30 states as well as in Canada, Europe, Asia and South America. Earlier this year, AMC Entertainment, Inc. merged with rival Loews Cineplex Entertainment Corporation. In 2005 AMC Entertainment, Inc. had sales of $1.8 billion and a net income of $70.6 million. o BESHOFF INFINITI (Nissan Motor Co., NASDAQ: "NSANY") (rated "Baa1" by Moody's and "BBB+" by S&P) will occupy 75,000 square feet (8.0% of square feet, 3.7% of income) under a 20-year ground lease expiring on October 31, 2027. The rental rate per square foot is $7.33. Infiniti is Japanese automobile manufacturer Nissan's luxury brand in the United States, Canadian, Mexican, Middle Eastern, South Korean (first dealership opened in July 2005) and Taiwanese markets. o SPORT CHALET (NASDAQ: "SPCHA") (not rated) occupies 44,000 square feet (4.7% of square feet, 4.8% of income) under a ten-year lease expiring on October 31, 2016 with four 5-year renewal options. The current rental rate per square foot of $16.00 increases to $17.50 on June 5, 2011. Sports Chalet offers 17 specialty stores under one roof. The sporting goods chain focuses on providing cold weather gear, but also offers a variety of clothing and equipment for outdoor activities across the board. Sports Chalet operates approximately 40 stores mostly in California, with a handful in Arizona and Nevada as well. During the fiscal year ending March 2006, Sport Chalet reported revenues of $343.2 million representing an 11% sales growth. o BED BATH & BEYOND (NASDAQ: "BBBY") (not rated by Moody's and rated "BBB" by S&P) occupies 43,133 square feet (4.6% of square feet, 3.6% of income) under a lease which expires on January 31, 2023 with three 5-year renewal option. The current rental rate per square foot is $12.25. Bed, Bath & Beyond operates more than 750 stores in 46 states as well as Puerto Rico. Bed, Bath & Beyond offers a full line of products to furnish the bedroom and bathroom as well as an array of small appliances for the kitchen. Remarkably, Bed, Bath & Beyond relies on advertising through circulars, mailings and word of mouth. For the fiscal year ending February 2006, Bed, Bath & Beyond reported revenues of $5.81 billion and net income of $572.9 million, representing growths of 12.9% and 13.4% respectively. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 23 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Eastridge Mall Mortgage Loan is a $133.5 million, five-year loan secured by a first mortgage on a regional mall located in San Jose, Santa Clara County, California. The Eastridge Mall Mortgage Loan is interest-only for the entire loan term, matures on September 1, 2011 and accrues interest at an annual rate, rounded to three decimal places, of 5.859%. THE BORROWER: o The Eastridge Mall Borrower is Eastridge Shopping Center L.L.C, a Delaware limited liability company and single purpose, bankruptcy remote entity with at least two independent directors for which a non-consolidation opinion has been provided by the Eastridge Mall Borrower's counsel. Equity ownership is held 100% by GGP Ivanhoe IV, Inc. which in turn is held by GGP Limited Partnership which is 81.0% owned by General Growth Properties, Inc. o Ownership interest in GGP Limited Partnership is held by General Growth Properties, Inc. (81.0%) and outside limited partners (19.0%). o General Growth Properties, Inc. is the second-largest owner/operator of malls in the United States with a market capitalization of $11.42 billion as of September 18, 2006. General Growth Properties, Inc. owns, develops, operates and/or manages shopping malls in 44 states. As of March 2006, General Growth Properties, Inc. had ownership interests in and/or management responsibility for more than 200 regional shopping malls all over the United States, encompassing over 200 million square feet. of retail space and housing some 24,000 retail tenants. General Growth Properties, Inc. is the largest third-party manager for owners of regional malls. THE PROPERTY: o The Eastridge Mall Mortgaged Property consists of a fee simple interest in a regional mall built in 1971 and most recently renovated in 2006. The collateral improvements containing a total of 741,522 gross leasable square feet situated on 77.28 acres consist of JC Penney, Sports Chalet, Bed Bath and Beyond, Circuit City and Barnes & Noble anchor tenant buildings and the in-line mall stores. o There are approximately 113 additional in-line tenants ranging in size from 100 to 19,645 square feet. The Eastridge Mall Mortgaged Property also consists of 10 ground leased tenants (196,255 square feet) ranging in size from 3,750 square feet to 75,000 square feet (both AMC 15 and Beshoff Infinity). Sears (251,000 square feet) and Macy's (175,000 square feet) are non-collateral anchor tenants. Including Sears and Macy's there is a total of 1,363,807 square feet in the Eastridge Mall. o In 2004, General Growth Properties, Inc. began a significant renovation of the Eastridge Mall Mortgaged Property which included redevelopment of the interior of the mall, reconfiguration of 317,530 square feet of in-line comparable store space, the addition of a 75,000 square foot 15-screen AMC Theater, exterior retail entrance, and restaurant outparcel. o The Eastridge Mall Mortgaged Property is located in the east central portion of San Jose, California, just northeast of Highway 101 approximately 65 miles south of San Francisco, California. Demographics for the five-mile primary trade area of the Eastridge Mall Mortgaged Property include a population of 512,821 in 137,147 households. Average household income within the primary trade area is $98,461. o Trailing 12-month in-line comparable store sales as of May 31, 2006 were $293 per square foot. o The Eastridge Mall Borrower is generally required at its sole cost and expense to keep the Eastridge Mall Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o The Eastridge Mall Mortgaged Property is borrower/owner managed. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o A $36,500,000 Note B to be held outside of the Trust. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 24 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The Eastridge Mall Borrower is permitted to incur mezzanine financing upon the satisfaction of the following terms and conditions, including without limitation: (a) no event of default has occurred and is continuing; (b) a permitted mezzanine lender originates such mezzanine financing; (c) the mezzanine lender will have executed an intercreditor agreement in form and substance reasonably acceptable to the mortgagee; (d) the amount of such mezzanine loan will not exceed an amount which, when added to the outstanding principal balance of the Eastridge Mall Mortgage Loan, results in a maximum loan-to-value ratio greater than 75% and a minimum debt service coverage ratio (as calculated by the mortgagee on a trailing 12-month basis) less than 1.25x; and (e) the mortgagee will have received confirmation from the rating agencies that such mezzanine financing will not result in a downgrade, withdrawal or qualification of the ratings issued, or to be issued, in connection with a securitization involving the Eastridge Mall Mortgage Loan. COLLATERAL RELEASE AND SUBSTITUTION: o The Eastridge Mall Borrower may obtain the release of a related parcel of property, subject to the satisfaction of certain conditions, including, but not limited to: (i) such property is not necessary for the Eastridge Mall Borrower's operation or use of the remainder of the Eastridge Mall Mortgaged Properties; and (ii) the released parcel is non-income producing. The substitution of another parcel in conjunction with such a release is permitted subject to, without limitation, satisfaction of the conditions required for a release with respect to the released parcel and the substitute parcel. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 25 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- EASTRIDGE MALL - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 26 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 27 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bear Stearns LOAN PURPOSE: Acquisition ORIGINAL PRINCIPAL BALANCE: $130,000,000 FIRST PAYMENT DATE: November 1, 2006 TERM/AMORTIZATION: 60/360 months INTEREST ONLY PERIOD: 42 months MATURITY DATE: October 1, 2011 EXPECTED MATURITY BALANCE: $128,020,572 BORROWING ENTITY(1): Various INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 53 payments Open: 7 payments ADDITIONAL FINANCING: $5,600,000 mezzanine loan UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes IMMEDIATE REPAIR RESERVE: $552,616 OTHER(2): $12,463,796 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $222,217 LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) The loan is collateralized by thirteen properties and as such has thirteen separate borrowing entities. (2) The other escrow consists of $8,588,000 for future capital improvements, $3,686,503 for work that is still outstanding under the PIP program, and $189,293 for ground rent for the San Diego and Englewood properties. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $130,000,000 CUT-OFF DATE LTV: 75.8% MATURITY DATE LTV: 74.6% UNDERWRITTEN DSCR: 1.35x INTEREST ONLY DSCR(1): 1.57x MORTGAGE RATE: 6.297% - -------------------------------------------------------------------------------- (1) Underwritten DSCR during the partial interest only period. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Hotel PROPERTY SUB-TYPE: Various LOCATION: Various YEAR BUILT/RENOVATED: Various/2006 NUMBER OF KEYS: 2,567 CUT-OFF BALANCE PER KEY: $50,643 OCCUPANCY AS OF 07/31/2006: 68.4% OWNERSHIP INTEREST: Various PROPERTY MANAGEMENT: Various UNDERWRITTEN NET CASH FLOW: $13,051,217 APPRAISED VALUE: $171,600,000 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 28 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - PORTFOLIO LEVEL - ---------------------------------------------------------------------------------------------------------------------------------- TRAILING FULL YEAR FULL YEAR 12 MONTHS (12/31/2004) (12/31/2005) (07/31/2006) UNDERWRITTEN ------------ ------------ ------------ ------------ Effective Gross Income.............................................. $58,959,431 $62,072,383 $64,881,268 $66,641,384 Total Expenses...................................................... $45,910,109 $47,557,983 $49,173,876 $50,924,512 Net Operating Income (NOI).......................................... $13,049,322 $14,514,400 $15,707,392 $15,716,872 Cash Flow (CF)...................................................... $10,695,660 $12,040,686 $13,119,547 $13,051,217 DSCR on NOI......................................................... 1.35x 1.50x 1.63x 1.63x DSCR on CF.......................................................... 1.11x 1.25x 1.36x 1.35x Interest Only DSCR on NOI........................................... 1.57x 1.75x 1.89x 1.89x Interest Only DSCR on CF............................................ 1.29x 1.45x 1.58x 1.57x - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- PORTFOLIO OPERATING STATISTICS(1) - ---------------------------------------------------------------------------------------------------------------------------------- TRAILING 12 FULL YEAR FULL YEAR MONTHS (12/31/2004) (12/31/2005) (07/31/2006) UNDERWRITTEN ------------ ------------ ------------ ------------ Average Daily Rate (ADR)............................................ $74.29 $78.30 $81.61 $83.77 Occupancy........................................................... 66.9% 67.6% 68.4% 68.5% RevPAR.............................................................. $49.73 $52.95 $55.81 $57.39 - ---------------------------------------------------------------------------------------------------------------------------------- (1) Based on underwritten operating statements. - ------------------------------------------------------------------------------------------------------------------------ PROPERTY OPERATING STATISTICS(1) - ------------------------------------------------------------------------------------------------------------------------ FULL YEAR (12/31/2004) FULL YEAR (12/31/2005) ----------------------- ----------------------- PROPERTY NAME REVPAR ADR OCC. REVPAR ADR OCC. - ------------- ------ ------ ----- ------ ------ ----- SD Holiday Inn Mission Valley Stadium............................... $70.61 $83.89 84.2% $75.00 $90.74 82.7% Lynnwood Courtyard Marriott......................................... $49.24 $72.50 67.9% $59.71 $78.02 76.5% Fresno Courtyard Marriott........................................... $68.31 $87.01 78.5% $75.76 $92.81 81.6% Renton Holiday Inn Select........................................... $40.89 $63.45 64.5% $47.51 $73.60 64.6% Price Holiday Inn................................................... $43.25 $62.76 68.9% $48.94 $63.61 77.0% Boise Holiday Inn................................................... $43.92 $63.35 69.3% $47.10 $66.16 71.2% Ogden Marriott...................................................... $44.21 $75.38 58.7% $40.57 $75.06 54.1% Craig Holiday Inn................................................... $44.11 $62.30 70.8% $54.40 $72.11 75.4% Courtyard by Marriott............................................... $49.77 $74.30 67.0% $52.12 $76.19 68.4% Englewood Crowne Plaza.............................................. $66.54 $82.63 80.5% $68.20 $92.05 74.1% Pueblo Marriott -- Convention Center................................ $47.71 $75.06 63.6% $49.06 $74.38 66.0% Kent Hawthorn Suites................................................ $52.94 $84.27 62.8% $50.91 $83.78 60.8% Williamsburg Crowne Plaza........................................... $42.54 $81.74 52.0% $44.12 $84.70 52.1% - ------------------------------------------------------------------------------------------------------------------------ TRAILING 12 MONTHS (07/31/2006) UNDERWRITTEN ------------------------ ------------------------ PROPERTY NAME REVPAR ADR OCC. REVPAR ADR OCC. - ------------- ------ ------- ----- ------ ------- ----- SD Holiday Inn Mission Valley Stadium............................... $80.55 $ 96.74 83.3% $80.55 $ 96.74 83.3% Lynnwood Courtyard Marriott......................................... $63.51 $ 86.10 73.8% $68.73 $ 91.64 75.0% Fresno Courtyard Marriott........................................... $78.23 $105.41 74.2% $78.23 $105.41 74.2% Renton Holiday Inn Select........................................... $54.34 $ 77.17 70.4% $54.34 $ 77.17 70.4% Price Holiday Inn................................................... $53.30 $ 67.31 79.2% $53.30 $ 67.31 79.2% Boise Holiday Inn................................................... $46.22 $ 66.32 69.7% $46.22 $ 66.32 69.7% Ogden Marriott...................................................... $43.10 $ 75.51 57.1% $44.36 $ 77.83 57.0% Craig Holiday Inn................................................... $57.62 $ 74.65 77.2% $57.62 $ 74.65 77.2% Courtyard by Marriott............................................... $55.01 $ 78.59 70.0% $57.79 $ 82.95 69.7% Englewood Crowne Plaza.............................................. $72.45 $100.84 71.9% $84.10 $115.20 73.0% Pueblo Marriott -- Convention Center................................ $50.25 $ 75.58 66.5% $50.25 $ 75.58 66.5% Kent Hawthorn Suites................................................ $54.96 $ 84.54 65.0% $54.96 $ 84.54 65.0% Williamsburg Crowne Plaza........................................... $44.15 $ 84.25 52.4% $44.15 $ 84.25 52.4% - -------------------------------------------------------------------------------------------------------------------------- (1) Based on underwritten operating statements. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 29 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL PORTFOLIO ALLOCATED (BY YEAR BUILT / FEE / CUT-OFF LOAN CUT-OFF PROPERTY NAME LOCATION HOTEL TYPE KEYS RENOVATED LEASEHOLD BALANCE BALANCE) - --------------------------------------- ---------------- --------------- ----- ------------ ---------- ------------ --------- SD Holiday Inn Mission Valley Stadium.. San Diego, CA Full Service 175 1989 / 2006 Leasehold $ 15,500,000 11.9% Lynnwood Courtyard Marriott ........... Lynnwood, WA Limited Service 164 1999 / 2006 Fee 15,200,000 11.7 Fresno Courtyard Marriott.............. Fresno, CA Limited Service 116 1989 / 2006 Fee 13,100,000 10.1 Renton Holiday Inn Select.............. Renton, WA Full Service 226 1963 / 2006 Fee 11,400,000 8.8 Boise Holiday Inn...................... Boise, ID Full Service 265 1967 / 2006 Fee 10,100,000 7.8 Ogden Marriott ........................ Ogden, UT Full Service 292 1982 / 2006 Fee 10,000,000 7.7 Price Holiday Inn...................... Price, UT Full Service 151 1984 / 2006 Fee 10,700,000 8.2 Craig Holiday Inn...................... Craig, CO Full Service 152 1980 / 2006 Fee 8,100,000 6.2 Courtyard by Marriott.................. Santa Fe, NM Full Service 213 1985 / 2006 Fee 7,800,000 6.0 Englewood Crowne Plaza................. Englewood, NJ Full Service 194 1988 / 2006 Leasehold 7,700,000 5.9 Pueblo Marriott -- Convention Center... Pueblo, CO Full Service 164 1998 / 2006 Fee 7,600,000 5.8 Kent Hawthorn Suites................... Kent, WA Extended Stay 152 1990 / 2006 Fee 7,400,000 5.7 Williamsburg Crowne Plaza.............. Williamsburg, VA Full Service 303 1975 / 2006 Fee 5,400,000 4.2 ----- ------------ ----- TOTAL.................................. 2,567 $130,000,000 100.0% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ INDIVIDUAL PROPERTY PENETRATION FACTORS(1) - ------------------------------------------------------------------------------------------------------------------------------------ OCCUPANCY ADR REVPAR PROPERTY NAME PENETRATION PENETRATION PENETRATION - ------------- ----------- ----------- ----------- SD Holiday Inn Mission Valley Stadium.................................................. 114.5% 91.4% 104.6% Lynnwood Courtyard Marriott............................................................ 100.3% 106.6% 107.0% Fresno Courtyard Marriott.............................................................. 104.3% 121.2% 126.4% Renton Holiday Inn Select.............................................................. 96.1% 88.7% 85.2% Price Holiday Inn...................................................................... 143.6% 145.1% 208.3% Boise Holiday Inn...................................................................... 110.4% 97.7% 107.9% Ogden Marriott......................................................................... 97.8% 123.0% 120.3% Craig Holiday Inn...................................................................... 94.4% 108.2% 102.2% Courtyard by Marriott.................................................................. 107.2% 108.5% 116.3% Englewood Crowne Plaza................................................................. 107.7% 86.0% 92.7% Pueblo Marriott -- Convention Center................................................... 109.3% 121.2% 132.5% Kent Hawthorn Suites................................................................... 98.4% 124.1% 122.1% Williamsburg Crowne Plaza.............................................................. 105.8% 90.7% 96.0% - ------------------------------------------------------------------------------------------------------------------------------------ (1) Penetration data shown above is based on trailing-12 month data provided in individual STR Reports as of July 2006. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 30 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ ESTIMATED DEMAND SEGMENTATION(1) - ------------------------------------------------------------------------------------------------------------------------------------ PROPERTY NAME COMMERCIAL MEETING AND GROUP LEISURE - ------------- ---------- ----------------- ------- SD Holiday Inn Mission Valley Stadium................................. 50% 20% 30% Lynnwood Courtyard Marriott........................................... 67% 14% 19% Fresno Courtyard Marriott............................................. 61% 16% 23% Renton Holiday Inn Select............................................. 71% 22% 7% Price Holiday Inn..................................................... 75% 5% 20% Boise Holiday Inn(2).................................................. 31% 27% 35% Ogden Marriott(2)..................................................... 47% 28% 11% Craig Holiday Inn(2).................................................. 75% 10% 8% Courtyard by Marriott................................................. 49% 20% 31% Englewood Crowne Plaza................................................ 45% 11% 44% Pueblo Marriott -- Convention Center.................................. 40% 50% 10% Kent Hawthorn Suites(2)............................................... 29% 14% 8% Williamsburg Crowne Plaza............................................. 10% 50% 40% - ------------------------------------------------------------------------------------------------------------------------------------ (1) Data shown above is based on individual property appraisals. (2) Boise Holiday Inn includes 7% for the contract segment. Odgen Marriott includes 14% for government segment. Craig Holiday Inn includes 7% for government segment. Kent Hawthorn Suites includes 49% for extended stay segment. These numbers are not included in the table above. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 31 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Trinity Hotel Portfolio Mortgage Loan is a $130.0 million, 60-month fixed rate loan secured by a first mortgage on thirteen, cross-collateralized, cross-defaulted, hotel properties located in eight states, totaling 2,567 keys. The Trinity Hotel Portfolio Mortgage Loan bears interest at an annual interest rate of 6.297%. The loan is interest only for the first 42 months of its term and then amortizes based on a 360-month schedule until it matures on October 1, 2011. THE BORROWER: o The Trinity Hotel Portfolio Borrower is comprised of the following 13 entities: HI San Diego LLC, CA Lynwood LLC, CA Fresno Hotel LLC, HI Renton LLC, HI Price LLC, HI Boise LLC, MA Ogden LLC, HI Craig LLC, CA Santa Fe LLC, CP Englewood LLC, MA Pueblo LLC, HS Kent LLC, and CP Williamsburg LLC. Each entity is a Delaware limited liability company and a single purpose entity. The sponsors of the Trinity Hotel Portfolio Mortgage Loan are Trinity Hotel Investors and BayNorth Capital LLC. o Trinity Hotel Investors ("Trinity") owns and invests in hotel real estate in targeted U.S. and European markets. Trinity focuses on the U.S. and European hotel markets, seeking three- and four-star hotels and five-star resorts domestically, and luxury hotels in Europe. Trinity's current hotel investments include twenty hotels comprising 4,307 keys in the U.S. and in London. o BayNorth Capital LLC ("BayNorth") is a real estate investment firm formed in 2004 and based in Boston, Massachusetts. Initially managing an investment portfolio for Harvard University, BayNorth has broadened its investor base to also include many other institutional clients. THE PROPERTIES: o The portfolio consists of 13 individually flagged hotel properties totaling 2,567 keys located across eight states. The portfolio consists of ten full-service hotels (2,135 keys; approximately 73% by allocated portfolio loan amount), two limited service hotels (280 keys; approximately 22% by allocated portfolio loan amount) and one extended-stay hotel (152 keys; approximately 6% by allocated portfolio loan amount). The portfolio consists of five Holiday Inn hotels (969 keys; approximately 43% by allocated portfolio loan amount), three Courtyard by Marriott hotels (493 keys; approximately 28% by allocated portfolio loan amount), two Marriott hotels (456 keys; approximately 14% by allocated portfolio loan amount), two Crowne Plaza hotels (497 keys; approximately 10% by allocated portfolio loan amount), and one Hawthorne Suites hotel (152 keys; approximately 6% by allocated portfolio loan amount). The largest asset in the portfolio in terms of allocated loan balance, the SD Holiday Inn Mission Valley Stadium in San Diego, California, accounts for 11.9% of the portfolio loan amount, 11.6% of the total portfolio appraised value, and 11.1% of the total portfolio underwritten net cash flow. In addition to geographic, property type, and flag diversity, the portfolio also has a diversity of demand generators including corporate, convention, leisure, government and military. o Built between 1963 and 1999, the properties in the portfolio went through significant renovations from 2002 to 2006. The portfolio has undergone approximately $29 million of renovations ($11,300 per key) from 2002 to 2006, with approximately $16.2 million ($6,300 per key) spent in 2005-2006. In addition, the Trinity Hotel Portfolio Borrower provided an escrow of approximately $12.8 million ($4,997 per key) at closing for additional capital improvements, outstanding PIP work, and deferred maintenance. PROPERTY MANAGEMENT: o The Trinity Hotel Portfolio Mortgaged Properties are managed by the four separate third-party management companies. Based in Scottsdale, Arizona, Opus Hospitality Advisors will manage the San Diego, Fresno, Price, Boise, Craig, and Santa Fe properties. Montclair Hotel Investors ("Montclair") is a hotel investment and management company based in suburban Chicago whose managing partners have managed hotel portfolios with values in excess of $3 billion. Montclair manages the Lynwood, Renton, and Kent properties. Sage Hospitality Resources ("Sage") specializes in management of full service and limited service hotels nationwide and has managed over 300 properties in 39 states and the District of Columbia. Sage manages the Ogden and Pueblo properties. Crestline Hotels & Resorts, Inc. ("Crestline") is an independent hospitality management company that presently manages 43 hotels, resorts and conference and convention centers in 12 states and the District of Columbia. Crestline manages the Englewood and Williamsburg properties. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The Trinity Hotel Portfolio Borrower has incurred mezzanine debt in the amount of $5.6 million which is held outside the Trust. This additional debt is subject to an intercreditor agreement providing the mezzanine loan holder with purchase and cure rights. The term of the Trinity Hotel Portfolio Mezzanine Loan is coterminous with the Trinity Hotel Portfolio Mortgage Loan. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 32 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- FUTURE PARI PASSU, MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. RELEASE OF PROPERTIES: o The Trinity Hotel Portfolio Borrower is permitted to obtain a release of any property during the term of the Trinity Hotel Portfolio Mortgage Loan, subject to the satisfaction of certain conditions set forth in the mortgage loan documents, including, among others, the Trinity Hotel Portfolio Borrower deposits defeasance collateral equal to 110% of the allocated loan amount of the released property and the satisfaction of certain loan-to-value and debt service coverage ratio requirements. The debt service coverage ratio immediately after the release must be equal to or exceed the greater of (a) 1.13 multiplied by a fraction, the numerator of which is the sum of the allocated loan amounts of those properties subject to the lien of the mortgage immediately after the release, and the denominator of which is the principal balance of the loan immediately after the release (b) the debt service coverage ratio for all of the remaining properties based on the 12 months immediately preceding the release. The loan-to-value immediately after the release must be less than or equal to the lower of (a) 78% multiplied by a fraction, the numerator of which is the principal balance of the loan immediately after the release, and the denominator of which is the sum of the allocated loan amounts of those properties subject to the lien of the mortgage immediately after the release, and (b) the loan-to-value for all of the then remaining properties (including the property to be released) immediately preceding the release. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 33 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TRINITY HOTEL PORTFOLIO - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 34 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- THE SHOREHAM - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 35 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- THE SHOREHAM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America LOAN PURPOSE: Refinance ORIGINAL PRINCIPAL BALANCE: $94,180,000 FIRST PAYMENT DATE: November 1, 2006 TERM/AMORTIZATION: 120/0 months INTEREST ONLY PERIOD: 120 months MATURITY DATE: October 1, 2016 EXPECTED MATURITY BALANCE: $94,180,000 BORROWING ENTITY: Shoreham Development Group LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 117 payments Open: 3 payments FUTURE MEZZANINE DEBT: Yes UP-FRONT RESERVES: TAX RESERVE: Yes TI/LC RESERVE: $289,500 RENT RESERVE(1): $132,630 ONGOING MONTHLY RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $9,133 LOCKBOX: Soft - -------------------------------------------------------------------------------- (1) Rent reserve taken at closing will be released upon the borrower delivering estoppel certificates from certain tenants in a form acceptable to the mortgagee. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $94,180,000 CUT-OFF DATE LTV: 62.8% MATURITY DATE LTV: 62.8% UNDERWRITTEN DSCR: 1.33x MORTGAGE RATE(1): 5.774% - -------------------------------------------------------------------------------- (1) The interest rate was rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB-TYPE: High Rise LOCATION: Chicago, Illinois YEAR BUILT/RENOVATED: 2005/NAP UNITS: 548 CUT-OFF BALANCE PER UNIT: $171,861 OCCUPANCY AS OF 08/14/2006: 96.9% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Near North Properties, Inc. UNDERWRITTEN NET CASH FLOW: $7,323,098 APPRAISED VALUE: $150,000,000 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 36 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- THE SHOREHAM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED (07/31/2006) UNDERWRITTEN ------------ ------------ Effective Gross Income........................ $ 11,096,518 $ 12,323,404 Total Expenses................................ $ 5,063,374 $ 4,890,706 Net Operating Income (NOI).................... $ 6,033,143 $ 7,432,698 Cash Flow (CF)................................ $ 6,033,143 $ 7,323,098 DSCR on NOI................................... 1.09x 1.35x DSCR on CF.................................... 1.09x 1.33x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- STUDIO 1 BEDROOM 2 BEDROOM ------ --------- --------- Number of Units....................... 205 242 101 Average Rent.......................... $1,458 $1,677 $2,494 Average Unit Size (SF)................ 613 751 1,181 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 37 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- THE SHOREHAM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Shoreham Mortgage Loan is a $94.2 million, ten-year fixed rate loan secured by a first mortgage on a high-rise apartment building located in Chicago, Cook County, Illinois. The Shoreham Mortgage Loan is interest only for the entire loan term, matures on October 1, 2016 and accrues interest at an annual rate, rounded to three decimal places, of 5.774%. THE BORROWER: o The Shoreham Borrower is Shoreham Development Group LLC, a Delaware limited liability company and a single purpose bankruptcy remote entity with at least two independent directors for which The Shoreham Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 90% by BIT Investment Eighteen, LLC and 10% by Lakeshore Shoreham LLC. Equity ownership of BIT Investment Eighteen, LLC is held 100% by AFL-CIO Building Investment Trust. Equity ownership of Lakeshore Shoreham LLC is held 2.083% by Robin Berger and 97.917% by DJ2 LLC, an Illinois limited liability company, as the borrower principal. o Magellan Development Group is a Chicago based real estate development, construction management, and property management corporation that focus on multifamily developments in the central business district of Chicago, Illinois. The Magellan Development Group recently merged with NNP Residential, its long-time property management partner to form one of the largest real estate developers in the Chicago metropolitan statistical area. Together, the merged companies are recognized among Chicago's most accomplished and respected real estate organizations. THE PROPERTY: o The Shoreham Mortgaged Property consists of a fee simple interest in a 548-unit, high-rise apartment building constructed in 2005. The 45-story, Class "A" improvements contain 421,960 net rentable square feet and are situated on 1.13 acres. The apartment unit mix consists of 36 studio units, 169 efficiency/convertible units, 242 one bedroom/one bath units and 101 two bedroom/two bath units. o Unit amenities include a standard kitchen package consisting of a refrigerator, range/oven with vent hood, dishwasher, disposal and microwave. Other unit amenities include full-size washer/dryers, patios/balconies, hard-wired smoke detectors and water sprinklers. The Shoreham Mortgage Property amenities include 24-hour security, a fitness center with steam rooms, whirlpools, saunas, locker rooms and massage area, a business center with high speed wireless internet and plasma TV, an outdoor landscaped pool with deck, barbeque area, and lounge area, a full service kitchen available for private functions or business meetings, and a game room with pool and poker tables. Additional amenities include 8,991 square feet of retail space and a 374-space parking garage located on the first five levels of the building. Four elevators serve the apartment building and two elevators serve the parking garage. o The Shoreham Mortgaged Property is located in Lakeshore East, a $4 billion master planned community developed as a joint venture between Magellan Development Group and NNP Residential. The Lakeshore East Master Plan allows for the construction of up to 4,950 residences, a six-acre park, 2.2 million square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail space and a proposed elementary school. o The Shoreham Borrower is generally required at its sole cost and expense to keep The Shoreham Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o Near North Properties, Inc. manages The Shoreham Mortgaged Property. Near North Properties, Inc., a Borrower related entity founded in 1976 and headquartered in Chicago, currently manages ten apartment facilities located in the Chicago metropolitan statistical area containing approximately 5,000 units. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 38 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- THE SHOREHAM - -------------------------------------------------------------------------------- FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The Shoreham Borrower is permitted, on a one-time basis, to incur mezzanine financing in an amount not to exceed $10,820,000 upon the satisfaction of the following terms and conditions, including without limitation: (a) no event of default has occurred and is continuing; (b) a permitted mezzanine lender originates such mezzanine financing; (c) the mezzanine lender will have executed an intercreditor agreement in form and substance reasonably acceptable to the mortgagee; (d) the amount of such mezzanine loan will not exceed an amount which, when added to the outstanding principal balance of The Shoreham Mortgage Loan, results in a minimum debt service coverage ratio (as calculated by the mortgagee on a trailing 12-month basis) less than 1.05x; and (e) the mortgagee will have received confirmation from the rating agencies that such mezzanine financing will not result in a downgrade, withdrawal or qualification of the ratings issued, or to be issued, in connection with a securitization involving The Shoreham Mortgage Loan. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 39 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- THE SHOREHAM - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 40 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 41 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Barclays and Citi ORIGINAL NOTE PRINCIPAL BALANCE:(1) $68,813,864 FIRST PAYMENT DATE: July 5, 2006 TERM/AMORTIZATION: 120/357 INTEREST ONLY PERIOD: None MATURITY DATE: June 5, 2016 EXPECTED NOTE MATURITY BALANCE: $59,590,947 BORROWING ENTITY: Spirit SPE Portfolio 2006-3, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 117 payments Open: 3 payments ADDITIONAL FINANCING(2): Yes UP-FRONT RESERVES: IMMEDIATE REPAIR RESERVE(3): $459,903 OTHER RESERVE(4): $156,250 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE(5): Springing REPLACEMENT RESERVE(5): Springing GROUND LEASE RESERVE(6): Springing LOCKBOX(7): Hard - -------------------------------------------------------------------------------- (1) The initial mortgage loan was in the original amount of $65,846,258.00, originally funded on May 31, 2006, and was increased to $68,813,864.00, as of September 11, 2006 with an additional funding of $3,120,000.00 on such date to fund tenant capital expenditures. The borrower and Spirit Finance Corporation, as guarantor, have executed a non-recourse carve-out provision guaranteeing reimbursement for any losses in connection with the borrower's failure to use such funds for the agreed upon capital expenditures. (2) The sponsor of the borrower is permitted to pledge indirect interests in the borrower in connection with a line of credit or similar corporate facility secured by all, or substantially all, of the sponsor's assets. (3) Tenant provided a letter of credit in the amount of $459,903.00 to satisfy the required repair reserve requirement. (4) An environmental required repair reserves was deposited into the required repair reserve account at origination in the amount of $156,250.00. (5) Reserve deposits for tax, insurance and replacement reserves will be springing in the event of default under the related mortgage documents or failure of the EBITDAR test ("Triggering Event"). In the event the tenant's ratio of EBITDAR to interest and operating lease expenses drops below (i) 1.15x, then the mortgagee will begin escrowing reserves on a monthly basis, subject to a 90 day delay in receiving the escrow payments from the operating tenant, or (ii) 1.10x, then the mortgagee will sweep 50% of the excess cash flow, or (iii) 1.00x, then the mortgagee will sweep 100% of the excess cash flow. (6) Upon a Triggering Event, the borrower is required to pay a monthly prorated amount that is estimated by the mortgagee to be due and payable by the borrower under the ground lease for all rent and other charges which may be due for the succeeding 12-month period. Currently there is no property with a ground lease; however, the ground lease reserve would be applicable if the borrower added a ground lease property to the portfolio pursuant to its rights of substitution under the mortgage documents. (7) All tenant payments due under the applicable tenant leases are deposited into a lock box account under the mortgagee's control and the lockbox bank must transfer debt service and reserve payments, if any, to a mortgagee-controlled cash management account. Beginning on the date when the operating tenant's EBITDAR ratio is less than 1.15x for 90 days, all payments in the lock box account are transferred to the cash management account. After payment of monthly debt service and funding of the reserve accounts, excess cash flow in the cash management account will be swept into an account under the borrower's control, except if an event of default exists. In addition, if the operating tenant's "EBITDAR" (which will be calculated on a quarterly basis, based upon actual earnings before interest, tax, depreciation and amortization falls below (i) 1.10x, the mortgagee will reserve 50% of excess cash flow and (ii) 1.00x, the mortgagee will reserve 100% of excess cash flow. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $68,754,506 CUT-OFF DATE LTV: 69.0% MATURITY DATE LTV: 59.8% UNDERWRITTEN DSCR: 1.52x MORTGAGE RATE(1): 6.588% - -------------------------------------------------------------------------------- (1) The interest rate was rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE(1): Various PROPERTY SUB-TYPE(1): Various LOCATION: Various YEAR BUILT/RENOVATED: Various NET RENTABLE SQUARE FEET: 2,383,350 CUT-OFF BALANCE PER SF: $29 OCCUPANCY AS OF 10/01/2006: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Self-Managed NNN MASTER LEASE PAYMENT: $8,391,461 UNDERWRITTEN NET CASH FLOW: $8,028,614 APPRAISED VALUE: $99,635,000 - -------------------------------------------------------------------------------- (1) 65 retail stores and one industrial/flex property that functions as a headquarter/distribution center. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 42 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN ------------- NNN Master Lease Payment........................................ $8,391,461 Effective Gross Income.......................................... $8,223,632 Total Expenses.................................................. $ 52,017 Net Operating Income (NOI)...................................... $8,171,615 Cash Flow (CF).................................................. $8,028,614 DSCR on NOI..................................................... 1.55x DSCR on CF...................................................... 1.52x - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------ TENANT INFORMATION(1) - ------------------------------------------------------------------------------------------------------------------------------ MASTER LEASE MASTER MASTER TOTAL % OF PAYMENT LEASE LEASE TOP TENANTS RATINGS TENANT SF TOTAL SF PSF PAYMENT EXPIRATION - ----------- ---------- ------------------ -------------- ----------- ---------- --------------- Pamida Stores Operating Co., LLC... Not Rated 2,383,350 100.0% $3.52 $8,391,461 05/31/2021 - ------------------------------------------------------------------------------------------------------------------------------ (1) Information obtained from underwritten Master Lease except for Ratings unless otherwise stated. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 43 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------ PROPERTY DETAIL - ------------------------------------------------------------------------------------------------------------------------------ CUT-OFF DATE YEAR PROPERTY PROPERTY ALLOCATED BUILT/YEAR PROPERTY APPRAISED PROPERTY NAME TYPE LOCATION LOAN BALANCE RENOVATED SIZE VALUE - ----------------------------------- ---------- ------------------ -------------- ----------- ---------- --------------- Pamida -- Headquarters............ Industrial Omaha, NE $ 5,693,026 1966/1973 215,000 $8,250,000 Pamida -- Wahpeton................ Retail Wahpeton, ND 1,587,147 1971/NAP 52,168 2,300,000 Pamida -- Mt Carmel............... Retail Mount Carmel, IL 1,566,445 1979/NAP 58,150 2,270,000 Pamida -- Glasgow................. Retail Glasgow, MT 1,531,942 1998/NAP 34,498 2,220,000 Pamida -- Glenwood................ Retail Glenwood, MN 1,449,134 1996/NAP 42,456 2,100,000 Pamida -- Minerva................. Retail Minerva, OH 1,380,128 2000/NAP 35,551 2,000,000 Pamida -- Archbold................ Retail Archbold, OH 1,338,724 2000/NAP 36,047 1,940,000 Pamida -- Detroit Lakes........... Retail Detroit Lakes, MN 1,311,121 1974/2000 43,800 1,900,000 Pamida -- Powell.................. Retail Powell, WY 1,249,015 1986/NAP 28,500 1,810,000 Pamida -- Fergus Falls............ Retail Fergus Falls , MN 1,235,214 1986/NAP 32,500 1,790,000 Pamida -- Manistique.............. Retail Manistique, MI 1,235,214 2000/NAP 36,047 1,790,000 Pamida -- Perry................... Retail Perry, IA 1,207,612 1998/NAP 34,919 1,750,000 Pamida -- Newaygo................. Retail Newaygo, MI 1,200,711 2000/NAP 36,047 1,740,000 Pamida -- Attica.................. Retail Attica, IN 1,193,810 1999/NAP 34,994 1,730,000 Pamida -- Monticello.............. Retail Monticello, IL 1,186,910 1999/NAP 34,998 1,720,000 Pamida -- Madison................. Retail Madison, SD 1,173,108 1975/2004 32,280 1,700,000 Pamida -- Clare................... Retail Clare, MI 1,173,108 2000/NAP 36,047 1,700,000 Pamida -- Hart.................... Retail Hart, MI 1,173,108 2000/NAP 35,551 1,700,000 Pamida -- Woodsfield.............. Retail Woodsfield, OH 1,166,208 2000/NAP 36,047 1,690,000 Pamida -- Allegan................. Retail Allegan, MI 1,138,605 2000/NAP 36,047 1,650,000 Pamida -- Park Rapids............. Retail Park Rapids, MN 1,138,605 1978/NAP 33,320 1,650,000 Pamida -- Tuscola................. Retail Tuscola, IL 1,117,903 2000/NAP 35,551 1,620,000 Pamida -- Montpelier.............. Retail Montpelier, OH 1,104,102 2000/NAP 36,047 1,600,000 Pamida -- Arcadia................. Retail Arcadia, WI 1,104,102 2000/NAP 35,551 1,600,000 Pamida -- Rockville............... Retail Rockville, IN 1,104,102 1999/NAP 34,923 1,600,000 Pamida -- Vermillion.............. Retail Vermillion, SD 1,104,102 1984/NAP 32,900 1,600,000 Pamida -- Greenfield.............. Retail Greenfield, OH 1,083,400 2000/NAP 36,047 1,570,000 Pamida -- Lancaster............... Retail Lancaster, WI 1,076,500 1999/NAP 34,498 1,560,000 Pamida -- Kewaunee................ Retail Kewaunee, WI 1,069,599 2000/NAP 36,047 1,550,000 Pamida -- Bloomfield.............. Retail Bloomfield, IN 1,069,599 1999/NAP 36,747 1,550,000 Pamida -- Waukon.................. Retail Waukon, IA 1,069,599 1998/NAP 34,498 1,550,000 Pamida -- Oconto.................. Retail Oconto, WI 1,055,798 2000/NAP 35,551 1,530,000 Pamida -- Dowagiac................ Retail Dowagiac, MI 1,048,897 2000/NAP 35,551 1,520,000 Pamida -- Hodgenville............. Retail Hodgenville, KY 1,041,996 1999/NAP 34,994 1,510,000 Pamida -- Munfordville............ Retail Munfordville, KY 945,387 2000/NAP 35,551 1,370,000 Pamida -- Sullivan................ Retail Sullivan, IL 945,387 1999/NAP 34,994 1,370,000 Pamida -- Morgantown.............. Retail Morgantown, KY 931,586 1999/NAP 34,994 1,350,000 Pamida -- Scottsville............. Retail Scottsville, KY 931,586 1999/NAP 34,994 1,350,000 Pamida -- Clintonville............ Retail Clintonville, WI 890,182 1978/NAP 37,820 1,290,000 Pamida -- Smithville.............. Retail Smithville, TN 855,679 2000/NAP 35,551 1,240,000 Pamida -- Livingston.............. Retail Livingston, TN 855,679 2000/NAP 35,551 1,240,000 Pamida -- Bethany................. Retail Bethany, MO 810,825 1975/NAP 31,568 1,175,000 Pamida -- Centerville............. Retail Centerville, TN 793,573 2000/NAP 35,551 1,150,000 Pamida -- Clarion................. Retail Clarion, IA 776,322 1991/2000 28,067 1,125,000 Pamida -- Ashland................. Retail Ashland, WI 724,567 1975/NAP 35,320 1,050,000 Pamida -- Rawlins................. Retail Rawlins, WY 641,759 1971/2003 32,100 930,000 Pamida -- Sturgis................. Retail Sturgis, SD 638,309 1984/2002 30,500 925,000 Pamida -- Mount Ayr............... Retail Mount Ayr, IA 583,104 1995/NAP 18,677 845,000 Pamida -- Burlington.............. Retail Burlington, KS 569,303 1991/2000 31,111 825,000 Pamida -- Estherville............. Retail Estherville, IA 552,051 1976/NAP 20,000 800,000 Pamida -- Somerville.............. Retail Somerville, TN 524,448 2000/NAP 35,551 760,000 Pamida -- Osceola................. Retail Osceola, IA 507,197 1978/NAP 16,224 735,000 Pamida -- Memphis................. Retail Memphis, MO 507,197 1984/NAP 26,565 735,000 Pamida -- Lander.................. Retail Lander, WY 493,396 1974/NAP 22,900 715,000 Pamida -- Albany.................. Retail Albany, MO 293,277 1990/NAP 16,925 425,000 Pamida -- Gallatin................ Retail Gallatin, MO 258,774 1930/1990 17,741 375,000 Pamida -- Ely..................... Retail Ely, MN 255,324 1945/NAP 10,830 370,000 Pamida -- Plentywood.............. Retail Plentywood, MT 189,768 1999/NAP 16,050 275,000 ------------- ---------- --------------- TOTAL............................. $ 68,754,506 2,383,350 $99,635,000 ============= ========== =============== - ------------------------------------------------------------------------------------------------------------------------------ The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 44 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Pamida Portfolio Mortgage Loan is a $68.81 million, ten-year loan secured by a first mortgage on 65 retail stores and one industrial/flex property that functions as a headquarter/distribution center, containing a total of 2,383,350 square feet located in 16 midwestern, north central and Rocky Mountain states. The Pamida Portfolio Mortgage Loan matures on June 5, 2016 and accrues interest at an annual interest rate, rounded to three decimal places, of 6.588%. The Pamida Portfolio Mortgage Loan is evidenced by two pari passu promissory notes, one in the principal amount of $34,406,932 currently held by Citigroup Global Markets Realty Corp. and one in the principal amount of $34,406,932 currently held by Barclays Capital Real Estate Inc. THE BORROWER: o The Pamida Portfolio Borrower is Spirit SPE Portfolio 2006-3, LLC, a Delaware limited liability company and single purpose, bankruptcy remote entity with at least two independent directors for which a non-consolidation opinion has been provided by the Pamida Portfolio Borrower's counsel. o Equity ownership is held 100% by Spirit SK Acquisition, LLC as the sole member of the Pamida Portfolio Borrower. Through intermediate ownership levels, equity ownership of the Pamida Portfolio Borrower is held by Spirit Finance Corporation, the sponsor of the Pamida Portfolio Mortgage Loan. o Spirit Finance Corporation (NYSE: "SFC") is a self-managed and self-advised real estate investment trust. Spirit Finance Corporation operates a portfolio of 684 owned or financed single-tenant properties located in 40 states. Spirit's portfolio includes restaurants, automotive stores, specialty retailers, drug stores, movie theaters, educational facilities and interstate travel plazas. As of the fiscal year ended December 31, 2005, Spirit Finance Corporation reported revenue of approximately $85.9 million, net income of $27.8 million and stockholder equity of $592.8 million. MASTER LEASE: o The Pamida Portfolio Mortgaged Properties are 100% occupied by Pamida Stores Operating Co., LLC, a Delaware limited liability company controlled by Sun Capital Partners Portfolio Company ("Pamida Stores") under a 15-year master lease expiring on May 31, 2021 ("Master Lease"). The current rental rate per square foot is $3.52. Commencing on June 1, 2009, the rental rates per square foot increase every third year thereafter by the lesser of (a) 1.25 multiplied by the product of (i) base rent in effect immediately prior to the increase and (ii) an increase in the consumer price index or (b) 6% of the base rent in effect immediately prior to the increase. There are two 10-year options to renew the Master Lease under the same rental rate increases as during the initial term. o The Master Lease is triple net with Pamida Stores paying all expenses. Subject to certain criteria contained in the Master Lease, the tenant has the right to cease operations for business in up to ten percent of the rentable square footage of the leased premises under the Master Lease; however, tenant is still obligated to pay rent under the Master Lease for such properties. THE PROPERTIES: o The Pamida Portfolio Mortgaged Properties consists of 65 retail stores and one industrial/flex property that functions as a headquarter/distribution center, containing a total of 2,383,350 square feet located in 16 midwestern, north central and Rocky Mountain states that are operated by Pamida Stores. The Pamida Portfolio Mortgaged Properties reported trailing 12-months ending May 2006 sales of $3,296,583 per store or $98.82 per square foot. o The ratio of the Master Lease payment allocated by loan balance of the retail stores to trailing 12-months sales ratio is 3.59%. o The Pamida Portfolio Borrower is generally required at its sole cost and expense to keep the Pamida Portfolio Mortgaged Properties insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. THE COMPANY: o As of third quarter 2005, Pamida Stores operates 216 retail stores under the store name "Pamida" in 16 states. The gross square foot average size of each facility is 32,900 square feet. The facilities are generally located in small communities and offer a broad assortment of value-priced general merchandise, including consumables and 116 stores have retail pharmacies. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 45 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- o In December 2005, Sun Capital Partners Portfolio Company purchased Pamida Stores along with the purchase of ShopKo Stores Inc. ("ShopKo") for $1.15 billion in a going private transaction. ShopKo operated two retail store chains in the United States under the store names "ShopKo" and "Pamida". ShopKo reorganized through the separation of the operating business, from its real estate assets, as well as the ShopKo operating business from the Pamida operating business. Pamida Stores' operations reside in Pamida Stores Operating Co., LLC. o Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 125 companies worldwide since Sun Capital's inception in 1995, with combined sales in excess of $30.0 billion. Sun Capital's holdings include Mervyn's, Anchor Blue, and Garden Fresh. Currently, Sun Capital has more than $3.5 billion of equity capital under management. PROPERTY MANAGEMENT: o Self-managed. RELEASE OF PROPERTY: o Provided that no event of default has occurred and is continuing, the Pamida Portfolio Borrower may obtain the release of an individual property from the lien of the related mortgage through partial defeasance of the Pamida Portfolio Mortgage Loan in the amount of 125% of the allocated loan amount for the individual property to be released. In connection with such defeasance the mortgagee must receive a certified copy of an amendment to the Master Lease reflecting the deletion of the individual property to be released, which amendment will reduce the rental obligations of Pamida Stores under the Master Lease by an amount equal to the rental obligation associated with the individual property that is to be released. SUBSTITUTION OF PROPERTY: o The related loan documents permit the borrower to obtain a release of one or more of the Pamida Portfolio Mortgaged Properties provided that certain conditions are satisfied, including but not limited to the criteria for substitution set forth below. The Pamida Portfolio Borrower must pay a substitution fee equal to $2,500 per property being substituted plus reimburse the mortgagee for its out-of-pocket costs and expenses, if any, in connection with any such substitution. If the Pamida Portfolio Borrower elects to conduct a property substitution, such that another unencumbered asset or assets (the "Substitute Asset") is substituted for a property being released, the Substitute Asset will be new collateral for the respective Pamida Portfolio Loan and must comply with the provisions of the loan agreement relating to substitutions of collateral, which provisions include, but are not limited to: (1) the Substitute Asset must be made subject to the same respective operating lease with no decline in underwritten net cash flow, (2) the appraised value of the Substitute Asset shall be equal to or greater than the appraised value of the property being released, (3) after giving effect to the substitution of property, the debt service coverage ratio must not decrease, (4) the Pamida Portfolio Borrower must have obtained confirmation from each rating agency that has assigned a rating to the Certificates that such Substitute Asset must not result in the downgrade, withdrawal or qualification of any Certificates, (5) no event of default under the related loan documents has occurred and is continuing, (6) the Pamida Portfolio Borrower must have delivered any legal opinion customarily required by the lender in connection with such substitution (including a REMIC opinion), (7) the property being substituted for must be released from the operating lease, (8) ownership of the property being substituted must be transferred out of the Pamida Portfolio Borrower to a third party or an affiliate of the Pamida Portfolio Borrower, (9) with respect to the Substitute Asset, the lender must have received an engineering report and an environmental report acceptable to the lender and (10) the aggregate amount of net rentable area of the properties being substituted, when combined with any assigned, sublet or substituted property permitted under the related loan documents, may not exceed 20% of the net rentable area of the operating lease during any twelve month period or 30% of the respective net rentable area of the operating lease during the term of the Pamida Portfolio Mortgage Loan. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 46 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The loan documents permit a pledge of the indirect equity interests in the Pamida Portfolio Borrower, its members, or any affiliated manager or any shareholder, partner, member or non-member manager of the Pamida Portfolio Borrower, its members or any affiliated manager by the sponsor to a "qualified investor" in connection with a line of credit, revolving credit facility or other corporate facility secured by such a pledge (a "Secured Line of Credit"), provided that (i) no event of default under the Pamida Portfolio Mortgage Loan has occurred and is continuing (ii) any such Secured Line of Credit is secured by all, or substantially all, of the equity interests owned by the sponsor; and (iii) the lender has received at least thirty (30) days prior written notice of the proposed Secured Line of Credit. CONFIDENTIALITY: o Certain financial information provided by Pamida Stores is subject to a confidentiality agreement. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 47 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PAMIDA PORTFOLIO - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 48 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 49 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America LOAN PURPOSE: Refinance ORIGINAL PRINCIPAL BALANCE: $67,500,000 FIRST PAYMENT DATE: May 1, 2005 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: April 1, 2015 EXPECTED MATURITY BALANCE: $62,928,721 BORROWING ENTITY: Lakha Properties- Temecula TC, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 113 payments Open: 7 payments FUTURE MEZZANINE DEBT: Yes UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $115,983 OTHER RESERVE(1): $42,185 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $3,612 HOLDBACK RESERVE: $5,500,000 LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Represents five months of earthquake insurance premium. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $67,500,000 CUT-OFF DATE LTV: 79.9% MATURITY DATE LTV: 74.5% UNDERWRITTEN DSCR: 1.20x INTEREST ONLY DSCR(1): 1.45x MORTGAGE RATE(2): 5.652% - -------------------------------------------------------------------------------- (1) Underwritten DSCR during partial Interest Only Period. (2) The interest rate was rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Temecula, California YEAR BUILT/RENOVATED: 1989/NAP NET RENTABLE SQUARE FEET: 293,331 CUT-OFF BALANCE PER SF: $230 OCCUPANCY AS OF 06/30/2006(1): 85.1% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Premier Centers Management, Inc. UNDERWRITTEN NET CASH FLOW: $5,612,434 APPRAISED VALUE: $84,500,000 - -------------------------------------------------------------------------------- (1) The leased space as of June 30, 2006 is 91.1%. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 50 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------------------------------- FULL YEAR FULL YEAR ANNUALIZED (12/31/2004) (12/31/2005) (6/30/2006) UNDERWRITTEN ------------- --------------- -------------- --------------- Effective Gross Income............. $5,411,446 $6,720,374 $7,254,256 $8,062,110 Total Expenses..................... $2,008,076 $2,254,637 $2,103,882 $2,267,473 Net Operating Income (NOI)......... $3,403,370 $4,465,737 $5,150,374 $5,794,637 Cash Flow (CF)..................... $2,923,284 $4,034,542 $5,025,745 $5,612,434 DSCR on NOI........................ 0.73x 0.95x 1.10x 1.24x DSCR on CF......................... 0.63x 0.86x 1.07x 1.20x - -------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RATINGS TENANT % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS MOODY'S/S&P SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ----------- ----------- ---------- --------- --------- ----------- ------------ ----------- 24 Hour Fitness.................... Not Rated 35,292 12.0% $21.29 $ 751,367 12.2% 06/30/2021 Home Goods......................... A3/A 29,082 9.9 $ 8.35 242,835 3.9 11/30/2013 Sav-On............................. B2/BB- 21,450 7.3 $ 8.55 183,372 3.0 05/31/2009 Estheliques (Paul Mitchell)........ Not Rated 14,031 4.8 $18.82 264,000 4.3 04/24/2010 ------ ----- ---------- ---- TOTAL.............................. 99,855 34.0% $1,441,574 23.3% - --------------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll except for Ratings (Moody's/S&P) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance and reimbursements. - ---------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - ---------------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE % BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF OF TOTAL SF EXPIRING - ------------------ ----------- ---------- --------- ---------- ------------- ------------ 2006............................. 1 1,167 0.4% 1,167 0.4% $ 22,066 2007............................. 10 31,227 10.6 32,394 11.0% $ 610,214 2008............................. 10 21,215 7.2 53,609 18.3% $ 473,246 2009............................. 28 77,741 26.5 131,350 44.8% $1,675,073 2010............................. 11 32,240 11.0 163,590 55.8% $ 816,652 2012............................. 2 4,900 1.7 168,490 57.4% $ 98,885 2013............................. 1 29,082 9.9 197,572 67.4% $ 242,835 2014............................. 3 6,630 2.3 204,202 69.6% $ 232,806 2015............................. 4 7,262 2.5 211,464 72.1% $ 239,818 2016............................. 3 13,413 4.6 224,877 76.7% $ 359,144 2021............................. 1 35,292 12.0 260,169 88.7% $ 751,367 MTM.............................. 2 7,142 2.4 267,311 91.1% $ 224,944 Vacant........................... -- 26,020 8.9 293,331 100.0% $ 429,247 ---- ------- ------ TOTAL............................ 76 293,331 100.0% - ---------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 51 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The four largest tenants, representing 34.0% of the total net rentable square feet, are: o 24 HOUR FITNESS (not rated) occupies 35,292 square feet (12.0% of square feet, 12.2% of rental income) under a new 15-year lease expiring on June 30, 2021. The rental rate per square foot of $21.29 increases by 12% every 60 lease months during the initial lease term and during the three 5-year option periods. 24 Hour Fitness is the world's largest privately owned and operated fitness center chain. 24 Hour Fitness operates 360 fitness centers located in 16 states and three countries in Asia with more than 3.0 million members. 24 Hour Fitness has five types of clubs: Express, Active, Sport, Super-Sport and Ultra-Sport. The Temecula Town Center Mortgaged Property facility is an Active club, which offers group exercise in an aerobic room, cardio equipment, weight equipment, locker room and shower, personal training, pro shop and kid's club. o HOMEGOODS (TJX Companies Inc., NYSE: "TJX") (rated "A3" by Moody's and "A" by S&P) occupies 29,082 square feet (9.9% of square feet, 3.9% of rental income) under a ten-year lease expiring on November 30, 2013. The rental rate per square foot of $8.35 is constant during the initial lease term. There are four 5-year options to renew the lease with the rental rate per square foot increasing to $8.85, $9.35, $9.85 and 10.35, respectively. HomeGoods is also required to pay percentage rent equal to 2% of sales over the sales breakpoint of $12,868,785 ($443 per square foot). HomeGoods is an off-price home fashions store, providing a large selection of quality brand name and designer home fashions and accessories at prices 20-60% less than specialty and department store prices. HomeGoods is an operating division of TJX Companies. TJX Companies operates 799 TJ Maxx, 715 Marshalls, 251 HomeGoods, 152 AJ Wright and 35 Bob's Stores in the United States, 174 Winners and 58 HomeSense stores in Canada, and 198 TK Maxx stores in Europe. TJX Companies employs approximately 119,000 people. As of the fiscal year ended January 28, 2006, TJX Companies reported revenue of approximately $16.1 billion, net income of $690.4 million, liquidity of $465.6 million and stockholder equity of $1.9 billion o SAV-ON DRUGS (Supervalu Inc., NYSE: "SVU") (rated "B2" by Moody's and "BB-" by S&P) occupies 21,450 square feet (7.3% of square feet, 3.0% of rental income) under a 20-year lease expiring on May 31, 2009. The rental rate per square foot of $8.55 is constant during the initial lease term and during the three 5-year option periods. Sav-on Drugs is also required to pay percentage rent equal to 1.5% of sales over the sales breakpoint of $9,168,600 ($427 per square foot). Sav-on Drugs is an operating division of Supervalu, the third largest grocery retailer in the United States. Supervalu operates as a food and drug retailer. Food store brand names include Acme, Albertson's, Bigg's, Bristol Farms, Cub Foods, Farm Fresh, Hornbacher's, Jewel, Scott's, Shaw's, Shop N Save, Shoppers Food and Pharmacy, and Sunflower Market. Drug store brand names include Osco, Sav-on and Supervalu. Supervalu operates approximately 2,500 stores and employs approximately 52,000 people. As of the fiscal year ended February 25, 2006, Supervalu reported revenue of approximately $19.9 billion, net income of $206.2 million, liquidity of $686.1 million and stockholder equity of $2.6 billion. o PAUL MITCHELL (not rated) occupies 14,031 square feet (4.8% of square feet, 4.3% of rental income) under a five-year lease expiring on April 24, 2010. The rental rate per square foot of $18.82 is constant during the initial lease term. There is one five-year option to renew the lease with the rental rate per square foot increasing annually by 3%. Paul Mitchell launched a professional hair care system in 1980, and today Paul Mitchell produces more than 90 products sold through 25 domestic distributors to approximately 90,000 hair salons in the United States. Paul Mitchell has also built an educational network including ten Paul Mitchell Schools around the country. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 52 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Temecula Town Center Mortgage Loan is a $67.5 million, ten-year fixed rate loan secured by a first mortgage on an anchored retail center located in Temecula, Riverside County, California. The Temecula Town Center Mortgage Loan is interest only for the first five years of the loan term, matures on April 1, 2015 and accrues interest at an annual rate, rounded to three decimal places, of 5.652%. THE BORROWER: o The Temecula Town Center Borrower is Lakha Properties -- Temecula TC, LLC, a Delaware limited liability company and a single purpose bankruptcy remote entity with at least two independent directors for which the Temecula Town Center Borrower's legal counsel has delivered a non-consolidation opinion. Equity ownership is held 61% by Lakha Properties -- Temecula I, LLC and 39% by Lakha Properties -- Temecula II, LLC, both of which are Washington limited liability companies. Through a series of intermediate ownership levels, equity ownership is eventually held by Amin S. Lakha, the borrower principal. o Mr. Lakha has over 15 years of commercial real estate experience focusing on investment and redevelopment on the West Coast and Northwestern United States. THE PROPERTY: o The Temecula Town Center Mortgaged Property consists of a fee simple interest in an anchored retail center consisting of 14 one-story buildings built in 1989. The improvements contain a total of 293,331 net rentable square feet and are situated on 34.29 acres. The anchor tenants are 24 Hour Fitness, HomeGoods, Sav-on Drugs and Paul Mitchell, which together occupy 36.8% of the total square feet. In addition to the anchor tenants, the Temecula Town Center Mortgaged Property is currently occupied by approximately 70 non-anchor tenants ranging in size from 566 to 8,794 square feet, which together occupy 55.5% of the total square feet. The Temecula Town Center Mortgaged Property is shadow anchored by Vons and Target, which are separately owned, non-collateral tenants. o The Temecula Town Center Mortgaged Property is located in the southwest part of Riverside County in southern California approximately 3/4-mile north of downtown Temecula and is part of the Inland Empire retail market. Population within a one, three and file-mile radius of the Temecula Town Center Mortgaged Property is 15,062, 59,612, and 129,991, respectively. Average household income within a one, three and file-mile radius of the Temecula Town Center Mortgaged Property is $58,990, $80,476 and $82,288, respectively. o The Temecula Town Center Borrower is generally required at its sole cost and expense to keep the Temecula Town Center Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o Premier Centers Management, Inc. manages the Temecula Town Center Mortgaged Property. Premier Centers Management, Inc., a Temecula Borrower related entity founded in 1991 and headquartered in Bellevue, Washington, currently manages four commercial real estate properties containing approximately 400,000 square feet. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 53 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o The Temecula Borrower is permitted to incur mezzanine financing upon the satisfaction of the following terms and conditions, including without limitation: (a) no event of default has occurred and is continuing; (b) a permitted mezzanine lender originates such mezzanine financing; (c) the mezzanine lender will have executed a subordination/intercreditor agreement in form and substance reasonably acceptable to the mortgagee; (d) the amount of such mezzanine loan will not exceed an amount which, when added to the outstanding principal balance of the Temecula Mortgage Loan, results in a maximum loan-to-value ratio greater than 85% and a minimum debt service coverage ratio (as calculated by the mortgagee on a trailing 12-month basis) less than 1.10x; and (e) the mortgagee will have received confirmation from the rating agencies that such mezzanine financing will not result in a downgrade, withdrawal or qualification of the ratings issued, or to be issued, in connection with a securitization involving the Temecula Mortgage Loan. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 54 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- TEMECULA TOWN CENTER - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 55 (This Page Intentionally Left Blank) BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 56 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bear Stearns LOAN PURPOSE: Acquisition ORIGINAL PRINCIPAL BALANCE: $62,800,000 FIRST PAYMENT DATE: August 1, 2006 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months ANTICIPATED REPAYMENT DATE(1): July 1, 2011 EXPECTED ARD BALANCE: $62,800,000 BORROWING ENTITY: CRE JV Five Branch Holdings LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION(2): Lockout/Defeasance: 56 payments Open: 4 payments UP-FRONT RESERVES: DEBT SERVICE RESERVE: $337,391 ENVIRONMENTAL RESERVE: $3,587,500 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE(3): Springing REPLACEMENT RESERVE(4): Springing LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) After the anticipated repayment date, the loan will hyper-amortize and have a final maturity date of July 1, 2036. (2) The borrower may prepay up to $6,280,000 of the loan amount at any time, subject to payment of a yield maintenance charge based upon the greater of (i) a treasury-flat make-whole formula which shall be set forth in the loan documents and (ii) with respect to (a) the first $1,000,000, 1.5% of the principal prepaid and (b) the remainder at 3% of the principal amount prepaid through and including June 28, 2008 and 1.5% thereafter. As additional consideration associated with any prepayment, the borrower shall also pay all interest which would have been earned on the loan during the applicable month had the prepayment not occurred. (3) Tax reserves are not required so long as (i) the sole tenant at each property is obligated to pay property taxes per its lease; (ii) no event of default exists; (iii) borrower has delivered to lender evidence that such property taxes have been paid; and (iv) the senior unsecured credit rating of the tenant remains "BBB" (or equivalent) or better by S&P, Fitch and Moody's. Insurance reserves are not required so long as (i) the sole tenant at each property is obligated to pay property insurance per its lease; (ii) no event of default exists; (iii) borrower has delivered to lender evidence that such property insurance premiums have been paid; and (iv) the senior unsecured credit rating of the tenant remains "BBB" (or equivalent) or better by S&P, Fitch and Moody's. (4) Replacement reserves are not required so long as (i) the sole tenant at each property is obligated to perform all property maintenance per its lease; (ii) no event of default exists; (iii) borrower has delivered to lender evidence that such property maintenance has been performed; and (iv) the senior unsecured credit rating of the tenant remains "BBB" (or equivalent) or better by S&P, Fitch and Moody's. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $62,800,000 CUT-OFF DATE LTV: 74.1% ARD LTV: 74.1% UNDERWRITTEN DSCR: 1.31x MORTGAGE RATE: 6.239% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Various YEAR BUILT/RENOVATED: Various/Various NET RENTABLE SQUARE FEET: 237,172 CUT-OFF BALANCE PER SF: $264.79 OCCUPANCY AS OF 10/01/2006: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: $5,189,447 APPRAISED VALUE: $84,700,000 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 57 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN ------------- Effective Gross Income................................... $5,510,054 Total Expenses........................................... $ 165,302 Net Operating Income (NOI)............................... $5,344,752 Cash Flow (CF)........................................... $5,189,447 DSCR on NOI.............................................. 1.35x DSCR on CF............................................... 1.31x - ---------------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - ---------------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF RENT POTENTIAL % POTENTIAL LEASE TOP TENANTS(2) FITCH/MOODY'S/S&P TENANT SF TOTAL SF PSF RENT RENT EXPIRATION(3) - --------------- ----------------- ----------- --------- --------- ----------- ------------ ------------- Charter One Bank........... AA/Aa2/AA- 127,538 53.8% $28.12 $3,586,934 63.8% 06/30/2011 Citizens Bank.............. AA/Aa2/AA- 109,634 46.2% $18.57 $2,035,570 36.2 07/31/2011 ------- ------ ---------- ----- TOTAL...................... 237,172 100.0% $5,622,504 100.0% - ---------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll except for Ratings (Fitch/Moody's/S&P) and unless otherwise stated. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance and reimbursements. (2) Charter One Bank was acquired by Citizens Financial Group, the parent company of Citizens Bank, on August 31, 2004. Citizens Financial Group is a wholly owned subsidiary of Royal Bank of Scotland. (3) There are four, 5-year renewal options for each property. The Lockport, Illinois property is a Charter One Bank with a lease expiration of July 31, 2011. - -------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - -------------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ ----------------- ----------- --------- ----------- ------------- ------------- 2011................. 52 237,172 100.0% 237,172 100.0% $5,622,504 Vacant............... -- 0 0.0 237,172 100.0% $ 0 -- -- -- --- ------- ----- TOTAL................ 52 237,172 100.0% - -------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 58 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The sole tenant in each of the fifty-two properties, representing 100.0% of the total net rentable square feet, is: o CHARTER ONE BANK (rated "AA" by Fitch, "Aa2" by Moody's and "AA-" by S&P) leases a total of 127,538 square feet (53.8% of square feet, 63.8% of income) under 30 separate leases each with an expiration date of June 30, 2011 (with the exception of one property which has an expiration date of July 31, 2011). The average rental rate per square foot is $28.12. Charter One Bank operates 474 branches and more than 800 ATMs in Illinois, Indiana, Michigan and Ohio. Charter One Bank was acquired by Citizens Financial Group, the parent company of Citizens Bank, on August 31, 2004. Citizens Financial Group is headquartered in Providence, Rhode Island and has more than 1,600 branches, 26,000 employees in a 13-state retail branch network. Citizens Financial Group reported 2005 year-end assets of $159 billion. Citizens Financial Group is a wholly owned subsidiary of Royal Bank of Scotland (NYSE: "RBS-PP"; rated "AA" by Fitch, "Aa2" by Moody's and "AA-" by S&P). As of June 30, 2005, the FDIC reported that the thirty Charter One Banks had an average market share of 18.6%, with average deposit holdings of $65.8 million. o CITIZENS BANK (rated "AA" by Fitch, "Aa2" by Moody's and "AA-" by S&P) leases a total of 109,634 square feet (46.2% of square feet, 36.2% of income) under 22 separate leases each with an expiration date of July 31, 2011. The average rental rate per square foot is $18.57. Citizens Bank is a wholly owned subsidiary of Citizens Financial Group. As of June 30, 2005, the FDIC reported that the twenty-two Citizens Banks had an average market share of 31.5%, with average deposit holdings of $62.3 million. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 59 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- SUMMARY OF PROPERTIES - ----------------------------------------------------------------------------------------------------------------------------- % OF TOTAL PORTFOLIO NET ALLOCATED (BY ALLOCATED RENTABLE YEAR CUT-OFF LOAN CUT-OFF LOAN PROPERTY ADDRESSES CITY STATE AREA BUILT AMOUNT AMOUNT) - ------------------------------------------- ------------------- ----- -------- ----- ------------- --------------- 11275 Allen Road .......................... Southgate MI 9,721 1980 $ 4,260,000 6.8% 2500 West Maple ........................... Bloomfield Hills MI 5,501 1945 2,490,000 4.0 8715 Mentor Avenue ........................ Mentor OH 9,759 1958 2,250,000 3.6 25350 Ford Road ........................... Dearborn Heights MI 4,260 1980 2,190,000 3.5 44 North Adams Road ....................... Rochester Hills MI 4,500 1985 2,025,000 3.2 21800 Greater Mack ........................ Saint Clair Shores MI 6,200 1975 1,995,000 3.2 40 Union Square ........................... Somerville MA 5,000 1900 1,980,000 3.2 14600 West Fort Street .................... Southgate MI 4,018 1970 1,800,000 2.9 1103 East 9th Street ...................... Lockport IL 5,250 2000 1,650,000 2.6 18-20 Washington Avenue ................... Endicott NY 9,600 1980 1,650,000 2.6 264-266 Genesee Street .................... Utica NY 9,750 1950 1,600,000 2.5 Union and Meadow Avenues .................. Newburgh NY 6,384 1972 1,575,000 2.5 568-572 Columbia Road ..................... Dorchester MA 13,847 1920 1,500,000 2.4 364 Main Street ........................... Beacon NY 6,936 1970 1,500,000 2.4 105 Main Street ........................... Belleville MI 3,912 1980 1,460,000 2.3 23011 Woodward Avenue ..................... Ferndale MI 4,200 1965 1,400,000 2.2 28455 Schoenherr Road ..................... Warren MI 4,636 1975 1,390,000 2.2 690 Richmond Road ......................... Richmond Heights OH 3,622 2001 1,340,000 2.1 26000 Gratiot Avenue ...................... Roseville MI 4,200 1975 1,290,000 2.1 2175 Warrensville Center .................. University Heights OH 2,550 1994 1,200,000 1.9 2225 18 Mile Road ......................... Sterling Heights MI 2,898 1980 1,200,000 1.9 35 South State Street ..................... Girard OH 7,200 1977 1,125,000 1.8 147 Main Street & 52 Rogers Road Parking .. Gloucester MA 6,579 1976 1,110,000 1.8 3024 Navarre Avenue ....................... Oregon OH 5,440 1980 1,050,000 1.7 37 Bay Street ............................. Glens Falls NY 4,935 1950 1,040,000 1.7 20 Main Street ............................ Burgettstown PA 5,551 1921 1,025,000 1.6 19307 Mack Avenue ......................... Grosse Pointe Woods MI 3,000 1970 1,000,000 1.6 26 Central Square ......................... East Boston MA 3,000 1950 950,000 1.5 100 West Main Street ...................... Zelienople PA 4,864 1940 925,000 1.5 23300 Lake Shore Boulevard ................ Euclid OH 3,300 1971 915,000 1.5 25290 Lorain Road ......................... North Olmsted OH 2,858 2002 900,000 1.4 61 Shunpike Road .......................... Cromwell CT 3,054 1970 900,000 1.4 33 Coliseum Avenue ........................ Nashua NH 3,668 1980 900,000 1.4 26681 Hoover Road ......................... Warren MI 2,973 1975 890,000 1.4 1299 Columbia Road ........................ Westlake OH 2,986 1985 855,000 1.4 1420 Massachusetts Avenue ................. Arlington Heights MA 2,300 1979 855,000 1.4 365 East 200 Street ....................... Euclid OH 2,700 1975 850,000 1.4 3033 East Main Road ....................... Portsmouth RI 3,900 1979 850,000 1.4 4 East Washington Street .................. Chagrin Falls OH 3,200 1960 825,000 1.3 One Constitution Way ...................... Somersworth NH 5,190 1963 825,000 1.3 156 East Main Street ...................... Clinton CT 2,808 1960 780,000 1.2 602 Main Street ........................... Toledo OH 3,800 1954 675,000 1.1 411 Dover Center Road ..................... Bay Village OH 2,400 1978 675,000 1.1 22591 Lorain Road ......................... Fairview Park OH 2,400 1982 670,000 1.1 117 Montcalm Street ....................... Ticonderoga NY 3,792 1938 670,000 1.1 21500 Grand River ......................... Detroit MI 3,465 1965 650,000 1.0 20222 Plymouth Road ....................... Detroit MI 3,158 1960 590,000 0.9 84 Pearl Street ........................... Essex Junction VT 2,120 1984 580,000 0.9 395 Whalley Avenue ........................ New Haven CT 2,000 1950 550,000 0.9 10641 Joy Road ............................ Detroit MI 3,431 1950 525,000 0.8 16 Railroad Avenue ........................ Plainfield CT 2,856 1980 500,000 0.8 Junction Route 9 & 125 .................... Barrington NH 1,500 1977 400,000 0.6 ------- ----------- ----- TOTAL: .................................... 237,172 $62,800,000 100.0% - ----------------------------------------------------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 60 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Citizens Bank Portfolio Mortgage Loan is a $62.8 million, five-year loan secured by cross-collateralized, cross-defaulted first mortgages on 52 bank branch properties located in 10 states throughout the United States. The Citizens Bank Portfolio Mortgage Loan is interest-only for the first 60 months and has an anticipated repayment date of July 1, 2011. After the anticipated repayment date, the Citizen Bank Portfolio Mortgage Loan will hyper-amortize and have a final maturity date of July 1, 2036. THE BORROWER: o The Citizens Bank Portfolio Borrower, CRE JV Five Branch Holdings LLC, is a Delaware limited liability company and single purpose entity with at least two independent directors for which a non-consolidation opinion has been provided by the Citizens Bank Portfolio Borrower's counsel. o The sponsors of the Citizens Bank Portfolio Mortgage Loan are a joint venture between American Financial Realty Trust ("AFR") and Dillon Reed, a wholly owned subsidiary of UBS. The borrower is 99% controlled by AFR, a real estate investment trust, which was formed in 2002 to acquire and operate properties leased primarily to regulated financial institutions. As of March 31, 2006, AFR's real estate assets included 1,149 properties (470 office buildings totaling 32.5 million square feet and 679 bank branches totaling 4.7 million square feet) located in 39 states and the District of Columbia. As of June 30, 2006, AFR reported total assets of over $4.3 billion and owners' equity of over $836 million. THE PROPERTIES: o The properties consist of the fee simple interest in 52 bank branch properties (22 Citizens Bank branches and 30 Charter One Bank branches) located in 10 states throughout the United States. A retail bank branch generally consists of a free standing building that has a bank as the main or sole tenant. Many have a drive-thru that permits customers to perform their banking activities with either a bank teller or an ATM machine without getting out of their car. The vaults, secure teller windows and other customary security installations and banking equipment typically require significant capital expenditures to install, making bank branches a specialty-use retail property. o Across the 52 property portfolio, the average number of households and household income within a five-mile radius of each property is approximately 84,975 and over $67,000, respectively. Based on FDIC publications as of June 2005, the average deposit level for the Citizens Bank Portfolio bank branches was $64.3 million which was approximately 33% higher than the average competing branches in each market. Additionally, as of June 2005 the FDIC website indicated that the Citizens Bank Portfolio bank branches had an average of 24.1% of the market share in each respective market. Despite ongoing consolidation in the banking industry, according to the FDIC, total bank branches in the United States has increased from 76,986 as of December 31, 2000 to 84,710 as of June 30, 2006. PROPERTY MANAGEMENT: o Borrower/Owner Managed (First States Management, an affiliate of AFR, may be appointed based on lender pre-approval). CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 61 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- RELEASE OF PROPERTIES: o The Citizens Bank Portfolio Borrower is permitted to obtain a release of any mortgaged property during the term of the Citizens Bank Portfolio Mortgage Loan, subject to the satisfaction of certain conditions set forth in the mortgage loan documents, including, among others, payment of a release price of at least 115% of the allocated loan amount and satisfaction of certain loan-to-value and debt service coverage ratio requirements. The debt service coverage ratio immediately after the release must be greater than or equal to the Release DSCR (as defined in the loan documents) (initially 1.30x). The loan-to-value immediately after the release must be less than or equal to the Loan to Value Percentage (as defined in the loan documents) (initially 75%). SUBSTITUTION OF PROPERTIES: o The borrower is permitted substitutions (no more than 10% of the Citizens Bank Portfolio Mortgage Loan amount during any 12-month period and no more than 30% of the Citizens Bank Portfolio Mortgage Loan amount during the loan term) with replacement properties that are similar in property type, lease terms and tenant credit if: (i) the debt service coverage ratio of the portfolio, after giving effect to the substitution, is not less than the DSCR immediately before the substitution; (ii) the appraised value of the substitute property will be equal to or greater than the appraised value of the substituted property; (iii) delivery of acceptable environmental and engineering reports; (iv) if the replacement property is a single tenant property, the lease must be comparable to current property's lease, the new tenant must have at least the lesser of "AA" (or equivalent) rating or comparable credit quality as the substituted property's tenant; (v) delivery of acceptable legal opinions; and (vi) confirmation from the rating agencies of no withdrawal, qualification or downgrade of the then-current ratings of the certificates. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 62 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CITIZENS BANK PORTFOLIO - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 63 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ESSEX GREEN SHOPPING CENTER - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 64 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ESSEX GREEN SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America LOAN PURPOSE: Acquisition ORIGINAL PRINCIPAL BALANCE: $57,525,000 FIRST PAYMENT DATE: October 1, 2006 TERM/AMORTIZATION: 120/0 months INTEREST ONLY PERIOD: 120 months MATURITY DATE: September 1, 2016 EXPECTED MATURITY BALANCE: $57,525,000 BORROWING ENTITY: RREEF America REIT III Corp. JJ INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout: 24 payments GRTR 1% PPMT or Yield Maintenance: 92 payments Open: 4 payments LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $57,525,000 CUT-OFF DATE LTV: 63.7% MATURITY DATE LTV: 63.7% UNDERWRITTEN DSCR: 1.35x MORTGAGE RATE: 5.900% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB TYPE: Anchored LOCATION: West Orange, New Jersey YEAR BUILT/RENOVATED: 1957/2000 NET RENTABLE SQUARE FEET: 351,430 CUT-OFF BALANCE PER SF: $164 OCCUPANCY AS OF 08/31/2006: 98.6% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Onyx Management Group, LLC and RREEF Management Company UNDERWRITTEN NET CASH FLOW: $4,640,141 APPRAISED VALUE: $90,300,000 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 65 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ESSEX GREEN SHOPPING CENTER - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ---------------------------------------------------------------------------------------------------- FULL YEAR FULL YEAR ANNUALIZED (12/31/2004) (12/31/2005) (04/30/2006) UNDERWRITTEN ------------ ------------ ------------ ------------ Effective Gross Income.................... $7,583,543 $7,762,591 $7,990,471 $8,269,028 Total Expenses............................ $3,204,301 $3,242,349 $3,624,070 $3,401,211 Net Operating Income (NOI)................ $4,379,242 $4,520,242 $4,366,401 $4,867,817 Cash Flow (CF)............................ $4,379,242 $4,520,242 $4,366,401 $4,640,141 DSCR on NOI............................... 1.27x 1.31x 1.27x 1.41x DSCR on CF................................ 1.27x 1.31x 1.27x 1.35x - ---------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- TENANT INFORMATION(1) - --------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS MOODY'S/S&P TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ----------- ----------- --------- -------- -------- ---------- ----------- ---------- Macy's.................. Baa1/BBB 91,000 25.9% $ 3.49 $ 317,590 5.7% 01/28/2016 ShopRite................ Not Rated 67,000 19.1 $14.38 963,125 17.4 08/31/2030 AMC Theater............. B3/B 43,500 12.4 $33.00 1,435,500 25.9 10/31/2012 Sears................... Ba1/BB+ 28,586 8.1 $14.30 408,780 7.4 10/31/2014 ------- ---- ---------- ---- TOTAL................... 230,086 65.5% $3,124,995 56.4% - --------------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll except for Ratings (Moody's/S&P) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance and reimbursements. - ---------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE(1) - ---------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ ----------- -------- -------- ---------- ------------- ---------- 2007 ......................... 3 9,428 2.7% 9,428 2.7% $ 194,320 2008 ......................... 4 23,321 6.6 32,749 9.3% $ 495,275 2009 ......................... 3 7,145 2.0 39,894 11.4% $ 165,391 2010 ......................... 3 13,242 3.8 53,136 15.1% $ 299,038 2011 ......................... 3 17,660 5.0 70,796 20.1% $ 301,686 2012 ......................... 5 54,777 15.6 125,573 35.7% $1,681,736 2013 ......................... 3 20,949 6.0 146,522 41.7% $ 260,982 2014 ......................... 2 29,904 8.5 176,426 50.2% $ 445,684 2015 ......................... 1 4,203 1.2 180,629 51.4% $ 100,872 2016 ......................... 2 96,665 27.5 277,294 78.9% $ 486,124 2030 ......................... 1 67,000 19.1 344,294 98.0% $ 963,125 Police Substation ............ 1 373 0.1 344,667 98.1% $ -- MTM .......................... 1 1,879 0.5 346,546 98.6% $ 43,217 Vacant ....................... -- 4,884 1.4 351,430 100.0% $ 107,448 -- ------- ----- TOTAL ........................ 32 351,430 100.0% - ---------------------------------------------------------------------------------------------------------------- (1) Information obtained from underwritten rent roll. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 66 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ESSEX GREEN SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The four largest tenants, representing 65.5% of the total net rentable square feet, are: o MACY'S (Federated Department Stores, NYSE: "FD") (rated "Baa1" by Moody's and "BBB" by S&P) occupies 91,000 square feet (25.9% of square feet, 5.7% of rental income gross potential rent) under a 10-year lease expiring on January 1, 2016. The tenant has exercised all of its three renewal options. The current rental rate is a percentage rent of 3% of gross sales up to $2,500,000 and 2.5% of gross sales over $2,500,000. Federated Department Stores, Inc., a retail organization, operates department and retail stores. It offers various merchandise, including men's, women's, and children's apparel and accessories; cosmetics; home furnishings; and other consumer goods. As of June 6, 2006, Macy's operated approximately 850 retail stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's, and The Jones Store. Federated Department Stores was founded in 1820 and is based in Cincinnati, Ohio. According to 2005 year end financial reports dated January 28, 2006, Macy's reported $248 million liquidity and $13.5 billion stockholder equity. Annualized sales for the six-month period ending June 30, 2006 were $235 per square foot. o SHOPRITE (Wakefern Food Corporation) occupies 67,000 square feet (19.1% of square feet, 17.4% of rental income) under a 30-year lease expiring on August 1, 2030 with two 5-year renewal options. The current rental rate per square foot of $14.38 increases 5% every five years of the initial lease term and during each renewal period. ShopRite is required to pay percentage rent of 1.25% of gross sales of the preceding year. Wakefern Food Corporation is one of the largest retailer-owned supermarket cooperatives in the United States. The ShopRite co-op is now owned by 38 independent grocers who operate more than 200 ShopRite supermarkets/pharmacies in seven eastern states. Annualized sales for the six-month period ending June 30, 2006 were $1,155 per square foot. o AMC THEATRE (AMC Entertainment, Inc.) (rated "B3" by Moody's and "B" by S&P) occupies 43,500 square feet (12.4% of square feet, 25.9% of rental income) under a 15-year lease expiring October 1, 2012 with two 5-year renewal options. The current rental rate per square foot of $31.00 increases by $2.00 per square foot every five years including the renewal periods. AMC Theater is required to pay a percentage rent equal to 7.5% of gross sales in excess of the annual rent. AMC Entertainment, Inc. is the second largest movie theater chain in the United States with approximately 415 theaters that house over 5,500 screens. Approximately three quarters of these theaters are multiplexes (units with more than 14 screens and stadium seating). AMC Entertainment, Inc.'s theaters can be found in approximately 30 states and the District of Columbia, as well as in Canada, Europe, Asia and South America. Earlier this year, AMC Entertainment, Inc. merged with Loews Cineplex Entertainment Corporation. In 2005 AMC Entertainment, Inc. had sales of $1.8 billion and a net income of $70.6 million. Annualized sales for the six-month period ending June 30, 2006 were $540,777 per screen. o SEARS HARDWARE (Sears Holdings Corp., NASDAQ: "SHLD") (rated "Ba1" by Moody's and "BB+" by S&P) occupies 28,586 square feet (8.1% of square feet, 7.4% of rental income) under a 15-year lease expiring on October 1, 2014 with three 5-year renewal options. The current rental rate per square foot of $14.30 increases 10% every five years during the initial term of the lease, 10% for the first renewal period and 15% for the second and third renewal periods. Sears Hardware is a subsidiary of Sears Holdings Corporation. Sears Holdings Corporation operates as a retailer in the United States and Canada. Sears operates full-line stores that offer an array of products, including home appliances, consumer electronics, tools, fitness, lawn and garden equipment, automotive services and products, such as tires and batteries, and home fashion products, as well as apparel, footwear, health, beauty, pantry, household products and toys. The Kmart segment operates stores that offer general merchandise, including products sold under labels, such as Jaclyn Smith, Joe Boxer and Martha Stewart Everyday, as well as in-store pharmacies. Sears operates approximately 3,900 full-line and specialty retail stores in the United States and Canada and employs approximately 355,000 people. As of the fiscal year ended January 28, 2006, Sears Holdings Corporation reported revenue of approximately $49.1 billion, net income of $858.0 million and stockholder equity of $11.6 billion. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 67 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ESSEX GREEN SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Essex Green Shopping Center Mortgage Loan is a $57.5 million, ten-year fixed rate loan secured by a first mortgage on a retail shopping center located in West Orange, Essex County, New Jersey. The Essex Green Shopping Center Mortgage Loan is interest only for the entire loan term and matures on September 1, 2016 and accrues interest at an annual rate of 5.900%. THE BORROWER: o The Essex Green Shopping Center Borrower is RREEF America REIT III Corp. JJ, a Maryland corporation, and single purpose bankruptcy remote entity with at least one independent director for which the Essex Green Shopping Center legal counsel has delivered a non-consolidation opinion. Equity ownership is held 100% by RREEF America REIT III, Inc., a Maryland corporation and borrower sponsor, located in Chicago, Illinois. o RREEF America L.L.C. serves as a real estate investment advisor to RREEF America REIT III, Inc. and its North American group, RREEF North America, is the real estate and infrastructure division of Deutsche Bank AG in the United States. RREEF America L.L.C. is a full service real estate investment advisor established in 1975 to provide institutions with real estate expertise. RREEF America L.L.C. currently manages over $27.5 billion in assets and has a small group of partners who average 23 years of real estate experience who make all the investment decisions. According to the financial reports dated March 31, 2006, the real estate investment trust reports a $17.44 million liquidity and real estate investments of $2,055,383,000. THE PROPERTY: o The Essex Green Shopping Center Mortgaged Property consists of a fee simple interest in a retail shopping center built in 1957 and most recently renovated in 2000. The collateral improvements contain a total of 351,430 net rentable square feet and are situated on 33.60 acres. The Essex Green Shopping Center is occupied by 32 tenants and anchored by Macy's, ShopRite, AMC Theatre and Sears. o The Essex Green Shopping Center Mortgaged Property is located 15 miles west of New York City in West Orange, New Jersey at the interchange of I-280 and Prospect Avenue about 10 miles west of The New Jersey Turnpike (I-95). Population within a one-, three- and five-mile radius of the Essex Green Shopping Center Mortgaged Property is 8,530, 165,063 and 557,210, respectively. Average household income within a one-, three- and five-mile radius of the Essex Green Shopping Center Mortgaged Property is $119,560, $89,042 and $80,801, respectively. o The Essex Green Shopping Center Borrower is generally required at its sole cost and expense to keep the Essex Green Shopping Center Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a "special cause of loss" form of insurance policy. PROPERTY MANAGEMENT: o Onyx Management Group, LLC manages the Essex Green Shopping Center Mortgaged Property. Onyx Management Group, LLC is headquartered in Woodbridge, New Jersey, and was founded in 1990 and offers a real estate services including brokerage, management, and technology to its clients. COLLATERAL RELEASE: o The release of the Macy's store upon payment of a release price of 110% of the "Release Price" (as defined in the related loan documents), with the continuing requirement for a minimum interest only debt service coverage ratio of 1.20x. In January 2006, Macy's exercised its final lease extension option and the Essex Green Shopping Center Borrower anticipates redevelopment of the Macy's store at either the expiration of the Macy's Lease, which occurs in January 2016, or at an earlier mutually negotiated time. The Release Price, will be determined at that time, and will be based on the portion of the Essex Green Shopping Center Mortgage Loan allocated to the release parcel and the revised cash flow using the revenue from the tenants on the current rent roll, without any income from the Macys store, which will also include any lower level tenants that will be affected, while still maintaining the minimum interest only debt service coverage of 1.20x with operating expenses adjusted for the reallocation of taxes, common area maintenance charge and other expenses to the remaining collateral property. The interest only constant will be based on the actual rate. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 68 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- ESSEX GREEN SHOPPING CENTER - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 69 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PUERTO RICO SELF STORAGE PORTFOLIO - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 70 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PUERTO RICO SELF STORAGE PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America LOAN PURPOSE: Acquisition ORIGINAL NOTE PRINCIPAL BALANCE: $55,500,000 FIRST PAYMENT DATE: October 1, 2006 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: September 1, 2016 EXPECTED NOTE MATURITY BALANCE: $51,989,155 BORROWING ENTITY: SS Guaynabo, LLC; SS Ponce, LLC; SS San Juan, LLC; SS Catano, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 117 payments Open: 3 payments UPFRONT RESERVES: TAX/INSURANCE RESERVE: Yes ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $2,542 LOCKBOX: Soft - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $55,500,000 CUT-OFF DATE LTV: 69.8% MATURITY DATE LTV: 65.4% UNDERWRITTEN DSCR: 1.32x MORTGAGE RATE: 5.999% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Self Storage PROPERTY SUB-TYPE: Self Storage NUMBER OF PROPERTIES: 4 LOCATION: Various YEAR BUILT/RENOVATED: Various/NAP NUMBER OF UNITS: 3,589 CUT-OFF BALANCE PER UNIT: $15,464 OCCUPANCY AS OF 8/04/2006: 78.8% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Simply Storage Development, LLC UNDERWRITTEN NET CASH FLOW: $5,255,313 APPRAISED VALUE: $79,460,000 - -------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 71 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PUERTO RICO SELF STORAGE PORTFOLIO - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- FINANCIAL INFORMATION - ---------------------------------------------------------------------------------------------------- FULL YEAR FULL YEAR FULL YEAR (02/28/2004) (02/28/2005) (02/28/2006) UNDERWRITTEN ------------ ------------ ------------ ------------ Effective Gross Income................... $3,932,869 $4,922,861 $6,310,745 $6,996,317 Total Expenses........................... $1,134,793 $1,421,540 $1,506,787 $1,690,758 Net Operating Income (NOI)............... $2,798,076 $3,501,321 $4,803,958 $5,305,559 Cash Flow (CF)........................... $2,798,076 $3,501,321 $4,803,958 $5,255,313 DSCR on NOI(1)........................... 0.70x 0.88x 1.20x 1.33x DSCR on CF(1)............................ 0.70x 0.88x 1.20x 1.32x - ---------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------------------------------------------- % OF TOTAL % OF TOTAL RENT PER POTENTIAL OWNERSHIP PROPERTY NAME LOCATION UNITS UNITS UNIT RENT YEAR BUILT INTEREST - ------------- -------- ----- ---------- -------- --------- ---------- --------- Puerto Rico Self Storage Portfolio -- Santurce .......... Santurce 1,187 33.1% $ 201 34.9% 2001 Fee Puerto Rico Self Storage Portfolio -- Catano ............ Catano 961 26.8 $ 194 27.2 2003 Fee Puerto Rico Self Storage Portfolio -- Guaynabo .......... Guaynabo 862 24.0 $ 189 23.8 1997 Fee Puerto Rico Self Storage Portfolio -- Ponce ............. Ponce 579 16.1 $ 166 14.0 2001 Fee ----- ----- ----- TOTAL ........................... 3,589 100.0% 100.0% - -------------------------------------------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 72 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PUERTO RICO SELF STORAGE PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Puerto Rico Self Storage Portfolio Mortgage Loan is a $55.5 million, ten-year fixed rate loan secured by a first mortgage on four self storage facilities located in the Commonwealth of Puerto Rico. The Puerto Rico Self Storage Portfolio Mortgage Loan is interest only for the first five years of the loan term, matures on September 1, 2016 and accrues interest at an annual rate of 5.999%. THE BORROWER: o The Puerto Rico Self Storage Portfolio Borrowers are SS Catano, LLC, SS Guaynabo, LLC, SS San Juan, LLC and SS Ponce, LLC, all of which are Delaware limited liability companies and single purpose bankruptcy remote entities with at least one independent director for which the Puerto Rico Self Storage Portfolio Borrowers' legal counsel has delivered non-consolidation opinions, individually and collectively, jointly and severally, for the Puerto Rico Self Storage Portfolio Borrower. Equity ownership of each Puerto Rico Self Storage Portfolio Borrower is held 100% by OBTAV Puerto Rico, LLC, a Puerto Rico limited liability company, as the Sole Member. Equity ownership is eventually held 80% by Joe Lewis and 20% by Kurt O'Brien. The borrower principal is Kurt O'Brien. o Kurt O'Brien is founder and president of OB Development, a full service real estate company O'Brien started in 1999, that specializes in the development, management, and construction of self storage properties. Joe Lewis owns the Duval Corporation and is a majority investor in Tavistock Group, which has interests in more than 100 companies. Mr. Lewis is on the 2006 Forbes list of wealthiest people in the world. THE PROPERTIES: o The Puerto Rico Self Storage Portfolio Mortgaged Properties consist of fee simple interests in four self-storage facilities built in phases from 1997 to 2003. The improvements contain a total of 22 buildings, 3,589 units, 334,217 net rentable square feet and are situated on a total of 11.52 acres. The units range in size from 4 square feet (two feet by two feet) to 800 square feet (twenty feet by forty feet). Of the 3,589 total units, 1,533 (43%) are standard storage units and 2,056 (57%) are climate-controlled storage units. The average unit size is 93 square feet. o Additional improvements consist of a leasing office and the manager's residence. A code-operated access gate and a video surveillance system provide property protection. o CATANO SELF STORAGE is located in San Juan, Puerto Rico in an area locally known as Catano. The Catano Self Storage Mortgaged Property is a 961-unit self storage facility consisting of one four-story, one two-story, and five one-story buildings built in 2003. The improvements contain a total of 93,718 net rentable square feet and are situated on 3.18 acres. Additional improvements consist of a 1,200 square foot leasing office and the 1,200 square foot two bedroom/1.5 bath manager's residence. The buildings are fully sprinklered. Two code-operated access front gates and a video surveillance system provide property security. o GUAYNABO SELF STORAGE is located in San Juan, Puerto Rico in an area locally known as Guaynabo. The Guaynabo Self Storage Mortgaged Property is a 862-unit self storage facility consisting of three two-story and six 1-story buildings built in phases from 1997 and 1999 to 2001. The improvements contain a total of 83,082 net rentable square feet and are situated on 3.58 acres. Additional improvements consist of a 400 square foot leasing office and the manager's 1,500 square foot two bedroom/1.5 bath residence. The buildings are fully sprinklered. Two code-operated access front gates and a video surveillance system provide property security. o SANTURCE SELF STORAGE is located in San Juan, Puerto Rico in an area locally known as Santurce. The Santurce Self Storage Mortgaged Property is a 1,187-unit self storage facility consisting of one four-story building built in phases from 2001 to 2003. The improvements contain 103,950 net rentable square feet and are situated on 1.23 acres. Additional improvements consist of a 900 square foot leasing office and the manager's two bedroom/two bath manager's residence. The buildings are fully sprinklered. A code-operated access front gate and a video surveillance system provide property security. o PONCE SELF STORAGE is located in Ponce, Puerto Rico. The Ponce Self Storage Mortgaged Property is a 579-unit self storage facility consisting of one three-story and four one-story buildings built in 2001. The improvements contain a total of 53,467 net rentable square feet and are situated on 3.53 acres. Additional improvements consist of a 560 square foot leasing office and the 1,064 square foot two bedroom/one bath manager's residence. The buildings are fully sprinklered. Two code-operated access front gates and a video surveillance system provide property security. o The Puerto Rico Self Storage Portfolio Borrower is generally required at its sole cost and expense to keep the Puerto Rico Self Storage Portfolio Mortgaged Properties insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 73 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PUERTO RICO SELF STORAGE PORTFOLIO - -------------------------------------------------------------------------------- PROPERTY MANAGEMENT: o Simply Storage Management, LLC manages the Puerto Rico Self Storage Portfolio Mortgaged Properties. Simply Storage Management, LLC, a Borrower related entity founded in 1999 and headquartered in Orlando, Florida, currently manages approximately 3.0 million square feet of self-storage space, 3,000 multifamily units, 100,000 square feet of office space and 200,000 square feet of retail and industrial space. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 74 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- PUERTO RICO SELF STORAGE PORTFOLIO - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 75 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CAMP GROUP PORTFOLIO - -------------------------------------------------------------------------------- [PHOTOS OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 76 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CAMP GROUP PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: Bank of America LOAN PURPOSE: Refinance ORIGINAL NOTE PRINCIPAL BALANCE: $45,800,000 FIRST PAYMENT DATE: October 1, 2006 TERM/AMORTIZATION: 120/300 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: September 1, 2016 EXPECTED NOTE A MATURITY $38,820,827 BALANCE: BORROWING ENTITY: Wicosuta Real Estate Co., LLC et. al. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout: 25 payments GRTR 1% PPMT or Yield Maintenance: 92 payments Open: 3 payments UPFRONT RESERVES: TAX RESERVE: Yes ONGOING MONTHLY RESERVES: TAX RESERVE: Yes REPLACEMENT RESERVE: $18,750 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN CUT-OFF DATE BALANCE: $49,850,000 NOTE A CUT-OFF DATE BALANCE: $45,800,000 NOTE B CUT-OFF DATE BALANCE: $4,050,000 WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING NOTE B)(1) NOTE B)(1) ----------- ---------- CUT-OFF DATE LTV: 79.9%(2) 86.9%(3) MATURITY DATE LTV: 67.7% 73.5% UNDERWRITTEN DSCR: 1.74x 1.54x MORTGAGE RATE: 6.392%(4) 6.695%(5) - -------------------------------------------------------------------------------- (1) The Note B is not part of the trust fund. (2) The Cut-off Date LTV using the going concern appraised value is 64.7%. (3) The Cut-off Date LTV using the going concern appraised value is 70.4%. (4) The interest rate was rounded to three decimal places and is subject to change prior to pricing. (5) The interest rate is rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Other PROPERTY SUB-TYPE: Camp LOCATION: Various YEAR BUILT/RENOVATED: Various/Various ACRES: 1,053 CUT-OFF BALANCE PER SF: $43,495 OCCUPANCY AS OF 05/31/2006: 90.7% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed UNDERWRITTEN NET CASH FLOW: $6,328,008 APPRAISED VALUE(1): $57,350,000 - -------------------------------------------------------------------------------- (1) The going concern appraised value is $70,800,000. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 77 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CAMP GROUP PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- UNDERWRITTEN ------------ Effective Gross Income ........................................... $29,001,968 Total Expenses ................................................... $22,587,560 Net Operating Income (NOI) ....................................... $ 6,414,408 Cash Flow (CF) ................................................... $ 6,328,008 DSCR on NOI(1) ................................................... 1.76x DSCR on CF(2) .................................................... 1.74x - -------------------------------------------------------------------------------- (1) The debt service coverage ratio on net operating income including Note B is 1.56x. (2) The debt service coverage ratio on cash flow including Note B is 1.54x. - ----------------------------------------------------------------------------------------------------------------------------------- PROPERTY INFORMATION(1) - ----------------------------------------------------------------------------------------------------------------------------------- GOING ALLOCATED MARKET CONCERN YEAR YEAR LOAN APPRAISED APPRAISED CAMP NAME CITY STATE TYPE ACRES BUILT RENOVATED AMOUNT VALUE VALUE - --------- ----------- ----- -------------- ----- ----- --------- ----------- ------------ ----------- Camp Ramaquois......... Pomona NY Day/Co-Ed 38 1922 2001 $10,102,354 $12,650,000 $17,200,000 Camp Winaukee.......... Moultonboro NH Resident/Boys 81 1920 2006 7,986,051 10,000,000 6,400,000 Camp Mah-Kee-Nac....... Lenox MA Resident/Boys 42 1973 2002 5,270,793 6,600,000 6,400,000 Camp Winadu............ Pittsfield MA Resident/Boys 71 1968 2005 4,951,351 6,200,000 7,800,000 Camp Danbee............ Hinsdale MA Resident/Girls 256 1968 2005 4,791,630 6,000,000 7,300,000 Lake of the Woods...... Decatur MI Resident/Girls 73 1935 2005 3,993,025 5,000,000 9,500,000 Camp Walt Whitman...... Piermont NH Resident/Co-Ed 266 1950 2005 3,194,420 4,000,000 7,500,000 Camp Wicosuta.......... Hebron NH Resident/Girls 90 1931 2005 2,874,978 3,600,000 4,900,000 Camp Cobbossee......... Winthrop ME Resident/Boys 136 1940 2003 2,635,397 3,300,000 3,800,000 ----- ----------- ----------- ----------- TOTAL.................. 1,053 $45,800,000 $57,350,000 $70,800,000 - ----------------------------------------------------------------------------------------------------------------------------------- The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 78 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CAMP GROUP PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Camp Group Portfolio Mortgage Loan is a $45.8 million ten-year fixed rate loan secured by a first mortgage on nine summer camps located in five states. The Camp Group Portfolio Mortgage Loan amortizes on a 25- year schedule and is interest only for the first two years of the loan term. The Camp Group Portfolio Mortgage Loan matures on September 1, 2016 and accrues interest at an annual rate, rounded to three decimal places, of 6.392%. THE BORROWERS: o The Camp Group Portfolio Borrowers, Danbee Real Estate Co., L.L.C., Winadu Real Estate Co., L.L.C., Mah-Kee-Nac Real Estate Co., L.L.C., Wicosuta Real Estate Co., L.L.C., Winaukee Real Estate Co., L.L.C., Whitman Real Estate Holding Co., L.L.C., Cobbossee Real Estate Co., L.L.C., Lake of the Woods Real Estate Co., L.L.C. and Ramaquois Real Estate Co., L.L.C., are all New York limited liability companies and single purpose, bankruptcy remote entities with at least one independent director for which legal counsel has delivered a non-consolidation opinion. Equity ownership in each of the Borrowers is held 100% by CampGroup, L.L.C., a New York limited liability company. Equity ownership in CampGroup is held by Andrew Benerofe, Roy Korins, Juda Klein, and Jeff Bershad each having 23.53% and 5.88% by Bruce Zenkel. o CampGroup, L.L.C., founded in 1998 by Bruce Zenkel, is the largest owner/operator of for-profit summer camps in the United States. Andrew Benerofe serves as Chairman of the Board of Directors and his son, Mark Benerofe, chairs Camp Group L.L.C. business development committee. Roy Korins is a New York attorney and Juda Klein, along with family members, owns Julius Klein Diamonds. INDUSTRY INFORMATION o According to the American Camp Association ("ACA"), approximately 12,000 camps currently operate in the United States. In total, camps nationwide generate between $10 billion and $12 billion in revenue annually. o The ACA is the largest camp association in the world. Membership in the ACA is open to camps of every variety. The ACA provides professional development, educational and networking opportunities for camps and camp professionals and promulgates standards for the accreditation of camps. ACA accreditation is granted to camps that demonstrate substantial compliance with approximately 300 industry accepted standards for facility maintenance, safety, staff training, program quality, administrative procedures, food service, emergency preparedness and transportation. At least once every three years, a team of trained professionals makes an in-session visit to each accredited camp to verify compliance. Although any camp can seek ACA accreditation, only 2,340 of the estimated 12,000 camps are ACA accredited. All nine Camp Group Portfolio Mortgaged Properties are ACA accredited. o Camps nationwide consist of 16 different types that can be categorized as one or more of the following: resident or day camps, traditional or non-traditional camps, general or specialty camps, for-profit or not-for-profit camps, accredited or non-accredited camps, special population or general population camps, and religious or non-sectarian camps. The Camp Group Portfolio Mortgaged Properties consist of eight resident camps and one day camp. o Resident summer camps, defined as camps where children sleep overnight at camp for the length of the program, total approximately 7,000 and are located in all 50 states. Resident camps vary in size from 20 to 2,000 campers, may be single sex or co-ed, with tuitions as high as $1,500 per week. Day camps, totaling approximately 5,000 nationwide, are primarily in states with large metropolitan areas such as California, New York, Massachusetts, Illinois and New Jersey. o The Camp Group Portfolio Mortgaged Properties consist of nine traditional camps defined as both day and resident camps whose primary use is as a camp. The vast majority of traditional resident camps were founded in the first half of the 20th century, typically in woodland areas near a lake or river. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 79 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CAMP GROUP PORTFOLIO - -------------------------------------------------------------------------------- THE PROPERTY: o The Camp Group Portfolio Mortgaged Properties consist of fee simple interests in nine summer camps ranging in size from 38 acres to 266 acres located in Massachusetts (3), New Hampshire (3), Maine (1), Michigan (1), and New York (1). Each camp is located on a lake and offers camp activities including, but not limited to, canoeing, kayaking, hiking, fishing, softball, golf, swimming, horseback riding, arts and crafts, basketball and camping. In the Camp Group Portfolio, typical resident camps run from four to seven weeks with the exception of The Glen and The Grove which run two weeks. o Camp Danbee, Camp Winadu and Camp Mah-Kee-Nac are located in the Berkshire Mountains of western Massachusetts. Camp Wicosuta, Camp Winaukee and Camp Walt Whitman are located in the White Mountain region of New Hampshire. Camp Cobbossee is located in Maine. Lake of the Woods Camp, which includes Lake of the Woods Camp for Girls, Greenwoods Camp for Boys, The Glen, and The Grove, is located in the Lakes Region of Southwest Michigan. Camp Ramaquois is located 30 miles north of New York City. o The Camp Group Portfolio camps are accredited by the American Camp Association and are classified as resident and day camps for boys and girls. The camps have recently undergone extensive renovations including renovations to the cabins, new dining facilities, new in-door gymnasiums with air-conditioning, and new landscaping. o The Camp Group Portfolio has historically demonstrated stable to increasing enrollment as most recently evidenced by the following enrollment figures: total enrollment for 2000-2006 was 3,507, 3,648, 3,583, 4,138, 4,162, 4,208, and 4,342, respectively. The figures exclude enrollment for The Glen and The Grove (Lake of the Woods) which were acquired by Camp Group LLC in 2005. o The Camp Group Portfolio Borrowers are generally required at their sole cost and expense to keep the Camp Group Portfolio Mortgaged Properties insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o The Camp Group Portfolio Mortgaged Properties are operated and managed by CampGroup, LLC. is the largest owner/operator of for profit summer camps in the United States. MASTER LEASE o The Camp Group Portfolio Mortgaged Borrowers have entered into a 15-year triple net lease ("Master Lease") for the individual properties with CG MT, LLC. CG MT, LLC has entered into a Master Sublease with the nine camp operating companies. The Master Sublease provides for the monthly payment of scheduled base rent and scheduled pass through expenses over the loan term. The Master Lease allows the individual properties to remain in the operating company, CG MT, LLC, which makes rental payments to The Camp Group Portfolio Borrowers. All payments shall at all times during the term of Camp Group Portfolio Mortgage be made directly to a deposit account controlled by the mortgagee. The Master Lease and Master Sublease are subject and subordinate to the Camp Group Portfolio Mortgage Loan. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o A $4,050,000 Note B to be held outside of the Trust. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. COLLATERAL RELEASE: o The Camp Group Portfolio Borrower may obtain the release of a mortgaged property or properties at any time after October 1, 2008, subject to the satisfaction of certain conditions, including, but not limited to: (i) no more than five such properties may be released during the term of the Camp Group Portfolio Loan; (ii) the aggregate amount of all previous prepayments together with the subject prepayment may not exceed $25,000,000; and (iii) the Camp Group Portfolio Borrower pays 125% of the allocated loan amount for the applicable release property. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 80 BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-5 - -------------------------------------------------------------------------------- CAMP GROUP PORTFOLIO - -------------------------------------------------------------------------------- [MAP OMITTED] The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you e-mail a request to dg.prospectus_distribution@bofasecurities.com. The securities may not be suitable for all investors. Banc of America Securities LLC and the other Underwriters and their affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer. See "Important Notice Regarding the Offered Certificates" in this free writing prospectus. 81