Wachovia Bank Commercial Mortgage Trust, Series 2007-C32 Inactive
Filed: 12 Jun 07, 12:00am
Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.: 333-131262 INFORMATION IN THESE MATERIALS MAY BE AMENDED OR COMPLETED PRIOR TO SALE, DATED JUNE 10, 2007. STRUCTURAL AND COLLATERAL INFORMATION $3,498,826,000 (APPROXIMATE) WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC. DEPOSITOR WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES CLASSES A-1, A-2, A-PB, A-3, A-4, A-1A, IO, A-M, A-J, B, C, D, E AND F - -------------------------------------------------------------------------------- SERIES 2007-C32 - -------------------------------------------------------------------------------- JUNE 10, 2007 Sponsors WACHOVIA BANK, NATIONAL ASSOCIATION ARTESIA MORTGAGE CAPITAL CORPORATION Master Servicer WACHOVIA BANK, NATIONAL ASSOCIATION Special Servicer CWCAPITAL ASSET MANAGEMENT LLC [WACHOVIA SECURITIES LOGO] BARCLAYS CAPITAL GOLDMAN, SACHS & CO. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. TABLE OF CONTENTS Transaction Structure Transaction Terms ...................................................... 3 Structure Overview ..................................................... 8 Mortgage Pool Characteristics as of the Cut-Off Date General Characteristics ................................................ 11 Property Type .......................................................... 12 Property Location ...................................................... 13 Cut-Off Date Balance ................................................... 14 Mortgage Rate .......................................................... 14 Underwritten Debt Service Coverage Ratio ............................... 14 Cut-Off Date Loan-to-Value Ratio ....................................... 14 Maturity Date or ARD Loan-to-Value Ratio ............................... 14 Original Term to Maturity .............................................. 15 Remaining Term to Maturity ............................................. 15 Original Amortization Term ............................................. 15 Remaining Stated Amortization Term ..................................... 15 Original Interest-Only Term ............................................ 15 Prepayment Provision Summary ........................................... 15 Seasoning .............................................................. 15 Shadow Rated Loans ..................................................... 15 Twenty Largest Mortgage Loans ............................................. 16 Beacon D.C. & Seattle Pool ............................................. 17 ING Hospitality Pool ................................................... 29 DDR Southeast Pool ..................................................... 37 Two Herald Square ...................................................... 45 Westin Casuarina Resort & Spa -- Cayman Islands ........................ 51 DDR -- TRT Pool ........................................................ 57 Ashford Hospitality Pool 4 ............................................. 67 17 Battery Place South ................................................. 75 Rockvale Square ........................................................ 81 Centerside II .......................................................... 87 Citadel Mall ........................................................... 92 Port Chester Shopping Center ........................................... 94 60 Madison Avenue ...................................................... 96 3600 Wilshire Boulevard ................................................ 98 La Jolla Centre I ...................................................... 100 450-460 Park Avenue South .............................................. 102 Stadium Crossings ...................................................... 104 La Jolla Centre II ..................................................... 106 Roosevelt Square ....................................................... 108 Marriott -- Mobile, AL ................................................. 110 Additional Mortgage Loan Information ...................................... 112 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TRANSACTION STRUCTURE - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT, DATED JUNE 10, 2007. ISSUE TYPE Sequential pay REMIC. Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4, Class A-1A, Class IO, Class A-M, Class A-J, Class B, Class C, Class D, Class E and Class F Certificates (the "Offered Certificates") are offered publicly. All other Certificates will be privately placed. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-Off Date, which is June 1, 2007, with respect to 2 Mortgage Loans, June 7, 2007, with respect to 1 Mortgage Loan, and June 11, 2007, with respect to 140 Mortgage Loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 143 Mortgage Loans (the "Mortgage Loans") with an aggregate principal balance as of the Cut-Off Date of $3,857,153,069 (the "Cut-Off Date Pool Balance"), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 276 properties (the "Mortgaged Properties") located throughout 37 states, the District of Columbia and the Cayman Islands. The Mortgage Pool will be deemed to consist of 2 loan groups ("Loan Group 1" and "Loan Group 2" and, together, the "Loan Groups"). Loan Group 1 will consist of all of the Mortgage Loans that are not secured by Mortgaged Properties that are multifamily properties, with an aggregate principal balance as of the Cut-Off Date of $3,413,956,275 (the "Cut-Off Date Group 1 Balance"). Loan Group 2 will consist of 29 Mortgage Loans that are secured by Mortgaged Properties that are multifamily properties with an aggregate principal balance as of the Cut-Off Date of $443,196,794 (the "Cut-Off Date Group 2 Balance"). DEPOSITOR Wachovia Commercial Mortgage Securities, Inc. UNDERWRITERS Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. It is intended that Wachovia Securities International Limited will act as a member of the selling group on behalf of Wachovia Capital Markets, LLC and may sell Offered Certificates on behalf of Wachovia Capital Markets, LLC in certain jurisdictions. MORTGAGE LOAN SELLERS AND SPONSORS Wachovia Bank, National Association ("Wachovia") and Artesia Mortgage Capital Corporation ("Artesia"). NUMBER OF AGGREGATE PERCENTAGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE MORTGAGE LOAN SELLER LOANS BALANCE POOL BALANCE - ------------------------------------ --------- -------------- ------------- Wachovia Bank, National Association 126 $3,775,635,069 97.9% Artesia Mortgage Capital Corporation 17 81,518,000 2.1 --- -------------- ----- TOTAL 143 $3,857,153,069 100.0% === ============== ===== This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 3 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- TRUSTEE Wells Fargo Bank, N.A. MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER CWCapital Asset Management LLC. RATING AGENCIES Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies Inc. ("S&P"). DENOMINATIONS $10,000 minimum for the Offered Certificates. CLOSING DATE On or about June 28, 2007. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. DISTRIBUTION DATE The fourth business day following the related Determination Date, commencing in July 2007. DETERMINATION DATE The 11th day of each month, or if such 11th day is not a business day, the next succeeding business day, commencing, with respect to the Offered Certificates, in July 2007. INTEREST DISTRIBUTIONS Each Class of Offered Certificates will be entitled on each Distribution Date to interest accrued at its Pass-Through Rate for such Distribution Date on the outstanding Certificate Balance or Notional Amount of such Class. Interest will be distributed on each Distribution Date in sequential order of Class designations, with the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4, Class A-1A, and the Class IO Certificates and the Class A-4FL Regular Interest ranking pari passu in entitlement to interest. The Offered Certificates will accrue interest on the basis of a 360-day year consisting of twelve 30-day months. The interest accrual period with respect to any Distribution Date and any Class of Offered Certificates is the calendar month preceding the month in which the Distribution Date occurs. PRINCIPAL DISTRIBUTIONS Principal will be distributed on each Distribution Date in accordance with the priorities set forth in "DESCRIPTION OF THE CERTIFICATES--Distributions" in the free writing prospectus, dated June 10, 2007 (the "Prospectus Supplement"). Generally, the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-4 Certificates and the Class A-4FL Regular Interest will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balances of the Class A-4 Certificates and the Class A-4FL Regular Interest have been reduced to zero. If, due to losses, the Certificate Balances of the Class A-M, Class A-J and Class B through Class S Certificates and the Class A-MFL Regular Interest is reduced to zero, but any two or more of the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4 and Class A-1A Certificates and the Class A-4FL Regular Interest remain outstanding, payments of principal (other than distributions of principal otherwise allocable to reduce the Certificate Balance of the Class A-PB Certificates to its planned principal amount) to the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4 and Class A-1A Certificates and the Class A-4FL Regular Interest will be made on a pro rata basis. LOSSES Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to the Class S, Class Q, Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B, Class A-J Certificates, in that order, and then, pro rata, to the Class A-M and Class A-MFL Regular Interest, and then, pro rata, to the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4 and Class A-1A Certificates and the Class A-4FL Regular Interest. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 4 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- PREPAYMENT PREMIUMS AND YIELD MAINTENANCE CHARGES Any Prepayment Premiums or Yield Maintenance Charges actually collected on a Mortgage Loan during the related collection period in which the prepayment occurred will be distributed to Certificateholders on the related Distribution Date following the collection period in which the prepayment occurred. Generally, the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-4 Certificates and the Class A-4FL Regular Interest will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 2 until the Certificate Balances of the Class A-4 Certificates and the Class A-4FL Regular Interest have been reduced to zero. On each Distribution Date, the holders of each Class of Offered Certificates and the Class G, Class H, Class J and Class K Certificates then entitled to principal distributions will be entitled to a portion of Prepayment Premiums or Yield Maintenance Charges equal to the product of (a) the amount of such Prepayment Premiums or Yield Maintenance Charges, multiplied by (b) a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate of such Class of Certificates over the relevant Discount Rate, and the denominator of which is equal to the excess, if any, of the Mortgage Rate of the prepaid Mortgage Loan over the relevant Discount Rate, multiplied by (c) a fraction, the numerator of which is equal to the amount of principal distributable on such Class of Certificates on such Distribution Date, and the denominator of which is the Principal Distribution Amount for such Distribution Date. The portion, if any, of the Prepayment Premiums or Yield Maintenance Charges remaining after any payments described above will be distributed to the holders of the Class IO Certificates. NON-SERVICED LOANS The Beacon D.C. & Seattle Pool Loan and the DDR Southeast Pool Loan will each be serviced pursuant to the pooling and servicing agreement relating to other transactions. See "SERVICING OF THE MORTGAGE LOANS--Servicing of the Beacon D.C. & Seattle Pool Loan" and "--Servicing of the DDR Southeast Pool Loan" in the Prospectus Supplement. ADVANCES The Master Servicer, and if the Master Servicer fails to do so, the Trustee, will be obligated to make P&I Advances and Servicing Advances, including delinquent property taxes and insurance, on the Mortgage Loans (other than with respect to the DDR Southeast Pool Loan after the securitization of the related pari passu Note A-1 companion loan, and the Beacon D.C. & Seattle Pool Loan), but only to the extent that such Advances are not deemed non-recoverable and, in the case of P&I Advances, subject to any Appraisal Reductions that may occur. With respect to the DDR Southeast Pool Loan, Servicing Advances are expected to be made, on and after the securitization of the related pari passu note A-1 companion loan, by the master servicer for that securitization. With respect to the Beacon D.C. & Seattle Pool Loan, Servicing Advances will generally be made by the Morgan Stanley Capital I Trust 2007-IQ14 Master Servicer. The Master Servicer under the Pooling and Servicing Agreement will make P&I Advances with respect to the Beacon D.C. & Seattle Pool Loan and the DDR Southeast Pool Loan. APPRAISAL REDUCTIONS An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a Required Appraisal Loan (plus other amounts overdue or advanced in connection with such loan) exceeds 90% of the appraised value of the related Mortgaged Property plus all escrows and reserves (including letters of credit) held with respect to the Mortgage Loan. As a result of calculating an Appraisal Reduction Amount for a given Mortgage Loan, the P&I Advance for such Mortgage Loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Subordinate Certificates in reverse order of priority of the Classes. An Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan has been brought current for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 5 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- OPTIONAL TERMINATION The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the Trust Fund in whole, but not in part, and purchase the remaining assets of the Trust Fund on or after the Distribution Date on which the Stated Principal Balance of the Mortgage Loans then outstanding is less than 1% of the Cut-Off Date Pool Balance. Such purchase price will generally be at a price equal to the unpaid aggregate principal balance of the Mortgage Loans (or fair market value in the case of REO Properties), plus accrued and unpaid interest and certain other additional trust fund expenses. The Trust Fund may also be terminated under certain circumstances when the Offered Certificates have been paid in full and the remaining outstanding Certificates (other than the Class Z Certificates, Class R-I Certificates and Class R-II Certificates) are held by a single Certificateholder. CONTROLLING CLASS The Class of Sequential Pay Certificates (a) which bears the latest alphabetical Class designation and (b) the Certificate Balance of which is greater than 25% of its original Certificate Balance; provided, however, if no Class of Sequential Pay Certificates satisfies clause (b) above, the Controlling Class shall be the outstanding Class of Sequential Pay Certificates bearing the latest alphabetical Class designation. CONTROLLING CLASS REPRESENTATIVE The representative appointed by the holder of the majority of the Class Principal Balance of the Controlling Class. In addition, the holders of the Companion Loans may have the ability to exercise some or all of the rights of the Controlling Class and the Controlling Class Representative. See "SERVICING OF THE MORTGAGE LOANS--The Controlling Class Representative" in the Prospectus Supplement for more information. ERISA The Offered Certificates are expected to be ERISA eligible. SMMEA The Offered Certificates are not expected to be "mortgage-related securities" for the purposes of SMMEA. TAX The Offered Certificates will be treated as regular interests in a REMIC. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 6 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- WACHOVIA CAPITAL MARKETS, LLC Charles Culbreth (704) 383-7716 (Phone) (704) 715-0066 (Fax) Bill White (704) 715-8440 (Phone) (704) 715-1214 (Fax) Chris Campbell (704) 715-8440 (Phone) (704) 715-1214 (Fax) BARCLAYS CAPITAL INC. Haejin Baek (212) 412-1863 (Phone) (212) 412-7489 (Fax) Brian Dixon (212) 412-2663 (Phone) (212) 412-7305 (Fax) Craig Leonard (212) 412-2663 (Phone) (212) 412-7305 (Fax) Sang Yu (212) 412-3685 (Phone) (212) 412-1678 (Fax) GOLDMAN, SACHS & CO. Anthony Kim (212) 357-7160 (Phone) (212) 903-1691 (Fax) Scott Walter (212) 357-8910 (Phone) (212) 902-1691 (Fax) Mitch Resnick +44-20-7774-3068 (Phone) +44-20-75520-0990 (Fax) Omar Chaudhary +81-3-6437-7198 (Phone) +81-3-6437-1200 (Fax) This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 7 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES EXPECTED APPROX. RATINGS(1) CERTIFICATE % OF ------------- BALANCE CUT-OFF DATE CLASS MOODY'S S&P OR NOTIONAL AMOUNT(2) POOL BALANCE - ---------------------------------------------------------------- A-1 Aaa AAA $ 25,707,000 0.672% A-2 Aaa AAA $ 946,379,000 24.749% A-PB Aaa AAA $ 62,827,000 1.643% A-3 Aaa AAA $1,073,589,000 28.076% A-4(5) Aaa AAA $ 125,000,000 3.269% A-1A Aaa AAA $ 443,196,000 11.590% IO(6)(7) Aaa AAA $3,823,853,068 A-M(5) Aaa AAA $ 382,385,000 10.000% A-J Aaa AAA $ 253,330,000 6.625% B Aa1 AA+ $ 43,019,000 1.125% C Aa2 AA $ 47,798,000 1.250% D Aa3 AA- $ 28,679,000 0.750% E A1 A+ $ 28,679,000 0.750% F A2 A $ 38,238,000 1.000% ASSUMED APPROX. WEIGHTED FINAL CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS SUPPORT LIFE(YRS)(3) WINDOW(3) DATE(3) RATE TYPE - -------------------------------------------------------------------------------- A-1 30.000% 3.04 07/07 - 03/12 03/15/12 Fixed A-2 30.000% 4.90 03/12 - 06/12 06/15/12 WAC(4) A-PB 30.000% 7.29 06/12 - 02/17 02/15/17 WAC(4) A-3 30.000% 9.83 02/17 - 05/17 05/15/17 WAC(4) A-4(5) 30.000% 9.88 05/17 - 05/17 05/15/17 WAC(4) A-1A 30.000% 8.59 07/07 - 05/17 05/15/17 WAC(4) IO(6)(7) Variable IO A-M(5) 20.000% 9.94 05/17 - 06/17 06/15/17 WAC(4) A-J 13.375% 9.96 06/17 - 06/17 06/15/17 WAC(4) B 12.250% 9.96 06/17 - 06/17 06/15/17 WAC(4) C 11.000% 9.96 06/17 - 06/17 06/15/17 WAC(4) D 10.250% 9.96 06/17 - 06/17 06/15/17 WAC(4) E 9.500% 9.96 06/17 - 06/17 06/15/17 WAC(4) F 8.500% 9.96 06/17 - 06/17 06/15/17 WAC(4) NON-OFFERED CERTIFICATES EXPECTED CERTIFICATE APPROX. ASSUMED RATINGS(1) BALANCE OR % OF APPROX. WEIGHTED FINAL ------------- NOTIONAL CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS MOODY'S S&P AMOUNT(2) POOL BALANCE SUPPORT LIFE(YRS)(3) WINDOW(3) DATE(3) RATE TYPE - ---------------------------------------------------------------------------------------------------------------- A-4FL(5)(8) Aaa AAA TBD A-MFL(5)(8) Aaa AAA TBD G A3 A- $43,018,000 1.125% 7.375% (9) (9) (9) WAC(4) H Baa1 BBB+ $47,799,000 1.250% 6.125% (9) (9) (9) WAC(4) J Baa2 BBB $52,578,000 1.375% 4.750% (9) (9) (9) WAC(4) K Baa3 BBB- $33,458,000 0.875% 3.875% (9) (9) (9) WAC(4) L Ba1 BB+ $19,120,000 0.500% 3.375% (9) (9) (9) Fixed(10) M Ba2 BB $ 9,559,000 0.250% 3.125% (9) (9) (9) Fixed(10) N Ba3 BB- $14,340,000 0.375% 2.750% (9) (9) (9) Fixed(10) O B1 BB+ $ 9,559,000 0.250% 2.500% (9) (9) (9) Fixed(10) P B2 B $ 9,560,000 0.250% 2.250% (9) (9) (9) Fixed(10) Q B3 B- $ 9,560,000 0.250% 2.000% (9) (9) (9) Fixed(10) S NR NR $76,476,068 2.000% 0.000% (9) (9) (9) Fixed(10) (1) By each of Moody's Investors Service, Inc. and Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. See "RATINGS" in the Prospectus Supplement. (2) Subject to a permitted variance of plus or minus 5.0%. (3) Based on no prepayments and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Weighted Average Life" in the Prospectus Supplement. (4) The pass-through rate applicable to each of the Class A-2, Class A-PB, Class A-3, Class A-4, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the Prospectus Supplement) for the related date. (5) The principal allocation between each of the Class A-4 and Class A-4FL Certificates, and the Class A-M and Class A-MFL Certificates, respectively, will be determined by market demand up to the amount indicated on the respective fixed rate class. (6) Any information we provide regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. The Class IO Certificates will not have a certificate balance and their holders will not receive distributions of principal, but these holders are entitled to receive payments of the aggregate interest accrued on the notional amount of the Class IO Certificates. The interest rate applicable to the Class IO Certificates for each distribution date will generally be as described in the Prospectus Supplement. See "DESCRIPTION OF THE CERTIFICATES--Pass-Through Rates" in the Prospectus Supplement. (7) The Class IO Certificates will not have a certificate balance and their holders will not receive distributions of principal, but such holders are entitled to receive payments of the aggregate interest accrued on the notional amount of the Class IO Certificates, as described in the Prospectus Supplement. The interest rate applicable to the Class IO Certificates, for each distribution date will be as described in The Prospectus Supplement. See "DESCRIPTION OF THE CERTIFICATES--Pass-Through Rates" in the Prospectus Supplement. (8) The certificate balance of the Class A-4FL and Class A-MFL Certificates will be equal to the certificate balance of the Class A-4FL Regular Interest and Class A-MFL Regular Interest, respectively. (9) Not offered publicly. Any information we provide herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. (10) The pass-through rate applicable to each of the Class L, Class M, Class N, Class O, Class P, Class Q and Class S Certificates for any distribution date will be subject to a maximum rate equal to the applicable weighted average net mortgage rate (calculated as described in the Prospectus Supplement) for the related date. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 8 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- LOAN GROUP 1 SHORT-TERM COLLATERAL SUMMARY MORTGAGE LOAN CUT-OFF DATE BALLOON NUMBER PROPERTY NAME BALANCE BALANCE* - -------------------------------------------------------------------------------- CLASS A-1 115 Rockbridge Place $4,300,000.00 $ 4,300,000 CLASS A-1 TOTAL BALLOON PAYMENT $ 4,300,000 ------------ CLASS A-1 AMORTIZATION 21,407,000 ------------ TOTAL CLASS A-1 CERTIFICATE BALANCE $ 25,707,000 CLASS A-2 ============ 62 Barrington Terrace $ 13,000,000 $ 12,354,282 55 Lazy Days Marina $ 14,000,000 13,550,037 1 Beacon D.C. & Seattle Pool $ 414,000,000 414,000,000 8 17 Battery Place South $ 95,000,000 95,000,000 16 450-460 Park Avenue South $ 54,000,000 54,000,000 39 Wyndham - Atlanta, GA $ 26,000,000 26,000,000 44 72 Madison Avenue $ 22,000,000 22,000,000 78 Glenwood Plaza $ 10,550,000 10,550,000 109 The Timmons Place Office Building $ 5,350,000 5,350,000 119 The Timmons Square Office Building $ 3,850,000 3,850,000 2 ING Hospitality Pool $ 283,850,000 283,850,000 125 Ridge Road Shopping Center $ 3,400,000 3,400,000 ------------ CLASS A-2 TOTAL BALLOON PAYMENT $943,904,319 CLASS A-2 AMORTIZATION 2,474,681 ------------ TOTAL CLASS A-2 CERTIFICATE BALANCE $946,379,000 CLASS A-PB ============ 54 65 West 36th Street $ 14,750,000 $ 14,750,000 ------------ CLASS A-PB TOTAL BALLOON PAYMENT $ 14,750,000 CLASS A-PB AMORTIZATION 48,077,000 ------------ TOTAL CLASS A-PB CERTIFICATE BALANCE $ 62,827,000 ============ WEIGHTED WEIGHTED WEIGHTED MORTGAGE AVERAGE AVERAGE AVERAGE WEIGHTED LOAN PROPERTY REMAINING REMAINING CUT-OFF DATE AVERAGE NUMBER TYPE TERM IO TERM LTV DSC RATIO - ---------------------------------------------------------------------------- CLASS A-1 115 Retail 53 53 80.4% 1.62x CLASS A-2 62 Healthcare 57 9 69.1% 1.37x 55 Special Purpose 58 22 59.4% 1.69x 1 Various 59 59 78.7% 1.27x 8 Office 59 59 70.4% 1.54x 16 Office 59 59 77.1% 1.35x 39 Hospitality 59 59 79.0% 1.44x 44 Office 59 59 78.6% 1.29x 78 Office 59 59 50.7% 1.86x 109 Office 59 59 67.7% 1.28x 119 Office 59 59 75.5% 1.23x 2 Hospitality 60 60 63.8% 2.14x 125 Retail 60 60 54.0% 1.97x 59 58 72.4% 1.58X CLASS A-PB 54 Office 83 83 56.7% 1.21x * The information presented above is intended to depict the assumed effect of the repayment of certain Mortgage Loans on certain classes of the Certificates. As of the Cut-Off Date, the balloon balances, total balloon payments and remaining class amortization were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Yield Considerations" in the Prospectus Supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 9 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 10 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ALL GENERAL CHARACTERISTICS(1) MORTGAGE LOANS LOAN GROUP 1 - ---------------------------------------------------------------------------------------------------------------------------- Number of Mortgage Loans ................................................................ 143 114 Number of Crossed Loan Pools ............................................................ 3 2 Number of Mortgaged Properties .......................................................... 276 246 Aggregate Balance of all Mortgage Loans ................................................. $3,857,153,069 $3,413,956,275 Number of Mortgage Loans with Balloon Payments(1) ....................................... 57 50 Aggregate Balance of Mortgage Loans with Balloon Payments(1) ............................ $ 812,684,569 $ 750,806,275 Number of Interest Only Mortgage Loans(2) ............................................... 86 64 Aggregate Balance of Interest Only Mortgage Loans(2) .................................... $3,044,468,500 $2,663,150,000 Average Balance of Mortgage Loans ....................................................... $ 26,973,098 $ 29,946,985 Minimum Balance of Mortgage Loans ....................................................... $ 1,000,000 $ 1,000,000 Maximum Balance of Mortgage Loans ....................................................... $ 414,000,000 $ 414,000,000 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans .. $ 27,000,000(3) $ 5,863,424(4) Weighted Average LTV ratio(5)(6) ........................................................ 71.4% 70.7% Minimum LTV ratio(5)(6) ................................................................. 24.8% 24.8% Maximum LTV ratio(5)(6) ................................................................. 88.0% 88.0% Weighted Average LTV at maturity or Anticipated Repayment Date .......................... 69.9% 69.0% Weighted Average DSC Ratio(6) ........................................................... 1.45x 1.47x Minimum DSC Ratio(6) .................................................................... 1.08x 1.08x Maximum DSC Ratio(6) .................................................................... 2.60x 2.60x Weighted Average Mortgage Loan interest rate(7) ......................................... 5.767% 5.774% Minimum Mortgage Loan interest rate ..................................................... 5.180% 5.310% Maximum Mortgage Loan interest rate ..................................................... 7.130% 7.130% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ...... 102 102 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 53 53 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 124 124 Weighted Average Occupany Rate(8) ....................................................... 94.8% 95.1% GENERAL CHARACTERISTICS(1) LOAN GROUP 2 - --------------------------------------------------------------------------------------------------------- Number of Mortgage Loans ................................................................ 29 Number of Crossed Loan Pools ............................................................ 1 Number of Mortgaged Properties .......................................................... 30 Aggregate Balance of all Mortgage Loans ................................................. $443,196,794 Number of Mortgage Loans with Balloon Payments(1) ....................................... 7 Aggregate Balance of Mortgage Loans with Balloon Payments(1) ............................ $ 61,878,294 Number of Interest Only Mortgage Loans(2) ............................................... 22 Aggregate Balance of Interest Only Mortgage Loans(2) .................................... $381,318,500 Average Balance of Mortgage Loans ....................................................... $ 15,282,648 Minimum Balance of Mortgage Loans ....................................................... $ 3,100,000 Maximum Balance of Mortgage Loans ....................................................... $ 40,000,000 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans .. $ 27,000,000(3) Weighted Average LTV ratio(5)(6) ........................................................ 77.3% Minimum LTV ratio(5)(6) ................................................................. 53.7% Maximum LTV ratio(5)(6) ................................................................. 80.1% Weighted Average LTV at maturity or Anticipated Repayment Date .......................... 76.3% Weighted Average DSC Ratio(6) ........................................................... 1.32x Minimum DSC Ratio(6) .................................................................... 1.15x Maximum DSC Ratio(6) .................................................................... 1.73x Weighted Average Mortgage Loan interest rate(7) ......................................... 5.710% Minimum Mortgage Loan interest rate ..................................................... 5.180% Maximum Mortgage Loan interest rate ..................................................... 6.150% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ...... 104 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 59 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 120 Weighted Average Occupany Rate(8) ....................................................... 92.9% (1) Does not include Mortgage Loans with anticipated repayment dates or Mortgage Loans that are interest-only for their entire term. (2) Includes Mortgage Loans with anticipated repayment dates that are interest-only for the entire period until the anticipated repayment date. (3) Consists of a group of 2 individual Mortgage Loans (loan numbers 52 and 75). (4) Consists of a group of 2 individual Mortgage Loans (loan numbers 123 and 131). (5) For a description of how the LTV Ratios for the Mortgage Loans are determined, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--The Mortgage Loans--Risks Related to Property Inspections and Certain Assumptions in Appraisals" in the Prospectus Supplement. (6) Certain of the Mortgage Loans have LTV Ratios that have been calculated on an "as-stabilized" basis, or have DSC Ratios that have been adjusted to take into account certain cash reserves, holdbacks or letters of credit or were calculated based on assumptions regarding the future financial performance of the related Mortgaged Property. See "Additional Mortgage Loan Information" herein. Also, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--Risks Relating to Net Cash Flow" and "--Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the Prospectus Supplement. (7) The interest rate with respect to 1 Mortgage Loan (loan number 35), representing 0.7% of the Cut-Off Date Pool Balance (0.8% of the Cut-Off Date Group 1 Balance) may vary during the term of the related Mortgage Loan. For purposes of the table above as well as calculations throughout the Prospectus Supplement, the mortgage rate was assumed to be the average mortgage rate over the term of the related Mortgage Loan. See "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" in the Prospectus Supplement. (8) Does not include 61 hospitality properties, representing, by allocated loan amount, 18.5% of the Cut-Off Date Pool Balance (21.0% of the Cut-Off Date Group 1 Balance). In certain cases, occupancy includes space for which leases have been executed, but the tenant has not taken occupancy. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 11 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- [CHART OMITTED] PROPERTY TYPE* % OF % OF % OF NUMBER OF AGGREGATE INITIAL GROUP 1 GROUP 2 MORTGAGED CUT-OFF DATE POOL POOL POOL PROPERTY TYPE PROPERTIES BALANCE(1) BALANCE BALANCE BALANCE - ---------------------------------------------------------------------------- Office 57 $1,203,090,500 31.2% 35.2% 0.0% Retail 99 1,026,196,690 26.6 30.1 0.0 Anchored 76 801,889,645 20.8 23.5 0.0 Outlet 1 92,400,000 2.4 2.7 0.0 Single Tenant 11 56,317,045 1.5 1.6 0.0 Unanchored 7 49,190,000 1.3 1.4 0.0 Shadow Anchored(4) 4 26,400,000 0.7 0.8 0.0 Hospitality 61 715,271,335 18.5 21.0 0.0 Multifamily 30 443,196,794 11.5 0.0 100.0 Mixed Use 11 365,700,000 9.5 10.7 0.0 Industrial 10 67,297,750 1.7 2.0 0.0 Special Purpose 2 17,500,000 0.5 0.5 0.0 Healthcare 1 13,000,000 0.3 0.4 0.0 Land(5) 5 5,900,000 0.2 0.2 0.0 - ---------------------------------------------------------------------------- 276 $3,857,153,069 100.0% 100.0% 100.0% ============================================================================ WEIGHTED WEIGHTED WEIGHTED MIN / MAX AVERAGE MIN / MAX AVERAGE AVERAGE DSC RATIO CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSC RATIO(2) WEIGHTED(2) LTV RATIO(2) LTV RATIO(2) RATE(3) - ----------------------------------------------------------------------------------------- Office 1.40x 1.16x / 2.11x 72.0% 45.7% / 82.8% 5.768% Retail 1.45x 1.08x / 2.55x 71.2% 37.2% / 80.6% 5.656% Anchored 1.48x 1.16x / 2.46x 70.4% 56.0% / 80.4% 5.602% Outlet 1.38x 1.38x / 1.38x 80.0% 80.0% / 80.0% 5.755% Single Tenant 1.32x 1.08x / 2.55x 73.3% 37.2% / 80.6% 6.051% Unanchored 1.37x 1.25x / 1.58x 64.9% 58.2% / 74.1% 5.863% Shadow Anchored(4) 1.44x 1.16x / 1.97x 71.0% 54.0% / 79.6% 5.714% Hospitality 1.71x 1.20x / 2.60x 68.0% 34.7% / 79.9% 5.906% Multifamily 1.32x 1.15x / 1.73x 77.3% 53.7% / 80.1% 5.710% Mixed Use 1.27x 1.12x / 1.58x 69.6% 24.8% / 79.9% 5.806% Industrial 1.40x 1.19x / 1.88x 78.7% 62.0% / 88.0% 5.881% Special Purpose 1.59x 1.18x / 1.69x 63.5% 59.4% / 79.5% 6.422% Healthcare 1.37x 1.37x / 1.37x 69.1% 69.1% / 69.1% 6.030% Land(5) 1.20x 1.20x / 1.20x 44.1% 44.1% / 44.1% 5.980% - ----------------------------------------------------------------------------------------- 1.45x 1.08x / 2.60x 71.4% 24.8% / 88.0% 5.767% ========================================================================================= (1) Because this table presents information relating to the Mortgaged Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated amounts (allocating the Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents). (2) Certain of the Mortgage Loans reflect LTV Ratios that have been calculated on an "as-stabilized" basis, or that have DSC Ratios that have been adjusted to take into account certain cash reserves, holdbacks or letters of credit or were calculated based on assumptions regarding the future financial performance of the related Mortgaged Property. See "Additional Mortgage Loan Information" herein. Also, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--Risks Relating to Net Cash Flow" and "--Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the Prospectus Supplement. (3) The interest rate with respect to 1 Mortgage Loan (loan number 35), representing 0.7% of the Cut-Off Date Pool Balance (0.8% of the Cut-Off Date Group 1 Balance) may vary during the term of the related Mortgage Loan. For purposes of the table above as well as calculations throughout the Prospectus Supplement, the mortgage rate was assumed to be the average mortgage rate over the term of the related Mortgage Loan. See "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" in the Prospectus Supplement. (4) A Mortgaged Property is classified as shadow anchored if it is located in close proximity to an anchored retail property. (5) As of the origination of the related Mortgage Loan, one Mortgaged Property was improved with a mixed use office/retail building, one Mortgaged Property was improved with an apartment complex, one Mortgaged Property was improved with multifamily condominium complex, one Mortgaged Property was improved with a high rise office building and a seven-story parking garage and the other Mortgaged Property was improved with a mixed use project that includes an office tower, retail arcade, underground parking facilities, meeting space and a 395-room luxury hotel; however, in all cases, the improvements are not part of the collateral for the related Mortgaged Property. * With respect to each Mortgage Loan, unless otherwise specified, the calculation of DSC and LTV Ratios are based on the aggregate indebtedness of or debt service on, as applicable, the Mortgage Loan and the related pari passu companion loan(s), but not any related subordinate companion loan or future pari passu companion loan. The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 12 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- [MAP OMITTED] PROPERTY LOCATION* % OF % OF WEIGHTED WEIGHTED NUMBER OF AGGREGATE % OF INITIAL INITIAL WEIGHTED AVERAGE AVERAGE MORTGAGED CUT-OFF DATE INITIAL GROUP 1 GROUP 2 AVERAGE CUT-OFF DATE MORTGAGE STATE PROPERTIES BALANCE(1) POOL BALANCE BALANCE BALANCE DSC RATIO(2) LTV RATIO(2) RATE(3) - ---------------------------------------------------------------------------------------------------------------- NY 10 $ 597,750,000 15.5% 17.5% 0.0% 1.44x 70.0% 5.734% CA 25 575,873,000 14.9 16.0 7.0 1.62x 65.6% 5.737% Southern(4) 20 525,626,000 13.6 14.5 7.0 1.61x 65.5% 5.744% Northern(4) 5 50,247,000 1.3 1.5 0.0 1.65x 66.7% 5.665% FL 44 356,557,496 9.2 10.4 0.0 1.41x 71.1% 5.712% GA 28 237,654,004 6.2 6.2 5.9 1.45x 68.7% 5.771% VA 13 199,442,775 5.2 5.2 4.9 1.35x 74.4% 5.807% Other 156 1,889,875,794 49.0 44.7 82.3 1.43x 73.7% 5.791% - ---------------------------------------------------------------------------------------------------------------- 276 $3,857,153,069 100.0% 100.0% 100.0% 1.45x 71.4% 5.767% ================================================================================================================ o THE MORTGAGED PROPERTIES ARE LOCATED IN 37 STATES, THE DISTRICT OF COLUMBIA AND THE CAYMAN ISLANDS. (1) Because this table presents information relating to the Mortgaged Properties and not the Mortgage Loans, the information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated amounts (allocating the Mortgage Loan principal balance to each of those Mortgaged Properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents). (2) Certain of the Mortgage Loans reflect LTV Ratios that have been calculated on an "as-stabilized" basis, or that have DSC Ratios that have been adjusted to take into account certain cash reserves, holdbacks or letters of credit or were calculated based on assumptions regarding the future financial performance of the related Mortgaged Property. See "Additional Mortgage Loan Information" herein. Also, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--Risks Relating to Net Cash Flow" and "--Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the Prospectus Supplement. (3) The interest rate with respect to 1 Mortgage Loan (loan number 35), representing 0.7% of the Cut-Off Date Pool Balance (0.8% of the Cut-Off Date Group 1 Balance) may vary during the term of the related Mortgage Loan. For purposes of the table above as well as calculations throughout the Prospectus Supplement, the mortgage rate was assumed to be the average mortgage rate over the term of the related Mortgage Loan. See "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" in the Prospectus Supplement. (4) For purposes of determining whether a Mortgaged Property is in Northern California or Southern California, Mortgaged Properties north of San Luis Obispo County, Kern County and San Bernardino County were included in Northern California and Mortgaged Properties south of or included in such counties were included in Southern California. * With respect to each Mortgage Loan, unless otherwise specified, the calculation of DSC and LTV Ratios are based on the aggregate indebtedness of or debt service on, as applicable, the Mortgage Loan and the related pari passu companion loan(s), but not any related subordinate companion loan or future pari passu companion loan. The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 13 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 CUT-OFF DATE BALANCES LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- $1,000,000 - $2,000,000 ......... 10 $ 14,287,326 0.4% 0.4% 0.0% $2,000,001 - $3,000,000 ......... 6 14,474,539 0.4 0.4 0.0 $3,000,001 - $4,000,000 ......... 9 31,137,951 0.8 0.7 1.5 $4,000,001 - $5,000,000 ......... 8 35,540,000 0.9 0.6 3.1 $5,000,001 - $6,000,000 ......... 9 51,310,000 1.3 1.3 1.3 $6,000,001 - $7,000,000 ......... 5 32,784,335 0.8 0.8 1.5 $7,000,001 - $8,000,000 ......... 5 38,420,000 1.0 0.7 3.3 $8,000,001 - $9,000,000 ......... 4 34,680,000 0.9 0.8 1.8 $9,000,001 - $10,000,000 ........ 3 28,450,000 0.7 0.8 0.0 $10,000,001 - $15,000,000 ....... 31 368,879,919 9.6 7.8 23.4 $15,000,001 - $20,000,000 ....... 9 157,475,000 4.1 3.0 12.1 $20,000,001 - $25,000,000 ....... 5 119,350,000 3.1 3.5 0.0 $25,000,001 - $30,000,000 ....... 8 224,520,000 5.8 5.8 5.9 $30,000,001 - $35,000,000 ....... 6 197,175,000 5.1 2.0 29.1 $35,000,001 - $40,000,000 ....... 5 186,422,500 4.8 3.2 17.1 $40,000,001 - $45,000,000 ....... 1 44,000,000 1.1 1.3 0.0 $45,000,001 - $50,000,000 ....... 3 139,000,000 3.6 4.1 0.0 $50,000,001 - $55,000,000 ....... 1 54,000,000 1.4 1.6 0.0 $55,000,001 - $60,000,000 ....... 1 60,000,000 1.6 1.8 0.0 $60,000,001 - $65,000,000 ....... 1 64,000,000 1.7 1.9 0.0 $65,000,001 - $70,000,000 ....... 2 136,500,000 3.5 4.0 0.0 $70,000,001 - $80,000,000 ....... 1 75,040,500 1.9 2.2 0.0 $80,000,001 - $90,000,000 ....... 1 89,300,000 2.3 2.6 0.0 $90,000,001 - $100,000,000 ...... 2 187,400,000 4.9 5.5 0.0 $100,000,001 - $150,000,000 ..... 3 353,906,000 9.2 10.4 0.0 $150,000,001 - $200,000,000 ..... 1 200,000,000 5.2 5.9 0.0 $200,000,001 - $300,000,000 ..... 2 505,100,000 13.1 14.8 0.0 $400,000,001 - $414,000,000 ..... 1 414,000,000 10.7 12.1 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: $1,000,000 MAX: $414,000,000 AVERAGE: $26,973,098 UNDERWRITTEN DEBT SERVICE COVERAGE RATIO(2) % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 UNDERWRITTEN DSCRS LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 1.08x - 1.09x ................... 1 $ 25,000,000 0.6% 0.7% 0.0% 1.10x - 1.14x ................... 1 27,000,000 0.7 0.8 0.0 1.15x - 1.19x ................... 11 100,110,379 2.6 2.3 4.7 1.20x - 1.24x ................... 25 473,820,266 12.3 11.8 16.2 1.25x - 1.29x ................... 29 1,123,659,813 29.1 28.6 33.4 1.30x - 1.34x ................... 14 192,677,770 5.0 4.8 6.3 1.35x - 1.39x ................... 13 385,412,212 10.0 10.3 7.2 1.40x - 1.44x ................... 12 241,428,294 6.3 4.3 21.7 1.45x - 1.49x ................... 8 100,120,000 2.6 2.8 1.3 1.50x - 1.54x ................... 5 473,050,000 12.3 12.9 7.6 1.55x - 1.59x ................... 3 41,894,335 1.1 1.2 0.0 1.60x - 1.64x ................... 2 20,500,000 0.5 0.6 0.0 1.65x - 1.69x ................... 2 103,300,000 2.7 3.0 0.0 1.70x - 1.74x ................... 3 80,930,000 2.1 2.2 1.7 1.75x - 1.79x ................... 1 3,500,000 0.1 0.1 0.0 1.85x - 1.89x ................... 4 20,211,000 0.5 0.6 0.0 1.95x - 1.99x ................... 2 4,500,000 0.1 0.1 0.0 2.05x - 2.09x ................... 1 1,994,000 0.1 0.1 0.0 2.10x - 2.14x ................... 2 329,850,000 8.6 9.7 0.0 2.15x - 2.19x ................... 1 2,095,000 0.1 0.1 0.0 2.30x - 2.60x ................... 3 106,100,000 2.8 3.1 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 1.08x MAX: 2.60x WTD. AVERAGE: 1.45x MORTGAGE RATE(1) % OF NUMBER OF AGGREGATE INITIAL % OF % OF RANGE OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MORTGAGE RATES(%) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 5.180 - 5.250 ................... 1 $ 12,450,000 0.3% 0.0% 2.8% 5.251 - 5.500 ................... 4 118,661,000 3.1 2.3 9.0 5.501 - 5.750 ................... 60 1,796,448,027 46.6 46.8 44.9 5.751 - 6.000 ................... 59 1,642,142,227 42.6 43.1 38.4 6.001 - 6.250 ................... 12 111,115,335 2.9 2.6 4.8 6.251 - 6.500 ................... 4 145,550,000 3.8 4.3 0.0 6.501 - 6.750 ................... 2 17,850,000 0.5 0.5 0.0 7.001 - 7.130 ................... 1 12,936,479 0.3 0.4 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 5.180% MAX: 7.130% WTD. AVERAGE: 5.767% CUT-OFF DATE LOAN-TO-VALUE RATIO(2) % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF CUT-OFF DATE LTV MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 RATIOS (%) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 24.77 - 40.00 ................... 3 $ 47,100,000 1.2% 1.4% 0.0% 40.01 - 50.00 ................... 5 57,500,000 1.5 1.7 0.0 50.01 - 55.00 ................... 5 87,222,294 2.3 2.2 2.5 55.01 - 60.00 ................... 10 239,743,000 6.2 7.0 0.0 60.01 - 65.00 ................... 11 595,491,000 15.4 17.0 3.5 65.01 - 70.00 ................... 10 357,563,424 9.3 10.5 0.0 70.01 - 75.00 ................... 25 623,715,732 16.2 17.0 10.1 75.01 - 80.00 ................... 68 1,708,597,620 44.3 40.2 75.5 80.01 - 85.00 ................... 5 104,120,000 2.7 2.0 8.3 85.01 - 88.05 ................... 1 36,100,000 0.9 1.1 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 24.8% MAX: 88.0% WTD. AVERAGE: 71.4% MATURITY DATE OR ARD LOAN-TO-VALUE RATIO(2) % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF MATURITY DATE OR ARD MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 LTV RATIOS (%) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 24.77 - 30.00 ................... 1 $ 11,000,000 0.3% 0.3% 0.0% 30.01 - 40.00 ................... 6 47,600,000 1.2 1.4 0.0 40.01 - 50.00 ................... 4 63,141,718 1.6 1.5 2.5 50.01 - 55.00 ................... 5 89,474,000 2.3 2.6 0.0 55.01 - 60.00 ................... 14 261,647,188 6.8 7.7 0.0 60.01 - 65.00 ................... 18 764,530,192 19.8 21.9 3.5 65.01 - 70.00 ................... 27 715,631,471 18.6 20.0 7.5 70.01 - 75.00 ................... 15 302,040,000 7.8 7.7 9.0 75.01 - 80.00 ................... 47 1,461,868,500 37.9 33.8 69.2 80.01 - 85.00 ................... 5 104,120,000 2.7 2.0 8.3 85.01 - 88.05 ................... 1 36,100,000 0.9 1.1 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 24.8% MAX: 88.0% AVERAGE: 69.9% (1) The interest rate with respect to 1 Mortgage Loan (loan number 35), representing 0.7% of the Cut-Off Date Pool Balance (0.8% of the Cut-Off Date Group 1 Balance) may vary during the term of the related Mortgage Loan. For purposes of the table above as well as calculations throughout the Prospectus Supplement, the mortgage rate was assumed to be the average mortgage rate over the term of the related Mortgage Loan. See "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" in the Prospectus Supplement. (2) Certain of the Mortgage Loans reflect LTV Ratios that have been calculated on an "as-stabilized" basis, or that have DSC Ratios that have been adjusted to take into account certain cash reserves, holdbacks or letters of credit or were calculated based on assumptions regarding the future financial performance of the related Mortgaged Property. See "Additional Mortgage Loan Information" herein. Also, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--Risks Relating to Net Cash Flow" and "--Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the Prospectus Supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 14 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF ORIGINAL TERM TO MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MATURITY (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 60 .............................. 18 $1,059,697,500 27.5% 27.8% 24.9% 61 - 84 ......................... 2 48,050,000 1.2 1.4 0.0 109 - 120 ....................... 120 2,554,105,569 66.2 65.1 75.1 121 - 126 ....................... 3 195,300,000 5.1 5.7 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 60 MAX: 126 WTD. AVERAGE: 103 ORIGINAL AMORTIZATION TERM % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF ORIGINAL AMORTIZATION MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 240 - 264 ....................... 2 $ 5,863,424 0.2% 0.2% 0.0% 265 - 300 ....................... 2 16,436,479 0.4 0.5 0.0 349 - 360 ....................... 52 781,134,666 20.3 21.1 14.0 361 - 420 ....................... 1 9,250,000 0.2 0.3 0.0 Non-Amortizing .................. 86 3,044,468,500 78.9 78.0 86.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 240 MAX: 420 WTD. AVERAGE: 359 ORIGINAL INTEREST-ONLY TERM % OF NUMBER OF AGGREGATE INITIAL % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TYPE OF IO PERIOD LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- Non-Amortizing .................. 86 $3,044,468,500 78.9% 78.0% 86.0% Partial Interest Only Amortizing ................... 34 632,377,500 16.4 17.3 9.1 1 - 12 .................... 6 46,950,000 1.2 1.4 0.0 13 - 24 ................... 7 246,212,500 6.4 7.2 0.0 25 - 36 ................... 3 23,780,000 0.6 0.7 0.0 49 - 60 ................... 16 281,707,000 7.3 7.1 9.1 61 - 72 ................... 1 6,728,000 0.2 0.2 0.0 73 - 84 ................... 1 27,000,000 0.7 0.8 0.0 Amortizing - No Partial Interest Only Period ......... 23 180,307,069 4.7 4.6 4.9 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 12 MAX: 84 WTD. AVERAGE: 41 SEASONING % OF NUMBER OF AGGREGATE INITIAL % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 SEASONING (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 0 - 12 .......................... 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 0 MAX: 7 WTD. AVERAGE: 1 REMAINING TERM TO MATURITY % OF RANGE OF NUMBER OF AGGREGATE INITIAL % OF % OF REMAINING TERMS TO MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 MATURITY OR ARD (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 53 - 60 ......................... 18 $1,059,697,500 27.5% 27.8% 24.9% 61 - 84 ......................... 2 48,050,000 1.2 1.4 0.0 109 - 120 ....................... 120 2,554,105,569 66.2 65.1 75.1 121 - 124 ....................... 3 195,300,000 5.1 5.7 0.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 53 MAX: 124 WTD. AVERAGE: 102 REMAINING STATED AMORTIZATION TERM % OF RANGE OF REMAINING NUMBER OF AGGREGATE INITIAL % OF % OF STATED AMORTIZATION MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- 237 - 264 ....................... 2 $ 5,863,424 0.2% 0.2% 0.0% 265 - 300 ....................... 2 16,436,479 0.4 0.5 0.0 349 - 360 ....................... 52 781,134,666 20.3 21.1 14.0 361 - 420 ....................... 1 9,250,000 0.2 0.3 0.0 Non-Amortizing .................. 86 3,044,468,500 78.9 78.0 86.0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 237 MAX: 420 WTD. AVERAGE: 358 PREPAYMENT PROVISION SUMMARY % OF NUMBER OF AGGREGATE INITIAL % OF % OF MORTGAGE CUT-OFF DATE POOL GROUP 1 GROUP 2 PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE BALANCE - --------------------------------------------------------------------------------------- Lockout/Defeasance/Open ......... 88 $1,837,441,590 47.6% 45.5% 63.9% Yield Maintenance/Open .......... 17 564,633,979 14.6 12.9 28.2 Lockout/Yield Maintenance/Open ............. 21 543,927,000 14.1 14.9 7.9 Lockout/Defeasance or Yield Maintenance/Open ............. 14 468,300,500 12.1 13.7 0 Yield Maintenance/Yield Maintenance or Defeasance/Open .............. 2 439,000,000 11.4 12.9 0 Lockout/Open .................... 1 3,850,000 0.1 0.1 0 - --------------------------------------------------------------------------------------- 143 $3,857,153,069 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- SHADOW RATED LOANS* % OF INITIAL % OF % OF LOAN POOL GROUP 1 GROUP 2 NAME LOAN AMOUNT BALANCE BALANCE BALANCE MOODY'S S&P - ---------------------------------------------------------------------------------------- Port Chester Shopping Center .............. $ 70,000,000 1.8% 2.1% 0.0% Baa3 BBB Courtyard by Marriott - Philadelphia, PA ........... 35,000,000 0.9 1.0 0.0 Baa3 AAA - ---------------------------------------------------------------------------------------- $105,000,000 2.7% 3.1% 0.0% - ---------------------------------------------------------------------------------------- * Moody's and S&P have confirmed that the Mortgage Loans detailed in this table have, in the context of their inclusion in the mortgage pool, credit characteristics consistent with an investment grade obligation. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 15 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- TWENTY LARGEST MORTGAGE LOANS - -------------------------------------------------------------------------------- The following table and summaries describe the twenty largest Mortgage Loans or pools of Mortgage Loans in the Mortgage Pool by Cut-Off Date Balance: TWENTY LARGEST MORTGAGE LOANS BY CUT-OFF DATE BALANCE NUMBER OF MORTGAGE % OF % OF MORTGAGE LOANS / INITIAL INITIAL LOAN MORTGAGED LOAN CUT-OFF DATE POOL GROUP LOAN NAME SELLER PROPERTIES GROUP BALANCE BALANCE BALANCE - -------------------------------------------------------------------------------------------------- Beacon D.C. & Seattle Pool(3) ..... Wachovia 1/ 20 1 $ 414,000,000 10.7% 12.1% ING Hospitality Pool .............. Wachovia 1/ 46 1 283,850,000 7.4 8.3% DDR Southeast Pool ................ Wachovia 1/ 52 1 221,250,000 5.7 6.5% Two Herald Square ................. Wachovia 1/ 1 1 200,000,000 5.2 5.9% Westin Casuarina Resort & Spa -- Cayman Islands .............. Wachovia 1/ 1 1 140,000,000 3.6 4.1% DDR-TRT Pool ...................... Wachovia 1/ 3 1 110,000,000 2.9 3.2% Ashford Hospitality Pool 4 ........ Wachovia 1/ 5 1 103,906,000 2.7 3.0% 17 Battery Place South ............ Wachovia 1/ 1 1 95,000,000 2.5 2.8% Rockvale Square ................... Wachovia 1/ 1 1 92,400,000 2.4 2.7% Centerside II ..................... Wachovia 1/ 1 1 89,300,000 2.3 2.6% ------- -------------- ---- 10/ 131 $1,749,706,000 45.4% ======= ============== ==== Citadel Mall ...................... Wachovia 1/ 1 1 $ 75,040,500 1.9% 2.2% Port Chester Shopping Center ...... Wachovia 1/ 1 1 70,000,000 1.8 2.1% 60 Madison Avenue ................. Wachovia 1/ 1 1 66,500,000 1.7 1.9% 3600 Wilshire Boulevard ........... Wachovia 1/ 1 1 64,000,000 1.7 1.9% La Jolla Centre I ................. Wachovia 1/ 1 1 60,000,000 1.6 1.8% 450-460 Park Avenue South ......... Wachovia 1/ 1 1 54,000,000 1.4 1.6% Stadium Crossings ................. Wachovia 1/ 1 1 47,000,000 1.2 1.4% La Jolla Centre II ................ Wachovia 1/ 1 1 46,000,000 1.2 1.3% Roosevelt Square .................. Wachovia 1/ 1 1 46,000,000 1.2 1.3% Marriott -- Mobile, AL ............ Wachovia 1/ 1 1 44,000,000 1.1 1.3% ------- -------------- ---- 10/ 10 $ 572,540,500 14.8% ======= ============== ==== -------------- ---- 20/ 141 $2,322,246,500 60.2% ======= ============== ==== WEIGHTED CUT-OFF DATE WEIGHTED AVERAGE BALANCE WEIGHTED AVERAGE LTV RATIO PER SF/ AVERAGE CUT-OFF DATE AT MATURITY LOAN NAME PROPERTY TYPE ROOM(1) DSCR(1)(2) LTV RATIO(1)(2) OR ARD(1)(2) - --------------------------------------------------------------------------------------------------------------------------- Beacon D.C. & Seattle Pool(3) ..... Office -- Various $ 274 1.27x 78.7% 78.7% ING Hospitality Pool .............. Hospitality -- Extended Stay $ 97,947 2.14x 63.8% 63.8% DDR Southeast Pool ................ Retail -- Anchored $ 121 1.51x 63.5% 63.5% Two Herald Square ................. Mixed Use -- Office/Retail $ 564 1.25x 66.7% 66.7% Westin Casuarina Resort & Spa -- Cayman Islands .............. Hospitality -- Full Service $408,163 1.25x 71.4% 63.2% DDR-TRT Pool ...................... Retail -- Anchored $ 162 1.50x 67.0% 67.0% Ashford Hospitality Pool 4 ........ Hospitality -- Various $ 74,431 1.36x 74.3% 69.4% 17 Battery Place South ............ Office -- CBD $ 230 1.54x 70.4% 70.4% Rockvale Square ................... Retail -- Outlet $ 171 1.38x 80.0% 80.0% Centerside II ..................... Office -- Suburban $ 311 1.66x 56.1% 56.1% 1.50X 69.9% 68.9% Citadel Mall ...................... Retail -- Anchored $ 253 1.22x 79.8% 66.4% Port Chester Shopping Center ...... Retail -- Anchored $ 133 2.46x 56.0% 56.0% 60 Madison Avenue ................. Office -- CBD $ 356 1.27x 79.2% 79.2% 3600 Wilshire Boulevard ........... Office -- CBD $ 155 1.20x 74.7% 74.7% La Jolla Centre I ................. Office -- Suburban $ 363 1.74x 52.8% 52.8% 450-460 Park Avenue South ......... Office -- CBD $ 324 1.35x 77.1% 77.1% Stadium Crossings ................. Mixed Use -- Office/Retail $ 284 1.30x 76.1% 76.1% La Jolla Centre II ................ Office -- Suburban $ 313 2.11x 45.7% 45.7% Roosevelt Square .................. Retail -- Anchored $ 149 1.20x 78.0% 78.0% Marriott -- Mobile, AL ............ Hospitality -- Full Service $175,299 1.31x 75.2% 65.8% 1.53X 69.6% 67.1% 1.50X 69.8% 68.5% WEIGHTED AVERAGE MORTGAGE LOAN NAME RATE - --------------------------------------------- Beacon D.C. & Seattle Pool(3) ..... 5.797% ING Hospitality Pool .............. 5.663% DDR Southeast Pool ................ 5.600% Two Herald Square ................. 5.920% Westin Casuarina Resort & Spa -- Cayman Islands .............. 6.380% DDR-TRT Pool ...................... 5.510% Ashford Hospitality Pool 4 ........ 5.952% 17 Battery Place South ............ 5.681% Rockvale Square ................... 5.755% Centerside II ..................... 5.645% 5.786% Citadel Mall ...................... 5.680% Port Chester Shopping Center ...... 5.310% 60 Madison Avenue ................. 5.753% 3600 Wilshire Boulevard ........... 5.980% La Jolla Centre I ................. 5.645% 450-460 Park Avenue South ......... 5.695% Stadium Crossings ................. 5.590% La Jolla Centre II ................ 5.645% Roosevelt Square .................. 5.550% Marriott -- Mobile, AL ............ 5.890% 5.670% 5.757% - ---------- (1) The Beacon D.C. & Seattle Pool Loan, the ING Hospitality Pool Loan and the DDR Southeast Pool Loan are part of split loan structures that include one or more pari passu companion loans that are not included in the Trust Fund. With respect to each Mortgage Loan, unless otherwise specified, the calculations of LTV Ratios, DSC Ratio and Cut-Off Date Balance per square foot/room are based on the aggregate indebtedness of or debt service on, as applicable, the Mortgage Loan and the related pari passu companion loan, but not any related subordinate companion loan or future pari passu companion loan. (2) Certain of the Mortgage Loans reflect LTV Ratios that have been calculated on an "as-stabilized" basis, or have DSC Ratios that have been adjusted to take into account certain cash reserves, holdbacks or letters of credit or was calculated based on assumptions regarding the future financial performance of the related Mortgaged Property. See "Additional Mortgage Loan Information" herein. Also, see "DESCRIPTION OF THE MORTGAGE POOL--Additional Mortgage Loan Information" and "RISK FACTORS--Risks Relating to Net Cash Flow" and "--Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the Prospectus Supplement. (3) The Beacon D.C. & Seattle Pool Loan includes 17 collateral properties and 3 cash flow assets. Collateral properties consist of office properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 16 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 17 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 18 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $414,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 10.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Beacon Capital Strategic Partners V, LP TYPE OF SECURITY(1) Fee/Leasehold/Pledge PARTIAL RELEASE(2) Yes MORTGAGE RATE 5.797% MATURITY DATE May 7, 2012 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC $18,200,095 ONGOING ANNUAL RESERVES TAX/INSURANCE(3) Springing REPLACEMENT(3) Springing TI/LC(3) Springing ADDITIONAL FINANCING Pari Passu Debt $2,286,000,000 Mezzanine Debt $205,000,000 PARI PASSU NOTES PARI PASSU (INCLUDING NOTES CASH FLOW (COLLATERAL ASSETS) ASSETS ONLY) TOTAL DEBT -------------- -------------- --------------- CUT-OFF DATE BALANCE $2,700,000,000 $2,700,000,000 $2,905,000,000 CUT-OFF DATE BALANCE/SF $274 $354 $295 CUT-OFF DATE LTV(4) 78.7% 78.7% 84.6% MATURITY DATE LTV(4) 78.7% 78.7% 84.6% UW DSCR ON NCF 1.27x 1.10x(5) 1.15x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES(1) 17 (Collateral)/3 (Cash Flow) LOCATION Various PROPERTY TYPE Office -- Various SIZE (SF) COLLATERAL ASSETS 7,624,482 SIZE (SF) CASH FLOW ASSETS 2,223,859 TOTAL SIZE (SF) 9,848,341 OCCUPANCY AS OF APRIL 1, 2007 96.9% YEAR BUILT / YEAR RENOVATED Various APPRAISED VALUE $3,432,650,000 (Collateral) PROPERTY MANAGEMENT(6) Self-managed UW ECONOMIC OCCUPANCY 94.6% UW REVENUES COLLATERAL ASSETS $271,815,146 UW TOTAL EXPENSES COLLATERAL ASSETS $88,549,800 UW NET OPERATING INCOME (NOI) COLLATERAL ASSETS $183,213,085 UW NET CASH FLOW (NCF) COLLATERAL ASSETS $171,617,524 UW REVENUES CASH FLOW ASSETS $82,363,713 UW TOTAL EXPENSES CASH FLOW ASSETS $23,765,690 UW NET OPERATING INCOME (NOI) CASH FLOW ASSETS $58,598,023 UW NET CASH FLOW (NCF) CASH FLOW ASSETS $26,768,362 TOTAL UW REVENUES $354,178,858 TOTAL UW TOTAL EXPENSES $112,315,490 TOTAL UW NET OPERATING INCOME (NOI) $241,811,107 TOTAL UW NET CASH FLOW (NCF) $198,385,886 - -------------------------------------------------------------------------------- (1) The Beacon D.C. & Seattle Pool Loan is secured by (i) first mortgages or deeds of trust encumbering the Portfolio Properties, (ii) a pledge of ownership interests and a first mortgage on an Additional Property and (iii) the Cash Flow Assets. See "The Loan" below. (2) The Beacon D.C. & Seattle Pool Loan allows for partial release, subject to the satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents. See "Releases" below. (3) Upon an event of default, the borrower will be required to maintain reserve accounts for taxes, debt service, insurance, ground rents, replacement and TI/LC. Such springing amounts are to be calculated based upon $0.15 per square foot with respect to the replacement reserve and $1.00 per square foot with respect to the TI/LC reserve as described in the related Mortgage Loan documents. (4) LTV Ratios, DSC Ratio and Cut-off Balance/SF were derived based upon the aggregate indebtedness of, or scheduled debt service due in connection with, the Beacon D.C. & Seattle Pool Loan and the Beacon D.C. & Seattle Pool Pari Passu Companion Loans. Further, for purposes of calculating LTV Ratios, the value of the Collateral Assets only was applied in each case. Incorporating the related appraised values and applicable first mortgage debt for the Cash Flow Assets, the LTV Ratios for the Pari Passu Notes and the Total Debt are 68.3% and 72.9%, respectively. (5) In the event the Cash Flow Assets are released, the resulting paydown required on the mortgage debt will cause the DSC Ratio to equal 1.14x. See "Releases" below. (6) The property manager for Washington Mutual Tower is an affiliate of a joint venture partner of the sponsor. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 19 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL SUMMARY ALLOCATED ALLOCATED CUT-OFF YEAR LOAN DATE POOL BUILT / SQUARE PROPERTY NAME LOCATION AMOUNT BALANCE RENOVATED FEET - ------------------------------------------------------------------------------------------------------- COLLATERAL ASSETS Market Square(2) Washington, D.C. $ 417,186,336 $ 63,968,572 1991 / NA 678,348 Polk & Taylor Buildings Arlington, VA 330,436,815 50,666,978 1970 / 2003 904,226 Wells Fargo Center Seattle, WA 310,721,015 47,643,889 1983 / NA 944,141 One, Two & Three Lafayette Centre Washington, D.C. 280,831,860 43,060,885 1980 / 1993 711,495 Booz Allen Complex Mc Lean, VA 236,826,194 36,313,350 1980 / NA 731,234 Key Center Bellevue, WA 158,278,446 24,269,362 2000 / NA 473,988 Sunset North Bellevue, WA 147,079,871 22,552,247 1999 / NA 463,182 City Center Bellevue Bellevue, WA 146,015,218 22,389,000 1986 / NA 465,765 Plaza Center and US Bank Tower Bellevue, WA 119,714,340 18,356,199 1978 / NA 466,948 1616 North Fort Myer Drive Arlington, VA 110,408,482 16,929,301 1975 / NA 294,521 American Center Vienna, VA 83,594,994 12,817,899 1985 / NA 329,695 Eastgate Office Park Bellevue, WA 73,027,325 11,197,523 1985 / NA 251,088 Liberty Place Washington, D.C. 69,399,617 10,641,275 1991 / NA 163,936 Lincoln Executive Center Buildings I, II, III, A&B Bellevue, WA 67,428,037 10,338,966 1984 / NA 277,672 11111 Sunset Hills Road Reston, VA 59,305,127 9,093,453 2000 / NA 216,469 Army and Navy Club Building Washington, D.C. 50,078,133 7,678,647 1913 / 1987 102,822 Plaza East Bellevue, WA 39,668,190 6,082,456 1987 / NA 148,952 -------------- ------------ --------- TOTAL COLLATERAL ASSETS $2,700,000,000 $414,000,000 7,624,482 ============== ============ ========= CASH FLOW ASSETS Washington Mutual Tower(3)(4) Seattle, WA 1988 / NA 1,079,013 Reston Town Center(4) Reston, VA 1988 / NA 764,103 1300 North Seventeenth Street(4) Arlington, VA 1980 / NA 380,743 --------- TOTAL CASH FLOW ASSETS 2,223,859 ========= POOL TOTAL $2,700,000,000 $414,000,000 9,848,341 ============== ============ ========= CUT-OFF DATE BALANCE UW UNDERWRITTEN MORTGAGED APPRAISED APPRAISED PROPERTY NAME PER SF OCCUPANCY(1) OCCUPANCY NET CASH FLOW INTEREST VALUE VALUE PER SF - ------------------------------------------------------------------------------------------------------------------------------- COLLATERAL ASSETS Market Square(2) $615 95.4% 95.4% $ 25,307,068 Pledge $ 529,000,000 $780 Polk & Taylor Buildings $365 100.0% 96.0% 22,263,095 Fee 419,000,000 $463 Wells Fargo Center $329 92.8% 92.8% 18,616,234 Fee 394,000,000 $417 One, Two & Three Lafayette Centre $395 91.3% 91.3% 17,388,129 Fee 356,100,000 $500 Booz Allen Complex $324 99.5% 95.0% 15,469,519 Fee 300,300,000 $411 Key Center $334 97.9% 95.0% 11,014,878 Leasehold 200,700,000 $423 Sunset North $318 100.0% 95.0% 8,370,682 Fee 186,500,000 $403 City Center Bellevue $313 95.6% 95.2% 9,183,434 Fee 182,150,000 $391 Plaza Center and US Bank Tower $256 95.8% 95.2% 8,466,919 Fee 151,800,000 $325 1616 North Fort Myer Drive $375 97.8% 95.0% 7,127,979 Fee 144,000,000 $489 American Center $254 94.8% 94.8% 6,801,602 Fee 106,000,000 $322 Eastgate Office Park $291 100.0% 95.0% 3,555,517 Fee 92,600,000 $369 Liberty Place $423 99.4% 95.2% 5,225,760 Fee 96,000,000 $586 Lincoln Executive Center Buildings I, II, III, A&B $243 96.8% 95.0% 3,898,128 Fee 85,500,000 $308 11111 Sunset Hills Road $274 100.0% 95.0% 4,199,874 Fee 75,200,000 $347 Army and Navy Club Building $487 100.0% 95.0% 2,376,221 Fee 63,500,000 $618 Plaza East $266 91.5% 91.5% 2,352,485 Fee 50,300,000 $338 ------------ -------------- TOTAL COLLATERAL ASSETS $354 96.6% 94.5% $171,617,524 $3,432,650,000 $450 ============ ============== CASH FLOW ASSETS Washington Mutual Tower(3)(4) NA 96.9% 95.1% $ 12,801,453 $ 378,684,000 $351 Reston Town Center(4) NA 98.3% 95.0% 8,066,030 440,000,000 $576 1300 North Seventeenth Street(4) NA 99.4% 95.0% 5,900,879 200,000,000 $525 ------------ -------------- TOTAL CASH FLOW ASSETS 97.8% 95.0% $ 26,768,362 $1,018,684,000 $458 ============ ============== POOL TOTAL $274 96.9% 94.6% $198,385,886 $4,451,334,000 $452 ============ ============== (1) Occupancy date as of April 1, 2007 for all properties. (2) Secured by a pledge of the Sponsor's ownership interests in the Market Square joint venture and a pledge of the first mortgage secured by Market Square. (3) The Cash Flow Borrower owns a 62.8% interest in the Mortgaged Property through a joint venture. Accordingly, the appraised value detailed above represents 62.8% of the $603,000,000 property value. (4) The Beacon D.C. & Seattle Pool Loan's Cash Flow Assets may be released for the following amounts; (i) Washington Mutual Tower, $235,000,000; (ii) Reston Town Center, $130,000,000; and (iii) 1300 North Seventeenth Street, $75,000,000. See "Releases" below. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 20 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL TENANT SUMMARY NET RATINGS(1) RENTABLE % OF NET TENANT FITCH/MOODY'S/S&P AREA (SF) RENTABLE AREA - ------------------------------------------------------------------------------------ MAJOR TENANTS Booz Allen Hamilton ............. NR/NR/NR 714,237 7.3% GSA - Department Of Defense ..... AAA/Aaa/AAA 554,294 5.6 Polk GSA ........................ AAA/Aaa/AAA 354,909 3.6 Perkins Coie .................... NR/NR/NR 285,716 2.9 Expedia ......................... NR/Baa3/BBB- 265,713 2.7 Wells Fargo Bank NA ............. AA/Aaa/AAA 214,662 2.2 Washington Mutual Bank .......... A/A2/A- 191,758 1.9 Davis Wright Tremaine ........... NR/NR/NR 169,533 1.7 XO Communications ............... NR/NR/NR 167,495 1.7 Commodity Future ................ NR/NR/NR 161,785 1.6 --------- ----- TOTAL MAJOR TENANTS 3,080,102 31.3% NON-MAJOR TENANTS .................. 6,458,372 65.6 --------- ----- OCCUPIED TOTAL ..................... 9,538,474 96.9% VACANT SPACE ....................... 309,867 3.1 --------- ----- PROPERTY TOTAL ..................... 9,848,341 100.0% ========= ===== % OF TOTAL BASE ANNUAL ANNUAL LEASE TENANT RENT PSF BASE RENT BASE RENT EXPIRATION - ------------------------------------------------------------------------------------------------- MAJOR TENANTS Booz Allen Hamilton ............. $29.44 $ 21,029,232 7.6% Multiple Spaces (2) GSA - Department Of Defense ..... $32.21 17,854,320 6.5 Multiple Spaces (3) Polk GSA ........................ $25.24 8,956,668 3.3 Multiple Spaces (4) Perkins Coie .................... $30.54 8,726,748 3.2 Multiple Spaces (5) Expedia ......................... $14.90 3,959,880 1.4 September 2009 Wells Fargo Bank NA ............. $27.24 5,847,960 2.1 Multiple Spaces (6) Washington Mutual Bank .......... $33.28 6,381,384 2.3 Multiple Spaces (7) Davis Wright Tremaine ........... $26.00 4,407,864 1.6 December 2018 XO Communications ............... $25.70 4,304,628 1.6 November 2007 Commodity Future ................ $42.79 6,922,896 2.5 September 2015 ------------ ----- TOTAL MAJOR TENANTS $28.70 $ 88,391,580 32.1% NON-MAJOR TENANTS .................. $28.96 187,064,904 67.9 ------------ ----- OCCUPIED TOTAL ..................... $28.88 $275,456,484 100.0% ============ ===== VACANT SPACE ....................... PROPERTY TOTAL ..................... (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 408,591 square feet expire in December 2010, 180,000 square feet expire in January 2012 and 125,646 expire in June 2014. (3) Under the terms of multiple leases, 4,977 square feet expire in July 2007, 524,867 square feet expire in April 2008 and 24,450 square feet expire in November 2009 (4) Under the terms of multiple leases, 41,410 square feet expire in May 2009, 60,380 square feet expire in February 2010, 46,163 square feet expire in August 2010, 130,624 square feet expire in March 2015 and 76,332 square feet expire in March 2014. (5) Under the terms of multiple leases, 10,546 square feet expire in July 2011, 272,046 square feet expire in December 2011 and 3,124 square feet expire in December 2035. (6) Under the terms of multiple leases, 59,544 square feet expire in February 2008, 128,421 square feet expire in September 2008, 2,515 square feet expire in November 2008, 1,913 square feet expire in November 2009, 7,018 square feet expire in November 2010, 15,075 square feet expire in March 2011 and 176 square feet expire in December 2035. (7) Under the terms of multiple leases, 3,569 square feet expire in May 2008, 7,086 square feet expire in February 2010 and 181,103 square feet expire in December 2010. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 21 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- BEACON CAPITAL POOL TENANT SUMMARY -- COLLATERAL ASSETS NET RATINGS(1) RENTABLE % OF NET TENANT FITCH/MOODY'S/S&P AREA (SF) RENTABLE AREA - ------------------------------------------------------------------------------------ MAJOR TENANTS Booz Allen Hamilton ............. NR/NR/NR 714,237 9.4% GSA - Department Of Defense ..... AAA/Aaa/AAA 554,294 7.3 Polk GSA ........................ AAA/Aaa/AAA 278,577 3.7 Expedia ......................... NR/Baa3/BBB-- 265,713 3.5 Wells Fargo Bank NA ............. AA/Aaa/AAA 214,662 2.8 XO Communications ............... NR/NR/NR 167,495 2.2 Commodity Future ................ NR/NR/NR 161,785 2.1 Infospace ....................... NR/NR/NR 130,826 1.7 Sierra Entertainment ............ NR/NR/NR 128,040 1.7 Fulbright & Jaworski ............ NR/NR/NR 127,804 1.7 --------- ----- TOTAL MAJOR TENANTS ............. 2,743,433 36.0% NON-MAJOR TENANTS .................. 4,619,979 60.6 --------- ----- OCCUPIED TOTAL ..................... 7,363,412 96.6% VACANT SPACE ....................... 261,070 3.4 --------- ----- PROPERTY TOTAL ..................... 7,624,482 100.0% ========= ===== % OF TOTAL BASE ANNUAL ANNUAL LEASE TENANT RENT PSF BASE RENT BASE RENT EXPIRATION - ------------------------------------------------------------------------------------------------- MAJOR TENANTS Booz Allen Hamilton ............. $29.44 $ 21,029,232 10.2% Multiple Spaces (2) GSA - Department Of Defense ..... $32.21 17,854,320 8.7 Multiple Spaces (3) Polk GSA ........................ $25.18 7,014,612 3.4 Multiple Spaces (4) Expedia ......................... $14.90 3,959,880 1.9 September 2009 Wells Fargo Bank NA ............. $27.24 5,847,960 2.8 Multiple Spaces (5) XO Communications ............... $25.70 4,304,628 2.1 November 2007 Commodity Future ................ $42.79 6,922,896 3.4 September 2015 Infospace ....................... $23.60 3,087,372 1.5 February 2013 Sierra Entertainment ............ $24.00 3,072,960 1.5 February 2010 Fulbright & Jaworski ............ $32.64 4,171,776 2.0 June 2015 ------------ ----- TOTAL MAJOR TENANTS ............. $28.16 $ 77,265,636 37.6% NON-MAJOR TENANTS .................. $27.81 128,474,940 62.4 ------------ ----- OCCUPIED TOTAL ..................... $27.94 $205,740,576 100.0% ============ ===== VACANT SPACE ....................... PROPERTY TOTAL ..................... (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 408,591 square feet expire in December 2010, 180,000 square feet expire in January 2012 and 125,646 expire in June 2014. (3) Under the terms of multiple leases, 4,977 square feet expire in July 2007, 524,867 square feet expire in April 2008 and 24,450 square feet expire in November 2009. (4) Under the terms of multiple leases, 41,410 square feet expire in May 2009, 60,380 square feet expire in February 2010, 46,163 square feet expire in August 2010, and 130,624 square feet expire in March 2015. (5) Under the terms of multiple leases, 59,544 square feet expire in February 2008, 128,421 square feet expire in September 2008, 2,515 square feet expire in November 2008, 1,913 square feet expire in November 2009, 7,018 square feet expire in November 2010, 15,075 square feet expire in March 2011 and 176 square feet expire in December 2035. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 22 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % OF CUMULATIVE # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - --------------------------------------------------------------------------------------------------------- 2007 115 $27.23 651,151 6.6% 6.6% 6.4% 6.4% 2008 152 $30.02 1,412,975 14.3% 21.0% 15.4% 21.8% 2009 163 $25.34 1,251,256 12.7% 33.7% 11.5% 33.3% 2010 187 $26.53 1,716,954 17.4% 51.1% 16.5% 49.9% 2011 132 $31.07 1,030,943 10.5% 61.6% 11.6% 61.5% 2012 75 $28.43 683,791 6.9% 68.5% 7.1% 68.6% 2013 74 $26.83 719,205 7.3% 75.8% 7.0% 75.6% 2014 64 $30.14 690,402 7.0% 82.8% 7.6% 83.1% 2015 57 $33.29 791,731 8.0% 90.9% 9.6% 92.7% 2016 30 $41.20 358,770 3.6% 94.5% 5.4% 98.1% 2017 6 $37.94 24,067 0.2% 94.7% 0.3% 98.4% Thereafter 42 $21.29 207,229 2.1% 96.9% 1.6% 100.0% Vacant 0 NA 309,867 3.1% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. BEACON CAPITAL POOL LEASE EXPIRATION SCHEDULE -- COLLATERAL ASSETS WA BASE CUMULATIVE % OF CUMULATIVE # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - --------------------------------------------------------------------------------------------------------- 2007 91 $25.31 540,851 7.1% 7.1% 6.7% 6.7% 2008 114 $29.66 1,205,994 15.8% 22.9% 17.4% 24.0% 2009 128 $22.64 948,976 12.4% 35.4% 10.4% 34.5% 2010 147 $25.06 1,376,439 18.1% 53.4% 16.8% 51.3% 2011 80 $30.74 547,062 7.2% 60.6% 8.2% 59.4% 2012 51 $26.47 477,259 6.3% 66.8% 6.1% 65.6% 2013 50 $24.84 548,384 7.2% 74.0% 6.6% 72.2% 2014 43 $30.11 561,316 7.4% 81.4% 8.2% 80.4% 2015 53 $33.23 782,295 10.3% 91.7% 12.6% 93.0% 2016 27 $42.18 318,143 4.2% 95.8% 6.5% 99.6% 2017 6 $37.94 24,067 0.3% 96.1% 0.4% 100.0% Thereafter 26 $ 0.00 32,626 0.4% 96.6% 0.0% 100.0% Vacant 0 NA 261,070 3.4% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 23 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- NET OPERATING INCOME PROPERTY 2001 2002 2003 2004 2005 - ---------------------------------------------------------------------------------------------------------------- Washington Mutual Tower(1) ............... $15,653,359 $15,708,846 $16,537,073 $16,488,332 $16,274,293 Market Square(2) ......................... $22,391,620 $24,703,280 $23,708,640 $23,025,123 $20,808,432 Reston Town Center(3) .................... $18,269,923 $19,016,596 $16,708,954 $19,786,226 $20,712,822 1300 North Seventeenth Street(4) ......... $ 7,544,643 $ 7,042,444 $ 6,893,756 $ 6,638,448 $ 8,580,337 (1) Represents a 62.8% interest in the Washington Mutual Tower property (in which an affiliate of the borrower is a 62.8% partner), prior to payment of approximately $3,605,875 of annual debt service ($2,264,490 based on a 62.8% pro-rata portion) on approximately $79,250,000 of existing debt ($49,769,000 based on a 62.8% pro-rata portion). (2) Represents a 100% interest in the Market Square property, prior to payment of existing debt to the related borrower, and prior to disbursement of 70% of cash flows after debt service to the borrower,and 30% to a non-affiliate, as described in the Market Square Joint Venture section below. (3) Represents the Net Operating Income of the Reston Town Center property prior to payment of approximately $12,226,005 of annual debt service on approximately $211,250,000 of existing debt. (4) Represents the Net Operating Income of the 1300 North Seventeenth Street property prior to payment of approximately $4,754,630 of annual debt service on approximately $78,158,299 of existing debt. NET OPERATING INCOME PROPERTY 1Q 2006 1Q 2007 TTM 10/06 - -------------------------------------------------------------------------------------------- Wells Fargo Center .............................. $ 4,226,437 $ 3,823,528 $ 15,474,857 Washington Mutual Tower(1) ...................... $ 4,327,781 $ 3,196,469 $ 17,004,496 City Center Bellevue ............................ $ 3,509,664 $ 2,043,796 $ 10,562,260 Sunset North .................................... $ 2,267,063 $ 2,153,086 $ 8,575,097 Plaza Center and US Bank Tower .................. $ 1,481,715 $ 1,976,353 $ 6,834,261 Eastgate Office Park ............................ $ 757,101 $ 834,861 $ 2,887,632 Lincoln Executive Center Buildings I,II,III, A&B $ 966,130 $ 922,832 $ 3,183,144 Plaza East ...................................... $ 392,372 $ 507,342 $ 2,153,661 Key Center ...................................... $ 2,549,048 $ 2,806,179 $ 9,838,198 One, Two & Three Lafayette Centre ............... $ 4,266,839 $ 4,040,525 $ 16,104,255 Market Square(2) ................................ $ 4,862,203 $ 6,140,006 $ 19,364,825 Army and Navy Club Building ..................... $ 403,192 $ 675,478 $ 2,900,420 Liberty Place ................................... $ 922,440 $ 1,081,290 $ 4,327,320 Reston Town Center(3) ........................... $ 5,011,711 $ 5,310,612 $ 21,711,497 1616 North Fort Meyer Drive ..................... $ 1,608,930 $ 969,419 $ 4,633,934 1300 North Seventeenth Street(4) ................ $ 2,366,966 $ 2,346,056 $ 9,108,594 Booz Allen Complex .............................. $ 3,946,806 $ 3,929,315 $ 15,405,541 Polk & Taylor Buildings ......................... $ 5,232,204 $ 5,448,565 $ 20,383,775 American Center ................................. $ 642,333 $ 1,280,969 $ 3,739,160 11111 Sunset Hills Road ......................... $ 674,461 $ 756,493 $ 3,554,775 TOTAL/WEIGHTED AVERAGE .......................... $50,415,397 $50,243,174 $197,747,702 PROPERTY 2006 TTM 03/07 U/W - ---------------------------------------------------------------------------------------------- Wells Fargo Center .............................. $ 14,736,945 $ 14,334,036 $ 19,770,003 Washington Mutual Tower(1) ...................... $ 15,919,520 $ 14,788,209 $ 16,078,102 City Center Bellevue ............................ $ 10,221,829 $ 8,755,961 $ 9,856,098 Sunset North .................................... $ 8,819,911 $ 8,705,934 $ 9,235,154 Plaza Center and US Bank Tower .................. $ 6,508,781 $ 7,003,419 $ 9,187,329 Eastgate Office Park ............................ $ 3,016,207 $ 3,093,967 $ 4,004,538 Lincoln Executive Center Buildings I,II,III, A&B $ 3,523,447 $ 3,480,149 $ 4,360,093 Plaza East ...................................... $ 2,237,310 $ 2,352,280 $ 2,618,950 Key Center ...................................... $ 10,992,380 $ 11,249,511 $ 11,838,738 One, Two & Three Lafayette Centre ............... $ 15,594,015 $ 15,367,700 $ 18,268,793 Market Square(2) ................................ $ 18,729,016 $ 20,006,818 $ 26,180,226 Army and Navy Club Building ..................... $ 2,495,189 $ 2,767,475 $ 2,578,741 Liberty Place ................................... $ 4,618,507 $ 4,777,357 $ 5,531,542 Reston Town Center(3) ........................... $ 21,366,057 $ 21,664,959 $ 21,769,534 1616 North Fort Meyer Drive ..................... $ 4,865,953 $ 4,226,442 $ 7,701,606 1300 North Seventeenth Street(4) ................ $ 9,069,143 $ 9,048,233 $ 11,226,415 Booz Allen Complex .............................. $ 15,448,290 $ 15,430,798 $ 16,623,006 Polk & Taylor Buildings ......................... $ 20,794,628 $ 21,010,989 $ 23,524,092 American Center ................................. $ 3,823,597 $ 4,462,232 $ 7,266,746 11111 Sunset Hills Road ......................... $ 3,296,475 $ 3,378,506 $ 4,667,430 TOTAL/WEIGHTED AVERAGE .......................... $196,077,199 $195,904,976 $232,287,136 (1) Represents a 62.8% interest in the Washington Mutual Tower property (in which an affiliate of the borrower is a 62.8% partner), prior to payment of approximately $3,605,875 of annual debt service ($2,264,490 based on a 62.8% pro-rata portion) on approximately $79,250,000 of existing debt ($49,769,000 based on a 62.8% pro-rata portion). (2) Represents a 100% interest in the Market Square property, prior to payment of existing debt to affiliates of the borrower, and prior to disbursement of 70% of cash flows after debt service to an affiliate of the borrower, and 30% to a non-affiliate, as described in the Market Square Joint Venture section below. (3) Represents the Net Operating Income of the Reston Town Center property prior to payment of approximately $12,226,005 of annual debt service on approximately $211,250,000 of existing debt. (4) Represents the Net Operating Income of the 1300 North Seventeenth Street property prior to payment of approximately $4,754,630 of annual debt service on approximately $78,158,299 of existing debt. Pursuant to Rule 409 under the Securities Act of 1933, as amended, the Depositor has not included herein selected financial data (as defined in Item 3.01 of Regulation S-K) for the five most recent fiscal years and most recent interim period, for the borrowers related to the property known as Market Square or the borrowers related to the Cash Flow Properties (the "Non-Provided Information"). The financial information with respect to such borrowers or the related properties set forth in the "Net Operating Income" table herein (other than under "U/W") and under "--Market Square Associates" was provided by the borrower. The borrower did not own the Mortgaged Properties during the foregoing periods. The Mortgaged Properties (or equity interests in the owners thereof) were acquired by the borrower on April 10, 2007 from EOP Operating Limited Partnership and/or affiliates or subsidiaries thereof (collectively, "EOP/Blackstone"). The Depositor and its affiliates are not affiliated with the borrower or EOP/Blackstone and the borrower is not affiliated with EOP/Blackstone. The Depositor has requested the Non-Provided Information from the borrower and have requested that the borrower request the information from EOP/Blackstone. The borrower has informed the Depositor that the borrower does not possess the Non-Provided Information, and that EOP/Blackstone has informed the borrower that either EOP/ Blackstone does not possess the Non-Provided Information or the Non-Provided Information has not been located. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 24 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- PERCENTAGE LEASED INFORMATION(1) PROPERTY 2000 2001 2002 2003 2004 2005 2006 RENT ROLL(2) - ------------------------------------------------------------------------------------------------------------ Wells Fargo Center 97.4% 97.0% 98.4% 90.6% 83.3% 91.0% 94.7% 92.8% Washington Mutual Tower 99.6% 99.6% 99.4% 98.7% 98.6% 98.1% 98.4% 96.9% City Center Bellevue 95.5% 81.9% 75.7% 89.5% 94.5% 96.6% 95.9% 95.6% Sunset North 99.9% 100.0% 100.0% 98.1% 88.0% 98.0% 100.0% 100.0% Plaza Center and US Bank Tower 95.9% 87.9% 86.7% 81.7% 84.8% 87.6% 90.2% 95.8% Eastgate Office Park 99.0% 97.6% 95.4% 76.5% 90.6% 92.6% 96.1% 100.0% Lincoln Executive Center Buildings I, II, III, A & B 95.7% 88.0% 86.9% 83.9% 86.1% 89.0% 90.6% 96.8% Plaza East 97.6% 79.2% 54.2% 71.2% 70.4% 89.0% 98.6% 91.5% Key Center 96.9% 98.8% 96.5% 99.2% 96.9% 99.5% 98.5% 97.9% One, Two & Three Lafayette Center 98.8% 98.0% 92.9% 92.9% 92.3% 98.4% 95.0% 91.3% Market Square 98.1% 99.0% 99.3% 96.5% 97.5% 92.2% 94.0% 95.4% Army and Navy Building 93.4% 85.3% 92.4% 92.6% 92.6% 94.3% 91.5% 100.0% Liberty Place 100.0% 100.0% 100.0% 100.0% 95.9% 95.9% 100.0% 99.4% Reston Town Center 100.0% 99.4% 92.2% 93.5% 99.2% 99.7% 97.0% 98.3% 1616 North Fort Myer Drive 100.0% 100.0% 100.0% 79.6% 93.1% 98.0% 100.0% 97.8% 1300 North Seventeenth Street 100.0% 98.5% 94.8% 82.6% 93.5% 100.0% 99.5% 99.4% Booz Allen Complex 100.0% 99.4% 99.7% 99.9% 100.0% 100.0% 100.0% 99.5% Polk & Taylor Buildings 100.0% 71.5% 81.0% 60.8% 79.7% 99.6% 99.9% 100.0% American Center 96.4% 87.1% 67.5% 67.2% 73.8% 76.0% 92.9% 94.8% 11111 Sunset Hills Road 100.0% 100.0% 100.0% 84.9% 79.9% 88.1% 100.0% 100.0% - ------------------------------------------------------------------------------------------------------------ (1) Based on CoStar. (2) Based on the underwritten rent roll dated April 1, 2007. TOTAL GROSS RENT INFORMATION(1) PROPERTY 2000 2001 2002 2003 2004 2005 2006 RENT ROLL(2) - ------------------------------------------------------------------------------------------------------------------- Wells Fargo Center $41.34 $40.40 $30.83 $32.75 $30.23 $27.07 $25.47 $26.31 Washington Mutual Tower $40.53 $41.98 $34.68 $32.56 $31.94 $28.32 $28.73 $31.53 City Center Bellevue $38.06 $34.70 $24.33 $22.88 $24.59 $27.29 $29.36 $24.15 Sunset North $32.25 $26.80 $23.96 $22.99 $22.26 $24.38 $24.60 $26.36 Plaza Center and US Bank Tower $32.45 $32.04 $23.91 $22.08 $23.62 $21.58 $25.76 $22.49 Eastgate Office Park $29.09 $27.11 $22.52 $21.90 $22.72 $21.50 $23.96 $21.55 Lincoln Executive Center Buildings I, II, III, A & B $30.25 $28.66 $20.62 $19.60 $21.42 $22.64 $25.17 $22.27 Plaza East $32.02 $29.97 $19.55 $21.37 $21.37 $22.78 $22.98 $22.17 Key Center $24.67 $26.26 $29.55 $25.45 $26.69 $29.50 $30.19 $30.28 One, Two & Three Lafayette Center $33.09 $38.42 $38.16 $37.49 $37.59 $34.53 $39.91 $42.67 Market Square $43.80 $41.43 $45.74 $47.52 $53.01 $51.09 $53.20 $54.36 Army and Navy Building $39.76 $36.92 $39.52 $44.00 $44.73 $45.82 $50.47 $49.66 Liberty Place $44.33 $45.00 $ 0.00 $ 0.00 $49.00 $47.75 $49.31 $54.27 Reston Town Center $28.81 $38.14 $30.71 $27.15 $29.79 $36.69 $41.28 $39.49 1616 North Fort Myer Drive $ 0.00 $ 0.00 $27.75 $28.33 $28.83 $34.03 $36.00 $30.48 1300 North Seventeenth Street $27.04 $27.60 $26.74 $29.10 $31.19 $32.00 $29.08 $33.33 Booz Allen Complex $ 0.00 $24.48 $21.68 $19.84 $42.50 $42.50 $ 0.00 $32.79 Polk & Taylor Buildings $ 0.00 $ 0.00 $ 0.00 $30.78 $30.78 $30.78 $30.00 $30.04 American Center $32.54 $33.06 $26.11 $24.77 $24.29 $27.66 $32.66 $28.81 11111 Sunset Hills Road $27.91 $ 0.00 $23.00 $23.00 $23.00 $26.38 $30.70 $26.73 - ------------------------------------------------------------------------------------------------------------------- (1) Based on CoStar. (2) Based on the underwritten rent roll dated April 1, 2007. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 25 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Beacon D.C. & Seattle Pool Loan") is secured by (i) first fee and leasehold mortgages or deeds of trust encumbering 16 office properties (the "Portfolio Properties"), (ii) with respect to an additional property known as Market Square (the "Additional Property") (x) a pledge of the sponsor's ownership interests in a joint venture that owns the Additional Property and (y) a pledge by the related borrower of a mortgage between the underlying property owner and such borrower (the "Additional Property", together with the Mortgage Assets, the "Collateral Properties") and a pledge of 100% of the sponsor's indirect ownership interest in the Additional Property (collectively, the "Collateral Assets") and (iii) a covenant to deposit portions of the related cash flow and additional collateral (the "Cash Flow Assets") from three additional properties (the "Cash Flow Properties"). All properties are located in the states of Washington and Virginia and the District of Columbia. The Beacon D.C. & Seattle Pool Loan represents approximately 10.7% of the Cut-Off Date Pool Balance. The Beacon D.C. & Seattle Pool Loan was originated on April 10, 2007, and has a principal balance as of the Cut-Off Date of $414,000,000. The other loans related to the Beacon D.C. & Seattle Pool Loan are evidenced by separate pari passu notes, dated April 10, 2007 (the "Beacon D.C. & Seattle Pool Pari Passu Companion Loans" and together with the Beacon D.C. & Seattle Pool Loan, the "Beacon D.C. & Seattle Pool Whole Loan"), with an original principal balance of $2,700,000,000. The Beacon D.C. & Seattle Pool Pari Passu Companion Loans will not be assets of the Trust Fund. The Beacon D.C. & Seattle Pool Loan and Beacon D.C. & Seattle Pool Pari Passu Companion Loans are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement relating to the Morgan Stanley Capital I Trust 2007-IQ14 transaction, as described under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" and "SERVICING OF THE MORTGAGE LOANS--Servicing of the Beacon D.C. & Seattle Pool Loan" in the Prospectus Supplement. The Beacon D.C. & Seattle Pool Loan provides for interest-only payments for the entire loan term. The Beacon D.C. & Seattle Pool has a remaining term of 59 months and matures on May 7, 2012. The Beacon D.C. & Seattle Pool Loan may be prepaid at any time through and including November 6, 2011 with payment of the greater of yield maintenance or 1.0% of the prepaid amount and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are 23 Delaware limited liability companies, each a special purpose entity, and one Washington, D.C. general partnership. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Beacon D.C. & Seattle Pool Loan. The sponsor of the borrower is Beacon Capital Strategic Partners V, L.P. ("Beacon"). Beacon, formed in 1998, is a Boston-based real estate investment firm that focuses primarily on office properties in a select number of target markets, including Boston, Washington, D.C., New York, Los Angeles, San Francisco, Seattle, Denver, Chicago, London and Paris. o THE COLLATERAL. The Beacon D.C. & Seattle Pool Loan is secured by (i) first mortgages or deeds of trust encumbering the Portfolio Properties, (ii) a pledge of ownership interests and a first mortgage on the Additional Property and (iii) the Cash Flow Assets. The seventeen Collateral Properties contain in the aggregate, approximately 7,624,482 square feet of office space. As of April 1, 2007, the occupancy rate for the Collateral Properties securing the Beacon D.C. & Seattle Pool Loan was approximately 96.6%. The Cash Flow Assets also secure the Beacon D.C. & Seattle Pool Loan. The Cash Flow Properties consist of the Washington Mutual Tower located in Seattle, Washington; Reston Town Center located in Reston, Virginia; and 1300 North Seventeenth Street, located in Arlington, Virginia. With respect to the Washington Mutual Tower, the related borrower has agreed to deposit distributions from the joint venture owning the property into a designated deposit account, and with respect to Reston Town Center and 1300 North Seventeenth Street the related borrowers have agreed to deposit distributions from the owner of the related property to such account. The Cash Flow Properties are otherwise directly encumbered by existing debt to third parties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 26 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- BEACON D.C. & SEATTLE POOL - -------------------------------------------------------------------------------- o RELEASES. Release of Collateral Assets. The Beacon D.C. & Seattle Pool Loan permits partial release of the Collateral Properties (except for the Sunset Development parcel) upon the satisfaction of certain financial conditions, such that until actual NOI DSC Ratio reaches 1.45x, the payment of a prepayment amount which is the greater of: (i) 90% of net sale proceeds, or (ii) 110% of the allocated loan amount provided that after such prepayment and removal of collateral the NOI DSC Ratio is at least equal to the greater of: (a) NOI DSC Ratio of 1.07x or (b) the NOI DSC Ratio immediately prior to the sale and release. Once actual NOI DSC Ratio equals at least 1.45x, then the Collateral Properties may be released upon the satisfaction of certain financial conditions, including (i) payment of a prepayment amount which is the greater of 75% of net sales proceeds or (ii) 100% of the allocated loan amount provided that the NOI DSC Ratio after the sale and release of the collateral is at least 1.45x. For purposes of calculating NOI DSC Ratio in connection with a release, debt service does not include debt service on the Mezzanine Loans. The Beacon D.C. & Seattle Pool Loan permits partial release of the Sunset Development parcel upon the satisfaction of certain financial conditions, such that so long as the Additional Property remains part of the collateral for the Beacon D.C. & Seattle Pool Loan, the LTV ratio for the Portfolio Properties is no greater than 125%. Upon satisfaction of the conditions, the Sunset Development parcel may be released at any time through and including November 6, 2011, with the payment of the applicable Release Amount, as defined in the mortgage loan documents. Release of Cash Flow Assets. The Beacon D.C. & Seattle Pool Loan permits partial release of the Cash Flow Assets and associated prepayment of the Loan and the Mezzanine Loans, provided that after such prepayment and removal of, collateral the NOI DSC Ratio for the Beacon D.C. & Seattle Pool Loan and the Mezz Loans is at least equal to the greater of (a) NOI DSC Ratio of 1.07x or (b) NOI DSC Ratio immediately prior to the sale and release. Properties may be released for the following amounts, which will pay off the Mezzanine Loans first and then the mortgage loan, with prepayment of the latter capped at a total of $100,000,000: (i) Washington Mutual Tower, $235,000,000; (ii) Reston Town Center, $130,000,000; (iii) 1300 North Seventeenth Street, $75,000,000. If a sale or release results in (i) all Cash Flow Assets being released and (ii) a prepayment of the Mortgage Loan in the aggregate amount of $100,000,000 (whether pursuant to one or more multiple releases), then the related borrower is only required to satisfy the NOI DSC Ratio of 1.07x (and not the NOI DSC Ratio immediately prior to the sale or release). o LOCK BOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MEZZANINE LOAN. Mezzanine Loans with an aggregate original principal amount of $205,000,000 were originated on April 10, 2007. The Mezzanine Loans are not assets of the Trust Fund and are secured by pledges of the equity interests in the borrowers. In the event that any of the Cash Flow Assets are released from the Beacon D.C. & Seattle Pool Loan, then the allocated release price, as defined in the related Mortgage Loan documents, will first be used to pay down the Mezzanine Loans and then up to $100,000,000 of the Beacon D.C. & Seattle Pool Loan. o MANAGEMENT. Four (4) entities, three of which are affiliates of the sponsor, are the property managers for the Mortgaged Properties securing the Beacon D.C. & Seattle Pool Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 27 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 28 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 29 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 30 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $283,850,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 7.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR ING Clarion Partners TYPE OF SECURITY Various PARTIAL RELEASE(1) Yes MORTGAGE RATE 5.663% MATURITY DATE June 11, 2012 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60/IO REMAINING TERM / AMORTIZATION 60/IO LOCKBOX(2) Springing UP-FRONT RESERVES ENGINEERING/REPLACEMENT(3) $ 2,127,290 PIP (4) $56,042,810 ONGOING ANNUAL RESERVES TAX/INSURANCE Springing FF&E(5) Springing ADDITIONAL FINANCING(6) Pari Passu Debt $283,850,000 PARI PASSU NOTES(7) ------------ CUT-OFF DATE BALANCE $567,700,000 CUT-OFF DATE BALANCE/ROOM $97,947 CUT-OFF DATE LTV 63.8% MATURITY DATE LTV 63.8% UW DSCR ON NCF 2.14x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 46 LOCATION Various PROPERTY TYPE Hospitality -- Extended Stay SIZE (ROOMS) 5,796 OCCUPANCY AS OF TTM DECEMBER 2006 77.0% YEAR BUILT / YEAR RENOVATED Various APPRAISED VALUE $890,300,000 Marriott International, Inc. or PROPERTY MANAGEMENT Hilton Hotels Corporation UW ECONOMIC OCCUPANCY 78.2% UW REVENUES $198,916,263 UW TOTAL EXPENSES $122,171,704 UW NET OPERATING INCOME (NOI) $ 76,744,560 UW NET CASH FLOW (NCF) $ 68,787,909 - -------------------------------------------------------------------------------- (1) The ING Hospitality Pool Loan permits partial release of certain properties comprising the Mortgaged Property under certain circumstances. See "Release" below. (2) A lockbox may be required upon either: (i) an event of default or (ii) certain other conditions as specified in the related Mortgage Loan documents. (3) At origination, $2,127,290 was escrowed to fund an engineering reserve. The reserve can be used for funding certain maintenance, repairs and/or remedial or corrective work related to various building code and fire code deficiencies. (4) The up-front property improvement plans and renovation reserve of $56,042,810 is maintained at JPMorgan Chase Bank N.A. in the name of the Borrower's sponsor. The reserve is collaterally assigned to the mortgagee and the reserve will be transferred to the mortgagee upon an event of default. (5) Annual amount determined by mortgagee, in no event less than 4% of the gross revenue. (6) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) the debt yield is not less than 10%, (ii) the aggregate loan-to-value ratio shall not exceed 80.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. (7) LTV Ratios, DSC Ratio and Cut-Off Date Balance/SF were derived from the aggregate indebtedness of, or scheduled debt service due in connection with, the ING Hospitality Pool Loan and the ING Hospitality Pool Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 31 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- ING HOSPITALITY POOL SUMMARY ALLOCATED SPECIFIC CUT-OFF PROPERTY YEAR BUILT/ PROPERTY NAME DATE BALANCE TYPE RENOVATED ROOMS - ------------------------------------------------------------------------------------------- Residence Inn -- La Jolla, CA $ 28,759,000 Extended Stay 1986 / 2003 288 Residence Inn Seattle East -- Redmond, WA 17,819,000 Extended Stay 1999 / NA 180 Residence Inn -- Long Beach, CA 15,324,000 Extended Stay 1987 / 2006 216 Residence Inn -- Costa Mesa, CA 13,578,000 Extended Stay 1986 / NA 144 Residence Inn Pasadena -- Arcadia, CA 11,760,500 Extended Stay 1989 / NA 120 Residence Inn -- Irvine, CA 10,620,000 Extended Stay 1989 / 2003 112 Homewood Suites -- Herndon, VA 10,156,500 Extended Stay 1998 / 2006 109 Residence Inn Concord -- Pleasant Hill, CA 9,337,000 Extended Stay 1989 / NA 126 Residence Inn -- San Ramon, CA 7,982,500 Extended Stay 1989 / NA 106 Homewood Suites -- Linthicum, MD 7,662,000 Extended Stay 1998 / 2006 147 Residence Inn -- Saint Louis, MO 6,842,500 Extended Stay 1988 / 2005 152 Residence Inn -- Bakersfield, CA 6,272,000 Extended Stay 1990 / 2004 114 Residence Inn -- Boulder, CO 6,022,500 Extended Stay 1986 / 2003 128 Residence Inn Chicago -- Deerfield, IL 5,951,500 Extended Stay 1989 / 2004 128 Residence Inn -- Hapeville, GA 5,951,500 Extended Stay 1990 / NA 126 Homewood Suites -- Malvern, PA 5,916,000 Extended Stay 1998 / NA 123 Residence Inn -- Houston, TX 5,630,500 Extended Stay 1989 / 2003 110 Residence Inn -- Santa Fe, NM 5,559,500 Extended Stay 1986 / 2006 120 Residence Inn -- Placentia, CA 5,452,500 Extended Stay 1988 / 2003 112 Homewood Suites -- Glen Allen, VA 5,132,000 Extended Stay 1998 / NA 123 Residence Inn -- Atlanta, GA 5,096,000 Extended Stay 1987 / 2004 136 Homewood Suites -- Beaverton, OR 4,918,000 Extended Stay 1998 / NA 123 Residence Inn Cincinnati -- North -- Sharonville 4,739,500 Extended Stay 1985 / NA 144 Residence Inn -- Lombard, IL 4,561,500 Extended Stay 1987 / 2006 144 Residence Inn -- Jacksonville, FL 4,526,000 Extended Stay 1986 / 2004 112 Homewood Suites -- Irving, TX 4,419,000 Extended Stay 1989 / 2005 136 Homewood Suites -- Clearwater, FL 4,383,500 Extended Stay 1998 / 2006 112 Residence Inn Dallas -- Irving, TX 4,383,500 Extended Stay 1989 / 2007 120 Residence Inn -- Boca Raton, FL 4,027,000 Extended Stay 1988 / 2005 120 Residence Inn -- Clearwater, FL 3,920,000 Extended Stay 1986 / 2004 88 Residence Inn -- Birmingham, AL 3,813,000 Extended Stay 1986 / 2004 128 Residence Inn -- Smyrna, GA 3,670,500 Extended Stay 1986 / 2006 130 Homewood Suites -- Addison, TX 3,528,000 Extended Stay 1989 / 2006 120 Homewood Suites -- Chesterfield, MO 3,385,500 Extended Stay 1999 / NA 145 Residence Inn -- Montgomery, AL 3,350,000 Extended Stay 1990 / 2006 94 Homewood Suites -- Atlanta, GA (Buckhead) 3,314,500 Extended Stay 1997 / 2006 92 Residence Inn -- Blue Ash, OH 3,029,000 Extended Stay 1989 / 2006 118 Residence Inn -- Chesterfield, MO 3,029,000 Extended Stay 1986 / 2006 104 Residence Inn -- Berwyn, PA 2,993,500 Extended Stay 1988 / 2003 88 Residence Inn -- Danvers, MA 2,922,000 Extended Stay 1989 / 2006 96 Homewood Suites -- Midvale, UT 2,886,500 Extended Stay 1996 / NA 98 Homewood Suites -- Plano, TX 2,744,000 Extended Stay 1996 / 2006 99 Homewood Suites -- Atlanta, GA (Cumberland) 2,530,000 Extended Stay 1990 / 2006 124 Residence Inn -- Memphis, TN 2,245,000 Extended Stay 1986 / 2007 105 Residence Inn -- Norcross, GA 2,067,000 Extended Stay 1984 / 2002 144 Homewood Suites -- Norcross, GA 1,639,500 Extended Stay 1989 / NA 92 ------------ ----- TOTAL/WEIGHTED AVERAGE $283,850,000 5,796 ============ ===== ALLOCATED CUT-OFF APPRAISED DATE BALANCE VALUE OCCUPANCY ADR REVPAR PROPERTY NAME PER ROOM PER ROOM PENETRATION* PENETRATION* PENETRATION* - -------------------------------------------------------------------------------------------------------------- Residence Inn -- La Jolla, CA $199,715 $301,042 107.0% 106.7% 114.2% Residence Inn Seattle East -- Redmond, WA $197,989 $292,222 96.6% 108.5% 104.9% Residence Inn -- Long Beach, CA $141,889 $210,185 94.5% 130.2% 123.1% Residence Inn -- Costa Mesa, CA $188,583 $275,000 107.9% 103.6% 111.7% Residence Inn Pasadena -- Arcadia, CA $196,008 $298,333 109.5% 122.8% 134.5% Residence Inn -- Irvine, CA $189,643 $291,964 109.0% 122.7% 133.7% Homewood Suites -- Herndon, VA $186,358 $274,312 108.1% 100.3% 108.4% Residence Inn Concord -- Pleasant Hill, CA $148,206 $243,651 118.3% 112.2% 132.7% Residence Inn -- San Ramon, CA $150,613 $248,113 114.9% 131.1% 150.6% Homewood Suites -- Linthicum, MD $104,245 $156,463 106.8% 110.7% 118.2% Residence Inn -- Saint Louis, MO $ 90,033 $133,553 115.9% 99.0% 114.7% Residence Inn -- Bakersfield, CA $110,035 $164,912 121.7% 109.1% 132.8% Residence Inn -- Boulder, CO $ 94,102 $151,563 127.2% 97.3% 123.8% Residence Inn Chicago -- Deerfield, IL $ 94,468 $142,969 95.5% 107.3% 102.4% Residence Inn -- Hapeville, GA $ 92,992 $165,079 95.1% 127.2% 120.9% Homewood Suites -- Malvern, PA $ 96,195 $160,163 117.1% 105.2% 123.2% Residence Inn -- Houston, TX $102,373 $183,636 113.6% 110.1% 125.1% Residence Inn -- Santa Fe, NM $ 92,658 $137,500 140.8% 118.8% 167.3% Residence Inn -- Placentia, CA $ 97,366 $157,143 110.1% 100.1% 110.2% Homewood Suites -- Glen Allen, VA $ 83,447 $125,203 108.8% 99.0% 107.8% Residence Inn -- Atlanta, GA $ 74,941 $122,794 108.6% 99.6% 108.2% Homewood Suites -- Beaverton, OR $ 79,967 $122,764 109.8% 96.6% 106.2% Residence Inn Cincinnati -- North -- Sharonville $ 65,826 $102,778 135.8% 101.6% 137.9% Residence Inn -- Lombard, IL $ 63,354 $ 99,306 104.5% 98.1% 102.6% Residence Inn -- Jacksonville, FL $ 80,821 $137,500 102.0% 109.3% 111.5% Homewood Suites -- Irving, TX $ 64,985 $ 99,265 109.3% 102.0% 111.5% Homewood Suites -- Clearwater, FL $ 73,058 $116,964 110.6% 111.3% 123.1% Residence Inn Dallas -- Irving, TX $ 78,277 $121,667 89.7% 120.8% 108.4% Residence Inn -- Boca Raton, FL $ 67,117 $109,167 107.5% 101.3% 108.8% Residence Inn -- Clearwater, FL $ 89,091 $139,773 111.6% 124.3% 138.8% Residence Inn -- Birmingham, AL $ 59,578 $ 97,656 84.9% 111.7% 94.9% Residence Inn -- Smyrna, GA $ 56,469 $ 90,769 92.6% 117.5% 108.9% Homewood Suites -- Addison, TX $ 58,800 $ 90,833 98.1% 110.9% 108.8% Homewood Suites -- Chesterfield, MO $ 46,697 $ 72,414 109.9% 92.6% 101.7% Residence Inn -- Montgomery, AL $ 71,277 $111,702 90.1% 98.1% 88.4% Homewood Suites -- Atlanta, GA (Buckhead) $ 72,054 $107,609 94.6% 104.1% 98.5% Residence Inn -- Blue Ash, OH $ 51,339 $ 82,203 119.5% 91.8% 109.7% Residence Inn -- Chesterfield, MO $ 58,250 $ 91,346 113.0% 103.6% 117.1% Residence Inn -- Berwyn, PA $ 68,034 $125,000 101.4% 115.7% 117.3% Residence Inn -- Danvers, MA $ 60,875 $113,542 140.7% 123.7% 174.0% Homewood Suites -- Midvale, UT $ 58,908 $ 89,796 106.5% 99.3% 105.7% Homewood Suites -- Plano, TX $ 55,434 $ 94,949 116.6% 99.1% 115.6% Homewood Suites -- Atlanta, GA (Cumberland) $ 40,806 $ 63,710 117.4% 95.1% 111.6% Residence Inn -- Memphis, TN $ 42,762 $ 68,571 82.2% 96.8% 79.5% Residence Inn -- Norcross, GA $ 28,708 $ 83,333 73.2% 102.7% 75.2% Homewood Suites -- Norcross, GA $ 35,641 $ 56,522 133.9% 97.8% 130.9% -------- TOTAL/WEIGHTED AVERAGE $ 97,947 $153,606 107.8% 107.6% 115.8% ======== * Based on HVS International Appraisals dated March 2007. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 32 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- ING EXTENDED STAY HOSPITALITY POOL FINANCIAL PERFORMANCE SUMMARY 2004 2005 ----------------------------- ----------------------------- PROPERTY NAME OCCUPANCY ADR REV PAR OCCUPANCY ADR REV PAR - ------------------------------------------------------------------------------------------------------ Residence Inn -- La Jolla, CA 83.1% $120.49 $100.13 81.2% $134.53 $109.21 Residence Inn Seattle East -- Redmond, WA 76.8% $141.09 $108.39 79.8% $145.53 $116.13 Residence Inn -- Long Beach, CA 82.6% $111.49 $ 92.06 82.5% $121.47 $100.15 Residence Inn -- Costa Mesa, CA 75.9% $112.57 $ 85.49 83.0% $127.35 $105.70 Residence Inn Pasadena -- Arcadia, CA 85.6% $125.00 $107.05 87.5% $138.83 $121.53 Residence Inn -- Irvine, CA 84.2% $114.95 $ 96.83 82.7% $125.81 $104.11 Homewood Suites -- Herndon, VA 82.3% $142.06 $116.97 78.1% $145.14 $113.36 Residence Inn Concord -- Pleasant Hill, CA 80.4% $109.61 $ 88.18 79.0% $117.73 $ 93.06 Residence Inn -- San Ramon, CA 71.6% $115.42 $ 82.65 79.5% $120.52 $ 95.78 Homewood Suites -- Linthicum Heights, MD 79.2% $112.08 $ 88.71 78.8% $115.73 $ 91.18 Residence Inn -- Saint Louis, MO 83.9% $ 94.48 $ 79.24 79.8% $ 97.79 $ 78.06 Residence Inn -- Bakersfield, CA 84.1% $ 95.73 $ 80.54 88.2% $102.11 $ 90.05 Residence Inn -- Boulder, CO 73.2% $108.93 $ 79.77 73.0% $113.09 $ 82.51 Residence Inn -- Hapeville, GA 82.7% $ 93.06 $ 76.98 85.6% $101.37 $ 86.73 Residence Inn Chicago -- Deerfield, IL 79.0% $ 90.41 $ 71.43 76.7% $104.09 $ 79.88 Homewood Suites -- Malvern, PA 77.9% $104.79 $ 81.59 83.6% $104.69 $ 87.52 Residence Inn -- Houston, TX 80.0% $ 92.73 $ 74.15 82.0% $ 97.87 $ 80.27 Residence Inn -- Santa Fe, NM 75.9% $ 94.24 $ 71.50 83.7% $ 92.94 $ 77.76 Residence Inn -- Placentia, CA 79.9% $ 91.05 $ 72.79 86.7% $ 97.69 $ 84.68 Homewood Suites -- Glen Allen, VA 74.9% $ 89.54 $ 67.06 68.1% $ 97.02 $ 66.03 Residence Inn -- Atlanta, GA 65.9% $ 97.15 $ 64.00 71.7% $104.31 $ 74.77 Homewood Suites -- Beaverton, OH 69.9% $ 77.84 $ 54.45 74.3% $ 81.25 $ 60.36 Residence Inn Cincinnati -- North -- Sharonville 76.9% $ 80.77 $ 62.14 76.5% $ 87.70 $ 67.07 Residence Inn -- Lombard, IL 77.2% $ 81.89 $ 63.25 73.9% $ 86.54 $ 63.94 Residence Inn -- Jacksonville, FL 79.9% $ 86.15 $ 68.83 86.5% $ 97.14 $ 84.05 Homewood Suites Dallas -- Irving, TX 75.3% $ 88.45 $ 66.58 76.0% $ 90.54 $ 68.77 Residence Inn Dallas -- Irving, TX 77.2% $ 87.33 $ 67.38 77.7% $ 92.85 $ 72.11 Homewood Suites -- Clearwater, FL 78.3% $ 93.17 $ 72.96 79.5% $ 98.52 $ 78.32 Residence Inn -- Boca Raton, FL 86.3% $ 83.13 $ 71.76 82.6% $ 83.39 $ 68.91 Residence Inn -- Clearwater, FL 81.7% $ 97.33 $ 79.55 80.7% $111.95 $ 90.34 Residence Inn -- Birmingham, AL 79.9% $ 79.09 $ 63.16 78.1% $ 91.97 $ 71.78 Residence Inn -- Smyrna, GA 66.6% $ 81.62 $ 54.36 77.7% $ 82.72 $ 64.30 Homewood Suites -- Addison, TX 73.1% $ 80.99 $ 59.24 72.8% $ 84.75 $ 61.66 Homewood Suites -- Chesterfield, MO 100.3% $ 59.08 $ 59.24 71.4% $ 83.12 $ 59.35 Residence Inn -- Montgomery, AL 86.9% $ 87.51 $ 76.04 82.9% $ 94.00 $ 77.90 Homewood Suites -- Atlanta, GA (Buckhead) 76.2% $101.18 $ 77.10 75.5% $105.60 $ 79.71 Residence Inn -- Chesterfield, MO 71.3% $ 84.54 $ 60.25 72.3% $ 85.11 $ 61.57 Residence Inn -- Blue Ash, OH 73.4% $ 86.03 $ 63.15 72.5% $ 90.87 $ 65.90 Residence Inn -- Berwyn, PA 60.0% $111.83 $ 67.09 52.5% $129.72 $ 68.09 Residence Inn -- Danvers, MA 78.8% $ 94.60 $ 74.55 80.0% $ 97.56 $ 78.01 Homewood Suites -- Midvale, UT 70.2% $ 81.17 $ 56.99 70.1% $ 39.35 $ 27.58 Homewood Suites -- Plano, TX 77.9% $ 80.56 $ 62.79 80.3% $ 84.12 $ 67.58 Homewood Suites -- Atlanta, GA (Cumberland) 68.6% $ 87.35 $ 59.89 71.6% $ 89.46 $ 64.01 Residence Inn -- Memphis, TN 64.6% $ 92.11 $ 59.49 70.1% $ 89.54 $ 62.78 Residence Inn -- Norcross, GA 65.5% $ 76.42 $ 50.07 66.4% $ 84.45 $ 56.05 Homewood Suites -- Norcross, GA 73.8% $ 74.12 $ 54.71 72.3% $ 74.79 $ 54.08 AVERAGE 77.2% $ 95.46 $ 73.71 77.5% $100.93 $ 78.54 2006 UNDERWRITTEN ----------------------------- ------------------------------ PROPERTY NAME OCCUPANCY ADR REV PAR OCCUPANCY ADR REV PAR - -------------------------------------- --------- ------- ------- --------- -------- ------- Residence Inn -- La Jolla, CA 79.9% $148.38 $118.55 79.9% $156.91 $125.37 Residence Inn Seattle East -- Redmond, WA 76.5% $167.23 $127.88 76.8% $179.49 $137.85 Residence Inn -- Long Beach, CA 74.6% $128.13 $ 95.64 79.0% $136.36 $107.72 Residence Inn -- Costa Mesa, CA 82.0% $140.31 $115.08 82.3% $151.92 $125.03 Residence Inn Pasadena -- Arcadia, CA 80.0% $148.93 $119.08 84.2% $157.58 $132.68 Residence Inn -- Irvine, CA 83.9% $140.42 $117.80 83.7% $152.87 $127.95 Homewood Suites -- Herndon, VA 80.5% $150.15 $120.88 81.6% $156.15 $127.42 Residence Inn Concord -- Pleasant Hill, CA 87.1% $124.21 $108.24 86.0% $135.35 $116.40 Residence Inn -- San Ramon, CA 82.2% $132.90 $109.28 82.2% $140.92 $115.88 Homewood Suites -- Linthicum Heights, MD 79.3% $118.77 $ 94.14 79.5% $123.41 $ 98.11 Residence Inn -- Saint Louis, MO 81.1% $108.97 $ 88.37 81.1% $114.19 $ 92.61 Residence Inn -- Bakersfield, CA 83.9% $110.20 $ 92.48 86.3% $117.55 $101.44 Residence Inn -- Boulder, CO 76.4% $118.12 $ 90.26 75.1% $124.94 $ 93.83 Residence Inn -- Hapeville, GA 79.8% $111.91 $ 89.26 83.8% $115.26 $ 96.59 Residence Inn Chicago -- Deerfield, IL 77.5% $114.61 $ 88.84 77.5% $118.41 $ 91.77 Homewood Suites -- Malvern, PA 86.9% $106.82 $ 92.87 87.8% $112.67 $ 98.92 Residence Inn -- Houston, TX 81.3% $107.11 $ 87.13 81.3% $113.83 $ 92.54 Residence Inn -- Santa Fe, NM 68.7% $102.42 $ 70.35 81.0% $119.64 $ 96.91 Residence Inn -- Placentia, CA 81.7% $106.06 $ 86.66 82.2% $112.19 $ 92.22 Homewood Suites -- Glen Allen, VA 74.0% $ 98.89 $ 73.15 74.0% $ 98.89 $ 73.15 Residence Inn -- Atlanta, GA 74.1% $109.87 $ 81.43 76.1% $113.01 $ 86.00 Homewood Suites -- Beaverton, OH 79.0% $ 89.17 $ 70.48 78.4% $ 93.84 $ 73.57 Residence Inn Cincinnati -- North -- Sharonville 78.6% $ 90.87 $ 71.40 78.0% $ 93.94 $ 73.27 Residence Inn -- Lombard, IL 76.9% $ 95.36 $ 73.35 74.5% $106.55 $ 79.38 Residence Inn -- Jacksonville, FL 77.8% $105.43 $ 82.06 80.5% $109.39 $ 88.06 Homewood Suites Dallas -- Irving, TX 78.8% $ 94.80 $ 74.69 79.4% $100.17 $ 79.53 Residence Inn Dallas -- Irving, TX 72.1% $106.36 $ 76.65 75.9% $113.35 $ 86.03 Homewood Suites -- Clearwater, FL 77.7% $103.90 $ 80.76 77.7% $103.90 $ 80.76 Residence Inn -- Boca Raton, FL 70.6% $102.41 $ 72.35 73.0% $111.76 $ 81.58 Residence Inn -- Clearwater, FL 79.6% $115.19 $ 91.70 80.9% $123.25 $ 99.71 Residence Inn -- Birmingham, AL 72.8% $ 94.94 $ 69.14 75.8% $ 98.96 $ 75.01 Residence Inn -- Smyrna, GA 75.6% $ 88.14 $ 66.67 78.3% $ 95.40 $ 74.70 Homewood Suites -- Addison, TX 74.6% $ 92.03 $ 68.62 75.2% $ 95.37 $ 71.72 Homewood Suites -- Chesterfield, MO 69.7% $ 84.07 $ 58.57 69.7% $ 84.07 $ 58.56 Residence Inn -- Montgomery, AL 77.9% $ 94.58 $ 73.67 80.5% $102.84 $ 82.78 Homewood Suites -- Atlanta, GA (Buckhead) 75.2% $112.54 $ 84.62 76.0% $118.93 $ 90.38 Residence Inn -- Chesterfield, MO 77.0% $ 94.04 $ 72.40 77.0% $ 97.37 $ 74.97 Residence Inn -- Blue Ash, OH 73.6% $ 95.54 $ 70.30 74.6% $100.34 $ 74.85 Residence Inn -- Berwyn, PA 69.2% $127.08 $ 87.95 69.2% $128.56 $ 88.96 Residence Inn -- Danvers, MA 79.9% $103.44 $ 82.66 81.5% $107.92 $ 87.95 Homewood Suites -- Midvale, UT 75.0% $ 90.22 $ 67.64 75.4% $ 93.73 $ 70.67 Homewood Suites -- Plano, TX 78.0% $ 96.79 $ 75.49 78.0% $ 96.79 $ 75.48 Homewood Suites -- Atlanta, GA (Cumberland) 67.3% $ 94.76 $ 63.73 72.5% $ 97.88 $ 70.96 Residence Inn -- Memphis, TN 67.5% $ 95.33 $ 64.39 67.5% $100.43 $ 67.84 Residence Inn -- Norcross, GA 66.2% $ 87.17 $ 57.67 67.4% $ 92.26 $ 62.18 Homewood Suites -- Norcross, GA 78.2% $ 79.59 $ 62.25 79.9% $ 82.50 $ 65.92 AVERAGE 77.0% $109.31 $ 84.49 78.2% $115.24 $ 90.55 This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 33 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "ING Hospitality Pool Loan") is secured by a first mortgage encumbering the borrowers' fee or leasehold interests in 46 extended stay hotels. The ING Hospitality Pool Loan represents approximately 7.4% of the Cut-Off Date Pool Balance. The ING Hospitality Pool Loan was originated on May 23, 2007, and has a principal balance as of the Cut-Off Date of $283,850,000. The ING Hospitality Pool Loan, which is evidenced by a pari passu note, dated May 23, 2007, is a portion of a whole loan with an original principal balance of $567,700,000. The other loan related to the ING Hospitality Pool Loan is evidenced by a separate note, dated May 23, 2007 (the "ING Hospitality Pool Pari Passu Loan" and together with the ING Hospitality Pool Loan, the "ING Hospitality Pool Whole Loan"), with an original principal balance of $283,850,000. The ING Hospitality Pool Pari Passu Loan will not be an asset of the Trust Fund. The ING Hospitality Pool Loan and the ING Hospitality Pool Pari Passu Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans". The ING Hospitality Pool Loan provides for interest-only payments for the entire loan term. The ING Hospitality Pool Loan has a remaining term of 60 months and matures on June 11, 2012. The ING Hospitality Pool Loan may be prepaid at any time through and including December 11, 2011 with payment of the greater of yield maintenance or 1.0% of the prepaid amount. o THE BORROWERS. The borrowers consist of 13 special purpose entities. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the ING Hospitality Pool Loan. The sponsor of the borrowers is ING Clarion Partners ("ING Clarion") through its affiliate Lion ES Hotels, LP. ING Clarion Partners is a subsidiary of ING Insurance Americas ("ING Insurance"). ING Clarion Partners, founded in 1982, and its affiliates manage more than $45 billion is assets in the private equity, public equity and public debt sectors of the real estate markets. ING Clarion Partners has more than 600 employees located in major markets throughout the United States. ING Insurance Americas offers individual, business and institutional customers financial products and services in insurance, investment, asset management and internet banking. ING Group ("ING Group"), the company's parent, employs more than 112,000 employees and provides banking, insurance and asset management to more than 60 million clients in more than 60 countries. As of June 9, 2007, ING Group was rated "AA--" (Fitch), "Aa2" (Moody's), and "AA" (S&P). o THE PROPERTIES. The Mortgaged Properties consist of 46 extended stay hotels containing, in the aggregate, approximately 5,796 rooms located throughout 18 states. Based on the trailing 12-month period ending December 2006, the average occupancy rate for the Mortgaged Properties securing the ING Hospitality Pool Loan was approximately 77.0%. o SUBSTITUTION. The borrowers may substitute properties of like kind and quality subject to certain criteria, including but not limited to (i) substitution with a comparable franchise flag and management, (ii) the aggregate of all substituted properties following such substitution cannot exceed 30% of the mortgaged property as constituted on the date of origination nor shall the aggregate allocated loan amounts for the substituted properties following any substitution exceed fifty percent (50%) of the original principal amount of the mortgage loan, (iii) the appraisal of the substitute property indicates an appraised value at least equal to or greater than the appraised value of the substituted property, (iv) the substitute Mortgaged Property having a debt yield equal to or greater than the substituted Mortgaged Property's debt yield at origination and (v) lender receipt of a no downgrade letter from the Rating Agencies. o RELEASE. The release of an individual Mortgaged Property will be permitted subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including (i) a prepayment premium equal to the greater of 1.0% or yield maintenance, (ii) loan repayment in the amount of the Release Premium, (iii) a debt yield of not less than 11.5% on the remaining properties and (iv) lender receipt of a no-downgrade confirmation from the rating agencies where the partial release would result in the then outstanding Mortgage Loan balance being reduced by more than 15%. The Release Premium is 100% for the first 0-35% of the original loan amount being pre-paid, 105% for the next 36-50% of the original loan amount being pre-paid and 110% for the final 51-100% of the original loan amount being pre-paid. o LOCKBOX ACCOUNT. At the lender's election, but only at a time during which the Mortgaged Property is not managed by a Qualified Manager (as defined in the Mortgage Loan documents) or an event of default under the Mortgage Loan documents exists, all revenue from the Mortgaged Properties will be deposited into a mortgagee-designated lockbox. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 34 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ING HOSPITALITY POOL - -------------------------------------------------------------------------------- o MANAGEMENT. The Mortgaged Properties secured by Residence Inn hotels are managed by Residence Inn by Marriott, LLC, an affiliate of Marriott International, Inc. ("Marriott International"). Established in 1971 and headquartered in Washington, D.C., Marriott International engages in the operation and franchising of hotels and related lodging facilities worldwide. Marriott International operates in the full service, select-service, extended stay, timeshare and synthetic fuel industry segments. As of January 3, 2007, the company operated or franchised approximately 2,800 lodging properties. The Mortgaged Properties secured by Homewood Suites hotels are managed by Promus Hotels, Inc., an affiliate of Hilton Hotels Corporation ("Hilton Hotels"). Established in 1946 and headquartered in Beverly Hills, California, Hilton Hotels engages in the ownership, management and development of hotels, resorts and timeshare properties in the United States and internationally. It operates full service, limited service and extended stay hotels in urban, airport, resort and suburban locations. As of March 31, 2007, Hilton Hotels had approximately 2,838 hotels and approximately 483,090 rooms. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 35 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 36 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 37 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 38 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $221,250,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Developers Diversified Realty Corporation TYPE OF SECURITY Various PARTIAL RELEASE(1) Yes MORTGAGE RATE 5.600% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX None UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE(2) Springing REPLACEMENT(3) Springing ADDITIONAL FINANCING(4) Pari Passu Debt $663,750,000 PARI PASSU NOTES(5) ------------ CUT-OFF DATE BALANCE $885,000,000 CUT-OFF DATE BALANCE/SF $121 CUT-OFF DATE LTV 63.5% MATURITY DATE LTV 63.5% UW DSCR ON NCF 1.51x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 52 LOCATION Various PROPERTY TYPE Retail -- Anchored SIZE (SF) 7,297,943 OCCUPANCY AS OF VARIOUS 95.9% YEAR BUILT / YEAR RENOVATED Various APPRAISED VALUE $1,393,500,000 PROPERTY MANAGEMENT Developers Diversified Realty Corporation UW ECONOMIC OCCUPANCY 95.9% UW REVENUES $119,771,771 UW TOTAL EXPENSES $39,393,196 UW NET OPERATING INCOME (NOI) $80,378,575 UW NET CASH FLOW (NCF) $74,964,784 - -------------------------------------------------------------------------------- (1) The DDR Southeast Pool Loan permits partial release of certain properties comprising the Mortgaged Property under certain circumstances. See "Release" below. (2) Ongoing monthly deposits of one-twelfth of the amount of annual real estate taxes and one-twelfth of the amount of annual insurance premiums to the Tax/Insurance Reserve will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (3) Ongoing deposits of $0.15 per square foot each month to the Replacement Reserve will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (4) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.10x, (ii) the aggregate loan-to-value ratio shall not exceed 75.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. (5) LTV Ratios, DSC Ratio and Cut-Off Date Balance/SF were derived from the aggregate indebtedness of, or scheduled debt service due in connection with, the DDR Southeast Pool and the DDR Southeast Pool Companion Loans. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 39 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL SUMMARY ALLOCATED NET CUT-OFF DATE YEAR BUILT/ RENTABLE PROPERTY NAME LOCATION BALANCE RENOVATED AREA - ------------------------------------------------------------------------------------------------------------ Hilltop Plaza ........................ Richmond, CA $ 9,527,500 1997 / NA 245,774 Largo Town Center .................... Largo, MD 9,067,500 1991 / NA 260,797 Midway Plaza ......................... Tamarac, FL 8,652,500 1990 / NA 227,209 Riverstone Plaza ..................... Canton, GA 8,495,000 1998 / NA 307,716 Highland Grove ....................... Highland, IN 8,382,500 1996 / NA 312,546 Riverdale Shops ...................... West Springfield, MA 8,082,500 1985 / 2003 273,307 Skyview Plaza ........................ Orlando, FL 7,382,500 1994 / 1998 281,244 Apple Blossom Corners ................ Winchester, VA 7,305,000 1999 / 2004 240,560 Fayettville Pavilion ................. Fayetteville, NC 7,000,000 1998 / NA 272,385 Creekwood Crossing ................... Bradenton, FL 6,667,500 2001 / NA 227,085 Flamingo Falls ....................... Pembroke Pines, FL 6,272,500 2001 / NA 108,565 Harundale Plaza ...................... Glen Burnie, MD 6,177,500 1999 / NA 217,619 Meadowmont Village Center ............ Chapel Hill, NC 6,132,500 2002 / NA 132,745 Springfield Commons .................. Toledo, OH 6,017,500 1999 / 2000 271,729 Northlake Commons .................... Palm Beach Gardens, FL 5,275,000 1987 / 2003 149,658 Village Square at Golf ............... Boynton Beach, FL 4,937,500 1983 / 2002 126,486 Oviedo Park Crossing ................. Oviedo, FL 4,922,500 1999 / 2004 186,212 Shoppes of Golden Acres .............. New Port Richey, FL 4,787,500 2002 / NA 130,609 Bardmoor Shopping Center ............. Largo, FL 4,762,500 1981 / NA 152,667 Rosedale Shopping Center ............. Huntersville, NC 4,382,500 2000 / NA 119,197 Casselberry Commons .................. Casselberry, FL 4,325,000 1973 / 1998 243,176 Shoppes at New Tampa ................. Wesley Chapel, FL 4,200,000 2002 / NA 158,222 Crossroads Plaza ..................... Lumberton, NJ 3,762,500 2003 / NA 89,627 Plaza Del Paraiso .................... Miami, FL 3,360,000 2003 / NA 82,441 North Pointe Plaza ................... Tampa, FL 3,335,000 1990 / 2004 104,460 Melbourne Shopping Center ............ Melbourne, FL 3,335,000 1959 / NA 204,216 Market Square (DDR) .................. Douglasville, GA 3,175,000 1974 / 1990 121,766 Shoppes of Lithia .................... Valrico, FL 3,150,000 2003 / NA 71,430 West Oaks Towne Center ............... Ocoee, FL 3,095,000 2001 / 2004 66,539 Sharon Greens ........................ Cumming, GA 3,017,500 2001 / NA 98,317 Lakewood Ranch ....................... Bradenton, FL 3,000,000 2001 / NA 69,471 Cofer Crossing ....................... Tucker, GA 2,985,000 1999 / NA 137,757 Clayton Corners ...................... Clayton, NC 2,937,500 1999 / NA 125,653 Clearwater Crossing .................. Flowery Branch, GA 2,875,000 2003 / NA 90,566 Shops at Paradise Pointe ............. Fort Walton Beach, FL 2,765,000 1987 / 2000 83,929 Killearn Center ...................... Tallahassee, FL 2,762,500 1980 / NA 95,229 Conway Plaza ......................... Orlando, FL 2,700,000 1985 / 1999 117,723 River Run Shopping Center ............ Miramar, FL 2,652,500 1989 / NA 93,643 Aberdeen Square ...................... Boynton Beach, FL 2,540,000 1990 / NA 70,555 Derby Square ......................... Grove City, OH 2,477,500 1989 / NA 128,210 Chickasaw Trails Shopping Center ..... Orlando, FL 2,477,500 1994 / NA 75,492 Shoppes at Lake Dow .................. McDonough, GA 2,342,500 2002 / NA 73,271 Shoppes of Ellenwood ................. Ellenwood, GA 2,230,000 2003 / NA 67,721 Shops at Oliver's Crossing ........... Winston Salem, NC 2,142,500 2002 / NA 76,512 Southwood Village Shopping Center ............................. Tallahassee, FL 2,127,500 2003 / NA 62,840 Paraiso Plaza ........................ Hialeah, FL 2,117,500 1997 / NA 60,712 Sheridan Square ...................... Dania, FL 2,062,500 1991 / NA 67,475 Countryside Shopping Center .......... Naples, FL 1,905,000 1997 / NA 73,986 Shoppes of Citrus Hills .............. Hernando, FL 1,905,000 1994 / NA 68,927 Crystal Springs Shopping Center ...... Crystal River, FL 1,872,500 1994 / NA 66,986 Sexton Commons ....................... Fuquay Varina, NC 1,785,000 2002 / NA 49,097 Hairston Crossing .................... Decatur, GA 1,602,500 2002 / NA 57,884 ------------ --------- TOTAL/WEIGHTED AVERAGE $221,250,000 7,297,943 ============ ========= ALLOCATED CUT-OFF DATE UNDERWRITTEN APPRAISED BALANCE UW NET APPRAISED VALUE PROPERTY NAME PER SF* OCCUPANCY OCCUPANCY CASH FLOW VALUE PER SF - ----------------------------------------------------------------------------------------------------------------------- Hilltop Plaza ........................ $155 97.7% 97.5% $ 3,254,062 $ 60,000,000 $244 Largo Town Center .................... $139 96.2% 96.1% 2,983,928 57,100,000 $219 Midway Plaza ......................... $152 97.7% 97.8% 2,605,612 54,500,000 $240 Riverstone Plaza ..................... $110 94.2% 92.8% 2,849,278 53,500,000 $174 Highland Grove ....................... $107 98.8% 98.3% 3,080,036 52,800,000 $169 Riverdale Shops ...................... $118 90.7% 92.7% 2,603,536 50,900,000 $186 Skyview Plaza ........................ $105 98.7% 98.2% 2,360,522 46,500,000 $165 Apple Blossom Corners ................ $121 99.5% 99.3% 2,241,995 46,000,000 $191 Fayettville Pavilion ................. $103 100.0% 100.0% 2,745,418 40,000,000 $147 Creekwood Crossing ................... $117 100.0% 100.0% 2,046,231 42,000,000 $185 Flamingo Falls ....................... $231 98.6% 98.9% 2,162,758 39,500,000 $364 Harundale Plaza ...................... $114 100.0% 100.0% 2,284,906 38,900,000 $179 Meadowmont Village Center ............ $185 92.8% 94.1% 2,388,833 35,000,000 $264 Springfield Commons .................. $ 89 99.3% 99.1% 2,410,318 37,900,000 $139 Northlake Commons .................... $141 72.7% 82.0% 1,663,965 40,500,000 $271 Village Square at Golf ............... $156 92.3% 93.5% 1,486,528 31,100,000 $246 Oviedo Park Crossing ................. $106 100.0% 100.0% 1,647,125 31,000,000 $166 Shoppes of Golden Acres .............. $147 89.8% 90.2% 1,503,785 31,800,000 $243 Bardmoor Shopping Center ............. $125 98.5% 98.2% 1,597,905 30,000,000 $197 Rosedale Shopping Center ............. $147 98.3% 98.2% 1,720,380 27,600,000 $232 Casselberry Commons .................. $ 71 84.7% 83.4% 1,144,651 37,700,000 $155 Shoppes at New Tampa ................. $106 93.7% 94.6% 1,433,139 24,000,000 $152 Crossroads Plaza ..................... $168 100.0% 100.0% 1,467,579 21,500,000 $240 Plaza Del Paraiso .................... $163 100.0% 100.0% 1,023,505 19,200,000 $233 North Pointe Plaza ................... $128 96.2% 95.8% 1,005,755 21,000,000 $201 Melbourne Shopping Center ............ $ 65 98.5% 98.2% 965,314 21,000,000 $103 Market Square (DDR) .................. $104 89.3% 93.3% 1,265,311 20,000,000 $164 Shoppes of Lithia .................... $176 100.0% 100.0% 1,100,600 18,000,000 $252 West Oaks Towne Center ............... $186 95.2% 94.2% 1,024,459 19,500,000 $293 Sharon Greens ........................ $123 96.3% 96.1% 1,097,205 19,000,000 $193 Lakewood Ranch ....................... $173 96.7% 97.1% 922,830 18,900,000 $272 Cofer Crossing ....................... $ 87 96.4% 94.8% 1,050,441 18,800,000 $136 Clayton Corners ...................... $ 94 92.3% 92.1% 1,147,357 18,500,000 $147 Clearwater Crossing .................. $127 96.9% 96.2% 1,019,035 18,100,000 $200 Shops at Paradise Pointe ............. $132 96.8% 96.6% 954,995 15,800,000 $188 Killearn Center ...................... $116 97.8% 97.3% 819,071 17,400,000 $183 Conway Plaza ......................... $ 92 100.0% 100.0% 915,615 17,000,000 $144 River Run Shopping Center ............ $113 97.9% 97.6% 954,616 16,700,000 $178 Aberdeen Square ...................... $144 97.3% 96.7% 739,001 16,000,000 $227 Derby Square ......................... $ 77 87.1% 86.9% 895,014 15,600,000 $122 Chickasaw Trails Shopping Center ..... $131 93.3% 92.0% 736,595 15,600,000 $207 Shoppes at Lake Dow .................. $128 88.8% 88.5% 742,227 14,750,000 $201 Shoppes of Ellenwood ................. $132 94.3% 93.2% 812,970 14,050,000 $207 Shops at Oliver's Crossing ........... $112 96.3% 96.5% 842,680 13,500,000 $176 Southwood Village Shopping Center ............................. $135 98.1% 98.1% 766,910 13,400,000 $213 Paraiso Plaza ........................ $140 100.0% 100.0% 741,633 12,100,000 $199 Sheridan Square ...................... $122 96.2% 95.7% 497,588 13,700,000 $203 Countryside Shopping Center .......... $103 100.0% 100.0% 721,809 12,000,000 $162 Shoppes of Citrus Hills .............. $111 100.0% 100.0% 603,747 12,000,000 $174 Crystal Springs Shopping Center ...... $112 100.0% 100.0% 651,099 11,800,000 $176 Sexton Commons ....................... $145 100.0% 100.0% 715,655 10,200,000 $208 Hairston Crossing .................... $111 95.6% 92.8% 549,260 10,100,000 $174 ----------- -------------- TOTAL/WEIGHTED AVERAGE $121 95.9% 96.0% $74,964,784 $1,393,500,000 $191 =========== ============== * With respect to each Mortgage Loan, unless otherwise specified, the calculation of Allocated Cut-Off Date Balance per square foot is based on the aggregate indebtedness of or debt service on, as applicable, the Mortgage Loan and the related pari passu companion loan(s), but not any related subordinate companion loan or future pari passu companion loan. The sum of aggregate percentage calculations may not equal 100% due to rounding. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 40 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS(1) NET RENTABLE AREA RENTABLE TENANT FITCH/MOODY'S/S&P (SF) AREA - -------------------------------------------------------------------------- MAJOR TENANTS Publix NR/NR/NR 1,250,475 17.1% Kohl's A/A3/A-- 354,613 4.9 Beall's NR/NR/NR 217,669 3.0 Ross Dress for Less NR/NR/BBB 189,234 2.6 Kroger BBB/Baa2/BBB-- 173,210 2.4 Harris Teeter NR/Ba3/NR 127,676 1.7 Circuit City NR/NR/NR 99,993 1.4 K-Mart BB/Ba1/BB+ 95,810 1.3 Office Max NR/Ba3/B+ 93,995 1.3 Michael's NR/B2/B-- 92,642 1.3 --------- ----- TOTAL MAJOR TENANTS 2,695,317 36.9% NON-MAJOR TENANTS 4,305,721 59.0 --------- ----- OCCUPIED TOTAL 7,001,038 95.9% VACANT SPACE 296,905 4.1 --------- ----- PROPERTY TOTAL 7,297,943 100.0% ========= ===== % OF TOTAL ANNUAL TENANT BASE RENT PSF ANNUAL BASE RENT BASE RENT LEASE EXPIRATION - ---------------------- ------------- ---------------- ----------------- ---------------- MAJOR TENANTS Publix $ 8.37 $10,464,888 12.3% 29 Spaces(2) Kohl's $ 7.94 2,815,233 3.3 4 Spaces(3) Beall's $ 7.60 1,655,343 1.9 8 Spaces(4) Ross Dress for Less $ 9.08 1,718,313 2.0 7 Spaces(5) Kroger $ 6.30 1,091,648 1.3 3 Spaces(6) Harris Teeter $12.86 1,641,798 1.9 3 Spaces(7) Circuit City $12.90 1,289,684 1.5 3 Spaces(8) K-Mart $ 2.83 271,142 0.3 July 2009 Office Max $11.52 1,082,377 1.3 4 Spaces(9) Michael's $10.07 932,916 1.1 4 Spaces(10) ----------- ----- TOTAL MAJOR TENANTS $ 8.52 $22,963,343 27.0% NON-MAJOR TENANTS $14.42 62,079,837 73.0 ----------- ----- OCCUPIED TOTAL $12.15 $85,043,180 100.0% =========== ===== VACANT SPACE PROPERTY TOTAL (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, approximately 42,112 square feet expire in April 2008, approximately 39,795 square feet expire in November 2008, approximately 42,968 square feet expire in February 2009, approximately 48,890 square feet expire in August 2010, approximately 48,555 square feet expire in October 2010, approximately 42,112 square feet expire in April 2011, approximately 65,537 square feet expire in July 2011, approximately 109,181 square feet expire in November 2011, approximately 35,930 square feet expire in May 2012, approximately 47,813 square feet expire in February 2014, approximately 47,814 square feet expire in April 2014, approximately 37,912 square feet expire in March 2017, approximately 51,420 square feet expire in February 2018, approximately 37,888 square feet expire in October 2019, approximately 27,887 square feet expire in December 2019, approximately 44,271 square feet expire in June 2021, approximately 44,271 square feet expire in September 2021, approximately 44,271 square feet expire in October 2021, approximately 44,271 square feet expire in March 2022, approximately 98,650 square feet expire in October 2022, approximately 44,271 square feet expire in December 2022, approximately 61,166 square feet expire in May 2023, approximately 54,379 square feet expire in July 2023, approximately 44,271 square feet expire in August 2023 and approximately 44,840 square feet expire in September 2023. (3) Under the terms of multiple leases, approximately 98,037 square feet expire in January 2016, approximately 84,000 square feet expire in January 2018, approximately 86,584 square feet expire in February 2019 and approximately 85,992 square feet expire in January 2024. (4) Under the terms of multiple leases, approximately 12,000 square feet expire in April 2008, approximately 24,000 square feet expire in April 2010, approximately 13,845 square feet expire in October 2011, approximately 15,724 square feet expire in April 2012, approximately 30,000 square feet expire in April 2014, approximately 66,700 square feet expire in April 2016 and approximately 55,400 square feet expire in April 2017. (5) Under the terms of multiple leases, approximately 29,997 square feet expire in January 2010, approximately 126,395 square feet expire in January 2013 and approximately 32,842 square feet expire in January 2014. (6) Under the terms of multiple leases, approximately 64,905 square feet expire in March 2019, approximately 54,139 square feet expire in October 2021 and approximately 54,166 square feet expire in September 2023. (7) Under the terms of multiple leases, approximately 46,750 square feet expire in August 2020, approximately 36,000 square feet expire in August 2021 and approximately 44,926 square feet expire in April 2022. (8) Under the terms of multiple leases, approximately 33,000 square feet expire in October 2008, approximately 28,010 square feet expire in January 2016 and approximately 38,983 square feet expire in January 2017. (9) Under the terms of multiple leases, approximately 22,956 square feet expire in November 2011, approximately 24,239 square feet expire in January 2012, approximately 23,350 square feet expire in April 2012 and approximately 23,450 square feet expire in June 2014. (10) Under the terms of multiple leases, approximately 47,572 square feet expire in February 2009, approximately 23,764 square feet expire in February 2010 and approximately 21,306 square feet expire in February 2012. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ----------------------------------------------------------------------------------------------------------------------------------- 2007 85 $17.15 190,203 2.6% 2.6% 3.8% 3.8% 2008 234 $14.93 690,353 9.5% 12.1% 12.1% 16.0% 2009 200 $11.49 782,091 10.7% 22.8% 10.6% 26.5% 2010 184 $13.45 782,706 10.7% 33.5% 12.4% 38.9% 2011 177 $13.30 866,742 11.9% 45.4% 13.6% 52.4% 2012 124 $16.30 432,038 5.9% 51.3% 8.3% 60.7% 2013 37 $12.13 291,128 4.0% 55.3% 4.2% 64.9% 2014 23 $10.62 328,985 4.5% 59.8% 4.1% 69.0% 2015 12 $ 8.25 156,726 2.1% 61.9% 1.5% 70.5% 2016 19 $ 9.99 474,075 6.5% 68.4% 5.6% 76.1% 2017 12 $10.26 339,671 4.7% 73.1% 4.1% 80.2% Thereafter 45 $10.12 1,666,320 22.8% 95.9% 19.8% 100.0% Vacant 0 NA 296,905 4.1% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 41 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "DDR Southeast Pool Loan") is secured by first mortgages encumbering the borrower's fee or leasehold interest in 52 retail properties consisting of approximately 7,297,943 square feet located throughout the southeastern portion of the United States. The DDR Southeast Pool Loan represents approximately 5.7% of the Cut-Off Date Pool Balance. The DDR Southeast Pool Loan was originated on June 7, 2007, and has a principal balance as of the Cut-Off Date of $221,250,000. The DDR Southeast Pool Loan, which is evidenced by a pari passu note, dated June 7, 2007, is a portion of a whole loan with an original principal balance of $885,000,000. The other loans related to the DDR Southeast Pool Loan are evidenced by separate pari passu notes, dated June 7, 2007 (the "DDR Southeast Pool Pari Passu Companion Loans" and together with the DDR Southeast Pool Loan, the "DDR Southeast Pool Whole Loan"), with an aggregate original principal balance of $663,750,000. The DDR Southeast Pool Pari Passu Companion Loans will not be assets of the Trust Fund. The DDR Southeast Pool Loan and DDR Southeast Pool Pari Passu Companion Loans are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement as described under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lenders" in the Prospectus Supplement. The DDR Southeast Pool Loan provides for interest-only payments for its entire loan term. The DDR Southeast Pool Loan has a remaining term of 120 months and matures on June 11, 2017. The DDR Southeast Pool Loan may be prepaid on or after June 11, 2009 with the payment of the greater of a yield maintenance charge or 1.0% of the prepaid amount. The DDR Southeast Pool Loan may be prepaid without penalty on or after December 11, 2016. o THE BORROWERS. The borrowers are each special purpose entities that own title to each of the properties. Each borrower is a 100% owned subsidiary of a joint venture between Developers Diversified Realty Corporation ("DDR") (20%) as managing member and a syndicate of Institutional Investors (80%), of which Ohio State Teachers Retirement System is the largest investor. DDR is a publicly traded REIT engaged in acquiring, developing, owning, leasing and managing shopping centers. DDR owns and manages approximately 800 retail centers across the United States totaling approximately 162 million square feet. As of June 9, 2007, DDR was rated "BBB" (Fitch), "Baa3" (Moody's) and "BBB" (S&P). DDR has a market capitalization of approximately $8.0 billion. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the DDR Southeast Pool Loan. o THE PROPERTIES. The Mortgaged Properties consist of 52 retail properties located throughout the southeastern portion of the United States. As of May 31, 2006 or June 4, 2006, as applicable, the occupancy rate for the Mortgaged Properties securing the DDR Southeast Pool Loan was approximately 95.9%. The Mortgaged Properties contain, in the aggregate, approximately 7,297,943 square feet of retail space. o MEZZANINE DEBT. The sponsor is permitted to incur future mezzanine indebtedness subject to the following conditions: (i) the total LTV ratio does not exceed 75.0%, (ii) the debt service coverage does not fall below 1.10x, (iii) the mezzanine lender meets a pre-determined definition of "qualified lender", (iv) the borrower must deliver a no-downgrade confirmation (v) the mezzanine lender shall enter into a form of intercreditor agreement and (vi) certain other conditions as specified in the related Mortgage Loan documents. o RELEASE. The release of an individual Mortgage Property will be permitted subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including, but not limited to (i) no event of default shall have occurred and is continuing, (ii) a release price of (a) for releases of up to and including 35% of the initial principal loan balance, 100% of the allocated loan amount of the property, (b) for releases between 36% and 50% of the initial principal loan balance, 105% of the allocated loan amount of the property and (c) for releases greater than 50% of the initial principal loan balance, 110% of the allocated loan amount of the property, (iii) a minimum DSC ratio of (a) for releases of up to and including 50% of the aggregate initial principal loan balance, 1.20x and (b) for releases greater than 50% of the aggregate initial principal loan balance, the greater of (x) the DSC ratio of the mortgaged properties immediately prior to the release, up to 1.35x and (y) 1.20x, and (iv) a maximum LTV ratio of (a) for releases of up to and including 50% of the aggregate initial principal loan balance, 70% and (b) for releases greater than 50% of the aggregate initial principal loan balance, the lesser of (x) the LTV ratio of the mortgaged properties immediately prior to the release, but less than 60% and (y) 70%. o SUBSTITUTION. The borrowers may substitute properties of like kind and quality subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including, but not limited to (i) no event of default exists under the related Mortgage Loan documents, (ii) the aggregate value of all Mortgaged Properties released (through one or more This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 42 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR SOUTHEAST POOL - -------------------------------------------------------------------------------- substitutions) during the term of the loan shall not exceed 50% of the value of the entire pool of Mortgaged Properties, (iii) the borrowers deliver certain legal opinions from counsel concluding that the substitution will not adversely affect or impair the ability of the lender to enforce its remedies under all loan documents, (iv) the mortgagee receives and approves all necessary property level due diligence with respect to the new Mortgaged Property (including, but not limited to, appraisals, building conditions reports, environmental site assessments, seismic reports and title insurance policies.), (v) a minimum DSC ratio of 1.20x for the remaining Mortgage Loans and (vi) an LTV ratio of the substitute property not greater than 70.0%. o LOCKBOX ACCOUNT. The Mortgage Loan documents do not require a lockbox account. o MANAGEMENT. DDR is the managing member of the joint venture owner of the borrowers and is also the property manager for the Mortgaged Properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 43 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 44 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TWO HERALD SQUARE - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 45 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TWO HERALD SQUARE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 46 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TWO HERALD SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $200,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 5.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Ralph Sitt TYPE OF SECURITY(1) Leasehold MORTGAGE RATE 5.920% MATURITY DATE April 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 118 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $102,750 GROUND LEASE(2) $750,000 TI/LC(3) $3,000,000 DEBT SERVICE(4) $11,000,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $35,904 ADDITIONAL FINANCING(5) B-Note $50,000,000 TRUST WHOLE MORTGAGE ASSET LOAN ------------ -------------- CUT-OFF DATE BALANCE $200,000,000 $250,000,000 CUT-OFF DATE BALANCE/SF $564 $706 CUT-OFF DATE LTV 66.7% 83.3% MATURITY DATE LTV 66.7% 83.3% UW DSCR ON NCF(6) 1.25x 1.00x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Mixed Use -- Office/Retail SIZE (SF) 354,298 OCCUPANCY AS OF DECEMBER 11, 2006 99.3% YEAR BUILT / YEAR RENOVATED 1909 / 2005 APPRAISED VALUE $300,000,000 PROPERTY MANAGEMENT Sitt Asset Management LLC UW ECONOMIC OCCUPANCY 99.0% UW REVENUES $32,095,918 UW TOTAL EXPENSES $17,291,686 UW NET OPERATING INCOME (NOI) $14,804,232 UW NET CASH FLOW (NCF)(6) $14,768,802 - -------------------------------------------------------------------------------- (1) The Mortgaged Property is subject to a ground lease with a 70-year term with no extension options, and Sitt 2 Herald LLC is the lessee under such ground lease. The base rent payable by the lessee under the ground lease is $750,000 per month for the first five years of the term and increases by 25% in year six, then increases annually by 2.5% every year thereafter to $1,324,663 per month in the 20th year of the lease. After the 20th year of the lease, base rent will be adjusted on the first day of each of the 21st, 31st, 41st, 51st and 61st lease years of the term, to the greater of 1.025 times the preceding year's rent, or 5% of the fair market value. The percentage rent payable under the ground lease is 10% of the amount by which annual adjusted operating revenue exceeds $25,000,000. (2) Upon an event of default, the mortgagee may apply the Ground Lease Reserve established at closing to the pre-payment of the Mortgage Loan pursuant to the Mortgage Loan documents. (3) The TI/LC Reserve was established at closing for tenant improvement and leasing commissions associated with the 4th and 5th floor. (4) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. (5) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.20x, (ii) the aggregate loan-to-value ratio shall not exceed 80.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. (6) The UW NCF was derived based on certain assumptions, including that leases during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR for the Trust Asset is 0.75x and the whole Mortgage Loan is 0.60x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 47 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TWO HERALD SQUARE - -------------------------------------------------------------------------------- TENANT SUMMARY NET % OF NET % OF TOTAL RATINGS* RENTABLE RENTABLE BASE ANNUAL ANNUAL BASE LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA RENT PSF BASE RENT RENT EXPIRATION - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR TENANTS Publicis ..................... NR/Baa2/BBB+ 119,502 33.7% $ 46.66 $ 5,575,982 25.5% August 2016 H&M Hennes & Mauritz ......... NR/NR/NR 71,000 20.0 $103.28 7,332,630 33.6 January 2016 Mercy College ................ NR/NR/NR 55,000 15.5 $ 46.00 2,530,000 11.6 May 2022 Central Parking System ....... NR/NR/NR 29,610 8.4 $ 19.42 575,026 2.6 December 2007 Victoria's Secret ............ NR/Baa2/BBB 27,550 7.8 $166.89 4,597,727 21.0 March 2017 ------- ----- ----------- ----- TOTAL MAJOR TENANTS .......... 302,662 85.4% $ 68.10 $20,611,365 94.3% NON-MAJOR TENANTS ............... 49,234 13.9 $ 25.26 1,243,737 5.7 ------- ----- ----------- ----- OCCUPIED TOTAL .................. 351,896 99.3% $ 62.11 $21,855,101 100.0% VACANT SPACE .................... 2,402 0.7 =========== ===== ------- ----- PROPERTY TOTAL .................. 354,298 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ---------------------------------------------------------------------------------------------------------------------------------- 2007 66 $ 23.35 77,908 22.0% 22.0% 8.3% 8.3% 2008 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2009 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2010 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2011 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2012 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2013 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2014 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2015 0 $ 0.00 0 0.0% 22.0% 0.0% 8.3% 2016 4 $ 67.76 190,502 53.8% 75.8% 59.1% 67.4% 2017 4 $166.89 27,550 7.8% 83.5% 21.0% 88.4% Thereafter 2 $ 45.23 55,936 15.8% 99.3% 11.6% 100.0% Vacant 0 NA 2,402 0.7% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 48 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- TWO HERALD SQUARE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Two Herald Square Loan") is secured by a first leasehold mortgage encumbering a mixed use, office and retail building located in New York, New York. The Two Herald Square Loan represents approximately 5.2% of the Cut-Off Date Pool Balance. The Two Herald Square Loan was originated on April 9, 2007, and has a principal balance as of the Cut-Off Date of $200,000,000. The Two Herald Square Loan is a portion of a whole loan with an original principal balance of $250,000,000. The other loan related to the Two Herald Square Loan is evidenced by a separate subordinate note (the "Two Herald Square Subordinate Companion Loan") with an original principal balance of $50,000,000 and, together with the Two Herald Square Loan, comprise the "Two Herald Square Whole Loan"). The Two Herald Square Subordinate Companion Loan will not be an asset of the Trust Fund. The Two Herald Square Loan and the Two Herald Square Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" and will be serviced pursuant to the terms of the pooling and servicing agreement. The Two Herald Square Loan provides for interest-only payments for the entire loan term. The Two Herald Square Loan has a remaining term of 118 months and matures on April 11, 2017. The Two Herald Square Loan may be prepaid on or after January 11, 2017, and permits defeasance with United States government obligations beginning 2 years after the Closing Date. o THE BORROWER. The borrower at closing was SITT 2 Herald LLC, and the loan was assigned to and assumed by 1328 Broadway Owners LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Two Herald Square Loan. The sponsor of the borrower is Ralph Sitt. Mr. Sitt is one of the managers for Sitt Asset Management, a family-owned real estate investment and development company. Sitt Asset Management owns, manages, leases, acquires, repositions and sells office and retail properties. Sitt Asset Management has a large portfolio of office buildings, shopping centers, strip malls and residential developments located throughout New York, Pennsylvania, Maine, Florida, New Jersey and Tennessee, with a strong concentration in midtown Manhattan. o THE PROPERTY. The Mortgaged Property is an office and retail building of approximately 354,298 square feet, consisting of one 11-story plus penthouse building and an underground parking garage, situated on approximately 0.7 acres. The Mortgaged Property was constructed in 1909 and most recently renovated in 2005. The Mortgaged Property is located in New York, New York. As of December 11, 2006, the occupancy rate for the Mortgaged Property securing the Two Herald Square Loan was approximately 99.3%. The largest tenant is Publicis Groupe S.A. ("Publicis"), currently occupying approximately 119,502 square feet, or approximately 33.7% of the net rentable area. Publicis is a large advertising and media services conglomerate. The company provides a wide range of corporate communication and media services, including creative advertising, media and campaign planning, marketing and public relations. The company serves such clients as Cadbury, Coca-Cola, General Mills and Procter & Gamble through offices in about 110 countries. As of June 4, 2007, Publicis was rated "BBB+" (S&P) and "Baa2" (Moody's). The Publicis lease expires in August 2016. The second largest tenant is H&M Hennes & Mauritz AB, ("H&M"), currently occupying approximately 71,000 square feet, or approximately 20.0% of the net rentable area. H&M, established in Vasteras, Sweden in 1947, sells clothing, cosmetics and accessories in over 1,300 stores around the world. Today, H&M stores can be found in shopping districts across Europe and North America. The H&M lease expires in January 2016. The third largest tenant is Mercy College, occupying approximately 55,000 square feet or approximately 15.5% of the net rentable area. Established in 1950 by the Sisters of Mercy, Mercy College is a New York City metropolitan area college of nearly 10,000 students studying at 5 campuses, including an online program. The Mercy College lease expires in May 2022. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MEZZANINE DEBT. The Sponsor is permitted to incur future mezzanine indebtedness. The loan servicer will have the reasonable discretion to approve the terms, conditions and structure of the documentation of the mezzanine indebtedness and (a) the total LTV Ratio must not exceed 80%, (b) the debt service coverage (based on EBITDA) will not fall below 1.20x, (c) the mezzanine loan shall be coterminous with or mature subsequent to the mortgage loan and (d) the mezzanine lender shall enter into an acceptable intercreditor agreement. o MANAGEMENT. Sitt Asset Management LLC, an affiliate of the borrower, is the property manager for the Mortgaged Property securing the Two Herald Square Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 49 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 50 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- WESTIN CASUARINA RESORT & SPA -- CAYMAN ISLANDS - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 51 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- WESTIN CASUARINA RESORT & SPA -- CAYMAN ISLANDS - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 52 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- WESTIN CASUARINA RESORT & SPA -- CAYMAN ISLANDS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $140,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 3.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Columbia Sussex Corporation TYPE OF SECURITY Leasehold MORTGAGE RATE 6.380% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 18 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX Yes UP-FRONT RESERVES INSURANCE Yes FF&E $ 125,000 SEASONALITY $5,000,000 ONGOING ANNUAL RESERVES INSURANCE Yes FF&E 4.0% yearly gross revenue SEASONALITY* $5,000,000 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $140,000,000 CUT-OFF DATE BALANCE/ROOM $408,163 CUT-OFF DATE LTV 71.4% MATURITY DATE LTV 63.2% UW DSCR ON NCF 1.25x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION George Town, Cayman Islands PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 343 OCCUPANCY AS OF TTM DECEMBER 31, 2006 47.9% YEAR BUILT / YEAR RENOVATED 1994 / NA APPRAISED VALUE $196,000,000 PROPERTY MANAGEMENT Galleon Beach Resort, Ltd. UW ECONOMIC OCCUPANCY 57.5% UW REVENUES $36,704,491 UW TOTAL EXPENSES $22,115,122 UW NET OPERATING INCOME (NOI) $14,589,369 UW NET CASH FLOW (NCF) $13,121,189 - -------------------------------------------------------------------------------- * A total of $5,000,000 will be deposited annually in equal increments from January to April. Funds in the seasonality reserve will be released to the borrower during the months of July, August, September, October and November as scheduled: (i) $850,000 in July, (ii) $1,150,000 in August, (iii) $1,500,000 in September, (iv) $1,000,000 in October and (v) $500,000 in November. The mortgagee shall release all remaining funds in the reserve to the borrower at the end of each calendar year. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 53 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- WESTIN CASUARINA RESORT & SPA -- CAYMAN ISLANDS - -------------------------------------------------------------------------------- FACILITY SUMMARY GUEST ROOMS NUMBER - -------------------------------------------------------------------------------- King ............................................................. 240 Double/Double .................................................... 95 Suites/Parlors ................................................... 8 --- TOTAL ......................................................... 343 === FOOD AND BEVERAGE SEATING - -------------------------------------------------------------------------------- Ferdinands ....................................................... 126 Casa Havana ...................................................... 58 Tortuga Pool Restaurant .......................................... 25 Pool Bar ......................................................... 15 Lobby Lounge ..................................................... 30 --- TOTAL ......................................................... 254 === MEETING AND BANQUET SPACE SQUARE FEET - -------------------------------------------------------------------------------- Governors Ballroom ............................................... 5,600 Galleon .......................................................... 2,561 Boardroom A ...................................................... 351 Boardroom B ...................................................... 351 ----- TOTAL ......................................................... 8,863 ===== AMENITIES - -------------------------------------------------------------------------------- Retail Shops Hibiscus Spa Outdoor Swimming Pool Hot Tub - -------------------------------------------------------------------------------- FINANCIAL SCHEDULE Year .............................. 2004 2005 2006-2007 UW Latest Period .................... 2004 2005 TTM Dec 06 UW Occupancy ......................... 49.9% 47.9% 57.5%* 57.5% ADR ............................... $294.60 $276.11 $ 281.79 $281.79 REVPAR ............................ $147.00 $132.19 $ 162.06 $162.06 * Based on trailing 12-month period. COMPETITIVE SUMMARY ESTIMATED 2006* ------------------------------------------------------------------ NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - -------------------------------------------------------------------------------------------------------------------------------- Westin Casuarina Resort & Spa -- Cayman Islands (subject) .................................... 343 60.0% $282.00 $169.20 107.5% 118.7% 122.6% Marriott Grand Cayman Beach Resort .............. 305 48.0% $163.00 $ 78.24 86.0% 68.6% 56.7% Hyatt Regency Grand Cayman Beach Suites ......... 53 74.0% $379.00 $280.46 132.5% 159.5% 203.2% --- TOTAL/WEIGHTED AVERAGE .......................... 701 55.8% $237.56 $138.04 100.0% 100.0% 100.0% === * Based on appraisal prepared by Cushman & Wakefield, Inc. dated January 3, 2007. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 54 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- WESTIN CASUARINA RESORT & SPA -- CAYMAN ISLANDS - -------------------------------------------------------------------------------- THE LOAN. The Mortgage Loan (the "Westin Casuarina Resort & Spa - Cayman Islands Loan") is secured by a first leasehold mortgage encumbering a full-service luxury resort hotel, the Westin Casuarina Resort & Spa, located on Grand Cayman in the Cayman Islands. The Westin Casuarina Resort & Spa - Cayman Islands Loan represents approximately 3.6% of the Cut-Off Date Pool Balance. The Westin Casuarina Resort & Spa - Cayman Islands Loan was originated on May 31, 2007, and has a principal balance as of the Cut-Off Date of $140,000,000. The Westin Casuarina Resort & Spa - Cayman Islands Loan has a remaining term of 120 months and matures on June 11, 2017. The Westin Casuarina Resort & Spa - Cayman Islands Loan may be prepaid on or after December 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date. THE BORROWER. The borrower is Galleon Beach Resort, Ltd., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Westin Casuarina Resort & Spa - Cayman Islands Loan. The sponsor of the borrower is Columbia Sussex Corporation ("Columbia Sussex"). Columbia Sussex, a Kentucky based hospitality investment corporation, owns and operates approximately 81 hotels totaling approximately 27,000 rooms in over 30 states and the Cayman Islands. Franchises include Marriott, Starwood, Hilton and Wyndham brand hotels. Columbia Sussex is one of the largest Marriott franchisees in the world. THE PROPERTY. The Mortgaged Property is a full-service resort hotel containing approximately 343 rooms on approximately 12.6 acres on Seven Mile Beach on the Island of Grand Cayman. The Mortgaged Property was built in 1994. The Mortgaged Property features approximately 8,863 square feet of meeting space, a swimming pool, restaurants, private beach with water sports, full service spa and an exercise room. As of the trailing twelve months ending December 31, 2006, the occupancy rate for Westin Casuarina Resort & Spa - Cayman Islands Loan was approximately 47.9%. See "RISK FACTORS--Special Risks Associated with Mortgaged Properties Located in the Cayman Islands" in this prospectus supplement. INSURANCE. The Mortgaged Property is insured under a blanket "All Risks" property insurance policy with a limit of $1,250,000,000, (the "Property Policy"), written by multiple insurers all rated "BBB" or better by S&P. Insurance for losses associated with named windstorms is included within the Property Policy and is subject to a per occurrence limit of $225,000,000. Business Interruption Insurance, including an extended peril of indemnity clause which covers up to 365 days, is also contained within the Property Policy subject to a limit of $17,500,000. The Property Policy expires May 1, 2008. The Borrower is required under the mortgage to renew windstorm insurance in an amount equal to one hundred percent (100%) of the full replacement cost (exclusive of the Premises, footings and foundations) upon expiration of the Property Policy. FRANCHISE AGREEMENT. The Mortgaged Property is operated under a franchise agreement with Starwood Hotels & Resorts Worldwide that expires in March 2015. LOCK BOX ACCOUNT. The borrower is required to deposit funds into one of three lockbox accounts, each of which are subject to a deposit account control agreement: (1) cash funds into a Cayman Islands account, (2) credit card receivables into a Cayman Islands account and (3) American Express receipts into a United States account. MANAGEMENT. The Mortgaged Property is self-managed by Galleon Beach Resort, Ltd., an affiliate of the sponsor, Columbia Sussex. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 55 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 56 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 57 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 58 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $110,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Developers Diversified Realty Corporation (DDR) and Dividend Capital Total Realty Trust (TRT) TYPE OF SECURITY Fee MORTGAGE RATE 5.510% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX None UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE Springing REPLACEMENT(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $110,000,000 CUT-OFF DATE BALANCE/SF $162 CUT-OFF DATE LTV 67.0% MATURITY DATE LTV 67.0% UW DSCR ON NCF 1.50x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 3 LOCATION Various PROPERTY TYPE Retail - Anchored SIZE (SF) 678,553 OCCUPANCY AS OF MARCH 21, 2007 99.4% YEAR BUILT / YEAR RENOVATED 2005 / NA APPRAISED VALUE $164,100,000 PROPERTY MANAGEMENT Developers Diversified Realty Corporation UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $13,558,052 UW TOTAL EXPENSES $4,044,281 UW NET OPERATING INCOME (NOI) $9,513,771 UW NET CASH FLOW (NCF) $9,091,455 - -------------------------------------------------------------------------------- (1) Monthly deposits in an amount equal to $0.10 per square foot of net rentable square feet at the Mortgaged Property are required to be made upon an event of default. (2) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.10x, (ii) the aggregate loan-to-value ratio shall not exceed 75.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 59 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- DDR -- TRT POOL SUMMARY ALLOCATED CUT-OFF NET DATE RENTABLE PROPERTY NAME LOCATION BALANCE YEAR BUILT AREA - --------------------------------------------------------------------------------- Centerton Square Mount Laurel, NJ $ 67,800,000 2005 432,327 Beaver Creek Commons Apex, NC 26,200,000 2005 143,129 Mount Nebo Pointe Ohio Township, PA 16,000,000 2005 103,097 ------------ ------- TOTAL/WEIGHTED AVERAGE $110,000,000 678,553 ============ ======= ALLOCATED CUT-OFF DATE UNDERWRITTEN BALANCE UW NET CASH APPRAISED APPRAISED PROPERTY NAME PER SF OCCUPANCY OCCUPANCY FLOW VALUE VALUE PER SF - ------------------------------------------------------------------------------------------------------- Centerton Square $157 99.0% 95.0% $5,740,205 $106,500,000 $246 Beaver Creek Commons $183 100.0% 95.0% 2,018,925 35,000,000 $245 Mount Nebo Pointe $155 100.0% 95.0% 1,332,324 22,600,000 $219 ---------- ------------ TOTAL/WEIGHTED AVERAGE $162 99.4% 95.0% $9,091,455 $164,100,000 $242 ========== ============ This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 60 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- TENANT SUMMARY RATINGS(1) % OF NET FITCH/MOODY'S/ NET RENTABLE RENTABLE TENANT S&P AREA (SF) AREA - ----------------------------------------------------------------------------- MAJOR TENANTS Wegman's Food (Ground Lease) .. NR/NR/A-- 130,000 19.2% Sportsman's Warehouse ......... NR/NR/NR 48,251 7.1 Sports Authority .............. NR/NR/B 40,000 5.9 PetSmart ...................... NR/Ba2/BB 39,194 5.8 Jo-Ann Stores ................. NR/Caa2/B-- 35,350 5.2 ------- ----- TOTAL MAJOR TENANTS ........... 292,795 43.1% NON-MAJOR TENANTS ................ 381,648 56.2 ------- ----- OCCUPIED TOTAL ................... 674,443 99.4% VACANT SPACE ..................... 4,110 0.6 ------- ----- PROPERTY TOTAL ................... 678,553 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL ANNUAL BASE LEASE TENANT PSF BASE RENT RENT EXPIRATION - ----------------------------------------------------------------------------------------------- MAJOR TENANTS Wegman's Food (Ground Lease) .. $ 7.75 $ 1,007,500 9.2% August 2024 Sportsman's Warehouse ......... $12.85 620,025 5.7 November 2020 Sports Authority .............. $16.25 650,000 6.0 July 2015 PetSmart ...................... $15.29 599,424 5.5 Multiple Spaces(2) Jo-Ann Stores ................. $14.50 512,575 4.7 January 2015 ----------- ----- TOTAL MAJOR TENANTS ........... $11.58 $ 3,389,524 31.1% NON-MAJOR TENANTS ................ $19.66 7,504,257 68.9 ----------- ----- OCCUPIED TOTAL ................... $16.15 $10,893,781 100.0% =========== ===== VACANT SPACE ..................... PROPERTY TOTAL ................... (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 20,087 square feet expire in October 2015 and 19,107 square feet expire in January 2020. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF YEAR EXPIRING EXPIRING EXPIRING EXPIRING* - --------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 2008 2 $18.83 31,104 4.6% 2009 17 $24.80 47,130 6.9% 2010 11 $25.36 28,348 4.2% 2011 10 $23.16 17,170 2.5% 2012 0 $ 0.00 0 0.0% 2013 0 $ 0.00 0 0.0% 2014 7 $20.47 45,805 6.8% 2015 12 $16.06 221,091 32.6% 2016 8 $16.90 52,355 7.7% 2017 0 $ 0.00 0 0.0% Thereafter 11 $11.45 231,440 34.1% Vacant 0 NA 4,110 0.6% CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING* EXPIRING* RENT EXPIRING* - ----------------------------------------------------------------------- 2007 0.0% 0.0% 0.0% 2008 4.6% 5.4% 5.4% 2009 11.5% 10.7% 16.1% 2010 15.7% 6.6% 22.7% 2011 18.2% 3.6% 26.4% 2012 18.2% 0.0% 26.4% 2013 18.2% 0.0% 26.4% 2014 25.0% 8.6% 35.0% 2015 57.6% 32.6% 67.6% 2016 65.3% 8.1% 75.7% 2017 65.3% 0.0% 75.7% Thereafter 99.4% 24.3% 100.0% Vacant 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 61 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- CENTERTON SQUARE TENANT SUMMARY RATINGS* % OF NET FITCH/MOODY'S/ NET RENTABLE RENTABLE TENANT S&P AREA (SF) AREA - ------------------------------------------------------------------------------- MAJOR TENANTS Wegman's Food (Ground Lease) ... NR/NR/A-- 130,000 30.1% Sports Authority ............... NR/NR/B 40,000 9.3 Jo-Ann Stores .................. NR/Caa2/B-- 35,350 8.2 T.J.Maxx ....................... NR/A3/A 32,000 7.4 Bed, Bath & Beyond ............. NR/NR/BBB 30,200 7.0 ------- ----- TOTAL MAJOR TENANTS ............ 267,550 61.9% NON-MAJOR TENANTS ................. 160,667 37.2 ------- ----- OCCUPIED TOTAL .................... 428,217 99.0% VACANT SPACE ...................... 4,110 1.0 ------- ----- PROPERTY TOTAL .................... 432,327 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL ANNUAL BASE LEASE TENANT PSF BASE RENT RENT EXPIRATION - ----------------------------------------------------------------------------------------- MAJOR TENANTS Wegman's Food (Ground Lease) ... $ 7.75 $1,007,500 15.1% August 2024 Sports Authority ............... $16.25 650,000 9.7 July 2015 Jo-Ann Stores .................. $14.50 512,575 7.7 January 2015 T.J.Maxx ....................... $14.00 448,000 6.7 April 2015 Bed, Bath & Beyond ............. $14.50 437,900 6.6 January 2015 ---------- ----- TOTAL MAJOR TENANTS ............ $11.42 $3,055,975 45.8% NON-MAJOR TENANTS ................. $22.51 3,617,172 54.2 ---------- ----- OCCUPIED TOTAL .................... $15.58 $6,673,147 100.0% ========== ===== VACANT SPACE ...................... PROPERTY TOTAL .................... * Certain ratings are those of the parent whether or not the parent guarantees the lease. CENTERTON SQUARE LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF YEAR EXPIRING EXPIRING EXPIRING EXPIRING* - --------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 2008 0 $ 0.00 0 0.0% 2009 9 $25.86 29,315 6.8% 2010 6 $27.27 16,335 3.8% 2011 2 $26.29 5,100 1.2% 2012 0 $ 0.00 0 0.0% 2013 0 $ 0.00 0 0.0% 2014 3 $26.47 10,580 2.4% 2015 10 $15.94 212,937 49.3% 2016 4 $26.91 12,789 3.0% 2017 0 $ 0.00 0 0.0% Thereafter 4 $ 9.33 141,161 32.7% Vacant 0 NA 4,110 1.0% CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING* EXPIRING* RENT EXPIRING* - ----------------------------------------------------------------------- 2007 0.0% 0.0% 0.0% 2008 0.0% 0.0% 0.0% 2009 6.8% 11.4% 11.4% 2010 10.6% 6.7% 18.0% 2011 11.7% 2.0% 20.0% 2012 11.7% 0.0% 20.0% 2013 11.7% 0.0% 20.0% 2014 14.2% 4.2% 24.2% 2015 63.4% 50.9% 75.1% 2016 66.4% 5.2% 80.3% 2017 66.4% 0.0% 80.3% Thereafter 99.0% 19.7% 100.0% Vacant 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 62 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- BEAVER CREEK COMMONS TENANT SUMMARY RATINGS* % OF NET % OF TOTAL FITCH/MOODY'S/ NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL BASE LEASE TENANT S&P AREA (SF) AREA PSF BASE RENT RENT EXPIRATION - ---------------------------------------------------------------------------------------------------------------------------- MAJOR TENANTS Linens 'N Things ......... B--/B3/B 27,894 19.5% $10.76 $ 300,139 12.0% January 2016 Office Max ............... NR/Ba3/B+ 20,100 14.0 $14.00 281,400 11.2 October 2014 PetSmart ................. NR/Ba2/BB 19,107 13.3 $13.50 257,945 10.3 January 2020 Hollywood Video .......... NR/NR/NR 6,500 4.5 $24.00 156,000 6.2 December 2014 TGI Friday's ............. NR/NR/NR 6,000 4.2 $19.17 115,000 4.6 September 2027 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ...... 79,601 55.6% $13.95 $1,110,484 44.2% NON-MAJOR TENANTS ........... 63,528 44.4 $22.04 1,400,188 55.8 ------- ----- ---------- ----- OCCUPIED TOTAL .............. 143,129 100.0% $17.54 $2,510,672 100.0% ========== ===== VACANT SPACE ................ 0 0.0 ------- ----- PROPERTY TOTAL .............. 143,129 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. BEAVER CREEK COMMONS LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF YEAR EXPIRING EXPIRING EXPIRING EXPIRING* - --------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 2008 0 $ 0.00 0 0.0% 2009 8 $23.06 17,815 12.4% 2010 5 $22.77 12,013 8.4% 2011 0 $ 0.00 0 0.0% 2012 0 $ 0.00 0 0.0% 2013 0 $ 0.00 0 0.0% 2014 4 $18.66 35,225 24.6% 2015 2 $19.30 8,154 5.7% 2016 1 $10.76 27,894 19.5% 2017 0 $ 0.00 0 0.0% Thereafter 6 $16.93 42,028 29.4% Vacant 0 NA 0 0.0% CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING* EXPIRING* RENT EXPIRING* - ----------------------------------------------------------------------- 2007 0.0% 0.0% 0.0% 2008 0.0% 0.0% 0.0% 2009 12.4% 16.4% 16.4% 2010 20.8% 10.9% 27.3% 2011 20.8% 0.0% 27.3% 2012 20.8% 0.0% 27.3% 2013 20.8% 0.0% 27.3% 2014 45.5% 26.2% 53.4% 2015 51.1% 6.3% 59.7% 2016 70.6% 12.0% 71.7% 2017 70.6% 0.0% 71.7% Thereafter 100.0% 28.3% 100.0% Vacant 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 63 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- MOUNT NEBO POINTE TENANT SUMMARY RATINGS* % OF NET FITCH/MOODY'S/ NET RENTABLE RENTABLE TENANT S&P AREA (SF) AREA - -------------------------------------------------------------------------------------- MAJOR TENANTS Sportsman's Warehouse .................. NR/NR/NR 48,251 46.8% Developer's Diversified-Master Lease ... BBB/Baa2/BBB 31,104 30.2 Famous Footwear ........................ BB+/B1/BB 6,400 6.2 PNC Bank ............................... A/Aa3/A+ 3,650 3.5 Payless Shoe Source .................... NR/B1/BB-- 2,809 2.7 ------- ----- TOTAL MAJOR TENANTS .................... 92,214 89.4% NON-MAJOR TENANTS ......................... 10,883 10.6 ------- ----- OCCUPIED TOTAL ............................ 103,097 100.0% VACANT SPACE .............................. 0 0.0 ------- ----- PROPERTY TOTAL ............................ 103,097 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL ANNUAL BASE LEASE TENANT PSF BASE RENT RENT EXPIRATION - -------------------------------------------------------------------------------------------------- MAJOR TENANTS Sportsman's Warehouse .................. $12.85 $ 620,025 36.3% November 2020 Developer's Diversified-Master Lease ... $18.83 585,754 34.3 November 2008 Famous Footwear ........................ $15.00 96,000 5.6 August 2016 PNC Bank ............................... $29.86 109,000 6.4 March 2016 Payless Shoe Source .................... $19.00 53,371 3.1 March 2011 ---------- ----- TOTAL MAJOR TENANTS .................... $15.88 $1,464,150 85.6% NON-MAJOR TENANTS ......................... $22.59 245,811 14.4 ---------- ----- OCCUPIED TOTAL ............................ $16.59 $1,709,961 100.0% ========== ===== VACANT SPACE .............................. PROPERTY TOTAL ............................ * Certain ratings are those of the parent whether or not the parent guarantees the lease. MOUNT NEBO POINTE LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ---------------------------------------------------------------------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 2 $18.83 31,104 30.2% 30.2% 34.3% 34.3% 2009 0 $ 0.00 0 0.0% 30.2% 0.0% 34.3% 2010 0 $ 0.00 0 0.0% 30.2% 0.0% 34.3% 2011 8 $21.83 12,070 11.7% 41.9% 15.4% 49.7% 2012 0 $ 0.00 0 0.0% 41.9% 0.0% 49.7% 2013 0 $ 0.00 0 0.0% 41.9% 0.0% 49.7% 2014 0 $ 0.00 0 0.0% 41.9% 0.0% 49.7% 2015 0 $ 0.00 0 0.0% 41.9% 0.0% 49.7% 2016 3 $20.62 11,672 11.3% 53.2% 14.1% 63.7% 2017 0 $ 0.00 0 0.0% 53.2% 0.0% 63.7% Thereafter 1 $12.85 48,251 46.8% 100.0% 36.3% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 64 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- DDR -- TRT POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "DDR-TRT Pool Loan") is secured by first mortgages or deeds of trust encumbering a portfolio of three retail properties located throughout the United States. The DDR-TRT Pool Loan represents approximately 2.9% of the Cut-Off Date Pool Balance. The DDR-TRT Pool Loan was originated on May 11, 2007, and has a principal balance as of the Cut-Off Date of $110,000,000. The DDR-TRT Pool Loan has a remaining term of 120 months and matures on June 11, 2017. The DDR-TRT Pool Loan may be prepaid on or after June 11, 2009 until and including November 11, 2016 with payment of the greater of yield maintenance or 1.0% of the prepaid amount, and without penalty thereafter. o THE BORROWERS. The borrowers are Centerton Square LLC, TRT DDR Beaver Creek LLC and TRT DDR Mt. Nebo LLC. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the DDR-TRT Pool Loan. The borrowers are 100% owned subsidiaries of a joint venture between Developers Diversified Realty Corporation ("DDR") and Dividend Capital Total Realty Trust ("TRT"). DDR is a publicly traded REIT engaged in acquiring, developing, owning, leasing and managing shopping centers in the United States. As of February 5, 2007, the company owned and managed roughly 461 retail centers and seven business centers as well as approximately 1,170 acres of undeveloped land. DDR sold a portion of its interest in the subject properties to the DDR-TRT joint venture and retained a 10% ownership interest. As of June 9, 2007, DDR was rated "BBB" (Fitch), "Baa2" (Moody's) and "BBB" (S&P). TRT, a subsidiary of Dividend Capital Group, is a private REIT designed to provide diversification across the commercial real estate asset class, and whose strategy is to invest in a diversified portfolio of high-quality real estate and real estate related assets o THE PROPERTIES. The Mortgaged Properties consist of three retail properties comprised of approximately 678,553 square feet located in New Jersey, North Carolina and Pennsylvania. As of March 21, 2007, the occupancy rate for the Mortgaged Properties securing the DDR-TRT Pool Loan was approximately 99.4%. o MEZZANINE DEBT. The sponsor is permitted to incur future mezzanine indebtedness subject to the following conditions: (i) the aggregate LTV ratio does not exceed 75.0%, (ii) the aggregate debt service coverage does not fall below 1.10x, (iii) the mezzanine lender meets a pre-determined definition of qualified lender", (iv) the borrower must deliver a no-downgrade confirmation, (v) the mezzanine lender shall enter into a form of intercreditor agreement, (vi) rating agency consent and (vii) certain other conditions as specified in the related Mortgage Loan documents. o RELEASE. The release of an individual Mortgage Property will be permitted subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including, but not limited to: (i) no event of default shall have occurred and is continuing, (ii) payment of a release premium of 100% of the allocated loan amount for the first 0-30% of the Mortgaged Property and 105% of the allocated loan amount for the next 31-50% of the Mortgaged Property (releases of greater than 50% of the Mortgaged Property are not permitted except in accordance with the loan documents), (iii) a minimum DSC ratio of 1.20x for the remaining collateral and (iv) an LTV ratio of the remaining collateral not greater than 70.0% after the release. o SUBSTITUTION. The borrowers may substitute properties of like kind and quality subject to satisfaction of certain tests and conditions as set forth in the related Mortgage Loan documents including, but not limited to: (i) no event of default exists under the related Mortgage Loan documents, (ii) the aggregate value of all Mortgaged Properties released (through one or more substitutions) during the term of the loan shall not exceed 50% of the value of the entire pool of Mortgaged Properties, (iii) the borrowers deliver certain legal opinions from counsel concluding that the substitution will not adversely affect or impair the ability of the lender to enforce its remedies under all loan documents, (iv) the mortgagee receives and approves all necessary property level due diligence with respect to the new Mortgaged Property (including, but not limited to, appraisals, building conditions reports, environmental site assessments, seismic reports and title insurance policies), (v) a minimum DSC Ratio of 1.20x for the remaining Mortgage Loans and (vi) an LTV Ratio of the substitute property not greater than 70.0%. o LOCKBOX ACCOUNT. The related Mortgage Loan documents do not require a lockbox account. o MANAGEMENT. DDR, one of the sponsors, is the property manager for the Mortgaged Properties securing the DDR-TRT Pool Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 65 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 66 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 67 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 68 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $103,906,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Ashford Hospitality Trust, Inc. TYPE OF SECURITY Fee PARTIAL RELEASE* Yes MORTGAGE RATE 5.9523% MATURITY DATE April 11, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX Yes ENGINEERING $2,500 ONGOING ANNUAL RESERVES TAX Yes FF&E 4.0% prior year gross revenue ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $103,906,000 CUT-OFF DATE BALANCE/ROOM $74,431 CUT-OFF DATE LTV 74.3% MATURITY DATE LTV 69.4% UW DSCR ON NCF 1.36x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 5 LOCATION Various PROPERTY TYPE Hospitality - Various SIZE (ROOMS) 1,396 OCCUPANCY AS OF TTM DECEMBER 29, 2006 76.7% YEAR BUILT / YEAR RENOVATED Various / Various APPRAISED VALUE $139,900,000 PROPERTY MANAGEMENT Various UW ECONOMIC OCCUPANCY 77.1% UW REVENUES $40,705,261 UW TOTAL EXPENSES $28,471,140 UW NET OPERATING INCOME (NOI) $12,234,121 UW NET CASH FLOW (NCF) $10,136,737 - -------------------------------------------------------------------------------- * The Ashford Hospitality Pool 4 Loan permits the partial release of certain properties comprising the Mortgaged Property under certain circumstances. See "Release" below. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 69 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 SUMMARY ALLOCATED CUT-OFF DATE RELEASE PRICE SPECIFIC YEAR PROPERTY NAME BALANCE PERCENTAGE PROPERTY TYPE BUILT ROOMS - ---------------------------------------------------------------------------------------------------------- Spring Hill Suites -- Orlando, FL ...... $ 30,213,037 115% Limited Service 2000 400 Courtyard -- Orlando, FL ............... 29,189,965 120% Limited Service 2000 312 Residence Inn -- Atlanta, GA ........... 15,932,504 115% Extended Stay 1997 150 Fairfield Inn -- Orlando, FL ........... 15,930,493 125% Limited Service 2000 388 Courtyard by Marriott -- Edison, NJ .... 12,640,000 110% Limited Service 2002 146 ------------ ----- TOTAL/WEIGHTED AVERAGE ................. $103,906,000 1,396 ALLOCATED CUT-OFF ESTIMATED 2006 DATE APPRAISED ------------------------------------------ BALANCE VALUE PER OCCUPANCY ADR REVPAR PROPERTY NAME PER ROOM ROOM PENETRATION* PENETRATION* PENETRATION* - -------------------------------------------------------------------------------------------------------------- Spring Hill Suites -- Orlando, FL ...... $ 75,533 $100,750 111.1% 105.1% 117.4% Courtyard -- Orlando, FL ............... $ 93,558 $127,564 121.6% 105.7% 128.8% Residence Inn -- Atlanta, GA ........... $106,217 $140,000 100.6% 98.7% 99.2% Fairfield Inn -- Orlando, FL ........... $ 41,058 $ 59,278 106.2% 93.7% 98.9% Courtyard by Marriott -- Edison, NJ .... $ 86,575 $108,219 109.4% 109.7% 120.0% TOTAL/WEIGHTED AVERAGE ................. $ 74,431 $100,215 110.8% 101.8% 113.1% * Based on the HVS International appraisals dated March 2007. ASHFORD HOSPITALITY POOL 4 FINANCIAL PERFORMANCE SUMMARY 2005 2006 ----------------------------- ----------------------------- PROPERTY NAME OCCUPANCY ADR REV PAR OCCUPANCY ADR REV PAR - -------------------------------------------------------------------------------------------------------- Spring Hill Suites -- Orlando, FL ...... 79.8% $ 84.41 $67.36 77.2% $ 88.20 $68.13 Courtyard -- Orlando, FL ............... 81.9% $ 87.16 $71.38 80.5% $ 94.51 $76.06 Residence Inn -- Atlanta, GA ........... 76.8% $100.72 $77.35 73.5% $108.78 $79.92 Fairfield Inn -- Orlando, FL ........... 79.1% $ 65.60 $51.89 77.6% $ 70.97 $55.10 Courtyard by Marriott -- Edison, NJ .... 64.7% $100.38 $64.95 68.5% $103.85 $71.10 AVERAGE ................................ 76.5% $ 87.65 $66.59 75.5% $ 93.26 $70.06 TRAILING 12-MONTH FEB. 2007 UNDERWRITTEN ----------------------------- ----------------------------- PROPERTY NAME OCCUPANCY ADR REV PAR OCCUPANCY ADR REV PAR - -------------------------------------------------------------------------------------------------------- Spring Hill Suites -- Orlando, FL ...... 78.0% $ 90.50 $70.63 77.2% $ 93.62 $72.23 Courtyard -- Orlando, FL ............... 80.7% $ 96.08 $77.51 80.0% $101.23 $80.98 Residence Inn -- Atlanta, GA ........... 72.0% $108.77 $78.30 70.9% $115.93 $82.16 Fairfield Inn -- Orlando, FL ........... 77.2% $ 73.25 $56.53 80.0% $ 75.94 $60.75 Courtyard by Marriott -- Edison, NJ .... 68.6% $104.09 $71.36 69.0% $111.03 $76.61 AVERAGE ................................ 75.3% $ 94.54 $70.87 75.4% $ 99.55 $74.55 * Based on the HVS International appraisals dated March 2007. COMPETITIVE SUMMARY -- COURTYARD -- ORLANDO, FL ESTIMATED 2006* ----------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - ------------------------------------------------------------------------------------------------------------------------------ Courtyard -- Orlando, FL (subject) ..... 312 80.5% $ 94.51 $76.05 121.6% 105.7% 128.8% SpringHill Suites Marriott Village ..... 400 77.0% $ 88.20 $68.09 116.3% 98.6% 115.3% Hilton Garden Inn SeaWorld ............. 233 68.0% $102.00 $69.36 102.7% 114.0% 117.5% Holiday Inn Sunspree Lake Buena Vista ............................... 507 51.0% $ 95.00 $48.45 77.0% 106.2% 82.1% Orlando Vista (former DoubleTree Club) ............................... 246 67.0% $ 73.00 $48.91 101.2% 81.6% 82.8% Holiday Inn Express (former Radisson) ........................... 200 46.0% $ 90.00 $41.40 69.5% 100.6% 70.1% Courtyard LBV Palm Parkway ............. 308 74.0% $ 80.00 $59.20 111.7% 89.4% 100.3% ----- TOTAL/WEIGHTED AVERAGE ................. 2,206 66.2% $ 89.44 $59.04 100.0% 100.0% 100.0% ===== * Based on the HVS International appraisal dated March 30, 2007. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 70 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- COMPETITIVE SUMMARY -- COURTYARD BY MARRIOTT -- EDISON, NJ ESTIMATED 2006* ---------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - ---------------------------------------------------------------------------------------------------------------------------- Courtyard by Marriott -- Edison, NJ (subject) .......................... 146 69.0% $102.99 $71.10 109.4% 109.7% 120.0% Hilton Garden Inn Raritan Center ...... 132 70.0% $107.00 $74.90 111.0% 114.0% 126.4% Sheraton Raritan Center ............... 276 56.0% $100.00 $56.00 88.8% 106.5% 94.5% Holiday Inn Raritan Center ............ 184 64.0% $ 68.00 $43.52 101.5% 72.4% 73.4% --- TOTAL/WEIGHTED AVERAGE ................ 738 63.1% $ 93.87 $59.26 100.0% 100.0% 100.0% === * Based on the HVS International appraisal dated March 19, 2007. COMPETITIVE SUMMARY -- FAIRFIELD INN -- ORLANDO, FL ESTIMATED 2006* ----------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - ----------------------------------------------------------------------------------------------------------------------------- Fairfield Inn -- Orlando, FL (subject) 388 77.6% $70.97 $55.10 106.2% 93.7% 98.9% SpringHill Suites Marriott Village .... 400 77.0% $88.20 $68.09 105.3% 116.4% 122.3% La Quinta Inn & Suites Orlando Maingate ........................... 148 77.0% $69.00 $53.13 105.3% 91.1% 95.4% Country Inn & Suites & Suites Universal .......................... 162 66.0% $71.00 $46.86 90.3% 93.7% 84.1% Days Inn Orlando ...................... 219 62.0% $64.00 $39.68 84.8% 84.5% 71.3% Hampton Inn Orlando Lake Buena Vista .............................. 147 71.0% $84.00 $59.64 97.1% 110.9% 107.1% ----- TOTAL/WEIGHTED AVERAGE ................ 1,464 73.1% $75.75 $55.69 100.0% 100.0% 100.0% ===== * Based on the HVS International appraisal dated March 26, 2007. COMPETITIVE SUMMARY -- RESIDENCE INN -- ATLANTA, GA ESTIMATED 2006* ----------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - ----------------------------------------------------------------------------------------------------------------------------- Residence Inn -- Atlanta, GA (subject) .......................... 150 74.4% $107.38 $79.92 100.6% 98.7% 99.2% Residence Inn Buckhead ................ 136 74.0% $110.00 $81.40 100.0% 101.1% 101.1% Homewood Suites Buckhead .............. 92 75.0% $113.00 $84.75 101.4% 103.8% 105.2% Staybridge Suites Buckhead ............ 83 72.0% $105.00 $75.60 97.3% 96.5% 93.9% TOTAL/WEIGHTED AVERAGE ................ 461 74.0% $108.85 $80.54 100.0% 100.0% 100.0% === * Based on the HVS International appraisal dated March 26, 2007. COMPETITIVE SUMMARY -- SPRING HILL SUITES -- ORLANDO, FL ESTIMATED 2006* --------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - --------------------------------------------------------------------------------------------------------------------------- Spring Hill Suites -- Orlando, FL (subject) .......................... 400 77.2% $88.20 $68.13 111.1% 105.1% 117.4% Courtyard Marriott Village ............ 312 80.0% $94.51 $76.05 115.1% 112.6% 131.1% Fairfield Inn Marriott Village ........ 388 78.0% $70.97 $55.10 112.2% 84.5% 95.0% AmeriSuites South ..................... 151 61.0% $73.00 $44.53 87.8% 87.0% 76.7% Holiday Inn Sunspree Lake Buena Vista .............................. 507 51.0% $95.00 $48.45 73.4% 113.2% 83.5% Orlando Vista (former Doubletree Club) .............................. 246 67.0% $73.00 $48.91 96.4% 87.0% 84.3% Hampton Inn Lake Buena Vista .......... 147 71.0% $84.00 $59.64 102.2% 100.1% 102.8% Courtyard LBV Palm Parkway ............ 308 74.0% $80.00 $59.20 106.5% 95.3% 102.0% ----- TOTAL/WEIGHTED AVERAGE ................ 2,459 69.5% $83.95 $58.02 100.0% 100.0% 100.0% ===== * Based on the HVS International appraisal dated March 28, 2007. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 71 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Ashford Hospitality Pool 4 Loan") is secured by a first mortgage encumbering the borrower's fee interest in four limited service and one extended stay hotels located in Florida, Georgia and New Jersey. The Ashford Hospitality Pool 4 Loan represents approximately 2.7% of the Cut-Off Date Pool Balance. The Ashford Hospitality Pool 4 Loan was originated on April 11, 2007, and has a principal balance as of the Cut-Off Date of $103,906,000. The Ashford Hospitality Pool 4 Loan provides for interest-only payments for the first 60 months of its term, and, thereafter, fixed monthly payments of principal and interest. The Ashford Hospitality Pool 4 Loan has a remaining term of 118 months and matures on April 11, 2017. The Ashford Hospitality Pool 4 Loan may be prepaid on or after March 11, 2017, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are Ashford LLB C-Hotel Management, LP; Ashford LLB SHS Management, LP; Ashford LLB F-INN Management, LP; Ashford Edison LP; and Ashford Atlanta Buckhead LP, all special purpose entities. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Ashford Hospitality Pool 4 Loan. The sponsor of the borrowers is Ashford Hospitality Trust, Inc. ("AHT"). AHT, founded in 1968, is a self-administered real estate investment trust listed on the New York Stock Exchange that invests in the hospitality industry. AHT's management team has experience in sourcing, underwriting, operating, repositioning, developing, selling and financing a wide variety of lodging investments. As of December 31, 2006, AHT owned approximately 81 hotel properties in 26 states with approximately 15,492 rooms and an office building. The portfolio also includes 24 full-service, upscale hotels containing approximately 8,069 rooms, as well as 27 premium select-service hotels consisting of approximately 5,571 rooms in 31 markets throughout 18 states, the District of Columbia and Canada. o THE PROPERTIES. The Spring Hill Suites -- Orlando, FL Mortgaged Property, constructed in 2000, is a five-story limited service hotel containing approximately 400 rooms situated on approximately 8.9 acres. The Mortgaged Property features an outdoor swimming pool and whirlpool, pool bar, exercise room, breakfast dining area and a guest market. As of the trailing 12-month period ending December 29, 2006, the occupancy rate for the Spring Hill Suites -- Orlando, FL Mortgaged Property was approximately 77.2%. The Courtyard -- Orlando, FL Mortgaged Property, constructed in 2000 and renovated in 2007, is a five-story limited service hotel containing approximately 312 rooms situated on approximately 7.4 acres. The Mortgaged Property features an indoor/outdoor swimming pool and whirlpool, exercise room, game room and gift shop. As of the trailing 12-month period ending December 29, 2006, the occupancy rate for the Courtyard -- Orlando, FL Mortgaged Property was approximately 80.5%. The Residence Inn -- Atlanta, GA Mortgaged Property, constructed in 1997, is a four-story extended stay hotel containing approximately 150 rooms situated on approximately 1.8 acres. The Mortgaged Property is located in Buckhead, an upscale enclave of corporate, residential, and retail developments in Atlanta, Georgia. The Mortgaged Property features an outdoor swimming pool and whirlpool, exercise room, business center and a breakfast dining area. As of the trailing 12-month period ending December 29, 2006, the occupancy rate for the Residence Inn -- Atlanta, GA Mortgaged Property was approximately 73.5%. The Fairfield Inn -- Orlando, FL Mortgaged Property, constructed in 2000 and renovated in 2006, is a five-story limited service hotel containing approximately 388 rooms situated on approximately 6.4 acres. The Mortgaged Property features an outdoor swimming pool and whirlpool, pool bar, exercise room, business center and a breakfast dining area. As of the trailing 12-month period ending December 29, 2006, the occupancy rate for the Fairfield Inn -- Orlando, FL Mortgaged Property was approximately 77.6%. The Spring Hill Suites -- Orlando, FL, Courtyard -- Orlando, FL and Fairfield Inn -- Orlando, FL Mortgaged Properties, located in Orlando, Florida along Interstate 4, are three hotels that comprise the approximately 1,100-room Marriott Village at Lake Buena Vista. The Courtyard by Marriott -- Edison, NJ Mortgaged Property, constructed in 2002, is a four-story limited service hotel containing approximately 146 rooms situated on approximately 2.6 acres. The Mortgaged Property is located in the commercial area of Edison, New Jersey along Interstate 95. The Mortgaged Property features an indoor pool and whirlpool, This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 72 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ASHFORD HOSPITALITY POOL 4 - -------------------------------------------------------------------------------- breakfast area, exercise room and a business center. As of the trailing 12-month period ending December 29, 2006, the occupancy rate for the Courtyard by Marriott -- Edison, NJ Mortgaged Property was approximately 68.5%. o LOCKBOX ACCOUNT. All revenue from the Mortgaged Properties will be deposited into a mortgagee-designated lockbox. o RELEASES. The release of an individual Mortgaged Property will be permitted subject to the satisfaction of certain conditions as set forth in the related Mortgage Loan documents including, but not limited to, the following: (i) no event of default shall have occurred and is continuing and (ii) payment of an amount equal to the greater of (a) the amount which is necessary to defease a portion of the loan amount equal to the Release Price Percentage, (as defined in the related Mortgage Loan documents), multiplied by the allocated loan amount with respect to the cross-collateralized property being released, (b) such amount as would cause the Debt Yield (as defined in the related Mortgage Loan documents) subsequent to the contemplated release to be equal to or greater than the Debt Yield prior to the contemplated release and (c) such amount as would cause the Debt Yield subsequent to the contemplated release to be no less than the Debt Yield at origination. o MANAGEMENT. The property managers for the Mortgaged Properties securing the Ashford Hospitality Pool 4 Loan are various affiliates of Marriott International, Inc. Established in 1971 and headquartered in Washington, D.C., Marriott International, Inc. engages in the operation and franchising of hotels and related lodging facilities worldwide. It operates in full service lodging, select service lodging, extended stay lodging, timeshare, and synthetic fuel industry segments. As of January 3, 2007, the company operated or franchised approximately 2,800 lodging properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 73 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 74 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 17 BATTERY PLACE SOUTH - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 75 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 17 BATTERY PLACE SOUTH - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 76 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 17 BATTERY PLACE SOUTH - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $95,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR The Moinian Group TYPE OF SECURITY Fee MORTGAGE RATE 5.681% MATURITY DATE May 11, 2012 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $3,815,394 TI/LC $3,500,000 DEBT SERVICE(1) $1,250,000 DESIGNATED LEASE RESERVE(2) $137,469 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes TI/LC(3) Springing REPLACEMENT $41,383 ADDITIONAL FINANCING B-Note $13,000,000 WHOLE TRUST ASSET MORTGAGE LOAN ----------- ------------- CUT-OFF DATE BALANCE $95,000,000 $108,000,000 CUT-OFF DATE BALANCE/SF $230 $261 CUT-OFF DATE LTV 70.4% 80.0% MATURITY DATE LTV 70.4% 80.0% UW DSCR ON NCF(4) 1.54x 1.36x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 413,828 OCCUPANCY AS OF MARCH 1, 2007 93.6% YEAR BUILT / YEAR RENOVATED 1903 / 1995 APPRAISED VALUE $135,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 92.5% UW REVENUES $14,240,763 UW TOTAL EXPENSES $5,399,806 UW NET OPERATING INCOME (NOI) $8,840,957 UW NET CASH FLOW (NCF)(4) $8,317,432 - -------------------------------------------------------------------------------- (1) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. (2) Escrow funded upfront for the landlord's outstanding free rent obligations for IT USA, Inc. (3) In the event the TI/LC Reserve balance is less than $500,000, the borrower will begin to deposit at an annual rate of $206,914, until $1,000,000 is achieved. (4) The UW NCF was derived based on certain assumptions, including that leases rolling during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR for the Trust Asset is 1.24x and the whole Mortgage Loan is 1.09x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 77 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 17 BATTERY PLACE SOUTH - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS* NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA - ---------------------------------------------------------------------------------- MAJOR TENANTS Continental Stock Transfer & Trust Company ......................... NR/NR/NR 35,000 8.5% IT USA, Inc. ....................... NR/NR/NR 34,991 8.5 Wall Street Access, Inc. ........... NR/NR/NR 33,800 8.2 The City of New York ............... NR/A2/NR 31,292 7.6 Securities Training Corp. .......... NR/NR/NR 31,000 7.5 Wildcat Service Corp. .............. NR/NR/NR 31,000 7.5 ------- ----- TOTAL MAJOR TENANTS ................ 197,083 47.6% NON-MAJOR TENANTS ..................... 190,292 46.0 ------- ----- OCCUPIED TOTAL ........................ 387,375 93.6% VACANT SPACE .......................... 26,453 6.4 ------- ----- PROPERTY TOTAL ........................ 413,828 100.0% ======= ===== ANNUAL BASE BASE % OF TOTAL ANNUAL LEASE TENANT RENT PSF RENT BASE RENT EXPIRATION - ------------------------------------------------------------------------------------------------ MAJOR TENANTS Continental Stock Transfer & Trust Company ......................... $37.61 $ 1,316,350 12.7% July 2011 IT USA, Inc. ....................... $30.00 1,049,730 10.1 April 2017 Wall Street Access, Inc. ........... $17.71 598,610 5.8 October 2008 The City of New York ............... $24.71 773,233 7.5 December 2012 Securities Training Corp. .......... $22.88 709,280 6.8 February 2015 Wildcat Service Corp. .............. $24.40 756,400 7.3 June 2009 ----------- ----- TOTAL MAJOR TENANTS ................ $26.40 $ 5,203,603 50.2% NON-MAJOR TENANTS ..................... $27.12 5,159,796 49.8 ----------- ----- OCCUPIED TOTAL ........................ $26.75 $10,363,399 100.0% =========== ===== VACANT SPACE .......................... PROPERTY TOTAL ........................ * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % OF CUMULATIVE # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ------------------------------------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 10 $19.93 46,335 11.2% 11.2% 8.9% 8.9% 2009 21 $25.70 86,497 20.9% 32.1% 21.5% 30.4% 2010 2 $28.40 5,280 1.3% 33.4% 1.4% 31.8% 2011 9 $32.61 61,874 15.0% 48.3% 19.5% 51.3% 2012 8 $26.49 51,126 12.4% 60.7% 13.1% 64.4% 2013 4 $27.02 18,832 4.6% 65.2% 4.9% 69.3% 2014 2 $35.20 2,543 0.6% 65.8% 0.9% 70.1% 2015 1 $22.88 31,000 7.5% 73.3% 6.8% 77.0% 2016 1 $28.70 7,723 1.9% 75.2% 2.1% 79.1% 2017 4 $30.00 59,832 14.5% 89.7% 17.3% 96.4% Thereafter 3 $22.65 16,333 3.9% 93.6% 3.6% 100.0% Vacant 0 NA 26,453 6.4% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 78 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 17 BATTERY PLACE SOUTH - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "17 Battery Place South Loan") is secured by a first mortgage encumbering a CBD office building located in New York, New York. The 17 Battery Place South Loan represents approximately 2.5% of the Cut-Off Date Pool Balance. The 17 Battery Place South Loan was originated on April 24, 2007 and has a principal balance as of the Cut-Off Date of $95,000,000. The 17 Battery Place South Loan is a portion of a whole loan with an original principal balance of $108,000,000. The other loan related to the 17 Battery Place South Loan is evidenced by a separate subordinate note (the "17 Battery Place South Subordinate Companion Loan") with an original principal balance of $13,000,000 and, together with the 17 Battery Place South Loan, comprise the "17 Battery Place South Whole Loan"). The 17 Battery Place South Subordinate Companion Loan will not be an asset of the Trust Fund. The 17 Battery Place South Loan and the 17 Battery Place South Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" and will be serviced pursuant to the terms of the pooling and servicing agreement. The 17 Battery Place South Loan provides for interest-only payments for the entire loan term. The 17 Battery Place South Loan has a remaining term of 59 months and matures on May 11, 2012. The 17 Battery Place South Loan may be prepaid on or after March 11, 2012 and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Battery Commercial Associates LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 17 Battery Place South Loan. The sponsor of the borrower is The Moinian Group, a development firm headed by Joseph Moinian, which owns and manages over $8 billion in assets and has been actively involved in greater New York commercial real estate for over 15 years. The Moinian Group currently owns and controls a portfolio of approximately 20 million square feet of office, industrial, retail, residential and hotel properties throughout the United States and abroad, including approximately 13 million square feet in Manhattan. o THE PROPERTY. The Mortgaged Property is an approximately 413,828 square foot office building situated on approximately 1.5 acres. The Mortgaged Property was constructed in 1903 and most recently renovated in 1995. The Mortgaged Property is located in New York, New York. As of March 1, 2007, the occupancy rate for the Mortgaged Property securing the 17 Battery Place South Loan was approximately 93.6%. The largest tenant is Continental Stock Transfer & Trust Company ("Continental"), currently occupying approximately 35,000 square feet, or approximately 8.5% of the net rentable area. Continental is a fully integrated shareholder servicing company that provides shareholder recordkeeping and stock transfer services among other offered services. Continental currently services more than 1,100 public companies, aggregating more than 1.5 million shareholder accounts. The Continental lease expires in July 2011. The second largest tenant is IT USA, Inc. ("IT USA"), currently occupying approximately 34,991 square feet, or approximately 8.5% of the net rentable area. IT USA provides information technology solutions to small and medium-sized businesses in the United States. Its information technology solutions include Microsoft technologies practice, virtualization practice, security practice, internetworking practice, storage practice and systems management practice. The IT USA lease expires in April 2017. The third largest tenant is Wall Street Access, Inc. ("Wall Street Access"), occupying approximately 33,800 square feet, or approximately 8.2% of the net rentable area. Wall Street Access is a New York Stock Exchange member firm offering a range of services, including research, execution, fixed income trading and professional money management to institutions and affluent individuals. The Wall Street Access lease expires in October 2008. o LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. o MANAGEMENT. Newmark & Company Real Estate, Inc. ("Newmark") is the property manager for the Mortgaged Property securing the 17 Battery Place South Loan. Newmark is headquartered in New York, New York and is a large independent real estate service firm, which provides comprehensive real estate solutions to corporations, property owners, investors and developers across the globe. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 79 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 80 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROCKVALE SQUARE - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 81 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROCKVALE SQUARE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 82 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROCKVALE SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $92,400,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR PA Outlet Center, LP TYPE OF SECURITY Both MORTGAGE RATE 5.755% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None UP-FRONT RESERVES TAX Yes OCCUPANCY HOLDBACK(1) $4,400,000 TENANT LEASING(2) $250,000 RETAIL BRAND ALLIANCE(3) $340,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes/Springing REPLACEMENT $53,966 ROLLOVER(4) $276,000 ADDITIONAL FINANCING(5) None CUT-OFF DATE BALANCE $92,400,000 CUT-OFF DATE BALANCE/SF $171 CUT-OFF DATE LTV 80.0% MATURITY DATE LTV 80.0% UW DSCR ON NCF 1.38x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Lancaster, PA PROPERTY TYPE Retail -- Outlet SIZE (SF) 539,661 OCCUPANCY AS OF MARCH 22, 2007 88.5% YEAR BUILT / YEAR RENOVATED 1986 / NA APPRAISED VALUE $115,500,000 PROPERTY MANAGEMENT PA Outlet Management Company UW ECONOMIC OCCUPANCY 92.0% UW REVENUES $12,402,854 UW TOTAL EXPENSES $4,651,922 UW NET OPERATING INCOME (NOI) $7,750,932 UW NET CASH FLOW (NCF) $7,315,068 - -------------------------------------------------------------------------------- (1) A First Occupancy Holdback Reserve and Second Occupancy Holdback Reserve were required at origination, each in the amount of $2,200,000. The First Occupancy Holdback Reserve will be released upon the achievement of (i) the occupancy at the Mortgaged Property is then equal to or greater than 91% and (ii) the annualized collected revenue is at least $12,300,000. The Second Occupancy Holdback Reserve will be released upon the achievement of (i) the occupancy at the Mortgaged Property is then equal to or greater than 92% and (ii) the annualized collected revenue is at least $12,470,000. (2) The Tenant Leasing Holdback Reserve will be released upon the satisfactory evidence to Lender that Olive Garden and Susquehana Bank have commenced full paying rent pursuant to their respective leases. (3) The Retail Brand Alliance Reserve will be released upon the settlement or full adjunction of the Retail Brand Alliance litigation. (4) The annual Rollover Reserve is required only for the first five years. (5) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.10x, (ii) the aggregate loan-to-value ratio shall not exceed 80.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 83 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROCKVALE SQUARE - -------------------------------------------------------------------------------- TENANT SUMMARY % OF % OF NET TOTAL RATINGS NET RENTABLE RENTABLE BASE RENT ANNUAL ANNUAL LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA PSF BASE RENT BASE RENT EXPIRATION - ---------------------------------------------------------------------------------------------------------------------------------- MAJOR TENANTS Pottery Barn .................... NR/NR/NR 29,850 5.5% $ 2.00 $ 59,700 0.8% January 2018 VF Outlet ....................... NR/NR/NR 28,585 5.3 $ 8.00 228,680 3.1 March 2012 Calvert Retail (Reading China) .. NR/NR/NR 27,125 5.0 $14.24 386,260 5.2 November 2008 Carter's Retail, Inc ............ NR/NR/NR 15,000 2.8 $13.16 197,400 2.7 October 2011 Lenox Merchandising (The Lenox Outlet) ...................... NR/NR/NR 10,877 2.0 $23.08 251,041 3.4 June 2007 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ............. 111,437 20.6% $10.08 $1,123,081 15.1% NON-MAJOR TENANTS .................. 365,957 67.8 $17.25 6,314,297 84.9 ------- ----- ---------- ----- OCCUPIED TOTAL ..................... 477,394 88.5% $15.58 $7,437,379 100.0% VACANT SPACE ....................... 62,267 11.5 ========== ===== ------- ----- PROPERTY TOTAL ..................... 539,661 100.0% ======= ===== EXPIRATION SCHEDULE WA BASE CUMULATIVE % OF CUMULATIVE # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - -------------------------------------------------------------------------------------------------------- 2007 18 $15.82 77,964 14.4% 14.4% 16.6% 16.6% 2008 15 $16.78 84,162 15.6% 30.0% 19.0% 35.6% 2009 6 $16.88 22,550 4.2% 34.2% 5.1% 40.7% 2010 16 $17.42 68,037 12.6% 46.8% 15.9% 56.6% 2011 21 $18.88 75,138 13.9% 60.8% 19.1% 75.7% 2012 10 $12.61 80,527 14.9% 75.7% 13.7% 89.4% 2013 1 $14.00 8,173 1.5% 77.2% 1.5% 90.9% 2014 7 $16.14 15,227 2.8% 80.0% 3.3% 94.2% 2015 0 $ 0.00 0 0.0% 80.0% 0.0% 94.2% 2016 0 $ 0.00 0 0.0% 80.0% 0.0% 94.2% 2017 3 $18.06 15,766 2.9% 82.9% 3.8% 98.0% Thereafter 4 $ 4.91 29,850 5.5% 88.5% 2.0% 100.0% Vacant 0 NA 62,267 11.5% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 84 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROCKVALE SQUARE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Rockvale Square Loan") is secured by both a first mortgage and a leasehold interest in a retail center located in Lancaster, Pennsylvania. The Rockvale Square Loan represents approximately 2.4% of the Cut-Off Date Pool Balance. The Rockvale Square Loan provides for interest-only payments for the entire loan term. The Rockvale Square Loan was originated on April 20, 2007, and has a principal balance as of the Cut-Off Date of $92,400,000. The Rockvale Square Loan has a remaining term of 119 months and matures on May 11, 2017. The Rockvale Square Loan may be prepaid on or after February 11, 2017, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Rockvale Outlet Center, L.P., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Rockvale Square Loan. The sponsor of the borrower is the PA Outlet Center General, LLC. The PA Outlet Center General, LLC's additional holdings include approximately 2,200,000 square feet of outlet and retail properties located in Pennsylvania, New Jersey and Massachusetts. o THE PROPERTY. The Mortgaged Property consists of 17 single-story retail buildings, which, in the aggregate, comprise approximately 539,691 square feet, situated on approximately 65.5 acres. The Mortgaged Property is located in Lancaster, Pennsylvania. As of March 22, 2007, the occupancy rate for the Mortgaged Property securing the Rockvale Square Loan was approximately 88.5%. The largest tenant is Pottery Barn, currently occupying approximately 29,850 square feet, or approximately 5.5% of the net rentable area. Pottery Barn is a retailer of kitchen, bedroom and bath goods. Pottery Barn is a member of the Williams-Sonoma, Inc. family of retail chains, which also includes Williams Sonoma, West Elm and Design Studio. The Pottery Barn lease expires in January 2018. The second largest tenant is VF Outlet, currently occupying approximately 28,585 square feet, or approximately 5.3% of the net rentable area. VF Outlet stores sell jeans, sportswear, backpacks, swimwear and children's clothing under the JanSport, Lee, Nautica and Wrangler brands. The VF Outlet lease expires in March 2012. The third largest tenant is Calvert Retail (Reading China), currently occupying approximately 27,125 square feet, or approximately 5.0% of the net rentable area. The Calvert Retail (Reading China) lease expires in November 2008. o LOCKBOX ACCOUNT. The related Mortgage Loan documents do not require a lockbox account. o MANAGEMENT. PA Outlet Management Company, an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Rockvale Square Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 85 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 86 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CENTERSIDE II - -------------------------------------------------------------------------------- [PHOTO OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 87 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CENTERSIDE II - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 88 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CENTERSIDE II - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $89,300,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR The Irvine Company LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.645% MATURITY DATE October 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 126 ORIGINAL TERM / AMORTIZATION 126 / IO REMAINING TERM / AMORTIZATION 124 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC(1) $3,756,047 DEBT SERVICE(2) $2,232,415 CAPEX(1) $4,833,716 ONGOING ANNUAL RESERVES TAX/INSURANCE Springing REPLACEMENT(3) Springing ADDITIONAL FINANCING(4) B-Note $30,000,000 TRUST ASSET WHOLE MORTGAGE LOAN ----------- ------------------- CUT-OFF DATE BALANCE $89,300,000 $119,300,000 CUT-OFF DATE BALANCE/SF $311 $415 CUT-OFF DATE LTV 56.1% 75.0% MATURITY DATE LTV 56.1% 75.0% UW DSCR ON NCF(5) 1.66x 1.25x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION San Diego, CA PROPERTY TYPE Office - Suburban SIZE (SF) 287,494 OCCUPANCY AS OF MARCH 26, 2007 88.7% YEAR BUILT / YEAR RENOVATED 1987 / NA APPRAISED VALUE $159,100,000 PROPERTY MANAGEMENT The Irvine Company LLC UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $13,087,597 UW TOTAL EXPENSES $4,608,164 UW NET OPERATING INCOME (NOI) $8,479,433 UW NET CASH FLOW (NCF)(5) $8,385,921 - -------------------------------------------------------------------------------- (1) The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. Funds in the reserve (up to $966,743 for the CapEx reserve) may be used to pay operating expenses and debt service shortfalls after the debt service reserve has been exhausted. The letter of credit or guaranty may be released upon the achievement of a DSC Ratio of at least 1.20x for six consecutive months. (2) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. The letter of credit or guaranty may be released upon the achievement of a DSC Ratio of at least 1.05x for six consecutive months. (3) Ongoing annual replacement reserves of $43,128 will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (4) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate DSC Ratio of no less than 1.10x, (ii) the aggregate LTV ratio shall not exceed 90.0%, (iii) rating agency consent, (iv) the mezzanine lender shall enter into an acceptable intercreditor agreement and (v) certain other conditions as specified in the related Mortgage Loan documents. (5) The UW NCF was derived based on certain assumptions, including that leases rolling during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR for the Trust Asset is 0.97x and the whole Mortgage Loan is 0.73x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 89 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CENTERSIDE II - -------------------------------------------------------------------------------- TENANT SUMMARY RATINGS(1) % OF NET FITCH/MOODY'S/ NET RENTABLE RENTABLE TENANT S&P AREA (SF) AREA - -------------------------------------------------------------------------------------- MAJOR TENANTS AIG Marketing, Inc. .................... AA/Aa2/AA 55,231 19.2% Commonwealth Land Title Company ........ BBB-/NR/BBB- 34,177 11.9 Health Net ............................. BB+/Ba2/BB+ 29,466 10.2 Phoenix Home Life Insurance Company .... A-/Baa2/A- 15,838 5.5 Metropolitan Life Insurance Company .... A+/A1/AA 14,819 5.2 U.S. Financial Management, Inc ......... NR/NR/NR 14,271 5.0 ------- ----- TOTAL MAJOR TENANTS .................... 163,802 57.0% NON-MAJOR TENANTS ......................... 91,263 31.7 ------- ----- OCCUPIED TOTAL ............................ 255,065 88.7% VACANT SPACE .............................. 32,429 11.3 ------- ----- PROPERTY TOTAL ............................ 287,494 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL ANNUAL BASE LEASE TENANT PSF BASE RENT RENT EXPIRATION - --------------------------------------------------------------------------------------------------------- MAJOR TENANTS AIG Marketing, Inc. .................... $31.34 $1,731,093 22.2% Multiple Spaces(2) Commonwealth Land Title Company ........ $27.48 939,017 12.0 May 2011 Health Net ............................. $29.40 866,306 11.1 August 2009 Phoenix Home Life Insurance Company .... $31.13 493,037 6.3 January 2008 Metropolitan Life Insurance Company .... $31.52 467,095 6.0 February 2011 U.S. Financial Management, Inc ......... $29.40 419,567 5.4 August 2008 ---------- ----- TOTAL MAJOR TENANTS .................... $30.01 $4,916,116 62.9% NON-MAJOR TENANTS ......................... $31.77 2,898,978 37.1 ---------- ----- OCCUPIED TOTAL ............................ $30.64 $7,815,094 100.0% ========== ===== VACANT SPACE .............................. PROPERTY TOTAL ............................ (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 18,410 square feet expire in Septermber 2007 and 36,821 square feet expire in August 2011. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ---------------------------------------------------------------------------------------------------------------------------------- 2007 10 $31.27 31,498 11.0% 11.0% 12.6% 12.6% 2008 10 $31.15 61,372 21.3% 32.3% 24.5% 37.1% 2009 11 $30.22 53,603 18.6% 50.9% 20.7% 57.8% 2010 6 $32.73 14,310 5.0% 55.9% 6.0% 63.8% 2011 16 $30.02 94,282 32.8% 88.7% 36.2% 100.0% 2012 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% 2013 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% 2014 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% 2015 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% 2016 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% 2017 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 88.7% 0.0% 100.0% Vacant 0 NA 32,429 11.3% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 90 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CENTERSIDE II - -------------------------------------------------------------------------------- THE LOAN. The Mortgage Loan (the "Centerside II Loan") is secured by a first mortgage encumbering the borrower's fee interest in a suburban office building located in San Diego, California. The Centerside II Loan represents approximately 2.3% of the Cut-Off Date Pool Balance. The Centerside II Loan was originated on March 29, 2007 and has a principal balance as of the Cut-Off Date of $89,300,000. The Centerside II Loan is a portion of a whole loan with an original principal balance of $119,300,000. The other loan related to the Centerside II Loan is evidenced by a separate subordinate note, dated March 29, 2007 (the "Centerside II Subordinate Companion Loan") with an original principal balance of $30,000,000 and, together with the Centerside II Loan, comprise the "Centerside II Whole Loan"). The Centerside II Subordinate Companion Loan will not be an asset of the Trust Fund. The Centerside II Loan and the Centerside II Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" and will be serviced pursuant to the terms of the pooling and servicing agreement. The Centerside II Loan provides for interest-only payments for the entire loan term. The Centerside II Loan has a remaining term of 124 months and matures on October 11, 2017. The Centerside II Loan may be prepaid on or after April 11, 2009 and through and including March 11, 2017, with payment of the greater of yield maintenance or 1.0% of the prepaid amount, without penalty thereafter, and permits defeasance with United States government obligations beginning two years after the Closing Date. THE BORROWER. The borrower is Centerside II LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Centerside II Loan. The sponsor of the borrower is The Irvine Company, a 140-year old privately held real estate investment company known for the communities it plans and creates on the Irvine Ranch in Orange County, California. The company owns many office, apartment and retail properties on the Irvine Ranch and in Silicon Valley, West Los Angeles and North San Diego, California. The Irvine Company today maintains a portfolio of approximately 400 office buildings, 39 retail centers, 80 apartment communities, 12 hotels, five marinas and three golf clubs, along with approximately 44,000 acres of undeveloped land from the original tract. The company has been recognized for its comprehensive planning and the quality of its design, architecture and landscaping in its developments in Irvine, California and parts of the neighboring cities of Newport Beach, Tustin, Laguna Beach and Orange County, California. THE PROPERTY. The Mortgaged Property is an approximately 287,494 square foot office building situated on approximately 7.1 acres. The Mortgaged Property was constructed in 1987. The Mortgaged Property is located in San Diego, California. As of March 26, 2007, the occupancy rate for the Mortgaged Property securing the Centerside II Loan was approximately 88.7%. The largest tenant is AIG Marketing, Inc. ("AIG Marketing"), currently occupying approximately 55,231 square feet, or approximately 19.2% of the net rentable area. AIG Marketing is a subsidiary of American International Group, Inc. ("AIG"). AIG is an international insurance organization with operations in more than 130 countries and jurisdictions. As of June 1, 2007, AIG was rated "AA" (Fitch), "Aa2" (Moody's) and "AA" (S&P). Under the terms of multiple leases, approximately 18,410 square feet of space expire in September 2007 and approximately 36,821 square feet of space expire in August 2011. The second largest tenant is Commonwealth Land Title Company ("Commonwealth"), currently occupying approximately 34,177 square feet, or approximately 11.9% of the net rentable area. Commonwealth is a subsidiary of LandAmerica Financial Group, Inc. ("LandAmerica"). Providing title insurance as well as other real estate transaction services, LandAmerica companies operate through more than 800 branch offices and a network of more than 10,000 active agents in the United States, Mexico, Canada, the Caribbean, and Central and South America. As of June 1, 2007, Commonwealth was rated "BBB-" (S&P) and "BBB-" (Fitch). The Commonwealth lease expires in May 2011. The third largest tenant is Health Net, occupying approximately 29,466 square feet, or approximately 10.2% of the net rentable area. Health Net is one of the largest publicly traded managed health care systems in the nation, providing health benefits to more than 6 million individuals in 27 states and the District of Columbia. As of June 1, 2007, Health Net was rated "BB+" (Fitch), "Ba2" (Moody's) and "BB+" (S&P). The Health Net lease expires in August 2009. LOCKBOX ACCOUNT. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. MANAGEMENT. The Irvine Company LLC, an affiliate of the borrower, is the property manager for the Mortgaged Property securing the Centerside II Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 91 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CITADEL MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $75,040,500 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR CBL & Associates Properties, Inc TYPE OF SECURITY Fee MORTGAGE RATE 5.680% MATURITY DATE April 1, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 358 LOCKBOX Yes UP-FRONT RESERVES None ONGOING ANNUAL RESERVES TAX/INSURANCE Springing TI/LC(1) Springing CAPITAL EXPENDITURES(2) Springing ADDITIONAL FINANCING(3) None CUT-OFF DATE BALANCE $75,040,500 CUT-OFF DATE BALANCE/SF $253 CUT-OFF DATE LTV 79.8% MATURITY DATE LTV 66.4% UW DSCR ON NCF 1.22x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Charleston, SC PROPERTY TYPE Retail - Anchored SIZE (SF) 296,707 OCCUPANCY AS OF MARCH 1, 2007 81.9% YEAR BUILT / YEAR RENOVATED 1981 / 2000 APPRAISED VALUE $94,000,000 PROPERTY MANAGEMENT CBL & Associates Management, Inc. UW ECONOMIC OCCUPANCY 87.2% UW REVENUES $10,792,437 UW TOTAL EXPENSES $4,077,457 UW NET OPERATING INCOME (NOI) $6,714,980 UW NET CASH FLOW (NCF) $6,385,216 - -------------------------------------------------------------------------------- (1) Ongoing annual deposits of $252,204 capped at 18 months ($378,306) to the TI/LC Reserve will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (2) Ongoing annual deposits of $74,172 and capped at 24 months ($148,344) to the Capital Expenditures Reserve will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (3) The borrower is permitted to incur intercompany debt, unsecured trade payables and operational debt that shall not exceed 10% of the outstanding principal balance at one time. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 92 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- CITADEL MALL - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS* NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA - ------------------------------------------------------------------------------ MAJOR TENANTS Old Navy .................... BB+/Ba1/BB+ 15,023 5.1% Finish Line ................. NR/NR/NR 10,413 3.5 New York & Company .......... NR/NR/NR 8,999 3.0 f.y.e. ...................... NR/NR/NR 8,207 2.8 Dress Barn .................. NR/NR/NR 7,987 2.7 ------- ----- TOTAL MAJOR TENANTS ......... 50,629 17.1% NON-MAJOR TENANTS .............. 192,486 64.9 ------- ----- OCCUPIED TOTAL ................. 243,115 81.9% VACANT SPACE ................... 53,592 18.1 ------- ----- PROPERTY TOTAL ................. 296,707 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL BASE TENANT PSF ANNUAL BASE RENT RENT LEASE EXPIRATION - ------------------------------------------------------------------------------------------------ MAJOR TENANTS Old Navy .................... $11.88 $ 178,498 3.1% January 2009 Finish Line ................. $15.00 156,195 2.7 January 2008 New York & Company .......... $21.50 193,479 3.3 January 2016 f.y.e. ...................... $13.00 106,691 1.8 January 2011 Dress Barn .................. $13.80 110,221 1.9 November 2013 ---------- ----- TOTAL MAJOR TENANTS ......... $14.72 $ 745,083 12.9% NON-MAJOR TENANTS .............. $26.22 5,047,786 87.1 ---------- ----- OCCUPIED TOTAL ................. $23.83 $5,792,869 100.0% ========== ===== VACANT SPACE ................... PROPERTY TOTAL ................. * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* EXPIRING* - ------------------------- ----------------- ---------- --------------- -------------------- ---------------- --------------- 2007 5 $24.92 8,280 2.8% 2.8% 3.6% 3.6% 2008 12 $18.82 44,421 15.0% 17.8% 14.4% 18.0% 2009 10 $21.29 28,196 9.5% 27.3% 10.4% 28.4% 2010 20 $29.59 42,371 14.3% 41.5% 21.6% 50.0% 2011 9 $20.48 31,777 10.7% 52.3% 11.2% 61.2% 2012 10 $37.54 15,541 5.2% 57.5% 10.1% 71.3% 2013 8 $23.94 20,174 6.8% 64.3% 8.3% 79.6% 2014 2 $22.43 10,633 3.6% 67.9% 4.1% 83.8% 2015 6 $24.42 14,140 4.8% 72.6% 6.0% 89.7% 2016 8 $21.39 26,050 8.8% 81.4% 9.6% 99.3% 2017 1 $25.00 1,532 0.5% 81.9% 0.7% 100.0% Thereafter 1 $ 0.00 0 0.0% 81.9% 0.0% 100.0% Vacant 0 NA 53,592 18.1% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 93 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- PORT CHESTER SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $70,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Allan V. Rose TYPE OF SECURITY Fee MORTGAGE RATE 5.310% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX Yes SHADOW RATING (MOODY'S / S&P)(1) Baa3/BBB UP-FRONT RESERVES TAX Yes ENVIRONMENTAL(2) $10,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes/Springing REPLACEMENT(3) Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $70,000,000 CUT-OFF DATE BALANCE / SF $133 CUT-OFF DATE LTV 56.0% MATURITY DATE LTV 56.0% UW DSCR ON NCF 2.46x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Port Chester, NY PROPERTY TYPE Retail - Anchored SIZE (SF) 524,479 OCCUPANCY AS OF FEBRUARY 16, 2007 99.4% YEAR BUILT / YEAR RENOVATED 1970 / 2007 APPRAISED VALUE $125,000,000 PROPERTY MANAGEMENT Self-Managed UW ECONOMIC OCCUPANCY 96.4% UW REVENUES $11,989,446 UW TOTAL EXPENSES $2,616,741 UW NET OPERATING INCOME (NOI) $9,372,704 UW NET CASH FLOW (NCF) $9,155,416 - -------------------------------------------------------------------------------- (1) Moody's and S&P have confirmed that the Port Chester Shopping Center Loan has, in the context of its inclusion in the mortgage pool, credit characteristics consistent with an investment grade obligation. (2) An environmental reserve was established at closing for an ongoing operations and maintenance plan related to certain asbestos containing materials previously identified at the Mortgaged Property. (3) Ongoing deposits to the replacement reserve will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 94 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- PORT CHESTER SHOPPING CENTER - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS(1) NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA - -------------------------------------------------------------------------- MAJOR TENANTS Kohl's (2) ................. A/A3/A- 203,000 38.7% A & P Supermarket .......... NR/NR/NR 51,419 9.8 Linens & Things, Inc. ...... CCC/B3/B 49,570 9.5 Empire State Flea Market ... NR/NR/NR 45,000 8.6 Jembro ..................... NR/NR/NR 20,752 4.0 ------- ----- TOTAL MAJOR TENANTS ........ 369,741 70.5% NON-MAJOR TENANTS ............. 151,563 28.9 ------- ----- OCCUPIED TOTAL ................ 521,304 99.4% VACANT SPACE .................. 3,175 0.6 ------- ----- PROPERTY TOTAL ................ 524,479 100.0% ======= ===== ANNUAL % OF BASE RENT BASE TOTAL ANNUAL LEASE TENANT PSF RENT BASE RENT EXPIRATION - ---------------------------------------------------------------------------------------- MAJOR TENANTS Kohl's (2) ................. $19.07 $3,872,000 39.7% Multiple Spaces(3) A & P Supermarket .......... $12.64 649,936 6.7 December 2017 Linens & Things, Inc. ...... $19.16 949,761 9.7 December 2015 Empire State Flea Market ... $ 5.77 259,650 2.7 December 2008 Jembro ..................... $24.00 498,048 5.1 January 2017 ---------- ----- TOTAL MAJOR TENANTS ........ $16.85 $6,229,395 63.9% NON-MAJOR TENANTS ............. $23.25 3,524,459 36.1 ---------- ----- OCCUPIED TOTAL ................ $18.71 $9,753,854 100.0% ========== ===== VACANT SPACE .................. PROPERTY TOTAL ................ (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Kohl's is subleasing 47,000 square feet to A.I. Friedman, Photo Store and Carvel, 25,000 square feet to Bagel Emporium, Dress Barn and Rockaway Bedding, and 10,000 square feet to R&R Party City. (3) Under the terms of multiple leases, 82,000 square feet expire in December 2009 and 121,000 square feet expire in January 2029. LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % OF CUMULATIVE # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF % OF SF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ------------------------------------------------------------------------------------------------- 2007 1 $32.30 3,000 0.6% 0.6% 1.0% 1.0% 2008 3 $ 9.70 62,200 11.9% 12.4% 6.2% 7.2% 2009 5 $21.73 87,781 16.7% 29.2% 19.6% 26.7% 2010 1 $31.51 2,462 0.5% 29.6% 0.8% 27.5% 2011 2 $36.27 2,710 0.5% 30.2% 1.0% 28.5% 2012 4 $18.82 32,787 6.3% 36.4% 6.3% 34.9% 2013 0 $ 0.00 0 0.0% 36.4% 0.0% 34.9% 2014 4 $21.09 17,000 3.2% 39.6% 3.7% 38.5% 2015 3 $20.11 52,698 10.0% 49.7% 10.9% 49.4% 2016 3 $27.48 26,615 5.1% 54.8% 7.5% 56.9% 2017 5 $19.21 93,051 17.7% 72.5% 18.3% 75.2% Thereafter 3 $17.14 141,000 26.9% 99.4% 24.8% 100.0% Vacant 0 NA 3,175 0.6% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 95 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 60 MADISON AVENUE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $66,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR The Moinian Group TYPE OF SECURITY Fee MORTGAGE RATE 5.753% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $86,710 TI/LC $3,000,000 DEBT SERVICE(1) $1,500,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes TI/LC $186,575 REPLACEMENT $20,523 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $66,500,000 CUT-OFF DATE BALANCE/SF $356 CUT-OFF DATE LTV 79.2% MATURITY DATE LTV 79.2% UW DSCR ON NCF(2) 1.27x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office - CBD SIZE (SF) 186,575 OCCUPANCY AS OF MARCH 14, 2007 86.5% YEAR BUILT / YEAR RENOVATED 1910 / NA APPRAISED VALUE $84,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 95.1% UW REVENUES $7,975,766 UW TOTAL EXPENSES $2,912,651 UW NET OPERATING INCOME (NOI) $5,063,115 UW NET CASH FLOW (NCF)(2) $4,851,193 - -------------------------------------------------------------------------------- (1) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. (2) The UW NCF was derived based on certain assumptions, including that leases rolling during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR is 0.98x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 96 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 60 MADISON AVENUE - -------------------------------------------------------------------------------- TENANT SUMMARY RATINGS(1) % OF NET FITCH/MOODY'S/ NET RENTABLE RENTABLE TENANT S&P AREA (SF) AREA - ---------------------------------------------------------------------------- MAJOR TENANTS Weight Watchers International ... NR/Ba1/BB 30,160 16.2% Bilinguals, Inc. ................ NR/NR/NR 18,850 10.1 Mergent, Inc. ................... NR/NR/NR 14,800 7.9 The City of New York ............ NR/A2/NR 8,000 4.3 Strawberry Frog ................. NR/NR/NR 7,500 4.0 ------- ----- TOTAL MAJOR TENANTS ............. 79,310 42.5% NON-MAJOR TENANTS .................. 82,005 44.0 ------- ----- OCCUPIED TOTAL ..................... 161,315 86.5% VACANT SPACE ....................... 25,260 13.5 ------- ----- PROPERTY TOTAL ..................... 186,575 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL ANNUAL BASE LEASE TENANT PSF BASE RENT RENT EXPIRATION - -------------------------------------------------------------------------------------------- MAJOR TENANTS Weight Watchers International ... $39.50 $1,191,320 21.2% September 2017 Bilinguals, Inc. ................ $27.23 513,351 9.1 Multiple Spaces(2) Mergent, Inc. ................... $33.63 497,724 8.8 September 2008 The City of New York ............ $42.16 337,280 6.0 December 2007 Strawberry Frog ................. $35.72 267,900 4.8 October 2010 ---------- ----- TOTAL MAJOR TENANTS ............. $35.40 $2,807,575 49.9% NON-MAJOR TENANTS .................. $34.44 2,823,946 50.1 ---------- ----- OCCUPIED TOTAL ..................... $34.91 $5,631,521 100.0% ========== ===== VACANT SPACE ....................... PROPERTY TOTAL ..................... (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 1,300 square feet expire in June 2007 and 17,550 square feet expire in July 2012. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - --------------------------------------------------------------------------------------------------------------------------- 2007 14 $33.37 32,671 17.5% 17.5% 19.4% 19.4% 2008 14 $34.04 35,910 19.2% 36.8% 21.7% 41.1% 2009 5 $42.75 12,100 6.5% 43.2% 9.2% 50.3% 2010 6 $32.37 15,312 8.2% 51.5% 8.8% 59.1% 2011 6 $39.29 14,054 7.5% 59.0% 9.8% 68.9% 2012 2 $27.03 17,550 9.4% 68.4% 8.4% 77.3% 2013 0 $ 0.00 0 0.0% 68.4% 0.0% 77.3% 2014 1 $24.77 3,558 1.9% 70.3% 1.6% 78.8% 2015 0 $ 0.00 0 0.0% 70.3% 0.0% 78.8% 2016 0 $ 0.00 0 0.0% 70.3% 0.0% 78.8% 2017 1 $39.50 30,160 16.2% 86.5% 21.2% 100.0% Thereafter 0 $ 0.00 0 0.0% 86.5% 0.0% 100.0% Vacant 0 NA 25,260 13.5% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 97 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 3600 WILSHIRE BOULEVARD - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $64,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.7% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Dr. David Y. Lee TYPE OF SECURITY Fee MORTGAGE RATE 5.980% MATURITY DATE June 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $17,500 TI/LC* $800,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $53,847 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $64,000,000 CUT-OFF DATE BALANCE/SF $155 CUT-OFF DATE LTV 74.7% MATURITY DATE LTV 74.7% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Los Angeles, CA PROPERTY TYPE Office - CBD SIZE (SF) 414,202 OCCUPANCY AS OF APRIL 1, 2007 99.2% YEAR BUILT / YEAR RENOVATED 1961 / 1998 APPRAISED VALUE $85,700,000 PROPERTY MANAGEMENT Jamison Services, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $7,632,647 UW TOTAL EXPENSES $2,619,622 UW NET OPERATING INCOME (NOI) $5,013,025 UW NET CASH FLOW (NCF) $4,605,888 - -------------------------------------------------------------------------------- * The borrower has the option to provide either (i) a payment guaranty by the sponsor in the amount of $800,000 or (ii) a reserve in the amount of $800,000, to be replenished at a monthly rate of $34,517 if it falls below $800,000. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 98 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 3600 WILSHIRE BOULEVARD - -------------------------------------------------------------------------------- TENANT SUMMARY % OF TOTAL % OF NET ANNUAL RATINGS NET RENTABLE RENTABLE BASE ANNUAL BASE BASE LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA RENT PSF RENT RENT EXPIRATION - --------------------------------------------------------------------------------------------------------------------------------- MAJOR TENANTS California Family Health ........... NR/NR/NR 20,593 5.0% $14.08 $ 289,904 4.5% September 2007 Southwestern Pacific Land Group .... NR/NR/NR 15,633 3.8 $14.15 221,253 3.4 June 2009 The Philippine Consulate General ... NR/NR/NR 14,103 3.4 $14.16 199,698 3.1 September 2009 Graiwer & Kaplan ................... NR/NR/NR 13,891 3.4 $13.12 182,225 2.8 June 2008 Kenny Chung & Bee Commercial ....... NR/NR/NR 13,423 3.2 $15.03 201,711 3.1 October 2007 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ................ 77,643 18.7% $14.10 $1,094,793 16.8% NON-MAJOR TENANTS ..................... 333,122 80.4 $16.27 5,419,525 83.2 ------- ----- ---------- ----- OCCUPIED TOTAL ........................ 410,765 99.2% $15.86 $6,514,318 100.0% VACANT SPACE .......................... 3,437 0.8 ========== ===== ------- ----- PROPERTY TOTAL ........................ 414,202 100.0% ======= ===== LEASE EXPIRATION SCHEDULE WA BASE CUMULATIVE % % OF BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL SF OF SF RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* EXPIRING* - -------------------------------------------------------------------------------------------------------- 2007 72 $14.57 117,569 28.4% 28.4% 26.3% 26.3% 2008 59 $15.43 80,671 19.5% 47.9% 19.1% 45.4% 2009 49 $16.07 110,908 26.8% 74.6% 27.4% 72.8% 2010 23 $15.83 53,733 13.0% 87.6% 13.1% 85.8% 2011 8 $18.54 11,509 2.8% 90.4% 3.3% 89.1% 2012 6 $17.55 14,209 3.4% 93.8% 3.8% 92.9% 2013 7 $21.55 18,168 4.4% 98.2% 6.0% 98.9% 2014 1 $17.40 3,998 1.0% 99.2% 1.1% 100.0% 2015 0 $ 0.00 0 0.0% 99.2% 0.0% 100.0% 2016 0 $ 0.00 0 0.0% 99.2% 0.0% 100.0% 2017 0 $ 0.00 0 0.0% 99.2% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 99.2% 0.0% 100.0% Vacant 0 NA 3,437 0.8% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 99 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- LA JOLLA CENTRE I - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $60,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR The Irvine Company LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.645% MATURITY DATE October 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 126 ORIGINAL TERM / AMORTIZATION 126 / IO REMAINING TERM / AMORTIZATION 124 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC(1) $1,719,172 DEBT SERVICE(2) $2,155,760 CapEx(1) $2,777,293 ONGOING ANNUAL RESERVES TAX/INSURANCE Springing REPLACEMENT(3) Springing ADDITIONAL FINANCING(4) B-Note $23,000,000 TRUST WHOLE ASSET MORTGAGE LOAN ----------- ------------- CUT-OFF DATE BALANCE $60,000,000 $83,000,000 CUT-OFF DATE BALANCE/SF $363 $502 CUT-OFF DATE LTV 52.8% 73.0% MATURITY DATE LTV 52.8% 73.0% UW DSCR ON NCF(5) 1.74x 1.26x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION San Diego, CA PROPERTY TYPE Office -- Suburban SIZE (SF) 165,184 OCCUPANCY AS OF MARCH 26, 2007 88.9% YEAR BUILT / YEAR RENOVATED 1986 / NA APPRAISED VALUE $113,700,000 PROPERTY MANAGEMENT The Irvine Company LLC UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $8,995,224 UW TOTAL EXPENSES $2,998,683 UW NET OPERATING INCOME (NOI) $5,996,541 UW NET CASH FLOW (NCF)(5) $5,888,017 - -------------------------------------------------------------------------------- (1) The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. Funds in the reserve (up to $555,459 for the CapEx reserve) may be used to pay operating expenses and debt service shortfalls after the debt service reserve has been exhausted. The letter of credit or guaranty may be released upon the achievement of a DSC ratio of at least 1.20x for six consecutive months. (2) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in debt service reserve will be released as needed to cover the debt service shortfall. The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. The letter of credit or guaranty may be released upon the achievement of a DSC ratio of at least 1.05x for six consecutive months. (3) Ongoing annual replacement reserves of $24,780 will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (4) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate DSC ratio of no less than 1.10x, (ii) the aggregate LTV ratio shall not exceed 90.0%, (iii) rating agency consent, (iv) the mezzanine lender shall enter into an acceptable intercreditor agreement and (v) certain other conditions as specified in the related Mortgage Loan documents. (5) The UW NCF was derived based on certain assumptions, including that leases rolling during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR for the Trust Asset is 1.03x and the whole Mortgage Loan is 0.74x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 100 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- LA JOLLA CENTRE I - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET ANNUAL % OF RATINGS* NET RENTABLE RENTABLE BASE BASE TOTAL ANNUAL LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA RENT PSF RENT BASE RENT EXPIRATION - ----------------------------------------------------------------------------------------------------------------------------------- MAJOR TENANTS Colliers Iliff Thorn & Company ... NR/NR/NR 20,707 12.5% $34.80 $ 720,604 13.9% November 2016 IBM .............................. A+/A1/A+ 16,054 9.7 $31.94 512,765 9.9 July 2010 LMA North America, Inc. .......... NR/NR/NR 14,734 8.9 $31.83 468,983 9.1 April 2010 Union Bank of California N.A. .... A+/Aa3/A+ 14,274 8.6 $41.89 597,931 11.5 August 2011 HQ Global Workplaces, Inc. ....... NR/NR/NR 13,137 8.0 $35.84 470,830 9.1 January 2012 ------- ----- ---------- ----- TOTAL MAJOR TENANTS .............. 78,906 47.8% $35.12 $2,771,113 53.5% NON-MAJOR TENANTS ................... 67,950 41.1 $35.44 2,408,394 46.5 ------- ----- ---------- ----- OCCUPIED TOTAL ...................... 146,856 88.9% $35.27 $5,179,507 100.0% VACANT SPACE ........................ 18,328 11.1 ========== ===== ------- ----- PROPERTY TOTAL ...................... 165,184 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* EXPIRING* - ----------------------------------------------------------------------------------------------------------------------------- 2007 8 $38.97 18,589 11.3% 11.3% 14.0% 14.0% 2008 4 $34.99 12,277 7.4% 18.7% 8.3% 22.3% 2009 3 $32.07 8,845 5.4% 24.0% 5.5% 27.8% 2010 8 $32.74 44,322 26.8% 50.9% 28.0% 55.8% 2011 7 $39.23 21,541 13.0% 63.9% 16.3% 72.1% 2012 4 $35.25 20,575 12.5% 76.4% 14.0% 86.1% 2013 0 $ 0.00 0 0.0% 76.4% 0.0% 86.1% 2014 0 $ 0.00 0 0.0% 76.4% 0.0% 86.1% 2015 0 $ 0.00 0 0.0% 76.4% 0.0% 86.1% 2016 3 $34.80 20,707 12.5% 88.9% 13.9% 100.0% 2017 0 $ 0.00 0 0.0% 88.9% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 88.9% 0.0% 100.0% Vacant 0 NA 18,328 11.1% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 101 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 450-460 PARK AVENUE SOUTH - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $54,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR The Moinian Group TYPE OF SECURITY Fee MORTGAGE RATE 5.695% MATURITY DATE May 11, 2012 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $3,239,131 TI/LC $2,000,000 DEBT SERVICE(1) $1,000,000 ONGOING ANNUAL RESERVES TAX/INSURANCE Yes REPLACEMENT $25,014 TI/LC $166,761 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $54,000,000 CUT-OFF DATE BALANCE/SF $324 CUT-OFF DATE LTV 77.1% MATURITY DATE LTV 77.1% UW DSCR ON NCF(2) 1.35x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 166,761 OCCUPANCY AS OF MARCH 14, 2007 99.3% YEAR BUILT / YEAR RENOVATED 1913 / NA APPRAISED VALUE $70,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 95.1% UW REVENUES $6,895,234 UW TOTAL EXPENSES $2,574,408 UW NET OPERATING INCOME (NOI) $4,320,826 UW NET CASH FLOW (NCF)(2) $4,139,554 - -------------------------------------------------------------------------------- (1) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. (2) The UW NCF was derived based on certain assumptions, including that leases rolling during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR is 1.11x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 102 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- 450-460 PARK AVENUE SOUTH - -------------------------------------------------------------------------------- TENANT SUMMARY NET RATINGS RENTABLE % OF NET TENANT FITCH/MOODY'S/S&P AREA (SF) RENTABLE AREA - --------------------------------------------------------------------------------- MAJOR TENANTS WKP-Spier, LLC ............... NR/NR/NR 26,800 16.1% Mimeo.Com .................... NR/NR/NR 19,300 11.6 Drumbeat Digital, LLC ........ NR/NR/NR 14,000 8.4 The Analytical Group Inc. .... NR/NR/NR 13,813 8.3 Emerald City Media Service ... NR/NR/NR 13,400 8.0 SX2 Media Labs ............... NR/NR/NR 8,270 5.0 ------- ----- TOTAL MAJOR TENANTS .......... 95,583 57.3% NON-MAJOR TENANTS ............... 69,978 42.0 ------- ----- OCCUPIED TOTAL .................. 165,561 99.3% VACANT SPACE .................... 1,200 0.7 ------- ----- PROPERTY TOTAL .................. 166,761 100.0% ======= ===== % OF TOTAL BASE ANNUAL ANNUAL LEASE TENANT RENT PSF BASE RENT BASE RENT EXPIRATION - ----------------------------------------------------------------------------------------- MAJOR TENANTS WKP-Spier, LLC ............... $25.62 $ 686,500 13.3% November 2010 Mimeo.Com .................... $27.50 530,660 10.2 Multiple Spaces* Drumbeat Digital, LLC ........ $32.29 452,060 8.7 October 2012 The Analytical Group Inc. .... $26.92 371,846 7.2 March 2010 Emerald City Media Service ... $23.00 308,200 5.9 March 2010 SX2 Media Labs ............... $33.91 280,436 5.4 August 2011 ---------- ----- TOTAL MAJOR TENANTS .......... $27.51 $2,629,702 50.8% NON-MAJOR TENANTS ............... $36.45 2,550,568 49.2 ---------- ----- OCCUPIED TOTAL .................. $31.29 $5,180,270 100.0% ========== ===== VACANT SPACE .................... PROPERTY TOTAL .................. * Under the terms of multiple leases, 5,500 square feet expire in September 2012 and 13,800 square feet expire in September 2014. LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* EXPIRING* - ----------------------------------------------------------------------------------------------------------------------------- 2007 1 $20.26 3,000 1.8% 1.8% 1.2% 1.2% 2008 3 $25.22 10,330 6.2% 8.0% 5.0% 6.2% 2009 2 $28.00 8,000 4.8% 12.8% 4.3% 10.5% 2010 5 $25.74 59,713 35.8% 48.6% 29.7% 40.2% 2011 3 $32.83 19,410 11.6% 60.2% 12.3% 52.5% 2012 4 $42.54 28,365 17.0% 77.2% 23.3% 75.8% 2013 1 $22.51 1,650 1.0% 78.2% 0.7% 76.5% 2014 4 $31.60 25,593 15.3% 93.6% 15.6% 92.1% 2015 1 $49.44 3,000 1.8% 95.4% 2.9% 95.0% 2016 0 $ 0.00 0 0.0% 95.4% 0.0% 95.0% 2017 1 $40.00 6,500 3.9% 99.3% 5.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 99.3% 0.0% 100.0% Vacant 0 NA 1,200 0.7% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 103 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- STADIUM CROSSINGS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $47,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Sara V. Dumont and Milton Bilak TYPE OF SECURITY Fee MORTGAGE RATE 5.590% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING ANNUAL RESERVES* TAX/INSURANCE Yes ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $47,000,000 CUT-OFF DATE BALANCE/SF $284 CUT-OFF DATE LTV 76.1% MATURITY DATE LTV 76.1% UW DSCR ON NCF 1.30x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Anaheim, CA PROPERTY TYPE Mixed Use -- Office/Retail SIZE (SF) 165,662 OCCUPANCY AS OF APRIL 4, 2007 100.0% YEAR BUILT / YEAR RENOVATED 1970 / NA APPRAISED VALUE $61,800,000 PROPERTY MANAGEMENT Stadium Crossings Manager, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $5,453,809 UW TOTAL EXPENSES $1,767,014 UW NET OPERATING INCOME (NOI) $3,686,795 UW NET CASH FLOW (NCF) $3,422,168 - -------------------------------------------------------------------------------- * In the event certain tenants at the Mortgaged Property do not execute extensions of their leases, the related Borrower is obligated to (a) deposit certain additional cash reserves, (b) enter into a cash management agreement pursuant to which the Borrower will agree to deposit all excess cash flow from the Mortgaged Property until certain additional cash reserves are held with the mortgagee, or (c) deposit a letter of credit for the benefit of the mortgagee. The related letter of credit for certain tenants is as follows: (i) a $500,000 letter of credit regarding Spectrum Club (subleased to Bally's Total Fitness). (ii) a $355,000 letter of credit regarding Hewlett Packard, (iii) a $275,000 letter of credit regarding Agilent Technologies and (iv) a $270,000 letter of credit regarding CB Richard Ellis. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 104 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- STADIUM CROSSINGS - -------------------------------------------------------------------------------- TENANT SUMMARY NET % OF TOTAL RATINGS* RENTABLE % OF NET BASE ANNUAL ANNUAL LEASE TENANT FITCH/MOODY'S/S&P AREA (SF) RENTABLE AREA RENT PSF BASE RENT BASE RENT EXPIRATION - ---------------------------------------------------------------------------------------------------------------------------------- MAJOR TENANTS Bally's Total Fitness ..... NR/Ca/D 36,500 22.0% $22.65 $ 826,725 18.0% June 2014 Hewlett Packard ........... A+/A2/A 34,209 20.6 $28.66 980,430 21.4 March 2010 Agilent Technologies ...... BBB--/Ba1/BBB-- 26,107 15.8 $28.66 748,227 16.3 March 2010 CB Richard Ellis .......... NR/NR/NR 25,985 15.7 $29.64 770,195 16.8 September 2009 Rockwell Automation ....... A/A3/A 12,108 7.3 $25.96 314,324 6.9 July 2012 ------- ----- ---------- ----- TOTAL MAJOR TENANTS ....... 134,909 81.4% $26.98 $3,639,901 79.4% NON-MAJOR TENANTS .......... 30,753 18.6 $30.65 942,510 20.6 ------- ----- ---------- ----- OCCUPIED TOTAL ............. 165,662 100.0% $27.66 $4,582,410 100.0% ========== ===== VACANT SPACE ............... 0 0.0 ------- ----- PROPERTY TOTAL ............. 165,662 100.0% ======= ===== * Certain ratings are those of the parent whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE CUMULATIVE CUMULATIVE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF % OF SF % OF BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - -------------------------------------------------------------------------------------------------------------------- 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 3 $37.63 6,375 3.8% 3.8% 5.2% 5.2% 2009 2 $29.90 27,260 16.5% 20.3% 17.8% 23.0% 2010 2 $28.66 60,316 36.4% 56.7% 37.7% 60.7% 2011 3 $24.36 14,561 8.8% 65.5% 7.7% 68.5% 2012 1 $25.96 12,108 7.3% 72.8% 6.9% 75.3% 2013 0 $ 0.00 0 0.0% 72.8% 0.0% 75.3% 2014 1 $22.65 36,500 22.0% 94.8% 18.0% 93.4% 2015 0 $ 0.00 0 0.0% 94.8% 0.0% 93.4% 2016 0 $ 0.00 0 0.0% 94.8% 0.0% 93.4% 2017 0 $ 0.00 0 0.0% 94.8% 0.0% 93.4% Thereafter 2 $35.49 8,542 5.2% 100.0% 6.6% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 105 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- LA JOLLA CENTRE II - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $46,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR The Irvine Company LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.645% MATURITY DATE October 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 126 ORIGINAL TERM / AMORTIZATION 126 / IO REMAINING TERM / AMORTIZATION 124 / IO LOCKBOX Yes UP-FRONT RESERVES TI/LC(1) $1,940,921 DEBT SERVICE(2) $2,838,205 CAPEX(1) $2,469,040 ONGOING ANNUAL RESERVES TAX/INSURANCE Springing REPLACEMENT(3) Springing ADDITIONAL FINANCING(4) B-Note $29,000,000 TRUST ASSET WHOLE MORTGAGE LOAN ----------- ------------------- CUT-OFF DATE BALANCE $46,000,000 $75,000,000 CUT-OFF DATE BALANCE/SF $313 $510 CUT-OFF DATE LTV 45.7% 74.5% MATURITY DATE LTV 45.7% 74.5% UW DSCR ON NCF(5) 2.11x 1.29x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION San Diego, CA PROPERTY TYPE Office -- Suburban SIZE (SF) 147,047 OCCUPANCY AS OF MARCH 26, 2007 98.0% YEAR BUILT / YEAR RENOVATED 1989 / NA APPRAISED VALUE $100,700,000 PROPERTY MANAGEMENT The Irvine Company LLC UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $8,140,927 UW TOTAL EXPENSES $2,659,048 UW NET OPERATING INCOME (NOI) $5,481,878 UW NET CASH FLOW (NCF)(5) $5,481,878 - -------------------------------------------------------------------------------- (1) The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. Funds in the reserve (up to $493,808 for the CapEx reserve) may be used to pay operating expenses and debt service shortfalls after the debt service reserve has been exhausted. The letter of credit or guaranty may be released upon the achievement of a DSC ratio of at least 1.20x for six consecutive months. (2) There is a shortfall in the related Mortgaged Property cash flow to fully cover debt service payments. Amount held in the debt service reserve will be released as needed to cover the debt service shortfall. The borrower may substitute a letter of credit or guaranty in an amount equal to the balance in the reserve. The letter of credit or guaranty may be released upon the achievement of a DSC ratio of at least 1.05x for six consecutive months. (3) Ongoing annual replacement reserves of $22,056 will be required upon an event of default or upon certain other conditions as specified in the related Mortgage Loan documents. (4) Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate DSC ratio of no less than 1.10x, (ii) the aggregate LTV ratio shall not exceed 90.0%, (iii) rating agency consent, (iv) the mezzanine lender shall enter into an acceptable intercreditor agreement and (v) certain other conditions as specified in the related Mortgage Loan documents. (5) The UW NCF was derived based on certain assumptions, including that leases rolling during the loan term would be marked to market rents and that the property would achieve a stabilized occupancy rate. If such occupancy and rental rates are not executed, then the property NCF will be negatively affected. The "as-is" DSCR for the Trust Asset is 1.14x and the whole Mortgage Loan is 0.70x. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 106 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- LA JOLLA CENTRE II - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA - ----------------------------------------------------------------------------------- MAJOR TENANTS Chatham Capital* ................. NR/NR/NR 22,615 15.4% Marcus & Millichap Real Estate ... NR/NR/NR 15,256 10.4 Scott Wage ....................... NR/NR/NR 13,391 9.1 Microsoft Corporation ............ NR/NR/NR 12,576 8.6 EOP Management Office ............ NR/NR/NR 7,016 4.8 Radio 1210, Inc. ................. NR/NR/NR 6,869 4.7 ------- ----- TOTAL MAJOR TENANTS(2) ........... 77,723 52.9% NON-MAJOR TENANTS ................... 66,450 45.2 ------- ----- OCCUPIED TOTAL ...................... 144,173 98.0% VACANT SPACE ........................ 2,874 2.0 ------- ----- PROPERTY TOTAL ...................... 147,047 100.0% ======= ===== ANNUAL % OF BASE BASE TOTAL ANNUAL LEASE TENANT RENT PSF RENT BASE RENT EXPIRATION - -------------------------------------------------------------------------------------------- MAJOR TENANTS Chatham Capital* ................. $32.28 $ 730,012 16.5% February 2011 Marcus & Millichap Real Estate ... $32.93 502,399 11.3 November 2010 Scott Wage ....................... $36.22 484,993 10.9 December 2007 Microsoft Corporation ............ $30.55 384,197 8.7 August 2010 EOP Management Office ............ -- -- 0 NA Radio 1210, Inc. ................. $35.84 246,185 5.5 July 2011 ---------- ----- TOTAL MAJOR TENANTS(2) ........... $30.21 $2,347,786 52.9% NON-MAJOR TENANTS ................... $31.43 2,088,703 47.1 ---------- ----- OCCUPIED TOTAL ...................... $30.77 $4,436,489 100.0% ========== ===== VACANT SPACE PROPERTY TOTAL * Chatham Capital is subleasing 16,737 square feet to Mintz Levin. LEASE EXPIRATION SCHEDULE CUMULATIVE % OF # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* EXPIRING* - ----------------------------------------------------------------------------------------------------------------------------- 2007 11 $23.99 34,389 23.4% 23.4% 18.6% 18.6% 2008 3 $32.62 3,452 2.3% 25.7% 2.5% 21.1% 2009 11 $32.01 34,068 23.2% 48.9% 24.6% 45.7% 2010 3 $31.86 27,832 18.9% 67.8% 20.0% 65.7% 2011 6 $32.97 35,391 24.1% 91.9% 26.3% 92.0% 2012 0 $ 0.00 0 0.0% 91.9% 0.0% 92.0% 2013 0 $ 0.00 0 0.0% 91.9% 0.0% 92.0% 2014 1 $42.60 5,893 4.0% 95.9% 5.7% 97.7% 2015 1 $33.10 3,148 2.1% 98.0% 2.3% 100.0% 2016 0 $ 0.00 0 0.0% 98.0% 0.0% 100.0% 2017 0 $ 0.00 0 0.0% 98.0% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 98.0% 0.0% 100.0% Vacant 0 NA 2,874 2.0% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 107 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROOSEVELT SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $46,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.2% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR John Dewberry TYPE OF SECURITY Fee MORTGAGE RATE 5.550% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Interest-Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None UP-FRONT RESERVES TAX Yes ONGOING ANNUAL RESERVES TAX/INSURANCE Yes/Springing ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $46,000,000 CUT-OFF DATE BALANCE/SF $149 CUT-OFF DATE LTV 78.0% MATURITY DATE LTV 78.0% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Jacksonville, FL PROPERTY TYPE Retail -- Anchored SIZE (SF) 309,360 OCCUPANCY AS OF MAY 1, 2007 96.0% YEAR BUILT / YEAR RENOVATED 1961 / 1998 APPRAISED VALUE $59,000,000 PROPERTY MANAGEMENT Dewberry Capital Corporation UW ECONOMIC OCCUPANCY 95.5% UW REVENUES $4,453,859 UW TOTAL EXPENSES $1,209,707 UW NET OPERATING INCOME (NOI) $3,244,151 UW NET CASH FLOW (NCF) $3,057,096 - -------------------------------------------------------------------------------- * Future mezzanine debt is permitted, subject to certain conditions including, but not limited to: (i) an aggregate debt service coverage ratio of no less than 1.20x, (ii) the aggregate loan-to-value ratio shall not exceed 80.0%, (iii) rating agency consent and (iv) certain other conditions as specified in the related Mortgage Loan documents. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 108 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ROOSEVELT SQUARE - -------------------------------------------------------------------------------- TENANT SUMMARY % OF NET RATINGS(1) NET RENTABLE RENTABLE TENANT FITCH/MOODY'S/S&P AREA (SF) AREA - ---------------------------------------------------------------------------- MAJOR TENANTS Belk(2) ................... NR/NR/NR 67,267 21.7% Publix .................... NR/NR/NR 51,420 16.6 Stein Mart ................ NR/NR/NR 46,021 14.9 CVS(3) .................... BBB/Baa2/BBB+ 13,200 4.3 West Marine ............... NR/NR/NR 8,120 2.6 ------- ----- TOTAL MAJOR TENANTS ....... 186,028 60.1% NON-MAJOR TENANTS ............ 111,082 35.9 ------- ----- OCCUPIED TOTAL ............... 297,110 96.0% VACANT SPACE ................. 12,250 4.0 ------- ----- PROPERTY TOTAL ............... 309,360 100.0% ======= ===== % OF TOTAL BASE RENT ANNUAL BASE TENANT PSF ANNUAL BASE RENT RENT LEASE EXPIRATION - ----------------------------------------------------------------------------------------------- MAJOR TENANTS Belk(2) ..................... $ 3.50 $ 235,347 6.8% January 2012 Publix ...................... $ 9.50 488,490 14.1 July 2018 Stein Mart .................. $ 5.75 264,621 7.6 November 2008 CVS(3) ...................... $16.27 214,707 6.2 September 2011 West Marine ................. $15.00 121,800 3.5 January 2008 ---------- ----- TOTAL MAJOR TENANTS ......... $ 7.12 $1,324,965 38.2% NON-MAJOR TENANTS ............ $19.32 2,146,401 61.8 ---------- ----- OCCUPIED TOTAL ............... $11.68 $3,471,366 100.0% ========== ===== VACANT SPACE ................. PROPERTY TOTAL ............... (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Belk pays rent at the rate of 2% of annual gross revenue. Annual base rent is based on 2006 gross revenues. (3) CVS pays rent at the rate of $2.64 per square foot plus 2.5% of annual gross revenues over $1.392 million. Annual base rent is based on 2006 gross revenues. LEASE EXPIRATION SCHEDULE # OF LEASES WA BASE RENT/SF TOTAL SF % OF TOTAL SF CUMULATIVE % OF SF % OF BASE RENT CUMULATIVE % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING* EXPIRING* EXPIRING* RENT EXPIRING* - ----------------------------------------------------------------------------------------------------------------------------------- 2007 1 $23.69 1,050 0.3% 0.3% 0.7% 0.7% 2008 17 $11.84 93,117 30.1% 30.4% 31.7% 32.5% 2009 9 $18.64 22,175 7.2% 37.6% 11.9% 44.4% 2010 6 $21.30 12,000 3.9% 41.5% 7.4% 51.7% 2011 6 $16.96 25,452 8.2% 49.7% 12.4% 64.2% 2012 4 $ 5.20 72,827 23.5% 73.3% 10.9% 75.1% 2013 1 $25.42 4,570 1.5% 74.7% 3.3% 78.4% 2014 1 $18.04 5,688 1.8% 76.6% 3.0% 81.4% 2015 0 $ 0.00 0 0.0% 76.6% 0.0% 81.4% 2016 0 $ 0.00 0 0.0% 76.6% 0.0% 81.4% 2017 0 $ 0.00 0 0.0% 76.6% 0.0% 81.4% Thereafter 3 $10.73 60,231 19.5% 96.0% 18.6% 100.0% Vacant 0 NA 12,250 4.0% 100.0% 0.0% 100.0% * Calculated based upon approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 109 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MARRIOTT -- MOBILE, AL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $44,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Columbia Sussex Corporation TYPE OF SECURITY Fee MORTGAGE RATE 5.890% MATURITY DATE May 11, 2017 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 18 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING ANNUAL RESERVES TAX/INSURANCE Yes FF&E* Yes ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $44,000,000 CUT-OFF DATE BALANCE/ROOM $175,299 CUT-OFF DATE LTV 75.2% MATURITY DATE LTV 65.8% UW DSCR ON NCF 1.31x - -------------------------------------------------------------------------------- [PHOTO OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Mobile, AL PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 251 OCCUPANCY AS OF TTM DECEMBER 31, 2006 68.4% YEAR BUILT / YEAR RENOVATED 1979 / 2001 APPRAISED VALUE $58,500,000 PROPERTY MANAGEMENT Columbia Sussex Corporation UW ECONOMIC OCCUPANCY 70.0% UW REVENUES $10,836,965 UW TOTAL EXPENSES $6,189,120 UW NET OPERATING INCOME (NOI) $4,647,845 UW NET CASH FLOW (NCF) $4,105,997 - -------------------------------------------------------------------------------- * The annual FF&E reserve shall be $541,848 for the first year, and thereafter 4% of total property revenues. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 110 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- MARRIOTT -- MOBILE, AL - -------------------------------------------------------------------------------- FACILITY SUMMARY GUEST ROOMS NUMBER - -------------------------------------------------------------------------------- Double Rooms .......................................................... 154 King Rooms ............................................................ 94 Suites ................................................................ 3 --- TOTAL .............................................................. 251 === FOOD AND BEVERAGE - -------------------------------------------------------------------------------- Restaurant ....................................................... Lounge ........................................................... MEETING AND BANQUET SPACE SQUARE FEET - -------------------------------------------------------------------------------- Meeting Rooms .................................................... 9,748 TOTAL ......................................................... 9,748 ===== AMENITIES - -------------------------------------------------------------------------------- Outdoor Pool ..................................................... Jacuzzi .......................................................... Fitness Center ................................................... Hot Tub .......................................................... Business Center .................................................. FINANCIAL SCHEDULE YEAR 2005 2006-2007 UW - -------------------------------------------------------------------------------- Occupancy ...................................... 80.6% 66.3%* 70.0% ADR ............................................ $107.17 $129.92 $130.00 REVPAR ......................................... $ 86.43 $ 86.11 $ 91.00 * Based on trailing 12-month period. COMPETITIVE SUMMARY ESTIMATED 2006* ---------------------------------------------------------------------- NUMBER OF OCCUPANCY ADR REVPAR PROPERTY ROOMS OCCUPANCY ADR REVPAR PENETRATION PENETRATION PENETRATION - ------------------------------------------------------------------------------------------------------------------------------- Marriott -- Mobile, AL (subject) ......... 251 67.9% $129.05 $87.57 111.0% 138.5% 153.7% Competitive Set .......................... 976 61.2% $ 93.15 $56.96 NA NA NA * The information above is based on a report prepared by Smith Travel Research, dated January 2007, which identified five hospitality properties within the competitive set for the Mortgaged Property. The competitive set includes: (i) the Riverview Plaza comprised of 374 rooms and built in 1982, (ii) the Courtyard Mobile comprised of 78 rooms and built in 1994, (iii) the Best Western Ashbury Hotel & Suites comprised of 195 rooms and built in 1972, (iv) the Holiday Inn Mobile Bellingrath Gardens comprised of 159 rooms and built in 1972 and (v) the Radisson Admiral Semmes Hotel comprised of 170 rooms, built in 1940 and renovated in 1995. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 111 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- o GENERAL. For a detailed presentation of certain characteristics of the Mortgage Loans and Mortgaged Properties, on an individual basis and in tabular format, see Annex A-1 to the Prospectus Supplement. See Annex A-2 to the Prospectus Supplement for certain information regarding multifamily Mortgaged Properties. See Annex A-3 to the Prospectus Supplement for certain information with respect to capital improvement, replacement and tenant improvement reserve accounts. See Annex A-4 to the Prospectus Supplement for certain information relating to the commercial tenants at the Mortgaged Properties. See Annex A-5 to the Prospectus Supplement for certain information relating to cross-collateralized and cross-defaulted Mortgage Loans. See Annex A-6 to the Prospectus Supplement for certain information relating to the Siena Office Park Mortgage Loan. SIGNIFICANT SPONSOR CONCENTRATION AGGREGATE # OF LOANS/ CUT-OFF MORTGAGED LOAN DATE SPONSOR PROPERTIES NUMBER BALANCE - ----------------------------------------------------------------------------------------------- Beacon Capital Strategic Partners V, LP .......... 1/20 1 $414,000,000 Developers Diversified Realty Corporation (DDR) 2/55 3, 6 $331,250,000 ING Clarion Partners ............................. 1/46 2 $283,850,000 The Moinian Group ................................ 4/4 8, 13, 16, 44 $237,500,000 Sharon Sutton .................................... 1/1 4 $200,000,000 The Irvine Company LLC ........................... 3/3 10, 15, 18 $195,300,000 WEIGHTED WEIGHTED % OF AVERAGE WEIGHTED AVERAGE CUT-OFF DATE CUT-OFF AVERAGE UW MORTGAGE SPONSOR POOL BALANCE DATE LTV DSC RATIO ON NCF RATE - ---------------------------------------------------------------------------------------------------------- Beacon Capital Strategic Partners V, LP .......... 10.7% 78.7% 1.27x 5.797% Developers Diversified Realty Corporation (DDR) 8.6% 64.7% 1.51x 5.570% ING Clarion Partners ............................. 7.4% 63.8% 2.14x 5.663% The Moinian Group ................................ 6.2% 75.1% 1.40x 5.708% Sharon Sutton .................................... 5.2% 66.7% 1.25x 5.920% The Irvine Company LLC ........................... 5.1% 52.6% 1.79x 5.645% o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. Three (3) groups of Mortgage Loans, representing approximately 1.0% of the Cut-Off Date Pool Balance, are cross-collateralized and/or cross-defaulted with one or more Mortgage Loans in the Mortgage Pool as indicated in Annex A-5 to the Prospectus Supplement. As of the Closing Date, no Mortgage Loan (other than the Co-Lender Loans described on the next page) will be cross-collateralized or cross-defaulted with any loan that is not included in the Mortgage Pool. The Master Servicer or the Special Servicer, as the case may be, will determine whether to enforce the cross-default and/or cross-collateralization rights upon a Mortgage Loan default with respect to any of these Mortgage Loans. The Certificateholders will not have any right to participate in or control any such determination. No other Mortgage Loans are subject to cross-collateralization or cross-default provisions. o DSC RATIO AND LTV RATIO ADJUSTMENTS. The DSC Ratio at certain of the Mortgaged Properties have been adjusted to take into account certain letters of credit, holdbacks and cash escrows retained at origination or to determine the LTV Ratios on an "as-stabilized" basis assuming certain assumptions come to pass. The DSC Ratio of certain Mortgaged Properties have been calculated based on assumptions regarding the future financial performance of the related Mortgaged Property. The table below identifies Mortgage Loans where the unaudited adjustments are reflected in the DSC Ratio and LTV Ratios, as applicable. See "RISK FACTORS--Risks Relating to Net Cash Flow" and "--Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the Prospectus Supplement. ADJUSTED LTV OR DSC RATIOS % OF CUT-OFF DATE MORTGAGE LOAN # OF LOANS LOAN NUMBERS POOL BALANCE - ---------------------------------------------------- ---------- ------------------------------------- ----------------- LTV ratio is based on the "as-stabilized" appraised value ................. 18 2, 9, 10, 15, 18, 25, 31, 32, 36, 46, 21.0% 49, 53, 55, 59, 63, 82, 104, 113 Adjustment to DSC Ratio based upon certain cash escrows or letters of credit ....... 1 88 0.2% This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 112 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- o SUBORDINATE FINANCING. EXISTING SUBORDINATE FINANCING # OF % OF CUT-OFF DATE LOANS LOAN NUMBERS POOL BALANCE - ------------------------------------------------------------------------------------------------------------- Mezzanine Debt Secured by Ownership Interests in Borrower and Subordinate Debt .............................................. 1 1 10.7% Mezzanine Debt Secured by Ownership Interests in Borrower ........ 3 72, 82, 87 0.8% Unsecured Debt ................................................... 1 51 0.4% Mezzanine Debt Secured by Ownership Interests in Borrower and Unsecured Debt ................................................ 1 67 0.3% FUTURE SUBORDINATE FINANCING # OF LOANS - ------------------------------------------------------------------------- Mezzanine Debt Secured by Ownership Interests in Borrower ....... 35 Unsecured Debt .................................................. 2 Secured by Mortgaged Property ................................... 5 % OF CUT-OFF DATE LOAN NUMBERS POOL BALANCE -------------------------------------------- ----------------- Mezzanine Debt Secured by Ownership Interests in Borrower ....... 2, 3, 4, 6, 9, 10, 15, 18, 19, 23, 25, 27, 41.2% 30, 31, 33, 34, 39, 41, 45, 50, 53, 60, 67, 73, 77, 78, 87, 90, 92, 103, 108, 109, 119, 125, 138 Unsecured Debt .................................................. 1, 11 12.7% Secured by Mortgaged Property ................................... 21, 52, 75, 111, 135 1.9% See "RISK FACTORS--Additional Debt on Some Mortgage Loans Creates Additional Risks" in the Prospectus Supplement. SUBORDINATE COMPANION LOANS CUT-OFF CUT-OFF DATE SUBORDINATE LOAN OF PRINCIPAL % CUT-OFF DATE COMPANION LOAN MORTGAGE LOAN NUMBER BALANCE POOL BALANCE BALANCE PRIMARY SERVICER - ----------------------------------------- -------- -------------- ---------------- --------------- - ---------------- Two Herald Square ....................... 4 $200,000,000 5.2% $50,000,000 Wachovia Bank 17 Battery Place South .................. 8 95,000,000 2.5 $13,000,000 Wachovia Bank Centerside II ........................... 10 89,300,000 2.3 $30,000,000 Wachovia Bank La Jolla Centre I ....................... 15 60,000,000 1.6 $23,000,000 Wachovia Bank La Jolla Centre II ...................... 18 46,000,000 1.2 $29,000,000 Wachovia Bank Courtyard by Marriott - Philadelphia, PA 26 35,000,000 0.9 $ 8,960,201 Wachovia Bank Bunge North America ..................... 100 6,262,000 0.2 $ 2,461,367 Wachovia Bank ------------ ---- $531,562,000 13.8% ============ ==== This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 113 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-C32 - -------------------------------------------------------------------------------- ADDITIONAL MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- PARI PASSU LOANS CUT-OFF DATE CUT-OFF DATE % OF PARI PASSU LOAN OF PRINCIPAL % CUT-OFF DATE PARI PASSU COMPANION LOAN CONTROLLING NUMBER BALANCE POOL BALANCE DEBT BALANCE TRANSACTION - ---------------------------------------------------------------------------------------------------------------------------- Beacon D.C. & Seattle Pool ......... 1 $414,000,000 10.7% 15.3% $2,286,000,000 MSCT 2007-IQ14 ING Hospitality Pool ............... 2 283,850,000 7.4 50.0% $ 283,850,000 WBCMT 2007-C32 DDR Southeast Pool ................. 3 221,250,000 5.7 25.0% $ 663,750,000 CGCMT 2007-C6 ------------ ---- $919,100,000 23.8% ============ ==== See "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans" in the Prospectus Supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Barclays Capital Inc. and Goldman, Sachs & Co. (collectively, the "Underwriters") is soliciting any action based upon it. This material is 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 depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8am-5pm EST). The certificates 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 certificates 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 offered certificates, 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 certificates 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. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction. WACHOVIA SECURITIES BARCLAYS CAPITAL GOLDMAN, SACHS & CO. 114 The file "WBCMT 2007-C32 Free Writing Prospectus Annexes A1-6.xls", which is a Microsoft Excel*, Version 5.0 spreadsheet, provides in electronic format certain information shown in Annexes A-1, A-2, A-3, A-4, A-5 and A-6. In addition, the spreadsheet provides certain Mortgage Loan and Mortgaged Property information contained in Annex A-1 and information detailing the changes in the amount of monthly payments with regard to certain Mortgage Loans. As described under "DESCRIPTION OF THE CERTIFICATES--Reports to Certificateholders; Available Information" in the Prospectus Supplement, each month the Trustee will make available through its internet website an electronic file in CMSA format updating and supplementing the information contained in the "WBCMT 2007-C31 Free Writing Prospectus Annexes A1-6.xls" file. Also included on the CD-ROM is an electronic copy of Annex B. To open the file, insert the CD-ROM into your CD-ROM drive. Copy the file "WBCMT 2007-C32 Free Writing Prospectus Annexes A1-6.xls" to your hard drive or network drive. Open the file "WBCMT 2007-C32 Free Writing Prospectus Annexes A1-6.xls" as you would normally open any spreadsheet in Microsoft Excel. After the file is opened, a securities law legend will be displayed. READ THE LEGEND CAREFULLY. To view the data, see the worksheets labeled "Disclaimer", "A-1 Certain Characteristics of the Mortgage Loans and Mortgaged Properties" or "A-2 Certain Information Regarding Multifamily Mortgaged Properties" or "A-3 Reserve Account Information" or "A-4 Commercial Tenant Schedule" or "A-5 Certain Characteristics of the Mortgage Loans and Mortgaged Properties (Crossed and Portfolios)" or "A-6 Debt Service Payment Schedule for the Siena Office Park Loan", respectively. * Microsoft Excel is a registered trademark of Microsoft Corporation.