Wells Fargo Commercial Mortgage Securities
Filed: 25 Apr 05, 12:00am
SUBJECT TO CHANGE All information in this Term Sheet, whether regarding the assets backing any securities discussed here or otherwise, will be superseded by the information contained in the final prospectus for any securities actually sold to you. STRUCTURAL AND COLLATERAL TERM SHEET $1,196,957,000 (APPROXIMATE) WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC. DEPOSITOR WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES CLASSES A-1, A-2, A-3, A-PB, A-4, A-J, B, C AND D - -------------------------------------------------------------------------------- SERIES 2005-C18 - -------------------------------------------------------------------------------- APRIL 2005 Mortgage Loan Seller WACHOVIA BANK, NATIONAL ASSOCIATION Master Servicer WACHOVIA BANK, NATIONAL ASSOCIATION Special Servicer GMAC COMMERCIAL MORTGAGE CORPORATION [WACHOVIA SECURITIES LOGO OMITTED] WACHOVIA SECURITIES COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 Structure Schematic ...................................................... 9 Mortgage Pool Characteristics as of the Cut-Off Date General Characteristics .................................................. 10 Property Type ............................................................ 11 Property Location ........................................................ 12 Cut-Off Date Balance ..................................................... 13 Mortgage Rate ............................................................ 13 Underwritten Debt Service Coverage Ratio ................................. 13 Cut-Off Date Loan-to-Value Ratio ......................................... 13 Maturity Date or ARD Loan-to-Value Ratio ................................. 13 Original Term to Maturity or ARD ......................................... 14 Remaining Term to Maturity or ARD ........................................ 14 Original Amortization Term ............................................... 14 Remaining Stated Amortization Term ....................................... 14 Seasoning ................................................................ 14 Prepayment Provisions Summary ............................................ 14 Prepayment Provision Based on Outstanding Principal Balance .............. 15 Group 1 Prepayment Provision Based on Outstanding Principal Balance ...... 16 Group 2 Prepayment Provision Based on Outstanding Principal Balance ...... 17 Twenty Largest Mortgage Loans ............................................. 18 One & Two International Place ............................................ 19 450 West 33rd Street ..................................................... 25 Kadima Medical Office Pool ............................................... 31 Park Place II ............................................................ 37 Happy Valley Towne Center ................................................ 43 Mercantile Bank & Trust Building ......................................... 49 590 Fifth Avenue ......................................................... 55 Extra Space Self Storage Portfolio #3 .................................... 61 Cypress Lake at Stonebriar ............................................... 67 Casa Paloma Shopping Center .............................................. 73 Copaco Center ............................................................ 80 2700 Broadway ............................................................ 82 Fullerton Towers ......................................................... 84 Courthouse Place ......................................................... 86 Kensington Place ......................................................... 88 Springtown Shopping Center ............................................... 90 Resort at University Park Apartments ..................................... 92 Prospect Plaza ........................................................... 94 La Serena Apartments ..................................................... 96 Sandpiper Village Apartments ............................................. 98 Additional Mortgage Loan Information ...................................... 100 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- TRANSACTION STRUCTURE - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PRELIMINARY PROSPECTUS SUPPLEMENT DATED APRIL 21, 2005. ISSUE TYPE Sequential pay REMIC. Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4, Class A-J, Class B, Class C and Class D Certificates (the "Offered Certificates") are offered publicly. All other Certificates will be privately placed to qualified institutional buyers or to institutional accredited investors. CUT-OFF DATE All Mortgage Loan characteristics are based on balances as of the Cut-Off Date, which is May 11, 2005 with respect to all of the mortgage loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 72 Mortgage Loans (the "Mortgage Loans") with an aggregate principal balance as of the Cut-Off Date of $1,405,371,542 (the "Cut-Off Date Pool Balance"), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 88 properties (the "Mortgaged Properties") located throughout 31 states. The Mortgage Pool will be deemed to consist of 2 loan groups ("Loan Group 1" and "Loan Group 2", and collectively, the "Loan Groups"). Loan Group 1 will consist of (i) all of the Mortgage Loans that are not secured by Mortgaged Properties that are multifamily properties and (ii) 9 Mortgage Loans that are secured by Mortgaged Properties that are multifamily properties. Loan Group 1 is expected to consist of 61 Mortgage Loans, with an aggregate principal balance as of the Cut-Off Date of $1,316,413,770 (the "Cut-Off Date Group 1 Balance"). Loan Group 2 will consist of 11 Mortgage Loans that are secured by Mortgaged Properties that are multifamily properties, with an aggregate principal balance as of the Cut-Off Date of $88,957,773 (the "Cut-Off Date Group 2 Balance", and collectively with the Cut-Off Date Group 1 Balance, the "Cut-Off Date Pool Balance"). DEPOSITOR Wachovia Commercial Mortgage Securities, Inc. MORTGAGE LOAN SELLER Wachovia Bank, National Association UNDERWRITERS Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. TRUSTEE LaSalle Bank National Association FISCAL AGENT ABN AMRO Bank N.V. MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER GMAC Commercial Mortgage Corporation RATING AGENCIES Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's"). DENOMINATIONS $10,000 minimum for Offered Certificates. CLOSING DATE On or about May 19, 2005. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 3 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. DISTRIBUTION DATE The fourth business day following the related Determination Date, commencing in June 2005. 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 June 2005. 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 of such Class during the prior calendar month. Interest on the Offered Certificates will be calculated on the basis of twelve 30-day months and a 360-day year. Interest will be distributed on each Distribution Date in sequential order of Class designations with Class A-1, Class A-1A, Class A-2, Class A-3, Class A-PB, Class A-4, Class X-C and Class X-P Certificates ranking pari passu in entitlement to interest. 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 preliminary prospectus supplement. Generally, the Class A-1, Class A-2, Class A-3, Class A-PB and Class A-4 Certificates 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 Balance of the Class A-4 Certificates has been reduced to zero. If, due to losses, the Certificate Balances of the Class A-J through Class P Certificates are reduced to zero, but any two or more of the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-PB and/or Class A-4 Certificates remain outstanding, payments of principal (other than distributions of principal otherwise allocable to reduce the Certificate Balance of the Class A-PB Certificates to their planned principal amount) to the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-PB and/or Class A-4 Certificates will be made on a pro rata basis. The Class X-C and Class X-P Certificates will not be entitled to distributions of principal. LOSSES Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to the 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 and Class A-J Certificates, in that order, and then, pro rata, to the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-PB and Class A-4 Certificates . This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 4 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- PREPAYMENT PREMIUMS Any Prepayment Premiums or Yield Maintenance Charges AND YIELD MAINTENANCE actually collected on a Mortgage Loan during the CHARGES 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. On each Distribution Date, the holders of each Class of Offered Certificates and Class E, Class F, Class G and Class H 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 as follows: (a) on or before the Distribution Date in May 2012, 5% to the holders of the Class X-P Certificates and 95% to the holders of the Class X-C Certificates and (b) thereafter, 100% to the holders of the Class X-C Certificates. ADVANCES The Master Servicer, and if it fails to do so the Trustee or the Fiscal Agent, will be obligated to make P&I Advances and Servicing Advances, including delinquent property taxes and insurance, on the Mortgage Loans (other than the One & Two International Place Loan and the 450 West 33rd Street Loan), but only to the extent that such Advances are not deemed non-recoverable and, in the case of P&I Advances, subject to Appraisal Reductions that may occur. With respect to the One & Two International Place Loan and the 450 West 33rd Street Loan, P&I Advances and Servicing Advances will generally be made by the 2005-C17 Master Servicer. If the 2005-C17 Master Servicer fails to make any P&I Advance that it is otherwise required to make, the Master Servicer, under the Pooling and Servicing Agreement, will make such P&I Advance. 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 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, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 5 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- OPTIONAL TERMINATION The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the Trust in whole, but not in part, and purchase the remaining assets of the Trust 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 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, Class R-I 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, that 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 With respect to the Mortgage Loans, the representative 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 preliminary prospectus supplement for more information. ERISA The Offered Certificates are expected to be ERISA eligible. SMMEA The Class A-1, Class A-2, Class A-3, Class A-PB, Class A-4, Class A-J, Class B and Class C Certificates will be SMMEA eligible so long as they are rated in one of the two highest rating categories by any Rating Agency. 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, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 6 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- WACHOVIA CAPITAL MARKETS, LLC William Cohane (704) 374-6161 (Phone) (704) 715-0066 (Fax) Scott Fuller (704) 715-8440 (Phone) (704) 715-1214 (Fax) Bill White (704) 715-8440 (Phone) (704) 715-1214 (Fax) Chris Campbell (704) 715-8440 (Phone) (704) 715-1214 (Fax) CREDIT SUISSE FIRST BOSTON LLC COUNTRYWIDE SECURITIES CORPORATION Barry Polen Tom O'Hallaron (212) 325-3295 (Phone) (818) 225-6353 (Phone) (212) 325-8104 (Fax) (818) 225-4032(Fax) Chris Anderson Stew Ward (212) 325-3295 (Phone) (818) 225-6333 (Phone) (212) 743-4790 (Fax) (818) 225-3898 (Fax) Steven Krooth Chris Tokarski (212) 538-2507 (Phone) (818) 225-6331 (Phone) (212) 743-4623 (Fax) (818) 225-3898 (Fax) Reese Mason (212) 325-8661 (Phone) (212) 743-5227 (Fax) MERRILL LYNCH, PIERCE, FENNER GREENWICH CAPITAL MARKETS, INC. & SMITH INCORPORATED Chris McCormack John Mulligan (203) 625-2900 (Phone) (212) 449-3860 (Phone) (203) 618-2052 (Fax) (212) 738-1491 (Fax) Perry Gershon Max Baker (203) 618-2267 (Phone) (212) 449-3860 (Phone) (203) 618-2134 (Fax) (212) 738-1491 (Fax) Andy Snow Glenn Thaler (203) 625-2775 (Phone) (212) 449-4004 (Phone) (203) 618-2134 (Fax) (212) 449-3658 (Fax) This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 7 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES EXPECTED RATINGS ---------------- APPROX. ASSUMED % OF APPROX. WEIGHTED FINAL CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P MOODY'S BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ------- ------ --------- --------------- -------------- ------------ -------------- --------------- ------------- ------------ A-1 AAA Aaa $ 41,041,000 2.920% 20.000% 3.31 06/05 - 03/10 3/15/10 Fixed A-2 AAA Aaa $122,149,000 8.692% 20.000% 4.92 03/10 - 05/10 5/15/10 Fixed A-3 AAA Aaa $174,126,000 12.390% 20.000% 6.84 01/12 - 04/12 4/15/12 Fixed A-PB AAA Aaa $ 81,472,000 5.797% 20.000% 7.35 05/10 - 12/14 12/15/14 Fixed A-4 AAA Aaa $616,552,000 43.871% 20.000% 9.79 12/14 - 04/15 4/15/15 Fixed(3) A-J AAA Aaa $ 89,592,000 6.375% 13.625% 9.91 04/15 - 04/15 4/15/15 Fixed(3) B AA Aa2 $ 31,621,000 2.250% 11.375% 9.91 04/15 - 04/15 4/15/15 Fixed(3) C AA- Aa3 $ 12,297,000 0.875% 10.500% 9.98 04/15 - 05/15 5/15/15 Fixed(3) D A A2 $ 28,107,000 2.000% 8.500% 9.99 05/15 - 05/15 5/15/15 Fixed(3) NON-OFFERED CERTIFICATES EXPECTED RATINGS APPROX. ASSUMED ----------------- % OF APPROX. WEIGHTED FINAL CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P MOODY'S BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ---------- ------- --------- -------------------- -------------- ------------ -------------- ----------- ------------- ---------- A-1A(4) AAA Aaa $ 88,957,000 6.330% 20.000% (4) (4) (4) Fixed(3) E (4) A- A3 $ 14,054,000 1.000% 7.500% (4) (4) (4) WAC(5) F (4) BBB+ Baa1 $ 19,324,000 1.375% 6.125% (4) (4) (4) WAC(5) G (4) BBB Baa2 $ 12,297,000 0.875% 5.250% (4) (4) (4) WAC(5) H (4) BBB- Baa3 $ 24,594,000 1.750% 3.500% (4) (4) (4) WAC(5) J (4) BB+ Ba1 $ 5,270,000 0.375% 3.125% (4) (4) (4) Fixed(3) K (4) BB Ba2 $ 7,027,000 0.500% 2.625% (4) (4) (4) Fixed(3) L (4) BB- Ba3 $ 5,270,000 0.375% 2.250% (4) (4) (4) Fixed(3) M (4) B+ B1 $ 3,514,000 0.250% 2.000% (4) (4) (4) Fixed(3) N (4) B B2 $ 3,513,000 0.250% 1.750% (4) (4) (4) Fixed(3) O (4) B- B3 $ 5,270,000 0.375% 1.375% (4) (4) (4) Fixed(3) P (4) NR NR $ 19,324,542 1.375% 0.000% (4) (4) (4) Fixed(3) X-P (4) AAA Aaa $1,355,235,000(6) N/A N/A N/A N/A (4) Variable X-C (4) AAA Aaa $1,405,371,542(6) N/A N/A N/A N/A (4) Variable (1) Subject to a permitted variance of plus or minus 5.0%. (2) As of the Cut-Off Date, the Weighted Average Life, Principal Window and Assumed Final Distribution Date were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates (or, in the case of ARD Loans, their Anticipated Repayment Dates) and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS--Yield Considerations" in the preliminary prospectus supplement. (3) The pass-through rates applicable to the Class A-4, Class A-1A, Class A-J, Class B, Class C, Class D, Class J, Class K, Class L, Class M, Class N, Class O and Class P Certificates for any distribution date will be subject to a maximum rate of the applicable weighted average net mortgage rate (calculated as described in the preliminary prospectus supplement) for such date. (4) Not offered hereby. Any information provided herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. (5) The pass-through rate applicable to the Class E, Class F, Class G and Class H Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the preliminary prospectus supplement) for such date. (6) The Class X 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 each of the components of the Class X Certificates as described in the preliminary prospectus supplement. The interest rate applicable to the Class X Certificates for each distribution date will be described in the preliminary prospectus supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 8 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- STRUCTURE SCHEMATIC - -------------------------------------------------------------------------------- [GRAPHIC OMITTED] STRUCTURAL OVERVIEW Note: Classes are not drawn to scale. - ------------------------------------------------------------------------------------------------------------------------------- ADMINISTRATIVE FEE - ------------------------------------------------------------------------------------------------------------------------------- X-C - ---------------------------------------------------------------------------------------------------- X-P - ---------------------------------------------------------------------- Class A1-A AAA/Aaa - ------------------------------------------------------------------------------------------------------------------------------- Class A-1 Class A-2 Class A-3 Class A-PB Class A-4 Class A-J Class B Class C Class D Class E Class F AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AA/Aa2 AA-/Aa3 A/A2 A-/A3 BBB+/Baa1 - ------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------- Administrative Fee - -------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------- X-C --------------------------------------------------------------------- INITIAL WAC Class G Class H Class J Class K Class L Class M Class N Class O Class P BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 B/B2 B-/B3 NR - -------------------------------------------------------------------------------------------- [ ] X-P Certificates [ ] X-C Certificates NOTES This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 9 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- ALL MORTGAGE GENERAL CHARACTERISTICS LOANS LOAN GROUP 1 LOAN GROUP 2 - ---------------------------------------------------------------------------------------------------------------------------------- Number of Mortgage Loans .................................................... 72 61 11 Number of Crossed Loan Pools ................................................ 1 1 0 Number of Mortgaged Properties .............................................. 88 77 11 Aggregate Balance of all Mortgage Loans ..................................... $1,405,371,542 $1,316,413,770 $88,957,773 Number of Mortgage Loans with Balloon Payments(1) ........................... 56 45 11 Aggregate Balance of Mortgage Loans with Balloon Payments(1) ................ $1,191,044,542 $1,102,086,770 $88,957,773 Number of Mortgage Loans with Anticipated Repayment Date(2) ................. 1 1 0 Aggregate Balance of Mortgage Loans with Anticipated Repayment Date(2) ...... $29,000,000 $29,000,000 $0 Number of Fully Amortizing Mortgage Loans ................................... 0 0 0 Aggregate Balance of Fully Amortizing Mortgage Loans ........................ $0 $0 $0 Number of Non-amortizing Mortgage Loans (3) ................................. 15 15 0 Aggregate Balance of Non-amortizing Mortgage Loans(3) ....................... $185,327,000 $185,327,000 $0 Average Balance of Mortgage Loans ........................................... $19,519,049 $21,580,554 $8,087,070 Minimum Balance of Mortgage Loans ........................................... $1,498,302 $1,498,302 $3,000,000 Maximum Balance of Mortgage Loans ........................................... $216,000,000 $216,000,000 $18,000,000 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans ............................................. $32,550,000 $32,550,000 $0 Weighted Average LTV ratio .................................................. 71.7% 71.6% 72.1% Minimum LTV ratio ........................................................... 49.4% 49.4% 50.8% Maximum LTV ratio ........................................................... 89.9% 89.9% 79.9% Weighted Average DSCR ....................................................... 1.43x 1.44x 1.29x Minimum DSCR ................................................................ 1.09x 1.09x 1.20x Maximum DSCR ................................................................ 2.67x 2.67x 1.56x Weighted Average LTV at Maturity or Anticipated Repayment Date .............. 64.4% 64.5% 63.4% Weighted Average Mortgage Loan interest rate ................................ 5.333% 5.337% 5.276% Minimum Mortgage Loan interest rate ......................................... 4.850% 4.850% 5.000% Maximum Mortgage Loan interest rate ......................................... 6.410% 6.410% 5.790% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) .............................................................. 107 108 96 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ... 58 58 58 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ... 120 120 120 Weighted Average Occupancy Rate(4) .......................................... 93.1% 93.1% 92.9% (1) Does not include Mortgage Loans with anticipated repayment dates or Mortgage Loans that are interest-only for their entire term. (2) Does not include Mortgage Loans that are interest-only for their entire term. (3) Includes Mortgage Loans with anticipated repayment dates that are interest-only for the entire period until the anticipated repayment date. (4) Does not include 4 Mortgage Loans secured by hospitality properties, representing 2.5% of the Cut-Off Date Pool Balance (2.7% of the Cut-Off Date Group 1 Balance). * Two (2) Mortgage Loans (loan numbers 1 and 2), representing 24.8% of the Cut-Off Date Pool Balance (26.5% of the Cut-Off Date Group 1 Balance), are each part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of each such Mortgage Loan and the related Pari Passu Companion Loans. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 10 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [PIE CHART OMITTED] MORTGAGED PROPERTIES BY PROPERTY TYPE Office 48.9% Retail 20.1% Multifamily 16.6% Mixed Use 8.0% Self Storage 2.7% Hospitality 2.5% Industrial 1.1% Land 0.1% PROPERTY TYPE % OF % OF NUMBER OF AGGREGATE % OF CUT-OFF DATE CUT-OFF DATE MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 GROUP 2 PROPERTY TYPE PROPERTIES BALANCE(1) POOL BALANCE BALANCE BALANCE - ----------------------- ------------ ----------------- -------------- -------------- -------------- Office 30 $ 687,278,428 48.9% 52.2% 0.0% Retail 22 281,834,298 20.1 21.4 0.0 Retail - Anchored 19 267,673,578 19.0 20.3 0.0 Retail - Shadow Anchored(2) 2 10,967,264 0.8 0.8 0.0 Retail - Unanchored 1 3,193,456 0.2 0.2 0.0 Multifamily 20 232,732,773 16.6 10.9 100.0 Mixed Use 3 112,481,825 8.0 8.5 0.0 Self Storage 7 38,487,480 2.7 2.9 0.0 Hospitality 4 34,956,349 2.5 2.7 0.0 Industrial 1 16,102,087 1.1 1.2 0.0 Land(3) 1 1,498,302 0.1 0.1 0.0 - ------- -- -------------- ----- ----- ----- 88 $1,405,371,542 100.0% 100.0% 100.0% WEIGHTED WEIGHTED WEIGHTED AVERAGE MIN/MAX AVERAGE AVERAGE MIN/MAX CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR DSCR LTV RATIO LTV RATIO RATE - ----------------------- ---------- ---------------------- -------------- --------------- ----------- Office 1.49x 1.20x/2.67x 68.8% 49.4% / 80.0% 5.246% Retail 1.43x 1.09x/2.51x 73.8% 55.8% / 89.9% 5.430% Retail - Anchored 1.42x 1.09x/2.51x 74.1% 55.8% / 89.9% 5.430% Retail - Shadow Anchored(2) 1.67x 1.44x/1.74x 69.0% 67.5% / 69.4% 5.430% Retail - Unanchored 1.34x 1.34x/1.34x 66.9% 66.9% / 66.9% 5.490% Multifamily 1.32x 1.20x/1.57x 73.6% 50.8% / 79.9% 5.311% Mixed Use 1.21x 1.20x/1.28x 79.4% 78.1% / 79.6% 5.392% Self Storage 1.61x 1.51x/1.78x 79.0% 62.1% / 82.2% 5.084% Hospitality 1.61x 1.50x/1.77x 62.8% 57.3% / 66.6% 6.124% Industrial 1.30x 1.30x/1.30x 74.9% 74.9% / 74.9% 6.100% Land(3) 1.22x 1.22x/1.22x 74.9% 74.9% / 74.9% 5.320% - ------- ---- ---------- ---- --------------- ----- 1.43x 1.09x/2.67x 71.7% 49.4% / 89.9% 5.333% (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 as detailed in the related Mortgage Loan documents). (2) A Mortgaged Property is classified as shadow anchored if it is located in close proximity to an anchored retail property. (3) Specifically, the fee interest in land which the ground tenant has improved and leased as a bank branch. The bank branch is not part of the loan collateral, and the source of funds for loan repayment are the ground rent payments made to the related borrower. * Two (2) Mortgage Loans (loan numbers 1 and 2), representing 24.8% of the Cut-Off Date Pool Balance (26.5% of the Cut-Off Date Group 1 Balance), are each part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of each such Mortgage Loan and the related Pari Passu Companion Loan, if any. 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, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 11 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [MAP OF THE UNITED STATES OMITTED] MA 18.2% NY 17.2% CA 16.7% Southern 13.6% Northern 3.1% Florida 9.3% AZ 7.2% OTHER STATES: 31.5% OF CUT-OFF DATE POOL BALANCE PROPERTY LOCATION % OF % OF WEIGHTED WEIGHTED NUMBER OF AGGREGATE % OF CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE AVERAGE MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 GROUP 2 AVERAGE CUT-OFF DATE MORTGAGE STATES PROPERTIES BALANCE(1) POOL BALANCE BALANCE BALANCE DSCR LTV RATIO RATE - ---------------- ------------ ----------------- -------------- -------------- -------------- ---------- -------------- ------------ Massachusetts 3 $ 255,325,302 18.2% 19.4% 0.0% 1.71x 63.8% 5.268% New York 6 241,302,964 17.2 18.3 0.0 1.23x 73.2% 5.239% California 8 234,240,000 16.7 16.4 20.2 1.41x 74.4% 5.281% Southern(2) 6 191,265,000 13.6 13.2 20.2 1.41x 73.8% 5.249% Northern(2) 2 42,975,000 3.1 3.3 0.0 1.42x 77.1% 5.421% Florida 22 130,837,123 9.3 9.9 0.0 1.51x 71.8% 5.494% Arizona 3 101,150,000 7.2 7.7 0.0 1.36x 71.5% 5.610% Other 46 442,516,155 31.5 28.2 79.8 1.39x 73.9% 5.338% - ---------------- -- -------------- ----- ----- ----- ---- ---- ----- 88 $1,405,371,542 100.0% 100.0% 100.0% 1.43x 71.7% 5.333% o THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 31 STATES. (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 as detailed in the related Mortgage Loan documents and, in the case of the Kadima Medical Office Pool mortgage loan, allocated portfolio appraised values). (2) 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 in or south of such counties were included in Southern California. * Two (2) Mortgage Loans (loan numbers 1 and 2), representing 24.8% of the Cut-Off Date Pool Balance (26.5% of the Cut-Off Date Group 1 Balance), are each part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of each such Mortgage Loan and the related Pari Passu Companion Loan, if any. 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, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 12 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE - -------------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE CUT-OFF MORTGAGE CUT-OFF DATE % OF % OF % OF DATE BALANCES LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------ ----------- ----------------- --------- --------- ---------- (less than) $2,000,000 ... . 1 $1,498,302 0.1% 0.1% 0.0% $2,000,001 - $3,000,000 .... 7 19,214,163 1.4 1.2 3.4 $3,000,001 - $4,000,000 .... 5 18,083,372 1.3 1.4 0.0 $4,000,001 - $5,000,000 .... 6 27,243,069 1.9 1.4 9.5 $5,000,001 - $6,000,000 .... 7 39,925,500 2.8 2.6 6.7 $6,000,001 - $7,000,000 .... 4 25,841,323 1.8 1.0 14.8 $7,000,001 - $8,000,000 .... 3 22,700,000 1.6 1.1 8.7 $8,000,001 - $9,000,000 .... 4 33,708,150 2.4 1.9 9.3 $9,000,001 - $10,000,000 ... 2 19,578,428 1.4 1.5 0.0 $10,000,001 - $15,000,000 .. 6 71,237,773 5.1 3.6 27.3 $15,000,001 - $20,000,000 .. 13 220,246,463 15.7 15.4 20.2 $20,000,001 - $25,000,000 .. 1 24,975,000 1.8 1.9 0.0 $25,000,001 - $30,000,000 .. 6 168,120,000 12.0 12.8 0.0 $35,000,001 - $40,000,000 .. 1 40,000,000 2.8 3.0 0.0 $40,000,001 - $45,000,000 .. 1 41,000,000 2.9 3.1 0.0 $55,000,001 - $60,000,000 .. 1 56,000,000 4.0 4.3 0.0 $80,000,001 - $216,000,000 . 4 576,000,000 41.0 43.8 0.0 - ------------------------------ -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------------- MIN: $1,498,302 MAX: $216,000,000 AVERAGE: $19,519,049 - -------------------------------------------------------------------------------------------- UNDERWRITTEN DEBT SERVICE COVERAGE RATIO - -------------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE UNDERWRITTEN MORTGAGE CUT-OFF DATE % OF % OF % OF DSCRS LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------- ----------- ----------------- --------- --------- ---------- 1.05x - 1.09x......... 1 $27,500,000 2.0% 2.1% 0.0% 1.20x - 1.24x......... 23 477,537,318 34.0 32.7 53.3 1.25x - 1.29x......... 6 78,769,825 5.6 6.0 0.0 1.30x - 1.34x......... 7 145,773,971 10.4 8.7 35.4 1.35x - 1.39x......... 2 22,500,000 1.6 1.7 0.0 1.40x - 1.44x......... 5 141,397,264 10.1 10.5 3.4 1.45x - 1.49x......... 3 61,317,335 4.4 4.7 0.0 1.50x - 1.54x......... 5 43,618,199 3.1 3.3 0.0 1.55x - 1.59x......... 5 83,175,000 5.9 5.8 7.9 1.60x - 1.64x......... 2 16,250,000 1.2 1.2 0.0 1.70x - 1.74x......... 2 12,470,000 0.9 0.9 0.0 1.75x - 1.79x......... 5 237,075,631 16.9 18.0 0.0 1.85x - 1.89x......... 1 15,242,500 1.1 1.2 0.0 2.00x - 2.04x......... 1 2,899,000 0.2 0.2 0.0 2.05x - 2.09x......... 1 2,923,000 0.2 0.2 0.0 2.10x - 2.14x......... 1 15,065,000 1.1 1.1 0.0 2.30x - 2.67x......... 2 21,857,500 1.6 1.7 0.0 - ------------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------------- MIN: 1.09X MAX: 2.67X WTD. AVERAGE: 1.43X - -------------------------------------------------------------------------------------------- MORTGAGE RATE - -------------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF MORTGAGE RATES LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------- ----------- ----------------- ---------- --------- ---------- 4.850% - 5.249% ....... 24 $576,917,253 41.1% 41.4% 36.5% 5.250% - 5.499% ....... 28 568,878,774 40.5 39.7 51.5 5.500% - 5.749% ....... 9 131,979,599 9.4 9.4 8.7 5.750% - 5.999% ....... 8 96,514,357 6.9 7.1 3.4 6.000% - 6.249% ....... 1 16,102,087 1.1 1.2 0.0 6.250% - 6.499% ....... 2 14,979,473 1.1 1.1 0.0 - ------------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------------- MIN: 4.850% MAX: 6.410% WTD. AVERAGE: 5.333% - -------------------------------------------------------------------------------------------- CUT-OFF DATE LOAN-TO-VALUE RATIO - -------------------------------------------------------------------------------------------- RANGE OF CUT-OFF NUMBER OF AGGREGATE DATE MORTGAGE CUT-OFF DATE % OF % OF % OF LTV RATIOS LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------- ----------- ----------------- --------- --------- ---------- 40.01% - 50.00% ....... 1 $16,000,000 1.1% 1.2% 0.0% 50.01% - 55.00% ....... 3 15,600,000 1.1 0.4 11.2 55.01% - 60.00% ....... 4 33,336,973 2.4 2.5 0.0 60.01% - 65.00% ....... 8 257,574,480 18.3 19.6 0.0 65.01% - 70.00% ....... 13 262,784,931 18.7 18.9 15.4 70.01% - 75.00% ....... 12 327,221,317 23.3 23.5 20.2 75.01% - 80.00% ....... 25 432,803,841 30.8 29.3 53.1 80.01% - 85.00% ....... 5 32,550,000 2.3 2.5 0.0 85.01% - 90.00% ....... 1 27,500,000 2.0 2.1 0.0 - ------------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------------- MIN: 49.4% MAX: 89.9% WTD. AVERAGE: 71.7% - -------------------------------------------------------------------------------------------- MATURITY DATE OR ARD LOAN-TO-VALUE RATIO - -------------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE MATURITY DATE OR ARD MORTGAGE CUT-OFF DATE % OF % OF % OF LOAN-TO-VALUE RATIOS LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------- ----------- ----------------- --------- --------- ---------- 30.01% - 40.00% ....... 1 $5,600,000 0.4% 0.4% 0.0% 40.01% - 50.00% ....... 6 44,519,389 3.2 2.6 11.2 50.01% - 55.00% ....... 4 246,874,441 17.6 18.8 0.0 55.01% - 60.00% ....... 9 190,897,642 13.6 13.5 15.2 60.01% - 65.00% ....... 14 265,560,302 18.9 19.1 15.4 65.01% - 70.00% ....... 19 317,319,270 22.6 21.4 39.3 70.01% - 75.00% ....... 11 144,780,500 10.3 9.7 18.9 75.01% - 80.00% ....... 2 129,770,000 9.2 9.9 0.0 80.01% - 85.00% ....... 5 32,550,000 2.3 2.5 0.0 85.01% - 90.00% ....... 1 27,500,000 2.0 2.1 0.0 - ------------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------------- MIN: 35.7% MAX: 89.9% WTD. AVERAGE: 64.4% - -------------------------------------------------------------------------------------------- * Two (2) Mortgage Loans (loan numbers 1 and 2), representing 24.8% of the Cut-Off Date Pool Balance (26.5% of the Cut-Off Date Group 1 Balance), are each part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of each such Mortgage Loan and the related Pari Passu Companion Loan, if any. 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, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 13 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY OR ARD - --------------------------------------------------------------------------------- RANGE OF ORIGINAL TERMS TO MATURITY NUMBER OF AGGREGATE OR ARD MORTGAGE CUT-OFF DATE % OF % OF % OF (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------ ----------- ---------------- ---------- --------- ---------- 0 - 60 ......... 17 $149,605,928 10.6% 9.1% 32.9% 61 - 84 ........ 6 190,707,500 13.6 13.9 8.7 109 - 120 ...... 49 1,065,058,114 75.8 77.0 58.4 - ------------------ -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------- MIN: 60 MAX: 120 WTD. AVERAGE: 109 - --------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM - ------------------------------------------------------------------------------------- RANGE OF ORIGINAL AMORTIZATION NUMBER OF AGGREGATE TERMS MORTGAGE CUT-OFF DATE % OF % OF % OF (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------- ----------- ----------------- --------- --------- ---------- 229 - 264 .......... 1 $5,600,000 0.4% 0.4% 0.0% 265 - 300 .......... 6 64,098,352 4.6 3.8 15.2 301 - 348 .......... 2 260,000,000 18.5 19.8 0.0 349 - 360 .......... 48 890,346,190 63.4 61.9 84.8 Non-amortizing ..... 15 185,327,000 13.2 14.1 0.0 - ---------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------- MIN: 240 MAX: 360 WTD. AVERAGE: 349* - ------------------------------------------------------------------------------------- * Excludes the non-amortizing loans and the loan with variable amortization. SEASONING - ---------------------------------------------------------------------------------------- NUMBER OF AGGREGATE SEASONING MORTGAGE CUT-OFF DATE % OF % OF % OF (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------ ----------- ----------------- ----------- ----------- ----------- 0 - 12 ......... 72 $1,405,371,542 100.0% 100.0% 100.0% - ------------------ -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: 0 MAX: 4 WTD. AVERAGE: 2 - ---------------------------------------------------------------------------------------- REMAINING TERM TO MATURITY OR ARD - ---------------------------------------------------------------------------------- RANGE OF REMAINING TERMS TO MATURITY NUMBER OF AGGREGATE OR ARD MORTGAGE CUT-OFF DATE % OF % OF % OF (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------- ----------- ---------------- ---------- --------- ---------- 0 - 60 .......... 17 $149,605,928 10.6% 9.1% 32.9% 61 - 84 ......... 6 190,707,500 13.6 13.9 8.7 109 - 120 ....... 49 1,065,058,114 75.8 77.0 58.4 - ------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------- MIN: 58 MAX: 120 WTD. AVERAGE: 107 - ---------------------------------------------------------------------------------- REMAINING STATED AMORTIZATION TERM - ------------------------------------------------------------------------------------- RANGE OF REMAINING AMORTIZATION NUMBER OF AGGREGATE TERMS MORTGAGE CUT-OFF DATE % OF % OF % OF (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------- ----------- ----------------- --------- --------- ---------- 229 - 264 .......... 1 $5,600,000 0.4% 0.4% 0.0% 265 - 300 .......... 6 64,098,352 4.6 3.8 15.2 301 - 348 .......... 2 260,000,000 18.5 19.8 0.0 349 - 360 .......... 48 890,346,190 63.4 61.9 84.8 Non-amortizing ..... 15 185,327,000 13.2 14.1 0.0 - ---------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------- MIN: 240 MAX: 360 WTD. AVERAGE: 349* - ------------------------------------------------------------------------------------- * Excludes the non-amortizing loans and the loan with variable amortization. PREPAYMENT PROVISIONS SUMMARY - ----------------------------------------------------------------------------------------- NUMBER OF AGGREGATE PREPAYMENT MORTGAGE CUT-OFF DATE % OF % OF % OF PROVISIONS LOANS BALANCE POOL GROUP 1 GROUP 2 - -------------------------- ----------- ----------------- ---------- --------- ---------- Lockout/Defeasance ..... 60 $1,271,914,720 90.5% 92.3% 63.5% Lockout/Yield Maintenance .......... 11 129,456,823 9.2 7.4 36.5 Yield Maintenance ...... 1 4,000,000 0.3 0.3 0.0 - -------------------------- -- -------------- ----- ----- ----- 72 $1,405,371,542 100.0% 100.0% 100.0% - ----------------------------------------------------------------------------------------- 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, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 14 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE* PREPAYMENT ANALYSIS PREPAYMENT RESTRICTION MAY-2005 MAY-2006 MAY-2007 MAY-2008 MAY-2009 - --------------------------------- --------------- --------------- --------------- --------------- --------------- Locked Out 99.72% 98.44% 15.50% 8.46% 0.00% Defeasance 0.00 0.00 79.23 83.34 90.43 Yield Maintenance 0.28 1.56 5.27 8.19 9.57 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.00 Total 100.00% 100.00% 100.00% 100.00% 100.00% Mortgage Pool Balance Outstanding (in millions) $1,405.37 $1,402.89 $1,398.29 $1,389.61 $1,373.05 % of Cut-Off Date Pool Balance 100.00% 99.82% 99.50% 98.88% 97.70% - --------------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION MAY-2010 MAY-2011 MAY-2012 MAY-2013 MAY-2014 MAY-2015 - --------------------------------- --------------- --------------- ------------- ------------- ------------- --------- Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 91.56 91.48 90.08 90.00 89.91 0.00 Yield Maintenance 8.44 8.52 7.12 7.19 7.27 0.00 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 2.80 2.81 2.81 0.00 Total 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% Mortgage Pool Balance Outstanding (in millions) $1,209.37 $1,190.60 $990.79 $972.55 $953.31 $0.00 % of Cut-Off Date Pool Balance 86.05% 84.72% 70.50% 69.20% 67.83% 0.00% - --------------------------------------------------------------------------------------------------------------------- * Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (and assuming that each ARD Loan will be repaid in full on its Anticipated Repayment Date). This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 15 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- GROUP 1 PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE* PREPAYMENT ANALYSIS PREPAYMENT RESTRICTION MAY-2005 MAY-2006 MAY-2007 MAY-2008 MAY-2009 - ---------------------------- --------------- --------------- --------------- --------------- --------------- Locked Out 99.70% 99.70% 14.82% 7.32% 0.00% Defeasance 0.00 0.00 82.01 86.38 92.22 Yield Maintenance 0.30 0.30 3.16 6.30 7.78 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.00 Total 100.00% 100.00% 100.00% 100.00% 100.00% Mortgage Pool Balance Outstanding (in millions) $1,316.41 $1,314.40 $1,310.60 $1,303.04 $1,287.83 % of Cut-Off Date Group 1 Balance 100.00% 99.85% 99.56% 98.98% 97.83% - ---------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION MAY-2010 MAY-2011 MAY-2012 MAY-2013 MAY-2014 MAY-2015 - ---------------------------- --------------- --------------- ------------- ------------- ------------- --------- Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 91.67 91.58 90.19 90.11 90.03 0.00 Yield Maintenance 8.33 8.42 6.87 6.94 7.02 0.00 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 2.94 2.95 2.95 0.00 Total 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% Mortgage Pool Balance Outstanding (in millions) $1,153.22 $1,135.51 $943.87 $926.69 $908.54 $0.00 % of Cut-Off Date Group 1 Balance 87.60% 86.26% 71.70% 70.39% 69.02% 0.00% - ---------------------------------------------------------------------------------------------------------------- * Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (and assuming that each ARD Loan will be repaid in full on its Anticipated Repayment Date). This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 16 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- GROUP 2 PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE* PREPAYMENT ANALYSIS PREPAYMENT RESTRICTION MAY-2005 MAY-2006 MAY-2007 MAY-2008 MAY-2009 - ---------------------------- ------------ ------------- ------------- ------------- ------------- Locked Out 100.00% 79.70% 25.60% 25.64% 0.00% Defeasance 0.00 0.00 37.69 37.70 63.33 Yield Maintenance 0.00 20.30 36.71 36.66 36.67 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.00 Total 100.00% 100.00% 100.00% 100.00% 100.00% Mortgage Pool Balance Outstanding (in millions) $88.96 $88.48 $87.69 $86.56 $85.23 % of Cut-Off Date Group 2 Balance 100.00% 99.47% 98.57% 97.31% 95.81% - ------------------------------------------------------------------------------------------------------------ PREPAYMENT RESTRICTION MAY-2010 MAY-2011 MAY-2012 MAY-2013 MAY-2014 MAY-2015 - ---------------------------- ------------- ------------- ------------- ------------- ------------- --------- Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 89.42 89.39 87.76 87.71 87.65 0.00 Yield Maintenance 10.58 10.61 12.24 12.29 12.35 0.00 Prepayment Premium 0.00 0.00 0.00 0.00 0.00 0.00 Open 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% Mortgage Pool Balance Outstanding (in millions) $56.15 $55.09 $46.91 $45.87 $44.76 $0.00 % of Cut-Off Date Group 2 Balance 63.12% 61.93% 52.73% 51.56% 50.32% 0.00% * Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans (and assuming that each ARD Loan will be repaid in full on its Anticipated Repayment Date). This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 17 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 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 LOANS / % OF % OF MORTGAGE NUMBER OF CUT-OFF INITIAL LOAN LOAN MORTGAGED LOAN DATE POOL GROUP LOAN NAME SELLER PROPERTIES GROUP BALANCE(1) BALANCE BALANCE - -------------------------- ---------- ------------ ------- ----------------- --------- --------- One & Two International Place ..... Wachovia 1/1 1 $216,000,000 15.4% 16.4% 450 West 33rd Street ..... Wachovia 1/1 1 132,500,000 9.4 10.1% Kadima Medical Office Pool .................... Wachovia 1/17 1 127,500,000 9.1 9.7% Park Place II ............ Wachovia 1/1 1 100,000,000 7.1 7.6% Happy Valley Towne Center .................. Wachovia 1/1 1 56,000,000 4.0 4.3% Mercantile Bank & Trust Building .......... Wachovia 1/1 1 41,000,000 2.9 3.1% 590 Fifth Avenue ......... Wachovia 1/1 1 40,000,000 2.8 3.0% Extra Space Self Storage Portfolio #3 ............ Wachovia 5/5 1 32,550,000 2.3 2.5% Cypress Lake at Stonebriar .............. Wachovia 1/1 1 29,770,000 2.1 2.3% Casa Paloma Shopping Center ......... Wachovia 1/1 1 29,050,000 2.1 2.2% ----- ------------ ---- TOTAL (1-10): ............ 14/30 $804,370,000 57.2% ===== ============ ==== Copaco Center ............ Wachovia 1/1 1 $29,000,000 2.1% 2.2% 2700 Broadway ............ Wachovia 1/1 1 27,500,000 2.0 2.1% Fullerton Towers ......... Wachovia 1/1 1 26,800,000 1.9 2.0% Courthouse Place ......... Wachovia 1/1 1 26,000,000 1.9 2.0% Kensington Place ......... Wachovia 1/1 1 24,975,000 1.8 1.9% Springtown Shopping Center .................. Wachovia 1/1 1 19,760,000 1.4 1.5% Resort at University Park Apartments ......... Wachovia 1/1 1 19,300,000 1.4 1.5% Prospect Plaza ........... Wachovia 1/1 1 18,800,000 1.3 1.4% La Serena Apartments .............. Wachovia 1/1 2 18,000,000 1.3 20.2% Sandpiper Village Apartments .............. Wachovia 1/1 1 18,000,000 1.3 1.4% ----- ------------ ---- TOTAL (11-20): ........... 10/10 $228,135,000 16.2% ----- ------------ ---- TOTAL (1-20): ............ 24/40 $1,032,505,000 73.5% ====== ============== ==== LOAN BALANCE AVERAGE AVERAGE WEIGHTED PER SF/ WEIGHTED CUT-OFF LTV RATIO AT AVERAGE PROPERTY UNIT/ AVERAGE DATE MATURITY MORTGAGE LOAN NAME TYPE ROOM(2) DSCR(2) LTV RATIO(2) OR ARD(2) RATE - -------------------------- ------------------- ----------- ---------- -------------- -------------- ----------- One & Two International Place ...... Office - CBD $233 1.77x 61.7% 53.7% 5.205% 450 West 33rd Street ...... Office - CBD $158 1.22x 68.8% 59.3% 5.100% Kadima Medical Office Pool ..................... Office - Medical $160 1.40x 75.0% 64.8% 5.272% Park Place II ............. Mixed Use - $364 1.20x 79.6% 75.1% 5.390% Retail/Office Happy Valley Towne Center ................... Retail - Anchored $82 1.32x 72.6% 65.4% 5.790% Mercantile Bank & Trust Building ........... Office - CBD $101 1.55x 77.4% 71.6% 5.260% 590 Fifth Avenue .......... Office - CBD $409 1.20x 74.2% 67.6% 5.390% Extra Space Self Storage Portfolio #3 ............. Self Storage $83 1.58x 82.0% 82.0% 4.950% Cypress Lake at Stonebriar ............... Multifamily - $63,072 1.45x 77.9% 77.9% 5.420% Conventional Casa Paloma Shopping Center .......... Retail - Anchored $223 1.47x 69.8% 69.8% 5.630% TOTAL (1-10): ............. 1.45x 71.1% 64.1% 5.287% Copaco Center ............. Retail - Anchored $70 1.32x 69.0% 62.9% 5.400% 2700 Broadway ............. Retail - Anchored $1,100 1.09x 89.9% 89.9% 5.410% Fullerton Towers .......... Office - Suburban $119 1.21x 75.8% 68.7% 5.130% Courthouse Place .......... Office - Suburban $228 1.26x 80.0% 71.6% 5.500% Kensington Place .......... Multifamily - $140,309 1.57x 75.3% 63.2% 5.660% Independent Living Springtown Shopping Center ................... Retail - Anchored $72 1.20x 79.7% 70.0% 5.590% Resort at University Park Apartments .......... Multifamily - $77,200 1.20x 69.3% 64.4% 5.490% Conventional Prospect Plaza ............ Retail - Anchored $133 1.25x 78.7% 70.0% 5.220% La Serena Apartments ............... Multifamily - $95,745 1.32x 72.0% 67.6% 5.000% Conventional Sandpiper Village Apartments ............... Multifamily - $85,714 1.21x 79.6% 70.6% 5.090% Conventional TOTAL (11-20): ............ 1.26x 77.1% 70.2% 5.363% TOTAL (1-20): ............. 1.41x 72.4% 65.4% 5.304% (1) In the case of a concentration of cross-collateralized Mortgage Loans, the aggregate principal balance. (2) Two (2) Mortgage Loans (loan numbers 1 and 2), representing in the aggregate 24.8% of the Cut-Off Date Pool Balance (26.5% of the Cut-Off Date Group 1 Balance), are each part of a pari passu split loan structure. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios, DSC ratios and loan balance per SF/Unit/Room were based on the aggregate indebtedness of each such Mortgage Loan and the related Pari Passu Companion Loan, if any. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 18 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- ONE & TWO INTERNATIONAL PLACE - -------------------------------------------------------------------------------- [4 PICTURES OF ONE & TWO INTERNATIONAL PLACE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 19 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- ONE & TWO INTERNATIONAL PLACE - -------------------------------------------------------------------------------- [MAP OF ONE & TWO INTERNATIONAL PLACE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 20 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- ONE & TWO INTERNATIONAL PLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $216,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 15.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Prudential Property Investment Separate Account ("PRISA") TYPE OF SECURITY Fee MORTGAGE RATE 5.205% MATURITY DATE January 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 24 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 116 / 360 LOCKBOX Yes SHADOW RATING (S&P/MOODY'S)(1) BBB-/Baa3 UP-FRONT RESERVES INSURANCE Yes ENGINEERING(2) $2,158,900 OUTSTANDING TI/LC(3) $22,334,679 RENT CONCESSION(4) $5,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $15,260 TI/LC Springing ADDITIONAL FINANCING Pari Passu Debt $216,000,000 PARI PASSU NOTES(5) ------------------- CUT-OFF DATE BALANCE $432,000,000 CUT-OFF DATE BALANCE/SF $233 CUT-OFF DATE LTV 61.7% MATURITY DATE LTV 53.7% UW DSCR ON NCF 1.77x - -------------------------------------------------------------------------------- (1) S&P and Moody's have confirmed that the One & Two International Place Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. (2) In addition to the up-front reserves for engineering, the borrower is required to complete parking garage repairs, or otherwise post a $3,000,000 escrow for the repairs not later than January 2008. Further, the borrower is required to undertake diligence to determine necessary elevator modernization requirements not later than January 2009 and January 2011 for One International Place and Two International Place, respectively. Based upon conclusions resulting from that diligence, the borrower is required to post necessary reserves to complete any required elevator modernization. (3) The borrower deposited $22,334,679 into a Tenant Improvement and Leasing Reserve which is a prefunded reletting reserve that represents 100% of all borrower TI/LC obligations with respect to existing tenants. (4) The Rent Concession reserve may not be diminished until such time as cumulative rent concessions are not greater than $5,000,000. As of the closing date of the loan, the total of such concessions was $8,927,858. (5) LTV ratios, DSC ratios and Cut-Off Date Balance/SF were derived based on the aggregate indebtedness of the One & Two International Place Loan and the One & Two International Place Pari Passu Loan. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Boston, Massachusetts PROPERTY TYPE Office -- CBD SIZE (SF) 1,852,501 OCCUPANCY AS OF JANUARY 31, 2005 89.6% YEAR BUILT / YEAR RENOVATED 1987 / NA APPRAISED VALUE $700,000,000 PROPERTY MANAGEMENT The Chiofaro Company, Inc. UW ECONOMIC OCCUPANCY 92.5% UW REVENUES $90,592,807 UW TOTAL EXPENSES $37,103,624 UW NET OPERATING INCOME (NOI) $53,489,183 UW NET CASH FLOW (NCF) $50,540,583 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 21 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- ONE & TWO INTERNATIONAL PLACE - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ----------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - -------------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- ------------------- Deutsche/Scudder, Stevens ...... Aa3/AA-/AA- 378,490 20.4% $35.87 $13,574,748 17.9% May 2009 Ropes & Gray ................... NR/NR/NR 322,754 17.4 $44.30 14,296,524 18.8 December 2010 Choate, Hall & Stewart ......... NR/NR/NR 155,324 8.4 $44.00 6,834,256 9.0 September 2015 PricewaterhouseCoopers ......... NR/NR/NR 88,279 4.8 $36.50 3,222,192 4.2 April 2005 State Street Bank .............. Aa3/AA-/AA- 62,076 3.4 $40.96 2,542,620 3.3 Multiple Spaces(2) Non-major tenants .............. 651,967 35.2 $54.44 35,495,627 46.7 Vacant ......................... 193,611 10.5 0 0.0 --------- ----- ----------- ----- TOTAL .......................... 1,852,501 100.0% $75,965,967 100.0% ========= ===== =========== ===== - ----------------------------------------------------------------------------------------------------------------------------------- (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 7,900 square feet expire in June 2005 and 54,176 square feet expire in June 2007. - ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - -------------- --------- ----------- ---------- ------------- ------------ ------------- --------------- 2005 6 $ 39.08 104,401 5.6% 5.6% 5.4% 5.4% 2006 10 $ 65.17 79,660 4.3% 9.9% 6.8% 12.2% 2007 28 $ 49.72 194,430 10.5% 20.4% 12.7% 24.9% 2008 16 $ 51.34 47,234 2.5% 23.0% 3.2% 28.1% 2009 12 $ 37.01 417,067 22.5% 45.5% 20.3% 48.4% 2010 14 $ 46.83 408,187 22.0% 67.5% 25.2% 73.6% 2011 2 $ 82.30 32,453 1.8% 69.3% 3.5% 77.1% 2012 3 $ 50.10 19,505 1.1% 70.3% 1.3% 78.4% 2013 6 $ 48.61 57,027 3.1% 73.4% 3.6% 82.1% 2014 4 $ 53.10 62,207 3.4% 76.8% 4.3% 86.4% 2015 4 $ 43.88 195,320 10.5% 87.3% 11.3% 97.7% Thereafter 1 $ 42.50 41,399 2.2% 89.5% 2.3% 100.0% Vacant 0 N/A 193,611 10.5% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 22 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- ONE & TWO INTERNATIONAL PLACE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "One & Two International Place Loan") is secured by a first mortgage encumbering an office building located in Boston, Massachusetts. The One & Two International Place Loan represents approximately 15.4% of the Cut-Off Date Pool Balance. The One & Two International Place Loan was originated on January 10, 2005, and has a principal balance as of the Cut-Off Date of $216,000,000. The One & Two International Place Loan provides for interest-only payments for the first 24 months of its term, and thereafter, fixed monthly payments of principal and interest. The One & Two International Place Loan, which is evidenced by a pari passu note dated January 10, 2005, is a portion of a whole loan with an original principal balance of $432,000,000. The other loan related to the One & Two International Place Loan is evidenced by a separate note, dated January 10, 2005 (the "One & Two International Place Pari Passu Loan"), with an original principal balance of $216,000,000. The One & Two International Place Pari Passu Loan will not be an asset of the Trust Fund. The One & Two International Place Pari Passu Loan and the One & Two International Place Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement entered into in connection with the issuance of the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-C17, as described in the preliminary prospectus supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans". The One & Two International Place Loan has a remaining term of 116 months and matures on January 11, 2015. The One & Two International Place Loan may be prepaid on or after October 11, 2014, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are Fort Hill Square 1 Owner LLC and Fort Hill Square 2 Owner LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the One & Two International Place Loan. The sponsor is Prudential Property Investment Separate Account ("PRISA"), which acquired a majority stake in the Mortgaged Property through the real estate investment arm of the Prudential Insurance Company of America, Prudential Real Estate Investors ("PREI"). PREI provides global real estate investment management services in the United States, Europe, Asia and Latin America. PREI is ranked among the largest real estate investment managers. o THE PROPERTY. The Mortgaged Property is an approximately 1,852,501 square foot office building situated on approximately 2.5 acres. The Mortgaged Property was designed by the architectural firm Johnson Burgee and was developed by The Chiofaro Company, Inc. ("Chiofaro") in 1987. The Mortgaged Property is located in Boston, Massachusetts. As of January 31, 2005, the occupancy rate for the Mortgaged Property securing the One & Two International Place Loan was approximately 89.6%. The largest tenant is Deutsche/Scudder, Stevens ("Deutsche/Scudder"), occupying approximately 378,490 square feet, or approximately 20.4% of the net rentable area. Deutsche/Scudder is the asset management arm of Deutsche Bank AG ("Deutsche Bank"), and has over $699 billion of assets under management, 8,000 employees and 20 offices worldwide. Deutsche Asset Management is one of the largest retail asset managers in the Asia Pacific region. As of February 27, 2005, Deutsche Bank was rated "AA-" (S&P), "Aa3" (Moody's) and "AA-" (Fitch). The Deutsche/Scudder lease expires in May 2009. The second largest tenant is Ropes & Gray, occupying approximately 322,754 square feet, or approximately 17.4% of the net rentable area. Ropes & Gray is a leading national law firm with over 750 lawyers and professionals, offices in Boston, New York, Palo Alto, San Francisco, and Washington, D.C., and conference centers in London and Providence. Ropes & Gray represents interests across a broad spectrum of industries in corporate law and litigation matters, as well as offer counsel on labor and employment issues, tax and benefits, creditors' rights, and private client services. The Ropes & Gray lease expires in December 2010. The third largest tenant is Choate, Hall & Stewart LLP ("Choate, Hall & Stewart"), occupying approximately 155,324 square feet, or approximately 8.4% of the net rentable area. Choate, Hall & Stewart has maintained a position as one of the nation's leading law firms for over a century. Choate, Hall & Stewart's areas of core concentration are Corporate Law, Litigation, Intellectual Property, Trusts and Estates, Real Estate, and Healthcare. The Choate, Hall & Stewart lease expires in September 2015. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MANAGEMENT. Chiofaro, the original developer of the Mortgaged Property, is the property manager for the Mortgaged Property securing the One & Two International Place Loan. Chiofaro is one of New England's leading developers and operators of first class commercial and research and development projects. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 23 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 24 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 450 WEST 33RD STREET - -------------------------------------------------------------------------------- [4 PICTURES OF 450 WEST 33RD STREET OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 25 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 450 WEST 33RD STREET - -------------------------------------------------------------------------------- [MAP OF 450 WEST 33RD STREET OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 26 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 450 WEST 33RD STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $132,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 9.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Jacob Chetrit & Arbor Realty SR, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.100% MATURITY DATE March 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 324 REMAINING TERM / AMORTIZATION 118 / 324 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $22,125 TI/LC $14,000,000 RENT RESERVE(1) $2,010,000 OUTSTANDING TI/LC(2) $1,662,530 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $27,871 TI/LC(3) Springing ADDITIONAL FINANCING Pari Passu Debt $132,500,000 Mezzanine Debt $85,000,000 PARI PASSU NOTES(4) ------------------- CUT-OFF DATE BALANCE $265,000,000 CUT-OFF DATE BALANCE/SF $158 CUT-OFF DATE LTV 68.8% MATURITY DATE LTV 59.3% UW DSCR ON NCF 1.22x - -------------------------------------------------------------------------------- (1) Escrowed at closing to cover the free rent period or rent concessions for Coach and St. Vincent's, respectively. (2) Escrowed at closing for landlord obligations currently outstanding for tenant improvements and leasing commissions related to Coach, St. Vincent's and NY Clearing House. (3) Beginning in September 2009, the borrower will be required to fund the escrow account with $69,677 per month for the remaining loan term. (4) LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based on the aggregate indebtedness of the 450 West 33rd Street Loan and the 450 West 33rd Street Pari Passu Loan. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, New York PROPERTY TYPE Office - CBD SIZE (SF) 1,672,237 OCCUPANCY AS OF MARCH 1, 2005 84.5% YEAR BUILT / YEAR RENOVATED 1969 / 1990 APPRAISED VALUE $385,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 83.4% UW REVENUES $41,194,147 UW TOTAL EXPENSES $18,918,036 UW NET OPERATING INCOME (NOI) $22,276,111 UW NET CASH FLOW (NCF) $22,025,275 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 27 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 450 WEST 33RD STREET - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- -------------- Associated Press .......... NR/NR/NR 290,752 17.4% $27.45 $ 7,980,289 25.3% November 2019 Thirteen/WNET ............. NR/NR/NR 204,791 12.2 $21.95 4,495,092 14.2 November 2018 Lerner NY ................. Baa2/BBB/NR 163,093 9.8 $26.72 4,357,881 13.8 June 2015 The Daily News ............ NR/NR/NR 140,950 8.4 $18.42 2,596,035 8.2 June 2011 City of New York .......... NR/NR/NR 129,874 7.8 $16.69 2,167,732 6.9 December 2016 Non-major tenants ......... 482,732 28.9 $20.64 9,962,520 31.6 Vacant .................... 260,045 15.6 0 0.0 ------- ----- ----------- ----- TOTAL ..................... 1,672,237 100.0% $31,559,549 100.0% ========= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. - ------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------ WA BASE CUMULATIVE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* ROLLING* - -------------- ------------- --------- ---------- ------------- ------------ --------------- --------------- 2005 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 1 $ 14.00 17,800 1.1% 1.1% 0.8% 0.8% 2008 0 $ 0.00 0 0.0% 1.1% 0.0% 0.8% 2009 0 $ 0.00 0 0.0% 1.1% 0.0% 0.8% 2010 0 $ 0.00 0 0.0% 1.1% 0.0% 0.8% 2011 6 $ 18.77 241,803 14.5% 15.5% 14.4% 15.2% 2012 3 $ 19.22 81,308 4.9% 20.4% 5.0% 20.1% 2013 6 $ 12.38 93,564 5.6% 26.0% 3.7% 23.8% 2014 0 $ 0.00 0 0.0% 26.0% 0.0% 23.8% 2015 4 $ 26.22 199,794 11.9% 37.9% 16.6% 40.4% Thereafter 9 $ 24.18 777,923 46.5% 84.4% 59.6% 100.0% Vacant 0 N/A 260,045 15.6% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------ * Calculated based on the approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 28 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18\ - -------------------------------------------------------------------------------- 450 WEST 33RD STREET - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "450 West 33rd Street Loan") is secured by a first mortgage encumbering an office building located in New York, New York. The 450 West 33rd Street Loan represents approximately 9.4% of the Cut-Off Date Pool Balance. The 450 West 33rd Street Loan was originated on March 3, 2005, and has a principal balance as of the Cut-Off Date of $132,500,000. The 450 West 33rd Street Loan provides for interest-only payments for the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The 450 West 33rd Street Loan, which is evidenced by a pari passu note dated March 3, 2005, is a portion of a whole loan with an original principal balance of $265,000,000. The other loan related to the 450 West 33rd Street Loan is evidenced by a separate note, dated March 3, 2005 (the "450 West 33rd Street Pari Passu Loan"), with an original principal balance of $132,500,000. The 450 West 33rd Street Pari Passu Loan will not be an asset of the Trust Fund. The 450 West 33rd Street Loan and the 450 West 33rd Street Pari Passu Loan will be governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement entered into in connection with the issuance of the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-C17, as described in the preliminary prospectus supplement under "DESCRIPTION OF THE MORTGAGE POOL--Co-Lender Loans." The 450 West 33rd Street Loan has a remaining term of 118 months and matures on March 11, 2015. The 450 West 33rd Street Loan may be prepaid on or after December 11, 2014, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 450 Partners LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 450 West 33rd Street Loan. The sponsors are Jacob Chetrit and Arbor Realty SR, Inc. Jacob Chetrit is an experienced real estate developer with major holdings in New York City and additional holdings around the country. The Chetrit Group has acquired and operated more than 4,500 apartment units and 10 million square feet of office and industrial space over the past 10 years. Arbor Realty SR, Inc. is a specialized real estate finance company investing in real estate-related bridge and mezzanine loans, preferred equity and, in limited cases, discounted mortgage notes and other real estate-related assets. o THE PROPERTY. The Mortgaged Property is an approximately 1,672,237 square foot office building situated on approximately 3.1 acres. The Mortgaged Property was constructed in 1969 and renovated in 1990. The Mortgaged Property is located in New York, New York. As of March 1, 2005, the occupancy rate for the Mortgaged Property securing the 450 West 33rd Street Loan was approximately 84.5%. The largest tenant is the Associated Press ("AP"), occupying approximately 290,752 square feet, or approximately 17.4% of the net rentable area. AP is the world's largest news gathering organization, with approximately 242 news bureaus serving more than 120 countries. The AP currently serves more than 1,500 newspapers and 5,000 broadcast outlets in the United States. Abroad, AP services are printed and broadcast in 112 countries. The company provides news, photos, graphics, and audiovisual services that reach people daily through print, radio, television, and the internet. The AP lease expires in November 2019. The second largest tenant is Thirteen/WNET ("Thirteen") occupying approximately 204,791 square feet, or approximately 12.2% of the net rentable area. Thirteen provides non-commercial, educational, public television and is celebrating four decades of educational television, community partnership and new media innovation. The Thirteen lease expires in November 2018. The third largest tenant is Lerner NY ("Lerner"), occupying approximately 163,093 square feet, or approximately 9.8% of the net rentable area. Lerner caters to women looking for urban apparel including jeans, dresses, and coordinates as well as accessories including sunglasses, costume jewelry, and hosiery at moderate prices. The Lerner lease is guaranteed by The Limited, Inc. As of March 1, 2005, The Limited, Inc. was rated "BBB" (S&P) and "Baa2" (Moody's). The Lerner lease expires in June 2015. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MEZZANINE DEBT. There are 3 existing mezzanine loans in the aggregate amount of $85,000,000. The mezzanine loans are not assets of the Trust and are secured by a pledge of the equity interests of the borrower. o FREE RELEASE. The loan documents allow a release of the air rights above the Mortgaged Property without any consideration upon certain conditions, including, but not limited to: (i) no event of default exists, (ii) the borrower provides an opinion of counsel that the release of the air rights will not adversely effect the REMIC status of the Trust Fund and (iii) the borrower provides evidence that the remaining Mortgaged Property will be in compliance with all applicable laws. o MANAGEMENT. Newmark & Company Real Estate, Inc. ("Newmark") is the property manager for the Mortgaged Property securing the 450 West 33rd Street Loan. Newmark is headquartered in Manhattan and provides comprehensive real estate services to many of the world's most prominent corporations, property owners, investors and developers. Newmark manages and/or leases approximately 50 million square feet of commercial space nationally. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 29 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 30 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KADIMA MEDICAL OFFICE POOL - -------------------------------------------------------------------------------- [6 PICTURES OF KADIMA MEDICAL OFFICE POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 31 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KADIMA MEDICAL OFFICE POOL - -------------------------------------------------------------------------------- [MAP OF KADIMA MEDICAL OFFICE POOL OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 32 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KADIMA MEDICAL OFFICE POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $127,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 9.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Cindy Dolgin and Meyer Chetrit TYPE OF SECURITY Various MORTGAGE RATE 5.2723529% MATURITY DATE April 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 324 REMAINING TERM / AMORTIZATION 119 / 324 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $197,905 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes GROUND RENT $6,311 REPLACEMENT $13,348 TI/LC $33,369 ADDITIONAL FINANCING Mezzanine Debt $12,500,000 CUT-OFF DATE BALANCE $127,500,000 CUT-OFF DATE BALANCE/SF $160 CUT-OFF DATE LTV 75.0% MATURITY DATE LTV 64.8% UW DSCR ON NCF 1.40x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 17 LOCATION Various, Various PROPERTY TYPE Office -- Medical SIZE (SF) 796,653 OCCUPANCY AS OF FEBRUARY 1, 2005 96.9% YEAR BUILT / YEAR RENOVATED Various / NA APPRAISED VALUE* $170,000,000 PROPERTY MANAGEMENT KND Management Co., Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $19,476,370 UW TOTAL EXPENSES $ 6,099,135 UW NET OPERATING INCOME (NOI) $13,377,235 UW NET CASH FLOW (NCF) $12,372,491 - -------------------------------------------------------------------------------- * Based upon the collective portfolio value and not on the value of the individual Mortgaged Properties. See "RISK FACTORS -- The Mortgage Loans -- Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the preliminary prospectus supplement. NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 33 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KADIMA MEDICAL OFFICE POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- NET ALLOCATED YEAR RENTABLE LOAN PROPERTY CITY STATE BUILLT AREA AMOUNT - -------------------------------------- -------------- -------- -------- ---------- --------------- Morristown Professional Building ..... Morristown NJ 1980 154,089 $ 25,044,643 2300 Westchester Avenue Building ..... Bronx NY 1988 83,408 23,902,964 Davis Square Center .................. Somerville MA 1990 100,219 23,223,214 Kadima Medical Building -- Minot, ND ................................. Minot ND 1995 114,000 8,988,970 Emerson Medical Complex .............. Jacksonville FL 1997 50,651 9,256,468 Verona Professional Building ......... Verona NJ 1970 61,468 7,249,943 South Hill Medical Center ............ Southgate KY 1989 56,126 4,705,578 Orlando II Clinic .................... Maitland FL 1993 25,000 3,324,107 Orlando IV Clinic .................... Orlando FL 1986 21,251 3,733,929 Orlando III Clinic ................... Orlando FL 1992 22,000 3,460,714 Park Meadows Clinic .................. Lone Tree CO 1995 19,477 3,096,429 Orlando I Clinic ..................... Kissimmee FL 1993 16,500 2,367,857 Tampa II Clinic ...................... Tampa FL 1994 16,200 2,138,390 Regency Square Clinic ................ Jacksonville FL 1992 15,713 1,956,244 Tampa I Clinic ....................... Brandon FL 1995 16,200 1,934,173 Germantown Clinic .................... Memphis TN 1996 12,480 1,639,286 San Jose Clinic ...................... Jacksonville FL 1990 11,871 1,477,092 ------- ------------ TOTAL ................................ 796,653 $127,500,000 ======= ============ - -------------------------------------------------------------------------------------------------- ALLOCATED PORTFOLIO RELEASE APPRAISED ALLOCATED PROPERTY PRICE UW NCF OCCUPANCY(1) VALUE(2) LTV - -------------------------------------- ---------- -------------- --------------- --------------- ----------- Morristown Professional Building ..... NA $ 2,124,004 100.0% $ 32,580,012 76.9% 2300 Westchester Avenue Building ..... NA 2,537,865 91.9% 27,644,703 86.5% Davis Square Center .................. NA 2,075,774 100.0% 27,536,310 84.3% Kadima Medical Building -- Minot, ND ................................. 115% 823,636 100.0% 13,038,635 68.9% Emerson Medical Complex .............. NA 867,486 100.0% 12,251,669 75.6% Verona Professional Building ......... NA 689,344 95.4% 9,951,774 72.9% South Hill Medical Center ............ NA 651,822 75.0% 8,419,003 55.9% Orlando II Clinic .................... 115% 418,968 100.0% 6,049,419 54.9% Orlando IV Clinic .................... 115% 397,315 94.4% 5,593,274 66.8% Orlando III Clinic ................... 115% 361,738 100.0% 5,483,363 63.1% Park Meadows Clinic .................. 115% 306,019 100.0% 4,268,431 72.5% Orlando I Clinic ..................... 115% 281,511 100.0% 4,255,946 55.6% Tampa II Clinic ...................... 115% 195,590 100.0% 2,934,083 72.9% Regency Square Clinic ................ 115% 178,036 100.0% 2,871,428 68.1% Tampa I Clinic ....................... 115% 174,597 100.0% 2,671,246 72.4% Germantown Clinic .................... 115% 154,484 100.0% 2,281,368 71.9% San Jose Clinic ...................... 115% 134,304 100.0% 2,169,336 68.1% ----------- ------------ TOTAL ................................ $12,372,491 96.9% $170,000,000 75.0% =========== ============ (1) As of February 1, 2005. (2) Based upon the collective portfolio value and not on the value of the individual Mortgaged Properties. See "RISK FACTORS -- The Mortgage Loans -- Inspections and Appraisals May Not Accurately Reflect Value or Condition of Mortgaged Property" in the preliminary prospectus supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 34 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KADIMA MEDICAL OFFICE POOL - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ----------------------------------------------------------------------------------------------------------------------------------- RATINGS(1) NET % OF NET % OF DATE OF MOODY'S/ RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------------------- ------------ ----------- ---------- ---------- ------------- ---------- ------------------- TOP 10 TENANTS ........................ Trinity Hospitals ..................... NR/NR/NR 114,000 14.3% $ 9.18 $ 1,046,360 6.5% June 2009 Morristown Memorial Hospital .......... NR/NR/NR 83,151 10.4 $24.53 2,039,694 12.6 February 2012 Physician Associates of FL ............ NR/NR/NR 81,363 10.2 $20.53 1,670,551 10.3 April 2008 Harvard Vanguard Medical Associates .......................... NR/NR/NR 64,670 8.1 $22.47 1,453,188 9.0 November 2009 Montefiore Medical Center ............. NR/NR/NR 52,907 6.6 $41.15 2,177,136 13.5 March 2008 Univ. of FL Jacksonville Healthcare ... NR/NR/NR 29,086 3.7 $17.91 521,032 3.2 Multiple Spaces(2) Baptist Health Properties, Inc. ....... NR/NR/NR 27,584 3.5 $13.95 384,860 2.4 February 2008 Mountainside Hospital ................. NR/NR/NR 20,276 2.5 $22.69 460,062 2.8 June 2012 Exempla Health Care ................... NR/NR/NR 19,477 2.4 $19.01 370,297 2.3 July 2007 Physician Associates, LLC ............. NR/NR/NR 17,090 2.1 $12.99 222,079 1.4 December 2005 ------- ----- ----------- ----- TOTAL TOP 10 TENANTS ................ 509,604 64.0% $20.30 $10,345,259 64.0% NON-MAJOR TENANTS ..................... 262,277 32.9 $22.17 5,815,473 36.0 ------- ----- ----------- ----- OCCUPIED COLLATERAL TOTAL ............. 771,881 96.9% $20.94 $16,160,732 100.0% Vacant Space .......................... 24,772 3.1 =========== ===== ------- ----- COLLATERAL TOTAL ...................... 796,653 100.0% ======= ===== (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 13,411 square feet expire in March 2006, 6,121 square feet expire in May 2008 and 9,554 square feet expire in July 2009. May not equal 100% due to rounding. - ------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL OF SF RENT OF ACTUAL RENT YEAR EXPIRING EXPIRING EXPIRING SF EXPIRING* ROLLING* ROLLING* ROLLING* - -------------- ---------- ---------- ---------- -------------- -------------- ------------- --------------- 2005 13 $21.32 48,205 6.1% 6.1% 6.4% 6.4% 2006 9 $20.16 28,891 3.6% 9.7% 3.6% 10.0% 2007 17 $20.84 74,274 9.3% 19.0% 9.6% 19.5% 2008 21 $23.68 234,813 29.5% 48.5% 34.4% 54.0% 2009 11 $15.29 210,271 26.4% 74.9% 19.9% 73.8% 2010 6 $28.53 19,685 2.5% 77.3% 3.5% 77.3% 2011 1 $23.00 1,200 0.2% 77.5% 0.2% 77.5% 2012 3 $23.91 112,526 14.1% 91.6% 16.7% 94.1% 2013 2 $25.89 29,438 3.7% 95.3% 4.7% 98.9% 2014 1 $22.00 2,131 0.3% 95.6% 0.3% 99.1% 2015 2 $13.17 10,447 1.3% 96.9% 0.9% 100.0% Thereafter 0 $ 0.00 0 0.0% 96.9% 0.0% 100.0% Vacant 0 N/A 24,772 3.1% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------- * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 35 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KADIMA MEDICAL OFFICE POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Kadima Medical Office Pool Loan") is secured by first deeds of trust or mortgages encumbering 17 medical office properties located in Florida (9 Mortgaged Properties), New Jersey (2 Mortgaged Properties), Colorado (1 Mortgaged Property), Kentucky (1 Mortgaged Property), Massachusetts (1 Mortgaged Property), New York (1 Mortgaged Property), North Dakota (1 Mortgaged Property) and Tennessee (1 Mortgaged Property). The Kadima Medical Office Pool Loan represents approximately 9.1% of the Cut-Off Date Pool Balance. The Kadima Medical Office Pool Loan was originated on March 15, 2005, and has a principal balance as of the Cut-Off Date of $127,500,000. The Kadima Medical Office Pool Loan provides for interest-only payments for the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The Kadima Medical Office Pool Loan has a remaining term of 119 months and matures on April 11, 2015. The Kadima Medical Office Pool Loan may be prepaid on or after January 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Kadima Medical Properties LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Kadima Medical Office Pool Loan. The sponsors of the borrower are Meyer Chetrit and Cindy Dolgin. Meyer Chetrit is a principal of The Chetrit Group, which has acquired or developed more than 10 million square feet of office and industrial space and 4,500 apartment units during the past 10 years. Cindy Dolgin is a member of the Dolgin Family, a Brooklyn-based family that has been active in commercial real estate for over 100 years. o THE PROPERTIES. The Mortgaged Properties consist of 17 medical office buildings containing, in the aggregate, 796,653 square feet of office space. Many of the Mortgaged Properties are located in close proximity to a hospital or academic facility. Seven (7) of the Mortgaged Properties are single-tenant properties. As of February 1, 2005, the occupancy rate for the Mortgaged Properties securing the Kadima Medical Office Pool Loan was approximately 96.9%. The largest tenant is Trinity Hospitals, occupying approximately 114,000 square feet, or approximately 14.3% of the net rentable area. Trinity Hospitals operates approximately 50 hospitals and 400 outpatient facilities. The Trinity Hospitals lease expires in June 2009. The second largest tenant is Morristown Memorial Hospital, occupying approximately 83,151 square feet, or approximately 10.4% of the net rentable area. Morristown Memorial Hospital is adjacent to the Mortgaged Property and contains the Carol G. Simon Cancer Center. The Morristown Memorial Hospital lease expires in February 2012. The third largest tenant is Physician Associates of FL ("Physicians Associates"), occupying approximately 81,363 square feet, or approximately 10.2% of the net rentable area. Physicians Associates is a private medical group with approximately 60 physicians specializing in family practice, internal medicine, obstetrics, gynecology and pediatrics. The Physician Associates lease expires in April 2008. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MEZZANINE DEBT. There is an existing mezzanine loan in the amount of $12,500,000. The mezzanine loan is not an asset of the Trust Fund and is secured by a pledge of the equity interests in the borrower. o MANAGEMENT. KND Management Co., Inc., an affiliate of one of the sponsors, is the property manager for the Mortgaged Properties securing the Kadima Medical Office Pool Loan. KND Management Co., Inc. currently manages approximately 5.0 million square feet of commercial space throughout the United States. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 36 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PARK PLACE II - -------------------------------------------------------------------------------- [4 PICTURES OF PARK PLACE II OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 37 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PARK PLACE II - -------------------------------------------------------------------------------- [MAP OF PARK PLACE II OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 38 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PARK PLACE II - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $100,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 7.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Maguire Properties, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 5.390% MATURITY DATE April 11, 2012 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 84 / 360 REMAINING TERM / AMORTIZATION 83 / 360 LOCKBOX Yes UP-FRONT RESERVES INSURANCE Yes ENGINEERING $83,500 NEW CENTURY TI REIMBURSEMENT(1) $3,660,160 NEW CENTURY RENT RESERVE(2) $183,163 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $2,289 TI/LC $11,444 ADDITIONAL FINANCING(3) None CUT-OFF DATE BALANCE $100,000,000 CUT-OFF DATE BALANCE/SF $364 CUT-OFF DATE LTV 79.6% MATURITY DATE LTV 75.1% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- (1) The up-front New Century TI Reimbursement Reserve relates to pending tenant improvement expenses with respect to the New Century lease that are obligations of the borrower. (2) The up-front New Century Rent Reserve will be released to the borrower upon New Century paying full, unabated rent. (3) Future mezzanine debt permitted. The sponsor of the borrowers may pledge the equity interests in the borrowers as additional collateral for certan pre-existing debt facilities. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Irvine, California PROPERTY TYPE Mixed Use -- Office/Retail SIZE (SF) 274,647 OCCUPANCY AS OF MARCH 1, 2005 89.1% YEAR BUILT / YEAR RENOVATED 1995 / NA APPRAISED VALUE $125,700,000 PROPERTY MANAGEMENT Maguire Properties, L.P. UW ECONOMIC OCCUPANCY 93.5% UW REVENUES $11,946,959 UW TOTAL EXPENSES $3,558,479 UW NET OPERATING INCOME (NOI) $8,388,480 UW NET CASH FLOW (NCF) $8,089,346 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 39 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PARK PLACE II - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ---------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------- ----------------- ----------- ---------- ---------- ------------- ---------- --------------- New Century Financial Corporation ... NR / BB / NR 79,636 29.0% $27.60 $2,197,954 32.5% April 2010 Sport Chalet ........................ NR / NR / NR 35,049 12.8 $13.97 489,635 7.3 December 2015 Quick Loan Funding .................. NR / NR / NR 25,918 9.4 $28.20 730,888 10.8 November 2008 WL Homes ............................ NR / NR / NR 17,369 6.3 $27.00 468,963 6.9 June 2008 Mother's Market ..................... NR / NR / NR 10,576 3.9 $19.80 209,405 3.1 September 2011 Non-major tenants ................... 76,182 27.7 $34.87 2,656,217 39.3 Vacant .............................. 29,917 10.9 0 0.0 ------ ----- ---------- ----- TOTAL ............................... 274,647 100.0% $6,753,061 100.0% ======= ===== ========== ===== - ---------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. - ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % OF ACTUAL CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF RENT OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - -------------- --------- ----------- ---------- ------------- ------------ ------------- --------------- 2005 3 $33.66 5,010 1.8% 1.8% 2.5% 2.5% 2006 3 $38.32 6,471 2.4% 4.2% 3.7% 6.2% 2007 5 $35.95 17,498 6.4% 10.6% 9.3% 15.5% 2008 4 $28.66 48,079 17.5% 28.1% 20.4% 35.9% 2009 6 $33.37 13,448 4.9% 33.0% 6.6% 42.5% 2010 5 $28.09 86,112 31.4% 64.3% 35.8% 78.4% 2011 2 $22.67 13,326 4.9% 69.2% 4.5% 82.8% 2012 2 $38.07 8,520 3.1% 72.3% 4.8% 87.6% 2013 0 $ 0.00 0 0.0% 72.3% 0.0% 87.6% 2014 0 $ 0.00 0 0.0% 72.3% 0.0% 87.6% 2015 1 $13.97 35,049 12.8% 85.0% 7.3% 94.9% Thereafter 2 $30.84 11,217 4.1% 89.1% 5.1% 100.0% Vacant 0 N/A 29,917 10.9% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- * Calculated based on the approximate square footage occupied by each tenant This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 40 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PARK PLACE II - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Park Place II Loan") is secured by a first mortgage encumbering a mixed-use office and retail center located in Irvine, California. The Park Place II Loan represents approximately 7.1% of the Cut-Off Date Pool Balance. The Park Place II Loan was originated on March 15, 2005, and has a principal balance as of the Cut-Off Date of $100,000,000. The Park Place II Loan provides for interest-only payments for the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The Park Place II Loan has a remaining term of 83 months and matures on April 11, 2012. The Park Place II Loan may be prepaid on or after December 11, 2011, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWERS. The borrowers are Maguire Properties -- Park Place Parking, LLC, Maguire Properties -- 3121 Michelson, LLC and Maguire Properties -- Park Place Shops, LLC, each a single purpose entity. Legal counsel to each of the borrowers delivered a non-consolidation opinion in connection with the origination of the Park Place II Loan. The sponsor of the borrowers is Maguire Properties, L.P. ("Maguire"), an affiliate of Maguire Properties, Inc. Maguire is a commercial property investment and management company that owns the most Class A office space in the Los Angeles central business district and currently holds more than 10.0 million square feet of office and mixed-use properties. o THE PROPERTY. The Mortgaged Property is an approximately 274,647 square foot mixed-use office and retail building situated on approximately 15.0 acres. The Mortgaged Property was constructed in 1995. The Mortgaged Property is located in Irvine, California, within the Los Angeles-Long Beach-Santa Ana, California metropolitan statistical area. As of March 1, 2005, the occupancy rate for the Mortgaged Property securing the Park Place II Loan was approximately 89.1%. The largest tenant is New Century Financial Corporation ("NEW"), occupying approximately 79,636 square feet, or approximately 29.0% of the net rentable area. NEW is a real estate investment trust and mortgage finance company operating in the United States. The NEW lease expires in April 2010. The second largest tenant is Sport Chalet, Inc. ("Sport Chalet"), occupying approximately 35,049 square feet, or approximately 12.8% of the net rentable area. Sport Chalet operates approximately 31 full-service, specialty sporting goods stores primarily in California and Nevada. The Sport Chalet lease expires in December 2015. The third largest tenant is Quick Loan Funding, occupying approximately 25,918 square feet, or approximately 9.4% of the net rentable area. Quick Loan Funding is a mortgage lending institution that provides loan programs which include refinancing, cash-out, conforming, FHA, VA, jumbo fixed and adjustable loans. The Quick Loan Funding lease expires in November 2008. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o FREE RELEASE. The borrower may obtain the release of a certain parcel without payment of any release price upon the satisfaction of certain conditions, including, without limitation: (i) the borrower provides evidence that the proposed use of the release parcel will not violate any of the restrictions included in any lease at the remaining Mortgaged Property, (ii) the borrower provides evidence that the remaining Mortgaged Property will be in compliance with all applicable laws, (iii) the borrower provides an opinion of counsel that the proposed release will not adversely effect the REMIC status of the Trust Fund and (iv) no event of default has occurred and is continuing. o MANAGEMENT. Maguire, the sponsor of the borrower, is the property manager for the Mortgaged Property securing the Park Place II Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 41 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 42 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- HAPPY VALLEY TOWNE CENTER - -------------------------------------------------------------------------------- [3 PICTURES OF HAPPY VALLEY TOWNE CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 43 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- HAPPY VALLEY TOWNE CENTER - -------------------------------------------------------------------------------- ` [MAP OF HAPPY VALLEY TOWNE CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 44 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- HAPPY VALLEY TOWNE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $56,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Lee T. Hanley and Nancy R. Hanley TYPE OF SECURITY Leasehold MORTGAGE RATE 5.790% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX Springing UP-FRONT RESERVES TAX/INSURANCE Yes SPORT CHALET(1) $2,900,000 TI REIMBURSEMENT(2) $1,459,530 RENT COLLECTIONS(3) $3,540,470 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes ADDITIONAL FINANCING(4) None CUT-OFF DATE BALANCE $56,000,000 CUT-OFF DATE BALANCE/SF $82 CUT-OFF DATE LTV 72.6% MATURITY DATE LTV 65.4% UW DSCR ON NCF 1.32x - -------------------------------------------------------------------------------- (1) The up-front Sport Chalet Reserve relates to pending tenant improvement expenses with respect to the Sport Chalet lease that are obligations of the borrower. (2) The up-front TI Reimbursement Reserve relates to outstanding tenant improvement expenses that are obligations of the borrower. (3) The up-front Rent Collections Reserve will be released upon monthly base rent exceeding $515,000 collections from tenants that are open for business. (4) Future mezzanine debt permitted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Phoenix, Arizona PROPERTY TYPE Retail -- Anchored SIZE (SF) 679,588 OCCUPANCY AS OF APRIL 13, 2005 95.8%* YEAR BUILT / YEAR RENOVATED 2005 / NA APPRAISED VALUE $77,100,000 PROPERTY MANAGEMENT Vestar Properties, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $9,283,551 UW TOTAL EXPENSES $3,900,403 UW NET OPERATING INCOME (NOI) $5,383,148 UW NET CASH FLOW (NCF) $5,193,144 - -------------------------------------------------------------------------------- * Includes space that has been leased but the related tenants have not taken occupancy. NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 45 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- HAPPY VALLEY TOWNE CENTER - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------- NET % OF NET ACTUAL % OF RATINGS* RENTABLE RENTABLE RENT ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF ACTUAL RENT RENT EXPIRATION - --------------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- -------------- Wal-Mart (Ground Lease) ......... Aa2 / AA / AA 207,928 30.6% $ 3.32 $ 690,000 11.0% January 2025 Lowe's Home Improvement (Ground Lease) ........................ A2 / A+ / A 166,992 24.6 $ 2.74 458,000 7.3 October 2030 Sport Chalet . .................. NR / NR / NR 42,000 6.2 $13.50 567,000 9.1 October 2015 Circuit City . .................. NR / NR / NR 33,443 4.9 $16.50 551,810 8.8 February 2020 Linens N' Things ................ NR / NR / NR 28,052 4.1 $15.00 420,780 6.7 March 2015 Non-major tenants . ............. 172,440 25.4 $20.64 3,558,687 57.0 Vacant .......................... 28,733 4.2 0 0.0 ------- ----- ---------- ----- TOTAL ........................... 679,588 100.0% $6,246,276 100.0% ======= ===== ========== ===== - ------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. - --------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - --------------------------------------------------------------------------------------------------------------------------- WA BASE CUMULATIVE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* ROLLING* - -------------- ------------- ---------- ---------- ------------- ------------ --------------- --------------- 2005 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2006 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2007 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2008 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2009 0 $ 0.00 0 0.0% 0.0% 0.0% 0.0% 2010 16 $31.17 37,023 5.4% 5.4% 18.5% 18.5% 2011 0 $ 0.00 0 0.0% 5.4% 0.0% 18.5% 2012 1 $34.00 1,442 0.2% 5.7% 0.8% 19.3% 2013 0 $ 0.00 0 0.0% 5.7% 0.0% 19.3% 2014 0 $ 0.00 0 0.0% 5.7% 0.0% 19.3% 2015 11 $15.92 152,770 22.5% 28.1% 38.9% 58.2% Thereafter 9 $ 5.68 459,620 67.6% 95.8% 41.8% 100.0% Vacant 0 N/A 28,733 4.2% 100.0% 0.0% 100.0% - --------------------------------------------------------------------------------------------------------------------------- * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 46 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- HAPPY VALLEY TOWNE CENTER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Happy Valley Towne Center Loan") is secured by a first mortgage encumbering a leasehold interest in an anchored retail center located in Phoenix, Arizona. The Happy Valley Towne Center Loan represents approximately 4.0% of the Cut-Off Date Pool Balance. The Happy Valley Towne Center Loan was originated on April 13, 2005, and has a principal balance as of the Cut-Off Date of $56,000,000. The Happy Valley Towne Center Loan provides for interest-only payments for the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The Happy Valley Towne Center Loan has a remaining term of 120 months and matures on May 11, 2015. The Happy Valley Towne Center Loan may be prepaid on or after February 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Vestar Arizona XXXI, L.L.C., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Happy Valley Towne Center Loan. The sponsors of the borrower are Lee T. Hanley and Nancy R. Hanley. Lee T. Hanley is a founding member of Vestar Development Company ("Vestar"), a retail development company based in Phoenix, Arizona, that was formed in 1979 and was the development company for the Mortgaged Property securing the Happy Valley Towne Center Loan. Vestar has 3 regional offices located in Phoenix, Arizona, Long Beach, California and El Cajon, California. o THE PROPERTY. The Mortgaged Property is an approximately 679,588 square foot anchored retail center situated on approximately 71.5 acres. The Mortgaged Property was constructed in 2005. The Mortgaged Property is located in Phoenix, Arizona. As of April 13, 2005, the occupancy rate for the Mortgaged Property securing the Happy Valley Towne Center Loan (including space that is being built-out for tenants that have executed leases but have not taken occupancy) was approximately 95.8%. The largest tenant is Wal-Mart, occupying approximately 207,928 square feet, or approximately 30.6% of the net rentable area. Wal-Mart is the largest discount retailer in the United States. Wal-Mart ground leases its space from the borrower and the Wal-Mart improvements do not secure the Happy Valley Towne Center Loan. As of April 11, 2005, Wal-Mart was rated "Aa2" (Moody's) and "AA" (S&P). The Wal-Mart ground lease expires in January 2025. The second largest tenant is Lowe's Home Improvement ("Lowe's"), occupying approximately 166,992 square feet, or approximately 24.6% of the net rentable area. Lowe's is the second largest home improvement retailer in the United States with approximately 950 stores in 45 states. Lowe's ground leases its space from the borrower and the Lowe's improvements do not secure the Happy Valley Towne Center Loan. As of April 12, 2005, Lowe's was rated "A2" (Moody's) and "A+" (S&P). The Lowe's ground lease expires in October 2030. The third largest tenant is Sport Chalet, occupying approximately 42,000 square feet, or approximately 6.2% of the net rentable area. Sport Chalet operates approximately 31 full-service, specialty sporting goods stores primarily in California and Nevada. The Sport Chalet lease expires in October 2015. o LOCK BOX ACCOUNT. At any time during the term of the Happy Valley Towne Center Loan, (i) if the debt service coverage ratio, as computed by the mortgagee, is less than 1.10x, or (ii) upon the occurrence of an event of default under the loan documents, all tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MANAGEMENT. Vestar Properties, Inc., an affiliate of the borrower, is the property manager for the Mortgaged Property securing the Happy Valley Towne Center Loan. Vestar Properties, Inc. is a commercial real estate management company with 11 million square feet of real estate under management in Arizona and Southern California. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 47 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 48 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MERCANTILE BANK & TRUST BUILDING - -------------------------------------------------------------------------------- [4 PICTURES OF MERCANTILE BANK & TRUST BUILDING OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 49 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MERCANTILE BANK & TRUST BUILDING - -------------------------------------------------------------------------------- [MAP OF MERCANTILE BANK & TRUST BUILDING OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 50 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MERCANTILE BANK & TRUST BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $41,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR HGGP Capital, LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.260% MATURITY DATE January 11, 2012 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 24 ORIGINAL TERM / AMORTIZATION 84 / 360 REMAINING TERM / AMORTIZATION 80 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes REPLACEMENT $50,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $6,931 TI/LC(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $41,000,000 CUT-OFF DATE BALANCE/SF $101 CUT-OFF DATE LTV 77.4% MATURITY DATE LTV 71.6% UW DSCR ON NCF 1.55x - -------------------------------------------------------------------------------- (1) Beginning in January 2009, the borrower will be required to fund a tenant improvement and leasing commission reserve with payments of $29,167 per month for the remaining loan term. (2) Future mezzanine debt permitted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Baltimore, Maryland PROPERTY TYPE Office -- CBD SIZE (SF) 404,089 OCCUPANCY AS OF JANUARY 25, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1970 / 1999 APPRAISED VALUE $53,000,000 PROPERTY MANAGEMENT Harbor Group Management Co. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $8,566,185 UW TOTAL EXPENSES $4,030,116 UW NET OPERATING INCOME (NOI) $4,536,069 UW NET CASH FLOW (NCF) $4,212,817 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 51 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MERCANTILE BANK & TRUST BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - -------------------------------------------------------------------------------------------------------------------------- RATINGS* NET % OF NET % OF DATE OF MOODY'S/ RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------------- -------------- ----------- ---------- ---------- ------------- ---------- -------------- Mercantile Bank & Trust ......... NR / A+ / NR 202,822 50.2% $21.63 $4,386,280 52.5% December 2014 Venable, LLP. ................... NR / NR / NR 140,649 34.8 $19.97 2,809,232 33.6 April 2011 Grant Thornton LLP .............. NR / NR / NR 16,744 4.1 $17.43 291,848 3.5 December 2013 Kaiser Permanente.. ............. NR / NR / A 15,000 3.7 $23.46 351,900 4.2 August 2010 Adelberg Rudow .................. NR / NR / NR 14,007 3.5 $18.25 255,628 3.1 June 2006 Non-major tenants ............... 14,867 3.7 $17.83 265,111 3.2 Vacant .......................... 0 0.0 0 0.0 ------- ----- ---------- ----- TOTAL ........................... 404,089 100.0% $8,359,999 100.0% ======= ===== ========== ===== - -------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. - ----------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ----------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE CUMULATIVE LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF % OF ACTUAL % OF ACTUAL YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* RENT ROLLING* RENT ROLLING* - -------------- --------- ----------- ---------- ------------- ------------ --------------- -------------- 2005 3 $14.00 90 0.0% 0.0% 0.0% 0.0% 2006 3 $14.40 17,748 4.4% 4.4% 3.1% 3.1% 2007 2 $23.50 10,763 2.7% 7.1% 3.0% 6.1% 2008 0 $ 0.00 0 0.0% 7.1% 0.0% 6.1% 2009 1 $40.00 273 0.1% 7.1% 0.1% 6.2% 2010 1 $23.46 15,000 3.7% 10.9% 4.2% 10.4% 2011 3 $19.97 140,649 34.8% 45.7% 33.6% 44.0% 2012 0 $ 0.00 0 0.0% 45.7% 0.0% 44.0% 2013 1 $17.43 16,744 4.1% 49.8% 3.5% 47.5% 2014 2 $21.63 202,822 50.2% 100.0% 52.5% 100.0% 2015 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 N/A 0 0.0% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------------- * Calculated based on the approximate square footage occupied by each tenant This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 52 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- MERCANTILE BANK & TRUST BUILDING - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Mercantile Bank & Trust Building Loan") is secured by a first mortgage encumbering an office building located in Baltimore, Maryland. The Mercantile Bank & Trust Building Loan represents approximately 2.9% of the Cut-Off Date Pool Balance. The Mercantile Bank & Trust Building Loan was originated on December 13, 2004, and has a principal balance as of the Cut-Off Date of $41,000,000. The Mercantile Bank & Trust Building Loan provides for interest-only payments for the first 24 months of its term, and thereafter, fixed monthly payments of principal and interest. The Mercantile Bank & Trust Building Loan has a remaining term of 80 months and matures on January 11, 2012. The Mercantile Bank & Trust Building Loan may be prepaid on or after November 11, 2011, and permits defeasance with United States government obligations beginning three years after the first payment date. o THE BORROWER. The borrower is Hopkins Plaza Financial Associates, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Mercantile Bank & Trust Building Loan. The sponsor is HGGP Capital, LLC. HGGP Capital, LLC is an affiliate of Harbor Group International, a real estate investment company that has acquired or developed more than 11 million square feet of commercial space valued in excess of $1 billion. o THE PROPERTY. The Mortgaged Property is an approximately 404,089 square foot office building situated on approximately 1.4 acres. The Mortgaged Property was constructed in 1970 and renovated in 1999. The Mortgaged Property is located in Baltimore, Maryland. As of January 25, 2005, the occupancy rate for the Mortgaged Property securing the Mercantile Bank & Trust Building Loan was approximately 100%. The largest tenant is Mercantile Bank & Trust ("Mercantile"), occupying approximately 202,822 square feet, or approximately 50.2% of the net rentable area. Mercantile, with more than $14 billion in assets, is a regional bank holding company with its headquarters in Baltimore, Maryland. As of April 11, 2005, Mercantile was rated "A+" (S&P). The Mercantile lease expires in December 2014. The second largest tenant is Venable, LLP occupying approximately 140,649 square feet, or approximately 34.8% of the net rentable area. Venable, LLP is a law firm that serves corporate, institutional, governmental, nonprofit and individual clients throughout the United States. The Venable, LLP lease expires in April 2011. The third largest tenant is Grant Thornton LLP, occupying approximately 16,744 square feet, or approximately 4.1% of the net rentable area. Grant Thornton LLP provides accounting and consulting services to public and private clients throughout the United States. The Grant Thornton LLP lease expires in December 2013. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MANAGEMENT. Harbor Group Management Co. is the property manager for the Mortgaged Property securing the Mercantile Bank & Trust Building Loan. Harbor Group Management Co. is a full service management company with approximately 6 million square feet of commercial space and 6,000 apartment units under management. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 53 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 54 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 590 FIFTH AVENUE - -------------------------------------------------------------------------------- [3 PICTURES OF 590 FIFTH AVENUE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 55 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 590 FIFTH AVENUE - -------------------------------------------------------------------------------- [MAP OF 590 FIFTH AVENUE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 56 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 590 FIFTH AVENUE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $40,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Stanley Chera, Jeffrey Feil and Joseph Nakash TYPE OF SECURITY Fee MORTGAGE RATE 5.390% MATURITY DATE March 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 48 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX Yes FREE RENT RESERVE $112,292 ONGOING MONTHLY RESERVES TAX Yes REPLACEMENT $1,634 TI/LC $10,211 PAYLESS SHOES LEASE* Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $40,000,000 CUT-OFF DATE BALANCE/SF $409 CUT-OFF DATE LTV 74.2% MATURITY DATE LTV 67.6% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- * In the event the borrower does not complete the buyout of the Payless Shoes Lease by June 1, 2005, the borrower will be required to deliver a letter of credit in an amount of $3,900,000, subject to adjustment based on market rents pursuant to the terms of the loan documents. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, New York PROPERTY TYPE Office -- CBD SIZE (SF) 97,717 OCCUPANCY AS OF MARCH 7, 2005 99.6% YEAR BUILT / YEAR RENOVATED 1987 / NA APPRAISED VALUE $53,900,000 PROPERTY MANAGEMENT Jeffrey Management Corp. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $5,586,654 UW TOTAL EXPENSES $2,225,529 UW NET OPERATING INCOME (NOI) $3,361,125 UW NET CASH FLOW (NCF) $3,219,165 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 57 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 590 FIFTH AVENUE - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ----------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- ------------------ Strategic Insight Mutual Fund Research and Consulting, LLC .. NR/NR/NR 13,788 14.1% $48.00 $ 661,824 12.4% December 2007 Career Blazer ................... NR/NR/NR 12,178 12.5 $45.51 554,208 10.4 Multiple Spaces(2) Citra Trading ................... NR/NR/NR 8,167 8.4 $40.00 326,680 6.1 May 2014 Payless Shoes(3) ................ NR/BB-/NR 6,618 6.8 1$52.60 1,009,907 18.9 April 2009 Diascience Co ................... NR/NR/NR 5,974 6.1 $49.00 292,726 5.5 March 2011 Non-major tenants ............... 50,583 51.8 $49.59 2,508,557 46.9 Vacant .......................... 409 0.4 0 0.0 ------ ----- ---------- ----- TOTAL ........................... 97,717 100.0% $5,353,902 100.0% ====== ===== ========== ===== - ----------------------------------------------------------------------------------------------------------------------------------- (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 230 square feet expire monthly and 11,948 square feet expire in September 2008. (3) The borrower is currently negotiating with Payless Shoes to terminate its lease and replace Payless Shoes with certain other tenants. See "The Property" below. - ------------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE % LEASES RENT/SF TOTAL SF % OF TOTAL CUMULATIVE % OF ACTUAL OF ACTUAL RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* % OF SF ROLLING* RENT ROLLING* ROLLING* - -------------- --------- ----------- ---------- ------------- ------------------ --------------- --------------- 2005 3 $ 16.92 2,284 2.3% 2.3% 0.7% 0.7% 2006 1 $ 47.00 4,900 5.0% 7.4% 4.3% 5.0% 2007 5 $ 51.30 20,321 20.8% 28.1% 19.5% 24.5% 2008 2 $ 44.41 17,501 17.9% 46.1% 14.5% 39.0% 2009 2 $123.71 9,318 9.5% 55.6% 21.5% 60.5% 2010 0 $ 0.00 0 0.0% 55.6% 0.0% 60.5% 2011 2 $ 51.34 9,795 10.0% 65.6% 9.4% 69.9% 2012 1 $ 53.83 2,200 2.3% 67.9% 2.2% 72.1% 2013 3 $ 49.94 17,922 18.3% 86.2% 16.7% 88.9% 2014 1 $ 40.00 8,167 8.4% 94.6% 6.1% 95.0% 2015 1 $ 55.00 4,900 5.0% 99.6% 5.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 99.6% 0.0% 100.0% Vacant 0 N/A 409 0.4% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------ * Calculated based on the approximate square footage occupied by each tenant This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 58 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 590 FIFTH AVENUE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "590 Fifth Avenue Loan") is secured by a first mortgage encumbering an office building located in New York, New York. The 590 Fifth Avenue Loan represents approximately 2.8% of the Cut-Off Date Pool Balance. The 590 Fifth Avenue Loan was originated on March 1, 2005, and has a principal balance as of the Cut-Off Date of $40,000,000. The 590 Fifth Avenue Loan provides for interest-only payments for the first 48 months of its term, and thereafter, fixed monthly payments of principal and interest. The 590 Fifth Avenue Loan has a remaining term of 118 months and matures on March 11, 2015. The 590 Fifth Avenue Loan may be prepaid on or after January 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 590 Fifth Avenue LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 590 Fifth Avenue Loan. The sponsors are Jeffrey Feil, Stanley Chera and Joseph Nakash. Jeffrey Feil is the principal of the Feil Organization, a New York based real estate company with ownership interests in over 8.5 million square feet of retail properties, 5 million square feet of office properties and 5,000 residential rental units. o THE PROPERTY. The Mortgaged Property is an approximately 97,717 square foot office building situated on approximately 0.1 acres. The Mortgaged Property was constructed in 1987. The Mortgaged Property is located in New York, New York. As of March 7, 2005, the occupancy rate for the Mortgaged Property securing the 590 Fifth Avenue Loan was approximately 99.6%. The largest tenant is Strategic Insight Mutual Fund Research and Consulting, LLC ("Strategic Insight"), occupying approximately 13,788 square feet, or approximately 14.1% of the net rentable area. Strategic Insight provides products and services for the asset management business in the United States and globally. The Strategic Insight lease expires in December 2007. The second largest tenant is Career Blazer, occupying approximately 12,178 square feet, or approximately 12.5% of the net rentable area. Career Blazer is a provider of employment for both temporary and permanent positions in the Northeast and Mid-Atlantic regions. The Career Blazer leases expire in September 2008 (except with respect to 230 square feet, which is leased month-to-month). The third largest tenant is Citra Trading, occupying approximately 8,167 square feet, or approximately 8.4% of the net rentable area. Citra Trading is a family owned jewelry business dealing in gold, pearls, diamonds and gemstones. The Citra Trading lease expires in May 2014. The borrower is currently negotiating with Payless Shoes, a ground floor retail tenant, to terminate its lease and replace it with Kay Jewelers, Lush Cosmetics and DGNY LLC (an existing tenant who will expand into the second floor space). The borrower expects to complete the buyout of the Payless Shoes space by June 1, 2005. In the event the borrower does not complete the Payless Shoes buyout by June 1, 2005, the borrower will be required to deliver a letter of credit to the mortgagee in an amount equal to ten times the difference between the current rent and the market rent for the Payless Shoes space. The mortgagee will be entitled to hold the letter of credit until such time as the debt service coverage ratio at the Mortgaged Property exceeds 1.20x or the Payless Shoes space is leased at a market rent. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o MANAGEMENT. Jeffrey Management Corp., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the 590 Fifth Avenue Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 59 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 60 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- EXTRA SPACE SELF STORAGE PORTFOLIO #3 - -------------------------------------------------------------------------------- [5 PICTURES OF EXTRA SPACE SELF STORAGE PORTFOLIO #3 OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 61 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- EXTRA SPACE SELF STORAGE PORTFOLIO #3 - -------------------------------------------------------------------------------- [MAP OF EXTRA SPACE SELF STORAGE PORTFOLIO #3 OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 62 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- EXTRA SPACE SELF STORAGE PORTFOLIO #3 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $32,550,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.3% NUMBER OF MORTGAGE LOANS 5 LOAN PURPOSE Acquisition SPONSOR Extra Space Storage LLC TYPE OF SECURITY Fee MORTGAGE RATE 4.950% MATURITY DATE April 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX Springing UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $32,188 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $4,676 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $32,550,000 CUT-OFF DATE BALANCE/SF $83 CUT-OFF DATE LTV 82.0% MATURITY DATE LTV 82.0% UW DSCR ON NCF 1.58x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 5 LOCATION Various, Various PROPERTY TYPE Self Storage SIZE (SF) 392,520 OCCUPANCY AS OF MARCH 15, 2005 88.6% YEAR BUILT / YEAR RENOVATED Various / NA APPRAISED VALUE $39,710,000 PROPERTY MANAGEMENT Extra Space Management, LLC UW ECONOMIC OCCUPANCY 88.4% UW REVENUES $4,480,780 UW TOTAL EXPENSES $1,873,782 UW NET OPERATING INCOME (NOI) $2,606,998 UW NET CASH FLOW (NCF) $2,550,830 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 63 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- EXTRA SPACE SELF STORAGE PORTFOLIO #3 - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- EXTRA SPACE SELF STORAGE PORTFOLIO #3 SUMMARY - ------------------------------------------------------------------------------------------- CUT-OFF DATE CUT-OFF DATE NO. OF SQUARE BALANCE PER PROPERTY NAME BALANCE YEAR BUILT UNITS FOOTAGE SQUARE FOOT - ----------------------------- -------------- ------------ -------- --------- -------------- Extra Space Self Storage #3 - Atlanta, GA. ......... $ 9,600,000 1996 783 75,937 $ 126 Extra Space Self Storage #3 - Orlando (South John Young Parkway), FL ........................ 8,200,000 1999 687 86,583 $ 95 Extra Space Self Storage #3 - Orlando (Metrowest Boulevard), FL ............ 6,400,000 2000 845 87,765 $ 73 Extra Space Self Storage #3 - Orlando (Lake Underhill Road), FL ................. 4,600,000 2002 436 69,385 $ 66 Extra Space Self Storage #3 - Ocoee, FL ............ 3,750,000 1987 572 72,850 $ 51 ------------ ----- ------ TOTAL ....................... $ 32,550,000 3,323 392,520 $ 83 ============ ===== ======= - ------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- APPRAISED APPRAISED VALUE PROPERTY NAME OCCUPANCY UW NCF VALUE PER SF LTV DSCR - ----------------------------- ----------- -------------- --------------- ---------- ---------- ---------- Extra Space Self Storage #3 - Atlanta, GA. ......... 81.6% $ 717,646 $ 11,750,000 $ 155 81.7% 1.51x Extra Space Self Storage #3 - Orlando (South John Young Parkway), FL ........................ 97.0% 613,759 10,000,000 $ 115 82.0% 1.51x Extra Space Self Storage #3 - Orlando (Metrowest Boulevard), FL ............ 83.1% 554,517 7,800,000 $ 89 82.1% 1.75x Extra Space Self Storage #3 - Orlando (Lake Underhill Road), FL ................. 84.2% 362,092 5,600,000 $ 81 82.1% 1.59x Extra Space Self Storage #3 - Ocoee, FL ............ 96.6% 302,816 4,560,000 $ 63 82.2% 1.63x ----------- ------------ TOTAL ....................... 88.6% $ 2,550,830 $ 39,710,000 $ 101 82.0% 1.58x =========== ============ - ------------------------------------------------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 64 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- EXTRA SPACE SELF STORAGE PORTFOLIO #3 - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loans (the "Extra Space Self Storage Portfolio #3 Loans") are secured by first deeds of trust encumbering 5 self storage properties located in Florida (4 Mortgaged Properties) and Georgia (1 Mortgaged Property). The Extra Space Self Storage Portfolio #3 Loans represent approximately 2.3% of the Cut-Off Date Pool Balance. The Extra Space Self Storage Portfolio #3 Loans were originated on March 21, 2005, and have an aggregate principal balance as of the Cut-Off Date of $32,550,000. Each Extra Space Self Storage Portfolio #3 Loan is cross-collateralized and cross-defaulted with each of the other Extra Space Self Storage Portfolio #3 Loans. Each Extra Space Self Storage Portfolio #3 Loan provides for interest-only payments for the entire loan term. Each of the Extra Space Self Storage Portfolio #3 Loans has a remaining term of 59 months and matures on April 11, 2010. The Extra Space Self Storage Portfolio Loans may be prepaid on or after February 11, 2010, and permit defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Extra Space Properties Twenty LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Extra Space Self Storage Portfolio #3 Loans. The sponsor for the borrower is Extra Space Storage LLC. Extra Space Storage LLC is a publicly traded self-storage operator with a portfolio of approximately 130 facilities in 16 states. o THE PROPERTIES. The Mortgaged Properties consist of 5 self storage facilities containing, in the aggregate, 392,520 square feet of storage space. Each Mortgaged Property contains regular storage and/or climate controlled units. As of March 15, 2005, the occupancy rate for the Mortgaged Properties securing the Extra Space Self Storage Portfolio #3 Loans was approximately 88.6%. o LOCK BOX ACCOUNT. At any time during the term of the Extra Space Self Storage Portfolio #3 Loans, (i) if the debt service coverage ratio, as computed by the mortgagee, is less than 1.15x for a 12 consecutive month period or (ii) upon the occurrence of an event of default under the loan documents, the borrower must notify the tenants that any and all tenant payments due under the applicable tenant leases shall be directly deposited into a mortgagee-designated lock box account. o MANAGEMENT. Extra Space Management, LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Properties securing the Extra Space Self Storage Portfolio #3 Loans. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 65 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 66 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CYPRESS LAKE AT STONEBRIAR - -------------------------------------------------------------------------------- [5 PICTURES OF CYPRESS LAKE AT STONEBRIAR OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 67 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CYPRESS LAKE AT STONEBRIAR [MAP OF CYPRESS LAKE AT STONEBRIAR OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 68 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CYPRESS LAKE AT STONEBRIAR - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $29,770,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Harold Tomlinson TYPE OF SECURITY Fee MORTGAGE RATE 5.420% MATURITY DATE May 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 60 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE No ENGINEERING $3,750 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $29,770,000 CUT-OFF DATE BALANCE/UNIT $63,072 CUT-OFF DATE LTV 77.9% MATURITY DATE LTV 77.9% UW DSCR ON NCF 1.45x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Frisco, Texas PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 472 OCCUPANCY AS OF MARCH 17, 2005 93.2% YEAR BUILT / YEAR RENOVATED 2002 / NA APPRAISED VALUE $38,200,000 PROPERTY MANAGEMENT GREP, Dallas, L.P. UW ECONOMIC OCCUPANCY 75.6% UW REVENUES $4,893,023 UW TOTAL EXPENSES $2,465,964 UW NET OPERATING INCOME (NOI) $2,427,059 UW NET CASH FLOW (NCF) $2,332,859 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 69 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CYPRESS LAKE AT STONEBRIAR - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- UNIT MIX - ----------------------------------------------------------------------------------------------- APPROXIMATE NO. OF UNIT SIZE APPROXIMATE UNIT MIX UNITS (SF) NRA (SF) % OF NRA RENTAL RATE - ------------------- -------- ------------ ------------ ---------- ------------------- 1 BR/1 BA ......... 184 733 134,876 30.5% $845 2 BR/1 BA ......... 48 874 41,952 9.5 $963 2 BR/2 BA ......... 216 1,059 228,744 51.7 $1,113* 3 BR/2 BA ......... 24 1,521 36,504 8.3 $1,670 --- ------- ----- TOTAL ............. 472 937 442,076 100.0% $1,021 / $1.09 /SF === ======= ===== - ----------------------------------------------------------------------------------------------- * The rental rate excludes one guest unit which is rented on a per-night basis. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 70 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CYPRESS LAKE AT STONEBRIAR - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Cypress Lake at Stonebriar Loan") is secured by a first mortgage encumbering a 472-unit multifamily complex located in Frisco, Texas. The Cypress Lake at Stonebriar Loan represents approximately 2.1% of the Cut-Off Date Pool Balance. The Cypress Lake at Stonebriar Loan was originated on April 20, 2005, and has a principal balance as of the Cut-Off Date of $29,770,000. The Cypress Lake at Stonebriar Loan provides for interest-only payments for the entire loan term. The Cypress Lake at Stonebriar Loan has a remaining term of 60 months and matures on May 11, 2010. The Cypress Lake at Stonebriar Loan may be prepaid on or after March 11, 2010, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Frisco Stonebriar, Ltd., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Cypress Lake at Stonebriar Loan. The sponsor is Harold Tomlinson. Harold Tomlinson is the founder of Tomlinson Construction Corporation, a multi-family property developer in Texas and Florida. o THE PROPERTY. The Mortgaged Property is a 472-unit garden-style apartment complex consisting of 24 buildings situated on approximately 27.7 acres. The Mortgaged Property was constructed in 2002. The Mortgaged Property is located in Frisco, Texas within the Dallas-Fort Worth-Arlington, Texas metropolitan statistical area. The Mortgaged Property includes two community swimming pools, whirlpool/spa, a fitness center, children's playground area, clubhouse, indoor basketball court, car-care center, picnic area and a leasing office. As of March 17, 2005, the occupancy rate for the Mortgaged Property securing the Cypress Lake at Stonebriar Loan was approximately 93.2%. o LOCKBOX. The loan documents do not require a lock box account. o PROPERTY MANAGEMENT. GREP, Dallas, L.P. is the property manager for the Mortgaged Property securing the Cypress Lake at Stonebriar Loan. GREP, Dallas, L.P. is a subsidiary of Greystar, which currently manages more than 5,000 units within the Dallas-Fort Worth metropolitan area. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 71 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 72 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CASA PALOMA SHOPPING CENTER - -------------------------------------------------------------------------------- [4 PICTURES OF CASA PALOMA SHOPPING CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 73 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CASA PALOMA SHOPPING CENTER - -------------------------------------------------------------------------------- [MAP OF CASA PALOMA SHOPPING CENTER OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 74 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CASA PALOMA SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $29,050,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Marc J. Paul, Robert A. Robotti and Secured California Investments, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.630% MATURITY DATE March 11, 2015 AMORTIZATION TYPE Interest Only ARD INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 118 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Yes ADDITIONAL FINANCING Secured Subordinate Debt* $6,400,000 CUT-OFF DATE BALANCE $29,050,000 CUT-OFF DATE BALANCE/SF $223 CUT-OFF DATE LTV 69.8% MATURITY DATE LTV 69.8% UW DSCR ON NCF 1.47x - -------------------------------------------------------------------------------- * The secured subordinate debt is also secured by a pledge of the equity interests in the borrower. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Chandler, Arizona PROPERTY TYPE Retail -- Anchored SIZE (SF) 130,096 OCCUPANCY AS OF MARCH 1, 2005 91.0% YEAR BUILT / YEAR RENOVATED 1999 / NA APPRAISED VALUE $41,600,000 PROPERTY MANAGEMENT CB Richard Ellis Inc. UW ECONOMIC OCCUPANCY 92.0% UW REVENUES $3,630,382 UW TOTAL EXPENSES $1,129,236 UW NET OPERATING INCOME (NOI) $2,501,146 UW NET CASH FLOW (NCF) $2,400,247 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 75 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CASA PALOMA SHOPPING CENTER - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ---------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ---------------------------------- ---------------------- ----------- ---------- ---------- ------------- ---------- ------------- AJ's Fine Foods .................. NR / NR / NR 26,500 20.4% $ 11.20 $ 296,800 11.2% April 2025 Creative Leather Furniture ....... NR / NR / NR 13,249 10.2 $ 15.50 205,359 7.7 March 2010 Showcase Home Entertainment ...... NR / NR / NR 12,000 9.2 $ 20.25 243,000 9.2 February 2010 Gap/Gap Kids ..................... Baa3 / BBB- / BBB- 9,000 6.9 $ 20.00 180,000 6.8 March 2006 Banana Republic .................. Baa3 / BBB- / BBB- 7,000 5.4 $ 20.35 142,450 5.4 April 2008 Non-major tenants ................ 50,587 38.9 $ 31.38 1,587,433 59.8 Vacant ........................... 11,760 9.0 0 0.0 ------ ----- ----------- ----- TOTAL ............................ 130,096 100.0% $ 2,655,042 100.0% ======= ===== =========== ===== - ---------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. - ------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------- % OF CUMULATIVE WA BASE % OF TOTAL CUMULATIVE ACTUAL % OF ACTUAL # OF LEASES RENT/SF TOTAL SF SF % OF SF RENT RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* ROLLING* ROLLING* - -------------- ------------- ----------- ---------- ------------ ------------ ---------- ------------ 2005 1 $ 37.82 1,205 0.9% 0.9% 1.7% 1.7% 2006 2 $ 21.92 10,225 7.9% 8.8% 8.4% 10.2% 2007 0 $ 0.00 0 0.0% 8.8% 0.0% 10.2% 2008 4 $ 27.14 12,109 9.3% 18.1% 12.4% 22.5% 2009 3 $ 29.16 6,644 5.1% 23.2% 7.3% 29.8% 2010 10 $ 24.92 51,498 39.6% 62.8% 48.3% 78.2% 2011 3 $ 27.84 10,155 7.8% 70.6% 10.6% 88.8% 2012 0 $ 0.00 0 0.0% 70.6% 0.0% 88.8% 2013 0 $ 0.00 0 0.0% 70.6% 0.0% 88.8% 2014 0 $ 0.00 0 0.0% 70.6% 0.0% 88.8% 2015 0 $ 0.00 0 0.0% 70.6% 0.0% 88.8% Thereafter 1 $ 11.20 26,500 20.4% 91.0% 11.2% 100.0% Vacant 0 N/A 11,760 9.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------- * Calculated based on the approximate square footage occupied by each tenant This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 76 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CASA PALOMA SHOPPING CENTER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Casa Paloma Loan") is secured by a first mortgage encumbering an anchored retail center located in Chandler, Arizona. The Casa Paloma Loan represents approximately 2.1% of the Cut-Off Date Pool Balance. The Casa Paloma Loan was originated on March 10, 2005, and has a principal balance as of the Cut-Off Date of $29,050,000. The Casa Paloma Loan provides for interest-only payments for the entire loan term. The Casa Paloma Loan has a remaining term of 118 months to its anticipated repayment date of March 11, 2015. The Casa Paloma Loan may be prepaid with a yield maintenance premium beginning two years after the Closing Date. o THE BORROWER. The borrowers are SCI Casa Paloma Fund, LLC, SCI Casa Paloma Fund 1, LLC, SCI Casa Paloma Fund 2, LLC, SCI Casa Paloma Fund 3, LLC, SCI Casa Paloma Fund 4, LLC, SCI Casa Paloma Fund 5, LLC, SCI Casa Paloma Fund 6, LLC, SCI Casa Paloma Fund 7, LLC, SCI Casa Paloma Fund 8, LLC, SCI Casa Paloma Fund 9, LLC, SCI Casa Paloma Fund 10, LLC, SCI Casa Paloma Fund 11, LLC, SCI Casa Paloma Fund 12, LLC, SCI Casa Paloma Fund 13, LLC, SCI Casa Paloma Fund 14, LLC, SCI Casa Paloma Fund 15, LLC, SCI Casa Paloma Fund 16, LLC, SCI Casa Paloma Fund 17, LLC, SCI Casa Paloma Fund 18, LLC, SCI Casa Paloma Fund 19, LLC, SCI Casa Paloma Fund 20, LLC, SCI Casa Paloma Fund 21, LLC, SCI Casa Paloma Fund 22, LLC, SCI Casa Paloma Fund 23, LLC, SCI Casa Paloma Fund 24, LLC and SCI Casa Paloma Fund 25, LLC, each a special purpose entity. Legal counsel to each of the borrowers delivered a non-consolidation opinion in connection with the origination of the Casa Paloma Loan. The sponsors of the borrowers are Secured California Investments, Inc., Marc J. Paul and Robert A. Robotti, the principals of SCI Real Estate Investments Inc. SCI Real Estate Investments Inc. is an integrated real estate investment company headquartered in Southern California that acquires and manages investment properties primarily in the southwest portion of the United States. o THE PROPERTY. The Mortgaged Property is an approximately 130,096 square foot anchored retail building situated on approximately 16.8 acres. The Mortgaged Property was constructed in 1999. The Mortgaged Property is located in Chandler, Arizona, within the Phoenix-Mesa-Scottsdale, Arizona metropolitan statistical area. As of March 1, 2005, the occupancy rate for the Mortgaged Property securing the Casa Paloma Loan was approximately 91.0%. The largest tenant is AJ's Fine Foods, occupying approximately 26,500 square feet, or approximately 20.4% of the net rentable area. AJ's Fine Foods, owned by Bashas' Inc., is a gourmet-style grocery with 11 locations in the metro Phoenix area. The AJ's Fine Foods lease expires in April 2025. The second largest tenant is Creative Leather Furniture ("Creative Leather"), occupying approximately 13,249 square feet, or approximately 10.2% of the net rentable area. Creative Leather was founded in Tempe, Arizona. The Creative Leather lease expires in March 2010. The third largest tenant is Showcase Home Entertainment ("Showcase"), a subsidiary of Tweeter Home Entertainment Group, Inc., occupying approximately 12,000 square feet, or approximately 9.2% of the net rentable area. Showcase sells mid to high-end audio and video equipment in more than 170 stores. The Showcase lease expires in February 2010. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lock box account. o HYPER-AMORTIZATION. Commencing on the anticipated repayment date of March 11, 2015, if the Casa Paloma Loan is not paid in full, the Casa Paloma Loan enters into a hyper-amortization period through March 11, 2020. The interest rate applicable to the Casa Paloma Loan during such hyper-amortization period will increase to 3.0% over the mortgage rate or 3.0% over the treasury rate, as specified in the loan documents. o SECURED SUBORDINATE DEBT/MEZZANINE DEBT. There is an existing mezzanine loan in the amount of $6,400,000. The mezzanine loan is not an asset of the Trust Fund and is secured by the Mortgaged Property and a pledge of the equity interests of the borrower. o FREE RELEASE. The borrower may obtain the release of an unimproved parcel without payment of any release price upon the satisfaction of certain conditions, including, without limitation: (i) the borrower provides evidence that the proposed use of the release parcel will not violate any of the restrictions included in any lease at the remaining Mortgaged Property, (ii) the borrower provides evidence that the remaining Mortgaged Property will be in compliance with all applicable laws, (iii) the borrower provides an opinion of counsel that the proposed release will not adversely effect the REMIC status of the Trust Fund and (iv) no event of default has occurred and is continuing. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 77 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- CASA PALOMA SHOPPING CENTER - -------------------------------------------------------------------------------- o MANAGEMENT. CB Richard Ellis Inc. is the property manager for the Mortgaged Property securing the Casa Paloma Loan. CB Richard Ellis Inc. is a national, full-service retail and commercial real estate firm with over $14 billion in assets under management. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 78 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 79 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- COPACO CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $29,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Joshua Kagan TYPE OF SECURITY Fee MORTGAGE RATE 5.400% MATURITY DATE March 11, 2015 AMORTIZATION TYPE ARD INTEREST ONLY PERIOD 48 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX Yes ENGINEERING $156,250 REPLACEMENT $24,985 ONGOING MONTHLY RESERVES TAX Yes REPLACEMENT(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $29,000,000 CUT-OFF DATE BALANCE/SF $70 CUT-OFF DATE LTV 69.0% MATURITY DATE LTV 62.9% UW DSCR ON NCF 1.32x - -------------------------------------------------------------------------------- (1) In the event amounts on deposit in the up-front Replacement Reserve are less than $24,985, a monthly replacement reserve of $1,041 will be required, up to a maximum amount of $24,985. (2) Future mezzanine debt permitted. [PICTURE OF COPACO CENTER OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Bloomfield, Connecticut PROPERTY TYPE Retail -- Anchored SIZE (SF) 416,942 OCCUPANCY AS OF MARCH 7, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1965 / 2003 APPRAISED VALUE $42,000,000 PROPERTY MANAGEMENT Amcap, Incorporated UW ECONOMIC OCCUPANCY 97.2% UW REVENUES $3,628,461 UW TOTAL EXPENSES $896,701 UW NET OPERATING INCOME (NOI) $2,731,760 UW NET CASH FLOW (NCF) $2,570,336 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 80 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- COPACO CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - -------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- --------------- Lowe's Home Improvement (Ground Lease) ........................ A2/A+/A 160,000 38.4% $ 4.06 $ 649,600 20.6% May 2024 Burlington Coat Factory ......... NR/NR/NR 81,500 19.5 $ 5.41 440,915 14.0 September 2009 Super Stop & Shop ............... Ba2/BB/BB 65,000 15.6 $ 9.98 648,700 20.6 April 2020 Dollar Tree ..................... NR/NR/NR 11,900 2.9 $ 7.50 89,250 2.8 July 2009 Copaco Liquor ................... NR/NR/NR 10,913 2.6 $ 10.00 109,130 3.5 February 2009 Non-major tenants ............... 87,629 21.0 $ 13.86 1,214,751 38.5 Vacant .......................... 0 0.0 0 0.0 ------- ----- ---------- ----- TOTAL ........................... 416,942 100.0% $3,152,346 100.0% ======= ===== ========== ===== - -------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 81 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 2700 BROADWAY - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $27,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Jack Dushey TYPE OF SECURITY Fee MORTGAGE RATE 5.410% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Interest Only ARD INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX Yes SHADOW RATING (MOODY'S)* A2 ONGOING MONTHLY RESERVES TAX Yes REPLACEMENT $417 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $27,500,000 CUT-OFF DATE BALANCE/SF $1,100 CUT-OFF DATE LTV 89.9% MATURITY DATE LTV 89.9% UW DSCR ON NCF 1.09x - -------------------------------------------------------------------------------- * Moody's has confirmed that the 2700 Broadway loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. [PICTURE OF 2700 BROADWAY OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, New York PROPERTY TYPE Retail -- Anchored SIZE (SF) 25,000 OCCUPANCY AS OF MARCH 1, 2005 100.0% YEAR BUILT / YEAR RENOVATED 2005 / NA APPRAISED VALUE $30,600,000 PROPERTY MANAGEMENT Self-managed UW ECONOMIC OCCUPANCY 100.0% UW REVENUES $1,717,000 UW TOTAL EXPENSES $85,180 UW NET OPERATING INCOME (NOI) $1,631,820 UW NET CASH FLOW (NCF) $1,628,070 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 82 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 2700 BROADWAY - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - --------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ----------------------------- ------------------- ----------- ---------- ---------- ------------- ----------- ------------- Columbia University ......... NR/AAA/NR 25,000 100.0% $ 68.68 $ 1,717,000 100.0% October 2053 Vacant ...................... 0 0.0 0 0.0 ------ ----- ----------- ----- TOTAL ....................... 25,000 100.0% $ 1,717,000 100.0% ====== ===== =========== ===== - --------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 83 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- FULLERTON TOWERS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $26,800,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Robert M. Anderson and Arthur B. Birtcher TYPE OF SECURITY Fee MORTGAGE RATE 5.130% MATURITY DATE March 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 48 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 118 / 360 LOCKBOX None UP-FRONT RESERVES INSURANCE Yes ENGINEERING $120,808 REPLACEMENT $453,649 TI/LC $300,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes TI/LC(1) $8,333 ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $26,800,000 CUT-OFF DATE BALANCE/SF $119 CUT-OFF DATE LTV 75.8% MATURITY DATE LTV 68.7% UW DSCR ON NCF 1.21x - -------------------------------------------------------------------------------- (1) The borrower is required to deposit $8,333 per month until March 11, 2006, and $16,667 per month thereafter. (2) Future secured debt permitted. [PICTURE OF FULLERTON TOWERS OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Fullerton, California PROPERTY TYPE Office -- Suburban SIZE (SF) 226,019 OCCUPANCY AS OF JANUARY 25, 2005 97.4% YEAR BUILT / YEAR RENOVATED 1968 / NA APPRAISED VALUE $35,350,000 PROPERTY MANAGEMENT Birtcher Anderson Properties, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $4,318,206 UW TOTAL EXPENSES $1,874,018 UW NET OPERATING INCOME (NOI) $2,444,188 UW NET CASH FLOW (NCF) $2,127,162 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 84 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- FULLERTON TOWERS - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - --------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------- ------------------ ----------- ---------- ---------- ------------- ---------- ------------------- Moreno Insurance .............. NR/NR/NR 35,211 15.6% $ 18.58 $ 654,146 15.6% May 2007 Executive Suite (MASTER LEASE). NR/NR/NR 22,172 9.8 $ 23.29 516,386 12.3 February 2010 Arcadis ....................... NR/NR/NR 12,552 5.6 $ 18.98 238,283 5.7 Multiple Spaces(2) Public Defender ............... NR/NR/NR 11,086 4.9 $ 20.42 226,376 5.4 January 2008 US Credit Bureau .............. NR/NR/NR 10,905 4.8 $ 20.22 220,509 5.2 June 2010 Non-major tenants ............. 128,117 56.7 $ 18.31 2,346,030 55.8 Vacant ........................ 5,976 2.6 0 0.0 ------- ----- ---------- ----- TOTAL ......................... 226,019 100.0% $4,201,730 100.0% ======= ===== ========== ===== - --------------------------------------------------------------------------------------------------------------------------------- (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 11,117 square feet expire in September 2005 and 1,435 square feet expire in May 2006. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 85 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- COURTHOUSE PLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $26,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.9% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Victor K. Tolkan, Julia S. Tolkan and U2 50-50 G, LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.500% MATURITY DATE April 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes TI/LC(1) $1,095,000 ARLINGTON COUNTY POLICE(2) $500,000 DEBT SERVICE $285,230 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $1,343 ADDITIONAL FINANCING(3) Mezzanine Debt $2,000,000 CUT-OFF DATE BALANCE $26,000,000 CUT-OFF DATE BALANCE/SF $228 CUT-OFF DATE LTV 80.0% MATURITY DATE LTV 71.6% UW DSCR ON NCF 1.26x - -------------------------------------------------------------------------------- (1) The up-front Tenant Improvement and Leasing Commission Reserve was required in lieu of ongoing Reserves. (2) The Arlington County Police reserve will be released when the Arlington County Police Department commences payment of full, unabated rent and the mortgagee receives an acceptable estoppel. (3) Future mezzanine debt permitted. [PICTURE OF COURTHOUSE PLACE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Arlington, Virginia PROPERTY TYPE Office -- Suburban SIZE (SF) 113,908 OCCUPANCY* AS OF MARCH 31, 2005 96.6% YEAR BUILT / YEAR RENOVATED 1986 / NA APPRAISED VALUE $32,500,000 PROPERTY MANAGEMENT Penzance Management, LLC UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $3,392,164 UW TOTAL EXPENSES $1,057,813 UW NET OPERATING INCOME (NOI) $2,334,351 UW NET CASH FLOW (NCF) $2,227,223 - -------------------------------------------------------------------------------- * Includes space that is subject to a letter of intent but the related tenant has not taken occupancy. NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 86 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- COURTHOUSE PLACE - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ---------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------ ------------------- ----------- ---------- ---------- ------------- ---------- -------------- Govolution, Inc. ................... NR / NR / NR 15,246 13.4% $ 26.25 $ 400,208 12.7% January 2012 Bean Kinney & Korman, PC ........... NR / NR / NR 14,536 12.8 $ 29.50 428,812 13.6 November 2006 Laughlin, Marinaccio & Owens ....... NR / NR / NR 11,288 9.9 $ 28.77 324,756 10.3 November 2013 SPSS, Inc. ......................... NR / NR / NR 9,732 8.5 $ 28.77 279,990 8.9 August 2008 National Association of Health ..... NR / NR / NR 9,339 8.2 $ 28.70 268,029 8.5 October 2009 Non-major tenants .................. 49,843 43.8 $ 29.08 1,449,240 46.0 Vacant ............................. 3,924 3.4 0 0.0 ------ ----- ----------- ----- TOTAL .............................. 113,908 100.0% $ 3,151,035 100.0% ======= ===== =========== ===== - ---------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 87 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KENSINGTON PLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $24,975,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Renaissance Senior Living II, LLC TYPE OF SECURITY Fee MORTGAGE RATE 5.660% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Balloon ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX None UP-FRONT RESERVES ENGINEERING $115,788 ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $24,975,000 CUT-OFF DATE BALANCE/UNIT $140,309 CUT-OFF DATE LTV 75.3% MATURITY DATE LTV 63.2% UW DSCR ON NCF 1.57x - -------------------------------------------------------------------------------- * Future mezzanine debt permitted. [PICTURE OF KENSINGTON PLACE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Walnut Creek, California PROPERTY TYPE Multifamily -- Independent Living SIZE (UNITS) 178 OCCUPANCY AS OF JANUARY 24, 2005 94.9% YEAR BUILT / YEAR RENOVATED 1988 / NA APPRAISED VALUE $33,150,000 PROPERTY MANAGEMENT Renaissance Senior Living Management II, Inc. UW ECONOMIC OCCUPANCY 94.9% UW REVENUES $6,649,821 UW TOTAL EXPENSES $3,850,631 UW NET OPERATING INCOME (NOI) $2,799,190 UW NET CASH FLOW (NCF) $2,721,404 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 88 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- KENSINGTON PLACE - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------- UNIT MIX - --------------------------------------------------------------------------------------------------------------- NO. OF APPROXIMATE APPROXIMATE % OF UNIT MIX UNITS UNIT SIZE (SF) NRA (SF) NRA RENTAL RATE - ----------------------------- -------- ---------------- ------------- ---------- -------------------- 1 BR/1 BA (Windsor) ......... 116 480 55,680 61.1% $3,300 1 BR/1 BA (Tudor) ........... 58 560 32,480 35.6 $3,700 2 BR/1 BA ................... 2 803 1,606 1.8 $4,780 2 BR/2 BA ................... 2 712 1,424 1.6 $4,640 --- ------ ----- TOTAL ....................... 178 512 91,190 100.0% $3,462 / $6.76 / SF === ====== ===== - --------------------------------------------------------------------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 89 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- SPRINGTOWN SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $19,760,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Lewis J. Brandolini III TYPE OF SECURITY Fee MORTGAGE RATE 5.590% MATURITY DATE April 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 24 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Springing UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $1,526 TI/LC Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $19,760,000 CUT-OFF DATE BALANCE/SF $72 CUT-OFF DATE LTV 79.7% MATURITY DATE LTV 70.0% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- [PICTURE OF SPRINGTOWN SHOPPING CENTER OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Reading, Pennsylvania PROPERTY TYPE Retail -- Anchored SIZE (SF) 275,460 OCCUPANCY AS OF MARCH 1, 2005 99.6% YEAR BUILT / YEAR RENOVATED 1990 / NA APPRAISED VALUE $24,800,000 PROPERTY MANAGEMENT Brandolini Property Management, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,374,634 UW TOTAL EXPENSES $632,487 UW NET OPERATING INCOME (NOI) $1,742,147 UW NET CASH FLOW (NCF) $1,627,194 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 90 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- SPRINGTOWN SHOPPING CENTER - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF DATE OF RATINGS* RENTABLE RENTABLE ACTUAL ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - --------------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- -------------- Lowe's Home Improvement ......... A2 / A+ / A 161,000 58.4% $ 3.57 $ 575,000 30.2% February 2024 Giant Food Store ................ NR / NR / NR 53,800 19.5 $ 10.00 538,000 28.3 February 2041 CVS ............................. A3 / A- / A- 11,840 4.3 $ 8.50 100,640 5.3 February 2006 Advance Auto Parts .............. NR / NR / NR 8,400 3.0 $ 9.20 77,280 4.1 April 2007 Lemoyne Sleeper. ................ NR / NR / NR 5,000 1.8 $ 15.50 77,500 4.1 January 2009 Non-major tenants ............... 34,220 12.4 $ 15.66 535,963 28.1 Vacant .......................... 1,200 0.4 0 0.0 ------- ----- ----------- ----- TOTAL . ......................... 275,460 100.0% $ 1,904,383 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 91 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- RESORT AT UNIVERSITY PARK APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $19,300,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.4% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Anthony O. Zanze and Mark R. Hamilton TYPE OF SECURITY Fee MORTGAGE RATE 5.490% MATURITY DATE April 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Springing UP-FRONT RESERVES INSURANCE Yes HOLDBACK RESERVE $300,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $4,688 ADDITIONAL FINANCING* None CUT-OFF DATE BALANCE $19,300,000 CUT-OFF DATE BALANCE/UNIT $77,200 CUT-OFF DATE LTV 69.3% MATURITY DATE LTV 64.4% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- * Future mezzanine debt permitted. [PICTURE OF RESORT AT UNIVERSITY PARK APARTMENTS OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Colorado Springs, Colorado PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 250 OCCUPANCY AS OF MARCH 15, 2005 82.4% YEAR BUILT / YEAR RENOVATED 2003 / NA APPRAISED VALUE $27,850,000 PROPERTY MANAGEMENT Omni Apartment Communities, Inc. UW ECONOMIC OCCUPANCY 69.7% UW REVENUES $2,499,968 UW TOTAL EXPENSES $868,107 UW NET OPERATING INCOME (NOI) $1,631,861 UW NET CASH FLOW (NCF) $1,575,611 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 92 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- RESORT AT UNIVERSITY PARK APARTMENTS - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------ UNIT MIX - ------------------------------------------------------------------------------------------------------ NO. OF APPROXIMATE APPROXIMATE UNIT MIX UNITS UNIT SIZE (SF) NRA (SF) % OF NRA RENTAL RATE - --------------------- -------- ---------------- ------------ ---------- -------------------- 1 BR/1 BA ......... 100 798 79,800 32.9% $963 2 BR/2 BA ......... 150 1,084 162,600 67.1 $1,235 --- ------- ----- TOTAL ............. 250 970 242,400 100.0% $1,126 / $1.16 / SF === ======= ===== - ------------------------------------------------------------------------------------------------------ This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 93 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PROSPECT PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $18,800,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR DLC Management Corporation and Delphi Commercial Properties, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.220% MATURITY DATE April 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Springing UP-FRONT RESERVES TAX Yes ENGINEERING $10,625 ONGOING MONTHLY RESERVES TAX Yes REPLACEMENT $1,645 TI/LC Springing ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $18,800,000 CUT-OFF DATE BALANCE/SF $133 CUT-OFF DATE LTV 78.7% MATURITY DATE LTV 70.0% UW DSCR ON NCF 1.25x - -------------------------------------------------------------------------------- [PICTURE OF PROSPECT PLAZA OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION West Hartford, Connecticut PROPERTY TYPE Retail -- Anchored SIZE (SF) 141,049 OCCUPANCY AS OF MARCH 31, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1966 / 1994 APPRAISED VALUE $23,900,000 PROPERTY MANAGEMENT DLC Management Corporation UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,504,941 UW TOTAL EXPENSES $814,186 UW NET OPERATING INCOME (NOI) $1,690,755 UW NET CASH FLOW (NCF) $1,555,460 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 94 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- PROSPECT PLAZA - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ----------------------------------------------------------------------------------------------------------------------------- NET % OF NET ACTUAL % OF DATE OF RATINGS* RENTABLE RENTABLE RENT ACTUAL LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA PSF ACTUAL RENT RENT EXPIRATION - ------------------------------- ------------------- ----------- ---------- ---------- ------------- ---------- -------------- Shaw's Supermarket ............ Baa2 / BBB / BBB 70,000 49.6% $ 4.85 $ 339,500 17.7% July 2008 Joey'z Shopping Spree ......... NR / NR / NR 12,000 8.5 $ 16.75 201,000 10.5 November 2015 Hometown Buffet ............... NR / B / NR 9,745 6.9 $ 14.00 136,430 7.1 December 2010 Dots .......................... NR / NR / NR 6,625 4.7 $ 20.50 135,813 7.1 January 2015 Pretty Woman .................. NR / NR / NR 6,400 4.5 $ 25.38 162,432 8.5 April 2011 Non-major tenants ............. 36,279 25.7 $ 25.94 941,102 49.1 Vacant ........................ 0 0.0 0 0.0 ------ ----- ---------- ----- TOTAL ......................... 141,049 100.0% $1,916,276 100.0% ======= ===== ========== ===== - ----------------------------------------------------------------------------------------------------------------------------- * Certain ratings are those of the parent whether or not the parent guarantees the lease. This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 95 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- LA SERENA APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $18,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR James A. Rosten, Rochelle M. Rosten, William McMorrow, Rosten Family Trust dated 7/10/01, James A. Rosten Living Trust dated 11/25/88 and Robert E. Hart TYPE OF SECURITY Fee MORTGAGE RATE 5.000% MATURITY DATE March 11, 2010 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 12 ORIGINAL TERM / AMORTIZATION 60 / 360 REMAINING TERM / AMORTIZATION 58 / 360 LOCKBOX None UP-FRONT RESERVES INSURANCE Yes ENGINEERING $78,250 FIRE DAMAGED UNITS(1) $325,407 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $3,917 ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $18,000,000 CUT-OFF DATE BALANCE/UNIT $95,745 CUT-OFF DATE LTV 72.0% MATURITY DATE LTV 67.6% UW DSCR ON NCF 1.32x - -------------------------------------------------------------------------------- (1) The up-front Fire Damaged Units Reserve relates to costs associated with the repair of fire damaged units. Insurance proceeds were used to fund the repairs. This up-front reserve was required to mitigate any potential cost overruns. The related repairs are substantially complete. (2) Future mezzanine debt permitted. [PICTURE OF LA SERENA APARTMENTS OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Santa Ana, California PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 188 OCCUPANCY* AS OF FEBRUARY 22, 2005 96.3% YEAR BUILT / YEAR RENOVATED 1971 / 2005 APPRAISED VALUE $25,000,000 PROPERTY MANAGEMENT Kennedy-Wilson Properties, Ltd. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,529,600 UW TOTAL EXPENSES $946,854 UW NET OPERATING INCOME (NOI) $1,582,746* UW NET CASH FLOW (NCF) $1,535,746* - -------------------------------------------------------------------------------- * Assumes apartments damaged by fire have been rebuilt and relet at market rates. NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 96 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- LA SERENA APARTMENTS - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------- UNIT MIX - ----------------------------------------------------------------------------------------------------- NO. OF APPROXIMATE APPROXIMATE % OF UNIT MIX UNITS UNIT SIZE (SF) NRA (SF) NRA RENTAL RATE - ------------------- -------- ---------------- ------------- ---------- -------------------- 1 BR/1 BA ......... 156 730 113,880 77.6% $999 2 BR/2 BA ......... 32 1,030 32,960 22.4 $1,400 --- ------- ----- TOTAL ............. 188 781 146,840 100.0% $1,067 / $1.37 / SF === ======= ===== - ----------------------------------------------------------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 97 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- SANDPIPER VILLAGE APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $18,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR William F. Raymond TYPE OF SECURITY Fee MORTGAGE RATE 5.090% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING* $1,005,734 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $4,375 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $18,000,000 CUT-OFF DATE BALANCE/UNIT $85,714 CUT-OFF DATE LTV 79.6% MATURITY DATE LTV 70.6% UW DSCR ON NCF 1.21x - -------------------------------------------------------------------------------- * The up-front Engineering Reserve relates to all of the costs of certain deferred maintenance matters and termite damage repairs. [PICTURE OF SANDPIPER VILLAGE APARTMENTS OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Vacaville, California PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 210 OCCUPANCY AS OF MARCH 18, 2005 90.0% YEAR BUILT / YEAR RENOVATED 1986 / NA APPRAISED VALUE $22,600,000 PROPERTY MANAGEMENT Sequoia Equities, Inc. UW ECONOMIC OCCUPANCY 92.9% UW REVENUES $2,435,656 UW TOTAL EXPENSES $961,807 UW NET OPERATING INCOME (NOI) $1,473,849 UW NET CASH FLOW (NCF) $1,421,349 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 98 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- SANDPIPER VILLAGE APARTMENTS - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- UNIT MIX - --------------------------------------------------------------------------------------------------------- NO. OF APPROXIMATE APPROXIMATE UNIT MIX UNITS UNIT SIZE (SF) NRA (SF) % OF NRA RENTAL RATE - ----------------------- -------- ---------------- ------------ ---------- -------------------- 1 BR/1 BA.. ......... 94 708 66,552 37.5% $925 2 BR/1 BA.. ......... 32 875 28,000 15.8 $1,075 2 BR/2 BA. .......... 84 986 82,824 46.7 $1,205 -- ------ ----- TOTAL ............... 210 845 177,376 100.0% $1,060 / $1.25 / SF === ======= ===== - --------------------------------------------------------------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 99 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- 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 preliminary prospectus supplement. See Annex A-2 to the preliminary prospectus supplement for certain information regarding multifamily Mortgaged Properties. See Annex A-3 to the preliminary prospectus supplement for certain information with respect to capital improvement, replacement and tenant improvement reserve accounts. See Annex A-4 to the preliminary prospectus supplement for certain information relating to the commercial tenants of the Mortgaged Properties. See Annex A-5 to the preliminary prospectus supplement for certain information relating to cross-collateralized and cross-defaulted Mortgage Loans. - ------------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT SPONSOR CONCENTRATION - ------------------------------------------------------------------------------------------------------------------------------- % OF WEIGHTED CUT-OFF WEIGHTED AVERAGE WEIGHTED # OF AGGREGATE DATE AVERAGE UW AVERAGE LOANS/ LOAN CUT-OFF DATE POOL CUT-OFF DSCR MORTGAGE SPONSOR PROPERTIES NUMBERS BALANCE BALANCE DATE LTV ON NCF RATE - ---------------------------------------------- ------------ --------- -------------- --------- ---------- --------- ----------- Jacob Chetrit, Meyer Chetrit, Cindy Dolgin 2/18 2 and 3 $260,000,000 18.5% 71.9% 1.31x 5.185% Prudential Property Investment Separate Account ("PRISA") ........................ 1/1 1 $216,000,000 15.4% 61.7% 1.77x 5.205% Maguire Properties, L.P. .................. 1/1 4 $100,000,000 7.1% 79.6% 1.20x 5.390% - ------------------------------------------------------------------------------------------------------------------------------- o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. One (1) group of Mortgage Loans, representing approximately 2.3% of the Cut-Off Date Pool Balance, is cross-collateralized and cross-defaulted with one or more Mortgage Loans in the Mortgage Pool as indicated in Annex A-5 to the preliminary prospectus supplement. As of the Closing Date, no Mortgage Loan (other than the Co-Lender Loans described below) 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 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 SUBORDINATE FINANCING. With limited exceptions, all of the Mortgage Loans prohibit the related borrower from encumbering the Mortgaged Property with additional secured debt without the mortgagee's prior consent. In addition to the loans described below under "Co-Lender Loans" with respect to 1 Mortgage Loan, representing approximately 0.2% of the Cut-Off Date Pool Balance, the related borrower, under certain circumstances, may incur additional unsecured indebtedness other than in the ordinary course of business and without the consent of the mortgagee. With respect to 1 Mortgage Loan, representing approximately 0.9% of the Cut-Off Date Pool Balance, the related Mortgage Loan documents provide that under certain circumstances (a) the related borrower may encumber the related Mortgaged Property with subordinate debt in the future, (b) the entities with a controlling ownership interest in the related borrower may pledge their interest in the borrower as security for mezzanine debt in the future and/or (c) the related borrower may incur additional unsecured indebtedness other than in the ordinary course of business, subject to the terms of a subordination and standstill agreement to be entered into in favor of the mortgagee. With respect to 1 Mortgage Loan, representing approximately 2.1% of the Cut-Off Date Pool Balance, there is existing subordinated debt secured by the Mortgaged Property as well as secured by partnership interests in the borrowing entity. In the case of 1 Mortgage Loan, representing approximately 1.9% of the Cut-Off Date Pool Balance, the related Mortgage Loan documents provide that the borrower may incur additional secured debt. With respect to 15 Mortgage Loans, representing approximately 25.4% of the Cut-Off Date Pool Balance, the related Mortgage Loan documents provide that, under certain circumstances, ownership interests in the related borrowers may be pledged as security for mezzanine debt in the future, subject to the terms of a subordination and standstill agreement to be entered into in favor of the mortgagee. With respect to 3 Mortgage Loans, representing approximately 20.4% of the Cut-Off Date Pool Balance, the ownership interests of the direct or indirect owners of the related borrower have been pledged as security for mezzanine debt. See "RISK FACTORS--Additional Debt on Some Mortgage Loans Creates Additional Risks" in the preliminary prospectus supplement. o CO-LENDER LOANS. Five (5) Companion Loans, which will not be part of the trust fund, are each secured by the same Mortgage as a Mortgage Loan that will be part of the trust fund. The 5 Mortgage Loans (the "Co-Lender Loans") (identified as loan numbers 1, 2, 21, 40 and 41 on Annex A-1 to the prospectus supplement) related to such Companion Loans are expected to have an aggregate Cut-Off Date Balance of $379,802,087, representing approximately 27.0% of the Cut-Off Date This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 100 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- Pool Balance. Each Co-Lender Loan is cross-defaulted with its related Companion Loan(s). No Companion Loan will be part of the trust fund. Each of these Co-Lender Loans and its related Companion Loans are subject to intercreditor agreements. o ENVIRONMENTAL CONSIDERATIONS. With respect to 1 Mortgage Loan, representing approximately 1.9% of the Cut-Off Date Pool Balance, the related borrower has obtained a pollution legal liability environmental insurance policy with respect to the related Mortgaged Property. This policy was issued by the Chubb Group, which as of April 20, 2005, had a financial strength rating of "A2" from Moody's. Further, with respect to 1 Mortgage Loan, representing approximately 2.1% of the Cut-Off Date Pool Balance, the related borrower was required to obtain an environmental collateral protection and liability policy with respect to the related Mortgaged Property. This policy was issued by a subsidiary of the Zurich-American Insurance Group, which, as of April 20, 2005, had a financial strength rating of "A+" from S&P. See "RISK FACTORS--Environmental Laws May Adversely Affect the Value of and Cash Flow from a Mortgaged Property" in the preliminary prospectus supplement for more information. NOTES This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 101 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C18 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Countrywide Securities Corporation, Credit Suisse First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich Capital Markets, Inc. (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. This material is based on information that the Underwriters consider reliable. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriters and their affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing in this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you. This material is furnished solely by the Underwriters and the issuer. The Underwriters are acting as underwriters and not acting as agents for the issuer in connection with the proposed transaction. 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 COUNTRYWIDE SECURITIES CORPORATION CREDIT SUISSE FIRST BOSTON MERRILL LYNCH & CO. RBS GREENWICH CAPITAL 102