Wells Fargo Commercial Mortgage Securities
Filed: 13 Jun 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in this Term Sheet, whether regarding the assets backing any securities discussed here or otherwise, will be superseded by the information contained in the final prospectus for any securities actually sold to you.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 $1,358,675,000 (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-4, A-5, A-PB, A-6, A-MFL, A-MFX, A-J, B, C AND D - -------------------------------------------------------------------------------- SERIES 2005-C19 - -------------------------------------------------------------------------------- JUNE 2005 Mortgage Loan Seller WACHOVIA BANK, NATIONAL ASSOCIATION Master Servicer WACHOVIA BANK, NATIONAL ASSOCIATION Special Servicer CLARION PARTNERS, LLC [WACHOVIA SECURITIES LOGO] CITIGROUP CREDIT SUISSE FIRST BOSTON This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 ....................................................... 10 Structure Schematic ...................................................... 11 Mortgage Pool Characteristics as of the Cut-Off Date General Characteristics .................................................. 12 Property Type ............................................................ 13 Property Location ........................................................ 14 Cut-Off Date Balance ..................................................... 15 Mortgage Rates ........................................................... 15 Underwriting Debt Service Coverage Ratio ................................. 15 Cut-Off Date Loan-to-Value Ratio ......................................... 15 Maturity Date Loan-to-Value Ratio ........................................ 15 Original Term to Maturity or ARD ......................................... 16 Remaining Term to Maturity or ARD ........................................ 16 Original Amortization Term ............................................... 16 Remaining Stated Amortization Terms ...................................... 16 Seasoning ................................................................ 16 Prepayment Provisions Summary ............................................ 16 Prepayment Provision Based on Outstanding Principal Balance .............. 17 Group 1 Prepayment Provision Based on Outstanding Principal Balance ...... 18 Group 2 Prepayment Provision Based on Outstanding Principal Balance ...... 19 Twenty Largest Mortgage Loans ............................................. 20 AmericasMart ............................................................. 21 Regency Centers Pool ..................................................... 26 U.S. Bancorp ............................................................. 32 50 West 23rd Street ...................................................... 37 600 Community Drive ...................................................... 42 The Galleria ............................................................. 47 Weslayan Plaza ........................................................... 52 Centennial Tower ......................................................... 57 240 West 40th Street ..................................................... 62 The Suffolk Building ..................................................... 67 Corbin Corners ........................................................... 72 Glen Park Apartments ..................................................... 74 Five Points Shopping Center .............................................. 76 Point Loma Plaza ......................................................... 78 Plaza Volente ............................................................ 80 O'Fallon Walk ............................................................ 82 Cloppers Mill Village Center ............................................. 84 Courtyard Marriott -- Miami Beach, FL .................................... 86 Rancho San Diego Village ................................................. 88 Fox Mill Shopping Center ................................................. 90 Additional Mortgage Loan Information ...................................... 92 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 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 JUNE 8, 2005. ISSUE TYPE Sequential pay REMIC. Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-PB, Class A-6, Class A-MFL, Class A-MFX, 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 June 4, 2005, with respect to 1 Mortgage Loan and June 11, 2005, with respect to 91 of the mortgage loans. All percentages presented herein are approximate. MORTGAGE POOL The Mortgage Pool consists of 92 Mortgage Loans (the "Mortgage Loans") with an aggregate principal balance as of the Cut-Off Date of $1,614,545,341 (the "Cut-Off Date Pool Balance"), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 99 properties (the "Mortgaged Properties") located throughout 26 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) 6 Mortgage Loans that are secured by Mortgaged Properties that are multifamily properties. Loan Group 1 is expected to consist of 81 Mortgage Loans, with an aggregate principal balance as of the Cut-Off Date of $1,487,839,573 (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 $126,705,768 (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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC. TRUSTEE Wells Fargo Bank, N.A. MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER Clarion Partners, LLC SWAP COUNTERPARTY Wachovia Bank, National Association RATING AGENCIES Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P") and Fitch, Inc. ("Fitch"). DENOMINATIONS $10,000 minimum for Offered Certificates. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 3 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- CLOSING DATE On or about , 2005. SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates. DISTRIBUTION DATE The fourth business day following the related Determination Date, commencing in July 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 July 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. The fixed interest payments on the Class A-MFL Regular Interest will be converted under a swap contract to a floating rate interest payment to the Class A-MFL Certificates, as described in the preliminary prospectus supplement. Interest will be distributed on each Distribution Date in sequential order of Class designations with the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-4, Class A-5, Class A-PB, Class A-6, Class X-C and X-P Certificates ranking pari passu in entitlement to interest. The Offered Certificates (other than the Class A-MFL Certificates) and the Class A-MFL Regular Interest will accrue interest on the basis of a 360-day year consisting of twelve 30-day months. The Class A-MFL Certificates will accrue interest on the basis of a 360-day year and the actual number of days in the related interest accrual period, provided that if the pass-through rate converts to a fixed rate, the Class A-MFL Certificates will accrue interest on the same basis as the Class A-MFL Regular Interest. The interest accrual period with respect to any Distribution Date and any Class of Offered Certificates (other than the Class A-MFL Certificates) and the Class A-MFL Regular Interest is the calendar month preceding the month in which the Distribution Date occurs. The interest accrual period with respect to the Class A-MFL Certificates is the period from and including the Distribution Date in the month preceding the month in which the related Distribution Date occurs (or, in the case of the first Distribution Date, the Closing Date) to but including the related Distribution Date. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 4 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- PRINCIPAL Principal will be distributed on each Distribution Date DISTRIBUTIONS 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-4, Class A-5, Class A-PB and Class A-6 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-6 Certificates has been reduced to zero. If, due to losses, the Certificate Balances of the Class A-MFL Regular Interest and the Class A-MFX through Class P Certificates are reduced to zero, but any two or more of the the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-4, Class A-5, Class A-PB and Class A-6 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-4, Class A-5, Class A-PB and Class A-6 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. CLASS CT-1 AND CLASS The Class CT-1 and Class CT-2 Certificates will only be CT-2 entitled to receive distributions of principal and interest with respect to the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component, respectively (see "Twenty Largest Mortgage Loans--Centennial Tower" herein), and amounts received with respect to the Centennial Tower Senior Non-Pooled Component or the Centennial Tower Junior Non-Pooled Component will not be available for distributions on the other Classes of Certificates. 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, Class A-J Certificates, in that order, and then, pro rata, to the Class A-MFX Certificates and the Class A-MFL Regular Interest, and then, pro rata, to the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-4, Class A-5, Class A-PB and Class A-6 Certificates; provided, however, that (a) Realized Losses and Additional Trust Fund Expenses on the Centennial Tower Senior Non-Pooled Component will be allocated, first, to the Class CT-1 Certificates and then to the Other Classes of Certificates as indicated above, and (b) Realized Losses and Additional Trust Fund Expenses on the Centennial Tower Junior Non-Pooled Component will be allocated, first, to the Class CT-2 Certificates, second, to the Class CT-1 Certificates and then to the Other Classes of Certificates as indicated above. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 5 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- PREPAYMENT PREMIUMS Any Prepayment Premiums or Yield Maintenance Charges AND YIELD MAINTENANCE actually collected on a Mortgage Loan (other than the CHARGES Centennial Tower Senior Non-Pooled Component or the Centennial Tower Junior Non-Pooled Component) during the related collection period in which the prepayment occurred will be distributed to Certificateholders on the related Distribution Date following the collection period in which the prepayment occurred. On each Distribution Date, the holders of each Class of Offered Certificates (other than the Class A-MFL Certificates), the Class A-MFL Regular Interest and the 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; provided, however, that Prepayment Premiums and Yield Maintenance Charges received with respect to the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component will be distributed to the holder of the Class CT-1 Certificates and the Class CT-2 Certificates, respectively. So long as the Class A-MFL pass-through rate have not been converted to the fixed interest rate, any Prepayment Premiums or Yield Maintenance Charges payable to the Class A-MFL Regular Interest will be paid to the Swap Counterparty. If the Class A-MFL pass-through rate have been converted to the fixed interest rate, the holders of the Class A-MFL Certificates will be entitled to any Prepayment Premiums or Yield Maintenance Charges payable to the Class A-MFL Regular Interest. 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 June 2012, 45% to the holders of the Class X-P Certificates and 55% 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, will be obligated to make P&I Advances and Servicing Advances (but with respect to the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component, solely the interest portion of P&I Advances) including delinquent property taxes and insurance, on the Mortgage Loans, 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. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 6 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- APPRAISAL REDUCTIONS An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a Required Appraisal Loan (including the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component) (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, (including the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component) 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; provided, that with respect to any Appraisal Reduction Amount related to the Centennial Tower Whole Loan, such amounts will be allocated, first, to the Centennial Tower Junior Non-Pooled Component (and therefore to the Class CT-2 Certificates), second, to the Centennial Tower Senior Non-Pooled Component (and therefore to the Class CT-1 Certificates), and then to the Centennial Tower Pooled Component (and therefore to the Offered Certificates). 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. OPTIONAL TERMINATION The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the Trust Fund in whole, but not in part, and purchase the remaining assets of the Trust Fund on or after the Distribution Date on which the Stated Principal Balance of the Mortgage Loans (including the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component) 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 (including the Centennial Tower Senior Non-Pooled Component and the Centennial Tower Junior Non-Pooled Component) (or fair market value in the case of REO Properties), plus accrued and unpaid interest and certain other additional trust fund expenses. The Trust Fund may also be terminated under certain circumstances when the Offered Certificates have been paid in full and the remaining outstanding Certificates (other than the Class CT-1, Class CT-2, 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. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 7 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- CONTROLLING CLASS With respect to the Mortgage Loans (other than the REPRESENTATIVE Centennial Tower Whole Loan), the representative appointed by the holder of the majority of the Class Principal Balance of the Controlling Class. Initially with respect to the Centennial Tower Whole Loan, the holder of the Class CT-2 Certificates will exercise the rights of the Controlling Class Representative, and the Controlling Class Representative will not have such rights. 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-4, Class A-5, Class A-PB, Class A-6, Class A-MFL, Class A-MFX, 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 (except for the Class A-MFL Certificates) and the Class A-MFL Regular Interest will be treated as regular interests in a REMIC, and with respect to the Class A-MFL Certificates, as an undivided interest in a grantor trust which owns all the beneficial interest in the swap contract and the applicable REMIC regular interest. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 8 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 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) CITIGROUP GLOBAL MARKETS INC. CREDIT SUISSE FIRST BOSTON LLC Paul Vanderslice Barry Polen (212) 723-6156 (Phone) (212) 325-3295 (Phone) (212) 723-8599 (Fax) (212) 325-8104 (Fax) Angela Vleck Chris Anderson (212) 816-8087 (Phone) (212) 325-3295 (Phone) (212) 816-8307 (Fax) (212) 743-4790 (Fax) John Caputo Andrew Winer (212) 723-6156 (Phone) (212) 325-3295 (Phone) (212) 723-8599 (Fax) (212) 743-4521 (Fax) Stephen Krooth (212) 538-2507 (Phone) (212) 743-4623 (Fax) This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 9 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- TRANSACTION TERMS - -------------------------------------------------------------------------------- STRUCTURE OVERVIEW - -------------------------------------------------------------------------------- OFFERED CERTIFICATES <TABLE> EXPECTED RATINGS APPROX. ASSUMED -------------- % OF APPROX. WEIGHTED FINAL CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P FITCH BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ----------- ------ ------- --------------- -------------- ------------ -------------- --------------- ------------- ------------ A-1 AAA AAA $ 33,891,000 2.099% 30.000% 2.71 07/05 - 05/10 05/15/10 Fixed A-2 AAA AAA $223,713,000 13.856% 30.000% 4.96 05/10 - 06/10 06/15/10 Fixed A-3 AAA AAA $ 75,000,000 4.645% 30.000% 5.38 11/10 - 11/10 11/15/10 Fixed A-4 AAA AAA $178,971,000 11.085% 30.000% 5.96 06/11 - 06/11 06/15/11 Fixed A-5 AAA AAA $202,208,000 12.524% 30.000% 6.96 06/12 - 06/12 06/15/12 Fixed A-PB AAA AAA $ 52,602,000 3.258% 30.000% 7.55 06/10 - 01/15 01/15/15 Fixed A-6 AAA AAA $237,091,000 14.685% 30.000% 9.82 01/15 - 05/15 05/15/15 Fixed A-MFL(3) AAA AAA $ 80,727,000 5.000% 20.000% 9.88 05/15 - 05/15 05/15/15 Floating A-MFX AAA AAA $ 80,727,000 5.000% 20.000% 9.88 05/15 - 05/15 05/15/15 Fixed A-J AAA AAA $100,909,000 6.250% 13.750% 9.95 05/15 - 06/15 06/15/15 Fixed B AA AA $ 40,363,000 2.500% 11.250% 9.96 06/15 - 06/15 06/15/15 Fixed C AA- AA- $ 20,182,000 1.250% 10.000% 9.96 06/15 - 06/15 06/15/15 Fixed(4) D A A $ 32,291,000 2.000% 8.000% 9.96 06/15 - 06/15 06/15/15 Fixed(4) </TABLE> NON-OFFERED CERTIFICATES <TABLE> EXPECTED RATINGS APPROX. ASSUMED --------------- % OF APPROX. WEIGHTED FINAL CERTIFICATE CUT-OFF DATE CREDIT AVERAGE PRINCIPAL DISTRIBUTION CLASS S&P FITCH BALANCE(1) POOL BALANCE SUPPORT LIFE(YRS)(2) WINDOW(2) DATE(2) RATE TYPE - ---------- ------- ------- ----------------------- -------------- ------------ -------------- ----------- ------------- ---------- A-1A(5) AAA AAA $126,705,000 7.848% 30.000% (5) (5) (5) Fixed E (5) A- A- $16,145,000 1.000% 7.000% (5) (5) (5) Fixed(4) F (5) BBB+ BBB+ $20,182,000 1.250% 5.750% (5) (5) (5) WAC(6) G (5) BBB BBB $16,145,000 1.000% 4.750% (5) (5) (5) WAC(6) H (5) BBB- BBB- $20,182,000 1.250% 3.500% (5) (5) (5) WAC(7) J (5) BB+ BB+ $8,073,000 0.500% 3.000% (5) (5) (5) Fixed(4) K (5) BB BB $8,073,000 0.500% 2.500% (5) (5) (5) Fixed(4) L (5) BB- BB- $6,054,000 0.375% 2.125% (5) (5) (5) Fixed(4) M (5) B+ B+ $4,036,000 0.250% 1.875% (5) (5) (5) Fixed(4) N (5) B B $2,018,000 0.125% 1.750% (5) (5) (5) Fixed(4) O (5) B- B- $4,036,000 0.250% 1.500% (5) (5) (5) Fixed(4) P (5) NR NR $24,221,341 1.500% 0.000% (5) (5) (5) Fixed(4) X-P (5) AAA AAA $1,555,777,000(8) N/A N/A N/A N/A (5) Variable X-C (5) AAA AAA $1,614,545,341(8) N/A N/A N/A N/A (5) Variable CT1 BB- B- $9,000,000 N/A N/A N/A N/A (5) Variable CT2 NR NR $13,000,000 N/A N/A N/A N/A (5) Variable </TABLE> (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 certificate balance of the Class A-MFL Certificates will be equal to the certificate balance of the Class A-MFL Regular Interest. The pass-through rate applicable to the Class A-MFL Certificates on each distribution date will be a per annum rate equal to LIBOR plus %; provided that interest payments on the Class A-MFL Certificates will be reduced on each Distribution Date by an amount corresponding to the excess, if any, of interest payments calculated on the principal balance of the Class A-MFL Certificates at % per annum over interest payments calculated at a per annum rate equal to the applicable weighted average net mortgage rate for the Distribution Date. In addition, under certain circumstances described in the preliminary prospectus supplement, the pass-through rate applicable to the Class A-MFL Certificates may convert to a fixed rate equal to % per annum, subject to a maximum pass- through rate equal to the applicable weighted average net mortgage rate for the related date. The initial LIBOR rate will be determined two Business Days prior to the Closing Date, and subsequent LIBOR rates will be determined 2 LIBOR business days before the start of the related interest accrual period. See "DESCRIPTION OF THE SWAP CONTRACT--The Swap Contract" and "DESCRIPTION OF THE CERTIFICATES--Distributions" in this prospectus supplement. The ratings assigned to the Class A-MFL Certificates only reflect the receipt of a fixed rate of interest at a rate of % per annum, subject to a maximum pass-through rate equal to the applicable weighted average net mortgage rate for the related date. See "RATINGS" in this prospectus supplement. (4) The pass-through rates applicable to the Class C, Class D, Class E, 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. (5) Not offered hereby. Any information provided herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. (6) The pass-through rate applicable to the Class F and Class G Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the preliminary prospectus supplement) less % for such date. (7) The pass-through rate applicable to the 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. (8) 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 10 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- STRUCTURE SCHEMATIC - -------------------------------------------------------------------------------- Note: Classes are not drawn to scale. <TABLE> - -------------------------------------------------------------------------------------------------------------------- ADMINISTRATIVE FEE - -------------------------------------------------------------------------------------------------------------------- Initial WAC - -------------------------------------------------------------------------------------------------------------------- X-C Certificates - -------------------------------------------------------------------------------------------------------------------- X-P Certificates - -------------------------------------------------------------------------------------------------------------------- Class A1-A AAA/AAA - -------------------------------------------------------------------------------------------------------------------- Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class A-PB Class A-6 Class A-MFL Class A-MFX Class A-J AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA AAA/AAA - -------------------------------------------------------------------------------------------------------------------- Initial WAC - -------------------------------------------------------------------------------------------------------------------- X-C Certificates - -------------------------------------------------------------------------------------------------------------------- X-P Certificates - -------------------------------------------------------------------------------------------------------------------- Class B Class C Class D Class E Class F Class G Class H AA/AA AA-/AA- A/A A-/A- BBB+/BBB+ BBB/BBB BBB-/BBB- Initial WAC - -------------------------------------------------------------------------------- X-C Certificates - -------------------------------------------------------------------------------- Class J Class K Class L Class M Class N Class O Class P BB+/BB+ BB/BB BB-/BB- B+/B+ B/B B-/B- NR </TABLE> NOTES This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 11 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- <TABLE> ALL MORTGAGE GENERAL CHARACTERISTICS LOANS - -------------------------------------------------------------------------------------------------------------- Number of Mortgage Loans ................................................................ 92 Number of Crossed Loan Pools(1) ......................................................... 4 Number of Mortgaged Properties .......................................................... 99 Aggregate Balance of all Mortgage Loans ................................................. $1,614,545,341 Number of Mortgage Loans with Balloon Payments (2) ...................................... 48 Aggregate Balance of Mortgage Loans with Balloon Payments(2) ............................ $741,073,341 Number of Mortgage Loans with Anticipated Repayment Date(3) ............................. 0 Aggregate Balance of Mortgage Loans with Anticipated Repayment Date(3) .................. $0 Number of Fully Amortizing Mortgage Loans ............................................... 0 Aggregate Balance of Fully Amortizing Mortgage Loans .................................... $0 Number of Non-amortizing Mortgage Loans(4) .............................................. 44 Aggregate Balance of Non-amortizing Mortgage Loans(4) ................................... $873,472,000 Average Balance of Mortgage Loans ....................................................... $17,549,406 Minimum Balance of Mortgage Loans ....................................................... $1,350,000 Maximum Balance of Mortgage Loans ....................................................... $204,817,319 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans .. $53,000,000 Weighted Average LTV ratio .............................................................. 68.8% Minimum LTV ratio ....................................................................... 30.7% Maximum LTV ratio ....................................................................... 80.3% Weighted Average DSCR ................................................................... 1.66x Minimum DSCR ............................................................................ 1.20x Maximum DSCR ............................................................................ 3.00x Weighted Average LTV at Maturity or Anticipated Repayment Date .......................... 64.8% Weighted Average Mortgage Loan interest rate ............................................ 5.411% Minimum Mortgage Loan interest rate ..................................................... 4.750% Maximum Mortgage Loan interest rate ..................................................... 6.730% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ...... 97 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 59 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 180 Weighted Average Occupancy Rate(5) ...................................................... 96.4% GENERAL CHARACTERISTICS LOAN GROUP 1 LOAN GROUP 2 - --------------------------------------------------------------------------------------------------------------------------------- Number of Mortgage Loans ................................................................ 81 11 Number of Crossed Loan Pools(1) ......................................................... 4 1 Number of Mortgaged Properties .......................................................... 86 13 Aggregate Balance of all Mortgage Loans ................................................. $1,487,839,573 $126,705,768 Number of Mortgage Loans with Balloon Payments (2) ...................................... 39 9 Aggregate Balance of Mortgage Loans with Balloon Payments(2) ............................ $654,817,573 $86,255,768 Number of Mortgage Loans with Anticipated Repayment Date(3) ............................. 0 0 Aggregate Balance of Mortgage Loans with Anticipated Repayment Date(3) .................. $0 $0 Number of Fully Amortizing Mortgage Loans ............................................... 0 0 Aggregate Balance of Fully Amortizing Mortgage Loans .................................... $0 $0 Number of Non-amortizing Mortgage Loans(4) .............................................. 42 2 Aggregate Balance of Non-amortizing Mortgage Loans(4) ................................... $833,022,000 $40,450,000 Average Balance of Mortgage Loans ....................................................... $18,368,390 $11,518,706 Minimum Balance of Mortgage Loans ....................................................... $1,350,000 $4,995,066 Maximum Balance of Mortgage Loans ....................................................... $204,817,319 $33,000,000 Maximum Balance for a group of cross-collateralized and cross-defaulted Mortgage Loans .. $53,000,000 $7,450,000 Weighted Average LTV ratio .............................................................. 68.6% 71.7% Minimum LTV ratio ....................................................................... 30.7% 51.4% Maximum LTV ratio ....................................................................... 80.3% 79.3% Weighted Average DSCR ................................................................... 1.69x 1.30x Minimum DSCR ............................................................................ 1.20x 1.20x Maximum DSCR ............................................................................ 3.00x 1.48x Weighted Average LTV at Maturity or Anticipated Repayment Date .......................... 64.8% 64.9% Weighted Average Mortgage Loan interest rate ............................................ 5.406% 5.467% Minimum Mortgage Loan interest rate ..................................................... 4.750% 5.140% Maximum Mortgage Loan interest rate ..................................................... 6.730% 5.670% Weighted Average Remaining Term to Maturity or Anticipated Repayment Date (months) ...... 97 100 Minimum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 59 59 Maximum Remaining Term to Maturity or Anticipated Repayment Date (months) ............... 180 120 Weighted Average Occupancy Rate(5) ...................................................... 96.7% 93.9% </TABLE> (1) One (1) group of crossed loan pools consists of Mortgage Loans in both Loan Groups. (2) Does not include Mortgage Loans with anticipated repayment dates or Mortgage Loans that are interest-only for their entire term. (3) Does not include Mortgage Loans that are interest-only for their entire term. (4) Includes Mortgage Loans with anticipated repayment dates that are interest-only for the entire period until the anticipated repayment date. (5) Does not include 6 Mortgage Loans secured by hospitality properties, representing 3.8% of the Cut-Off Date Pool Balance (4.1% of the Cut-Off Date Group 1 Balance). * One (1) Mortgage Loan (loan number 1), representing 12.7% of the Cut-Off Date Pool Balance (13.8% of the Cut-Off Date Group 1 Balance), is part of a pari passu split loan structure. With respect to this Mortgage Loan, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of such Mortgage Loan and the related Pari Passu Companion Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 12 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [PIE CHART OMITTED] Mobile Park Home 0.7% Retail 43.7% Mixed Use 0.4% Self Storage 0.6% Hospitality 3.8% Multifamily 11.8% Special Purpose 12.7% Office 25.9% Land 0.3% PROPERTY TYPE <TABLE> % OF NUMBER OF AGGREGATE % OF CUT-OFF DATE MORTGAGED CUT-OFF DATE CUT-OFF DATE GROUP 1 PROPERTY TYPE PROPERTIES BALANCE(1) POOL BALANCE BALANCE - ------------------------------------------------------------------------------------- Retail 58 $ 706,166,641 43.7% 47.5% - ------------------------------------------------------------------------------------- Retail - Anchored 54 680,824,641 42.2 45.8 - ------------------------------------------------------------------------------------- Retail - Unanchored 4 25,342,000 1.6 1.7 - ------------------------------------------------------------------------------------- Office 9 418,945,000 25.9 28.2 - ------------------------------------------------------------------------------------- Special Purpose 1 204,817,319 12.7 13.8 - ------------------------------------------------------------------------------------- Multifamily 19 191,234,388 11.8 4.3 - ------------------------------------------------------------------------------------- Hospitality 6 61,543,067 3.8 4.1 - ------------------------------------------------------------------------------------- Mobile Home Park 1 10,700,000 0.7 0.7 - ------------------------------------------------------------------------------------- Self Storage 2 10,043,039 0.6 0.7 - ------------------------------------------------------------------------------------- Mixed Use 2 6,700,000 0.4 0.5 - ------------------------------------------------------------------------------------- Land (2) 1 4,395,887 0.3 0.3 - ------------------------------------------------------------------------------------- 99 $1,614,545,341 100.0% 100.0% - ------------------------------------------------------------------------------------- % OF WEIGHTED WEIGHTED CUT-OFF DATE WEIGHTED AVERAGE MIN/MAX AVERAGE GROUP 2 AVERAGE MIN/MAX CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE BALANCE DSCR DSCR LTV RATIO LTV RATIO RATE - ------------------------------------------------------------------------------------------------------------------- Retail 0.0% 1.54x 1.20x/2.98x 73.9% 34.9%/ 80.3% 5.209% - ------------------------------------------------------------------------------------------------------------------- Retail - Anchored 0.0 1.53x 1.20x/2.33x 74.1% 51.1%/ 80.3% 5.200% - ------------------------------------------------------------------------------------------------------------------- Retail - Unanchored 0.0 1.72x 1.25x/2.98x 70.5% 34.9%/ 80.0% 5.461% - ------------------------------------------------------------------------------------------------------------------- Office 0.0 1.68x 1.21x/3.00x 66.6% 30.7%/ 79.8% 5.452% - ------------------------------------------------------------------------------------------------------------------- Special Purpose 0.0 2.28x 2.28x/2.28x 56.1% 56.1%/ 56.1% 5.720% - ------------------------------------------------------------------------------------------------------------------- Multifamily 100.0 1.36x 1.20x/1.93x 71.0% 51.4%/ 79.7% 5.419% - ------------------------------------------------------------------------------------------------------------------- Hospitality 0.0 1.78x 1.33x/2.20x 60.0% 50.3%/ 75.0% 6.300% - ------------------------------------------------------------------------------------------------------------------- Mobile Home Park 0.0 1.25x 1.25x/1.25x 74.9% 74.9%/ 74.9% 5.490% - ------------------------------------------------------------------------------------------------------------------- Self Storage 0.0 1.31x 1.27x/1.35x 71.3% 69.2%/ 73.8% 5.950% - ------------------------------------------------------------------------------------------------------------------- Mixed Use 0.0 2.21x 2.11x/2.30x 60.6% 54.4%/ 68.2% 5.310% - ------------------------------------------------------------------------------------------------------------------- Land (2) 0.0 1.36x 1.36x/1.36x 74.2% 74.2%/ 74.2% 5.530% - ------------------------------------------------------------------------------------------------------------------- 100.0% 1.66x 1.20x/3.00x 68.8% 30.7%/ 80.3% 5.411% - ------------------------------------------------------------------------------------------------------------------- </TABLE> (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) Specifically, the fee interest in land which the ground tenant has improved and leased as a retail center. The retail center is not part of the loan collateral, and the source of funds for loan repayment is the ground rent payments made to the related borrower. * One (1) Mortgage Loan (loan number 1), representing 12.7% of the Cut-Off Date Pool Balance (13.8% of the Cut-Off Date Group 1 Balance), is part of a pari passu split loan structure. With respect to this Mortgage Loan, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 13 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- [MAP OMITTED] OTHER STATES: 24.8% OF CUT-OFF DATE POOL BALANCE PROPERTY LOCATION <TABLE> % 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 - ------------------------------------------------------------------------------------------------------------------------------------ GA 6 $ 274,583,385 17.0% 18.1% 3.9% 2.10x 58.6% 5.757% - ------------------------------------------------------------------------------------------------------------------------------------ NY 5 227,588,067 14.1 15.3 0.0 1.34x 75.7% 5.530% - ------------------------------------------------------------------------------------------------------------------------------------ CA 9 148,800,000 9.2 9.0 11.6 1.47x 70.9% 5.212% - ------------------------------------------------------------------------------------------------------------------------------------ Southern(2) 5 99,789,000 6.2 6.2 5.9 1.49x 70.3% 5.179% - ------------------------------------------------------------------------------------------------------------------------------------ Northern(2) 4 49,011,000 3.0 2.8 5.8 1.43x 72.2% 5.278% - ------------------------------------------------------------------------------------------------------------------------------------ VA 11 144,978,000 9.0 8.3 17.0 1.50x 71.1% 5.267% - ------------------------------------------------------------------------------------------------------------------------------------ MN 3 144,006,000 8.9 9.7 0.0 2.21x 58.1% 5.220% - ------------------------------------------------------------------------------------------------------------------------------------ WA 8 110,641,000 6.9 2.9 53.1 1.54x 70.1% 5.300% - ------------------------------------------------------------------------------------------------------------------------------------ CO 4 84,149,000 5.2 5.7 0.0 1.58x 76.1% 5.030% - ------------------------------------------------------------------------------------------------------------------------------------ TX 4 80,106,000 5.0 5.4 0.0 1.52x 76.9% 5.226% - ------------------------------------------------------------------------------------------------------------------------------------ Other 49 399,693,889 24.8 25.6 14.4 1.53x 70.8% 5.449% - ------------------------------------------------------------------------------------------------------------------------------------ 99 $1,614,545,341 100.0% 100.0% 100.0% 1.66X 68.8% 5.411% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> o THE MORTGAGED PROPERTIES ARE LOCATED IN 26 STATES. (1) Because this table presents information relating to the Mortgage 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) 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 in included in Northern California and Mortgaged Properties south of or included in such counties were included in Southern California. * One (1) Mortgage Loan (loan number 1), representing 12.7% of the Cut-Off Date Pool Balance (13.8% of the Cut-Off Date Group 1 Balance), is part of a pari passu split loan structure. With respect to this Mortgage Loan, unless otherwise specified, the calculations of LTV ratios and DSC ratios were based on the aggregate indebtedness of 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 14 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE* - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE OF MORTGAGE LOANS <TABLE> - -------------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF CUT-OFF DATE BALANCES LOANS BALANCE POOL GROUP 1 GROUP 2 - -------------------------------------------------------------------------------------------- <=$2,000,000 ............ 1 $1,350,000 0.1% 0.1% 0.0% $2,000,001 - $3,000,000 .... 7 20,009,000 1.2 1.3 0.0 $3,000,001 - $4,000,000 .... 17 60,391,000 3.7 4.1 0.0 $4,000,001 - $5,000,000 .... 8 36,493,870 2.3 2.1 3.9 $5,000,001 - $6,000,000 .... 5 28,155,038 1.7 1.5 4.4 $6,000,001 - $7,000,000 .... 6 39,590,702 2.5 1.8 9.9 $7,000,001 - $8,000,000 .... 4 30,100,000 1.9 1.0 11.6 $8,000,001 - $9,000,000 .... 2 16,904,641 1.0 0.5 6.9 $9,000,001 - $10,000,000 ... 2 19,543,067 1.2 1.3 0.0 $10,000,001 - $15,000,000 .. 11 141,998,000 8.8 7.8 20.7 $15,000,001 - $20,000,000 .. 7 115,010,704 7.1 7.7 0.0 $20,000,001 - $25,000,000 .. 5 108,010,000 6.7 5.9 16.3 $25,000,001 - $30,000,000 .. 3 80,411,000 5.0 5.4 0.0 $30,000,001 - $35,000,000 .. 3 96,904,000 6.0 4.3 26.0 $35,000,001 - $40,000,000 .. 1 37,100,000 2.3 2.5 0.0 $40,000,001 - $45,000,000 .. 3 129,000,000 8.0 8.7 0.0 $45,000,001 - $50,000,000 .. 2 95,007,000 5.9 6.4 0.0 $50,000,001 - $55,000,000 .. 1 50,595,000 3.1 3.4 0.0 $70,000,001 - $75,000,000 .. 1 75,000,000 4.6 5.0 0.0 $80,000,001 - $204,817,319 . 3 432,972,319 26.8 29.1 0.0 - -------------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------------- MIN: $1,350,000 MAX: $204,817,319 WTD. AVERAGE: $17,549,406 - -------------------------------------------------------------------------------------------- </TABLE> UNDERWRITING DEBT SERVICE COVERAGE RATIO <TABLE> - --------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF UNDERWRITTEN DSCRS(X) LOANS BALANCE POOL GROUP 1 GROUP 2 - --------------------------------------------------------------------------------------- 1.20 - 1.24 ......... 14 $238,825,000 14.8% 12.1% 46.5% 1.25 - 1.29 ......... 12 146,127,709 9.1 8.4 16.6 1.30 - 1.34 ......... 9 89,188,685 5.5 5.1 10.8 1.35 - 1.39 ......... 4 19,370,924 1.2 1.3 0.0 1.40 - 1.44 ......... 3 34,334,111 2.1 2.3 0.0 1.45 - 1.49 ......... 3 54,484,593 3.4 1.4 26.0 1.50 - 1.54 ......... 7 184,218,000 11.4 12.4 0.0 1.55 - 1.59 ......... 6 262,339,000 16.2 17.6 0.0 1.60 - 1.64 ......... 4 28,185,000 1.7 1.9 0.0 1.65 - 1.69 ......... 3 52,502,000 3.3 3.5 0.0 1.70 - 1.74 ......... 5 83,860,000 5.2 5.6 0.0 1.75 - 1.79 ......... 1 17,323,000 1.1 1.2 0.0 1.80 - 1.84 ......... 2 6,501,000 0.4 0.4 0.0 1.85 - 1.89 ......... 1 4,080,000 0.3 0.3 0.0 1.90 - 1.94 ......... 2 6,050,000 0.4 0.4 0.0 1.95 - 1.99 ......... 1 3,785,000 0.2 0.3 0.0 2.00 - 2.04 ......... 4 13,924,000 0.9 0.9 0.0 2.05 - 2.09 ......... 2 6,620,000 0.4 0.4 0.0 2.10 - 2.14 ......... 2 10,000,000 0.6 0.7 0.0 2.20 - 2.24 ......... 1 23,500,000 1.5 1.6 0.0 2.25 - 2.29 ......... 1 204,817,319 12.7 13.8 0.0 2.30 - 3.00 ......... 5 124,510,000 7.7 8.4 0.0 - --------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 1.20x MAX: 3.00x WTD. AVERAGE: 1.66x - --------------------------------------------------------------------------------------- </TABLE> MORTGAGE RATES <TABLE> - --------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF MORTGAGE RATES(%) LOANS BALANCE POOL GROUP 1 GROUP 2 - --------------------------------------------------------------------------------------- 4.750 - 5.249 ....... 27 $563,094,702 34.9% 36.4% 16.9% 5.250 - 5.499 ....... 38 471,451,686 29.2 28.7 35.0 5.500 - 5.749 ....... 13 442,658,205 27.4 25.7 48.1 5.750 - 5.999 ....... 10 55,497,680 3.4 3.7 0.0 6.000 - 6.249 ....... 1 45,000,000 2.8 3.0 0.0 6.250 - 6.499 ....... 1 3,350,000 0.2 0.2 0.0 6.500 - 6.730 ....... 2 33,493,067 2.1 2.3 0.0 - --------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - --------------------------------------------------------------------------------------- MIN: 4.750% MAX: 6.730% WTD. AVERAGE: 5.411% - --------------------------------------------------------------------------------------- </TABLE> CUT-OFF DATE LOAN-TO-VALUE RATIO <TABLE> - ----------------------------------------------------------------------------------------- NUMBER OF AGGREGATE RANGE OF MORTGAGE CUT-OFF DATE % OF % OF % OF CUT-OFF DATE LTV RATIOS(%) LOANS BALANCE POOL GROUP 1 GROUP 2 - ----------------------------------------------------------------------------------------- 30.01 - 35.00 ............ 2 $4,350,000 0.3% 0.3% 0.0% 50.01 - 55.00 ............ 7 $159,760,000 9.9 10.4 4.4 55.01 - 60.00 ............ 4 $259,217,319 16.1 17.4 0.0 60.01 - 65.00 ............ 15 $116,536,067 7.2 7.3 5.8 65.01 - 70.00 ............ 14 $142,234,630 8.8 8.2 16.3 70.01 - 75.00 ............ 22 $292,590,000 18.1 17.0 31.7 75.01 - 80.00 ............ 26 $622,202,684 38.5 38.3 41.8 80.01 - 80.25 ............ 2 $17,654,641 1.1 1.2 0.0 - ----------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - ----------------------------------------------------------------------------------------- MIN: 30.7% MAX: 80.3% WTD. AVERAGE: 68.8% - ----------------------------------------------------------------------------------------- </TABLE> MATURITY DATE LOAN-TO-VALUE RATIO <TABLE> - ------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE DATE OR ARD LOAN- MORTGAGE CUT-OFF DATE % OF % OF % OF TO-VALUE RATIOS(%) LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------------------------------------------------------------- 20.01 - 30.00 ....... 1 $1,350,000 0.1% 0.1% 0.0% 30.01 - 40.00 ....... 3 13,500,000 0.8 0.9 0.0 40.01 - 50.00 ....... 5 242,767,319 15.0 15.9 4.4 50.01 - 55.00 ....... 10 157,948,105 9.8 10.1 5.8 55.01 - 60.00 ....... 11 185,766,706 11.5 9.8 31.4 60.01 - 65.00 ....... 13 84,541,589 5.2 4.4 15.6 65.01 - 70.00 ....... 20 215,459,623 13.3 13.6 10.9 70.01 - 75.00 ....... 17 254,601,000 15.8 16.6 5.9 75.01 - 80.00 ....... 12 458,611,000 28.4 28.6 26.0 - ------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------- MIN: 26.8% MAX: 80.0% WTD. AVERAGE: 64.8% - ------------------------------------------------------------------------------------- </TABLE> * One (1) of the Mortgage Loan (loan number 1), representing 12.7% of the Cut-Off Date Pool Balance (13.8% of the Cut-Off Date Group 1 Balance), is part of a pari passu split loan structure. With respect to this Mortgage Loan, unless otherwise specified, the calculations of LTV ratios and DSC rations were based on the aggregate indebtedness of 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 15 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY OR ARD <TABLE> - ----------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE ORIGINAL TERM TO MORTGAGE CUT-OFF DATE % OF % OF % OF MATURITY OR ARD (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ----------------------------------------------------------------------------------------- 0 - 60 ................. 9 $265,739,000 16.5% 15.1% 31.9% 61 - 84 ................ 24 459,541,000 28.5 30.9 0.0 85 - 108 ............... 1 8,000,000 0.5 0.5 0.0 109 - 120 .............. 57 877,915,341 54.4 53.2 68.1 169 - 180 .............. 1 3,350,000 0.2 0.2 0.0 - ----------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - ----------------------------------------------------------------------------------------- MIN: 60 MAX: 180 WTD. AVERAGE: 98 - ----------------------------------------------------------------------------------------- </TABLE> ORIGINAL AMORTIZATION TERM <TABLE> - -------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE ORIGINAL AMORTIZATION MORTGAGE CUT-OFF DATE % OF % OF % OF TERMS (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - -------------------------------------------------------------------------------------- 265 - 300 ............ 10 $73,093,039 4.5% 4.9% 0.0% 349 - 360 ............ 38 667,980,302 41.4 39.1 68.1 Non-amortizing ....... 44 873,472,000 54.1 56.0 31.9 - -------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------- MIN: 300 MAX: 360 WTD. AVERAGE: 354* - -------------------------------------------------------------------------------------- </TABLE> * Excludes the non-amortizing loans. SEASONING <TABLE> - -------------------------------------------------------------------------------------- NUMBER OF AGGREGATE MORTGAGE CUT-OFF DATE % OF % OF % OF SEASONING (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - -------------------------------------------------------------------------------------- 0 - 12 ........... 92 $1,614,545,341 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - -------------------------------------------------------------------------------------- MIN: 0 MAX: 5 WTD. AVERAGE: 0 - -------------------------------------------------------------------------------------- </TABLE> REMAINING TERM TO MATURITY OR ARD <TABLE> - ---------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE REMAINING TERMS TO MORTGAGE CUT-OFF DATE % OF % OF % OF MATURITY OR ARD (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------------------------------------------------------------------------- 0 - 60 ................. 9 $265,739,000 16.5% 15.1% 31.9% 61 - 84 ................ 24 459,541,000 28.5 30.9 0.0 85 - 108 ............... 1 8,000,000 0.5 0.5 0.0 109 - 120 .............. 57 877,915,341 54.4 53.2 68.1 169 - 180 .............. 1 3,350,000 0.2 0.2 0.0 - ---------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: 59 MAX: 180 WTD. AVERAGE: 97 - ---------------------------------------------------------------------------------------- </TABLE> REMAINING STATED AMORTIZATION TERMS <TABLE> - ---------------------------------------------------------------------------------------- RANGE OF NUMBER OF AGGREGATE REMAINING AMORTIZATION MORTGAGE CUT-OFF DATE % OF % OF % OF TERMS (MONTHS) LOANS BALANCE POOL GROUP 1 GROUP 2 - ---------------------------------------------------------------------------------------- 265 - 300 ............. 10 $ 73,093,039 4.5% 4.9% 0.0% 349 - 360 ............. 38 667,980,302 41.4 39.1 68.1 Non-amortizing ........ 44 873,472,000 54.1 56.0 31.9 - ---------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - ---------------------------------------------------------------------------------------- MIN: 299 MAX: 360 WTD. AVERAGE: 354* - ---------------------------------------------------------------------------------------- </TABLE> * Excludes the non-amortizing loans. PREPAYMENT PROVISIONS SUMMARY <TABLE> - ------------------------------------------------------------------------------------------------- NUMBER OF AGGREGATE MORTGAGE CUT-OFF DATE % OF % OF % OF PREPAYMENT PROVISIONS LOANS BALANCE POOL GROUP 1 GROUP 2 - ------------------------------------------------------------------------------------------------- Lockout/Defeasance ............ 73 $ 922,234,023 57.1% 54.0% 94.1% Lockout/Defeasance or Yield Maintenance ................. 15 470,169,000 29.1 31.6 0.0 Yield Maintenance/Defeasance ...... 1 204,817,319 12.7 13.8 0.0 Lockout/Yield Maintenance ..... 3 17,325,000 1.1 0.7 5.9 - ------------------------------------------------------------------------------------------------- 92 $1,614,545,341 100.0% 100.0% 100.0% - ------------------------------------------------------------------------------------------------- </TABLE> 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 16 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE(1)(2)(3) PREPAYMENT ANALYSIS <TABLE> - ---------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION JUNE-2005 JUNE-2006 JUNE-2007 JUNE-2008 JUNE-2009 Locked Out 87.31% 86.53% 36.15% 7.54% 0.00% Defeasance 0.00 0.00 60.33 61.89 69.25 Yield Maintenance 12.69 13.47 3.52 30.57 30.75 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% - ---------------------------------------------------------------------------------------------------------------- Cut-Off Date Pool Balance Outstanding (in millions) $1,614.55 $1,608.79 $1,602.40 $1,594.87 $1,585.26 - ---------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Pool Balance 100.00% 99.64% 99.25% 98.78% 98.19% - ---------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION JUNE-2010 JUNE-2011 JUNE-2012 JUNE-2013 JUNE-2014 JUNE-2015 Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 75.61 86.24 94.61 94.60 94.55 100.00 Yield Maintenance 24.39 13.76 5.39 5.40 5.45 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% 100.00% - ------------------------------------------------------------------------------------------------------------------------- Cut-Off Date Pool Balance Outstanding (in millions) $1,311.98 $1,047.34 $833.96 $822.06 $802.68 $2.94 - ------------------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Pool Balance 81.26% 64.87% 51.65% 50.92% 49.72% 0.18% - ------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) 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). (2) Based on the assumptions set forth in footnote (1) above, after June 2015, the outstanding loan balances represent less than 0.18% of the Cut-Off Date Pool Balance. (3) Assumes yield maintenance for each Mortgage Loan with the option to defease or pay yield maintenance. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 17 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- GROUP 1 PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE(1)(2)(3) PREPAYMENT ANALYSIS <TABLE> - ------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION JUNE-2005 JUNE-2006 JUNE-2007 JUNE-2008 JUNE-2009 Locked Out 86.23% 85.89% 38.23% 7.19% 0.00% Defeasance 0.00 0.00 58.46 60.16 67.16 Yield Maintenance 13.77 14.11 3.31 32.65 32.84 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% - ------------------------------------------------------------------------------------------------------------- Cut-Off Date Group 1 Balance Outstanding (in millions) $1,487.84 $1,482.50 $1,476.64 $1,470.23 $1,461.81 - ------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 1 Balance 100.00% 99.64% 99.25% 98.82% 98.25% - ------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION JUNE-2010 JUNE-2011 JUNE-2012 JUNE-2013 JUNE-2014 JUNE-2015 Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 73.99 85.10 94.05 94.04 93.98 100.00 Yield Maintenance 26.01 14.90 5.95 5.96 6.02 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% 100.00% - -------------------------------------------------------------------------------------------------------------------- Cut-Off Date Group 1 Balance Outstanding (in millions) $1,230.24 $967.00 $755.09 $744.76 $727.03 $2.94 - -------------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 1 Balance 82.69% 64.99% 50.75% 50.06% 48.87% 0.20% - -------------------------------------------------------------------------------------------------------------------- </TABLE> (1) 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). (2) Based on the assumptions set forth in footnote (1) above, after June 2015, the outstanding loan balances represent less than 0.20% of the Cut-Off Date Pool Balance. (3) Assumes yield maintenance for each Mortgage Loan with the option to defease or pay yield maintenance. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 18 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- GROUP 2 PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE* PREPAYMENT ANALYSIS <TABLE> - ----------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION JUNE-2005 JUNE-2006 JUNE-2007 JUNE-2008 JUNE-2009 Locked Out 100.00% 94.10% 11.78% 11.71% 0.00% Defeasance 0.00 0.00 82.29 82.32 93.97 Yield Maintenance 0.00 5.90 5.92 5.98 6.03 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% - ----------------------------------------------------------------------------------------------------- Cut-Off Date Group 2 Balance Outstanding (in millions) $126.71 $126.29 $125.76 $124.65 $123.45 - ----------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 2 Balance 100.00% 99.67% 99.26% 98.37% 97.43% - ----------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- PREPAYMENT RESTRICTION JUNE-2010 JUNE-2011 JUNE-2012 JUNE-2013 JUNE-2014 JUNE-2015 Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Defeasance 100.00 100.00 100.00 100.00 100.00 0.00 Yield Maintenance 0.00 0.00 0.00 0.00 0.00 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% - -------------------------------------------------------------------------------------------------------------------- Cut-Off Date Group 2 Balance Outstanding (in millions) $81.74 $80.34 $78.87 $77.30 $75.65 $0.00 - -------------------------------------------------------------------------------------------------------------------- % of Cut-Off Date Group 2 Balance 64.51% 63.40% 62.24% 61.01% 59.71% 0.00% - -------------------------------------------------------------------------------------------------------------------- </TABLE> * 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 Anticpated Repayment Date). This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 19 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 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 <TABLE> % OF NUMBER OF APPLICABLE MORTGAGE CUT-OFF LOANS / DATE MORTGAGE NUMBER OF % OF LOAN LOAN MORTGAGED LOAN CUT-OFF DATE INITIAL POOL GROUP LOAN NAME SELLER PROPERTIES GROUP BALANCE BALANCE BALANCE - ---------------------- ---------- ------------ ------- ----------------- -------------- ----------- AmericasMart ......... Wachovia 1/1 1 $204,817,319 12.7% 13.8% Regency Centers Pool ................ Wachovia 1/6 1 123,155,000 7.6 8.3% U.S. Bancorp ......... Wachovia 1/1 1 105,000,000 6.5 7.1% 50 West 23rd Street .............. Wachovia 1/1 1 75,000,000 4.6 5.0% 600 Community Drive ............... Wachovia 1/1 1 50,595,000 3.1 3.4% The Galleria ......... Wachovia 1/1 1 50,000,000 3.1 3.4% Weslayan Plaza ....... Wachovia 1/1 1 45,007,000 2.8 3.0% Centennial Tower ..... Wachovia 1/1 1 45,000,000 2.8 3.0% 240 West 40th Street .............. Wachovia 1/1 1 42,000,000 2.6 2.8% The Suffolk Building ............ Wachovia 1/1 1 42,000,000 2.6 2.8% ----- -------------- ---- 10/15 $782,574,319 48.5% ===== ============== ==== Corbin Corners ....... Wachovia 1/1 1 $ 37,100,000 2.3% 2.5% Glen Park Apartments .......... Wachovia 1/1 2 33,000,000 2.0 26.0% Five Points Shopping Center .............. Wachovia 1/1 1 32,054,000 2.0 2.2% Point Loma Plaza ..... Wachovia 1/1 1 31,850,000 2.0 2.1% Plaza Volente ........ Wachovia 1/1 1 28,680,000 1.8 1.9% O'Fallon Walk ........ Wachovia 1/1 1 25,988,000 1.6 1.7% Cloppers Mill Village Center ...... Wachovia 1/1 1 25,743,000 1.6 1.7% Courtyard Marriott -- Miami Beach, FL .................. Wachovia 1/1 1 23,500,000 1.5 1.6% Rancho San Diego Village ............. Wachovia 1/1 1 21,560,000 1.3 1.4% Fox Mill Shopping Center .............. Wachovia 1/1 1 21,430,000 1.3 1.4% ----- -------------- ---- 10/10 $280,905,000 17.4% ----- -------------- ---- 20/25 $1,063,479,319 65.9% ===== ============== ==== LOAN BALANCE CUT-OFF LTV PER SF/ DATE RATIO AT PROPERTY UNIT/ LTV MATURITY MORTGAGE LOAN NAME TYPE ROOM(1)(2) DSCR(1)(2) RATIO(1)(2) OR ARD(1)(2) RATE - ---------------------- -------------------- ------------ ------------ ------------- -------------- ----------- AmericasMart ......... Special Purpose - $ 101 2.28x 56.1% 47.2% 5.720% Merchandise Mart Regency Centers Pool ................ Retail -- Anchored $ 123 1.58x 76.1% 76.1% 5.030% U.S. Bancorp ......... Office -- CBD $ 113 2.45x 51.5% 51.5% 5.290% 50 West 23rd Street .............. Office -- CBD $ 225 1.28x 79.8% 79.8% 5.390% 600 Community Drive ............... Office -- Suburban $ 200 1.55x 70.3% 70.3% 5.642% The Galleria ......... Office -- CBD $ 329 1.21x 79.4% 79.4% 5.410% Weslayan Plaza ....... Retail -- Anchored $ 126 1.65x 76.9% 76.9% 5.120% Centennial Tower ..... Office -- CBD $ 70 1.71x 59.8% 56.0% 6.080% 240 West 40th Street .............. Office -- CBD $ 257 1.33x 73.7% 65.9% 5.520% The Suffolk Building ............ Office -- Suburban $ 163 1.51x 60.9% 58.2% 5.100% 1.82x 65.9% 62.8% 5.439% Corbin Corners ....... Retail -- Anchored $ 209 1.55x 75.7% 75.7% 5.160% Glen Park Multifamily -- Apartments .......... Conventional $71,121 1.48x 78.2% 78.2% 5.670% Five Points Shopping Center .............. Retail -- Anchored $ 222 1.54x 73.9% 73.9% 5.120% Point Loma Plaza ..... Retail -- Anchored $ 149 1.50x 67.8% 67.8% 5.120% Plaza Volente ........ Retail -- Anchored $ 179 1.20x 80.0% 72.9% 5.420% O'Fallon Walk ........ Retail -- Anchored $ 165 1.20x 78.5% 70.3% 5.530% Cloppers Mill Village Center ...... Retail -- Anchored $ 188 1.53x 74.6% 74.6% 5.160% Courtyard Marriott -- Miami Beach, Hospitality --Full FL .................. Service $89,695 2.20x 50.3% 43.8% 6.730% Rancho San Diego Village ............. Retail -- Anchored $ 141 1.52x 70.0% 70.0% 5.160% Fox Mill Shopping Center .............. Retail -- Anchored $ 208 1.56x 75.2% 75.2% 5.120% 1.52x 72.9% 70.9% 5.400% 1.74x 67.8% 64.9% 5.429% </TABLE> (1) One (1) Mortgage Loan (loan number 1), representing 12.7% of the Cut-Off Date Pool Balance (13.8% of the Cut-Off Date Group 1 Balance), is part of a pari passu split loan structure. With respect to this Mortgage Loan, unless otherwise specified, the calculations of LTV ratios, DSC ratios and loan balance per SF/Unit/Room were based on the aggregate indebtedness of such Mortgage Loan and the related Pari Passu Companion Loan, if any. (2) With respect to 1 Mortgage Loan, representing 2.8% of the Cut-Off Date Pool Balance (3.0% of the Cut-Off Date Group 1 Balance) unless otherwise specified, the calculations of LTV ratios, DSC ratios and loan balance per SF/Unit/Room were based on the pooled component only and exclude the non-pooled components. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 20 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 21 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 22 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $204,817,319 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 12.7 % NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR AMC, Inc. TYPE OF SECURITY Both MORTGAGE RATE 5.720% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 359 LOCKBOX Yes SHADOW RATING (S&P/FITCH)(1) AA+/AA- UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $1,838,854 ENVIRONMENTAL(2) $300,000 GROUND RENT(3) $1,117,136 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT(4) $68,333 TI/LC(5) $39,697 ADDITIONAL FINANCING Pari Passu Debt $204,817,319 PARI PASSU NOTES(6) ------------------- CUT-OFF DATE BALANCE $409,634,637 CUT-OFF DATE BALANCE/SF $101 CUT-OFF DATE LTV 56.1% MATURITY DATE LTV 47.2% UW DSCR ON NCF 2.28x - -------------------------------------------------------------------------------- (1) S&P and Fitch have confirmed that the AmericasMart Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. (2) An environmental reserve was taken to remove a 500 gallon UST that did not pass a tightness test, and remediate any affect soil. The Borrower has since removed the tank. The estimated removal cost was $160,000. (3) The Mortgaged Property is subject to multiple ground leases. For leases that do provide standard lender protections, via the ground lease or the ground lease estoppel, one year of ground rent has been reserved upfront. In instances where this is not addressed in the ground lease or in the ground lease estoppel, 5 years of ground rent has been reserved upfront. (4) Capped at $785,000. (5) Capped at $476,364. (6) LTV ratios, DSC ratios and Cut-Off Date Balances/SF were derived based on the aggregate indebtedness of the AmericasMart Loan and the AmericasMart Pari Passu Loan. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Atlanta, GA PROPERTY TYPE Special Purpose -- Merchandise Mart SIZE (SF) 4,070,908 OCCUPANCY AS OF APRIL 1, 2005* 95.9% YEAR BUILT / YEAR RENOVATED 1961 / 1992 APPRAISED VALUE $730,000,000 PROPERTY MANAGEMENT AMC, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $125,501,967 UW TOTAL EXPENSES $ 58,744,329 UW NET OPERATING INCOME (NOI) $ 66,757,637 UW NET CASH FLOW (NCF) $ 65,208,833 - -------------------------------------------------------------------------------- * Calculated excluding Exhibition Tenant Space. NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 23 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - --------------------------------- ------------------- ----------- ---------- ---------- --------------- --------- ------------------ 225 Unlimited, Inc. ............. NR/NR/NR 27,277 0.7% $ 31.13 $ 849,120 0.7% Multiple Spaces(2) Christian Mosso Group, LLC ...... NR/NR/NR 20,374 0.5 $ 30.06 612,396 0.5 September 2009 Atlanta Napp Deady, Inc. ........ NR/NR/NR 20,285 0.5 $ 32.46 658,392 0.6 MTM Syratech Corporation ............ NR/NR/NR 18,707 0.5 $ 40.65 760,500 0.6 Multiple Spaces(3) Nourison Rug Corp. .............. NR/NR/NR 18,586 0.5 $ 12.50 232,284 0.2 November 2009 Non-major permanent tenants ..... 2,941,067 72.2 $ 29.90 87,944,624 73.8 Exhibition Tenant Space ......... 895,145 22.0 $ 31.35 28,059,307 23.6 Vacant Permanent Space .......... 129,467 3.2 0 0.0 --------- ----- ------------ ----- TOTAL ........................... 4,070,908 100.0% $119,116,623 100.0% ========= ===== ============ ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Certain ratings are those of the parent whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 13,848 square feet expire in March 2007, 3,904 square feet expire in October 2007 and 9,525 square feet expire in September 2009. (3) Under the terms of multiple leases, 3,426 square feet expire in October 2005, 7,659 square feet expire in May 2006 and 7,622 square feet expire in October 2007. <TABLE> - ------------------------------------------------------------------------------------------------------------------------- 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 468 $29.29 703,815 22.2% 22.2% 22.6% 22.6% 2006 440 $30.31 674,250 21.2% 43.4% 22.4% 45.1% 2007 449 $31.00 783,127 24.7% 68.1% 26.7% 71.7% 2008 167 $29.93 383,431 12.1% 80.1% 12.6% 84.4% 2009 131 $28.69 420,358 13.2% 93.4% 13.2% 97.6% 2010 15 $28.28 57,257 1.8% 95.2% 1.8% 99.4% 2011 2 $34.66 7,422 0.2% 95.4% 0.3% 99.7% 2012 2 $19.93 15,788 0.5% 95.9% 0.3% 100.0% 2013 0 $ 0.00 0 0.0% 95.9% 0.0% 100.0% 2014 0 $ 0.00 0 0.0% 95.9% 0.0% 100.0% 2015 1 $ 0.00 848 0.0% 95.9% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 95.9% 0.0% 100.0% Vacant 0 NA 129,467 4.1% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 24 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- AMERICASMART - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "AmericasMart Loan") is secured by a first deed to secure debt encumbering both the fee and leasehold interests in a merchandise mart located in Atlanta, Georgia. The AmericasMart Loan represents approximately 12.7% of the Cut-Off Date Pool Balance. The AmericasMart Loan was originated on May 2, 2005, and has a principal balance as of the Cut-Off Date of $204,817,319. The AmericasMart Loan, which is evidenced by a pari passu note dated May 2, 2005, is a portion of a whole loan with an original principal balance of $410,000,000. The other loan related to the AmericasMart Loan is evidenced by a separate note, dated May 2, 2005 (the "AmericasMart Pari Passu Loan"), with an original principal balance of $205,000,000. The AmericasMart Loan has a remaining term of 119 months and matures on May 11, 2015. The AmericasMart Loan may be prepaid with the payment of a yield maintenance charge prior to July 11, 2007, permits defeasance with United States government obligations from July 11, 2007 until February 10, 2015, and may be prepaid without payment of a yield maintenance charge on or after February 11, 2015. o THE BORROWER. The borrower is AmericasMart Real Estate, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the AmericasMart Loan. The sponsor is AMC, Inc., whose controlling principal is John Portman. Mr. Portman designed and built the Mortgaged Property and is internationally recognized both as an architect and developer, with over 50 years of expertise in designing hotels, universities, offices, trade marts and mixed-use urban complexes all over the world. o THE PROPERTY. The Mortgaged Property is an approximately 4,070,908 square foot merchandise mart, consisting of three integrated, interconnected buildings known as the Merchandise Mart, the Gift Mart and the Apparel Mart, situated on approximately 7.8 acres. The Mortgaged Property was constructed in 1961 and renovated in 1992. The Mortgaged Property is located in Atlanta, Georgia. As of April 1, 2005, the occupancy rate for the Mortgaged Property securing the AmericasMart Loan, excluding the exhibition space, was approximately 95.9%. The Mortgaged Property consists of approximately 3,175,763 square feet of permanent space tenanted by approximately 1,700 manufacturers and their representatives, with the remaining approximately 895,145 square feet currently designated as exhibition space that is leased to exhibitors during numerous trade shows held throughout the year. The largest tenant represents only approximately 0.7% of the net rentable area, and the average tenant occupies approximately 1,800 square feet. The Mortgaged Property is one of the largest wholesale market centers in the nation, and has been positioned as a department store for retailers. The Mortgaged Property is designed specifically to showcase such consumer goods and to bring together manufacturers and wholesale representatives with retailers to conduct wholesale trade. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee designated lock box account. o MANAGEMENT. AMC, Inc., the sponsor, is the property manager for the Mortgaged Property securing the AmericasMart Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 25 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 26 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- REGENCY CENTERS POOL - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 27 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- REGENCY CENTERS POOL - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 28 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- REGENCY CENTERS POOL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $123,155,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 7.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.030% MATURITY DATE June 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 60 / IO LOCKBOX None ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $123,155,000 CUT-OFF DATE BALANCE/SF $123 CUT-OFF DATE LTV 76.1% MATURITY DATE LTV 76.1% UW DSCR ON NCF 1.58x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 6 LOCATION Various PROPERTY TYPE Retail - Anchored SIZE (SF) 1,004,867 OCCUPANCY AS OF MARCH 15, 2005 AND MARCH 31, 2005 96.6% YEAR BUILT / YEAR RENOVATED Various APPRAISED VALUE $161,900,000 PROPERTY MANAGEMENT Regency Realty Group, Inc. UW ECONOMIC OCCUPANCY 93.3% UW REVENUES $15,818,322 UW TOTAL EXPENSES $ 5,186,672 UW NET OPERATING INCOME (NOI) $10,631,650 UW NET CASH FLOW (NCF) $ 9,780,534 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 29 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- REGENCY CENTERS POOL - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------- SUMMARY NET YEAR RENTABLE PROPERTY CITY STATE BUILT AREA OCCUPANCY* LARGEST TENANT - ------------------------------------------------------------------------------------------------------------------- Applewood Village Shopping Center Wheat Ridge CO 1956 375,622 96.6% Walmart Stores Inc. Arapahoe Village Shopping Center Boulder CO 1980 159,237 93.6% Safeway Rockford Road Plaza Shopping Center Plymouth MN 1991 207,897 96.1% Rainbow Foods Colonial Square Shopping Center Wayzata MN 1959 93,200 100.0% Lund's Cherrywood Square Shopping Center Centennial CO 1978 86,161 98.7% King Soopers Ralston Square Shopping Center Arvada CO 1977 82,750 98.0% King Soopers ------- 1,004,867 96.6% ========= - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- CUT-OFF CUT-OFF DATE DATE ALLOCATED LOAN CUT-OFF UNDERWRITTEN LOAN AMOUNT APPRAISED DATE NET CASH UW NCF RELEASE PROPERTY AMOUNT PER SF VALUE LTV FLOW DSCR PRICE - ------------------------------------------------------------------------------------------------------------------- Applewood Village Shopping Center $ 42,000,000 $112 $ 52,500,000 80.0% $ 3,310,258 1.57x 110% Arapahoe Village Shopping Center 26,454,000 $166 36,100,000 73.3% 2,089,892 1.57x 110% Rockford Road Plaza Shopping Center 23,884,000 $115 30,500,000 78.3% 1,920,516 1.60x 110% Colonial Square Shopping Center 15,122,000 $162 20,800,000 72.7% 1,194,663 1.57x 110% Cherrywood Square Shopping Center 8,720,000 $101 12,000,000 72.7% 703,381 1.60x 110% Ralston Square Shopping Center 6,975,000 $ 84 10,000,000 69.8% 561,824 1.60x 110% ------------ ------------ ----------- $123,155,000 $123 $161,900,000 76.1% $ 9,780,534 1.58x ============ ============ =========== - ------------------------------------------------------------------------------------------------------------------- </TABLE> * As of March 15, 2005, for Applewood Village Shopping Center and as of March 31, 2005, for the other Mortgaged Properties. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 30 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- REGENCY CENTERS POOL - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------- TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------- NET % OF NET % OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------- TOP 10 TENANTS King Soopers ............... Baa2/BBB/BBB 178,025 17.7% $ 5.46 $ 971,175 8.7% Multiple Leases(2) Walmart Stores Inc ......... Aa2/AA/AA 137,869 13.7 $ 6.39 880,983 7.9 January 2008 Rainbow Foods .............. NR/NR/NR 65,608 6.5 $ 8.65 567,509 5.1 September 2011 Petsmart ................... NR/BB-/NR 51,965 5.2 $ 9.49 493,039 4.4 Multiple Leases(3) Lund's ..................... NR/NR/NR 43,978 4.4 $ 8.24 362,379 3.3 December 2013 Safeway .................... Baa2/BBB/BBB 43,500 4.3 $ 6.28 273,180 2.5 November 2006 Applejack Liquors .......... NR/NR/NR 37,315 3.7 $ 8.69 324,184 2.9 June 2018 Home Goods ................. NR/NR/NR 25,855 2.6 $ 10.00 258,550 2.3 November 2014 TJ Maxx .................... A3/A/NR 25,200 2.5 $ 7.50 189,000 1.7 January 2007 Famous Footwear ............ B1/BB/BB+ 20,515 2.0 $ 15.64 320,946 2.9 Multiple Leases(4) Non-major tenants .......... 341,057 33.9 $ 19.00 6,481,223 58.3 Vacant ..................... 33,980 3.4 0 0.0 ------- ----- ----------- ----- TOTAL ...................... 1,004,867 100.0% $11,122,167 100.0% ========= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> Notes: (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) Under the terms of multiple leases, 55,311 square feet expire in January 2007, 51,640 square feet expire in June 2008, and 71,074 square feet expire in October 2022. (3) Under the terms of multiple leases, 25,050 square feet expire in April 2010 and 26,915 square feet expire in January 2011. (4) Under the terms of multiple leases, 7,900 square feet expire in December 2006, 4,893 square feet expire in October 2007, and 7,722 square feet expire in December 2011. <TABLE> - -------------------------------------------------------------------------------------------------------------- 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 19 $ 18.92 32,071 3.2% 3.2% 5.5% 5.5% 2006 26 $ 13.73 96,086 9.6% 12.8% 11.9% 17.3% 2007 29 $ 12.02 175,795 17.5% 30.2% 19.0% 36.3% 2008 10 $ 7.21 212,425 21.1% 51.4% 13.8% 50.1% 2009 12 $ 20.13 32,545 3.2% 54.6% 5.9% 56.0% 2010 13 $ 14.97 64,224 6.4% 61.0% 8.6% 64.6% 2011 9 $ 11.83 123,879 12.3% 73.3% 13.2% 77.8% 2012 3 $ 22.36 16,903 1.7% 75.0% 3.4% 81.2% 2013 4 $ 7.09 65,058 6.5% 81.5% 4.1% 85.3% 2014 2 $ 10.68 26,955 2.7% 84.2% 2.6% 87.9% 2015 2 $ 26.28 16,557 1.6% 85.8% 3.9% 91.8% Thereafter 3 $ 8.37 108,389 10.8% 96.6% 8.2% 100.0% Vacant 0 NA 33,980 3.4% 100.0% 0.0% 100.0% - -------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 31 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- REGENCY CENTERS POOL - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Regency Centers Pool Loan") is secured by first deeds of trust or mortgages encumbering 6 retail properties located in Colorado (4 Mortgaged Properties) and Minnesota (2 Mortgaged Properties). The Regency Centers Pool Loan represents approximately 7.6% of the Cut-Off Date Pool Balance. The Regency Centers Pool Loan was originated on June 1, 2005, and will have an aggregate principal balance as of the Cut-Off Date of $123,155,000. The Regency Centers Pool Loan provides for interest-only payments for the entire loan term. The Regency Centers Pool Loan has a remaining term of 60 months and matures on June 11, 2010. The Regency Centers Pool Loan may be prepaid on or after March 11, 2010, and permits defeasance with United States government obligations or prepayment with a yield maintenance charge beginning three years after the Closing Date. o THE BORROWER. The borrower is US Retail Properties, LLC, a special purpose entity. The sponsors of the borrower are Regency Centers Corporation and Macquarie Country Wide Trust. Regency Centers Corporation is an owner, operator and developer of grocery-anchored neighborhood and community shopping centers with a portfolio of approximately 29.9 million square feet. Macquarie Country Wide Trust is based in Australia and invests worldwide in grocery-anchored shopping centers with 75% of its portfolio in the United States. o THE PROPERTIES. The Mortgaged Properties consist of 6 retail centers containing, in the aggregate, 1,004,867 square feet of retail space. Each Mortgaged Property is a grocery-anchored retail center. As of March 31, 2005 (or March 15, 2005 for Applewood Village Shopping Center), the average occupancy rate for the Mortgaged Properties securing the Retail Centers Pool Loan was approximately 96.6%. o SUBSTITUTION. The borrower may substitute one or more of the Mortgaged Properties with properties of like kind and quality upon mortgagee consent and satisfaction of certain conditions set forth under the loan documents, including without limitation: (i) the satisfaction of certain loan-to-value and debt service coverage tests, (ii) the borrower provides an opinion of counsel that the proposed substitution will not adversely affect the REMIC status of the Trust Fund, and (iii) a written confirmation from the Rating Agencies that any ratings of the Certificates will not, as a result of the proposed substitution, be downgraded, qualified or withdrawn. o LOCK BOX ACCOUNT. The loan documents do not require a lock box account. o MANAGEMENT. Regency Realty Group, Inc. is the property manager for the Mortgaged Properties securing the Regency Centers Pool Loan. Regency Realty Group, Inc. is a real estate investment, advisory and management company with approximately 15 million square feet under management. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 32 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- U.S. BANCORP - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 33 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- U.S. BANCORP - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 34 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- U.S. BANCORP - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $105,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 6.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Wells Real Estate Investment Trust, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.290% MATURITY DATE May 11, 2015 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 119 / IO LOCKBOX None SHADOW RATING (S&P/FITCH)* BBB-/BBB- ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $105,000,000 CUT-OFF DATE BALANCE/SF $113 CUT-OFF DATE LTV 51.5% MATURITY DATE LTV 51.5% UW DSCR ON NCF 2.45x - -------------------------------------------------------------------------------- * S&P and Fitch have confirmed that the U.S. Bancorp Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Minneapolis, MN PROPERTY TYPE Office - CBD SIZE (SF) 929,694 OCCUPANCY AS OF MARCH 30, 2005 98.2% YEAR BUILT / YEAR RENOVATED 2000 / NA APPRAISED VALUE $204,000,000 PROPERTY MANAGEMENT Wells Management Company, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $25,758,823 UW TOTAL EXPENSES $10,936,877 UW NET OPERATING INCOME (NOI) $14,821,946 UW NET CASH FLOW (NCF) $13,635,641 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 35 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- U.S. BANCORP - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Bancorp ......................... Aa2/A+/AA- 715,961 77.0% $ 16.69 $11,950,981 75.6% May 2014 Northern States Power ................ Baa1/BBB/BBB 55,363 6.0 $ 18.50 1,024,216 6.5 June 2006 Robert Half International Inc. ....... NR/NR/NR 19,419 2.1 $ 20.04 389,157 2.5 March 2010 McGrain Shea Franzen ................. NR/NR/NR 16,251 1.7 $ 20.36 330,870 2.1 April 2008 Red Sky Partners ..................... NR/NR/NR 12,709 1.4 $ 16.14 205,123 1.3 September 2006 Non-major tenants .................... 93,576 10.1 $ 20.30 1,899,732 12.0 Vacant ............................... 16,415 1.8 0 0.0 ------- ----- ----------- ----- TOTAL ................................ 929,694 100.0% $15,800,078 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - --------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - --------------------------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE % CUMULATIVE % 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 5 $30.63 901 0.1% 0.1% 0.2% 0.2% 2006 6 $18.17 81,063 8.7% 8.8% 9.3% 9.5% 2007 8 $17.28 21,530 2.3% 11.1% 2.4% 11.8% 2008 4 $19.51 26,291 2.8% 14.0% 3.2% 15.1% 2009 1 $240.00 15 0.0% 14.0% 0.0% 15.1% 2010 6 $19.88 42,151 4.5% 18.5% 5.3% 20.4% 2011 1 $18.50 5,566 0.6% 19.1% 0.7% 21.1% 2012 2 $22.13 10,058 1.1% 20.2% 1.4% 22.5% 2013 0 $0.00 0 0.0% 20.2% 0.0% 22.5% 2014 33 $16.69 715,961 77.0% 97.2% 75.6% 98.1% 2015 1 $28.07 9,743 1.0% 98.2% 1.7% 99.9% Thereafter 4 $0.00 0 0.0% 98.2% 0.1% 100.0% Vacant 0 NA 16,415 1.8% 100.0% 0.0% 100.0% - --------------------------------------------------------------------------------------------------------------------------- </TABLE> * Calculated based on approximate square footage occupied by each tenant. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 36 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- U.S. BANCORP - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "U.S. Bancorp Loan") is secured by a first mortgage encumbering an office building located in Minneapolis, Minnesota. The U.S. Bancorp Loan represents approximately 6.5% of the Cut-Off Date Pool Balance. The U.S. Bancorp Loan was originated on May 5, 2005, and has a principal balance as of the Cut-Off Date of $105,000,000. The U.S. Bancorp Loan provides for interest-only payments for the entire loan term. The U.S. Bancorp Loan has a remaining term of 119 months and matures on May 11, 2015. The U.S. Bancorp Loan may be prepaid on or after March 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Wells REIT-800 Nicollett Avenue Owner, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the U.S. Bancorp Loan. The sponsor is Wells Real Estate Investment Trust, Inc. ("Wells REIT"), a public real estate investment trust based in Atlanta, Georgia, which focuses on acquiring and operating high-grade commercial office, industrial, government and education buildings under long-term leases to high net worth companies, government agencies and institutions. As of year end 2004, Wells REIT owned 112 properties totaling 25 million square feet located in 26 states and the District of Columbia. o THE PROPERTY. The Mortgaged Property is an approximately 929,694 square foot office building situated on approximately 1.2 acres. The Mortgaged Property was constructed in 2000, and is located in Minneapolis, Minnesota. As of March 30, 2005, the occupancy rate for the Mortgaged Property securing the U.S. Bancorp Loan was approximately 98.2%. The largest tenant is U.S. Bancorp occupying approximately 715,961 square feet, or approximately 77.0% of the net rentable area. U.S. Bancorp, headquartered in the Mortgaged Property, is a financial holding company which provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses, governments and institutions. Major lines of business provided by U.S. Bancorp through U.S. Bank and other subsidiaries include wholesale banking; payment services; private client, trust and asset management, and consumer banking services. The U.S. Bancorp lease expires in May 2014. As of May 16, 2005, U.S. Bancorp was rated "Aa2" (Moody's), "A+" (S&P) and "AA-" (Fitch). The second largest tenant is Northern States Power occupying approximately 55,363 square feet, or approximately 6.0% of the net rentable area. Northern States Power's principal activity is the generation, transmission and distribution of electricity. The Northern States Power lease expires in June 2006. As of May 16, 2005, Northern States Power was rated "Baa1" (Moody's), "BBB" (S&P) and "BBB" (Fitch). The third largest tenant is Robert Half International Inc. ("Robert Half"), occupying approximately 19,419 square feet, or approximately 2.1% of the net rentable area. Robert Half provides specialized staffing and risk consulting services through such divisions as Accountemps, Robert Half Finance and Accounting, and OfficeTeam. The Robert Half lease expires in March 2010. o LOCK BOX ACCOUNT. The loan documents do not require a lock box account. o MANAGEMENT. Wells Management Company, Inc., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the U.S. Bancorp Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 37 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 38 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 50 WEST 23RD STREET - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 39 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 50 WEST 23RD STREET - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 40 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 50 WEST 23RD STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $75,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 4.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Joseph Moinian TYPE OF SECURITY Fee MORTGAGE RATE 5.390% MATURITY DATE November 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 66 ORIGINAL TERM / AMORTIZATION 66 / IO REMAINING TERM / AMORTIZATION 65 / IO LOCKBOX Yes UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $5,250 MASTER LEASE* $10,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $5,566 TI/LC $12,523 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $75,000,000 CUT-OFF DATE BALANCE/SF $225 CUT-OFF DATE LTV 79.8% MATURITY DATE LTV 79.8% UW DSCR ON NCF 1.28x - -------------------------------------------------------------------------------- * Serves as collateral for the Master Lease, and equals the annual rent due under the Master Lease. Funds will be released as the master leased space is leased to third party tenants, who are in occupancy and paying rent. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 333,959 OCCUPANCY AS OF APRIL 19, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1923 / 1990 APPRAISED VALUE $94,000,000 PROPERTY MANAGEMENT Newmark & Company Real Estate, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $8,993,729 UW TOTAL EXPENSES $3,369,132 UW NET OPERATING INCOME (NOI) $5,624,597 UW NET CASH FLOW (NCF) $5,173,426 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 41 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 50 WEST 23RD STREET - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ TENANT SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ NET % OF NET % OF RATINGS(1) RENTABLE RENTABLE ACTUAL ACTUAL DATE OF LEASE TENANT MOODY'S/S&P/FITCH AREA (SF) AREA RENT PSF ACTUAL RENT RENT EXPIRATION - ------------------------------------------------------------------------------------------------------------------------------------ JAM 23RD STREET LLC(2) ............ NR/NR/NR 69,782 20.9% $30.19 $ 2,106,900 24.6% May 2015 Board of Education of the City .... NR/NR/NR 64,000 19.2 $13.50 864,000 10.1 July 2010 Vollmer Associates ................ NR/NR/NR 50,443 15.1 $32.83 1,656,064 19.3 Multiple Spaces(3) Peter Kump SCA Enterprises ........ NR/NR/NR 43,473 13.0 $24.11 1,048,242 12.2 Multiple Spaces(4) Playmate Toys ..................... NR/NR/NR 21,230 6.4 $16.00 339,680 4.0 October 2006 Non-major tenants ................. 85,031 25.5 $30.19 2,567,021 29.9 Vacant ............................ 0 0.0 0 0.0 ------ ----- ----------- ----- TOTAL ............................. 333,959 100.0% $ 8,581,907 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) This tenant is a master lease guaranteed by the sponsor, Joseph Moinian. The master lease consists of 58,600 square feet of office space, currently occupied by Gibbs and Cox who will vacate in August 2005, as well as 11,182 square feet of ground floor retail and basement space. (3) Under the terms of multiple leases, 6,326 square feet expire in June 2005 and 44,117 square feet expire in July 2017. (4) Under the terms of multiple leases, 19,510 square feet expire in May 2010, and 23,963 square feet expire in May 2014. <TABLE> - ------------------------------------------------------------------------------------------------------------------------ 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 4 $23.74 6,326 1.9% 1.9% 1.7% 1.7% 2006 2 $17.73 24,230 7.3% 9.1% 5.0% 6.8% 2007 2 $24.18 10,145 3.0% 12.2% 2.9% 9.6% 2008 1 $67.64 3,300 1.0% 13.2% 2.6% 12.2% 2009 2 $25.87 13,838 4.1% 17.3% 4.2% 16.4% 2010 4 $15.63 83,510 25.0% 42.3% 15.2% 31.6% 2011 0 $ 0.00 0 0.0% 42.3% 0.0% 31.6% 2012 1 $29.11 21,200 6.3% 48.7% 7.2% 38.8% 2013 0 $ 0.00 0 0.0% 48.7% 0.0% 38.8% 2014 6 $26.62 55,960 16.8% 65.4% 17.4% 56.1% 2015 3 $30.19 69,782 20.9% 86.3% 24.6% 80.7% Thereafter 2 $36.28 45,668 13.7% 100.0% 19.3% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------ </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 42 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 50 WEST 23RD STREET - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "50 West 23rd Street Loan") is secured by a first mortgage encumbering an office building located in New York, New York. The 50 West 23rd Street Loan represents approximately 4.6% of the Cut-Off Date Pool Balance. The 50 West 23rd Street Loan was originated on May 9, 2005, and has a principal balance as of the Cut-Off Date of $75,000,000. The 50 West 23rd Street Loan provides for interest-only payments for the entire loan term. The 50 West 23rd Street Loan has a remaining term of 65 months and matures on November 11, 2010. The 50 West 23rd Street Loan may be prepaid on or after September 11, 2010, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Mantana LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 50 West 23rd Street Loan. The sponsor is Joseph Moinian, founder of The Moinian Group. Mr. Moinian has been actively involved in New York City commercial real estate for over 15 years and currently controls a portfolio of properties, which includes over 6 million square feet of office space and approximately 1,200 apartment units. o THE PROPERTY. The Mortgaged Property is an approximately 333,959 square foot office building situated on approximately 0.6 acres. The Mortgaged Property was constructed in 1923 and renovated in 1990. The Mortgaged Property is located in New York, New York. As of April 19, 2005, the occupancy rate for the Mortgaged Property securing the 50 West 23rd Street Loan was approximately 100.0%. The largest tenant is JAM 23rd Street LLC, under a master lease (the "Master Lease"), occupying approximately 69,782 square feet, or approximately 20.9% of the net rentable area. The Master Lease is guaranteed by Joseph Moinian and encompasses the space currently occupied by Gibbs & Cox, who is vacating the premises in August 2005. This space includes the 9th and 10th floors, as well as approximately 11,182 square feet of ground floor retail and basement level space. The Master Lease expires in May 2015; however, the Master Lease obligation will be reduced dollar for dollar by any new lease entered into at the Mortgaged Property in accordance with the criteria set forth in the related Mortgage Loan documents. The second largest tenant is the Board of Education of the City ("Board of Education"), occupying approximately 64,000 square feet, or approximately 19.2% of the net rentable area. The Board of Education operates a high school on the 2nd and 3rd floors of the Mortgaged Property. The Board of Education lease expires in July 2010. The third largest tenant is Vollmer Associates ("Vollmer"), occupying approximately 50,443 square feet, or approximately 15.1% of the net rentable area. Vollmer is a leading engineering and landscape architectural firm. The Vollmer leases expire in June 2005 (approximately 6,326 square feet) and July 2017 (approximately 44,117 square feet). o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee designated lock box account. o MANAGEMENT. Newmark & Company Real Estate, Inc. ("Newmark") is the property manager for the Mortgaged Property securing the 50 West 23rd Street Loan. Newmark is headquartered in Manhattan and provides comprehensive real estate services to many of the world's largest 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 43 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 44 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 600 COMMUNITY DRIVE - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 45 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 600 COMMUNITY DRIVE - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 46 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 600 COMMUNITY DRIVE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $50,595,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 3.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Howard Michaels TYPE OF SECURITY Fee MORTGAGE RATE 5.64183% MATURITY DATE June 11, 2015 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 120 ORIGINAL TERM / AMORTIZATION 120 / IO REMAINING TERM / AMORTIZATION 120 / IO LOCKBOX Yes UP-FRONT RESERVES ENGINEERING $1,250 ONGOING MONTHLY RESERVES REPLACEMENT $7,373 ADDITIONAL FINANCING Mezzanine Debt $9,000,000 CUT-OFF DATE BALANCE $50,595,000 CUT-OFF DATE BALANCE/SF $200 CUT-OFF DATE LTV 70.3% MATURITY DATE LTV 70.3% UW DSCR ON NCF 1.55x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Manhasset, NY PROPERTY TYPE Office - Suburban SIZE (SF) 252,774 OCCUPANCY AS OF JANUARY 7, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1983 / NA APPRAISED VALUE $72,000,000 PROPERTY MANAGEMENT JSD Property Manager LLC UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $7,771,361 UW TOTAL EXPENSES $3,011,155 UW NET OPERATING INCOME (NOI) $4,760,206 UW NET CASH FLOW (NCF) $4,420,905 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 47 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 600 COMMUNITY DRIVE - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------------------------------------------- CMP Media LLC ......... Baa2/BBB-/NR 252,774 100.0% $21.37 $5,402,356 100.0% October 2014 Vacant ................ 0 0.0 0 0.0 ------- ----- ----------- ----- TOTAL ................. 252,774 100.0% $5,402,356 100.0% ======= ===== =========== ===== - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ---------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------- 2014 1 $21.37 252,774 100.0% 100.0% 100.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- </TABLE> This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 48 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 600 COMMUNITY DRIVE - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "600 Community Drive Loan") is secured by a first mortgage encumbering an office building located in Manhasset, New York. The 600 Community Drive Loan represents approximately 3.1% of the Cut-Off Date Pool Balance. The 600 Community Drive Loan was originated on June 3, 2005, and has a principal balance as of the Cut-Off Date of $50,595,000. The 600 Community loan provides for interest-only payments for the entire loan term. The 600 Community Drive Loan has a remaining term of 120 months and matures on June 11, 2015. The 600 Community Drive Loan may be prepaid on or after April 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 600 Community LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 600 Community Drive Loan. The sponsor is Howard Michaels. o THE PROPERTY. The Mortgaged Property is an approximately 252,774 square foot office building situated on approximately 8.9 acres. The Mortgaged Property was constructed in 1983 and is located in Manhasset, New York, within the Nassau-Suffolk, New York metropolitan statistical area. As of January 7, 2005, the occupancy rate for the Mortgaged Property securing the 600 Community Drive Loan was 100.0%. The sole tenant at the Mortgaged Property is CMP Media LLC, a subsidiary of United Business Media plc ("UBM"). CMP Media LLC leases approximately 252,774 square feet, or 100% of the net rentable area, and has been in occupancy since 1990. UBM is a market information company that provides professional media and market information solutions to customers. It operates in three business areas: professional media (through CMP Media LLC), news distribution and market research. The CMP Media LLC lease expires in October 2014. 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 $9,000,000. 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. JSD Property Manager LLC is the property manager for the Mortgaged Property securing the 600 Community Drive Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 49 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 50 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE GALLERIA - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 51 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE GALLERIA - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 52 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE GALLERIA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $50,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 3.1% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Joseph Moinian TYPE OF SECURITY Fee MORTGAGE RATE 5.410% MATURITY DATE June 11, 2012 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 84 ORIGINAL TERM / AMORTIZATION 84 / IO REMAINING TERM / AMORTIZATION 84 / IO LOCKBOX Yes UP-FRONT RESERVES ENGINEERING $75,875 ONGOING MONTHLY RESERVES REPLACEMENT $2,532 TI/LC $12,659 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $50,000,000 CUT-OFF DATE BALANCE/SF $329 CUT-OFF DATE LTV 79.4% MATURITY DATE LTV 79.4% UW DSCR ON NCF 1.21x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office - CBD SIZE (SF) 151,911 OCCUPANCY AS OF FEBRUARY 23, 2005 99.8% YEAR BUILT / YEAR RENOVATED 1974 / 1994 APPRAISED VALUE $63,000,000 PROPERTY MANAGEMENT Cushman and Wakefield UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $6,532,497 UW TOTAL EXPENSES $2,987,630 UW NET OPERATING INCOME (NOI) $3,544,867 UW NET CASH FLOW (NCF) $3,288,879 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 53 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE GALLERIA - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------- 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 - ------------------------------------------------------------------------------------------------------------------------------- Whitehall Dev. Corp. ........... NR/NR/NR 26,976 17.8% $20.39 $ 550,041 9.7% February 2016 Hair Club for Men Ltd. ......... NR/NR/NR 18,586 12.2 $42.96 798,387 14.1 September 2012 KickstartUSA ................... NR/NR/NR 16,979 11.2 $54.24 920,941 16.2 December 2012 Honors LLC ..................... NR/NR/NR 10,542 6.9 $28.00 295,176 5.2 January 2007 US Legal Support ............... NR/NR/NR 9,099 6.0 $40.00 363,960 6.4 May 2007 Non-major tenants .............. 69,429 45.7 $39.48 2,741,023 48.3 Vacant ......................... 300 0.2 0 0.0 ------ ----- ----------- ----- TOTAL .......................... 151,911 100.0% $5,669,527 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ 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 1 $28.50 8,481 5.6% 5.6% 4.3% 4.3% 2006 1 $29.00 1,655 1.1% 6.7% 0.8% 5.1% 2007 8 $34.81 28,488 18.8% 25.4% 17.5% 22.6% 2008 4 $41.12 11,207 7.4% 32.8% 8.1% 30.7% 2009 2 $50.01 3,473 2.3% 35.1% 3.1% 33.8% 2010 0 $ 0.00 0 0.0% 35.1% 0.0% 33.8% 2011 1 $50.00 1,569 1.0% 36.1% 1.4% 35.2% 2012 6 $45.07 44,733 29.4% 65.6% 35.6% 70.7% 2013 1 $35.57 2,731 1.8% 67.4% 1.7% 72.5% 2014 3 $45.28 15,831 10.4% 77.8% 12.6% 85.1% 2015 1 $51.00 2,410 1.6% 79.4% 2.2% 87.3% Thereafter 3 $23.26 31,033 20.4% 99.8% 12.7% 100.0% Vacant 0 NA 300 0.2% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 54 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE GALLERIA - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan ("The Galleria Loan") is secured by a first mortgage encumbering an office building located in New York, New York. The Galleria Loan represents approximately 3.1% of the Cut-Off Date Pool Balance. The Galleria Loan will be originated on June 9, 2005, and will have a principal balance as of the Cut-Off Date of $50,000,000. The Galleria Loan provides for interest-only payments for the entire loan term. The Galleria Loan has a remaining term of 84 months and matures on June 11, 2012. The Galleria Loan may be prepaid on or after April 11, 2012, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is Eldad Prime LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of The Galleria Loan. The sponsor is Joseph Moinian, founder of The Moinian Group. Mr. Moinian has been actively involved in New York City commercial real estate for over 15 years and currently controls a portfolio of properties, which includes over 6 million square feet of office space and approximately 1,200 apartment units. o THE PROPERTY. The Mortgaged Property is an approximately 151,911 square foot office building situated on approximately 0.4 acres. The Mortgaged Property was constructed in 1974 and renovated in 1994. The Mortgaged Property is located in New York, New York. As of February 23, 2005, the occupancy rate for the Mortgaged Property securing The Galleria Loan was approximately 99.8%. The largest tenant is Whitehall Dev. Corp. ("Whitehall Developments"), occupying approximately 26,976 square feet, or approximately 17.8% of the net rentable area. Whitehall Developments operates a New York Health and Racquet Club ("NYHRC") in the Mortgaged Property. NYHRC provides health and fitness related services. The Whitehall Developments lease expires in February 2016. The second largest tenant is Hair Club for Men, Ltd. ("Hair Club"), occupying approximately 18,586 square feet, or approximately 12.2% of the net rentable area. Hair Club is a leading provider of hair loss solutions, including non-surgical hair replacement; hair transplantation; and hair therapy programs that incorporate hair re-growth agents. The Hair Club lease expires in September 2012. The third largest tenant is KickstartUSA ("Kickstart"), occupying approximately 16,979 square feet, or approximately 11.2% of the net rentable area. Kickstart is an executive suites business co-owned by Mr. Moinian, the sponsor of the Mortgage Loan. The Kickstart lease expires in December 2012. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee designated lock box account. o MANAGEMENT. Cushman and Wakefield is the property manager for the Mortgaged Property securing The Galleria Loan. Cushman and Wakefield provides comprehensive property management services to a wide portfolio of quality office, industrial, and retail properties. Cushman and Wakefield manages approximately 300 million square feet of commercial space nationally. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 55 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 56 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- WESLAYAN PLAZA - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 57 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- WESLAYAN PLAZA - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 58 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- WESLAYAN PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $45,007,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.120% MATURITY DATE June 11, 2011 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 72 ORIGINAL TERM / AMORTIZATION 72 / IO REMAINING TERM / AMORTIZATION 72 / IO LOCKBOX None UP-FRONT RESERVES ENGINEERING $164,824 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $45,007,000 CUT-OFF DATE BALANCE/SF $126 CUT-OFF DATE LTV 76.9% MATURITY DATE LTV 76.9% UW DSCR ON NCF 1.65x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Houston, TX PROPERTY TYPE Retail - Anchored SIZE (SF) 357,250 OCCUPANCY AS OF MARCH 31, 2005 95.3% YEAR BUILT / YEAR RENOVATED 1969 / 2000 APPRAISED VALUE $58,500,000 PROPERTY MANAGEMENT Regency Realty Group, Inc. UW ECONOMIC OCCUPANCY 93.9% UW REVENUES $6,097,407 UW TOTAL EXPENSES $1,896,682 UW NET OPERATING INCOME (NOI) $4,200,724 UW NET CASH FLOW (NCF) $3,813,505 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 59 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- WESLAYAN PLAZA - -------------------------------------------------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------- Randalls ...................... Baa2/BBB/BBB 51,960 14.5% $ 7.31 $ 379,828 8.4% June 2008 Berings ....................... NR/NR/NR 29,484 8.3 $ 9.22 271,746 6.0 October 2008 Ross Stores Texas, LP ......... NR/BBB/NR 28,556 8.0 $13.25 378,367 8.4 January 2013 Michaels ...................... Ba1/BB+/NR 27,168 7.6 $ 9.50 258,096 5.7 February 2009 Linens N Things ............... NR/NR/NR 24,722 6.9 $11.50 284,303 6.3 January 2013 Non-major tenants ............. 178,572 50.0 $16.37 2,922,887 65.0 Vacant ........................ 16,788 4.7 0 0.0 ------- ----- ---------- ----- TOTAL ......................... 357,250 100.0% $4,495,227 100.0% ======= ===== ========== ===== - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ---------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------- # OF WA BASE CUMULATIVE CUMULATIVE % 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 14 $19.91 40,822 11.4% 11.4% 18.1% 18.1% 2006 6 $14.08 36,368 10.2% 21.6% 11.4% 29.5% 2007 9 $15.69 41,784 11.7% 33.3% 14.6% 44.1% 2008 5 $ 7.78 93,976 26.3% 59.6% 16.3% 60.3% 2009 10 $14.62 55,879 15.6% 75.2% 18.2% 78.5% 2010 0 $ 0.00 0 0.0% 75.2% 0.0% 78.5% 2011 0 $ 0.00 0 0.0% 75.2% 0.0% 78.5% 2012 0 $ 0.00 0 0.0% 75.2% 0.0% 78.5% 2013 2 $12.44 53,278 14.9% 90.2% 14.7% 93.2% 2014 2 $17.34 4,620 1.3% 91.5% 1.8% 95.0% 2015 1 $23.00 2,185 0.6% 92.1% 1.1% 96.1% Thereafter 1 $15.00 11,550 3.2% 95.3% 3.9% 100.0% Vacant 0 NA 16,788 4.7% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 60 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- WESLAYAN PLAZA - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Weslayan Plaza Loan") is secured by a first mortgage encumbering a retail center located in Houston, Texas. The Weslayan Plaza Loan represents approximately 2.8% of the Cut-Off Date Pool Balance. The Weslayan Plaza Loan was originated on June 1, 2005, and has a principal balance as of the Cut-Off Date of $45,007,000. The Weslayan Plaza Loan provides for interest-only payments for the entire loan term. The Weslayan Plaza Loan has a remaining term of 72 months and matures on June 11, 2011. The Weslayan Plaza Loan may be prepaid on or after March 11, 2011, and permits defeasance with United States government obligations or prepayment with a yield maintenance charge beginning three years after the Closing Date. o THE BORROWER. The borrower is FW TX-Weslayan Plaza, L.P., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Weslayan Plaza Loan. The sponsors of the borrower are Regency Centers Corporation and Macquarie Country Wide Trust. Regency Centers Corporation is an owner, operator and developer of grocery-anchored neighborhood and community shopping centers with a portfolio of approximately 29.9 million square feet. Macquarie Country Wide Trust is based in Australia and invests worldwide in grocery-anchored shopping centers with approximately 75% of its portfolio in the United States. o THE PROPERTY. The Mortgaged Property is an approximately 357,250 square foot anchored retail center situated on approximately 24.6 acres. The Mortgaged Property was constructed in 1969 and was renovated in 2000. The Mortgaged Property is located in Houston, Texas. As of March 31, 2005, the occupancy rate for the Mortgaged Property securing the Weslayan Plaza Loan was approximately 95.3%. The largest tenant is Randalls, occupying approximately 51,960 square feet, or approximately 14.5% of the net rentable area. Randalls, a subsidiary of Safeway, Inc. ("Safeway"), is a food and drug retailer which offers food and general merchandise, as well as various specialty departments, such as a bakery, delicatessen, floral shop and pharmacy. The Randalls lease expires in June 2008. As of May 25, 2005, Safeway was rated "Baa2" (Moody's), "BBB" (S&P) and "BBB" (Fitch). The second largest tenant is Berings, occupying approximately 29,484 square feet, or approximately 8.3% of the net rentable area. Berings is a Houston-based specialty shop offering a mixture of products, including hardware, gifts, items for the kitchen and the yard, gourmet coffee and customized stationery. The Berings lease expires in October 2008. The third largest tenant is Ross Stores Texas, LP ("Ross"), occupying approximately 28,556 square feet, or approximately 8.0% of the net rentable area. Ross operates a Ross Dress for Less store, which offers brand name and designer merchandise at discount prices. The Ross lease expires in January 2013. As of May 25, 2005, Ross was rated "BBB" (S&P). o LOCK BOX ACCOUNT. The loan documents do not require a lock box account. o MANAGEMENT. Regency Realty Group, Inc., an affiliate of one of the sponsors, is the property manager for the Mortgaged Property securing the Weslayan Plaza Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 61 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 62 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CENTENNIAL TOWER - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 63 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CENTENNIAL TOWER - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 64 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CENTENNIAL TOWER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $45,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Scott Jackson, Scott Kagan and Craig Bernstein TYPE OF SECURITY Fee MORTGAGE RATE 6.080% MATURITY DATE June 11, 2010 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 60 / 360 REMAINING TERM / AMORTIZATION 60 / 360 LOCKBOX Yes SHADOW RATING (S&P/FITCH)(*) BBB/BBB- UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $265,625 TI/LC $2,000,000 OCCUPANCY LOC $1,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $14,895 TI/LC $26,705 ADDITIONAL FINANCING Non-Pooled Component $22,000,000 POOLED TRUST WHOLE MORTGAGE MORTGAGE ASSET LOAN ----------- ----------- CUT-OFF DATE BALANCE $45,000,000 $67,000,000 CUT-OFF DATE BALANCE/SF $70 $105 CUT-OFF DATE LTV 59.8% 89.0% MATURITY DATE LTV 56.0% 83.3% UW DSCR ON NCF 1.71x 1.15x - -------------------------------------------------------------------------------- * S&P and Fitch have confirmed that the Centennial Tower Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Atlanta, GA PROPERTY TYPE Office - CBD SIZE (SF) 638,363 OCCUPANCY AS OF MAY 17, 2005 73.2% YEAR BUILT / YEAR RENOVATED 1973 / 1999 APPRAISED VALUE $75,300,000 PROPERTY MANAGEMENT Jackson Oats Shaw Corporate Property Management LLC UW ECONOMIC OCCUPANCY 74.2% UW REVENUES $11,159,359 UW TOTAL EXPENSES $5,030,779 UW NET OPERATING INCOME (NOI) $6,128,580 UW NET CASH FLOW (NCF) $5,569,337 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 65 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CENTENNIAL TOWER - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Turner Broadcasting System ......... Baa1/BBB+/BBB+ 91,150 14.3% $20.54 $1,871,895 19.1% August 2009 Interland, Inc. .................... NR/NR/NR 71,317 11.2 $17.77 1,266,954 13.0 July 2009 EZGOV.COM .......................... NR/NR/NR 37,600 5.9 $25.72 967,072 9.9 June 2006 Connecture ......................... NR/NR/NR 35,880 5.6 $19.57 702,172 7.2 November 2010 GSA Census Bureau .................. Aaa/AAA/AAA 23,431 3.7 $22.90 536,570 5.5 August 2007 Non-major tenants .................. 208,029 32.6 $21.31 4,432,973 45.3 Vacant ............................. 170,956 26.8 0 0.0 ------- ----- ----------- ----- TOTAL .............................. 638,363 100.0% $9,777,635 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ 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 6 $20.59 28,448 4.5% 4.5% 6.0% 6.0% 2006 4 $25.23 41,790 6.5% 11.0% 10.8% 16.8% 2007 4 $24.76 42,906 6.7% 17.7% 10.9% 27.6% 2008 4 $22.82 13,001 2.0% 19.8% 3.0% 30.7% 2009 16 $19.97 191,531 30.0% 49.8% 39.1% 69.8% 2010 7 $20.82 76,296 12.0% 61.7% 16.2% 86.0% 2011 2 $22.72 18,118 2.8% 64.6% 4.2% 90.3% 2012 1 $ 0.00 0 0.0% 64.6% 0.1% 90.4% 2013 0 $ 0.00 0 0.0% 64.6% 0.0% 90.4% 2014 2 $19.52 18,084 2.8% 67.4% 3.6% 94.0% 2015 0 $ 0.00 0 0.0% 67.4% 0.0% 94.0% Thereafter 8 $15.73 37,233 5.8% 73.2% 6.0% 100.0% Vacant 0 NA 170,956 26.8% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 66 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CENTENNIAL TOWER - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Centennial Tower Loan") is secured by a first deed to secure debt encumbering an office building located in Atlanta, Georgia. The Centennial Tower Loan represents approximately 2.8% of the Cut-Off Date Pool Balance. The Centennial Tower Loan was originated on May 27, 2005. The Centennial Tower Loan is a portion of a whole loan with an original principal balance of $67,000,000. The Centennial Tower Loan is deemed to be split into three components (the "Centennial Tower Pooled Component", the "Centennial Tower Senior Non-Pooled Component" and the "Centennial Tower Junior Non-Pooled Component"), all of which will be assets of the trust. The Centennial Tower Pooled Component has a component principal balance as of the Cut-Off Date of $45,000,000. The component principal balance of the Centennial Tower Senior Non-Pooled Component as of the Cut-Off Date is $9,000,000 and the component principal balance of the Centennial Tower Junior Non-Pooled Component as of the Cut-Off Date is $13,000,000. See "DESCRIPTION OF THE MORTGAGE POOL -- General" in the prospectus supplement. The Centennial Tower Loan has a remaining term of 60 months and matures on June 11, 2010. The Centennial Tower Loan may be prepaid on or after April 11, 2010, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrowers are MHC Centennial, LLC, SK Centennial, LLC and SJ Centennial, LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Centennial Tower Loan. The sponsors are Craig Bernstein, Scott Kagan and Scott Jackson. The Bernstein family recently sold a real estate portfolio that had accumulated to approximately 1,500 multifamily units and approximately 400,000 square feet of commercial space. Mr. Kagan is an Atlanta-based commercial real estate professional and Mr. Jackson is the managing principal of Jackson Oats Shaw Corporate Real Estate, which is based in Atlanta. o THE PROPERTY. The Mortgaged Property is an approximately 638,363 square foot office building situated on approximately 1.1 acres. The Mortgaged Property was constructed in 1973 and renovated in 1999. The Mortgaged Property is located in Atlanta, Georgia. As of May 17, 2005, the occupancy rate for the Mortgaged Property securing the Centennial Tower Loan was approximately 73.2%. The largest tenant is Turner Broadcasting System, Inc. ("TBS"), occupying approximately 91,150 square feet, or approximately 14.3% of the net rentable area. TBS is a subsidiary of Time Warner, Inc. ("Time Warner"), a leading global media and entertainment company with businesses including filmed entertainment, interactive services, television networks, cable systems and publishing. The TBS lease expires in August 2009. As of May 23, 2005, Time Warner was rated "Baa1" (Moody's), "BBB+" (S&P) and "BBB+"(Fitch). The second largest tenant is Interland, Inc. ("Interland"), occupying approximately 71,317 square feet, or approximately 11.2% of the net rentable area. Interland is a provider of online solutions for small and medium-sized enterprises which enable them to design, sustain and modify a website to facilitate the acquisition, maintenance and servicing of their customers. The Interland lease expires in July 2009. The third largest tenant is EZGOV.com, occupying approximately 37,600 square feet, or approximately 5.9% of the net rentable area. EZGOV.com provides a variety of technology and professional services to government agencies, including online systems for such functions as license renewal and tax filings. The EZGOV.com lease expires in June 2006. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee designated lock box account. o MANAGEMENT. Jackson Oats Shaw Corporate Property Management LLC, an affiliate of one of the sponsors, is the property manager for the Mortgaged Property securing the Centennial Tower Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 67 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 68 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 240 WEST 40TH STREET - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 69 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 240 WEST 40TH STREET - -------------------------------------------------------------------------------- [MAP OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 70 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 240 WEST 40TH STREET - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $42,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition Saul Tawill, Marilyn Sitt and Sharon SPONSOR Sutton TYPE OF SECURITY Fee MORTGAGE RATE 5.520% MATURITY DATE June 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX Yes UP-FRONT RESERVES ENGINEERING $55,375 TI/LC* $4,000,000 ONGOING MONTHLY RESERVES REPLACEMENT $2,707 ADDITIONAL FINANCING Subordinate Debt $3,000,000 WHOLE TRUST ASSET MORTGAGE LOAN ----------- ------------- CUT-OFF DATE BALANCE $42,000,000 $45,000,000 CUT-OFF DATE BALANCE/SF $257 $276 CUT-OFF DATE LTV 73.7% 78.9% MATURITY DATE LTV 65.9% 70.7% UW DSCR ON NCF 1.33x 1.24x - -------------------------------------------------------------------------------- * If the TI/LC reserve balance falls below $2,000,000, a monthly TI/LC reserve collection will commence. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION New York, NY PROPERTY TYPE Office -- CBD SIZE (SF) 163,115 OCCUPANCY AS OF APRIL 1, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1923 / 1992 APPRAISED VALUE $57,000,000 PROPERTY MANAGEMENT Sitt Asset Management UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $6,719,162 UW TOTAL EXPENSES $2,882,323 UW NET OPERATING INCOME (NOI) $3,836,839 UW NET CASH FLOW (NCF) $3,804,216 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 71 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 240 WEST 40TH STREET - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------------------------------------------- DKNY ............................ NR/BBB+/BBB 130,600 80.1% $25.70 $3,355,985 79.3% December 2008 Play Knits Incorporated ......... NR/NR/NR 11,800 7.2 $12.00 141,600 3.3 December 2010 Times Gourmet Deli .............. NR/NR/NR 10,427 6.4 $21.35 222,581 5.3 September 2014 Rosen and Chadick . ............. NR/NR/NR 10,288 6.3 $49.71 511,440 12.1 December 2005 Vacant .......................... 0 0.0 0 0.0 ------- ----- ----------- ----- TOTAL ........................... 163,115 100.0% $4,231,605 100.0% ======= ===== =========== ===== - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ 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 2 $49.71 10,288 6.3% 6.3% 12.1% 12.1% 2006 0 $ 0.00 0 0.0% 6.3% 0.0% 12.1% 2007 0 $ 0.00 0 0.0% 6.3% 0.0% 12.1% 2008 9 $25.70 130,600 80.1% 86.4% 79.3% 91.4% 2009 0 $ 0.00 0 0.0% 86.4% 0.0% 91.4% 2010 1 $12.00 11,800 7.2% 93.6% 3.3% 94.7% 2011 0 $ 0.00 0 0.0% 93.6% 0.0% 94.7% 2012 0 $ 0.00 0 0.0% 93.6% 0.0% 94.7% 2013 0 $ 0.00 0 0.0% 93.6% 0.0% 94.7% 2014 3 $21.35 10,427 6.4% 100.0% 5.3% 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 NA 0 0.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 72 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 240 WEST 40TH STREET - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "240 West 40th Street Loan") is secured by a first mortgage encumbering an office building located in New York, New York. The 240 West 40th Street Loan represents approximately 2.6% of the Cut-Off Date Pool Balance. The 240 West 40th Street Loan was originated on June 7, 2005, and has a principal balance as of the Cut-Off Date of $42,000,000. The 240 West 40th Street Loan is a portion of a whole loan with an original principal balance of $45,000,000. The subordinate loan also secured by the Mortgaged Property securing the 240 West 40th Street Loan is evidenced by a separate note dated June 7, 2005 (the "240 West 40th Street Subordinate Loan"), and has an original principal balance of $3,000,000. The 240 West 40th Street Subordinate Loan will not be an asset of the trust. The 240 West 40th Street Loan and the 240 West 40th Street Subordinate Loan will be governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement as described in the prospectus supplement under "DESCRIPTION OF THE MORTGAGE POOL -- Co-Lender Loans." The 240 West 40th Street Loan provides for interest-only payments during the first 36 months of its term, and thereafter, fixed monthly payments of principal and interest. The 240 West 40th Street Loan has a remaining term of 120 months and matures on June 11, 2015. The 240 West 40th Street Loan may be prepaid on or after April 11, 2015, and permits defeasance with United States government obligations beginning two years after the Closing Date. o THE BORROWER. The borrower is 240 West 40th LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 240 West 40th Street Loan. The sponsors are Marilyn Sitt and Sharon Sutton and Saul Tawill, members of the Sitt Family, which owns and manages approximately 1.5 million square feet of commercial space throughout the United States. The Sitt Family owns a number of other buildings in the Garment District of New York City. o THE PROPERTY. The Mortgaged Property is an approximately 163,115 square foot office building situated on approximately 0.3 acres. The Mortgaged Property was constructed in 1923 and renovated in 1992. The Mortgaged Property is located in New York, New York. As of April 1, 2005, the occupancy rate for the Mortgaged Property securing the 240 West 40th Street Loan was approximately 100.0%. The largest tenant is Donna Karen New York ("DKNY"), a subsidiary of LVMH Moet Hennesy Louis Vuitton ("LVMH"), occupying approximately 130,600 square feet, or approximately 80.1% of the net rentable area. DKNY is headquartered at the Mortgaged Property. As of June 1, 2005, LVMH was rated "BBB+" (S&P) and "BBB" (Fitch). The DKNY lease expires in December 2008. The second largest tenant is Play Knits Incorporated, occupying approximately 11,800 square feet, or approximately 7.2% of the net rentable area. The Play Knits Incorporated lease expires in December 2010. The third largest tenant is Times Gourmet Deli, occupying approximately 10,427 square feet, or approximately 6.4% of the net rentable area. The Times Gourmet Deli lease expires in September 2014. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee designated lock box account. o MANAGEMENT. Sitt Asset Management, an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the 240 West 40th Street Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 73 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 74 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE SUFFOLK BUILDING - -------------------------------------------------------------------------------- [PICTURE OMITTED] [PICTURE OMITTED] [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 75 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE SUFFOLK BUILDING - -------------------------------------------------------------------------------- [PICTURE OMITTED] This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 76 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE SUFFOLK BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $42,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Carr Capital Corporation and JPM I&G Domestic REIT, Inc. TYPE OF SECURITY Fee MORTGAGE RATE 5.100% MATURITY DATE May 4, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 84 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 119 / 360 LOCKBOX Yes ONGOING MONTHLY RESERVES REPLACEMENT Springing TI/LC(1) Springing ADDITIONAL FINANCING(2) None CUT-OFF DATE BALANCE $42,000,000 CUT-OFF DATE BALANCE/SF $163 CUT-OFF DATE LTV 60.9% MATURITY DATE LTV 58.2% UW DSCR ON NCF 1.51x - -------------------------------------------------------------------------------- (1) Borrower will be required to fully fund a reserve for tenant improvements and leasing commissions in the amount of $2,750,000 no later than June 4, 2009. Such reserve may be established in the form of (i) a cash flow sweep beginning April 4, 2008, or (ii) a letter of credit in the amount of $2,750,000 satisfactory to Lender posted no later than October 2005. (2) Future mezzanine debt permitted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Falls Church, VA PROPERTY TYPE Office -- Suburban SIZE (SF) 257,425 OCCUPANCY AS OF APRIL 5, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1964 / 2003 APPRAISED VALUE $69,000,000 PROPERTY MANAGEMENT Trammell Crow Services, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $6,590,549 UW TOTAL EXPENSES $2,000,637 UW NET OPERATING INCOME (NOI) $4,589,912 UW NET CASH FLOW (NCF) $4,136,879 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 77 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE SUFFOLK BUILDING - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ US General Services Administration . Aaa/AAA/AAA 144,551 56.2% $22.12 $3,197,468 51.2% December 2013 TKC Communications LLC. ............. NR/NR/NR 112,874 43.8 $27.00 3,047,598 48.8 June 2009 Vacant .. ........................... 0 0.0 0 0.0 ------- ----- ---------- ----- TOTAL ............................... 257,425 100.0% $6,245,066 100.0% ======= ===== ========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ----------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ----------------------------------------------------------------------------------------------------------------------- CUMULATIVE WA BASE % OF TOTAL CUMULATIVE % OF ACTUAL % OF ACTUAL # OF LEASES RENT/SF TOTAL SF SF % OF SF RENT RENT YEAR ROLLING ROLLING ROLLING ROLLING* ROLLING* 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 1 $27.00 112,874 43.8% 43.8% 48.8% 48.8% 2010 0 $ 0.00 0 0.0% 43.8% 0.0% 48.8% 2011 0 $ 0.00 0 0.0% 43.8% 0.0% 48.8% 2012 0 $ 0.00 0 0.0% 43.8% 0.0% 48.8% 2013 1 $22.12 144,551 56.2% 100.0% 51.2% 100.0% 2014 0 $ 0.00 0 0.0% 100.0% 0.0% 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 NA 0 0.0% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 78 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THE SUFFOLK BUILDING - -------------------------------------------------------------------------------- o THE LOAN. The Mortgage Loan (the "Suffolk Building Loan") is secured by a first mortgage encumbering an office building located in Falls Church, Virginia. The Suffolk Building Loan represents approximately 2.6% of the Cut-Off Date Pool Balance. The Suffolk Building Loan was originated on May 4, 2005, and has a principal balance as of the Cut-Off Date of $42,000,000. The Suffolk Building Loan provides for interest-only payments for the first 84 months of its term, and thereafter, fixed monthly payments of principal and interest. The Suffolk Building Loan has a remaining term of 119 months and matures on May 4, 2015. The Suffolk Building Loan may be prepaid on or after February 4, 2015, and permits either (i) defeasance with United States government obligations or (ii) prepayment with the payment of a yield maintenance charge beginning two years after the Closing Date. o THE BORROWER. The borrower is Suffolk Building, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Suffolk Building Loan. The sponsors are JPM I&G Domestic REIT, Inc. and Carr Capital Corporation. Carr Capital Corporation is a real estate finance and investment corporation headquartered in Washington, DC. Carr Capital Corporation partnered with J.P. Morgan Asset Management to acquire the Mortgaged Property. o THE PROPERTY. The Mortgaged Property is an approximately 257,425 square foot office building situated on approximately 6.2 acres. The Mortgaged Property was constructed in 1964 and renovated in 2003. The Mortgaged Property is located in Falls Church, Virginia, within the Washington-Baltimore, DC-MD-VA metropolitan statistical area. As of April 5, 2005, the occupancy rate for the Mortgaged Property securing the Suffolk Building Loan was approximately 100.0%. The largest tenant is US General Services Administration ("GSA"), occupying approximately 144,551 square feet, or approximately 56.2% of the net rentable area. The GSA secures the buildings, products, services, technology and other workplace essentials for federal agencies. The GSA lease expires in December 2013. As of May 25, 2005, the United States government was rated "Aaa" (Moody's), "AAA" (S&P) and "AAA" (Fitch). The other tenant is TKC Communications LLC, occupying approximately 112,874 square feet, or approximately 43.8% of the net rentable area. TKC Communications LLC provides information technology and telecommunication services to federal and private corporations. The TKC Communications LLC lease expires in June 2009. o LOCK BOX ACCOUNT. All tenant payments due under the applicable tenant leases are deposited into a mortgagee designated lockbox account. o MANAGEMENT. Trammell Crow Services, Inc. is the property manager for the Mortgaged Property securing the Suffolk Building Loan. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 79 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CORBIN CORNERS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $37,100,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.160% MATURITY DATE June 11, 2012 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 84 ORIGINAL TERM / AMORTIZATION 84 / IO REMAINING TERM / AMORTIZATION 84 / IO LOCKBOX None ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $37,100,000 CUT-OFF DATE BALANCE/SF $209 CUT-OFF DATE LTV 75.7% MATURITY DATE LTV 75.7% UW DSCR ON NCF 1.55x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION West Hartford, CT PROPERTY TYPE Retail - Anchored SIZE (SF) 177,207 OCCUPANCY AS OF MARCH 31, 2005 94.8% YEAR BUILT / YEAR RENOVATED 1962 / 1989 APPRAISED VALUE $49,000,000 PROPERTY MANAGEMENT First Washington Realty, Inc. UW ECONOMIC OCCUPANCY 93.0% UW REVENUES $4,653,173 UW TOTAL EXPENSES $1,523,595 UW NET OPERATING INCOME (NOI) $3,129,578 UW NET CASH FLOW (NCF) $2,966,633 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 80 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CORBIN CORNERS - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------------------------------------- Toys R Us .................. Ba2/BB/BB 36,950 20.9% $ 2.17 $ 80,182 2.3% January 2007 Best Buy ................... NR/BBB/BBB 31,443 17.7 $21.20 666,624 19.4 January 2017 Old Navy ................... Baa3/BBB-/BBB- 17,535 9.9 $22.81 399,973 11.7 MTM Office Depot, Inc. ......... NR/BBB-/NR 15,598 8.8 $26.97 420,678 12.3 January 2017 Trader Joe's ............... NR/NR/NR 10,150 5.7 $24.00 243,600 7.1 February 2015 Non-major tenants .......... 56,278 31.8 $28.74 1,617,358 47.2 Vacant ..................... 9,253 5.2 0 0.0 ------ ----- ---------- ----- TOTAL ...................... 177,207 100.0% $3,428,414 100.0% ======= ===== ========== ===== - -------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ----------------------------------------------------------------------------------------------------------------------- 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 5 $24.86 24,326 13.7% 13.7% 17.6% 17.6% 2006 0 $ 0.00 0 0.0% 13.7% 0.0% 17.6% 2007 6 $12.97 57,680 32.5% 46.3% 21.8% 39.5% 2008 3 $27.32 9,700 5.5% 51.8% 7.7% 47.2% 2009 0 $ 0.00 0 0.0% 51.8% 0.0% 47.2% 2010 1 $24.00 7,500 4.2% 56.0% 5.3% 52.4% 2011 0 $ 0.00 0 0.0% 56.0% 0.0% 52.4% 2012 2 $25.93 11,557 6.5% 62.5% 8.7% 61.2% 2013 0 $ 0.00 0 0.0% 62.5% 0.0% 61.2% 2014 0 $ 0.00 0 0.0% 62.5% 0.0% 61.2% 2015 1 $24.00 10,150 5.7% 68.2% 7.1% 68.3% Thereafter 4 $23.11 47,041 26.5% 94.8% 31.7% 100.0% Vacant 0 NA 9,253 5.2% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 81 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- GLEN PARK APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $33,000,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Stanley R. Fimberg TYPE OF SECURITY Fee MORTGAGE RATE 5.670% MATURITY DATE May 11, 2010 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 60 ORIGINAL TERM / AMORTIZATION 60 / IO REMAINING TERM / AMORTIZATION 59 / IO LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes ENGINEERING $254,219 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $9,667 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $33,000,000 CUT-OFF DATE BALANCE/UNIT $71,121 CUT-OFF DATE LTV 78.2% MATURITY DATE LTV 78.2% UW DSCR ON NCF 1.48x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Federal Way, WA PROPERTY TYPE Multifamily -- Conventional SIZE (UNITS) 464 OCCUPANCY AS OF MARCH 30, 2005 97.8% YEAR BUILT / YEAR RENOVATED 1989 / NA APPRAISED VALUE $42,200,000 PROPERTY MANAGEMENT Taylor Land Two Company UW ECONOMIC OCCUPANCY 90.3% UW REVENUES $4,808,442 UW TOTAL EXPENSES $1,930,269 UW NET OPERATING INCOME (NOI) $2,878,173 UW NET CASH FLOW (NCF) $2,762,173 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 82 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- GLEN PARK APARTMENTS - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------- UNIT MIX - ---------------------------------------------------------------------------------------------- APPROXIMATE NO. OF UNIT SIZE APPROXIMATE % OF UNIT MIX UNITS (SF) NRA (SF) NRA MARKET RENT - ---------------------------------------------------------------------------------------------- 1 BR/1 BA ........... 118 820 96,754 19.0% $ 695 2 BR/1.5 BA.......... 50 1,063 53,150 10.4 $ 808 2 BR/2 BA ........... 174 1,089 189,460 37.2 $ 849 2 BR/2.5 BA.......... 28 1,319 36,932 7.3 $ 982 3 BR/2.5 BA.......... 74 1,382 102,278 20.1 $ 1,114 3 BR/3 BA ........... 20 1,538 30,760 6.0 $ 1,196 --- ------- ----- TOTAL ............... 464 1,098 509,334 100.0% $870/$0.79/SF === ======= ===== - ---------------------------------------------------------------------------------------------- </TABLE> This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 83 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- FIVE POINTS SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $32,054,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.120% MATURITY DATE June 11, 2011 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 72 ORIGINAL TERM / AMORTIZATION 72 / IO REMAINING TERM / AMORTIZATION 72 / IO LOCKBOX None ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $32,054,000 CUT-OFF DATE BALANCE/SF $222 CUT-OFF DATE LTV 73.9% MATURITY DATE LTV 73.9% UW DSCR ON NCF 1.54x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Santa Barbara, CA PROPERTY TYPE Retail - Anchored SIZE (SF) 144,553 OCCUPANCY AS OF MARCH 31, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1960 / NA APPRAISED VALUE $43,400,000 PROPERTY MANAGEMENT Regency Realty Group, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $3,766,966 UW TOTAL EXPENSES $1,111,260 UW NET OPERATING INCOME (NOI) $2,655,706 UW NET CASH FLOW (NCF) $2,532,270 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 84 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- FIVE POINTS SHOPPING CENTER - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------- 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 - ------------------------------------------------------------------------------------------------------------------------------- Albertson's ..................... Baa2/BBB/BBB 35,305 24.4% $ 8.00 $ 282,440 9.8% May 2019 Ross Dress for Less ............. NR/BBB/NR 33,253 23.0 $17.16 570,621 19.7 January 2009 Longs Drug Store ................ NR/NR/NR 18,700 12.9 $17.00 317,900 11.0 February 2014 Big Five Sporting Goods ......... NR/NR/NR 10,000 6.9 $13.50 135,000 4.7 January 2007 Petco ........................... NR/BB/NR 9,947 6.9 $33.00 328,251 11.3 January 2013 Non-major tenants ............... 37,348 25.8 $33.72 1,259,406 43.5 Vacant .......................... 0 0.0 0 0.0 ------ ----- ---------- ----- TOTAL ........................... 144,553 100.0% $2,893,618 100.0% ======= ===== ========== ===== - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ---------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ---------------------------------------------------------------------------------------------------------------------- CUMULATIVE WA BASE CUMULATIVE % OF % OF ACTUAL # OF LEASES RENT/SF TOTAL SF % OF TOTAL % OF SF ACTUAL RENT RENT YEAR ROLLING ROLLING ROLLING SF ROLLING* ROLLING* ROLLING* ROLLING* - ---------------------------------------------------------------------------------------------------------------------- 2005 1 $ 0.00 4,000 2.8% 2.8% 0.0% 0.0% 2006 4 $44.85 4,900 3.4% 6.2% 7.6% 7.6% 2007 5 $26.14 18,947 13.1% 19.3% 17.1% 24.7% 2008 2 $27.15 2,753 1.9% 21.2% 2.6% 27.3% 2009 4 $19.36 38,053 26.3% 47.5% 25.5% 52.8% 2010 1 $36.00 4,008 2.8% 50.3% 5.0% 57.7% 2011 0 $ 0.00 0 0.0% 50.3% 0.0% 57.7% 2012 0 $ 0.00 0 0.0% 50.3% 0.0% 57.7% 2013 2 $32.35 12,677 8.8% 59.0% 14.2% 71.9% 2014 3 $22.18 23,910 16.5% 75.6% 18.3% 90.2% 2015 0 $ 0.00 0 0.0% 75.6% 0.0% 90.2% Thereafter 1 $ 8.00 35,305 24.4% 100.0% 9.8% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ---------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 85 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- POINT LOMA PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $31,850,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 2.0% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.120% MATURITY DATE June 11, 2011 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 72 ORIGINAL TERM / AMORTIZATION 72 / IO REMAINING TERM / AMORTIZATION 72 / IO LOCKBOX None ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $31,850,000 CUT-OFF DATE BALANCE/SF $149 CUT-OFF DATE LTV 67.8% MATURITY DATE LTV 67.8% UW DSCR ON NCF 1.50x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION San Diego, CA PROPERTY TYPE Retail - Anchored SIZE (SF) 213,105 OCCUPANCY AS OF MARCH 31, 2005 88.1% YEAR BUILT / YEAR RENOVATED 1987 / NA APPRAISED VALUE $47,000,000 PROPERTY MANAGEMENT Regency Realty Group, Inc. UW ECONOMIC OCCUPANCY 88.0% UW REVENUES $4,041,170 UW TOTAL EXPENSES $1,344,128 UW NET OPERATING INCOME (NOI) $2,697,042 UW NET CASH FLOW (NCF) $2,442,075 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 86 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- POINT LOMA PLAZA - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------------------------------------------- Vons ............................. Baa2/BBB/BBB 50,000 23.5% $10.50 $ 525,000 17.7% December 2008 Sport Chalet ..................... NR/NR/NR 34,588 16.2 $11.52 398,454 13.5 November 2007 24 Hour Nautilus Fitness ......... NR/NR/NR 29,438 13.8 $16.23 477,779 16.1 May 2014 Joann Stores Inc. ................ NR/NR/NR 14,950 7.0 $ 8.06 120,497 4.1 January 2010 Washington Mutual ................ A3/A-/A 6,380 3.0 $30.83 196,695 6.6 October 2007 Non-major tenants ................ 52,412 24.6 $23.69 1,241,522 41.9 Vacant ........................... 25,337 11.9 0 0.0 ------ ----- ----------- ----- TOTAL ............................ 213,105 100.0% $2,959,947 100.0% ======= ===== =========== ===== - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ----------------------------------------------------------------------------------------------------------------------- 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 8 $18.60 13,860 6.5% 6.5% 8.7% 8.7% 2006 7 $21.92 8,618 4.0% 10.5% 6.4% 15.1% 2007 8 $16.19 48,663 22.8% 33.4% 26.6% 41.7% 2008 8 $12.79 56,451 26.5% 59.9% 24.4% 66.1% 2009 6 $25.83 13,573 6.4% 66.2% 11.8% 78.0% 2010 2 $ 9.09 16,470 7.7% 74.0% 5.1% 83.0% 2011 0 $ 0.00 0 0.0% 74.0% 0.0% 83.0% 2012 0 $ 0.00 0 0.0% 74.0% 0.0% 83.0% 2013 0 $ 0.00 0 0.0% 74.0% 0.0% 83.0% 2014 2 $16.69 30,133 14.1% 88.1% 17.0% 100.0% 2015 0 $ 0.00 0 0.0% 88.1% 0.0% 100.0% Thereafter 0 $ 0.00 0 0.0% 88.1% 0.0% 100.0% Vacant 0 NA 25,337 11.9% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 87 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- PLAZA VOLENTE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $28,680,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.8% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Kite Realty Group, L.P. TYPE OF SECURITY Fee MORTGAGE RATE 5.420% MATURITY DATE June 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 48 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX None UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Yes ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $28,680,000 CUT-OFF DATE BALANCE/SF $179 CUT-OFF DATE LTV 80.0% MATURITY DATE LTV 72.9% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Austin, TX PROPERTY TYPE Retail -- Anchored SIZE (SF) 160,533 OCCUPANCY AS OF MAY 12, 2005 100.0% YEAR BUILT / YEAR RENOVATED 2004 / NA APPRAISED VALUE $35,850,000 PROPERTY MANAGEMENT KRG Management, LLC UW ECONOMIC OCCUPANCY 97.7% UW REVENUES $3,387,421 UW TOTAL EXPENSES $1,011,718 UW NET OPERATING INCOME (NOI) $2,375,704 UW NET CASH FLOW (NCF) $2,316,860 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 88 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- PLAZA VOLENTE - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 H-E-B Grocery Store .................. NR/NR/NR 105,000 65.4% $11.00 $1,155,000 45.3% September 2024 Trammell Crow Master Lease(2) ........ NR/NR/NR 9,992 6.2 $24.00 239,808 9.4 December 2009 Hollywood Video ...................... NR/B+/NR 5,800 3.6 $26.00 150,800 5.9 September 2014 Chase Bank Ground Lease .............. Aa3/A+/A+ 4,225 2.6 $23.67 100,000 3.9 September 2024 Washington Mutual .................... A3/A-/A 3,950 2.5 $28.00 110,600 4.3 September 2011 Non-major tenants .................... 31,566 19.7 $25.08 791,668 31.1 Vacant ............................... 0 0.0 0 0.0 ------- ----- ----------- ----- TOTAL ................................ 160,533 100.0% $2,547,876 100.0% ======= ===== =========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) Trammell Crow (the original developer of the Mortgaged Property) has a master lease in place for a 5-year term at $24/SF. The master lease is cancellable upon all the space being occupied by a third party tenant. Currently 1,586 square feet of the Master Lease square footage is under lease to a tenant, "Hey Baby", who is scheduled to open for business and commence payment of rent on June 29, 2005 at a rate of $24/SF for the first 2 years of the lease, increasing to $25.50/SF in year 3. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------------- WA BASE CUMULATIVE % # OF 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 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 12 $24.37 25,311 15.8% 15.8% 24.2% 24.2% 2010 0 $ 0.00 0 0.0% 15.8% 0.0% 24.2% 2011 2 $27.87 5,325 3.3% 19.1% 5.8% 30.0% 2012 0 $ 0.00 0 0.0% 19.1% 0.0% 30.0% 2013 0 $ 0.00 0 0.0% 19.1% 0.0% 30.0% 2014 8 $25.52 20,672 12.9% 32.0% 20.7% 50.7% 2015 0 $ 0.00 0 0.0% 32.0% 0.0% 50.7% Thereafter 2 $11.49 109,225 68.0% 100.0% 49.3% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 89 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- O'FALLON WALK - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $25,988,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS(1) 1 LOAN PURPOSE Refinance SPONSOR Gary A. Pachucki TYPE OF SECURITY Fee MORTGAGE RATE 5.530% MATURITY DATE June 11, 2015 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD 36 ORIGINAL TERM / AMORTIZATION 120 / 360 REMAINING TERM / AMORTIZATION 120 / 360 LOCKBOX None UP-FRONT RESERVES DEBT SERVICE(2) $371,125 OCCUPANCY(3) $1,000,000 ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $1,315 ADDITIONAL FINANCING(4) None CUT-OFF DATE BALANCE $25,988,000 CUT-OFF DATE BALANCE/SF $165 CUT-OFF DATE LTV 78.5% MATURITY DATE LTV 70.3% UW DSCR ON NCF 1.20x - -------------------------------------------------------------------------------- (1) The Mortgage Loan is cross-collateralized and cross-defaulted with two other Mortgage Loans in the trust fund. Valparaiso Walk and Valley Walk. The cross collateralization mechanism is in place until each of the Mortgaged Properties achieves a 1.20x DSCR and a 95% economic occupancy from tenants in-place and paying rent. (2) Equal to the first three months of debt service payments. (3) Escrow will be released when the Mortgaged Property, as well as the Valparaiso Walk Mortgaged Property and the Valley Walk Mortgage Property each achieve a 1.20x DSCR and a 95% economic occupancy from tenants in-place and paying rent. (4) Future mezzanine debt permitted. [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION O'Fallon, MO PROPERTY TYPE Retail -- Anchored SIZE (SF) 157,779 OCCUPANCY AS OF MAY 20, 2005 96.1% YEAR BUILT / YEAR RENOVATED 2005 / NA APPRAISED VALUE $33,100,000 PROPERTY MANAGEMENT IBT Management UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,818,194 UW TOTAL EXPENSES $596,730 UW NET OPERATING INCOME (NOI) $2,221,465 UW NET CASH FLOW (NCF) $2,133,066 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 90 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- O'FALLON WALK - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Goodmans, Inc. ...................... NR/NR/NR 60,964 38.6% $12.75 $ 777,291 34.3% April 2015 Linens 'N Things .................... NR/NR/NR 28,305 17.9 $12.50 353,813 15.6 January 2016 Old Navy, LLC ....................... Baa3/BBB-/BBB- 18,825 11.9 $14.00 263,550 11.6 March 2010 Factory Card Outlet of America, Ltd. NR/NR/NR 11,725 7.4 $15.50 181,738 8.0 June 2015 Shoe Carnival ....................... NR/NR/NR 8,240 5.2 $17.00 140,080 6.2 July 2015 Non-major tenants ................... 23,560 14.9 $23.46 552,713 24.4 Vacant .............................. 6,160 3.9 0 0.0 ------ ----- ---------- ----- TOTAL ............................... 157,779 100.0% $2,269,184 100.0% ======= ===== ========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - -------------------------------------------------------------------------------------------------------------------- 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 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 6 $17.86 29,385 18.6% 18.6% 23.1% 23.1% 2011 1 $20.50 6,600 4.2% 22.8% 6.0% 29.1% 2012 0 $ 0.00 0 0.0% 22.8% 0.0% 29.1% 2013 0 $ 0.00 0 0.0% 22.8% 0.0% 29.1% 2014 0 $ 0.00 0 0.0% 22.8% 0.0% 29.1% 2015 4 $13.98 83,329 52.8% 75.6% 51.3% 80.4% Thereafter 2 $13.74 32,305 20.5% 96.1% 19.6% 100.0% Vacant 0 NA 6,160 3.9% 100.0% 0.0% 100.0% - -------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 91 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CLOPPERS MILL VILLAGE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $25,743,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.6% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.160% MATURITY DATE June 11, 2012 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 84 ORIGINAL TERM / AMORTIZATION 84 / IO REMAINING TERM / AMORTIZATION 84 / IO LOCKBOX None ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $25,743,000 CUT-OFF DATE BALANCE/SF $188 CUT-OFF DATE LTV 74.6% MATURITY DATE LTV 74.6% UW DSCR ON NCF 1.53x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Germantown, MD PROPERTY TYPE Retail -- Anchored SIZE (SF) 137,035 OCCUPANCY AS OF MARCH 31, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1995 / NA APPRAISED VALUE $34,500,000 PROPERTY MANAGEMENT First Washington Realty Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,889,207 UW TOTAL EXPENSES $747,678 UW NET OPERATING INCOME (NOI) $2,141,529 UW NET CASH FLOW (NCF) $2,033,686 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 92 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- CLOPPERS MILL VILLAGE CENTER - -------------------------------------------------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------- Shoppers Food Warehouse ..... Baa3/BBB/BBB 70,057 51.1% $11.13 $779,734 33.6% November 2015 CVS ......................... A3/A-/A- 9,720 7.1 $14.50 140,940 6.1 January 2006 Paper Warehouse ............. NR/NR/NR 8,625 6.3 $16.96 146,280 6.3 October 2012 Hollywood Video ............. NR/B+/NR 8,000 5.8 $23.00 184,000 7.9 November 2005 Glory Days Grill ............ NR/NR/NR 5,561 4.1 $16.10 89,532 3.9 April 2009 Non-major tenants ........... 35,072 25.6 $27.99 981,584 42.3 Vacant ...................... 0 0.0 0 0.0 ------- ----- ---------- ----- TOTAL ....................... 137,035 100.0% $2,322,071 100.0% ======= ===== ========== ===== - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> * Certain ratings are those of the parent company whether or not the parent guarantees the lease. <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- LEASE EXPIRATION SCHEDULE - -------------------------------------------------------------------------------------------------------------------------------- WA BASE CUMULATIVE % # OF LEASES RENT/SF TOTAL SF % OF TOTAL CUMULATIVE % % OF ACTUAL OF ACTUAL YEAR ROLLING ROLLING ROLLING SF ROLLING* OF SF ROLLING* RENT ROLLING* RENT ROLLING* - -------------------------------------------------------------------------------------------------------------------------------- 2005 4 $25.15 16,339 11.9% 11.9% 17.7% 17.7% 2006 6 $20.12 17,727 12.9% 24.9% 15.4% 33.1% 2007 1 $23.34 2,250 1.6% 26.5% 2.3% 35.3% 2008 1 $20.50 2,500 1.8% 28.3% 2.2% 37.5% 2009 3 $20.80 9,746 7.1% 35.4% 8.7% 46.3% 2010 0 $ 0.00 0 0.0% 35.4% 0.0% 46.3% 2011 1 $26.23 1,875 1.4% 36.8% 2.1% 48.4% 2012 3 $19.47 11,250 8.2% 45.0% 9.4% 57.8% 2013 0 $ 0.00 0 0.0% 45.0% 0.0% 57.8% 2014 1 $47.70 2,411 1.8% 46.8% 5.0% 62.8% 2015 2 $11.86 72,937 53.2% 100.0% 37.2% 100.0% Thereafter 0 $ 0.00 0 0.0% 100.0% 0.0% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 93 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- COURTYARD MARRIOTT -- MIAMI BEACH, FL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $23,500,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.5% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Refinance SPONSOR Nicholas E. Economos TYPE OF SECURITY Fee MORTGAGE RATE 6.730% MATURITY DATE June 11, 2012 AMORTIZATION TYPE Balloon INTEREST ONLY PERIOD None ORIGINAL TERM / AMORTIZATION 84 / 300 REMAINING TERM / AMORTIZATION 84 / 300 LOCKBOX Springing SHADOW RATING (S&P/FITCH)* BBB+/BBB- UP-FRONT RESERVES TAX/INSURANCE Yes ONGOING MONTHLY RESERVES TAX/INSURANCE Yes REPLACEMENT $11,048 ADDITIONAL FINANCING Subordinate Debt $10,500,000 WHOLE MORTGAGE TRUST ASSET LOAN ----------- -------------- CUT-OFF DATE BALANCE $23,500,000 $34,000,000 CUT-OFF DATE BALANCE/ROOM $89,695 $129,771 CUT-OFF DATE LTV 50.3% 72.8% MATURITY DATE LTV 43.8% 63.4% UW DSCR ON NCF 2.20x 1.52x - -------------------------------------------------------------------------------- * S&P and Fitch have confirmed that the Courtyard Marriott - Miami Beach, FL Loan has, in the context of its inclusion in the trust, credit characteristics consistent with an investment grade obligation. [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Miami Beach, FL PROPERTY TYPE Hospitality -- Full Service SIZE (ROOMS) 262 OCCUPANCY AS OF APRIL 1, 2005 68.0% YEAR BUILT / YEAR RENOVATED 1940 / 2004 APPRAISED VALUE $46,700,000 PROPERTY MANAGEMENT Economos Properties UW ECONOMIC OCCUPANCY 76.5% UW REVENUES $12,034,723 UW TOTAL EXPENSES $7,389,967 UW NET OPERATING INCOME (NOI) $4,644,756 UW NET CASH FLOW (NCF) $4,283,714 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 94 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- COURTYARD MARRIOTT -- MIAMI BEACH, FL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- COURTYARD MARRIOTT MIAMI BEACH - -------------------------------------------------------------------------------- TYPES OF ROOMS NO ROOMS - -------------------------------------------------------------------------------- Double/Double ................................................ 80 Kings ........................................................ 172 Suites ....................................................... 10 ----- TOTAL ........................................................ 262 ===== - -------------------------------------------------------------------------------- MEETING ROOMS SQUARE FEET - -------------------------------------------------------------------------------- 2,200 ----- TOTAL ........................................................ 2,200 ===== - -------------------------------------------------------------------------------- FOOD AND BEVERAGE SEATING - -------------------------------------------------------------------------------- TOTAL ........................................................ NAV - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL SCHEDULE - -------------------------------------------------------------------------------- Year ........................................................ 2004 - 2005 Latest Period ............................................... T6-3/31/05 Occupancy ................................................... 68.0% ADR ......................................................... $153.1 REVPAR ...................................................... $104.1 UW Occupancy ................................................ 76.5% UW ADR ...................................................... $149.00 UW REVPAR ................................................... $113.98 - -------------------------------------------------------------------------------- This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 95 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- RANCHO SAN DIEGO VILLAGE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $21,560,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.160% MATURITY DATE June 11, 2012 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 84 ORIGINAL TERM / AMORTIZATION 84 / IO REMAINING TERM / AMORTIZATION 84 / IO LOCKBOX None UP-FRONT RESERVES ENGINEERING $35,781 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $21,560,000 CUT-OFF DATE BALANCE/SF $141 CUT-OFF DATE LTV 70.0% MATURITY DATE LTV 70.0% UW DSCR ON NCF 1.52x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION La Mesa, CA PROPERTY TYPE Retail - Anchored SIZE (SF) 152,895 OCCUPANCY AS OF MARCH 31, 2005 96.7% YEAR BUILT / YEAR RENOVATED 1981 / NA APPRAISED VALUE $30,800,000 PROPERTY MANAGEMENT Regency Realty Group, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,749,234 UW TOTAL EXPENSES $902,723 UW NET OPERATING INCOME (NOI) $1,846,511 UW NET CASH FLOW (NCF) $1,689,787 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 96 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- RANCHO SAN DIEGO VILLAGE - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Vons .............................. Baa2/BBB/BBB 39,777 26.0% $ 5.13 $ 204,056 10.4% October 2005 24 Hr Fitness ..................... NR/B/NR 25,000 16.4 $16.04 401,000 20.4 November 2022 Blockbuster Video ................. NR/BB-/NR 7,556 4.9 $18.63 140,768 7.2 July 2007 Tuesday Morning ................... NR/NR/NR 6,028 3.9 $12.11 72,999 3.7 January 2006 California Bank and Trust ......... A3/BBB/A- 4,946 3.2 $11.12 55,000 2.8 September 2010 Non-major tenants ................. 64,516 42.2 $16.94 1,092,819 55.6 Vacant ............................ 5,072 3.3 0 0.0 ------ ----- ---------- ----- TOTAL ............................. 152,895 100.0% $1,966,642 100.0% ======= ===== ========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ----------------------------------------------------------------------------------------------------------------------------- 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 9 $ 7.76 51,463 33.7% 33.7% 20.3% 20.3% 2006 5 $15.51 10,835 7.1% 40.7% 8.5% 28.8% 2007 7 $18.99 14,149 9.3% 50.0% 13.7% 42.5% 2008 7 $15.92 14,832 9.7% 59.7% 12.0% 54.5% 2009 7 $14.99 16,440 10.8% 70.5% 12.5% 67.0% 2010 2 $13.60 6,526 4.3% 74.7% 4.5% 71.6% 2011 1 $18.60 3,872 2.5% 77.3% 3.7% 75.2% 2012 0 $ 0.00 0 0.0% 77.3% 0.0% 75.2% 2013 0 $ 0.00 0 0.0% 77.3% 0.0% 75.2% 2014 3 $18.34 4,706 3.1% 80.3% 4.4% 79.6% 2015 0 $ 0.00 0 0.0% 80.3% 0.0% 79.6% Thereafter 1 $16.04 25,000 16.4% 96.7% 20.4% 100.0% Vacant 0 NA 5,072 3.3% 100.0% 0.0% 100.0% - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 97 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- FOX MILL SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- MORTGAGE LOAN SELLER Wachovia CUT-OFF DATE BALANCE $21,430,000 PERCENTAGE OF CUT-OFF DATE POOL BALANCE 1.3% NUMBER OF MORTGAGE LOANS 1 LOAN PURPOSE Acquisition SPONSOR Regency Centers Corporation and Macquarie Country Wide Trust TYPE OF SECURITY Fee MORTGAGE RATE 5.120% MATURITY DATE June 11, 2011 AMORTIZATION TYPE Interest Only INTEREST ONLY PERIOD 72 ORIGINAL TERM / AMORTIZATION 72 / IO REMAINING TERM / AMORTIZATION 72 / IO LOCKBOX None UP-FRONT RESERVES ENGINEERING $13,125 ONGOING MONTHLY RESERVES REPLACEMENT $ 3,614 ADDITIONAL FINANCING None CUT-OFF DATE BALANCE $21,430,000 CUT-OFF DATE BALANCE/SF $208 CUT-OFF DATE LTV 75.2% MATURITY DATE LTV 75.2% UW DSCR ON NCF 1.56x - -------------------------------------------------------------------------------- [PICTURE OMITTED] - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PROPERTIES 1 LOCATION Herndon, VA PROPERTY TYPE Retail - Anchored SIZE (SF) 103,269 OCCUPANCY AS OF MARCH 31, 2005 100.0% YEAR BUILT / YEAR RENOVATED 1978 / NA APPRAISED VALUE $28,500,000 PROPERTY MANAGEMENT First Washington Realty, Inc. UW ECONOMIC OCCUPANCY 95.0% UW REVENUES $2,307,020 UW TOTAL EXPENSES $ 474,401 UW NET OPERATING INCOME (NOI) $1,832,619 UW NET CASH FLOW (NCF) $1,717,072 - -------------------------------------------------------------------------------- NOTES: This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 98 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- FOX MILL SHOPPING CENTER - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Giant Food ......................... Ba2/BB/BB 49,837 48.3% $ 6.64 $ 330,918 18.7% February 2018 Blockbuster Video .................. NR/BB-/NR 4,522 4.4 $28.52 128,967 7.3 November 2006 Glory Days Grill ................... NR/NR/NR 4,500 4.4 $19.71 88,695 5.0 April 2010 Lucia's Italian Ristorante ......... NR/NR/NR 3,422 3.3 $23.62 80,828 4.6 August 2012 Hunan East Restaurant .............. NR/NR/NR 3,000 2.9 $26.77 80,310 4.5 February 2012 Non-major tenants .................. 37,988 36.8 $27.89 1,059,338 59.9 Vacant ............................. 0 0.0 0 0.0 ------ ----- ---------- ----- TOTAL .............................. 103,269 100.0% $1,769,056 100.0% ======= ===== ========== ===== - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> * Certain ratings are those of the parent whether or not the parent guarantees the lease. <TABLE> - ------------------------------------------------------------------------------------------------------------------------ LEASE EXPIRATION SCHEDULE - ------------------------------------------------------------------------------------------------------------------------ # OF WA BASE CUMULATIVE CUMULATIVE % 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 4 $28.43 10,004 9.7% 9.7% 16.1% 16.1% 2007 3 $26.04 5,950 5.8% 15.4% 8.8% 24.8% 2008 7 $27.72 15,078 14.6% 30.0% 23.6% 48.5% 2009 1 $25.31 2,500 2.4% 32.5% 3.6% 52.0% 2010 4 $25.22 10,000 9.7% 42.2% 14.3% 66.3% 2011 0 $ 0.00 0 0.0% 42.2% 0.0% 66.3% 2012 3 $25.76 7,900 7.6% 49.8% 11.5% 77.8% 2013 1 $30.90 2,000 1.9% 51.7% 3.5% 81.3% 2014 0 $ 0.00 0 0.0% 51.7% 0.0% 81.3% 2015 0 $ 0.00 0 0.0% 51.7% 0.0% 81.3% Thereafter 1 $ 6.64 49,837 48.3% 100.0% 18.7% 100.0% Vacant 0 NA 0 0.0% 100.0% 0.0% 100.0% - ------------------------------------------------------------------------------------------------------------------------ </TABLE> * 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, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 99 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- 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. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT SPONSOR CONCENTRATION - ------------------------------------------------------------------------------------------------------------------------------------ % OF WEIGHTED AGGREGATE CUT-OFF WEIGHTED AVERAGE WEIGHTED # OF CUT-OFF DATE AVERAGE UW AVERAGE LOANS/ LOAN DATE POOL CUT-OFF DSCR MORTGAGE SPONSOR PROPERTIES NUMBERS BALANCE BALANCE DATE LTV ON NCF RATE - ------------------------------------------------------------------------------------------------------------------------------------ 2,7,11,13,14, Regency Centers Corporation and Macquarie 17,19,20,26,27, Country Wide Trust .................... 14/19 29,30,31,36 $428,169,000 26.5% 75.1% 1.58x 5.099% AMC, Inc. ............................... 1/1 1 $204,817,319 12.7% 56.1% 2.28x 5.720% Joseph Moinian .......................... 2/2 4,6 $125,000,000 7.7% 79.6% 1.25x 5.398% Wells Real Estate Investment Trust, Inc. 1/1 3 $105,000,000 6.5% 51.5% 2.45x 5.290% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. Four (4) groups of Mortgage Loans, representing approximately 5.3% 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 (a) additional unsecured indebtedness other than in the ordinary course of business or (b) the ownership interests in the borrower may be pledged as security for mezzanine debt subject to the terms of a subordination and standstill agreement to be entered into in favor of the mortgagee. In the case of 1 Mortgage Loan, representing approximately 0.5% of the Cut-Off Date Pool Balance, the related Mortgage Loan documents provide that the borrower may incur additional secured debt. With respect to 12 Mortgage Loans, representing approximately 10.4% 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 1 Mortgage Loan, representing approximately 3.1% 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. With respect to 2 Mortgage Loans, representing 1.3% of the Cut-Off Date Pool Balance, the related Mortgage Loan documents do not prohibit the borrower from incurring additional unsecured debt or an owner of an interest in the related borrower from pledging its ownership interest in the related borrower as security for mezzanine debt because the related borrower is not required by either the Mortgage Loan documents or related organizational documents to be a special purpose entity. See "RISK FACTORS--Additional Debt on Some Mortgage Loans Creates Additional Risks" in the preliminary prospectus supplement. This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 100 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- o CO-LENDER LOANS. Four (4) 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 4 Mortgage Loans (the "Co-Lender Loans") (identified as loan numbers 1, 9, 18 and 50 on Annex A-1 to the prospectus supplement) related to such Companion Loans are expected to have an aggregate Cut-Off Date Balance of $277,247,319, representing approximately 17.2% of the Cut-Off Date 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. NOTES This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 101 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C19 - -------------------------------------------------------------------------------- THIS PAGE INTENTIONALLY LEFT BLANK This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Credit Suisse First Boston LLC (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 CITIGROUP CREDIT SUISSE FIRST BOSTON 102